Thread: Archive News - Iraqi Dinar Think Tank - 28/03/10 - 21/06/10

Originally Posted by Seaview

Infallible raise the first session of parliament after half an hour to be held

The Parliament Fuad Masum, Monday morning, the first meeting of new Council of Representatives, which witnessed the performance of the deputies to the Constitutional right, after half of its opening, to keep an open meeting to give the political blocs have the opportunity to talk about forming the next government.

Masum said, at the end of the first session of the new parliament, which was held Monday morning in the conference room in downtown Baghdad that was supposed to be elected on the Presidency of the Council of Representatives under Article 55 of the Constitution, but found that there is a need for greater consultation between the blocks and members, therefore, remain The meeting is open and be resumed at a later date."

http://radionawa.com/ar/NewsDetailN....442&LinkID=151

1st session of Iraqi Parliament postponed after 30 minutes

The first session of the Iraqi Parliament began on Monday, and was then postponed only 30 minutes after beginning.

Although new lawmakers were sworn in, the session remained open to give Iraqi political blocs more time to debate over the new Iraqi government.

The session remained open because according to the constitution the first session should not conclude unless the parliament’s speakership is elected.

The speakership is part of the negotiations between the political blocs in addition to the Presidential Board.

http://en.aswataliraq.info/?p=133202

Christopher Hill: We support any government backed the new parliament and prime minister would choose Iraq

The U.S. ambassador to Iraq, Christopher Hill and his country to stand by any government that is elected by the representatives of the Iraqi people in the new House of Representatives, noting that the issue of choosing a prime minister is an Iraqi affair in particular.

Hill said the process of forming a new government and the talks that accompanied it is only evidence of an accelerated pace of resolving the dilemmas and complexities of the birth of that government, while stressing the need for a government to represent the people and achieve their aspirations without any exclusion of any party.

And to the Hill stressed the importance of "regional countries should be aware of these things and respect the basis of good neighborliness and non-interference in internal affairs of Iraq in word and deed, noting that the building of the state and its institutions rests with the Iraqis and their political leaders in various attitudes."

And The U.S. ambassador expressed his belief that Iraq does not need today to people who come from abroad to talk about politics and turn after, but he needs to companies and institutional investors to help build and restore its economy again after long years of isolation in the industrial aspects of investment and technology.

http://www.radiodijla.com/cgi-bin/ne...?id=2010-06-14

Jordan lifted the ban on import of dates from Iraq

Decided Jordanian Agriculture Minister Saeed al-Masri yesterday to lift the ban on the import of the former dates and derivatives from Iraq after the removal of the causes of prevention.

The newspaper quoted the Jordanian Constitution Masri as saying that the door open for import Altamorsicon willing to grant the necessary import permits, the ministry to those who apply for them.

http://www.iraqdirectory.com/Display....aspx?id=12877

Iraqi Drilling Company plans to drill four thousand oil wells during the next six years

The general director of the Iraqi Drilling Company Idriss Yasiri the company are about to sign service contracts with a number of foreign companies that have received licenses to develop oil fields in Iraq for the drilling of more than four thousand oil wells and reclamation of the other.

He said that "We have a large area to search for the best forms of contracting with foreign companies take into consideration the reasons technical and economic feasibility."

He Yasiri "that the company got advanced rigs capable of reaching the reservoir depth 7000 m below the ground and that the company completes its plan to drill 180 wells for Iraqi firms during the current year.

http://www.radiodijla.com/cgi-bin/ne...?id=2010-06-13

"Contacts" UAE plans to invest 1.4 billion dollars to expand and Egyptian unit

A company "contacts" the UAE it will spend 8 billion pounds, equivalent to 1.41 billion dollars to expand and Egyptian unit during the next three years.

, The head of Emirates Telecommunications Mohammed Al Omran's investment company "so far amounted to 8 billion pounds and we are waiting to invest 8 billion pounds more in the next three years because the expansion of our networks is a priority for the company."

And manages the "contacts" mobile phone network in Egypt the number of subscribers reached 14 million subscribers by the end of last May, three years after its launch.
And working "contacts" in 18 markets the number of subscribers exceeded 107 million common geographical areas of its population stood at two billion.

http://www.radiodijla.com/cgi-bin/ne...?id=2010-06-13

Abida Tai: negotiations after Parliament's first session there will be a convergence between the political blocs

expect a member of the National Coalition Abida Tai to see the negotiations after the parliament session a positive atmosphere to form the next government. The Tai (of the Agency by news) said on Monday: "The serious negotiations and dialogues that will take place between the political blocs after the Parliament's first session will take place convergence of all the blocks." Noting that the government will be the Government of a national partnership with no parliamentary opposition to remember.

And noted member of the National Coalition to agree on the prime minister will make it easier for the distribution of the rest of the positions of sovereignty, something which is gripped between the majority of clusters, especially after the confusion of the list on article (76) of the Iraqi Constitution, which should decide who is the biggest bloc that forms a government.

And the failure to explain this article to make the Iraqi List led by Iyad Allawi insists on its right to form a government as an electoral bloc, the largest, while insisting the National Coalition formed by the government as parliamentary bloc, the largest.

http://www.ikhnews.com/go_ar.php?id=1276497984

Mohammed al-Bayati: Abdul-Mahdi is the closest to his nomination for prime minister, compared to al-Maliki

According to a member the National Alliance for the National Coalition, Mohammed al-Bayati said the leader on the list, Adel Abdul-Mahdi is the closest to being the candidate of the National Coalition for prime minister against the leader of a coalition of law Nuri al-Maliki. Bayati said (of the Agency by news) on Monday said: "Most of the components of the National Alliance agree to be Abdel-Mahdi is the alliance's candidate for prime minister against the al-Maliki."

The Al-Bayati to Negotiations between the National Alliance in other times of rising and there are a lot of behaviors in charge between the National Coalition and the state of the law.

The coalition rule of law and national levels may announced their merger last Thursday under the name of the National Alliance without agree on the head of the alliance or prime ministerial candidate, and that the latter issue that is witnessing a lot of tugging, rejecting some of the figures the coalition for my Maliki's nomination for prime minister, with adhere to the rule of law through its leader, something which has caused a rift among the National Alliance, according to the opinion of many observers and political analysts.

http://www.ikhnews.com/go_ar.php?id=1276497546

Bank Profitability in Iraq to Increase

HSBC has said that it is “remarkably bullish on Iraq” and expects bank profitability in the country to increase by 100 times within 10 to 20 years, Bloomberg has reported.

“There is more lending activity as the economy gets stronger,” James Hogan, country manager of HSBC Holdings said. HSBC entered the Iraq’s post-war banking sector with its 2005 purchase of a 70% stake in the Dar Es Salaam Investment Bank. HSBC may soon put its own brand on the business, Hogan said.

The banks comments are a further vote of confidence in the country’s economic future and HSCB has taken a strategic investment in the banking sector to position itself to benefit from the widening and deepening of the Iraqi economy over the long term.

Regarding the various banks now operating, we can conclude that many will attempt to position themselves as “providers of choice”, offering a range of products outside of the core banking range, to include investments, wealth management services and insurance.
Insurances will be targeted at specific segments of the customer base, either corporate or private clients and we should expect to see insurance offerings to meet the needs of the discrete segments.

Traditional “bancassurance” products will include life, accident and sickness, and motor insurance whilst commercial products will be supplied to protect cargo shipments and physical assets and liability exposures of business customers.

In summary as the banking sector overall expands and matures we will see many allied insurance offerings, which is good for the government, the banks and the end customers.

http://www.iraq-businessnews.com/?p=4402

Iraq sees fall in deficit, Investment Increase

Iraq will decrease its deficit to 8 percent over the next three years from 18 percent, the finance minister said on Wednesday, and envisioned a substantial increase in investment as a percentage of the budget.

Bayan Jabor also told Reuters he would issue more bonds to finance power generation deals with General Electric and Siemens.

“About the deficit I think it will be decreased from 18 percent till 8 percent (of the budget) in the next three years (in 2013),” he said in an interview on the sidelines of a Turkish-Arab economic forum in Istanbul.

“The investment now is around 26 percent of the budget, in 2013, it will be around 40 percent (of the budget),” he said.

Battered by years of war and crippling economic sanctions, Iraq struggles to witness steady, strong growth. A senior central bank official said growth, excluding the key oil sector, dipped to 4 percent of GDP last year from 10 percent in 2008.

Jabor said the 2010 Iraqi budget was $70 billion and would increase incrementally over the next three years.

“Now our budget in total is around $70 billion, in 2011 it will be $80 billion, in 2012 it will be $90 billion and in 2013 it will be $100 billion.”

In 2008, Iraq signed multibillion dollar deals with General Electric (GE.N) and Siemens (SIEGn.DE) to add nearly 9,000 megawatts of capacity over the next few years.
But the country has scrambled for ways to finance the purchase after a plunge in oil prices in 2008 deprived it of revenues and forced it to slash its 2009 budget three times.

“We do treasury bills and we pay for GE and also for Siemens and we’ll continue the process.”

When asked if he would issue more bonds, Jabor said yes, adding that, “Until now we issued $2.4 billion, we will increase it to $4 billion,” but declined to give a time frame.

OIL CUSHIONS DEFICIT

Jabor said the deficit was being covered by the difference in oil prices set in the budget versus the actual selling price.

“The budget foresees $62.5 per barrel and now we’re selling at $72, $74, $76 sometimes. We are covering the deficit from the difference in the oil price,” he said, adding Iraq currently had a $10 billion surplus.

He added the budgets of 2011-2013 were based on an average oil price of $74 per barrel and said he thought $80 per barrel was “good for the producer and good for the others.”

Jabor also said he would sign a letter stating the central Iraqi government would repay foreign oil companies working in Kurdistan for exploration expenses.

“I received the order from the cabinet and I will sign in the next few days a letter to the region of Kurdistan that the Iraqi government will pay for all the equipment for the foreign oil companies,” he said, but declined to give an amount.

Kurdistan and Baghdad have been at loggerheads for months over oil deals Kurdistan signed independently with foreign firms, a move the central government in Baghdad considers illegal.

The Arab-led government in Baghdad refuses to pay the firms, and oil exports from Kurdistan stopped last year.

A joint committee that includes officials from the oil and finance ministries along with representatives of the KRG were meant to study the expenses foreign firms incurred in developing oil fields.

Jabor said private Turkish banks are interested in setting up joint ventures with private Iraqi banks, further strengthening the two countries’ economic ties.

http://www.iraq-businessnews.com/?p=4409

Iraqi company to proceed with setting up a huge tower for the drilling of oil wells is the world's largest eastern Maysan

Initiated technical and engineering staff in Basra, the Iraqi Drilling Company drilling operations in the field of light oil to eastern province of Maysan Tower installation and operation of oil is the largest in the world.

The general manager of the company Idriss Yasiri the project, which "fall under the banner of the national effort will be implemented in a process of drilling a well at a depth of 6500 meters, a situation which recorded the first time in the oil reaches certain depths where the 3000 meters, allowing access to the depths of unfulfilled than before."

Yasiri said that "the drilling process that are local efforts on behalf of the Southern Oil Company opens prospects for drilling operations to the deeper layers of the ground in the near future in order to extract oil."

http://www.radiodijla.com/cgi-bin/ne...-14%2008:11:48