Thread: Latest News - Iraqi Dinar Think Tank - Discussion

Proposals to activate the role of the private banking sector in supporting economic development programs

Continue to Iraqi private banks seeking to implement the decision of the Central Bank to raise their capital to 250 billion dinars, and in three stages until 2013 in order to respond to the requirements of reconstruction and construction and investment.

The executive director of the Association of Iraqi private banks and the agency high-Nasser said 26 banks managed to raise their capital to 100 billion dinars mismatch exceed this figure as a first stage and there are 6-8 banks are trying to post and integration to achieve the goal. In answering the question: economic (morning) on the effects of this increase on the development, said Nasser: that this increase imposed may have influenced negatively on deposits where the moved the case to withdraw deposits for the purpose of purchasing shares and this, of course, a negative impact.

He said there needs to be a government banks provided the private banking sector by reducing the monopoly of trading bank. He noted that the Association asked the Ministry of Finance to intervene to lift the restrictions on handling the ministries with the private banks so that they can play a bigger role in the the development process. He noted that there are Arab banks and foreign've got to leave the practice in Iraq of many banking services, although the capital of one of them does not exceed $ 7 million, especially letters of guarantee as to refrain ministries and departments to take advantage of this service from private banks.

He that there are branches of the third-largest banks, Lebanon 3 of them in Erbil and 4 in Baghdad, in addition to 3 banks Turkish in Erbil and one bank in Baghdad and there are banks that two Iranians, one in Baghdad and in Basra. and on the question about the importance of these banks in the creation of competition, said Nasir: Yes, for this banks importance in supporting investment in the country, but required the lifting of restrictions on the opposition Iraqi Special to enable them to compete. and made ​​four proposals to support the private banking sector in the forefront of a special law for Islamic Banks to the practice of business investment and profit-sharing and other activities.

He also called for amending Article 28 of the Banking Act of and allowing banks to trade openness on investment higher than determined by the central bank approvals private as well as the division of some government departments and the distribution of their deposits in private banks, according to what was the decision of the Economic Commission after obtaining the approval of the Central Bank on the performance of banks that can deal with it. concluded Nasser his proposal to establish a company to guarantee bank deposits for the activation of the citizen's confidence in dealing with private banks in particular, and it's response to the decision of the central increase their capital ..

http://www.iraqdirectory.com/Display....aspx?id=16445

41 bidders for Iraqi energy fourth round
Iraq has qualified 41 companies to participate in its fourth energy bidding round, which is scheduled to take place in late January

Iraq has qualified 41 companies to participate in its fourth energy bidding round, which is scheduled to take place in late January, Abdul Mahdy Al Ameedi, director of the oil ministry's contracts and licensing directorate, said yesterday. The bidding round for 12 new exploration blocs is expected to add 29 trillion cubic feet of gas and 10 billion barrels of oil to Iraqi reserves from the auction. "We eventually qualified 41 companies," Al Ameedi said. Al Ameedi said the next step would be inviting the 41 companies to a roadshow on September 11 in Amman, Jordan and presenting a data package with initial tender protocol to companies on September 12. The announcement may lead to a clash with an Iraqi parliament energy panel chief who said in May he wanted the bidding delayed until lawmakers approve a long-delayed new hydrocarbons law. Opec member Iraq has already signed a series of deals with oil majors to develop its largest oil-fields and is seeking to boost its production as the country pulls back from years of war and economic sanctions.

Maize Products

National Co for Maize Products, an Egyptian sweetener producer, said its six-month profit declined 28 per cent. Net income for the period that ended June 30 was 30.7 million Egyptian pounds (Dh18.95 million) compared with 42.7 million pounds a year-earlier, the Cairo-based company said in a filing to the Egyptian bourse yesterday.

Kingdom Holding

Kingdom Holding Co, controlled by Saudi billionaire Prince Al Waleed Bin Talal, said it will use a mix of bank financing, cash and revenue from the project to build the world's tallest tower in Jeddah. The Kingdom Tower will be build in three phases and there will be an equity capital of 1.5 billion riyals (Dh1.47 billion), the company said. Kingdom Holding last week hired Saudi's Binladin Group to construct the building that will replace Dubai's Burj Khalifa as the world's tallest tower.

Maximus Air Cargo

Maximus Air Cargo, the UAE's largest dedicated all cargo aircraft operator, reports that July saw a record operational month for the Airbus A300-600RF, operated under an Aircraft, Crew, Maintenance and Insurance agreement by Etihad Crystal Cargo. The aircraft, operated by the award-winning carrier since June 2009, reached an unprecedented level of 638 hours during July. This represented a 14 per cent increase over other months, primarily due to the airline increasing its charter requirement and the aircraft flying to new destinations such as Vienna, Damascus, Baghdad and Khartoum.

Air Arabia

Air Arabia, the Middle East and North Africa's leading low-cost carrier, has signed a strategic partnership agreement with Al Ansari Exchange, the UAE's largest network exchange house that provides worldwide remittance and foreign exchange services. Under the terms of the partnership, Air Arabia customers can now pay for their tickets through any of the over 100 Al Ansari Exchange branches across the UAE.

Capital Management

Capital Management House, the Bahrain-based investment bank, yesterday announced that it has made the second distribution of dividends to GCC investors of its aircraft leasing investment fund for the period ending June 30. Dividends for investors in the fund, which include a number of high net worth individuals, family offices and institutions from across the region, are paid on a quarterly basis and have been calculated at 10 per cent per annum.

Majid Al Futtaim

Majid Al Futtaim Properties, a developer and operator of shopping malls together with hotels and mixed-use community projects in the Mena region, announced that it has commenced works on the first phase of Khams Shamat, its 1.5 million square metres mixed-use project in Syria. The project, which is being developed in the Yaafour district, 17 km west of Damascus, will be developed through multiple phases with an estimated cost exceeding $1 billion (Dh3.67 billion).

http://gulfnews.com/business/markets...round-1.848505

Dr. Ahmad Chalabi accuses oil ministry to change some of the licensing contracts, oil secret

Accused the MP for the National Alliance, Ahmed Chalabi, Sunday, the Iraqi Oil Ministry to re-write some oil contracts in the licensing round in secret, noting that the new contract is required Iraq to pay a percentage of the money to the company BP for every barrel of oil even in the case of obstructed production.

Chalabi said at a press conference held today in the newspaper term in Baghdad that "The oil ministry has changed the Rumaila Contract with BP in confidence has not been presented to the parliament," adding that "the new contract is required Iraq to pay money to the company even if the production in the field."

He said Chalabi, "the contract is concluded by the Ministry of Oil with Berth Petrleom to develop Rumaila oil within the first licensing round was a contract of service was not a post," noting that "the contract gives the company a sum of money on each additional barrel is produced by the company."

The Chalabi that "the new contract would be worse terms of Iraq and will return control of the foreign parties on the part of Iraq's oil production, especially that Rumaila represents 40 percent of Iraq's oil, in addition to the new contract will affect OPEC and Iraq's role in the organization."

And highlighted the Observer newspaper at the end of June, charges against the company British Petroleum "BP" oil the British control of the Iraqi economy and to control it after it agreed the Baghdad government to continue to pay for the company even in the case of non-oil production field Rumaila, as revealed confidential documents , and describes the paper that the agreement of President of the company in the largest oil fields in Iraq was re-drafted again so that you get PB compensation immediately in the event of civil disruption, or the issuance of government decisions to cut production.

The Iraqi Oil Ministry signed a contract in the third from last November with a coalition of companies (BP) British, the Chinese National Development Rumaila oil, has also signed a contract initially on 29 October last with Exxon Mobil and Shell Group, the British-Dutch develop the West Qurna field , also signed in the second of November last initial oil contract with another international consortium led by Italy's Eni to develop the Zubair field, and competed for a major international energy companies within the first licensing round in July 2009.

http://www.shatnews.com/index.php?sh...rticle&id=1155

Kurdistan Alliance: we will vote to complete the purchase of F16 aircraft from the United States

said Xuan Mohammad, a member of the security and defense committee in the Iraqi Council of Representatives for the Kurdistan Alliance List, told the site "Khandan" support the Kurdistan Alliance to purchase the Iraqi government to aircraft (F16) of the United States within the Government's program to strengthen the capacity of Iraqi military forces, especially Air Force, which suffers a shortage of fighter aircraft.

He said a member of the security and defense committee representative that mid-August to witness the arrival of Old American side on the offer letter for a deal to buy aircraft, noting that the deputy of the Kurdistan Alliance will vote on a deal to buy aircraft in the event displayed within the Iraqi Council of Representatives because of its importance in strengthening the Iraqi air force.

http://xendan.org/arabic/drejaA.aspx...ara=1908&Jor=2

Contract signed with Chinese Co. to assemble cars

Iraq’s state-owned General Company for Cars Manufacturing in Iskandariya city, belonging to the Ministry of Industry & Minerals, has signed a contract with the Chinese Proton Company, to assemble and market 1,000 cars annually, along with signing a contract with the Teachers Syndicate to supply teachers with 50,000 saloon cars, on an installment basis.

“Our Company has signed a contract with the Chinese Proton Company, for the assembly and marketing inside Iraq of 1,000 cars of different sizes annually,” Director-General of the Cars Manufacturing Company, Adnan Ahmed Razin told Aswat al-Iraq news agency, estimating the value of the contract to exceed 18 billion (b) Iraqi dinars.

“The cars, to be assembled inside Iraq, will include two models. It will include 15-passenger buses, with modern specifications, along with small double-compartment pickups, that shall satisfy the need of the local Iraqi market for such cars,” Razin said.

“The Company has also signed a 3-year contract with the Iraqi Teachers Syndicate, to supply teachers with 50,000 saloon Sherry cars, on installment basis,” Razin said.

Noteworthy is that a Ministry statement had announced that “the Company’s sales of saloon cars, produced in its plants during the 2nd quarter of this year had reached 15,142 saloons and pickups, for a total price that exceeded 7 billion (b) Iraqi dinars.

http://en.aswataliraq.info/Default1....&id=144162&l=1

Iraqi Finance: budget in 2012 will be free from the fiscal deficit

The Ministry of Finance of Iraq federal, Sunday, announced that it will file the budget in 2012 to the Council of Ministers in September next and are free of the fiscal deficit.

The agent said the ministry Zia Khyoun for "Kurdistan News", the Ministry of Finance began to prepare the budget in 2012 and which will to the prime minister in September next for approval and sent to the House of Representatives for a vote.

He added that the total amount of the budget is not clear yet, but he adopted the selling price of crude oil on the basis of $ 85 per barrel and exports 2.2 million barrels per day of crude oil.

He explained that the Ministry of financial mechanisms in place to address the budget deficit in 2012 and which will arise from it fully due to the adoption of the ministry on the mechanisms to prevent expansion of the fiscal deficit.

http://ar.radionawa.com/Detail.aspx?id=12762&LinkID=197

Chalabi, al-Shahristani, threatening to sue to launch charges (false) against the Ministry of Oil

Deputy Prime Minister for Energy, on Monday, that the status of the two German and Canadian, which contracted with them and the Ministry of Electricity and caused the dismissal of the minister Raad waterfall is illegal, the minister continues to carry out its activities until the decision of the House of Representatives, while threatened to sue the National Alliance, Ahmed Chalabi against the background of what he called the allegations "false" and accused the Ministry of Oil to rewrite contracts for oil licenses.

Hussein al-Shahristani told a press conference held in Baghdad, he found that "the German company bankrupt and there is a court order in Germany liquidation because it went bankrupt in the second month of this year, and the court's decision was issued in the fifth month but signed a contract with the Ministry of Electricity," noting that "After signing the contract I went and registered a second company on behalf of the company bankrupt."

Shahristani said that "the Canadian company's paper recorded on paper is not an office and staff in a factory and registered by someone Jordanian citizen." between al-Shahristani, the "Minister of Electricity continues in his work until decision to all accounts by the House," explaining that "The prime minister if he wants dismissal of the Minister of Electricity to form an investigative committee first, and then give its recommendations, the request for removal to the House of Representatives accompanied by the reasons, if not convinced of it."

And denied al-Shahristani is launched by the National Alliance, Ahmad Chalabi of the charges for the oil ministry to re-write some oil contracts in the licensing round in a "confidential", accusing the latter to "the pursuit of political goals" and described as "cheap." He called al-Shahristani, who served as oil minister in the previous government, Chalabi is to "highlight the evidence for his accusations" and threatened him by prosecuting him legally on "false allegations to discredit him for political purposes."

The Conference of the al-Shahristani, after hours of statements made ​​by the member of the Iraqi Haider Mulla 'Alsumaria News' revealed in the contracts of electricity raised the media carried the addition to the signature of the Minister of Electricity signatures of the Prime Minister and Vice President for Energy, Hussein al-Shahristani. The Deputy Prime Minister for Energy, Hussain al-Shahristani, on Sunday, the seventh of the current month of August, for ordering the arrest and cancel its contract with two foreign companies, the Ministry of Electricity has contracted with to install electric generators, adding that he demanded the Ministry of Electricity to bring legal proceedings on the two companies for providing misleading information to fraud.

http://www.alcauther.com/html/module...icle&sid=18828

Kurdistan support the draft law of oil and gas prepared parliamentary

declared the Kurdistan Alliance in the Iraqi Council of Representatives, Tuesday, expressed support for the draft law of oil and gas in Iraq prepared by the Commission on oil and energy, and voted unanimously by the sixteen members, and submitted it to the Presidency of the Council of Representatives.

A member of the Kurdistan Alliance Qassim Mohammed said that "Kurdistan with the draft law of oil and gas, prepared by the relevant committee in the Council and the lifting to the presidency of the Council for discussion, because it is consistent with articles 111 and 112 of the permanent Iraqi constitution, and not have any reservations about it."

He was a member of the Commission on oil and energy parliamentary Farhad Atroshi said in an interview earlier (twilight) that his committee has prepared a draft law of oil and gas instead of the bill, passed by the Council of Ministers earlier, indicating that in the absence of a government bill, the Energy Commission agreed to provide alternative prepared by the House of Representatives for a vote.

He said Mohammed, a member of the Commission on oil and gas that "is expected to be among some parties comments on the project, so there must be a political consensus to pass in the House of Representatives by a majority of votes."

Article 111 of the Constitution of Iraq, which passed on a permanent basis in 2005 that "the oil and gas is the property of all Iraqi people in all the regions and governorates," while Article 112: First: The federal government will administer oil and gas extracted from current fields with the governments of the regions and governorates productive ... and is regulated by law, Second: The federal government and governments of producing regions and provinces together will draw up the necessary strategic policies to develop oil and gas wealth, (...)

The special powers are oil and gas sector one of the outstanding contentious issues between the governments in Baghdad and Erbil, which is still moot between the two sides.

http://www.shafaaq.com/sh2/news/econ...-09-46-39.html

Fund to recover billions of dollars stashed the former regime

initiate the House of Representatives today to discuss the fund for recovery of Iraq's money and his compensation, which aims to recover billions of dollars in contraband.

The MP said Haitham Jubouri, a member of the Legal Committee in the Parliament: "There is money back to Iraq Real Estate and the islands belonged to a bygone and registered fictitious names."

He added Jubouri in a statement the 'morning', that "the law aims to recover the money that fled from Iraq, through the formation of the Fund includes representatives from the ministries of finance and foreign affairs work."

According to a copy of the law seen by the 'morning', the "Funds Target also all the money smuggled abroad and there is a proposal to include the money that fled after 2003, as the law gives financial rewards to pay tribute to both contribute to the recovery of such money or property or the islands or the farmer." In regard to the representative also , is scheduled to add the House of Representatives today and ministers of education and higher education, science and technology to discuss the program and the achievements of their ministries.

According to the source of parliamentary 'morning', the "Today's meeting will see the first reading of draft law on seizure and confiscation of movable and immovable property belonging to the staff of the former regime and filtered, and reading the first draft law on ratification of the Republic of Iraq to the International Convention against the Taking of Hostages."

The source continued: he will also during the meeting the first reading of a draft law revoking the dissolved Revolutionary Command Council No. (196) for the year 1984, and the second reading the draft law to the First Amendment of the Law of the customs tariff number (22) for the year 2010.

The House of Representatives had voted in regular session seventh session, held under the chairmanship of Osama Najafi, President of the Council and attended by 207 deputies on the bill of rights for journalists.

The Speaker announced that the Presidency will hold a meeting with the Commission on Security and Defence and Foreign Relations Committee to discuss the continuation of Iranian shelling of border areas in the province of Kurdistan and the recommendations made ​​by the committee formed by the Council on the bombing of Iran.

and the parliament postponed the first reading of a proposed amnesty law to the meeting next Saturday.

http://www.alsabaah.com/ArticleShow.aspx?ID=11867

Deputy for the Commission of Inquiry on telecom services: Prime Minister Nuri al-Maliki's gloss on the mobile phone companies in arrears in the payment of financial dues

Deputy accused the Commission of Inquiry on telecom services for mobile phone companies in the House of Representatives, Tuesday, Prime Minister Nuri al-Maliki cover for mobile phone companies in arrears in the payment of financial dues, while confirming that it will report in the meeting of the Council of Representatives to be held today.

A member of the Committee Deputy Haider Mulla said in a press statement, "that" Prime Minister Nuri al-Maliki's gloss on the mobile phone companies in arrears in the payment of financial dues, "he said .. noting that "these companies have relationships with the Prime Minister and her ways certain to reach him to take advantage of those relationships and make some decisions in their favor and protection from prosecution and repayment," according to the recipe.

The House voted in its regular-33, which was held in, the 16 of February, to form an investigative committee to look into abuses of mobile phone companies.

Al Mulla said that "the investigative work of the mobile phone companies will read its report in the meeting of the Council of Representatives to be held on Tuesday, to brief representatives of the people on what is being said about these companies, "adding that" reading the report was scheduled in the parliamentary session last but postponed at the request of the Attorney Arif Tayfur To view the report, study."

The Mullah, a spokesman on behalf of the Iraqi List, "The value of each license of those contracts-billion and $ 250 million and was supposed to pay the company half the amount in 2007, in addition to a set of rights and interest and penalties," asserting that "the Council of Ministers issued a decision to allow mobile phone companies to postpone paying dues."

[/FONT]http://www.shatnews.com/index.php?sh...rticle&id=1168