Thread: Iraq/Dinar News up until March 28th 8PM CT.

Voices of Iraq: Missan-Fuel
Posted by: nakr2004 on Saturday, March 24, 2007 - 05:16 PM

Missan-Fuel
Truck drivers protest fuel price hike
By Nizar al-Radi
Missan, March 24 (VOI) – Dozens of truck drivers staged a demonstration near the Missan town hall on Saturday, protesting the Iraqi oil ministry's decision to increase the prices of fuel, the independent news agency Voices of Iraq (VOI) learnt.
The decision also included a cut in the amount of weekly diesel given to truck drivers.
"Our own oil has become our own curse. How can we go on with only 100 liters of gas weekly? How can a driver of a truck that goes hundreds of miles manage with such an amount of fuel?" an angry protester wondered in statements to VOI.
He said, "we demand a radical solution to this problem originally created by the government."
The demonstrators parked scores of trucks in front of the municipal building in the predominantly Shiite province, 380 km southeast of Baghdad, as a means to express their dissatisfaction.
Iraq's oil ministry had increased the price of all fuel by 15 percent, from 350 Iraqi dinars (27 U.S. cents) to 400 Iraqi dinars per liter for benzene and from 300 to 350 dinars per liter of gas oil. It also cut the quotas of fuel for provinces by 35 percent.

Missan-Fuel :: Aswat al Iraq :: Aswat al Iraq

Originally Posted by funwit

THIS IS WOOT NEWS:

I sent an email to [email protected] and this is his reply. I sent this yesterday and received a reply this morning.


Dear,
The procedure will show up withen 10 days on ISX website.
Regards,
Taha

Bettye xxxxxx <[email protected]> wrote:

I am in the US and want to buy stock in the Iraqi Stock Exchange. What is the procedure?
Thank you,
Bettyexxxxxx
[email protected]



Send instant messages to your online friends Yahoo! Messenger - IM and PC-PC calling.

This is great news ........ but lets not get ahead of ourself in thinking the ISX will be open inside 10 days. I realize it might but this reads the procedure
will be listed inside 10 days. They may want people to know how to before it happens. Give people a chance to get things together like passports ect. Just my thoughts here .......all and all great news !!

Thanks for the post !

Originally Posted by H2O_Lover

This is great news ........ but lets get ahead of ourself in thinking the ISX will be open inside 10 days. I realize it might but this reads the procedure
will be listed inside 10 days. They may want people to know how to before it happens. Give people to get things together like passports ect. Just my thoughts here .......all and all great news !!

Thanks for the post !

Why would a passport be needed?

Originally Posted by Pegasus

Great find Jola. SGS had said that the pension law kept coming up in strange places and seemed to partner with news about the exchange rate. This was probably why - it's an IMF requirement.

i believe they are tied together somehow and suspect when we hear about the pension law finalized we will hear of the revalued currency.

Originally Posted by pipshurricane

Will foreign capital venture into ISX, March 15, 2007


The Iraq Stock Exchange is to open its doors soon for foreign investors after a long wait according to unconfirmed reports. Quoting the head of the Iraqi Securities Commission, the governmental regulatory body that overseas the activities of the small exchange which was opened in the summer of 2004, the commission has just approved moves to allow non Iraqi investors to buy and sell stocks of listed companies trading in the exchange.


Investors will have to acquire brokerage services through one of the 40 or so licensed brokers in the exchange, he said. These brokerage companies will open accounts for clients upon the delivery of normal identification credentials such as passport copies in addition to residence details and other customary information. Money transfers to fund these accounts will have to be carried out exclusively via the international banking system.


The Iraq Stock Exchange with a capitalization value of just over $1 billion has some 80 joint stock companies listed whose shares are traded twice weekly. Joint stock companies issue only one type of ‘common” stock conferring on the holder the right of voting in general assemblies and a share in the net profits of the company. There are two types of listed companies. Wholly privately owned companies as well as companies where the state still maintains up to 25% holding. The latter are primarily found in light manufacturing originating in state owned enterprises that where partially privatized in the late 1980s. Listed stocks include banking, manufacturing, agricultural, real estate, tourism and services sectors. Before 2003 the manufacturing sector dominated turnover but in more recent times banking has become the leading sector.


The exchange has never been open to foreign traders before. Earlier plans to liberalize the market following the foreign investment legislation, order 39 of 2003, by the now defunct Coalition Provisional Authority was never implemented. More recently the Iraqi Parliament endorsed a new Foreign Investment Legislation which explicitly opened up the capital market of Iraq to foreign investment.

Rumors of the imminent move to open the exchange for foreign investment have revived hopes in the depressed market leading to a significant rally in recent trade. Due to the consistently deteriorating security conditions, a stagnant economy and a very hostile business environment the exchange lost over the last two years some two thirds of its peak capitalization value. The new “Surge” to restore some degree of order to Baghdad together with the implementation of the foreign investment law, and the on going plans to introduce automation may all combine to bring much awaited recovery into the Iraqi bourse. It remains to be seen if the move will actually translate into any sizable influx of funds into the capital hungry market.

Housing Bank, main branch, Amman, Jordan

Originally Posted by stargate-sg13

Why would a passport be needed?

because warka is sending out this to those who have stock through them.

I got this today ..

Dear XXXXXX,

Please note that the law has not been enacted yet and there is talk that it will be in April. Although the law has not yet been implemented the ISX have released the requirements that will be needed for foreigners to transfer ownership and purchase shares directly in your good name. The following documents must be certified by Iraqi Embassy or Consulate in your country.

1- ID

2- Passport

3- Mailing address and contact information.

4- Your three signatures

Best regards,

Originally Posted by DayDream

Finance Minister Baqer Jabr Al-Zubaydi disclose details of the targeting of the Ministry of Finance

24/03/2007

The Minister of Finance revealed Jabr Al-Zubaidi on important details of the targeting of the Ministry of Finance last week, the minister said in a statement to the channel broadcast the Euphrates

Yesterday, the terrorists were targeting the important meeting in Alozrarh comprising ministers and ambassadors to discuss the details of the work in the ministry and to discuss the new budget. The minister said that terrorists have obtained information on the meeting, the minister held the meeting in another location. He asked the Minister of Finance to investigate the incident and said that the truck was carrying a ton and a half tons of explosives and toxic gases, which led to the destruction of the entire infrastructure of the Ministry of despicable The minister pointed out that the ministry did not lose any of the important documents.

The minister said that the truck remained near the ministry for four hours has not been drawn to another place if withdrawn to a distance of twenty meters to have avoided a lot of losses. why was the target of the Ministry of Finance said that the targeting of the achievements of the ministry, which got the best of the Ministry of Finance in the Arab world according to the International Monetary Fund and the targeting of the high growth rates achieved by the ministry.
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Cheers!
DayDream

sounds to me like someone doesnt want them to revalue the currency or at least have difficulties doing so. iran anyone????

Originally Posted by shotgunsusie

sounds to me like someone doesnt want them to revalue the currency or at least have difficulties doing so. iran anyone????

Sounds to me like - with Shabibi at CBI ( good student of Greenspan)and "the best of the Minister of Finances in the Arab World - as IMF says" - we can not go wrong with our investment.

By the way, I always wanted to post this quote :

"I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said."
Alan Greenspan

Does it sound to you like Shabibi 's press releases??

The Iraqi Dinar Gains Strength Against the Dollar Since War Began
MEMRI - [24/03/2007]

The Iraqi dinar continues its appreciation against the dollar. The rate of exchange has now reached 1300 dinars to the dollar. Before the invasion, the rate was 2000 dinars to the dollar. [The improvement is attributed the monetary policy of the Central Bank.]

http://www.iraqdirectory.com/DisplayNews.aspx?id=3473

The letter contained the Central Bank pledged to continue to apply strict credit policy to curb inflation and allow an assessment of the exchange rate gradually explaining that the high rates of inflation to justify continuation of this policy.

From what I see here does this mean they won't revalue the dinar until the inflation comes down? Or is this just the same old jibberish to throw us off? Please anyone responed.
Thanks, Warrior44