Thread: Archive Latest News - Think Tank - 15/04/08 - 26/08/08

Slightly off topic - but thought it was interesting

Report on global wealth .. 79 thousand wealthy Emirati and Saudi 101 thousand worth an estimated $ 273 billion

In A twelfth report of the richness of the World, was released by the companies Merrill Lynch and Kabjeemenye. The number of rich people in the world by 6 percent in 2007 to $ 10.1 million wealthy, while the number of older wealthy by 8.8 percent. The report pointed out that for the first time since the start of issue, exceeding the average value of individual wealth threshold of four million, and the rich Middle East number has increased by 15.6 percent while the proportion of wealth rose 17.5 percent. The report is expected to rise to the level of global wealth to $ 59.1 trillion in the year 2012, the rate of annual increase of up to 7.7 percent.

According to the report, the Middle East region has achieved outstanding growth in the number of wealthy, where the very high oil prices enhanced rate hit 57.2 percent from sales of crude oil futures to increase the growth rate of 15.6 percent in the Middle East. Emerged Middle East economic vitality through Continued exposure, more than any other area of commercial real estate investment amounted to rate 33 percent of the affluent allocations for this category of assets. The report said that a number of rich people in the United Arab Emirates in 2007 amounted to 79 thousand wealthy, compared to 68 thousand in 2006, This means that last year witnessed increasing number of wealthy EMIRIAN 11 thousand wealthy, and the total worth of $ 91 billion consolidated. The number of wealthy Saudis have risen from 90 thousand wealthy in 2006 to 101 thousand in 2007 to reach the Standard worth 182 billion dollars.

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the concepts of economic scale borrowing ..

Is a measure for calculating the rate of borrowing fund or company, where the Fund borrow money to invest, and where investment is here, while growth prospects remain as is the size of the debt. Thus, if the record total net assets of the Fund (portfolio investment) growth in value, the net shareholders rights will achieve a growth rate greater, because the debt remained the same, unlike a rate of ((scale borrowing)) amount was borrowed, and is expressed as a percentage of the capital Capital of the company or fund.

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Kuwaiti bank to finance sale of Iraqi m.o.b.i.l.e phone firm

The National Bank of Kuwait (NBK) have announced a finance package to support the sale of Iraqna, the Iraqi ****** phone unit owned by the Egyptian firm Orascom Telecom, to Kuwait's m.o.b.i.l.e Telecommunications Co (Zain) for 1.2 billion dollars.

"NBK formed a syndicate of 12 regional and international banks, and successfully raised 1.8 billion dollars, 150 percent more than the deal size, on behalf of Orascom Telecom," the bank said in a statement posted on its website.

The US-led interim authority, which ran Iraq after the collapse of the former regime in 2003, sold licenses for the building of ****** phone networks to Orascom Telecom, Zain and a another Kuwait firm, the National m.o.b.i.l.e telecommunications Co.

Only Zain's subsidiary MTC-Atheer retained its licence after an Iraqi government auction in August.

Orascom's licence went to a Kurdish Korek group for 1.25 billion dollars.

Both firms later formed a joint venture worth 2.2 billion dollars, under which Korek was allowed to use the infrastructure of Orascom, the fourth largest Arab telecommunication firm.

In December, Zain announced it would buy Iraqna through its subsidiary MTC-Atheer.

"Zain will pay for the deal in two tranches of 600 million dollars each, one in 2008 and one in 2009," NBK said.

The acquisition would give the Kuwaiti firm a total of seven million customers in Iraq, Zaini said in a statement last year.

Iraq's fixed-line telephone network was damaged by decades of wars and international sanctions, which made people increasingly dependent on cell m.o.b.i.l.e.

By the end of 2006, there were around eight million m.o.b.i.l.e phone users in a country with a population of 26 million, according to Iraqi government figures.

Kuwaiti bank to finance sale of Iraqi ****** phone firm

Basra governor & Commons delegation discuss investment projects

The governor of Basra held an expanded meeting with a Commons delegation, which arrived in the province to discuss several economic and political issues.

In a statement to the media, Governor Muhammad Musbah Al-Waili said that he met with the head of the security committee and members of the House of Commons at the headquarters of the British consulate at Basra International Airport and discussed with them "A number of economic and political issues with regards to Basra city."

The two sides discussed the mechanism that should be used in implementing investment projects in Basra and holding provincial council elections, which is scheduled to take place in early October 2008.

Among the issues raised by the British side was the presence of British troops in the city and the local government's relationship with the consulate.

Britain, the United States' prime ally, keeps 4,100 troops within the MNF in the country. British soldiers are stationed in one base - Basra International Airport - after handing over the former presidential palaces, which they procured as a military base, to Iraqi authorities.

The Shiite province of Basra lies 590 km south of the Iraqi capital Baghdad.

http://www.iraqdevelopmentprogram.or...ws/new2017.htm

Iraq announces the conclusion of service contracts are contracts for partnership with foreign companies


Said Iraqi Oil Minister Hussein Shahrastani said on Friday that the Oil Ministry has decided to adhere to a service contracts with foreign companies and the lack of partnership contracts awarded to foreign firms the right to participate in production.

Shahrastani said in statements to Al Arabiya s.a.t.e.l.l.i.t.e t.e.l.i.v.i.s.i.o.n on Friday: "We in the Iraqi Oil Ministry decided to adhere to service contracts, not decades .. .. partnership because we believe the interests of Iraq."

Shahrastani added that the service contracts are a way through which to obtain services from foreign companies, "which possesses the requisite technology and technical possibilities for money ... They are not any production contracts participation can not be engaged Iraq's oil."

Shahrastani said last Tuesday that the Ministry of Oil Negotiations are underway with a number of foreign companies and the ministry will announce next Monday for the first round of licenses to develop Iraqi oil fields as well as the names and number of fields to be put forward to compete in front of foreign companies for development.

Shahrastani, revealed on Friday that the Ministry of Oil and managed due to high world prices and high rates of Iraqi oil production to achieve their full annual budget, which was scheduled to be realized during the first six months.

He said: "Iraq has succeeded in increasing rates of oil for this year ... and Iraq will total 63 billion dollars in the first half of this year."

Shahrastani added, "any other words that during the six months (first) we will achieve what is required from the Ministry of Oil Pan budget for the current year."

A close-Shahrastani by the Iraqi Cabinet approval for a supplementary budget because of a surplus in the proceeds of Iraqi oil will be introduced to the parliament for a vote.

He said "the amounts of surplus, which was created through increased production and improved prices for the world market are going to plan reconstruction."

He said: "Interest will be divided between investment and reconstruction and improve the standard of living and salary increases for staff."

The Iraqi cabinet has approved mid-February last huge budget for this year amounted to eight and forty billion dollars.

Shahrastani said that Tozeur able to increase oil production by 1.9 million barrels per day last year to 2.5 million barrels for the month of May last May.

Shahrastani, revealed that the production rates for the month of June this June will be better than this figure, but he did not mention any figures.

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Iraq earmarks $8 million for new state oil company

Iraq's government says it will allocate about $8 million for a fourth state-run oil company.

Saturday's statement by the government says Maysan Oil Company will manage operations to explore, develop, produce and export oil and gas in the Maysan province.

The new company will be formed by reorganizing the Maysan Oil and Gas Commission after splitting it from the Basra-based Southern Oil Company.

The plan must be approved by parliament and then ratified by Iraq's presidential council.

Maysan is located about 200 miles southeast of Baghdad.

News from The Associated Press

MP Accuses Oil Ministry of Non-Transparency in Oil Contracts Negotiations

Jabber Khalifa Jabber, the Member in the Iraqi Parliament and a member in the Oil-Gas Committee said during an interview with Sawa Radio that the contracts that the Oil Ministry is about to sign are technical support contracts and not service contracts.

Jabber said that Iraq doesn’t need such kind of contracts due to the Iraqi long experience in oil field. He also emphasized the Oil Ministry was not transparent during the negotiations about the oil contracts.

PUKmedia :: English - MP Accuses Oil Ministry of Non-Transparency in Oil Contracts Negotiations

KRG PM Highlights Results of His Discussions in Baghdad

Today, the Prime Minister of Kurdistan Regional government (KRG), Nichervan Barzani held a press conference in Erbil to shed light the results of his visit to Baghdad.

Barzani referred that his negotiations were positive. They included three critical issues like the Oil-Gas, the budget of Kurdistan region Guard (Peshmerga) Forces and Article 140 of the Iraqi Constitution.

“What we have done in Kurdistan region concerning the oil issue is within our constitutional authority”, Barzani said.

He also uncovered the formation of a joint committee between the KRG and Baghdad’s government to pursue the aforementioned issue. The committee includes PM Nuri al-Maliki, KRG PM Nichervan Barzani, Deputy PM Dr. Barham Ahmed Salih, VP Adel Abdel Mahdi, and Dr. Roj Nuri Shawes. Barzani emphasized that the committee will convene next week to discuss Oil-Gas Issue.

Concerning the budget of Kurdistan region Guard (Peshmerga) Forces, Barzani said that it was one of the top issues in his discussions with the Iraqi government officials. He said that al-Maliki decided to allocate a special budget for the Peshmerga Forces.

“There is no political trend to hinder the implementation of Article 140”, Barzani said referring that Baghdad’s Federal Government has its suggestions and vies concerning De Mistura’s report, emphasizing that the KRG is waiting for the second part of the report in order to present its view on De Mistura’s Recommendations.

PUKmedia :: English - KRG PM Highlights Results of His Discussions in Baghdad

Deputy: distribution of oil revenues directly to citizens

a member of the Committee asked the oil and gas parliamentary deputy compatibility Noureddine about the distribution of oil revenue to citizens directly, he said in a statement on the expectation that revenue amounts of oil this year by one hundred and twenty billion dollars.

He added about: "I support this project. Beni and submitted to the Accord Front, I support the distribution of oil revenue to citizens directly with the controls and in which several articles first achieve a good living by depriving terrorists and secondly conflict with the law of this Act III of this law will work to develop a sense That belongs to the citizens of this state and this we achieve national reconciliation. "

For his part, ruled out a member of the Committee on Oil and Gas deputy coalition Abdul Hadi ABOLHASSANI possibility of distributing oil imports directly to citizens, explaining that by saying:

"It also increased the price of crude oil, prices rose again adding significant economic burden on the state a surplus digital and there is no surplus of qualitative and quantitative. For example, the ration card Iraq Kdmlha 3.2 billion last Dolaraam today may be 5.5 billion dollars or more and unable To cover the ration card and so far compared oil derivatives. "

It should be noted that economic sources in the Iraqi parliament is expected that the surplus on the budget for this fiscal year more than 40 billion dollars in light of escalating oil prices on world markets at a time when Iraqi oil sales ratio majority in the general budget for Iraq.

Translated version of http://www.aljeeran.net/economic.

A barrel of oil approaching $ 143

Oil prices continued their rise mad, recorded 142.75 dollars per barrel during yesterday dealings. The record U.S. crude type of West Texas average delivery in August next 26, 142 dollars a barrel before retreating later to 87, 142, an increase of $ 22, $ 2 for closing price yesterday.

He expected the Chairman of the Organization of Petroleum Exporting Countries "OPEC" Algerian Chakib Khalil Thursday "prices ranging between $ 150 170, probably this summer." Register at the same time Brent North Sea mix set a new record reached 13, 142 dollars a barrel before retreating later to 72 , 142, an increase of $ 91, $ 1 for closing price yesterday.

Gold closed in Europe yesterday at the highest level in a month, as rising oil prices rekindled fears of global inflation and the dollar retreated against the euro. The price of gold in the immediate closing of transactions in Europe 924.95 - 926.15 dollars per ounce "ounce" compared with 912 , 60 - $ 913.60 in New York on Tuesday.

I

n theory, the rise of energy prices increases the attractiveness of gold as a means to guard against inflation while the weak dollar makes precious metals investment attractive alternative.

He said John Reed, an analyst Yoo Foundation. Bi.

M

SN charts Tenbe that gold may bring further gains in the short term.

Translated version of http://www.aljeeran.net/economic.html