Thread: Iraq/Dinar News until 5/23/07 Midnight CST

The politicians keen to approve important laws
22.05.07

Baghdad-Sabah.
Prime Minister Nuri al-Maliki's government of national unity to activate the initiative of reconciliation and national dialogue and continue the process of reconstruction, rebuilding and implement a plan to impose law

And Mr. al-Maliki during a telephone call with President George W. Bush to the importance of enhancing cooperation and coordination between the Iraqi forces and the multinational force in the fight against all law-breakers to eliminate the terrorist organizations and armed groups.

The Prime Minister told the American President keenness of all participants in the political process to discuss and approve bills that the government submitted to the House and the amendments in the Constitution and the revision of a number of independent bodies.

Part of the new American president to support the United States to the Iraqi government and to continue the policy of mobilizing regional support for the government, including help in the success of the political process and consolidating security and stability in the country.

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Economic event : Researchers and economists stress the need to Babylon draft bill of oil and gas to some modifications
22.05.07

Babylon / Iqbal Mohamed
The researchers and economists in Babylon, that the draft law of oil and gas to be presented to Parliament need substantial modifications to ensure the benefit of major oil and gas wealth.

The participants in a symposium organized by the Iraqi assembly to build and maintain the freedom of said Act to the need to invest Iraq's oil wealth as much rationality and realism they may deplete wealth.

Meanwhile, the researcher Abdul Amir Alshalah during a lecture he delivered at the symposium that article 12 of the draft law which refers to Iraq's participation in the management and development of oil confiscation contravene Article 111 of the Constitution, which limits the ownership of oil and gas Iraqi people.

He pointed out that Iraq already does not need this type of partnership that contracts be resorted to in the absence of the state's ability to finance the operations of oil or that the State lacked sufficient expertise to manage these operations or the productivity of oil wells uneconomical
He pointed to flaws Alshalah contracts as between that under these contracts, the foreign companies which will determine the level of production and the volume of investment compared to operating expenses that the government retain legal ownership of oil reserves.

As noted researcher least number of defects on a draft law which are related to national oil company to be restructured, including what the terms of reference since the draft granted in Article 5, paragraph a Cabinet powers continuously while the powers of the House of ending soon ratify the law, which means

The oil wealth will be the executive authority, however, as well as defects and responding to the Federal Council of oil and gas, such as quotas and hauled devote elements unproductive and qualified membership representing provinces producing oil or gas.

For his part, Mr. Aziz Al-Husseini, we are not against a law regulating the exploitation of oil wealth but the law to be submitted to the House bill, the oil wealth to the risks of a real and serious by linking the oil wealth production and participation contracts expiring affected sovereignty Aloutnetman through the participation of major international oil companies in the Council federal oil and gas, provided by the proposed law in Article V thereof.


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Economic event : trying to assess banking awareness among the public and staff of government banks
22.05.07

In the light of developments accelerated yielded banking work in the whole world, especially in the twenty years of treatments and evolutionary innovations, resulting in the continuing evolution of a large bank in technological and administrative mechanisms adopted and amended laws that drive banking business ..

By conditions experienced by our country over the past two decades of the last century, and what followed, has been to isolate what is happening many sectors of technological developments and conceptual withdrew their effects on cognitive capabilities of the general community in various areas, and perhaps the banking sector more economic sectors affected because of this isolation,

One of the most important manifestations of this negative impact, reflected a clear awareness of the banking employees of banks to the state, as demonstrated clearly to the general public .. While banks have become in most countries of the world an important part of economic and social life can not be separated from the daily life of people,

The government banks isolation from the Iraqi people, but it pays to (the) government will be dealt with the fear of the public, as is the rest of the totalitarian power, and the staff of these banks are not touched develop their abilities to the conditions of destitution continuing born with a state of indifference in their posts ..

The department also is not concerned with the development of awareness of the banking front monotonous work and repeat the routine practices, as a result of the underdevelopment in the working mechanisms and techniques, significant weaknesses in this aspect .. And perhaps is true to this day, the law of Iraqi banks example, or the Money Laundering Act does not seem to be accessible to the hands of staff ...

While contributed to the weakness of the Declaration, and the fierce political variables, which impacted on the latest and community life in the low level of awareness among the public banking .. Banks generally provide services, and if he wanted any bank marketing services successfully, it means that the bank will meet the demands of the consumer or customer performance, If the bank was able to make the customer demand for its services in a crescendo level, it may be fuller application of modern marketing concepts and succeeded in raising awareness among the public banking,

In order to reach government banks this level of performance and the public up to the aspirations of the government banks awareness of a bank, to be effective role of the Declaration .. The reality is that low banking awareness among the public has ignored government banks of the importance of the declaration due to the reassurance that the banks for lack of a competitor by exclusivity and the limited number in the banking market for a long time, so people resort to forced since there is no alternative, therefore, the aspirations of government banks has been limited ..

It is moving in a specific state and the system does not allow others to enjoy the advantage of .. Tkasla sense that there existed a need for the declaration and awareness of the banking public, while contributed successive political repercussions on the country and for more than twenty-five years, coupled with the lack of confidence Between public institutions and ruling authority, in the indifference of the public in dealing with those institutions. that was (and possibly removed) followed routine procedures by a lot of procrastination in providing services to their customers, and, in particular loans and other banking facilities, which are often forced by the customer to review several quarters to get credentials to a modern version, and complete the procedures for booking guarantees,

This burden on the customer and it drains time and money, which are paid to the search for another source of borrowing facilitator .. Often people are weary of waiting by the length of the procedures followed in direct banking, did not receive any change in these procedures in other ..

The true cause of the red tape and reluctance to deal with the banks governmental bureaucracy he inherited many of these banks .. These reasons may have contributed are the latest in low banking awareness among the vast majority of the public that he still retains his finances under the pillow.

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Economic event : indicators index for consumer prices in Iraq for April, 2007
22.05.07

Baghdad / long
Performed by the Central Agency for Statistics and Information Technology inflation report for April, 2007, prepared on the basis of field data collection "on the prices of goods and services components of the consumer basket Retail prices in selected markets in Baghdad and other governorates The results showed the following :

1 - The inflation index for April, compared to March 2007 / 2007, as reflected in the index of consumer prices (by 1.9%), this increase was the result of the rise in the index following totals commodity (fuel and lighting, medical services and medicines, miscellaneous goods and services and rental) rates increase of (5.6%, 2.2%, 0.1%, 2.1%), respectively noted that the spending on this group is (15.6%) of total domestic consumer spending.

The group (foodstuffs, beverages and tobacco, clothes, fabrics, footwear, furniture, transport and communications), which is (84.4%) of total domestic expenditure registered a decline during the month of April compared to the previous month increased by (1.2%, 3.8%, 1.3%, 0.5%, 1.6%), respectively.
2-index rose annual inflation during the period of April 2006 through April / 2007 rate (40.9%) as a result of the rise in the index for all commodities totals (foodstuffs, beverages and tobacco, clothes, fabrics, footwear, furniture, fuel and lighting, transport and communication, medical services and medicines. miscellaneous goods and services and leasing) and the rise of rates (18.7%, 6.4%, 12.4%, 9.7%, 130.1%, 39.0%, 16.1%, 36.4%, 25.4%), respectively.

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The delegation of the territorial government discuss with Maliki the oil and Article 140 and the budgets
22.05.07

Scheduled to meet the government delegation headed by Mr. Kurdstan Najirfan Barzani, head of the territorial government with Prime Minister Nuri al-Maliki to discuss issues of the law of oil and Article 140 of the Iraqi constitution and the budget forces Peshmargas.

Newspaper sources said that the representative of the Ministry of Peshmargas met in Baghdad yesterday with the representative of the multinational forces and the American embassy in Iraq, and discuss with them the issue of the security file, acknowledges in the territory of Kurdstan by the territorial government.

The visiting delegation from the government of the territory of Kurdstan headed by Mr. Barzani Najirfan prime minister and the ministers of natural resources and areas outside the territory of Kurdstan the representative of the Ministry of Public s capital Baghdad to discuss several important issues with the central government.

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Iraqi economy has great potential capable of exceeded all its problems and return once again to the forefront of the economies of countries of the world.

Hey now that's something I wanna see! I positively beleive this is possible and am really looking forward to the near future!!!! is it just me or are things once again looking uup???

In a joint press conference of Finance, Planning and Trade and the Central Bank of Iraq will not pay more than 20% of its debts and planning devoted nearly 11 billion dollars of investment
22/05/07

The Minister of Finance Mr. statement Jabr Al-Zubaydi, the government's intention to extinguish all debts totaling 140 billion dollars over the past three years, and added Zubaidi in a joint press conference with Minister of Trade and Minister of Planning and Central Bank Governor that Iraq will not pay more than 20% of this debt

The debt was extinguished 45 of 100% and 80% Zubaidi praised the role of Saudi Arabia, which promised to extinguish 80% of the debt of Iraq, as well as China, which have demonstrated their commitment to the rules of the Paris Club and fire 80% of its debt, The government is moving towards commercial debt of the companies have been extinguished 96% of the debt of these companies and only 4% of Arab and foreign companies that are not known until now.

We expect to reach a solution with Egypt, which showed willingness to put 100% of their debt and only religion of Egyptian workers who have left us their trust in Iraqi banks will back ourselves. The Azubedi : that this year's budget is different from last year, where it noted that the proportion of the budget implementation ministries good unlike some ministries which failed implemented, we will withdraw these funds and given to other ministries.

For his part, Minister of Planning Dr Baban : I have devoted more than 11 billion dollars of investment and this amount is the largest in Iraq and a government investment can this amount to generate more jobs and raising the Iraqi economy, and pointed Baban : It was the opening and planning unit in every province of Iraq to be in the service of conservation, local government, we will launch the process in the next few days and managed by a cadre of highly qualified young man, We will open the sessions of the computer and management development centers in Basra and Mosul as it is in Baghdad.

The Planning Minister can not be said for the planning process could succeed only in a stable environment Unfortunately, we did not find this environment in Iraq, which reflected in the administrative activities and led to curtailed. On the other hand, Minister of Trade Abdul Sudanese farmer : there are many difficulties facing the ministry, particularly with regard to financing, import, transport and storage in addition to financial difficulties and administrative corruption and added that his ministry has provided vocabulary ration card in spite of the difficulties, which imported 2 million tons of grain and has been able to distribute most of the components of the ration card acknowledging the existence of virtual need for some articles, referring to the Ministry to improve the ration card and the presence of some products Alerdiahalti we change such as tea, and a study of changing detergents, Regarding stores Sudanese explained that they did not meet the needs of only (7) million citizens only and not us sufficient capacity Khazaniyah area and we are expanding stores and Granaries and request for a subvention from the Ministry of Finance and the Ministry of Planning in this is, said Trade Minister :

The rice production had reached in 2006 more than twice produced in 2005 and the ministry is working to support domestic product, The Sudanese opening (11) Malhekaya business outside Iraq as being open 10 Mlahkiat other These attaché crucial to the strengthening of relations between Iraq and other countries.

For his part, Mr. Bank Governor Sinan Shabibi Center : that the goal of monetary policy is to achieve price stability and will be achieved through the cooperation of all sectors, the Central Bank and added a touch of significant economic followed the Bank for monetary policy to stabilize Iraq economically. Referring to the inflation that has afflicted Iraq in the past years even saw relatively stable in this year amounting to 45% as a highly successful bank reserve composition reached 21million dollars, an amount that could well create a reassuring stability.

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Manila leads emerging markets’ advance

By Peter Garnham
Published: May 22 2007 12:01 | Last updated: May 22 2007 18:57

The Philippine peso jumped to its highest level for nearly seven years against the dollar Tuesday as stocks in Manila hit a record peak.
Analysts said the move was sparked by comments from Gloria Arroyo, the Philippine president, who said the currency’s strength was keeping inflation low and added that she looked forward to “many more unheard of highs” in financial markets.
Marc Chandler, global head of currency strategy at Brown Brothers Harriman, said talk in the market suggested that the Philippine central bank had withdrawn its dollar bids to allow the peso to rise. “The president’s comments endorsing the peso’s strength were a green light to buy more,” he said.
The peso, which has risen 6.9 per cent against the dollar so far this year, rose 1 per cent to a high of 45.835 pesos, the first time it has risen through the 46 pesos level since September 2000 and its largest one-day gain since March 2003.
Elsewhere, other emerging currencies continued to perform well, with the Brazilian real, Indonesian rupiah and Turkish lira all hovering near multi-year highs against the dollar.
Jens Nordvig at Goldman Sachs said the performance of emerging market currencies was impressive given that the dollar had staged a mini-recovery since the beginning of the week against the world’s major currencies. Indeed, the dollar held on to its gains Tuesday, staying near six-week highs against the euro and sterling and a three-month peak against the yen.
By midday in New York, the dollar was 0.1 per cent higher at $1.3460 against the euro, down 0.1 per cent at $1.9730 against the pound and little changed at Y121.40 against the yen.
Mr Nordvig said the dollar’s strength was surprising in the light of the weekend’s news that Kuwait was abandoning its dollar peg and given the ongoing focus on the renminbi as the US and China began talks in Washington.
He said the dollar’s recovery might simply reflect the fact that long-dated interest rate differentials had widened slightly in favour of the US currency in the last week but added that a number of medium-term factors still pointed to dollar weakness.
“We think China is in the process of speeding up the pace of renminbi appreciation,” said Mr Nordvig.
“In addition, Kuwait’s move may signal that oil exporting countries, which have previously been lagging in the dollar weakening trend, may now also start to participate.”
Meanwhile, the yen stabilised against the euro, rising 0.2 per cent to Y163.30 after falling to a series of fresh record lows in recent sessions.
Ashraf Laidi, currency strategist at CMC Markets, said any extension of yen weakness could depend on the outcome of the talks between the US and China.

Copyright The Financial Times Limited 2007
FT.com / MARKETS / Currencies - Manila leads emerging markets’ advance

Originally Posted by Din Diesel

Manila leads emerging markets’ advance

By Peter Garnham
Published: May 22 2007 12:01 | Last updated: May 22 2007 18:57

The Philippine peso jumped to its highest level for nearly seven years against the dollar Tuesday as stocks in Manila hit a record peak.
Analysts said the move was sparked by comments from Gloria Arroyo, the Philippine president, who said the currency’s strength was keeping inflation low and added that she looked forward to “many more unheard of highs” in financial markets.
Marc Chandler, global head of currency strategy at Brown Brothers Harriman, said talk in the market suggested that the Philippine central bank had withdrawn its dollar bids to allow the peso to rise. “The president’s comments endorsing the peso’s strength were a green light to buy more,” he said.
The peso, which has risen 6.9 per cent against the dollar so far this year, rose 1 per cent to a high of 45.835 pesos, the first time it has risen through the 46 pesos level since September 2000 and its largest one-day gain since March 2003.
Elsewhere, other emerging currencies continued to perform well, with the Brazilian real, Indonesian rupiah and Turkish lira all hovering near multi-year highs against the dollar.
Jens Nordvig at Goldman Sachs said the performance of emerging market currencies was impressive given that the dollar had staged a mini-recovery since the beginning of the week against the world’s major currencies. Indeed, the dollar held on to its gains Tuesday, staying near six-week highs against the euro and sterling and a three-month peak against the yen.
By midday in New York, the dollar was 0.1 per cent higher at $1.3460 against the euro, down 0.1 per cent at $1.9730 against the pound and little changed at Y121.40 against the yen.
Mr Nordvig said the dollar’s strength was surprising in the light of the weekend’s news that Kuwait was abandoning its dollar peg and given the ongoing focus on the renminbi as the US and China began talks in Washington.
He said the dollar’s recovery might simply reflect the fact that long-dated interest rate differentials had widened slightly in favour of the US currency in the last week but added that a number of medium-term factors still pointed to dollar weakness.
“We think China is in the process of speeding up the pace of renminbi appreciation,” said Mr Nordvig.
“In addition, Kuwait’s move may signal that oil exporting countries, which have previously been lagging in the dollar weakening trend, may now also start to participate.”
Meanwhile, the yen stabilised against the euro, rising 0.2 per cent to Y163.30 after falling to a series of fresh record lows in recent sessions.
Ashraf Laidi, currency strategist at CMC Markets, said any extension of yen weakness could depend on the outcome of the talks between the US and China.

Copyright The Financial Times Limited 2007
FT.com / MARKETS / Currencies - Manila leads emerging markets’ advance

OSW is gonna get a thrill out of this article.

Agreement imminent on Iraq funding bill
Plan to include benchmarks, reports from Bush and no timetables

BREAKING NEWS

Updated: 41 minutes ago
WASHINGTON - Flinching in the face of a veto threat, Democratic congressional leaders neared agreement with the Bush administration Tuesday on legislation to pay for the Iraq war without setting a timeline for troop withdrawal.

Agreement imminent on Iraq funding bill - Politics - MSNBC.com