Welcome Friday Afternoon Roundtable With Millionday! 6-6-14
millionday] here we go - this is an assignment i want us to look at from cbi
[millionday] Central Bank of Iraq, on Friday, for the imposition of trusteeship Economy Bank for Finance and Investment, adding that he would set up committees and trusteeship composed of three people for a period of 18 months, subject to extension of its mission to prepare a report on the financial situation and the future and the future prospects for the bank. ,
[millionday] a trusteeship for a period of a year and a half for investments
[millionday] the bank said in a press release that, given the deterioration of the financial Bank of the economy and its inability to fulfill its financial obligations because of mistakes and unsound practices committed by the bank and the debacle over the obligations to its customers and the aim of the safety of banking and financial system in Iraq decides to impose a trusteeship on the bank.
[millionday] note -- where we come from they call this babysitting and complete auditing --
millionday] Bank said that according to Article 40 of the Central Bank Act of 2004, which authorized him supervisory authority and control over the banks operating in Iraq and the implementation of the provisions of paragraph 1 of Article 59 of the Banking Act 94 of 2004,
which stipulates that the appointed Iraqi Central Bank and a trustee of the bank when the central bank decided that the bank of the Ivy its financial obligations when entitlements
[kimberly1] This does not sound like a good thing first off but if it gets them organized it might actually be a positive move millionday] CBI has the right to prevent a fall of a bank -- during the banking reform this is actually a good move instead of waiting until its too late and they have fallen or any of them as far as that goes
RRathbun] It's a very good move
[millionday] during this international reform -- which is what it is with all of these banks from all around --- they need to ensure that the banks are where they should be and are trained and operating to their highest potential
[millionday] they have insurance in place but proactive is always better than reactive
kimberly1] LOL medicine is often foul tasting at first
[sczin11] millionday they also couldnt meet the capital requirements of the WB/BIS, so they are cleaning out the banks that couldnt do it so they are in full compliance..
[millionday] brb with more
[millionday] kimberly1 exactly -- smile
millionday] sczin11 exactly -- as a whole they are responsible for the country`s banks -- they have to be compliant to move forward and this is actually good
[millionday] it gives them the opportunity to make them compliant under guardianship
[mrref1216] More studying
[RRathbun] Risk management
[sczin11] millionday very similar to chapter 13 in the USofA
[millionday] not studying -- action that is only allowed in this fashion or should i say explainable
[graylnjo] One more item off the check list :}
[millionday] right -- smile
[millionday] brb with more
[kimberly1] graylnjo definitely like that!
[jtank] http://www.ninanews.com/ ··· Q=HEKKGM MD what is this HCL
[millionday] here we go
[millionday] jtank hold on and i will bring it after this thanks
[millionday] The UN Security Council, called on Friday to speed up the formation of a Government that represents the will of the Iraqi people, urging Baghdad and Erbil to reach agreement on all outstanding issues.
The Security Council said in a statement issued Thursday evening (New York time) support "for the efforts of the Iraqi Government to meet the security needs of the Iraqi people, particularly in the current difficult security environment", noting "the need to support the efforts of the Iraqi Government in dealing with the local civilian leaders in Anbar and invitations to attend a Conference on the situation in Anbar."
[wmawhite] jtank .......HCL.....Hydrocarbon Law
[millionday] And commended the members of the UN Security Council, "Iraqi Committee election, security forces and the Iraqi people, stressing the importance of" all political entities to work together in an inclusive political process and timely in order to promote national unity and strengthen the rule of Iraq and its independence.
" The statement called on the Iraqi leaders to "take as soon as possible to form a Government that represents the will and sovereignty of the Iraqi people and to address the challenges facing the country, urging Baghdad and Erbil to" reach agreement on all outstanding issues, including energy exports and revenue sharing and consistent with international obligations of Iraq "
millionday] note -- we do know that the meeting is taking place very soon (sorry) -- smile
[wmawhite] jtank .....that article pertains to Kurdistan.........not the rest of Iraq.
[millionday] the leaders are to address the formation -hcl-article 140- and budget
[millionday] i will bring it and read it too hold on for a sec
[millionday] The Council reiterated that "any act of violence or terrorism cannot reverse peace, democracy and reconstruction, based on the rule of law and respect for human rights, which enjoys the support of the people and Government of Iraq and the international community."
It stressed the importance of the commitment of Member States to apply and enforce the targeted financial sanctions, the arms embargo and travel ban on the Organization of the State Islamic Iraq and Syria, according to a system of sanctions in the Security Council resolutions 1267 and the 1989 ".
millionday] so the UNSC is demanding that Iraq go along with all that is happening with syria and their control imposed on them --
[millionday] I am sure they have no desire to be part of the sanctions they will be looking at -- terrorism has the world in fear from that part of the globe -- peace needs to prevail
[millionday] ok lets look at this one that jtank brought
[millionday] brb with it
[millionday] here we go
[millionday] and oh wow is this interesting
[millionday] President of the Committee on Energy and Natural Resources in the Kurdistan Regional Parliament declared that Kurdistan Parliament intends to enact a law to distribute oil revenues to citizens . He said in a statement to the National Iraqi News Agency / NINA / today : ‘
"The Islamic Union bloc in parliament submitted a draft law to distribute oil revenues to citizens ," adding that "the law, which was read the first reading, includes opening a bank account for every citizen from birth deposited certain annual percentage of the oil revenues . "
millionday] note -- kurdistan is actually talking about starting the distribution of oil proceeds themselves for their own citizens -- this is pressure -- such pressure
ramses24d] Wow let's see some action
[millionday] He added that " this percentage will be simple, therefore it will not affect much on the revenue of the Ministry of natural resources and wealth , and the citizen could pull and make advantage when he becomes twenty years old ."’
For her part, a member of the Committee on Energy, Rioas Fa'iq said :/ : "There are more than a project for the distribution of oil revenues to citizens ," pointing to "It's similar in terms of content but they differ in the mechanisms and methods of distribution of these revenues , and determine the beneficiaries of the law."
[ramses24d] Sounds great a lot more defined
[millionday] note -- this is going to be done in a sort of trust account as we know it -- wow lucky Iraqis if they get this rolling -- huge for the citizens in kurdistan but it also tells us the plan of how they will be doing this
[millionday] ramses24d i agree -- interesting to have it spelled out
[ramses24d] Yes VERY
millionday] She added,: "After the completion of the first reading of all these draft laws, they will be referred to the relevant committees to merge and unify the laws in one after the agreement on the appropriate mechanism for the distribution of oil revenues ," asserting that " all members of parliament are determined to enact the law that ensures the distribution of oil revenues to citizens "
[millionday] jtank they are expecting to pass the hcl at the meeting and have the law in place past the 2007 that is being used now -- also the article 140 etc
mudder] Sounds like HCL to me... But what do I know... lol
[jtank] Is this part hcl and will it help kurds w budget
[kimberly1] Sounds like we are finally going to get to check that one off the list!
[millionday] this is distribution and they are wanting to do this from their own accounts so the citizens of kurdistan dont have to wait any longer which is great and as we know --- kurdistan is always so far ahead imo
[jtank] thx Md
[mrref1216] We will see the RV the HCL and Article 140 is passed
[graylnjo] kimberly1 lol
[millionday] right -- the hcl and budget in place is what they are banking on ---no pun intended
[millionday] yw all the time great find
[smiller67] MD That's hilarious! lol
[kimberly1] sounds pun-tastic tome
[millionday] lol here we go
[millionday] Lukoil have announced changes to their contract to work on West Qurna-2, following talks with the Iraqi Minister of Oil Abdul Kareem Luaibi. The new alteration expands the scope of the work to include the Tuba-Fao pipeline, as well as speeding up the process of cost recovery for investors.
The Tuba-Fao pipeline will be 75 miles long when complete and take oil from the West Qurna-2 Tuba tank farm to the Fao tank farm where the oil will be loaded to a single point ship mooring for export.
Of the expanded scope of the work on the infrastructure of the giant West Qurna-2 field, Lukoil president Vagit Alekperov (pictured) was upbeat:
[millionday] looks as though Iraq is expecting to pass some things as well -- very nice
[millionday] we shall see as i say smile brb with more here we go
[millionday] The Iraqi cabinet has allocated $7.8 billion for development projects in oil-producing provinces, according to Al-Shorfa. The Minister of Planning Ali al-Shukri (pictured) said. “The amounts are allocated for various economic, social, and service development projects in the housing,
education and energy sectors, and for environmental protection projects, treatment of environmental effects caused by oil extraction in those provinces, including the modernisation of extraction equipment, control of gases emitted from oil wells and oilfields, and creation of work opportunities for the residents of those provinces.”
The allocation is part of a scheme through which $5 is set aside from the proceeds of each oil barrel to be used for the development of oil-producing provinces.
[millionday] so wow that is the petro dollars -- oil proceeds
[millionday] i bet many are moving to those areas for the added opportunity -- i know i would
[ramses24d] You bet ya petro dollars!
[ajay214] millionday I would live next door to an oil well lol