Millionday News 6/2/14 Part 1
Welcome To Monday Night News Time With Millionday!
millionday] here we go --- Hussein Tgb occupies the planning of great importance in building a robust economy through the promotion of effective in all production and service sectors gradually, where he drew an economist to the link between the economy of the family project economic biggest be adopted in the states. ,
and in this regard, said Knight Al-Rubaie said in an interview (morning) that the local economy needs to be a serious stand by the relevant government agencies and the private sector real shaping making the development of actual sectors suffer neglect for a long time, especially as the country has the capabilities of advancement.
[millionday] note -- they are ready for advancement and they are going to advance at a calm pace
[millionday] , and did when he called the importance of proper orientation which would achieve advancement in the desired objectives, through the development of talent working within the planning centers evolving global, indicating that proper planning is the most important pillars of the economic construction sector as well as the economy of the family which is linked to the success of strategic projects in the country.
among the small and medium enterprises undertaken by the private sector, the real will be chock for projects of strategic large, where contribute to addressing many of the economic problems in the forefront of unemployment and underemployment, which burden the federal budget
[millionday] note -- so the largest projects first are the plan and evolving into the globe -- smile
[millionday] . economy is robust and the Executive Director of the Association of private banks in Iraq, Abdul Aziz Hassoun pointed out that building a strong economy requires a stand at the actual requirements each sector and work to study the possibility of development through careful planning can be carried out on the reality of the situation, pointing out that economic development requires the presence of a banking sector developed capable of providing services to international standards to companies that have a wide business in different countries,
where we need to expand banking products according to Plans developed to achieve this goal, especially as the local scene began receiving branches of Banks advanced on a global level and regional level
[millionday] note -- so we have the implementation of the Iraqi plan and also global and international compliance in banking -- also advancement to a global level and regional level
[millionday] which needs to be local banks compete. Rubaie returned to say that the global trade in economic blocs developed can be employed within the country, especially in the field of development of the productive sectors of the job in the forefront of the industrial and agricultural sectors,
pointing out that major projects can provide for the State and that is cooperation with the public sector companies stalled and produced to achieve economic viability.
research center either in the agricultural field has pointed out that the work it requires walking directions, inter alia, the rebirth of the Center for Agricultural Research specialized seed production by adopting technology seeds advanced that are part of the foundations of food security, as well as the development of livestock production through the transfer of international
[millionday] note -- as per the plan and also the wto requirements -- advancement in agriculture for themselves and also for exporting -- loving this
[millionday] experiences achieved economic feasibility big ones experience kind that dealt with female sheep of genetic engineering sophisticated and make them give birth to three births per year and operate to make them twins means 6 births, for that matter of great importance in our country, which has the potential of economic advancement.
environment marshes and noted al-Rubaie, at the conclusion of his speech to the importance of supporting the poultry sector and lakes Fish Baltqanat evolving away from the slums that bred them, The Gaza poultry needs to encourage research medicine The vaccines are required in the process, either in a detailed fish farming then it is no different much where there
[millionday] note -- oh goodness i have to say i am against any changes in nature but that is personal opinion -- as far as news goes of this advancement it is so they have more to export which is advancing in agriculture per the plan
[millionday] farming methods developed can be invested in the expansion of water area in producing various kinds of fish, especially that the country has the potential of producing the best in the world where there is a great demand for them, and can be adopted as a source Mali permanent, where marsh areas are considered suitable environment for the production of fish, pointing out the importance of providing the necessary protection.
[millionday] so as we see they are moving forward with huge portions of the plan for the country and also global expansion -- this is fantastic to say the least ok brb with more
[millionday] huge progress and obviously very exciting for the Iraqis and jobs becoming available as well
[millionday] here we go -- this is very important and restates some of the previous information we have been given in the media but also adds some
[millionday] With the world’s eyes focused on the recent Iraqi elections, little attention is being paid to the major changes taking place in Iraq’s banking and finance industry.
Summary⎙ Print While Iraq’s elections have been the focus of international news, Iraq’s stock market has eased requirements for custodians to hold shares.
Author Melissa Hancock Posted May 20, 2014 As part of an effort to liberalize the economy, in the first three months of 2014, the Iraqi Central Bank granted approval to 15 Arab and international banks to open branches in Baghdad, with additional branches expected to open soon.
There is also a notable drive to grow and promote the stock markets, with senior Iraqi government officials and representatives from the country’s two stock exchanges hosting a two-day forum in Dubai May 14-15 in a bid to court regional investors.
[millionday] note -- remember we have heard some of her report but there is more and of course the addition of so many banks in just that area is very encouraging for where they are and where they are going fast
millionday] but look at the rest of this report and you will see the difference in what we have heard before and what is being said now
[millionday] The Iraq Stock Exchange (ISX) is currently in the process of upgrading to the latest Nasdaq trading platform after signing an agreement with Nasdaq OMX in June 2013.
The new platform, currently used by more than 25 exchanges globally, is capable of supporting multiple asset classes, although the ISX concentrates mainly on cash equities.
“We will complete the implementation at the end of June, and it will go live at the beginning of July,” said Taha Ahmed al-Rubaye, chief executive of the ISX. “We are working hard to modernize the exchange.”
[millionday] note -- going live is a global move and also modernizing would require technology and of course the way the data system is used
[millionday] The ISX is also assisting the Erbil Stock Exchange (ESX), the first exchange in Iraq’s semi-autonomous Kurdistan region, in setting up its Nasdaq trading system.
It is due to be fully implemented in July, and the ESX hopes to see around five to 10 listings by the end of 2014, including a major telecom company. The ESX has $8 million in initial capitalization and 56 shareholders, primarily from the private sector.
“We’re looking to have more than one financial center in Iraq. Maybe in the future we will also look at setting up an exchange in Basra,” said Rubaye. “We want to try and connect other regions with Baghdad.”
[millionday] Rubaye is also preparing to tackle an issue that has dogged the ISX since its establishment in 2004. “Once we have gone live with our new Nasdaq trading platform in July, we’re going to invite foreign banks to submit their proposals to operate as a custodian.”
The lack of a custodian is viewed as the biggest hurdle to expanding the exchange and attracting foreign investors. Aside from political risk, they are also concerned about third-party risk in the absence of custodian services.
“The biggest challenge is the custody issue,” says Sadeer Munir, managing director of the Baghdad-based financial advisory firm Melak Iraq. “I can’t remember the number of times we have had discussions with investors about custody.
Big institutions are shying away from the market, as they don’t have a custodian they can work with. Resolving that issue will serve as a big catalyst to growing the market. If you compare the size of the ISX to that of surrounding countries, it’s easy to see that it should be a lot larger.”
[millionday] note -- of course we can see the need for custodian by the expected market gains and of course the attraction from the globe due to a new market -- we have discussed a custodian before in a previous report we read but they have two of the largest or most common in the globe there already -- jp morgan and citigroup
millionday] With 84 listed companies, the ISX has a market capitalization of $9.5 billion to serve a population of 30 million, an amount substantially smaller than other oil-dependent markets in the Gulf Cooperation Council, which range in size from $208 billion in the United Arab Emirates to $479 billion in Saudi Arabia.
Toward the end of 2013, the ISX asked the Iraqi Securities Commission (ISC), which regulates the stock market, to ease requirements for custodians to hold shares. In the past, industry insiders have complained that the proposed capital requirement set by the ISC was too onerous.
“The original requirement was $50 million, which is a large amount for such a small market,” said a source who requested anonymity
[millionday] note -- this is to be live by the end of june and ready in the middle of this month
[millionday] Some of the big banks are now looking at offering their services in this regard,” said Sanjay Motwani, president of Sansar Capital, which runs one of the largest equity funds in Iraq and has invested some $27 million since 2011.
“Some of the major foreign banks have entered Iraq in the last couple of years, and they’ve said that custody is something on their template. So I’m hopeful that a custodian will be appointed and once it has, I wouldn’t be surprised if it led to a 300% re-rating in the market, because there will be a huge wall of money hitting Iraq.”
[millionday] so there will be a huge wall of money hitting Iraq and also the large banks that are their that are foreign banks that have custodian template would be citigroup and jp morgan (IMO)