Thread: Archive Latest News - Think Tank - 03/11/07 - 31/12/07

Oil Is Little Changed as Tensions Between Turkey and Iraq Ease

Nov. 5 (Bloomberg) -- Crude oil was little changed after Kurdish fighters freed eight Turkish soldiers, reducing the likelihood Turkey will attack bases in the north of Iraq, holder of the world's third-biggest crude reserves.

Oil has climbed 21 percent since Oct. 8 when Kurdish militants killed 13 Turkish soldiers near the Iraqi border. Stocks fell on concern that credit-market turmoil in the U.S. will curb growth in the world's largest energy-consuming country.

Crude oil for December delivery rose 1 cent to $95.94 barrel at 12:12 p.m. on the New York Mercantile Exchange. Futures climbed to $96.24 on Nov. 1, the highest intraday price since trading began in 1983. The contract settled at $95.93 on Nov. 2, a record close. Oil is up 62 percent from a year ago.

Brent crude oil for December settlement rose 10 cents to $92.18 a barrel on the London-based ICE Futures Europe exchange. Brent reached $92.21 a barrel on Nov. 2, the highest since trading began in 1988.

Bloomberg.com: Commodities

Higher demand for dollar, exchange rate down in daily auction

Baghdad, Nov 5, (VOI) - Demand for the dollar was higher in the Iraqi Central Bank’s auction on Monday, reaching $101.040 million compared to $37.615 million on Sunday.

In its daily statement, the bank said it had covered all bids, including $7.500 million in cash and $93.540 in foreign transfers, at an exchange rate of 1,231 dinars per dollar, a tick lower than yesterday.

None of the 15 banks that participated in Monday's session offered to sell dollar.

In statements to the independent news agency Voices of Iraq (VOI), Ali al-Yasseri, a trader, said that the one-tick drop in the exchange rate encouraged traders to make more bids in today's session.

The Iraqi Central Bank runs a daily auction from Sunday to Thursday.

Aswat Aliraq

Soon: Unemployment loans in Wassit

Wassit, Nov 5, (VOI) – Wassit municipal council decided to grant loans to four categories of unemployed residents of the province, an official source from the council said on Monday.

"The loans aim to help residents implement small projects," Maytham Dashr, the head of the committee entrusted with disbursing the loans, told the independent news agency Voices of Iraq (VOI).
"The council received $15 million from the Ministry of Labor and Social Affairs for this purpose," Dashr indicated.

The committee's head did not provide further information about the number of jobseekers who will benefit from the loans.

According to him, "the beneficiaries can be divided into four categories: faculty graduates who have been registered in the Center for Training and Employment, shopkeepers who were affected by terrorist attacks, victims of terrorism and formerly displaced persons who have returned to their homes."

"Loans of 5 million Iraqi dinars (4,060 U.S. dollars) to 10 million dinars (8,120 U.S. dollars) will be granted to jobseekers according to the project proposed by the loan seeker," Dashr added.

"The loans will be repayable over eight years at an interest rate of 2%," he explained.

Aswat Aliraq

Parliament's speaker threatens to sack absent MPs

Baghdad, Nov 5, (VOI) - The Iraqi Parliament's Speaker Mahmoud al-Mashhadani called on the parliamentary blocs to commit to the parliament's decision to replace members who do not attend more than 20 sessions, while the Iraqi Accordance Front (IAF) rejected accusation made by a member of the Unified Iraqi Coalition to the Vice President Tareq al-Hashemi, who was described as "practicing dictatorship."

Al-Mashhadani threatened to activate the "absence law," which stipulates sacking any member who does not attend 20 sessions during one legislative term, noting that the parliament will force his bloc to replace him.

Only 141 deputies attended today's session out of the 275 members.
He emphasized that the member will be sacked and will not be permitted to resign, because he was not elected to stay at home.

The Iraqi parliament on Monday opened its 23rd session within the second legislative term at its headquarters in the conference hall in Baghdad under Speaker Dr. Mahmoud al-Mashhadani.

MP from the Shiite Unified Iraqi Coalition Sami al-Askari said that "the vice president - he did not mention his name - is practicing dictatorship in using veto against draft laws and some draft laws need 3/5 majority, which is not possible because of the absence of the legislators."

"The parliament will not be able to approve any law as the vice president vetoes more than 20 draft laws," al-Askari also said.

The Iraqi constitution gives the president and the two vice presidents the right to veto any draft law approved by the parliament and send it back to be amended or reviewed by the government.

Members of the Iraqi Accordance Front (IAF) rejected that accusation and demanded al-Askari to take it back, but he refused.

The deputies were unable to vote on the draft laws included on today's agenda because of the lack of quorum.

Aswat Aliraq

Poor performance of government reduces the standard of living

Economic circles attributed the decline in the standard of living in Iraq to the weak performance of the government in providing public service of water, electricity and sanitation. Others pointed out that 50% of the State's revenues are directed to unproductive projects causing a rise in cash for basic goods and services traded. Madhar Mohamed Salih, the Counseler in the Iraqi Central Bank, sees in it "a contributing factor to the high inflation rates."

Observers of the economic affairs believe that the most important factor to raise the living standard is to work to increase oil production and raise exports to 3.5 million barrels a day, in an effort to increase the financial allocation of the service sectors.

They stressed the need to rationalize the policy of government support, which made about 80% of the State's budget.

The economic advisor to the Iraqi Ministry of Industry, Yaqub Shonia, attributed causes of flooding the Iraqi market with bad imported goods to "the retreat in production of the main sectors, industrial, agricultural and service, and the non-existence of local goods in the market, as well as the need for several requirements", which was reflected on the main sectors and "limited their advancement and their desire to produce."

He attributed the reasons for the decline and deterioration of the production sectors to "lifting of government support which was supposed to continue until a comprehensive restructuring of sectors has been accomplished, so the sectors may be able to experience the open market and to rely on themselves."

He suggested that the government should focus on the successful activities in the industrial and agricultural sectors and support them, and leave the loss-making sectors that require substantial funds.

http://www.iraqdirectory.com/DisplayNews.aspx?id=4878

Daily analysis for Sunday from ISX

Iraq Stock Exchange hold Second session for this month , the numbers of Traded Companies were (26)and still (23)companies are off Trading Floor because of their General Assembly meeting which they decided to Increase their Capital. The numbers of Traded Shares were (12.380) b/ shares and Trading volume(48.617) b / ID, the price Index was about 36.000 point .Bank sector Index was(36.530),Investment sector Index was(109.180),Services Sector Index was(77.200), Industrial Sector Index was(11.400), Hotels sector Index (14.810).


From the Bulletin we can see the Trading for (13) banks, (1) Investment,(3) Services Company,(7) Industrial companies, (2) Hotels companies. Generally the shares prices were Increased in (2) Companies,Decrease in about (14) &stables in (10).

http://www.iraqdirectory.com/DisplayNews.aspx?id=4884

Iraq is close to joining WTO

The National Committee, which is responsible for completing the requirements for Iraq to acquire full membership in the WTO, has gone a long way in answering the requests of WTO. An official source in the Ministry of Trade, which is heading the Committee, said in a press statement that representatives of the General Authority for Customs have completed tables of Tariff customs, which are an important part of the demands of the World Trade Organization required of Iraq to be presented to the Organization in order to transform Iraq from an observant member to full membership in the Organization wihich include more than 170 countries.

He added that the Committee is about to present these tables to the Cabinet for ratification... He pointed out that a draft plan to facilitate the accession to the Organization will be prepared, as well as completing the procedures concerning the special work team, which begins a new round of talks with the World Organization to complete answering the questions related to the application of laws of its work.

http://www.iraqdirectory.com/DisplayNews.aspx?id=4877

Iran proposes plan to restore Iraq security

Iran has proposed a plan to restore security to Iraq, including the expulsion of private security firms particularly Blackwater and the integration of militias into the security forces. Foreign ministry spokesman Mohammad Ali Husseini said the plan was proposed at Istanbul Conference.

“All the militias who have not cooperated with any organized terrorist groups should be forgiven”, Husseini said. The plan includes as well a two-year deadline to find solutions to pending problems such as oil sharing, the status of provinces and the city of Kirkuk. It stipulates as well an amnesty for prisoners detained for “acting against the government”.

Alsumaria Iraqi Satellite TV Network | Iraq News | Iran proposes plan to restore Iraq security

Al Maliki: Iraq to take measures against PKK

In the second session of the expanded conference on Iraq, Prime Minister Nuri Al Maliki affirmed that the relation with Ankara will not be affected by the northern border crisis and that northern Iraq will not be used for terrorist attacks against Iraq’s neighbors, adding that the government has started implementing prompt measures against Kurdistan Workers Party.

In a related issue, Al Maliki announced that 2007 is Iraq’s year of security while 2008 would be the year of economic development. In this context, Iraqi Prime Minister called on countries participating in the conference to stand by Iraq in its construction course by taking the initiative to cancel Iraq’s due debts and reopen their embassies in Baghdad. Al Maliki urged participating countries as well to control common borders and put an end to plots against Iraq.

Al Maliki explained that Sharm El Sheikh Conference on Iraq has resulted of positive outcome that has reflected positively on the security situation in the country.

For his part, UN Chief Ban Ki Moon acknowledged the legitimacy of Turkish response to Kurdish rebels’ attacks while he favored peaceful solutions to resolve the crisis.

Moon confirmed however that the international organization will come in support to Iraq in facing security challenges calling on neighboring countries to back Iraq in its crisis to prevent that violence spreads to their territories.

Turkish Prime Minister Recep Tayyip Erdogan has opened the second session of Iraq Conference in a speech calling to take decisive measures against terrorism striking Iraq while urging Iraq neighboring countries to cooperate in aim of fighting terrorism threatening the entire region. Erdogan called as well on the international community to help reconstruct a unified and secure Iraq.

Alsumaria Iraqi Satellite TV Network | Iraq News | Al Maliki: Iraq to take measures against PKK

Iraq Ministerial Council allocates $80 million to reconstruct Anbar Province

Finances Minister Bayan Jaber Al Zubaidi confirmed that the ministerial council has allocated the amount of $ 80 million to reconstruct Anbar Province and rise the level of services therein. $ 50 million were allocated as well to compensate for families who have been inflicted by damages in the province. Al Zubaidi revealed that two government banks would be opened in Al Shamiyya city and Al Jazira region in order o provide residents with bank services.

Alsumaria Iraqi Satellite TV Network | Economics News | Iraq Ministerial Council allocates $80 million to reconstruct Anbar Province