Millionday News 10/27/13
[millionday] this is about the move with privatization and also public company movement with market economy
[millionday] A member of the parliamentary economic committee MP Amer Winner : that there are solutions and proposals to guarantee the rights of employees of state - owned companies for production stalled when privatized or put up for investment.
He said the winner told the (morning) that there are several proposals studied to ensure non-stop salaries of employees of state-owned enterprises is produced, explaining that these proposals are granting groups of experienced and the possibility of them loans or advance government to open the specific projects within the private sector and to ensure the continued flow of money on their families and in a manner that ensures the recovery of money advances or loans
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[millionday] note -- as we know the move with business and its beginning gives us no guarantees as they are about to know but in their case -- they need success from all business in a hurry
[millionday] And that among those solutions or proposals is the possibility of the distribution of the employees of those companies between departments of government ministries or retirement , and pointed out that the general attitude of the country towards privatization and investment also asked these companies to investors would improve their performance as a feasible and very moving economy.
He stressed that the continuation of paying salaries to employees of non - operating companies without providing any production is a matter of weighing the operating budget as the survival of those companies registered on it and unproductive labor cost the country 's economy much.
[millionday] note --- a very moving economy
[millionday] The state-owned companies operating loss-making can be converted into a winner via raised to invest also with providing support for production, which is to activate the law to protect the product , passed by the House of Representatives in addition to the support of its products marketed to home and abroad,
noting that the exemption from taxes and fees is we're seeing is incorrect because it cut the road in front of the private sector and reduce the chances of fair competition between the products of the public and private sector .
[millionday] note -- a couple years ago we were doing research on the plan -- they had said that taxes and the privatization of the country would support the infrastructure of it as well and also they were dependent on it as much as anyone else
[millionday] For its part, the researcher said Suhad economic virgins : that investment and privatization are playing a major role in bringing about changes in the economies of the countries , where the prevalence of foreign investment
[millionday] last part of this report >>>>>>>> and privatization in those countries contributed to the development of various fields.
And confirmed in a statement to the (morning) that Iraq lacks the possibility that the private sector plays a prominent role in achieving economic growth with the dominance of the public sector over the affairs of the economy and the limited investment opportunities to achieve economic growth parallel to the growth achieved by oil output .
It showed that the limited private sector in the growth of the Iraqi economy is confronted with several challenges , mainly electric power , corruption and the security situation in general as well as the continued dominance of the public sector alone to achieve growth without a little real competition by the private sector . brb with more
[millionday] this is a press statement that was done this morning --- Ask specialists proposal contributes to the increase of capital of private banks, and through integration with each other to form giant banks be a solid base for investors.
Chairman of the Securities Commission , Dr. Abdul Razzaq al-Saadi said in a statement to the (morning) : "The central bank's decision , which was issued two years ago to increase the capital of private banks is the right decision , and to encourage them to increase their capital to be in refineries international banks or close to it " adding, in his speech , "
as in Lebanon when experience had owned banks with a small capital , as the Central Bank of Lebanon plan encouraged the integration of these banks has contributed an effective contribution to their capital and has become one of the giant banks after the merger ."
[millionday] note -- the move to get the dinars in the total reserve amounts done that was called for
[millionday] The central bank has issued instructions in February 2010 recognizes which compel banks approved the exercise of banking increase their capital to 250 billion dinars during the period of three years from the date of issuance of this resolution and to be (100) Milirkhalal one year and 150 billion dinars during the two years to reach 250 billion dinars during the three years of the date of the decision . He said Saadi said the currency bloc in the Iraqi market is limited to invest in this sector ,
calling for private banks with capital small to merge with each other to be a bank sobering and powerful , especially as the giant companies invested dealing with large banks broad-based integrated with each other and then expand investor base .
[millionday] note -- remember this is a statement with and from the Chairman of securities Commission
[millionday] Chairman of the Commission that the process of integration , according to the concepts of owners is very difficult because some of the banks owned by the Iraqi families , believing that the banks family future is weak, on the contrary banks owned by more than one party in the community shall be developed more and be of interest to most everyone , because the price of its shares less than one dinar and therefore do not achieve good returns and profits .
But al - Saadi called for the central bank to show flexibility in the deal that allocates incentives for those who wish to merge private banks to make them strong and durable , urging the banks to develop a solid plan for the merger .
[millionday] shares less than one dinar ? hmmm
[millionday] The Chairman of the Commission that the banks did not increase their capital suffers from several problems , including the issue of marketing and capital , trust and the like , considering that this situation affect the financial market, because the monetary mass in banks will be reduced so as to withdraw capital, especially that some of them included in the the stock market , so the market will be worth less because their profits will be limited and then affect the market .
He said al-Saadi to the need to give ample space to act and encouragement of private banks in all its aspects , in contrast must emphasize the central bank controls on the movement of these banks so that the work within the contexts of the market economy and the direction of the Iraqi economy , saying that the bank should be engaged in his business , so it has to be cooperation and interaction in the development of the private banks , because
[millionday] the market economy to Ainmo without the growth of private sector banks and sophisticated that does not exist in Iraq at the present time , he says.
The President of the Commission on the importance of controlling the money supply to combating money laundering if the money of people living with banknote clean are to give them adequate space to move whatever he wants , especially as the market economy does not have the black markets for the sale of shares , but work to the principle of supply and demand, as is the case in the stock market financial , defined clean money would mean every person deposited in his account amounts exceed 10 thousand dollars , you must disclose the origin of these funds , as the case in most developed countries of the world .
[millionday] note -- wow wow so let me address this - they are talking about the form that is expected to be filled out by account holders that deposit ets more than 10,000$ -- they are saying that this is being applied in iraq as well now -- so obviously they are moving as they said with rapid speed
[millionday] Saadi urged ministries to put their money in private banks for their support and encouragement for the advancement of private banks in the country, which supports the movement of investment and increase investor confidence in these banks
[millionday] so this my friends is the launch of modern banking in iraq as we saw reported -- so obviously it is true and it is reported and complying with all that we are seeing happen in this area -- at least in these announcements and the stock market statements
[millionday] or at least i should say from the Securities Commissioner
[ROBINREDHED] very nice
[millionday] whooop whooop
[lojak] lots of progress
[Papatom] it shows compliance with the world system that has regulations dictated to them by the U.S.Treasury.....Iraq is playing ball. !! WHOOP WHOOP
[ROBINREDHED] whoop whoop
[wmawhite] millionday .....nice!!!!
[millionday] very very nice and as they say -- batter up!!!!!!!!!!!!!!!!!
[millionday] brb with more
[Papatom] it was about 2010 or 11 that the wire transfer rules changed world wide as dictated by the US Treasury that funds transferred internationally had to be identified by the banks on both ends of the transaction. where they came from and where they were going....
[Papatom] this reporting moves right along side of those regulations...CLEARLY... a move by a now INTERNATIONAL BANK...
[millionday] note -- this means tomorrow
[millionday] Following the sense of the importance of the law to meet the needs of the country for many of the construction projects and services , which could serve the interests of the citizen , revealed the decision the House of Representatives , Mohammed al-Khalidi, from obtaining consensus among most of the parliamentary blocs on the law passed infrastructure during the meeting this Monday.
Agreement comes to pass a law, after the amendments contained some paragraphs , which are called by a number of political blocs in earlier times , and confined to the establishment of a number of projects dealing with sectors of housing, education, roads, and health.
said Khalidi, in an interview for " Center Brief for network Iraqi media " that the parliamentary blocs expressed consensus on the law and consensus on the passage of what constitutes the usefulness of the service of reality for the citizens, which will lead to a vote during this session today .
[ROBINREDHED] tomorrow? yay
[millionday] ROBINREDHED yes vote too -- whooop whoooop
[cookie2] Passing infrastructure???
[wmawhite] millionday ....HOW many infrastructure laws are there?
[ROBINREDHED] ahhh i love monday
[millionday] In turn, said a member of the Commission services and reconstruction parliamentary Ihsan al-Awadi , during his speech for " Center Brief for the Iraqi Media Network :" The law of the infrastructure is ready to vote after the completion of the final version of him , explaining that the committee agreed to the inclusion of the law to sectors of housing, education , roads, health and other . He Awadi that the amount allocated for the advancement of infrastructure , according to the law
has been reduced to $ 20 billion instead of $ 37 billion , which is demanded by the House of Representatives earlier, indicating that the descendants of the law passed between the political blocs after included demands
What happens tomorrow?
millionday] The law reconstruction of infrastructure and service sectors saw the contrast between the parliamentary blocs , which led to delay voting on it in August 2012. " Al - Awadi continued , "There are ongoing consultations between the components of the National Alliance for the purpose of confirmation to attend, and rally the votes needed in today 's session to pass the law , after he could not be approved in last Thursday's session due to a lack of quorum ."
[millionday] i like that -- how many laws are there? lol too funny -- but what this is -- the amendments are finally to the point that they have to rush them through to move forward with the iraqi progress we see unfolding i likey brb with more
[ROBINREDHED] me too
[millionday] big smile
[Sager] Very very nice!!! Let's hope
[millionday] its in ink -- i see nothing that will stop it so we should have a "go" --
[Papatom] it's pretty clear....they didn't have a quorum...meaning not enough delegates were present.....so they are MUSTERING the votes.....so it WILL go tomorrow....good ole democracy!
millionday] i will be in here tomorrow most of the day too -- so we can follow the bouncing ball
[Papatom] big TOOTHY smile!
[millionday] smile brb with more