Thread: Iraq/Dinar News Up until April 5th 5PM CTZ.

Iraqi currency carries risk: Online dinar dealers under fire from consumers
By Mc Nelly Torres

Fort Lauderdale, Florida, 05 April 2007 (Sun-Sentinel)


Ellen Whitmore never takes a risk. She watches her expenses closely and describes herself as a conservative investor.

But last November, Whitmore, 50, of Fort Lauderdale, did something out of character while surfing the Internet: She made an impulse purchase after a pop-up window claimed that buying Iraqi currency was a good investment. She has since learned the hard way, as financial experts and consumer watchdogs warn, that investing in foreign currency with online companies could be a risky proposition.

"It sounded very legitimate," said Whitmore, who never received the 2 million Iraqi dinars she purchased for $1,480 through the Web site of Illinois-based United World Exchange, www.usdinar.com.

Whitmore, a part-time volunteer with a local nonprofit organization, is one of a growing number of consumers who have filed complaints against United World Exchange with the Better Business Bureau of Chicago and the Illinois attorney general's office. In recent weeks, the number of complaints has doubled to about 190 as consumers around the nation, including six in South Florida, have filed complaints claiming fraud.

Lucy Jodlowska, manager of investigations at the Better Business Bureau of Chicago and Northern Illinois, said the bureau has notified the U.S. Department of Treasury, the FBI and the U.S. Postal Inspection Service, but she wouldn't say if the federal agencies are probing the business. The BBB of Chicago is currently handling all the complaints against United World Exchange. "We have received 29 consumer complaints and we are looking into it," said Robyn Ziegler, a spokesperson with the Illinois attorney general's office. Ziegler would not confirm or deny whether the state agency is investigating.

Repeated calls to United World Exchange were not returned.

Earlier this year, the BBB began warning consumers about investments in Iraqi dinar, including United World Exchange. New complaints originating from a similar company in San Diego, known as B & G Currency Trading, show the companies have shared ownership between two individuals, Samir Altaeh and Joseph Beaudry. Another company, DinarMerchant, has also been linked to United World Exchange, the BBB reported.

Al Polizzi, a spokesman with the BBB in West Palm Beach, said both Altaeh and Beaudry are listed as the owners or principals for both companies in San Diego and Chicago. "It appears the company started in San Diego and later moved to Chicago," he said.

Consumers, among them civilian contractors and military personnel stationed in Iraq, filing complaints against the companies, claimed they never received the Iraqi currency and that both companies failed to return money when consumers demanded refunds.

United World Exchange's Web site, where Tuesday's exchange for 1 million dinars was $776.40, claims Iraqi currency is a good investment.

But experts said trading in foreign currency is complex and sophisticated. Investing in currency is a risky business, they said, because the value of the currency depreciates quickly. Also, most dealers and U.S. banks won't buy Iraqi dinar.

Alex Merk, whose Palo Alto, Calif.-based Merk Investments manages clients' hard-currency investments, said foreign currency trade is not well regulated.

"Unless you are a collector or if you are going to Iraq, I don't see why people would buy Iraqi currency," Merk said. "If you are traveling to a country, you are better off exchanging dollars there."

Mc Nelly Torres can be reached at [email protected] or 954-356-4208 or 561-243-6600, ext. 4208.

Iraqi currency carries risk: Online dinar dealers under fire from consumers | Iraq Updates

Originally Posted by Lunar

Event : 2200 Economic Iraqi bank in a conference on finance
05.04.07
Amman / commoners hailed

Starting with more than "200" Iraqi and Arab bank yesterday, Wednesday, in the Jordanian capital of Amman to the first Conference of the work of the banking and finance in Iraq, which will continue for two days. He said Bljit Vohra Executive Director of the draft prosperity sponsor of the Conference with the Assyrian International Bank for Investment and a number of banks and companies that this conference is the first of its kind for the Iraqi banks will participate in Arab banks in Jordan, Bahrain, the United Arab Emirates and other foreign countries such as the United States and Japan, adding that the bankers will discuss the motives of banking and the challenges of the twenty-first century, he said, pointing out that : "they will discuss during the conference how to develop banking work in Iraq and the Central Bank's role in the implementation of monetary policy, Vohra, explained : "The conference will discuss the current situation of the private banks and the future development and how payment systems and information management, noting that the conference would workshops to discuss within the banking and the management of banks.

For his part, the representative of the Governor of the Central Bank of Iraq, Dr. Saleh appearance "There are three main points in order to enable the Iraqi banking sector to perform activities on the financial environment according to the wholesome Monetary Authority has taken upon itself the achievement of the first tasks of the (liberalization of the financial sector, particularly the liberalization of interest rates and the removal of any form of fiscal restraint, open to foreign banks to work in Iraq, whether branches or independent companies or partnerships with private banks, the shift from banking oversight to control the automatic preventive control, the freedom of foreign transfers without any restrictions on the states and according to the liberation of the current account of the balance of payments and in accordance with Article VIII of the International Monetary Fund) .

Meanwhile, the deputy chairman of the economic development of American Mike Harvey that the movement of banking in Iraq will witness significant development, and quality leap through the development of economic sectors including the private sector and increased investment after the approval of the Iraqi Parliament.

Harvey said in a speech during the conference "that the programs carried out in Iraq during the past years had been important on the economic level, where he was one of the most prominent of these programs support the social protection network, which provides financial support to more than a million Iraqi families, and Harvey added :" We join Iraq to the World WTO is a real commitment of the Iraqi government to transform the economy to become compatible with the global economy. "

And what was achieved during the 2006 Harvey said : "We have been sending experts and advisors in the field of economy to Iraq to provide support to the Iraqi government in the economic transformation was during this period of the opening programs for investment banking work and to the modernization and development of the banking system in Iraq.

ÌÑíÏÉ ÇáãÏì - 2200 ãÕÑÝí ÚÑÇÞí Ýí ãÄÊãÑ Úä ÇáÊãæíá ÇáãÇáí

WOoTTTTTTTT!!!!!!!!!!

Explosion strikes oil pipeline in southern Iraq

05 April 2007 (AP Worldstream)


A bomb struck an oil pipeline Thursday, cutting off supplies and causing a huge fire in southern Iraq near the border with Kuwait, an official said.

The pipeline carries oil from surrounding fields to storage tanks in Basra for export to the Gulf region, according to the official with the South Oil Co. But he said the tanks were full and export supplies had not yet been affected.

The official, who spoke on condition of anonymity because he wasn't authorized to speak to the media, said the explosion occurred about midnight and the fire raged for hours before it was extinguished in the afternoon. He said oil had stopped flowing from the fields to the storage tanks but supplies were sufficient and exports were not affected.

The attack occurred just north of Safwan near the border with Kuwait, the official said, adding he expected the fire to be extinguished later Thursday. The Oil Ministry in Baghdad could not immediately be reached for comment.

Iraq exports about 2 million barrels of oil a day of which about 1.6 million barrels are exported through the port of Basra and come 300,000 are being pumped from the northern city of Kirkuk to the Turkish port of Ceyhan.

Oil production has plummeted since the U.S.-led invasion in March 2003 as the oil pipelines have faced repeated insurgent sabotage, attacks on maintenance crews, alleged corruption, theft and mismanagement.

Explosion strikes oil pipeline in southern Iraq | Iraq Updates

Originally Posted by Hkp

Iraqi currency carries risk: Online dinar dealers under fire from consumers
By Mc Nelly Torres

Fort Lauderdale, Florida, 05 April 2007 (Sun-Sentinel)


Ellen Whitmore never takes a risk. She watches her expenses closely and describes herself as a conservative investor.

But last November, Whitmore, 50, of Fort Lauderdale, did something out of character while surfing the Internet: She made an impulse purchase after a pop-up window claimed that buying Iraqi currency was a good investment. She has since learned the hard way, as financial experts and consumer watchdogs warn, that investing in foreign currency with online companies could be a risky proposition.

"It sounded very legitimate," said Whitmore, who never received the 2 million Iraqi dinars she purchased for $1,480 through the Web site of Illinois-based United World Exchange, www.usdinar.com.

Whitmore, a part-time volunteer with a local nonprofit organization, is one of a growing number of consumers who have filed complaints against United World Exchange with the Better Business Bureau of Chicago and the Illinois attorney general's office. In recent weeks, the number of complaints has doubled to about 190 as consumers around the nation, including six in South Florida, have filed complaints claiming fraud.

Lucy Jodlowska, manager of investigations at the Better Business Bureau of Chicago and Northern Illinois, said the bureau has notified the U.S. Department of Treasury, the FBI and the U.S. Postal Inspection Service, but she wouldn't say if the federal agencies are probing the business. The BBB of Chicago is currently handling all the complaints against United World Exchange. "We have received 29 consumer complaints and we are looking into it," said Robyn Ziegler, a spokesperson with the Illinois attorney general's office. Ziegler would not confirm or deny whether the state agency is investigating.

Repeated calls to United World Exchange were not returned.

Earlier this year, the BBB began warning consumers about investments in Iraqi dinar, including United World Exchange. New complaints originating from a similar company in San Diego, known as B & G Currency Trading, show the companies have shared ownership between two individuals, Samir Altaeh and Joseph Beaudry. Another company, DinarMerchant, has also been linked to United World Exchange, the BBB reported.

Al Polizzi, a spokesman with the BBB in West Palm Beach, said both Altaeh and Beaudry are listed as the owners or principals for both companies in San Diego and Chicago. "It appears the company started in San Diego and later moved to Chicago," he said.

Consumers, among them civilian contractors and military personnel stationed in Iraq, filing complaints against the companies, claimed they never received the Iraqi currency and that both companies failed to return money when consumers demanded refunds.

United World Exchange's Web site, where Tuesday's exchange for 1 million dinars was $776.40, claims Iraqi currency is a good investment.

But experts said trading in foreign currency is complex and sophisticated. Investing in currency is a risky business, they said, because the value of the currency depreciates quickly. Also, most dealers and U.S. banks won't buy Iraqi dinar.

Alex Merk, whose Palo Alto, Calif.-based Merk Investments manages clients' hard-currency investments, said foreign currency trade is not well regulated.

"Unless you are a collector or if you are going to Iraq, I don't see why people would buy Iraqi currency," Merk said. "If you are traveling to a country, you are better off exchanging dollars there."

Mc Nelly Torres can be reached at [email protected] or 954-356-4208 or 561-243-6600, ext. 4208.

Iraqi currency carries risk: Online dinar dealers under fire from consumers | Iraq Updates

At least there was nothing wrong with the dinar nor the investment. The problem lies with the dealer, or rather, the crook.

For Those RC members that has the dishnetworks that can view middleeast news here is another coming up for you !!!


KRG prepares to launch its own TV channel
The new satellite channel in the Kurdistan Region hopes to educate the public and better serve young people.


Erbil, 05 April 2007 (Kurdish Globe)


The Kurdistan Regional Government (KRG) Ministry of Culture (MOC) will soon air the first government satellite TV channel, to be named Nawroz (Kurdish New Year celebration). It will gear its programs toward KRG activities and youths.

"After unifying both administrations in Kurdistan and forming a new government, the Ministry of Culture decided to establish a government media to demonstrate its activities and build an educated Kurdish society," said Halgurd Abdul Wahab, general director of MOC's media.

Wahab stated that the building of Nawroz TV has finished completion, at a cost of more than $5 million. He said that the KRG appropriated a very good budget for the TV's operations.

Most of the Kurdish satellites and local TVs are controlled and belong to Kurdish political parties; the government doesn't have TV.

Wahab explained that in 1992, after the first Kurdish government in northern Iraq was established, it established its own local TV, but is was very poor.

"Political parties at that time did not want to establish strong government TV channels lest they become stronger than their TV channels," added Wahab.

Nawroz TV consists of three part-time channels on one screen (known as Sub-TVs): Fermi TV (government activities), Zaro TV (for children), and Law TV, which in Kurdish language means youth TV.

Wahab said Nawroz TV will appropriate 19% of its time to children. Those programs will be educational and far removed from the violence, racism, and dogmatism that dominate so much television.

Nawroz TV will air many programs about Kurdish youths and their problems, and their TV programs will be under the supervision of the MOC.

"The KRG should pay a lot of attention to Kurdish youths; it should solve and discuss their problems without any censorship or exception," said Wahab. "In our programs we are going to discuss every youth's concerns without any censorship," Wahab added.

Youths in Kurdistan complain about the lack of employment opportunities and government services, and they feel a general sense of hopelessness about the future. They have lost trust in any attempts by the KRG to eradicate corruption and improve basic services. Youths say that authorities have promised people, several times, to fight corruption and hold corrupt people accountable, but nothing has been done so far.

Wahab explained that the rest of the TV time will broadcast news on Kurdistan parliament activities, the ministerial council, and the presidency of Kurdistan.

"We will air every parliament session live, as well as every Kurdistan President and Kurdistan Prime Minister press conference," said Wahab.

Wahab mentioned that they have some transparency and openness that will allow people to directly complain, criticize the government, and seek rights.

Kurdish TV channels also exist in Europe and other parts of Kurdistan (Iran and Turkey). In Iraqi Kurdistan Region there are three satellite TV channels: Kurdistan TV, Kurd Sat, and Zagros TV, and many local channels. Nawroz TV will be on the air soon.



KRG prepares to launch its own TV channel | Iraq Updates

Originally Posted by davzgirl

It means that we can let the top down on the car and scream "WWWEEEEEEEEEEEE", "WOOOOOHOOOOOOOO", or "YIIIIPPPPEEEEEE" (choose your preference) all the way to the bank!!!!

Seriously, I recently took a college class in International Business, and the definition of convertible currency (hard currency) is shown as:

"Currency that trades freely in the foreign exchange market, with its price determined by the forces of supply and demand"

Maybe someone else has a better definition of the full meaning, but that is what I am finding. I can only assume (and we all know what that does) that fully convertible currency means that we can go to any bank that deals in foreign currency and exchange it for your area's current currency (dollar, euro, peso, etc.).

Patty

Originally Posted by Dinar Cha Ching

At least there was nothing wrong with the dinar nor the investment. The problem lies with the dealer, or rather, the crook.

I agree, USDinar dealer that is ripping off honest investors....

on another note (Ali - DinarTrade is Awesome)

Am I the only one that noticed this?....HCL Meeting in Dubai 18th of April

Parliament held in Dubai expanded seminar to discuss law
(Voice of Iraq) - 05-04-2007

Parliament held a seminar in Dubai to discuss the expanded oil and gas

Away from the political pressure and for constructive dialogue involving Iraqi figures living abroad
Baghdad-Sabah
The House of Representatives held a seminar in Dubai to discuss the expanded oil and gas, on the eighteenth of April in which government officials and parliamentarians as well as Iraqis and foreign experts.

First deputy chairman of the House of Representatives Sheikh Khaled al-Attiyah, who chairs the symposium justified held in the United Arab Emirates, the need for the atmosphere far from the political pressure to manage professional dialogue leading to the areas of indexing flaw or weakness or confusion in the draft law. He said al-Attiyah told (morning) : The Council called on jurisdictional personalities to contribute to the discussions could not participate if the forum was held in Baghdad.

Al-Attiyah was responding to a question about the reason for holding the 50th symposium attended by government officials and parliamentarians outside Iraq, pointing out that the figures from abroad apprehensive of the security situation as well as other personalities who attended had opposed the law, which Iraqi figures living abroad, and stressed that the seminar is open to all who wish participate.

The law of oil and gas to the rivalry between the supporters and is widely believed that the review of some articles.

Sheikh al-Attiyah says : that the gathering that the vision set out the technical dimensions and strategic outlook for reducing the gap of differences, or backfilling final because the demands of the law of the House of Representatives serve the present and future of Iraq.

Among the most prominent participants Deputy Prime Minister Barham Saleh and Oil Minister Hussein Al-Shahrastani and Planning Minister Dr. Ali Papan, and the members of the committees of energy The oil and gas in the Council and representatives of the political blocs, such as oil experts Fadel Chalabi, Thamer July 2001], Tariq Shafiq.

The symposium was held in Amman and presented Arab media strongly criticized the law but said Followers : The most speakers were jumping from politically motivated tendencies opposed the regime in Iraq. and these same observers speculate that the House of Representatives could see no reason why the involvement of Iraqi opposition in such dialogues Thus assignors predict this to say : The Iraqi Parliament is open to the positive views regardless of the sources, and power special ist professional dialogue going to result in successful ideas. It is believed that the recommendations of a symposium Dubai to reconsider some of the decisions of law and may be changed.

Sotaliraq.com - ÕæÊ ÇáÚÑÇÞ

no link but darn interesting remark!! apparently iraq has SA by the cahoneys.

The governors did agree to leave their exchange rate regime unchanged, Saudi Arabian Monetary Agency Governor Hamad Saud al-Sayyari told reporters after the meeting, although his patience wore thin when he was asked to be more precise. “Don’t you listen?” al-Sayyari snapped at one reporter. “What do you want? I’ve already said that we are sticking to the same foreign exchange system.” Al-sayyari was believed to have been thinking..."Its all the Iraqis fault"

Originally Posted by Hkp

I agree, USDinar dealer that is ripping off honest investors....

on another note (Ali - DinarTrade is Awesome)

I CONCUR!!