Compilation of today's summaries: Post From KTFA By Aggiedad77
Good Morning Family....here comes the overnight news summaries:
Parliament resumes its sessions today to discuss the budget and vote on a number of laws
Parliament reconvenes today and has on its agenda to read five laws which includes the 2014 Budget....and to also vote on four others today. What does not seem to be included in today's agenda is the Unified Retirement Law...or Pension Law if you will.
There are many complexities to the Unified Retirement Law some of which are tethered in with the 2014 Budget, as NOVA indicated on last night's CC.....so a delay here can be understandable for the Retirement Law to see what happens with the budget.
One of the things to be voted on today will include a committee to monitor the Electoral Commission's work on the elections, as well as a vote on amending the Judicial Organization Law.
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Biden calls for Maliki to expedite the resolution of file Kurdistan oil and support the Awakening
VP Biden is again on the phone with Maliki, urging M to find an agreement with the Kurds on the oil exports.....they also discussed the fighting in Anbar where Biden is now urging M to specifically support the "Awakening clan" in the fight against al Qaeda....this is the same group that the US military fought alongside of in their battles with al Qaeda in Anbar.
The State Dept. has provided some information to the Senate that would allow for ten attack helicopters to be leased to Iraq and later to sell 30 other aircraft to them.
Biden again stressed the US position of working more closely with Anbar tribes and for the government to provide some type of compensation for those killed or injured in the fighting.
Barzani: Proposals Baghdad on oil dispute was nothing new
President Barzani of Kurdistan spoke yesterday in front of the press after meeting with a number of ministers and members of the Kurdish House of Representatives.
He has basically stated that Baghdad is not having anything with the Kurdish demands regarding oil in the budget....that they continue to insist on what Baghdad calls their part of the revenue sales of oil from the region....
Barzani stated however that what the Kurds have drawn up meets the intent of the Kurdish oil and gas law. It seems the Kurds are of the opinion that since they have their own constitution it supersedes Iraqi laws....not sure how that works....
it would seem to me that the Iraqi laws have primacy over any laws of any province or region. Barzani confirmed that Baghdad has threatened to cut off the Kurds share of the budget at some point in time.
Barzani stated that the region will not waive what it sees as its constitutional rights especially when it comes to oil.
State of Law coalition refuses to call a tribal leader to al-Maliki's meeting in Anbar
It would appear that the rebels in Anbar want a meeting with Maliki.....but only if the meeting would be in one of the cities in Anbar....imo.....I smell a rat in the pile here somewhere.....anyways...M is having none of it and has stated he will not negotiate with the rebels.....in this case I can't say as I blame him.
The Iraqi government has a severe way of dealing with those who follow al Qaeda, are sympathetic to them, or hide them in any way.....death by hanging.....the problem that I foresee, is that of trying to determine who is siding with al Qaeda and who isn't....maybe they have ways of determining this.....
I believe that M is working with and dealing with those known tribes who show allegiance to the local government and police forces.
High Nassif calls on the government overture to Syria to get the documents that prove the involvement of Iraqi politicians supporting terrorism
Iraq's MP Nassif is calling on Syria to provide photo and video documentation of Iraqi politicians that Syria is claiming are supporting terrorism. Given Iraq's current severe penalties for terrorism or supporting terrorism this could turn evil...IMO. This will bear further watching to see where it goes.
Parliament: the petro-dollar cut 6% of the budget and there are 3 scenarios to get out of its crisis
The committees in Parliament that are looking at the budget have arrived at three scenarios as a way out of the budget crisis...the first is to raise the budgeted price of oil to something more than $90....
the second is to increase oil production to something more than 3 million barrels per day....and the third I believe is saying make transfers of money between the operational budget and the investment budget....
in other words reduce the investment budget by an amount that would take care of the operational budget.....as was mentioned yesterday....this is not good for long-term economic growth.
Then you have the issue of the budget deficit....23 trillion dinar.....how to plug that hole.....and yes....there was a mention of "April" in this article....imo...that simply points out that the Parliament will be meeting until then.
They talk about the issuance of bonds to cover the budget deficit....and I have to wonder if this is some of what NOVA was talking about last night.....are these the bonds that would be issued by the government once the budget is passed.....hmmmm.
Osman: differences between Baghdad and Erbil will continue .. Article 140 and file hold more
It seems to be an expectation that Article 140 will have more information in it once the approval is made for the projected provinces. So we still seem to be facing oil issues with the Kurds.....issues with the Peshmerga....
I'm assuming Maliki's request they become part of the Iraqi Army....which IMO won't happen.....and a few other "administrative issues".....today may be telling on where things go from here.
Kurdistan Alliance: do not object to the formation of the National Council of oil wealth
The Kurds have announced they do not mind the formation of a National Council on distributing oil wealth....that is a surprise.
I'm sorry this bit of overnight news summaries are late getting out this morning.
Hello again Family.....here are the morning news summaries....enjoy:
Check local banks grew by more than 15% during 2013
The Iraqi banking industry saw a good growth in 2013 of 15%.....this included good growth in deposits to the banks allowing the banks to be supportive of projects and business development.
Parliament will vote on a single law and to raise its next Thursday
Parliament decided to wait until Thursday for the first reading of the budget....there are 134 deputies missing today from the House....seems they lacked a quorum.
General Secretariat of the Council of Ministers to respond to a request for allocation ($ 5) for every barrel of oil product
So the General Secretariat has spoken and the $5/barrel of oil exported from each province will be paid in full. That seemed easy enough to make happen. More talk of bonds being issued to cover a deficit of 23 trillion dinar....
remember what NOVA told us last night about this....the Finance Minister can't legally issue these bonds at the moment....but get the budget approved and watch the CBI lend assistance in this area.....creating yet another revenue source for the CBI.
Mass citizen: the government's approval to add five dollars a victory for the fans and we will support to pass the budget
Another article that supports what was stated just above....a formal letter was sent from the General Secretariat to the House of Representatives confirming the $5/barrel for 2014 for petrodollars.
Zain Iraq: a decade ... Work is continuing to satisfy the joint Iraqi
I believe....imo....that this article is about growth, improvement, and rebuilding of Iraq over the past 10 years....this confirms many of the photos that The Sandman has been sharing with us....yes we hear constantly of the violence, car bombs and death in the country....but there are other parts that are growing....this is a good thing.
Urgent .. Cabinet agrees to grant the five dollars in the budget and Drjha
Ok, yet another article about the approval of the $5/barrel petrodollar.
Maliki's government is facing a potential deficit for budget funding
I agree with the fact that the Iraqi government is facing a deficit with the 2014 budget, they admit this......they state on several occasions they will issue bonds to make up that deficit.
What I do not agree with is the last paragraph of the article stating that the government is ultimately using foreign exchange reserves from the CBI to finance public spending....
to me that statement just doesn't hold water.....the CBI is too autonomous and tight with their holdings to allow this to happen.
Barzani set to visit US this month
Ok, so no details are given of this meeting yet......so are we just playing musical chairs to get our picture taken in the White House....come on....why would such a meeting be necessary....I mean Kurdistan isn't even a nation.....don't they realize that the US is committed to standing with the Iraqi government in Baghdad.
Najafi instructs the legal parliamentary discussion of the law of the Federation Council
Since we don't have a quorum on the floor today it appears that Najafi is giving the Law of the Federation Council to the Legal committee to review in the mean time.....too bad the Kurds aren't there.....this seems to be a law they support.....as this Law will give the right of veto to the provinces and regions in the matters that are applicable to it.
State of Law: the Kurdistan region to remember that part of Iraq
Amazing.....someone besides Maliki is trying to convince the Kurds they are not an independent state....at least not yet....they need to abide by the laws and constitution of Iraq.
Their allowing people from the UAE, Kuwait, and Qatar into the region without a VISA is against the Iraqi constitution.....wake up Kurds.
Nechirvan Barzani: Iraq treats Kurdistan as previous regimes
Yes it is true that America wants to see you solve your oil issues with Baghdad.....but stop and consider who is the US supporting at this point in time.....
now the Kurds deny that even a single barrel of oil has flowed through the new pipeline to Turkey....they want to resolve things with Baghdad first.....well get off your behinds and get to Baghdad and get it done.
Premier Barzani: Kurdistan Favors Resolving All Issues With Baghdad
Well it seems a sticking point has risen up to the top of the bickering between Baghdad and the Kurds...the SOMO...the oil company that Baghdad wants handling the sale of the Kurd oil......
the Kurds are claiming that SOMO will transport and sell the oil and then give the Kurds what they believe is owed to them.....
funny.....this is directly opposite to what the Kurds want to do....transport their own oil....sell it.....and give Baghdad what the Kurds believe is right to give them in revenues......well to me it sounds like potato....potatoe.
State of Law: the Kurds have to understand that Iraq is not a cow Hluba
The Kurds are acting like spoiled brats again....Daddy I need more money....Daddy can I borrow the car....Daddy where is my allowance check.....and on and on.....every year the same song and dance.....Iraq is not a cash cow....at least not yet.....nor are they a money tree....at least not yet. Straighten up Kurds and get in line with the rest of the country.
A member of the parliamentary Economic Project gold bullion cultural phenomenon
An interesting article that points to gold coming into the country now rather than going out.....showing stability for the Iraqi citizens....another way to invest instead of just in Iraqi currency.
Experts: 99.5% of the income comes from oil ... and the forces of the Iraqi economy, despite events
Even with Iraq's income dependent on oil to the tune of 99%.....the Iraqi's are still looking at phenomenal economic growth for 2014 says the IMF....they are looking at 6% growth.....double the pace of the rest of the world. They are receiving 90 billion dollars for the sale of oil delivered in 2013.....that is awesome....and will grow in 2014 as fields are further developed.
The Iraqi ambassador in Washington (range): Congress approved the deal Apache ..And F16 will reach the end of 2014
Yes YES YES.....there will be Apache helicopters and other aircraft coming to Iraq but they will not likely arrive until the end of 2014.....will that be in time.....also Hellfire missiles will be on their way too....good news....now the Iraqi's just need to hang on to what they have....and keep pressure on the al Qaeda terrorists.
State law accuse the Kurds of obstructing the parliament to pass the budget and postpone read to Thursday
Why is it that when something happens everyone has to get their name in the media......the State Law bloc is now crying to Mama that the Kurds weren't in school today.....everyone already knew that.....tattletale.....let's see what happens on Thursday.
Cabinet agrees to support the initiative Ki-moon on the transportation costs of Camp Ashraf
The COM approved today to create a fund to handle the transportation of residents of Camp Ashraf....Iranian refugees.....as prescribed by Ban ki-Moon of the UNSC....they also a draft law on the identity of the seas and passed it on to the House of Representatives.
Iraqi oil row lingers without any progress
This continues to be a rehash of the hash that has already been slung around the kitchen and no one is willing to clean up the mess.....big brother (Iraq) is about to push little brother (Kurdistan) towards a cliff and say.......so you think you can fly....do you really want to try this on your own.....
remember there are laws........of gravity......that control all that you do. Now straighten up and get in line with the rest of your brothers and sisters and follow my lead.
Iraq authorizes banks to update the structure of the banking sector .. The speculation that be Lebanese
Turki speaks again......the CBI has scrutinized many banks...but they are very selective in who they will allow in....not just anyone.....speculation has it that they are agreeing to allow two Lebanese banks into the country....the rest of this article was covered yesterday I believe.
The Iraqi government plans to create an investment bank
The Bank of Iraq for Investment and Development.....if this bank is approved by Parliament, they will receive about 10 billion dollars over seven years.
They also mention bonds again in this article.....remember the CBI will not be doing sovereign bonds this year....but are going to work on international bonds in 2014.
The aim of this new bank would not be to fund government deficits but to help financial markets expand and diversify investment options at the same time.
Well since it is now past noon here, I guess I had better push this long list of news out to everyone....thanks to the news hounds for their great help.
Summaries for this afternoon:
Albzona: Cabinet decision to include the five dollar ended the problem of the budget and warn of procrastination Thread
The COM met today and have added the $5/barrel of oil petrodollar back into the budget.....now on with the show......this will apply only to the oil producing provinces.....sounds like this will appear as a supplemental budget item.
Al-Bayati calls for the allocation of $ 3 per barrel of oil to non-producing provinces
So as to not leave out those non-oil producing provinces.....a State of Law MP is calling for $3/barrel of oil produced to go to those citizens of non-oil producing provinces so that there is some equality across all Iraqi people.
Patriotic Union of Kurdistan (PUK) will meet tomorrow at the home of Talabani to determine the date of the fourth party
The members of the PUK met at Talabani's home to discuss the date for the upcoming fourth Congress for the party and to discuss formation mechanisms for the Kurdish government to come out of that Congress.....what they left unsaid is if they met at T's home in the Kurdistan or in Germany.
Commission: We will start a major media campaign to urge voters to take over the electronic card
Of course now that the electronic cards are ready to be given out....it would be wise to have a media blitz to alert people far and wide to their coming and how they will be used.....you have to have an e-card to cast a ballot.....there will be no exceptions....this should be a very interesting process.
Iraq and Iran plot oil revolution in challenge to Saudi Arabia
This sounds like an unlikely bed buddy....Iraq and Iran attempting to run roughshod over Saudi Arabia for the king of the oil pile....something makes me want to shake my head on this one.....
sorry but don't see it happening.....besides as the article states....Iraq lacks the pipeline infrastructure to make much of this happen in a 2020 time frame.
IMF: Baghdad ensure the independence of the central bank and not to encroach upon the reserves
In a nutshell, the CBI needs to protect itself from the greedy grubby hands of the GOI politicians....but they know this....and it shouldn't be a problem for them.....we hope.
At some point the Iraqi government is going to have to depend less and less on oil for its revenues....meaning it needs to keep pumping investors and business owners to move into Iraq and create markets for key exports out of the country.....
Iraq needs to put the banking and financial system into play to help make this happen which it is starting to do. And the last thing that seems to be a recurring issue is the deal with the Kurds....
yes the Kurds seem to know what they are doing....but Baghdad is still the ruling nation at the end of each day....and it is by their rules that the Kurds need to play.....they both need each other at this juncture.....so kiss and make up.
Is Iraq's sovereignty crowned the world oil market in 2020?
Only in Iraq can you innocently work the word basketball into a serious discussion about becoming the king of the oil heap by 2020....I'm not sure what significance that word has here....other than to draw a laugh......
Iraq has been to war and back since the 1980's, they have seen their country torn apart, they have seen billions upon billions of shackling sanctions put upon their shoulders that have restricted their ability to do anything with their oil....
they were ripe with corruption at one point....but through all the thick....they are emerging.....just in time to see much of the rest of the world on the brink of falling....
Iraq stands poised to do great things.....not just in oil but in other areas as well.....they just need to pull together as a country and work towards a common goal for all Iraqi's and soon for the good of the world.
Iraq locked into vicious cycle on investment, says OECD
Iraq today needs to lower the risk within the country that will in turn lure manufacturing entities into the country and bring longterm jobs with them....
by reducing or removing the risk factor associated with the country then the projects will also see a reduction in out of this world bidding because of the risk factor.....
so somewhere somehow the risk issue needs to be addressed in a consistent and long term fashion.....Iraq has much to offer, in the right lucrative market mindset.
An invitation to meet the fluctuations in oil prices
The IMF is warning Iraq of something that as a major producer of oil for the world....they should be well aware of on their own....the fluctuation of the price of oil......ever changing and evolving.
Iraq wants to see their export output triple by 2020....remember from a previous article......but by doing so they will likely drive the price of oil downward unless there is some continued growth need for oil around the world.....
what they really and realistically need to focus on is developing other avenues of revenue......some things that have been discussed on recent CC's......gold could be one example.....there need to be others as well.
Economic Parliament: programs and a clear shift towards the budgets plans
Iraq is attempting to balance a budget and look forward by 5 years to make things work in a more balanced manner going forward....they still have issues to be ironed out no doubt but in many aspects they are ahead of other similar countries....but as always....there is room for improvement.
Suhail: our banks to keep pace with the global development
This deputy Parliament Speaker goes on record to say that Iraqi banking industry is attempting to keep pace with global developments....and
if you stop and think about how far they have come in 10 years they have made leaps and bounds advancements in this industry.....
their banking industry out does their oil and gas industry in the matter of modernization I believe....the oil and gas industry has many years of catch up to do.
Family I am cutting the afternoon news summaries short right here, I have another commitment that will take me away from the computer for a while this afternoon, but will be back in time for the CC tonight.....I'm expecting great things from this CC...see you there..