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

Iraq-Focused Hedge Fund Gains 20%

The Iraq-focused Babylon Fund is boasting gains while others suffer from the subprime crisis, boasting a 2.7% gain last month pushing its year-to-date yield to 20.1%, FINalternatives reports.

The $13.8 million hedge fund launched in October and is structured as an open-ended mutual fund. The fund invests in large-cap Iraqi-tied securities, with 71% in equities, 16% in bonds and 13% in deposits, according to the latest performance report.

Portfolio manager Bjِrn Englund noted that while the fund is focused on the Middle East, many big trades on the Iraq Stock Exchange last month came from the west. “In October, more than 60% of the equity trades made on the ISX were directed from abroad—as a couple of large-sized deals in banking stocks raised the overall volumes, contracts and values traded,” Englund said in his latest investor letter. “Adding up to the present cautious ‘wait-and-see’-stance on the market floor have been factors such as lack of momentum, few company updates, and the flight of monies to the closest alternative asset class in NID: Govie T-bills yielding 18-22% in (hard) dinar [currency].”

Englund thinks this will be a short-term phenomenon and thinks the Iraqi market and the ISX will grow, with some pushing for “longer opening hours, less daily hassle, a relatively more international mind-set and understanding among managers, healthier balance sheets, and even growing business confidence (the feel-good factor) - within most sectors and industries.”

factors such as lack of momentum, few company updates, and the flight of monies to the closest alternative asset class in NID: Govie T-bills yielding 18-22% in (hard) dinar [currency].”

Englund thinks this will be a short-term phenomenon and thinks the Iraqi market and the ISX will grow, with some pushing for “longer opening hours, less daily hassle, a relatively more international mind-set and understanding among managers, healthier balance sheets, and even growing business confidence (the feel-good factor) - within most sectors and industries.”

http://www.iraqdirectory.com/DisplayNews.aspx?id=5073

US official urges Iraq leaders for progress

Deputy Secretary of State John Negroponte called on Iraq's leaders to take advantage of security gains by making more political progress, especially in passing key laws to promote national reconciliation.

“We are hopeful there will be progress on the political front in Iraq commensurate with the security gains that have been achieved in recent months,” Negroponte said.

In a news conference he held in Arbil, Negroponte explained that now exists the hope there will be a parallel progress in the political area, particularly in terms of achieving the various pieces of national reconciliation legislation on such matters as oil and regional governance.

Alsumaria Iraqi Satellite TV Network | Iraq News | US official urges Iraq leaders for progress

Debate ongoing on Kurdistan oil contracts

Deputy Prime Minister Barham Saleh accused Oil Minister Hussein Al Shahristani of coordinating with Iraq’s neighboring countries to prevent the implementation of oil contracts concluded between Kurdistan regional government and world companies. Saleh affirmed that the issue of contracts is referred to the federal court.

In a related issue, Iraq’s Parliament discussed Japanese oil contracts and the plan of oil exports in addition to the legitimacy of contracts signed by Kurdistan regional government without the approval of the central government.

Alsumaria Iraqi Satellite TV Network | Iraq News | Debate ongoing on Kurdistan oil contracts

Iraq fails to appoint new Cabinet Ministers

De****e the reduction of sectarian violence, political rifts are deepening among the Iraqi people’s representatives. As for appointing new ministers to replace the ones who have resigned from government, Iraqi lawmakers sapped Prime Minister Nuri Al Maliki’s endeavors to seek approval on candidates for vacant posts. A number have lawmakers from different parties have boycotted Parliament’s session which led to lack of quorum failing the vote for candidates to occupy Justice and Communication Ministries.

Alsumaria Iraqi Satellite TV Network | Iraq News | Iraq fails to appoint new cabinet ministers

Shahristani: Only KSA can increase oil production

Oil Minister Hussain Al Shahristani announced that Saudi Arabia is the only country that can increase oil production. Al Shahristani stated so while tackling the controversy of oil prices increase lately.

On another hand, Finance Minister Bayan Jaber Sulagh studied with his Jordanian counterpart Hamad Al Kassasiba the possibility of laying an oil pipeline From Al Haditha city towards Al Aqaba port in order to substitute land transportation so as to guarantee a fast and constant flow of Iraqi oil towards Jordan.

Alsumaria Iraqi Satellite TV Network | Economics News | Shahristani: Only KSA can increase oil production

Mosul Airport put into Service

Nineveh Governor, Duraid Kashmula, announced that the first pilgrimage plane would take off next Saturday from Al Mosul airport. The governor clarified that after the pilgrims come back, he will work with the Province Council in order to make the airport for the transportation of travelers from Nineveh towards the other provinces and countries.

On another hand, a senior official in the Iraqi Airlines Company in Nineveh announced that the first experimental flight will take place today.

On another hand, Al Azizia Industry in Wasset called the farmers to abide by the decision of Agriculture Ministry that defines the quantity and the quality of corn crops.

Alsumaria Iraqi Satellite TV Network | Economics News | Mosul airport put into service

THE CONFLICT IN IRAQ: DATA COLLECTION SLOW; PARLIAMENT VOTE STALLED;
Iraq lawmakers' boycott scuttles vote on two Cabinet nominees

Ann M. Simmons, Times Staff Writer

BAGHDAD


Lawmakers from several Iraqi parties boycotted a parliamentary session Thursday, in effect derailing efforts by Prime Minister Nouri Maliki to get approval for nominees to fill two vacant Cabinet posts.

At least 196 legislators had signed their names as present at the parliament, but almost 100 of them failed to show up for the session when they learned that voting for new ministers of justice and communications was on the agenda, attendees said.

Without a simple majority of its 275 members present, the parliament could not conduct the vote.

The session had been disrupted the day before by lawmakers protesting what they said was overly aggressive behavior toward them by U.S. soldiers guarding the Green Zone, the heavily fortified area in Baghdad where the parliament is located.

The boycott Thursday underscored the political divisions that remain de****e reduced sectarian violence. Lawmakers have failed to make significant progress in tackling legislation that Washington views as crucial for fostering reconciliation among the country's religious and ethnic groups.

Rashid Azzawi, a legislator with the Iraqi Accordance Front, a major Sunni Muslim bloc in the parliament, said the boycott had nothing to do with the affiliations of the nominees. Both candidates -- a Shiite Muslim to fill the justice post and a Sunni Arab for the communications position -- are considered independents.

"Some lawmakers were surprised that voting for the nominees was on the agenda," Azzawi said. "That was the cause of the boycott."
In other developments, 12 people were killed and 25 wounded when militants fired Katyusha rockets at a village near the city of Baqubah in Diyala province, local police sources said.

The rockets reportedly hit the village of Salam, which has been caught in a power struggle between tribes and militants aligned with the insurgent group Al Qaeda in Iraq, local leaders said.

Diyala, a province that borders Iran, is an Al Qaeda in Iraq stronghold that had been racked by sectarian violence. U.S. commanders there have reported success in stemming attacks.

About 5,000 U.S. combat troops are expected to complete withdrawal from Diyala next month, but the overall number of soldiers there will increase as other forces are redeployed from elsewhere in the country to cover the pullout.

In a separate incident, gunmen dressed in Iraqi army uniforms stopped a minibus at a fake checkpoint outside Baqubah and kidnapped 14 passengers, provincial police officials said.

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This is unreal. They were surprised that voting was on the agenda, so they boycotted. Their parliament needs an enema.

Petrol, Iraq top Rudd's agenda
PRIME Minister-elect Kevin Rudd and his new ministry hit the ground running yesterday, working on key election promises - from the appointment of a petrol commissioner to the war in Iraq.

Two days before his swearing in - and as petrol prices in Sydney neared $1.50 a litre - Mr Rudd said his petrol commissioner would within months begin monitoring the pricing tactics of the big oil companies.

And he said Australian combat troops in Iraq would be home by mid next year, adding he would meet with US Ambassador Robert McCallum to set down precise timing.

Also yesterday, incoming Health Minister Nicola Roxon said she would fast-track the delivery of $100 million to the states so they could begin cutting elective surgery waiting lists early in the new year.

And incoming Climate Change Minister Senator Penny Wong met with officials to fast-track Australia signing the Kyoto Protocol.

Mr Rudd said appointing a petrol commissioner was a priority.
"It will be one of our earliest actions," Mr Rudd said yesterday.

"What we will do is establish the office of a petrol price commissioner to make sure we've got proper competition policy monitoring of what's going on with the setting of prices by the oil majors."

Ms Roxon said the fast-track delivery of the $100 million to the states would allow public ho****al operating theatres to open on weekends. The states would also be able to use the money to pay for surgery for public patients in private ho****als.

Patients who have been waiting longer than the clinically recommended time for hip replacements and other surgery will be the first to benefit from the new money.

As his ministers set about implementing Labor's election promises, Mr Rudd also stepped up the pressure on newly elected Opposition Leader Brendan Nelson to allow laws abolishing Australian workplace agreements through the Senate.

He said Labor had a mandate to end the workplace laws.

"I would be exceptionally disappointed if the Liberals and the Nationals were still so out of touch with families across Australia that they ignored what those families said in the ballot box on Saturday," he said.

Mr Nelson yesterday refused to be drawn on whether the party would support Labor's planned changes.

He said job security was key in any winding back of IR laws.

"Our key responsibility is to make sure that we do not do anything that makes it harder for an Australian to get a job," he said.

Mr Rudd also set some new homework for Labor backbenchers, who were this week told to visit schools and homeless shelters.

He wants them to spend a day next week with a disabled child and with an aged pensioner.

Petrol, Iraq top Rudd's agenda | The Daily Telegraph

Semblance of normal life returns to restive Doura in Baghdad

Normal life is slowly returning to Doura, once one of Baghdad’s most violent neighborhoods.

Anti-U.S. rebels and criminal gangs have apparently left the district following joint Iraqi and U.S. military operations.

The neighborhood was almost under the full control of Islamic radicals, mainly those affiliated to al-Qaeda in Mesopotamia who imposed by force their strict interpretation of Islamic jurisdiction.

Religious minorities like Christians were either forced to leave or embrace Islam. The churches had closed their doors.

Many Christians are reported to be returning. So have others including Sunni Muslims who objected to the imposition of Islamic rule in the neighborhood.

Meantime, Baghdad municipality is back with full force, paving roads, tidying roundabouts and squares, extending water pipes and collecting garbage.

But residents say only portions of the sprawling neighborhood are so far covered with municipal services. They say such services have yet to cover the whole area.

Adhra Mahmoud says public services have improved recently and the areas covered are tidier than before.

“It is good that the government is employing people from Doura itself, leading to a drastic drop in the rate of joblessness,” she added.

Certain sections of Doura are on the fringes of Baghdad, believed to be the world’s largest city in area. For example, the Mekanik district is close to an abandoned marsh which the rebels have been using for hit-and-run attacks.

Hala Mustafa does not hide her happiness on seeing municipality workers with their equipment roaming the neighborhood after an absence of nearly two years.

“We do not have piped water but the workers are extending a new network and we hope clean water will flow to our homes soon,” said Mustafa.

The older network is rickety and sewage water seeps through it, added Mustafa.

But there are fears that violence would return, forcing the municipal workers to flee.

Abdullah Mohammed said Doura was in need of “a comprehensive reconstruction plant” because it has suffered perhaps more than any other part of Baghdad.

He called on the authorities to boost public services and expand them to cover the whole of Doura and “keep or rather reinforce the security forces charged with protecting its people.”

Azzaman in English

President Talabani meets John Negroponte

On Friday the Iraqi President, his Excellency Mr. Jalal Talabani met with John Negroponte, the US undersecretary for foreign minister, and an accompanying delegation in his office in Baghdad.

The situation in Iraq, the political process and the steps of national reconciliation plan, and paving the way for the ongoing democratic political process in Iraq were discussed during the meeting.

The security dossier, cooperation between the Iraqi forces and the MNF-Iraq in stabilizing the country, passing those draft laws which are related to the life of the Iraqis and enhancing the political and economy situation in Iraq were also discussed during the meeting.

Dr. Latif Rashid, the Iraqi minister of water resources, Azad Jindiyani, head of PUK central media office, Bahroz Galali, head of PUK relations bureau in Ankara attended the meeting.

PUKmedia :: English - President Talabani meets John Negroponte