Archive Latest News - Dinar Think Tank - 27/08/08 - 15/01/09

Stable demand for the dollar on Wed

Demand for the dollar was stable in the Central Bank of Iraq's (CBI) auction on Wednesday, registering at $110.240 million compared to $112.309 million on Tuesday.

"The demand hit $15.740 million in cash and $94.500 million in foreign transfers outside the country, all covered by the bank at a stable exchange rate of 1,184 Iraqi dinars per dollar, one tick lower than yesterday," an official source from the bank told Aswat al-Iraq - Voices of Iraq - (VOI).

None of the 10 banks that participated in the auction offered to sell dollars.

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

Aswat Aliraq

International cooperation workshop in Baghdad next November

The general director of the Iraqi public fairs announced on Tuesday that a workshop for international cooperation and investment will be held at the Baghdad International Fair next November, noting that a total of 200 companies will take part in the event.

"Preparation are under way with government's support to set up the Iraq International Fair which will be held under the title "the international cooperation work shop for reconstruction and investment" between October 10-15," Sabti Gomaa told Aswat al-Iraq - Voices of Iraq (VOI).

"A total of 200 Arab and foreign companies will take part in the event," he also said.

"We have contacted all Arab and foreign embassies and other ministries to promote the fair," he added.

"The interior ministry will provide us with protection," the official said.
"The fair will offer great investment opportunities in Iraq and will contribute in reconstruction operations through contracting with big companies," Sabti Gomaa added.

Aswat Aliraq

The Central Bank Of Iraq Warning the Citizens to Deal with Informal Financial Companies

The official source at the Directorate General of the banking and credit control to the emergence of a number of fictitious companies engaged in operations of financial swindling and fraud in the provinces through the exploitation of money out of citizens for promises of the benefits outweigh the benefits of high banking system, and that leads to the theft of citizens money and money laundering.

An official source stated to the Information Office of the National Council of Ministers to "Elaf" today , asked the citizens not to deal with these private companies explaining that it was directed to the concerned authorities in the Interior Ministry to take necessary action against those companies and shut off from work and forwarded to the judiciary.

On the other hand, the Ministry of Planning and Development Cooperation announced on the suspension of future activities with the 31 Iraqi , Arab and foreign companies and not to deal with them for their violation of contractual obligations with Iraqi ministries and governmental departments.

A source in the ministry stated that the governmental contracts department of the ministry suspended works with 31 Iraqi , Arab and foreign companies for violation of contractual obligations with ministries and government departments to implement the projects allocated to them. He explained that those projects belong to the ministries of industry and minerals, Electricity , Youth and Sports, health, agriculture, communications, trade, oil and the Municipality of Baghdad. He stressed that he decided to suspend future activities to work with these companies and not to deal with them until these matters to be solved, according to the controls in place. He added that the suspension of work "included the Iraqi and Arab companies (UAE ,Kuwaiti , Egyptian ,Jordanian) and foreign German, Turkish , Italian , Indonesian , Iranian, French, Ukrainian , Russian , American and British.

On another front, the Director of Planning Service Center of the Ministry of Trade, indicated on more than 700 cases of false civil identity all over Iraq and the owners were seeking to register in the ration card. The Director General of Chamber, Riyadh Fakhir Al Hashemi stressed that the names of the identities owners were transmitted to the competent authorities to take legal action against them. It is noteworthy that the Ministry of Trade is carrying out currently a major campaign to combat financial and administrative corruption to prevent wastage of public money.

PUKmedia :: English - The Central Bank Of Iraq Warning the Citizens to Deal with Informal Financial Companies

Ibrahim: No Request to Establish Permanent American Bases in Kurdistan

Jaffar Ibrahim, the leadership in Kurdistan Democratic Party (KDP) denied any request by the Kurdish leadership to establish permanent American military bases in Kurdistan region.

“Iraq needs an international support. Signing the security agreement with U.S. is for Iraq’s interest to exclude it from the 7th Article of the U.N. and to protect its sovereignty”, Ibrahim said.

He added “the Kurdish leadership did not request to establish permanent military bases in Kurdistan region. All the news that concern this issue is untrue. Establishing any bases will be via talks between U.S. and Iraqi governments, U.S. embassy in Baghdad and the concerned authorities. These authorities will handle the technical issues like the place, scale and the role of these bases.”

“Kurdistan Alliance Bloc is a major part in the Iraqi government, and Kurdistan region’s security is part of Iraq. There are negotiations between Iraq and U.S. concerning the security pact, which will guarantee facing any internal or external threats according to its 1st article. The region’s provinces witness security stability, but help is needed to face any external threat. To ensure the consent of all the Parliamentarian blocs, Iraq needs more time to sign the security agreement with U.S.”, Ibrahim said.

PUKmedia :: English - Ibrahim: No Request to Establish Permanent American Bases in Kurdistan

Iraq: US Sought Troop Presence to 2015, Agreed 2011

The United States asked Iraq for permission to keep its troops there to 2015, but U.S. and Iraqi negotiators agreed to limit their authorization to 2011, Iraqi President Jalal Talabani said.

"It was a U.S. proposal for the date which is 2015, and an Iraqi one which is 2010, then we agreed to make it 2011. Iraq has the right, if necessary, to extend the presence of these troops," Talabani said in an interview with al-Hurra t.e.l.e.v.i.s.i.o.n, a transcript of which was posted on his party's website.

PUKmedia :: English - Iraq: US Sought Troop Presence to 2015, Agreed 2011

Turkey to Open Consulate in Basra

In a joint press conference with Basra governor, Turkish ambassador to Iraq Derya Kambai said “the Turkish government decided to open a consulate in Basra province to expand its diplomatic representation in Iraq, to further serve the bilateral relations between the two countries.”

“Our government pays more attention to southern Iraq. I think that opening this consulate will develop our relations, especially in economic terms, with Iraq’s southern provinces. Our government aims to send Turkish companies and to make investments, especially in Basra due to its economic and strategic position. We are planning to increase our aerial shipping and passengers transfer between Turkey and Basra”, said the Turkish ambassador who visits Basra for the first time.

On his part, Basra governor Mohammed Misbih al-Waeli said “we welcome the decision of opening a Turkish consulate in Basra. There are huge Turkish companies that intend to come to Basra to participate in the reconstruction process and modifying infrastructures. The consulate was to be opened at the beginning of this year, but it was postponed due to the security operation that was carried out in the province at March.”

The governor added “Basra will witness opening several Arab and European consulates next year. There are also several countries that intend to open their consulates in Basra like Russia, Czech and some Arab neighboring countries.”

PUKmedia :: English - Turkey to Open Consulate in Basra

Pentagon Says Iraq Withdrawal Must Be Based on Conditions

The U.S. Defense Department says it wants to turn over security responsibility to Iraqi forces as quickly as possible, but that the timing should be based on conditions. A spokesman repeated the position Tuesday in response to a statement by Iraq's prime minister calling for a full U.S. withdrawal by 2011.

As public jockeying continues in the final stages of U.S.-Iraq negotiations on the future presence of U.S. forces, Iraqi Prime Minister Nouri al-Makiki weighed in Tuesday, saying he wants all U.S. forces out by a fixed date in 2011. It appeared he was referring to all troops, not just combat units. Officials have usually been careful to differentiate between combat units and non-combat troops, who handle such missions as supply, logistics, medical services, air support and a variety of other tasks that the Iraqi military is not close to being able to provide for itself.

Later, other Iraqi officials were quoted as saying that even if the agreement calls for all U.S. troops to be out of Iraq, the government could later decide to invite some support troops to remain.

At the Pentagon, Spokesman Bryan Whitman had this response to Tuesday's statements in Baghdad.

"We share the same common goal as the Iraqi government, and that is to turn over more and more of the security responsibilities to the Iraqi security forces," he said. "That's proceeding well. But at the end of the day, nothing changes from the fact that we believe strongly that the withdrawal of U.S. forces, of coalition forces, ought to be based on the conditions on the ground. And what we are seeing is a dramatically improved situation in Iraq, with respect to security, and an ever increasingly capable Iraqi security force."

Whitman said it is that increasing capability that is making it possible to even discuss the withdrawal of U.S. forces. He also said Prime Minister Maliki's statement outlined "some aspirational goals that are fairly far into the future." And he said there is still no final agreement on all the terms of the pending accord.

PUKmedia :: English - Pentagon Says Iraq Withdrawal Must Be Based on Conditions

industry lent money to small enterprises 84800 million

The Director General of the Industrial Development yesterday, Wednesday, the number of industrial projects that have been loaned from the competent loans amounted to 4923 projects since the beginning of this year and so far, while the amount which was ratified on purely on those projects to 84800 million of the $ 408 million earmarked for disbursement of loans In Baghdad and the provinces together.

He added that Abbas Nasrallah: those loans that have borne the exchange of benefits are distributed to beneficiaries without the benefits enjoyed exempting payment for one year to pay after four years, where amounts were identified between 25 and fifty thousand dollars, according to the value of the project and needs to resume its activity and nature of its production.

He explained that Nasrallah: the right of receiving the loan during the past year, as well as receiving the first meal of the loan for the current year before the lifting of the amount of the loan to the new ratio, that demanding changes to increase inclusiveness acted retroactively.

He did not mention the Director General of Industrial Development rate of increase occurring; however, pointed out that hundreds of those projects stalled resumed production (at the time was not determined) to play a role in activating the market and manage the wheel of production again.

Translated version of http://www.almadapaper.com/paper.php?source=akbar&page=107

E.x.e.cutive Council meets on Iraqi-U.S Agreement

In the framework of the E.x.e.cutive Council meeting, the Iraqi Vice President Dr. Tariq al-Hashimi received VP Adel Abdel Mahdi and PM Nuri al-Maliki in his office yesterday.

The meeting discussed the ongoing negotiations with the U.S on the agreement scheduled to be signed with Iraq. They listened to a detailed explanation presented by PM al-Maliki on the pointes that are subject of dispute with the U.S delegation who promised to present an alternative text next week.

He also briefed them on the security situation in Khanaqin and the obstacles that undermine the accomplishment of the final stages of the military crackdown in Diyala. Due to the critical situation, the council stressed the need to move politically upon the highest levels and to hold a series of urgent meetings with the officials in Kurdistan region in order to settle the disputes.

PUKmedia :: English - ****utive Council meets on Iraqi-U.S agreement

Top Shiite cleric urges Iraqis to register to vote

Revered Shiite cleric Grand Ayatollah Ali al-Sistani on Wednesday urged Iraqis to register so they can vote in provincial elections planned to be held by early next year.

"Ali Sistani has called on Iraqis to register their names as the (electoral) list is regarded as an important document by the United Nations," an official from the cleric's office in the central holy city of Najaf said.

"With this document we can comply with international rules."

The provincial elections, considered crucial to stabilising the country, were originally scheduled for October 1, but are now expected to be postponed to early 2009 because parliament has yet to pass the election law.

Sistani's appeal comes on the eve of the final day for potential voters to register.

According to the UN, nearly 1.8 million new voters have registered this year in Iraq, mainly in the Sunni regions of Salaheddin, Nineveh, Anbar and in the Shiite province of Muthanna.

In 2005 the Sunni Arab community generally did not vote in parliamentary and provincial elections because of threats from insurgent groups. Nearly 8.5 million people, or 60 percent of the eligible electorate, voted in 2005.

Top Shiite cleric urges Iraqis to register to vote - Middle East News

Parliament: electoral law adopted recommendations of the United Nations

The MP from the United Iraqi Alliance Reda Jawad Taqi of the existence of political damage as a result of the postponement of provincial council elections and to link this law intractable problems such as the cause of the problem of Kirkuk.

Taki said in a press statement today, Wednesday, that "there are signs for resolving contentious issues in the House of Representatives on the law of provincial council elections by adopting the draft recommendations to be submitted by the United Nations."

He added that "there is insistence to the coalition in general and in particular the Supreme Council for the holding of elections this year."

He pointed out that "there are considerable efforts being made to obtain consensus on the issue of Kirkuk, and there are signs to get this consensus, but if those efforts faltered, we have insisted on holding elections this year."

Translated version of http://www.radiodijla.com/cgi-bin/news/news_item.pl?id=2008-08-27%2013:20:21

Iraq's accession to the WTO support for regulatory reform in the sectors of production

I think many economists and observers of the Iraqi that Iraq's accession to WTO accession is just political propaganda purposes only on the grounds that Iraq is importing country and not a source and that all WTO members are States exporting and not importing as is the case with Iraq, but we firmly believe that Iraq's accession to the organization itself above the politically and economically in the same political point of view, this is conclusive evidence on Iraq's openness to regional and global organizations and has an important role and effectively in the international As for the Economic, this accession will support regulatory reforms in many sectors of the Iraqi economy, including but not limited to the services sector noted that the need for such reforms, but they also believe the investigation of difficult technically.

It is known that Iraq had submitted a request in 2004 to join this organization and this represents an important message to investors that Iraq is willing to abide by policies of free trade and transparent based on specific rules that fit with the standards of the World Trade Organization on regulations and internal policies does not create an environment in itself Institutional high-level but it is possible to use obligations to the World Trade Organization to support internal reforms and integration into the Iraqi economy into global markets with an annual long-term good results with regard to achieving economic growth rate and create jobs for the unemployed.

Therefore, the priority in Iraq raised short-term perspective and is the rehabilitation of the Iraqi customs administration while maintaining the standards and safety of foodstuffs entering Iraq For example, Iraq is successful in exporting agricultural products and products manufacturing industry is dependent on improving the quality of local products and in this regard are the ability Institutional Assembly of the Foundation for Standardizing and quality control of key importance and perhaps there is room for short-term initiatives directed towards selected industries or sub-sectors of the goods that have a record in the field of export in Iraq, but we believe they likely will face problems of access to markets because of mismatches between the established standards and quality of products or Integrity or methods of validation.

Translated version of http://www.alsabaah.com/

the Council of Arab economic consider a request to cancel the debt of Iraq by

Inzeralcil Arab Economic and Social Council, during its regular meetings of the 82 at the ministerial level, at the request of Iraq for the abolition of the debt implications for the Arab States. And participates in Iraq's Council session, which begins tomorrow, Thursday, Arab League headquarters in Cairo, an official delegation headed by Dr. Abdel farmer Sudanese Minister of Commerce.

He said Assistant Secretary-General of the Arab League for Economic Affairs Ambassador Mohammed Bin Ibrahim Tuwaijri told reporters that the session's agenda includes, as well as consideration of the item on the request of Iraq's debt cancellation implications for the Arab States, key themes, first with preparations for the Arab summit, economic and social development and to be held Kuwait in January next month, as will be discussed programmes and mechanisms to promote and activate the comprehensive development strategies. Tuwaijri added: The second issue deals with the Arab free trade zone which is the centre of a permanent work of the Economic and Social Council, because there is a special focus in this session to address items Customs include the quantity of items and cash, technical and administrative imposed on the product imported from the Arab-Arab and Arab origin have, within the framework of following up the implementation of the resolutions of Arab summits in this regard. And will work during the regular session of the Council to discuss ways of treatment of the least developed and programmes which will provide technical support Them, where some of these countries made the request exemption from the application of the rest of tariff reductions for goods of Arab origin till the year 2010, and the compatibility of bilateral agreements with the Arab free trade zone and customs cooperation and updating of the Arab system of transport cross between Arab states and the completion of the liberalization of trade in services in Arab countries. He Tuwaijri said that the agenda also includes amending the Statute of the Court of Arab investment and the Statute of the Council of Arab tourism ministers.

Translated version of http://www.alsabaah.com/

Talabani confirmed: "Sufa" Under the exit of foreign troops from Iraq end 2011

The president, Jalal Talabani, are provided in terms of the agreement and security to be signed between Iraq and the United States, requires the exit of foreign troops from Iraq end of the year 2011. Talabani noted during a televised interview the existence of an item.

Another gives the right of Iraqis to extend the survival of these forces as long as the duration of additional requests that the situation on the ground. Talabani said, which exists in Washington to spend a period of convalescence after the successful surgery he underwent heart in the middle of this month, that there was "remarkably sophisticated security in Iraq, especially After the operations carried out by Iraqi forces in a number of governorates, including (the promise of peace), which continues in Diyala province, "noting that" the presence of more than 50 thousand spectators in the stadium people to follow a football match, is proof that the security situation over the task of stages " He explained at the same time that soccer growing citizens to terrorists, is a key factor for developments in the security file in the country. "On elections in Kirkuk, the President said:" The solution lies in finding consensus among all components to maintain and get a formula that satisfies all parties, Kurds and Arabs The Turkomen and Alcaldoachorien.

Translated version of http://www.alsabaah.com/

70 Arab and foreign companies will participate in the Iraq International Fair

The Ministry of Commerce said it had received approval for about 70 Arab and foreign companies wishing to participate in the Iraq International Fair to be held on the territory of Baghdad during an exhibition in November next. This was emphasized by Director General of the opposition Iraqi Company.

Of the ministry Saturday, Gomaa Hassan during a press conference held Tuesday, in the presence of "morning," explaining that 70 companies from Sweden, Turkey, Iran, Saudi Arabia, UAE, Syria, Iraq and Jordan formally expressed willingness to participate in the exhibition, while continuing to receive approvals other international companies from all disciplines to participate in it. He stressed that the Ministry of Commerce and developed a systematic plan to create all the requirements of the success of this exhibition which is being built in coordination with the business group to organize international exhibitions aspects of protection and security, housing and mobility along with great facilities for the participants, especially in the prices of rental suites offer, pointing out that the exhibition will be built on three Rooms huge total area amounting to five thousand square meters and wide open spaces.

He noted that the Ministry of Commerce were invited to participate Iraq International Fair which is being built under the slogan "workshop of international cooperation for reconstruction and investment" for the duration of the X-fifteenth of November next to all nations and their embassies in Baghdad and global corporations, banks, factories, traders and businessmen across the Iraqi existing commercial Almlhkiet Outside, in addition to invite the ministries and state institutions all in order to benefit from this opportunity to deal directly involved and the decision-makers on one hand and global corporations on the other in order to secure the needs of the country in modernizing infrastructure and development orientations embodiment of the serious and ambitious government in bringing about a breakthrough in the development and investment sectors All.

Translated version of http://www.alsabaah.com/

Talabani Advisor says President had successful Surgery

Kurdistan region vice president Kosrat Rasul Ali met today with the Iraqi president’s senior advisor Fakhri Karim in Erbil.

The meeting came after the return of the president’s advisor to Iraq who accompanied president Talabani to the US.

Fakhri Karim said that president Talabani is in good health after a successful surgery. As he said, President Talabani is expected to head the Iraq’s delegation to attend the UN General Assembly annual session due to be held in that country.

PUKmedia :: English - Talabani advisor says president had successful surgery

Official delegations to the regional countries to end the outstanding issues
Parliament intends to Adoption of a set of laws and legislation during the next legislative separated

Initiate and official delegations during the coming period, visited a number of regional countries, to end the outstanding issues and expand cooperation in various fields. These developments coincide with the thrust of the Chamber of Deputies during the next legislative separated, to discuss and approve several Important laws, notably the oil and gas legislation and elections, service and military retirement.

The government yesterday discussed the file of outstanding issues between Iraq and Kuwait, where the latter called for the speedy termination of these issues. He said government spokesman Dr. Ali Skinner in a statement, which "Sabah" yesterday a copy of it, "The Cabinet discussed at its regular file of all outstanding issues with the State of Kuwait", noting that the Council "stressed his desire to good relations and good neighbourliness and the development of fraternal relations between the two countries".

The issue of debt and reparations for Iraq and the oil fields of the most common outstanding issues between the parties. Skinner explained that the council of ministers "expressed concern for the survival of these files without solutions to the detriment of the interests of the fraternal peoples." Kuwait Council of Ministers urged to conduct serious negotiations in accordance with the rules of mutual respect and interests of the two countries and resolve the problems left by policies of the first. In the context of similar, uncovered informed source told "Assabah" The coming days will witness the visit of the parliamentary and governmental delegations to a number of regional countries to discuss outstanding issues between Iraq and these countries, in addition to urging them to strengthen diplomatic, commercial, economic and security. As such, these states according Almsdrhi (Kuwait, Iran and Turkey, as well as Egypt and Saudi Arabia), in addition to other States, did not name.

The same source affirmed that the issues of extinguishing debt on Iraq and reopen embassies in some countries will be at the forefront of issues to be discussed.

The Interior Minister Jawad Paul told of the "morning" early this week, his ministry is ready to protect all embassies and diplomatic personalities working in Iraq. The observers told Paul that coincides with the actions taken by several countries in their quest to restore diplomatic representation in Iraq and other countries to nominate ambassadors in Baghdad, since the number of embassies in Baghdad is currently operating 52 embassy, including five Arab embassies, it is hoped the arrival of up to sixty by the Embassy Next year. Amidst this photo, on behalf of Dr. Sheriff deputy Virtue Party that will see the next legislative vote on a number of important laws and strategy, including district councils election law and the law of oil and gas and public budget in 2009. And begin the new legislative chapter of the Parliament on the ninth of next month, the House of Representatives failed to decide the electoral law after the revocation of the Presidency of the Republic. The Sheriff told the "morning" There will discuss other important laws within the parliament, as legislation service and military retirement and approval of the list of ambassadors and deputy ministers, as the House planned to discuss health and environmental laws: the Law of the drug and adjust the service of doctors and improvement of environmental and medical clinics and public and the law The Ministry of Environment, in addition to a number of other important legislation.

He noted that the next session of Parliament should be directed to complete the task bills instead of focusing on the law of provincial assemblies only to avoid disruption, calling on MPs to adhere to the attendants and the massive presence to ensure a quorum of the Permanent vote by an absolute majority to continue its work of committees and meetings scheduled weekly to discuss Projects referred Government or develop laws that required the stage to achieve data communication with the political process and the aspirations of the Iraqi street.

Translated version of http://www.alsabaah.com/

Iraq, China agree $3bn oil service deal
Iraq and China have agreed the terms of a $3 billion oil service contract, Iraq's oil minister said on Wednesday, announcing the first major oil contract with a foreign firm since the fall of Saddam Hussein.

The contract is for the Adhab oilfield and replaces a contract signed with China before the 2003 US-led invasion of Iraq.

The revised deal has raised the target oil output for the field to 110,000 barrels per day (bpd), up from the previous 90,000 bpd, Hussain Al-Shahristani told Reuters in an interview.

Production should start in three years and continue for 20 years, he said.

The implementation of delayed short-term technical service contracts with oil majors was looking "more and more unlikely", Shahristani said.

Despite that, Iraq still hoped to boost oil output by 500,000 bpd by the middle of next year, he added.

Iraq, China agree $3bn oil service deal - Energy - ArabianBusiness.com

Agility DGS wins warehousing contract
Agility Defense & Government Services said today that the Defense Logistics Agency (DLA) awarded it a contract for warehouse and distribution services at the Defense Distribution Center, Kuwait/Southwest Asia (DDKS).

Under the one-year award, Agility DGS, a leading global provider of supply chain solutions, will use its extensive facilities in Kuwait to provide DLA with a complete warehouse management system to support operations in the Middle East.

DLA originally awarded Agility DGS a one-year DDKS contract in 2005. Each year since, Agility DGS has won the right to handle the work. The potential value of the DDKS awards is $180 million over five years, or about $36 million a year.

“We are very proud of both our outstanding performance and the confidence that we have earned with DLA,” said Dan Mongeon, president and CEO of Agility DGS. “Our advanced logistics experience, capabilities and facilities are unsurpassed in Kuwait. We are uniquely suited to continue helping the DDKS provide outstanding support to the U.S. military.”

The DDKS contract extends Agility’s record of successful performance for the DLA, which includes recent awards of major long-term contracts for heavy equipment and transport services in Iraq and Kuwait, along with supply and distribution of food and other products for the U.S. military in Iraq.

Agility DGS wins warehousing contract - Industry Press Releases

Financial denies the issuance of a new salaries for retirees

The Ministry of Finance denied Mansp to one of its officials on the existence of a new salary for retirees. The transport ministry statement saying that the Finance Minister, form a committee of the ministry adviser and director of the retirement and President of the Assembly of retirees, for the purpose of studying the salaries of retirees, but the Committee did not complete its work so far.

The ministry denied in the wake of a statement attributed to the Director of the Office of the Minister of Finance on the issuance of a new salaries of retirees consists of six degrees, also included a reference to salaries will be determined within the new peace.
But the ministry stressed that the health of such permission.

Translated version of http://www.nmc.gov.iq/mnews/2008/8/27_8.htm

Default Saudi revaluation -expected effects on its stock market
http://www.business24-7.ae/articles/...udibourse.aspx

This should settle the issue if stockholders feel affects of revaluation but also how revaluation affects other financial indicators. I saved my remarks for the end



“If there were a change in the currency, the impact on the stock market would be as follows: after an initial bounce, we think a revaluation would have a negative impact, as it makes investment in foreign markets relatively cheaper,” it said.

“Listed companies that import would benefit from a revaluation; those that have foreign earnings may lose out… as rising inflation is eroding consumers’ disposable incomes and generating uncertainty for local companies, it is likely that the Tadawul All-Share Index (TASI) would jump in the event of a revaluation.

“After this immediate euphoria has evaporated, there is likely to be an outflow of funds. This is because reducing the number of riyals necessary to buy a unit of foreign currency makes investment in foreign currency denominated assets more attractive,” it said.

The study about Saudi Arabia’s economy and possible currency revaluation said a 15 per cent appreciation of the riyal against the dollar would make the riyal price of shares listed on US markets 15 per cent cheaper.

Some foreign investors may also choose to exit the Saudi market after making a one-off exchange rate gain from the revaluation, the study added.

Jadwa ruled out an imminent revaluation of the riyal but said any appreciation in its value against the dollar in the future would benefit the firms and sectors that import from foreign markets as the revaluation would lower the cost of their imports.
It expected those importers to increase their profit margins although they will come under pressure to pass on the impact of a revaluation to final consumers.

“Retail and transport are the most import-dependant sectors on the Tadawul. Companies undergoing major expansion programmes where the necessary technology comes from abroad, but final product is sold domestically, should also benefit. These include telecoms and real estate.

“Performance of all companies with foreign earnings will worsen in the event of a revaluation, as these earnings will be worth less when converted into riyals and recorded in their financial statements,” the study said.

It said sectors focused on exporting, such as petrochemicals and some manufacturers from the investment, construction and agricultural sectors, would be most affected. In addition, travel agents and other companies reliant on foreign spending would be hit.

“A revaluation would lower the value of commercial bank foreign assets and raise the value of foreign liabilities in addition to lowering the value of returns on foreign investment when reported in riyals. Insurance firms would see a similar impact on their balance sheets, as would investment companies with large foreign holdings,” it said.

“The energy and utilities, cement and agricultural sectors would be little affected by any revaluation of the riyal as the bulk of their inputs (power, limestone, water and labour) are sourced from within the Kingdom and their output is consumed domestically.”

According to the report, foreign banks have largely increased their riyal-denominated deposits with Saudi banks in anticipation of a revaluation decision.

“But speculation of a revaluation, which heightened during 2007 and early 2008, has not prompted any measures by Saudi Arabia’s commercial banks to cut their foreign assets.”



The above tells us alot
1) Most importantly, Investors benefit from the revaluation exchange
2) Further appreciation greatly benefits importers
3) Companies with foreign earnings financials are negatively affected
- With the dinar not international, I expect this to be a very small number, if any, of listed companies.
Definately a benefit to RV before going intl.
4) runup then bounce back market growth. This would be expected.
*The bourse is still small enough that the gains from economic growth would still follow and the fall back.

5) Outflow of capital- expected but it will be interesting to see if the rumor of additional bump to investors to keep funds in market bears fruit

6)Signs Saudi moving foreign funds may indicate rv around corner to protect these foreign assets.
__________________
"currencies rarely trade on economics alone" Daniel Hanna -REGIONAL ECONOMIST FOR THE MIDDLE EAST
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Not being a doctor of any sorts, but is it not true that a deathly ill, or a just sick person, and of course a recoverying person react differently to the same medicine,even adversely to it in many cases?

Maceman

Which patient is iraq?

Security Agreement allows Iraq to enter agreements with any other party

Skinner said the spokesman, the Iraqi government that the proposed convention with the United States of America convention will not be long term but temporary and limited Convention for a term of three years ago to regulate the temporary presence and the mechanism for withdrawal of U.S. forces from Iraq requesting to be completed by the end in 2011.

He added Skinner of the Independent News Agency, Wednesday, that "the Convention allows Iraq to enter with any party other than the United States of America of security agreements to maintain security and stability in the country.

The Skinner said Tuesday that the vision of a new Iraqi security crystallized on the Convention to be signed with the United States of America is to be long this Convention three years ago, leaving a renewal or not to officials of the two countries at the time.

The Convention governing the security of long-term presence of U.S. forces in Iraq after in 2008, it currently relies on the presence of UN authorization renewed at the end of each year the request of the Iraqi government.

Translated version of http://radionawa.com/(X(1)A(x2qRCv0-yQEkAAAAZmRiMmMwYmEtOTkzMi00OWM4LTkxODctZWNiZGUwZD QyMjc1Ah-yEb5ZAgnwlZm7ffqZDejmDjQ1))/Ar/NewsDetailN.aspx?id=16374&LinkID=109&AspxAutoDetec tCookieSupport=1

Kuwait denies it promised not to claim debts owed by Iraq and surprised by the statements Skinner
Denied official source at the Kuwaiti Foreign Ministry, as stated by the Chairman of the Foreign Relations Committee in the Iraqi parliament, Hammam Hamoudi, from Kuwait and promised not to claim debts owed by Iraq

He noted that the Kuwaiti government to possess a decision in this file, without recourse to the National Council, which was confirmed by the Kuwaiti Foreign Ministry in more than one occasion to the Iraqi side, with the exception of the compensation owed to Kuwait Airways on Iraq.

He said that both countries agreed to discuss the possibility of this issue outside the framework of the overall compensation supervised by the United Nations, to take place in the settlement of this issue of compensation between the airlines of both countries, after the Iraqi side proposed to settle the form of services provided by the Iraqi lines of its Kuwaiti until meet religion Receivable, which was approved by the Kuwaiti side, and spare the parties much progress in negotiations on the details.

In a related, the deputy Khaled Issa, told the «time», the absence of what is necessary to raise the Iraqi side to the issue of border demarcation between the two countries, especially that they have already painted a decision of the United Nations.

Kuwaiti and debt owed by Iraq, Issa said that Iraq is a country rich and varied resources, and debt owed it to Kuwait is not kind, all «cash taken from the living flesh», in a country not only has oil as a major source of income, but has no other resources, strengthens the need He adhered to Kuwait this money owed by Iraq.

For his part, MP Hassan Jawhar called on the Iraqi government to use the most appropriate way to open a direct dialogue with Kuwait, away from delivering messages through the media, pointing out that the heart of Kuwait is open for any dialogue, and reach out to the brothers in Iraq, although the United Nations resolved among many files Border town, and compensation

Expressed amazement official source at the Kuwaiti Foreign Ministry, as mentioned by the official spokesman of the Iraqi Government to Skinner, about the existence of files pending a stumbling block between the two countries, including the file of demarcation.

He favored the source told «premature» that the reference to the issue of demarcation of land borders and maritime understood error, by the carrier to the news of San Skinner, killing some of the media in error handling this issue ended already under Security Council resolution, which is non-negotiable.

He explained that «the meaning of these statements, the question of maintenance of boundary markers between the two countries, and discussed the issue of violation of some Iraqi facilities and farms adjacent to our borders, and demanded that Kuwait earlier eliminated, and deposited their owners in compensations United Nations».

However Source: «What is needed now is action and movement of practical and operational, by the Iraqi side, to remove such installations, farms and dimensions of a few kilometers from the border strip to ensure the safety of the border between the two countries

Translated version of http://www.baghdadtimes.net/Arabic/index.php?sid=31896

Lower demand for the dollar on Thurs

Demand for the dollar was down in the Central Bank of Iraq's (CBI) auction on Thursday, registering at $78.460 million compared to $110.240 million on Wednesday.

"The demand hit $17.460 million in cash and $61.0 million in foreign transfers outside the country, all covered by the bank at a stable exchange rate of 1,184 Iraqi dinars per dollar, same as yesterday," an official source from the bank told Aswat al-Iraq - Voices of Iraq - (VOI).

The 12 banks that participated in the auction offered to sell $4 million, which the bank bought at an exchange rate of 1,182 Iraqi dinars per dollar.

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

Aswat Aliraq

Update......

Kuwait to Ask MPs to Forgive Iraq Debt

Kuwait's government will present a request to parliament in its next session in October to forgive Iraq's multi-billion debt, a local newspaper reported on Thursday, citing a senior source.

The Gulf Arab state has said that it would not allow the repayment of the estimated $15 billion to $16 billion debt to become a burden on Iraq, but only parliament can cancel it.

The Kuwaiti government move came after the United Arab Emirates waived Iraq's debts and Saudi Arabia pledged to do so, daily newspaper Seyassah reported the senior source as saying. The debt represents loans Kuwait made to Baghdad in the Saddam Hussein era, mostly during the 1980-1988 Iraq-Iran war.

Local media on Thursday also carried statements from an Iraqi politician stating that Kuwait could cancel the debt.

"Our brothers in Kuwait told us that they are not demanding any debt and that there is no need to discuss this issue," the head of the Iraqi parliamentary foreign relations committee Humam Hamoudi was quoted as saying by Al-Qabas newspaper.

"But the officials in the Iraqi government want to settle all the debt."

Several Kuwaiti deputies oppose debt forgiveness as many in Kuwait are still bitter about Saddam's 1990 invasion of their country.

The United States has, since invading Iraq in 2003 and toppling Saddam, been pressing its Arab allies to forgive Iraq's debts and restore top-level diplomatic ties.

The United Arab Emirates waived all of Iraq's almost $7 billion debt to the UAE last month.

Saudi Arabia pledged last year to cancel 80 percent of more than $15 billion in Iraqi debt but has yet to do so. A senior Saudi official said in May the kingdom may rescind the entire debt.

PUKmedia :: English - Kuwait to Ask MPs to Forgive Iraq Debt

Iraq's Sadr Suspends Militia Activity Indefinitely

Iraqi Shiite radical leader Moqtada al-Sadr said on Thursday that he has suspended indefinitely the activity of the Mahdi Army, his feared 60,000 strong militia.

"The Mahdi Army suspension will be valid indefinitely and anyone who does not follow this order will not be considered a member of this group," a statement issued by Sadr said.

PUKmedia :: English - Iraq's Sadr Suspends Militia Activity Indefinitely

Iraq to put Saddam’s train back in service

Iraqi railway officials announced that the personal luxury train of former President Saddam Hussein will return to service soon. Abu Samir from the facilities’ security protection unit said the train was used by former regime senior officials while the government will put it back in service to the public soon. Starting next month, the 23-carriage train will carry passengers from Baghdad to the southern city of Basra.

The former president used the French-built train only once, in the late 1970s. Since then it has been kept in a secret place in Baghdad and was protected from looting following the US invasion to Iraq in 2003.
Railway spokesman Karim Al Tamimi said the train was recently moved to Baghdad's main train station.

Iraq to put Saddam?s train back in service | Iraq News | Alsumaria Iraqi Satellite TV Network

Iraqi Parliament to open office in Provinces

Today a delegation from the Iraqi Council of Representatives (Iraqi parliament) met with the Sulaimani governor Dana Ahmad Majid in his office.

The delegates announced the decision for opening office of the Iraqi council of representatives in all the provinces.

“The offices are tasked with addressing the pending problems between the Iraqi ministries and the provincial authorities,” Nawzad Saleh Rafhat, a lawmaker in the Iraqi council of representatives from Kurdistan Alliance Bloc, said.

The Sulaimani governor demanded that issues of shortage of medical supplies and sending expired food and medicine by the Iraqi related ministries to Sulaimani be discussed.

PUKmedia :: English - Iraqi parliament to open office in provinces

Maliki are technical changes to the success of negotiations "Sufa"

Opens next week in the intensive talks between the two Iraqi and American Convention on the security negotiations between Baghdad and Washington after Prime Minister Nouri al-Maliki set of changes and actions to find quick solutions to outstanding points between the two sides.

Al-Maliki announced yesterday following the meeting of the ****utive Board (3 +1) that the American negotiator on the "Sufa" promised to submit a new version of the Convention within a week. Explains observers that the prime minister aims through their moves to find a formula acceptable to the Convention to meet the aspirations of Iraqis and the reservation of sovereignty and national interests. The prime minister acknowledged the existence of positive steps have been achieved in the negotiations the parties, but said at the same time: that some of the vocabulary and the details have not yet been resolved circulation with Vice President Dr. Adel Abdel Mahdi and Tariq Hashimi, expressing the hope that there will be "flexible and responsive Of the parties to reach an agreement that we can adopt and approved by the parliament.

"The issues of" immunity granted to "foreign forces and the withdrawal of a comprehensive rescheduling of the U.S. Army from the country, in addition to the issue of Iraqi detainees at the forefront of axes about which there is debate. A government spokesman Dr. Ali Skinner that "Security Agreement will not be long term but temporary and limited to a period of three years." Skinner said that the objective of the convention organizing the temporary presence and the mechanism for withdrawal of U.S. forces from Iraq complete its withdrawal by the end of the year 2011 ", noting that the vision of Iraq" Iraq's commitment to ensure that things might not Wish to continue in the long run.

"Maliki and President yesterday, the Iraqi delegation negotiator, since the new team consisted of national security adviser Muwaffaq Al-Rubaie Dr. government political adviser, Sadiq passengers and Director of the Office of the Prime Minister Tarek Najm. His deputy, Mahmoud Othman, the Kurdish Alliance in a press statement : The delegation previously frozen al-Maliki and other officials of the Chamber is close to the government.

Translated version of http://www.alsabaah.com/

Iraqi PM changes team negotiating U.S. troops Pact

Iraq's Prime Minister Nuri al-Maliki has reshuffled a negotiating team seeking to finalize an agreement on the future presence of U.S. troops here, a senior Iraqi politician said on Thursday.

U.S. and Iraqi officials have been locked in discussions over the security pact, which will provide a legal basis for U.S. troops to remain in Iraq after a United Nations mandate expires at the end of this year.

Maliki has replaced officials on the negotiating team, which had been headed by deputy Foreign Minister Mohammad al-Haj Hamoud, said Mahmoud Othman, a senior member of the Kurdish bloc in parliament.

The new team is headed by national security advisor Mowaffaq al-Rubaie, Othman said. He described the move as a "normal" step that would allow more senior officials to make decisions.

"There was a technical delegation which has done its part in the negotiations and achieved results," Othman said.

U.S. and Iraq technical negotiators have completed a draft agreement, which must be approved by Iraqi leaders and by parliament. Negotiations with U.S. officials also continue.

Washington has long refused to be held to an arbitrary timeline for leaving Iraq, but it appears to have softened its objections as violence drops dramatically in Iraq and the Maliki government becomes increasingly assertive in security talks.

Maliki said earlier in the week that both sides had agreed that the approximately 144,000 U.S. troops stationed in Iraq would be required to leave the country by the end of 2011.

Iraq has also said it would like a future deal to end routine U.S. patrols of Iraqi cities and towns by mid-2009.

PUKmedia :: English - Iraqi PM changes team negotiating U.S. troops pact

Update......

Iraq reaches oil accord with China, as West lags

Iraq and China have agreed on the terms of a $3 billion oil service contract, the Iraqi oil minister said Wednesday, announcing his country's first major oil contract with a foreign company since the fall of Saddam Hussein.

The oil minister, Hussain al-Shahristani, warned that time was running out for big Western oil companies, which have pressed for years for Iraqi contracts, to seal even short-term deals that had been expected to mark their return to Iraq, which has the world's third-largest oil reserves after Saudi Arabia and Iran.

Iraq and the Chinese state-run oil company, CNPC, have agreed on the renegotiated terms of a deal signed in 1997 to pump oil from the Ahdab oil field, Shahristani said. CNPC is the biggest oil and gas company in Asia.

''Finally we have reached an agreement,'' Shahristani said. ''The total investment of the project is expected to be about $3 billion.''

Iraq has toughened the terms, changing the contract to a set-fee service from the production-sharing agreement signed under Saddam.

Iraq needs billions of dollars of investment in its energy sector after years of war and sanctions. With high oil prices and strong competition for access to some of the world's cheapest oil to produce, Iraq has been negotiating from a position of strength.

Under the revised contract, Ahdab will produce 110,000 barrels per day, up from the previous target of 90,000 barrels per day, Shahristani said. The first output would come in three years, and the field should pump for 20 years.

CNPC would own 75 percent of a joint venture to be set up for the contract and Northern Oil of Iraq would own 25 percent, Shahristani said. The value of the contract would be reviewed every quarter, he said.

The agreement is pending final approval by both governments.
The probability of a series of short-term service contracts with oil majors was dropping after delays in signing, although negotiations are continuing, Shahristani said.

Iraq wanted six contracts to increase oil output by 100,000 barrels per day, each to be signed in June and put into effect within a year.

The firms that have been negotiating deals are Royal Dutch Shell; Shell in partnership with BHP Billiton; Exxon Mobil; Chevron with Total. A smaller consortium of Anadarko, Vitol and Dome had negotiated for another deal but Anadarko dropped out this month.

Iraq still hopes to increase production by 500,000 barrels per day by the mid-2009, Shahristani said. ''We are working at increasing our production, hopefully by another 500,000 bpd, by the middle of next year,'' he added.

Iraq pumped around 2.4 million barrels per day in July, according to a Reuters survey.

A long-delayed draft oil law to set the framework for foreign investment was unlikely to be approved in parliament in the near-future, Shahristani said.

''Different parliamentary blocs still have serious differences about the law,'' he said. ''I have not heard anything new from the parliament to make me expect that the law will be passed any time soon.''

But Iraq was going ahead with new deals anyway under existing legislation, he said.

Disputes with the regional government in Kurdistan have hobbled the progress of the law. There had been no progress in resolving differences between Baghdad and the Kurdish regional government, Shahristani said.

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Abdel Mahdi: Elections of Provinces’ Councils will be carried out this year

Abdel Mahdi: Elections of provinces’ councils will be carried out this year

“The elections of the provinces’ councils will be done this year”, Adel Abdel Mahdi, the Iraqi Vice President said in his speech on the occasion of inaugurating the Imam Ali Bridge in Kufa yesterday.

“The Council of the Representatives will pass the law and the elections will be carried out before the end of this year. We have no other choice”,he added.

PUKmedia :: English - Abdel Mahdi: Elections of provinces’ councils will be carried out this year

Turkey-Iraq trade volume expected to reach $10 bln: Minister
Turkish State Minister Kursad Tuzmen said In the first six months of 2008, the trade volume between Turkey and Iraq increased by 50 percent when compared to the same term last year."

Turkish State Minister Kursad Tuzmen said Friday Turkey would reach a trade volume of 10 billion USD with Iraq by the year 2010.

Tuzmen received the Iraqi Planning Minister Ali Baban and an accompanying delegation in Ankara.

Speaking at his meeting with the Iraqi delegation, Tuzmen stressed that "the trade volume between Turkey and Iraq increased rapidly in the recent past."

"The trade volume between Turkey and Iraq was worth 3.5 billion USD in 2007. In the first six months of 2008, the trade volume between Turkey and Iraq increased by 50 percent when compared to the same term last year," Tuzmen noted.

Transient business between Turkey and Iraq was worth 1.5 billion USD last year, Tuzmen said.

Turkish contractors were involved in projects worth 4 billion USD after the war in Iraq, Tuzmen said. "These Turkish contractors assumed 400 projects in Iraq. In the past two years, there has been a significant decline in the number of projects assumed by Turkish contractors in Iraq," Tuzmen underscored.

The decline in the number of projects assumed by Turkish contractors in Iraq is mainly due to the slow progress payment, Tuzmen said.

Tuzmen presented a list of Turkish companies exporting petroleum products to Iraq and waiting for payments to the Iraqi Minister Baban and asked for Baban's assistance for timely payment.

Tuzmen invited Baban to the first International Logistics Conference to be held in southern province of Mersin between October 14th and 15th.

As the Iraqi government, we look at Turkey as a brotherly country, Baban stressed.

Relations between Turkey and Iraq are not merely developing in commerce but all other areas as well, Baban said.

Turkey is an important strategic and commercial partner of Iraq, Baban said.

We are working on developing ties with Turkey, Baban said.

Turkey has always been on the side of Iraq and all Iraqis even in difficult times, Baban noted.

"We can reach a trade volume of 10 billion USD with Turkey in the upcoming term," Baban said.

"There are some difficulties and small obstacles. If we can overcome these difficulties, Turkey and Iraq can reach a trade volume of 10 billion USD," Baban added.

PUKmedia :: English - Turkey-Iraq trade volume expected to reach $10 bln: Minister

Investing begins when ..?

Continues to invest in Iraq is very slow notes indicators investment finds evidence many, even now, despite the issuance of the Investment Law No. 13 of hope in 2006 was good in this, and then formed an investment to play a regulatory role for his movement in all parts of Iraq, but what we found after two years Of approval to prepare 20% of our ambition, then we are now facing a real crisis in attracting investment strategy for the country.

But the real need now to build an effective investment strategy as we enter the fourth quarter in 2008, through the Investment Authority as follows: surveys of existing projects in both Iraq and state-owned, eight us a real need after a survey to determine levels of action in each project and its usefulness to society , And then we start talking about the ownership of each project and a Ministry for possession of the project file, whether laboratories or factories or companies .. Etc. of nomenclature

It is then we will decide the real need for investments necessary in the interim be Alaoluihalan infrastructure and production projects of strategic materials for example, obesity, and hence private enterprise services that would concentrate on projects that preceded it (brown greeting), and these lines will continue to work and steps to successful investment.

What we want to say that we are through to the wheel of anybody invest in Iraq, that Iraq is a real need for local capital investment in order to give confidence to foreign investors that the country folks working a partner coming to them to work in Iraq as well.

The need for us to recall the need to work with single-window, in the coming days publish a report issued by the World Bank in 2008, Iraq came in ranked 141 out of 178 countries in facilitating business and proof of this abhorrent bureaucracy endured by businessmen, and the quantity that Malaysia be given within 24 hours To the foreign investor work permit and consider its project within 45 days, then we are still so far lack the marketing department of investment projects, which lacks a mechanism Iraq. Iraq, included a number of exhibitions and conferences that have not been of the Iraqi economy very little.

Is it not incumbent upon the investment decision-makers in Iraq that Eetmanoa these points that we presented, and ponder it in order to support investment decisions, and progress forward.

Translated version of http://www.almadapaper.com/paper.php?source=akbar&page=107

Iraq participates in meetings of the Arab economic

Council discussed the Arab Economic and Social Council at its usual the 82 applications submitted by Iraq with a request to cancel the debt implications for the calculation of Arab States and Iraq participated in the session of the Council held a ministerial-level Arab League headquarters in Cairo, an official delegation led by Dr. Abdul farmer Sudanese Trade Minister who confirmed the existence of a request Iraqi debt cancellation Arab implications. He added that the Council's agenda included many issues and topics related to Arab affairs in addition to discussing preparations for the meetings of the Arab Economic Summit being held in Kuwait in January next year.

He said Assistant Secretary-General of the Arab League for Economic Affairs Ambassador Mohammed Bin Ibrahim Tuwaijri told reporters that the agenda of the session as well as to ensure the item on view at Iraq's request to cancel the debt of the Arab states to calculate the key themes relating to the preparation for the first summit of Arab economic and social development, which will be held in Kuwait In January next will be discussing programs and mechanisms to promote and activate the comprehensive development strategies.

Tuwaijri added that the second theme deals with the Arab free trade zone which is the centre of a permanent work of the Economic and Social Council because there is a special focus in this session to address non-tariff items include the quantity of items and cash, technical and administrative imposed on the product imported from the Arab-Arab and Arab-origin and enjoy it As a follow-up implementation of the decisions of Arab summits in this regard.

Translated version of http://www.almadapaper.com/paper.php?source=akbar&page=107

Swedish : Unlikely to achieve unity of cash Gulf by 2010
UAE Central Bank Governor: the high value of the dollar strengthens the logic of linking the currency

Dubai:<<Middle East>>
The Governor of the United Arab Emirates Central yesterday, it is unlikely to achieve the Gulf Arab oil producers, monetary unit in full by the due date for that in 2010, but the recovery of the dollar gives greater justification for holding on tying their currencies. And approved the Governor Sultan Nasser Swede, who is facing his countries with four other Gulf of the monetary unit, the existence of challenges to be overcome before the completion of the plan protracted.

Reuters quoted the swede as saying during a conference of the companies in the commercial centre of Dubai, UAE, the monetary unit will be in stages and last of these stages will be difficult. He added that if the two phases of the three stages towards currency union by 2010 would be sufficient. The last phase requires the application of similar laws in all the GCC states. In July (July) Hamad Al-Sayari said the Governor of the Saudi Arabain Monetary Agency (central bank) that the GCC countries will develop a timetable <<possible>> to put a unified currency, following a review of the 2010 target. At that time also said Rashid Mi'raaj Governor of Central Bank of Bahrain, it is unlikely that the five countries to set a new deadline of the unit this year, but added that the committment deadline would be difficult. Kuwait severed one of the six Gulf Cooperation Council, the currency's peg to the dollar, which was scheduled to continue until the currency union. The Sultanate of Oman in 2006 that it would not join the single currency. He said that the Swedish currency gains in the U.S. recently, justifying greater policy Emirates to maintain the currency link to the dollar. The dollar payment association of central banks of the Gulf following the example of seven cuts in in interest rates in the U.S. last year, which fuelled inflation, which rose to record levels. He called on economists and groups of disengagement of dollar and linked currencies of the Gulf of different basket of currencies as it did Kuwait.

Translated version of http://www.asharqalawsat.com/

Quote:

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Originally Posted by Seaview

Abdel Mahdi: Elections of Provinces’ Councils will be carried out this year

Abdel Mahdi: Elections of provinces’ councils will be carried out this year

“The elections of the provinces’ councils will be done this year”, Adel Abdel Mahdi, the Iraqi Vice President said in his speech on the occasion of inaugurating the Imam Ali Bridge in Kufa yesterday.

“The Council of the Representatives will pass the law and the elections will be carried out before the end of this year. We have no other choice”,he added.

PUKmedia :: English - Abdel Mahdi: Elections of provinces’ councils will be carried out this year

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Hmmm - both articles released today. Bit of a contradiction in terms...:nono:

Haideri: the holding of elections during the current year has become impossible

The Chairman of the Higher Commission of Elections Faraj Al-Haideri that delaying ratification of the draft electoral law introduced UNHCR in a major crisis, and to hold elections during the current year is impossible. The Al-Haideri told a press publication of today, Friday, that elections can not be provincial assemblies before February 2009, referring to the sudden appearance versus the religious currents of a prominent liberal currents. He called the House of Representatives to expedite the passing of the bill to ensure held during January or February than in 2009, explaining that the delay adoption of the law may lead to delayed further. He said that the change occurred through the demand for registration centres in the provinces spots such as Mosul and Anbar, Diyala, in return for a qualitative change reveal the emergence of political entities that have been ratified and confirmed by the apparent decline of religious entities against the emergence of a prominent Alllberalih currents.

http://translate.google.co.uk/transl...hl=en&ie=UTF-8

Translated version of http://almalafpress.net/index.php?m=39

Kurdistan Stock Exchange to be inaugurated soon

Kurdistan Region stock exchange market will be 'soon' :ro_emote:inaugurated in Arbil. Kurdistan Stock exchange will supported by that of Baghdad and it would work directly with world markets.

Kurdistan Stock Exchange to be inaugurated soon | Economics News | Alsumaria Iraqi Satellite TV Network

Al-Maliki says the negotiating team to sign a security agreement and appoint negotiators from his office and his advisers

Adopted Iraqi Prime Minister Nuri al-Maliki decided to change the delegation that was negotiating with the Americans to sign a long-term security agreement between Washington and Baghdad, and assigned to his national security adviser Muwaffaq Al-Rubaie.

The decision came a day after al-Maliki meeting of the ****utive Council, which includes in addition to President Jalal Talabani and his two deputies Tariq Hashimi and Adil Abdamahdi, in the absence of Talabani, who deals in the United States. The conferees issued a statement confirmed the task of making recommendations to support the Iraqi negotiator.

A source close to Maliki, told students not to Nscherasmh «life» that «the Prime Minister decided to change the negotiating team with Washington and supervised by the Ministry of Foreign Affairs, the delegation comprises members from another Cabinet Office headed by Al-Rubaie», adding that «technical reasons and other logistics required to take This decision ».

He pointed out that «previous delegation was performing well during the first days of negotiations, and was very enthusiastic to sign a negotiated agreement based on legal and constitutional accepted, but his task was fraught with many difficulties, among them that putting any point to negotiate with the U.S. delegation was called back to Political Council for National Security after each round of negotiations almost ».

The Acharali that «delegation was willing to sign the agreement on schedule. This was contrary to the demand of government and a number of political blocs which it wants more time and careful, even if it had not been finalized an agreement by the end of this year ».

The delegation headed negotiator, who replaced al-Maliki and Foreign Ministry Undersecretary Mohammed al-Haj Hammoud, and most of its members from the Legal Department in the ministry, supervised by Deputy Prime Minister Barham Saleh. The delegation began negotiating under a Declaration of Principles signed between U.S. President George W. Bush and Maliki in February (February) with the last American delegation headed by Ambassador Ryan Crocker in Baghdad.

The source revealed that «Iraqi delegation comprises all of the new National Security Advisor Muwaffaq Al-Rubaie and political adviser to Prime Minister Sadiq Rikabi, as well as a number of legal advisers in the prime minister to», pointing out that «the negotiations stopped for a brief period after the Iraqi delegation handed the American draft contains points Hamra Can not be overcome until reply ».

The issue of immunity claimed by the American side of its soldiers in Iraq, and the absence of a unified vision on both sides to the timetable for troop withdrawal, despite the agreement to include in the agreement, the most contentious points which are also obstacles to the completion of the agreement.

There were at varying periods of negotiations between Baghdad and Washington doubts expressed by a number of Iraqi officials for a lack of coordination between the delegation and the government because of discrepancies in statements between the two sides, while the statements of Foreign Minister Hoshyar Zebari (Kurd) optimistic and hasty in signing the agreement The government denies this and refers to Obstacles.

He favored the existing member Iraqi MP Adnan Aldenbos, a member of the Political Council for National Security to be «Kurdish rush behind the replacement of the Iraqi delegation negotiator», adding that «the meetings held by the Political Council for National Security witnessed a large Kurdish desire to pass the agreement in a matter of urgency and this has been denied most Political and parliamentary blocs ».

Translated version of http://www.sotaliraq.com/iraqnews.php?id=25185

Relations sour between Kurds and central government

Prime Minister Nouri al-Maliki has asked Kurdish militias known locally as peshmerqa to evacuate areas south of the “green line” demarcating the autonomous Kurdish enclave in northern Iraq.

Maliki has went as far as sending Iraqi troops to flush out the Kurdish militias from villages, towns and cities officially not part of the Kurdish region.

Iraqi troops have reportedly spread their control in the string of towns and villages in the restive Province of Diyala which the Kurds claimed as their.

Kurdish self-rule areas include the provinces of Arbil, Sulaimaniya and Dahouk but the Kurds have sent in their militias to the oil-rich city of Kirkuk and scores of villages and towns in the provinces of Mosul and Diyala.

Maliki’s move has brought almost all Arab political factions, whether Sunni or Shiite together, demanding stringent measures to curtail Kurdish ambitions.

Shiite cleric Moqtada al-Sadr, whose militia known as Mahdi Army fought both U.S. troops and Iraqi forces, has likewise thrown his weight behind Maliki.

In his latest Friday sermon, read for him by a representative in Baghdad, Sadr urged the government to hoist “the Iraqi flag in predominantly Kurdish areas” outside the Kurdish autonomous zone.

The Kurds see the move as “muscle twisting” by Maliki.

Kurdish politicians including Massoud Barzani, head of the Kurdish autonomous region, have protested the move by the Iraqi army against Kurdish areas in Diyala.

But the central government seems determined to spread its control over these areas and says troops will be deployed everywhere outside the Kurdish self-rule region.

Maliki is also reported to have even questioned budgetary allocations to Kurds which amount to 17% of the country oil revenues.

The government says the Kurds should not get more than 14% of the budget in proportion to the number of people in their areas.

http://www.azzaman.com/english/index.asp?fname=news\2008-08-30\kurd.htm