Iraq to issue new oil law
Iraqi News
Monday, June 04, 2007 Iraq to issue new oil law
(MENAFN) The General-Director for Iraq's Ministry of Oil stated that the minister anticipates that the country's new oil law will be passed by the Iraqi parliament within the next two months, Iraq Directory reported. He also went on to say that after the validation of the oil law, Iraqi officials are looking to auction up to fifteen percent of the nation's oil and gas land resources and that the minister has recently visited India to draw investors to Iraq's oil sector. It is worth mentioning that the most significant factor in the issuance of the country's oil law is the allocation of Iraq's oil profits among the country's diverse factions.
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forecast global economic growth = increased demand for Iraq's resources?
Top Financial News
Financial Leverage May Boost Global Economic Growth (Update1)
By Rich Miller and Simon Kennedy
June 4 (Bloomberg) -- When it comes to world economic growth, the glass is suddenly looking a lot more than half full.
Not only is the global economy confounding concerns about a slump, it's even performing better than some of the most upbeat analysts were predicting just a few weeks ago. Worldwide growth looks set to outstrip forecasts for a sixth straight year in 2007.
``Perhaps it's time to stop looking for reasons why the global economy will crash and instead think about sources for optimism,'' says Dario Perkins, senior European economist at ABN Amro Holding NV in London and a former U.K. Treasury official.
Behind the surprising strength: something old and something new. A resurgence in old-economy manufacturing and a wave of new-style financing are combining to push down unemployment and boost corporate profits. So far, these trends aren't fanning widespread alarms about a surge in inflation.
Manufacturers worldwide are revving up production after bringing down inventories. Some, including Toyota Motor Corp., 3M Co. and Caterpillar Inc., are even adding capacity.
Meanwhile, a new crop of financiers -- including hedge funds and private-equity firms such as Chicago-based Madison Dearborn Partners LLC -- is providing fuel for still more growth by leveraging hundreds of billions of dollars in assets.
The combination sets the stage for a faster rebound in the U.S., while helping Germany and China defy forecasts of a slowdown.
Growth Forecast
``The current economic situation is in many ways better than what we have experienced in years,'' says Jean-Philippe Cotis, chief economist at the Paris-based Organization for Economic Cooperation and Development, which just raised its 2007 growth forecast for its 30 member nations to 2.7 percent from 2.5 percent.
As investors tune into the theme of sustained growth, stocks stand to benefit and bonds to suffer.
Yields on 10-year U.S. Treasury notes and comparable European securities are up about three-tenths of a percentage point over the past month.
What's driving the higher rates is stronger growth -- and the increased demand for credit that it spawns -- not signals of rising prices. Inflation expectations, measured by inflation- indexed bonds in the U.S. and Europe, have barely budged.
``We're comfortable with the rise in bond yields,'' says David Malpass, chief economist at Bear Stearns & Co. in New York. ``It's related to growth and not to a change in the inflation outlook.''
Foreigners' U.S. Holdings
That's made foreign investors more comfortable about holding U.S. debt, and their buying has helped limit the increase in yields. At about 4.95 percent, the yield on 10-year Treasuries is in line with the average since 1997.
Foreigners own a record 80 percent of three- to 10-year Treasuries, the largest share since the 1800s, says Alan Taylor, professor of economic history at the University of California, Davis.
Still, the risk remains that central banks will view faster growth as a harbinger of accelerating inflation and feel compelled to raise interest rates, smothering the expansion. The European Central Bank is predicted to raise its benchmark rate to 4 percent, the highest since September 2001, this week.
Nariman Behravesh, chief economist for Global Insight in Lexington, Massachusetts, sees as much as a 25 percent chance that growth this year will be strong enough to force central banks to slam on the brakes.
Below the Peak
So far, though, there's little to suggest overreaction. JPMorgan Chase & Co.'s global interest-rate indicator, based on the policies of 31 central banks, stands at 4.67 percent, below the 7.02 percent peak in November 2000, before worldwide growth slowed by almost half.
Also fueling the expansion are new sources of finance that have sprung up outside the banking sector. Hedge-fund assets have tripled in the past decade to $1.57 trillion. Private- equity companies may be headed for a record year of acquisitions, bidding $451 billion for companies so far this year, versus $229 billion in the same period a year earlier, according to Bloomberg data.
Madison Dearborn Partners, the manager of a $6.5 billion leveraged-buyout fund, agreed last week to buy CDW Corp. for about $7.3 billion to tap cash flow generated by the Vernon Hills, Illinois-based computer reseller.
`Pumping Up' the Economy
Such financing is ``pumping up the global economy in ways we haven't seen before,'' says Allen Sinai, president of New York-based consultants Decision Economics.
Sinai expects worldwide growth above 5 percent this year, faster than the International Monetary Fund's 4.9 percent April projection. If Sinai's right, 2007 would be the sixth straight year that the IMF's spring forecast proved too conservative.
In the U.S., economists are increasing their second-quarter forecasts as manufacturers step up production, rebuild inventories and spend to expand. Industrial production rose twice as fast as forecast in April as automakers and high-tech firms increased output. Economic reports on June 1 showed U.S. manufacturing and employment both expanded more than forecast in May.
Toyota, Japan's largest automaker, last month boosted worldwide output by 4.2 percent from a year earlier. The Toyota City, Japan-based company plans to raise annual production capacity in North America by about 700,000 vehicles to 2.2 million by 2010.
Such business expansion would help offset a projected slowdown in spending by consumers, who've been hit by a 37 percent rise in gasoline prices this year.
`Worst is Behind Us'
``The worst is behind us,'' says Chris Varvares, president of St. Louis-based Macroeconomic Advisers, who sees growth accelerating to 3 percent in the second quarter from 0.6 percent in the first, the slowest in more than four years. ``That's why the stock market is looking good.''
The Standard & Poor's 500 index has risen 3.5 percent in the last month. Profits of companies in the index increased by more than 10 percent in the first quarter, four times faster than analysts forecast in April, thanks in part to stronger sales overseas.
At 3M, the St. Paul, Minnesota-based maker of products from Post-it Notes to road signs, increased business in China and India contributed to a 52 percent surge in first-quarter profit.
``Asian economies from Japan to China all look to be powering ahead,'' says Derek Halpenny, an economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in London.
Rising Production
Chinese industrial production has picked up, growing at a year-over-year rate of 18 percent in the first four months of 2007, up from a two-year low pace of 14.7 percent in October.
The World Bank last week raised its growth forecast for the world's fourth-largest economy to 10.4 percent from the 9.6 percent it predicted last November.
In the 13-nation euro zone, the economy is also defying forecasts of a slowdown, thanks to a resurgence in Germany, the largest of the countries that share the currency.
Labeled a ``sick man'' in the 1990s, Germany is reaping rewards after companies such as Munich-based Siemens AG, Europe's biggest engineering company, and Stuttgart-based DaimlerChrysler AG, the world's largest truckmaker, restructured to stay competitive.
``We're not going to slow anytime soon in Europe,'' says Stephane Deo, chief European economist at UBS AG in London, who expects the ECB to boost its 2.5 percent growth forecast this week.
``We have been very optimistic on global growth, but even we have been pleasantly surprised,'' says Larry Kantor, co-head of research at Barclays Capital in New York.
To contact the reporters on this story: Rich Miller in Washington at [email protected] ; Simon Kennedy in Paris at [email protected]
774 billion $ 1.5 billion ... The value of the shares Iraqi
(Voice of Iraq) - 06-06-2007
774 ...774 billion $ 1.5 billion ... 2006 Iraqi value of the shares plummeted 30% in 2006
BAGHDAD - Adel Mahdi life-06/06/07
اThe number of shares registered in the «Iraq market for securities», from 432 billion special shares with 85 companies in 2005 to 774 billion shares by 93 private companies at the end of last year. while the market value of the shares traded 3160 billion dinars (2.136 billion dollars) in 2005 but declined losing 30% of its value to 1949 billion dinars ($ 1.5 billion), and the price index of shares traded was 38209 points at the beginning of last year. closed down to 25288 points at the end of the same year.
The Executive Director of «market» In an interview with the «life», Taha Ahmed Abdul Salam, the circulation indicators show a decline in circulation in the past year, compared to the previous year for several reasons, most notably lack of stability and security and exacerbating the problems associated with the daily lives of citizens and the retreat of the performance of a few companies Iraqi troop.
He pointed out that Abdel-Salam, this did not prevent the continuation of the ongoing work plans in the market and continuing circulation of investors.
He added that efforts were sincere and sound in order to preserve the gains of vital market reflected in the recording market in «Union of Arab capital markets» in June (June) last year, because of its impact on the development of a culture of the Iraqi Stock Exchange and the development of legislation and regulations prevailing and raise the efficiency of their performance, in addition to activating the media activities of the market through the issuance of capital market newspaper.
He told Executive Director «Iraqi bourse» to «important issue» on the Board of Governors successful in obtaining financial aid from donor countries, estimated at more than seven million dollars in 2006, allocated for the development of mechanisms dealing in the market,
By way of circulation manual to electronic trading through the signing of an agreement with the company «or mother VX» Swedish that have already implemented automation projects in 30 Arab and international bourse, to provide the market system «Horizon» electronic trading system and the central filing system «Equator».
Abdul Salam explained that the memorial hall in the internal networks market ended, and the training plan to the requirements of these regulations is expected to be completed on a large scale include the President and members of «the securities» and the Board of Governors of the market and associate.
He pointed out that within the plan of this project, a direct link between the «market for securities Iraq» and the «body securities» sites mediation offices, businesses, banks and non-governmental organizations, in addition to linking the network with nationwide circulation after opening the rooms are electronically connected to the location of the market in Baghdad and then move to link globally.
He pointed out that Abdul Salam this development, which included a performance at all levels of the market, is expected to achieve many advantages, notably by increasing the number of weekly circulation and increase the number of contracts executed at one and increase the rate of turnover of shares, which means achieving the goals of high liquidity of the shares as a tool of investment, in addition to achieving high efficiency in the process of storage and preservation of shares in the placement and hence the speed and accuracy of the issuance of certificates of shares before and after circulation.
He concluded Executive Director told »bourse Iraqi» that this accomplishment achieved by the broad market coincided with the issuance of Investment Law No. 13 of 2006, pointing out that a committee of the Board of Governors took preparation instructions implementation, especially with regard to the circulation of non-Iraqis in the stock market in Iraq.
Translated version of http://www.sotaliraq.com/
Invitation to spare the Arabs of Kirkuk responsibility for the regime's policies
Invitation to spare the Arabs of Kirkuk responsibility for the regime's policies
(Voice of Iraq) - 06-06-2007
Invitation to spare the Arabs of Kirkuk responsibility for the policies of the former regime
- 06/06/07//Kirkuk, Sulaymaniyah - Mohammed al-Tamimi life-06/06/07 / /
The Arab tribes to «sparing incoming Arab» responsibility for the policies of the former regime in Kirkuk and the freedom to stay with them to ensure their legitimate rights with the explosion of controversy within the Kurdish Parliament on the Islamic identity in the Constitution of the Territory.
President clan Jabbour Sheikh Wasfi Aasi said that «the presence of Arabs in Kirkuk arrivals consistent with the presence of thousands of Kurds in other Iraqi cities», pointed out that «survival Arab families should not be interpreted as a continuation of the policies of the former regime also finds some of the parties, because survival in the city consistent with the presence of thousands of Kurdish families in Basra, Anbar, Baghdad and other Iraqi cities ».
The representative of the President of the Kurdistan region in the Special Committee to normalize the situation in Kirkuk refusal to involve the United Nations in finding a compromise (by Arab and Turkmen parties) and called for their involvement if it fails Commission charged the application of Article 140, or send an official delegation to supervise the referendum expected to be implemented late this year to determine the future of the city.
The President of the Parliament of Kurdistan leader Jalal Talabani Party Chairman Adnan Mufti, the Kurdish authorities to reject prejudice to Article 140, or deferred, and called for expediting the completion of the remaining decisions on restoring the situation to what it was before the former President Saddam Hussein's authority in the country.
In the meantime, the women's organizations and secular personalities in the parliament of Kurdistan b «respect for the privacy of minorities and religions coexisting in Kurdistan» and the abolition of the article on the religious identity of the Kurds.
.She Xamán Zarar that «a sensation going on between members of the Kurdistan parliament on the adoption of the Islamic Sharia in the formulation of materials and items of the constitution of Kurdistan has called for the drafting of a secular Constitution guarantees the rights of religious and ethnic minorities and religious and religion should be separated from power».
It added that «
What we do not interfere with the principles of the Iraqi constitution emphasizes drafted in the no conflict with its principles of democracy», expecting Xamán happiest of secularist trend that «witness parliamentary debates future sharp differences due to the insistence of the Sharia Islamic parties in the formulation of the draft constitution of Kurdistan, and not compromising the Islamic identity of the Kurds, the Constitution means marginalizing the rights of minorities and other religions»,
It warned of the danger of «what is promoted in some quarters of the accusations against religious figures and secular parties, we do not absolutely reject religion because we know that our governor and adheres to the religion of Islam, but we are working on the separation of religion from the fear of abuse of power for religious purposes».
وStresses Islamic parties (15 seats) on the need to adopt Islamic law the basis for the materials and items Constitution Kurdistan decision put to a referendum and demanded that the Commission take charge of drafting the constitution in the Muslim majority and the Kurdish people's Islamic identity of the Iraqi Kurds.
Translated version of http://www.sotaliraq.com/
Updated numbers as of Tuesday, June 5, 2007
Gooooooooooooooood Morning Rolclub
"The More They Take, The More We Make"
"Stay the Course, its the difference between Winners and whiners"
Here are the numbers up through today June 5th. All dinars going in and out of the CBI have been accounted for in these calculations.
11.30 Trillion taken out and still the Party has not started
1. "0" Dinar rate change today, it was 1259, it is now 1260
2. A (net) worth of dinars, IQD - 439,193,215,000 pulled out of circulation from Tuesday May 29th thru 6/5/07.
3. 20 banks participating today
4. 158th auction since the beginning of CBI's reval plan
5. 248 days into the CBI's reval plan. (Eight Months)
6. 11,303,773,678,000 dinars pulled from circulation !!
6A. Conservative ESTIMATE of Dinars still in circulation or controlled by the CBI 5,696,226,322,000
7. "0" Dinars back into circulation today
8. 217 dinar change since Oct 1st (baseline was 1477) 14.759% increase in value of the dinar since beginning of reval plan (Approximatly Oct 1st).
9. 0 point reduction in the rate so far this week. Was at 1259 at the end of last week, 1259 so far this week.
10. 0 point drop in the month of June. Ended at 1260 in May, now stands at 1260
In January we saw a 2.49% drop in the rate.
In February we saw a .928% drop in the rate.
In March we saw a .546% drop in the rate.
In April we saw a .3142% drop in the rate[/SIZE]
Maliki Already Back Peddles On Reform...who Would Have Guessed?
Details of meetings with Maliki »Baath leaders« in Arbil
(Voice of Iraq) - 06-06-2007
Council seeks to resolve political differences Constitutional general amnesty
Baghdad Mazen's :
Baghdad prepares for multiple surprises in the coming days, it was revealed political sources told »homeland« The first of these surprises will be in solving the constitutional contract before the political council for national security, after the political blocs agreed to activate its role to solve the dilemmas facing working government of Prime Minister Nuri al-Maliki.
And Tjsdia Therefore, the agenda included several points of compromise to find formulas to resolve differences in the constitutional amendments first, and then work on the evaluation of the initiative of national reconciliation, and to study the possibility of issuing a general amnesty and to identify covered and how to apply them, consult the Supreme Judiciary Council,
According to these sources Medhat Mahmoud participation of the President in some meetings of this Council in the coming days.
It also will discuss how to reach a new understanding of the participation of some wings of the Baath Party in the political process of the gate reconciliation conference hoped held during the month of July. The sources told »homeland« that Malki had met during his stay in Arbil over leadership of the Baath party from different wings.
The balloon in one of the leading organization of the Iraqi Baath Party, which includes among its leaders some of the famous names in the Baath Party, the Syrian wing, al-Maliki has met more than once.
The sources told »homeland« that Maliki affirmed during the meeting that there was no discrepancy between the return »Baathists« to the political process, as opposed to the insistence of leading Baathist hubs to meet the requirements of political pluralism, and
even change the name of the party »Baath Democratic Party«, which Maliki refused to approve it and saying that this decision was due to the House of Representatives,
but the Baathist leadership, according to the source link between participation in this wing reconciliation conference expected, and the issuance of a general amnesty includes a long list of Baathists, leading them in what is known as the National Islamic Front for the Iraqi resistance.
And sources close to the talks table to the second meeting with al-Maliki's leading wing Azza periodic stressed the importance of dealing with the new reality in its current form and not seeing the past, because it involved page in the history of Iraq, replied the officer in the high-former Republican Guard forces, This past foundations of the state of Iraq today, and the vision of the future without a past, and from the American occupation, I mean irrational solutions to the Iraqi crisis.
Both sides did not emerge from this meeting despite a Kurdish mediator which alleviated the debate, the result not of any agreement on continuing consultations to find solutions acceptable to the participation of Izzat al-wing Baathists in the reconciliation conference next.
The sources added that the lack of commitment Maliki any promises conclusive in these meetings, due to the knowledge that the trend Maliki sternum strongly rejects any return of the Baathists or political participation an even changed his name in the reconciliation conference next.
Kuwaiti homeland
Translated version of http://www.sotaliraq.com/