[millionday] It is worth mentioning that the Parliamentary Committee on Finance had confirmed the importance of the establishment of investment banks a joint public and private sectors to support and develop the economy and expand capital and capacity as well as increased investments indicating that the Iraqi banking sector did not reach the stage Alttoralamtalobh after .
added Committee that investors need to so banks to deposit large sums of money they need headings funds for business investment projects in Iraq , noting that the security situation is the biggest drawback to invest also said that economic laws need amendments and facilities to attract investors .
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[millionday] so as you see -- this is very very encouraging because they are talking about the active move to implement the economic reform through banking -- this is not talking about the benefits because it is a long time down the road --- it appears as if they are talking well actually this is a speech --- about now and in the active move of reform and i mean huge one - any questions? other than when
[Smokey Mtn. Dinar] Are they meeting Sunday or Monday?
[millionday] sunday is a meeting and then wed is the meeting about kuwait and the leveling of the economic playing field so to speak
[DocTaylor] MD how does this correlate with the large companies doing business such a GM, Shell etc
[Flygirl02] Are there more things to get done? Not sure I got all the article
[gpleas] when is parliament actually coming back
[millionday] DocTaylor this is stating that private banks are limiting themselves due to the fact that the right regulations for all the benefits of dealing with those huge corporations are not applied in those banks -- but is done at trade bank of Iraq and all the US banks and merged etc –
but some of the private banks have not done their homework and that could cost them if they dont get it done ---- they will let the gains pass them by -- although they will make money through citizen services -- but it could be alot more
[Smokey Mtn. Dinar] I know, that's why I asked. I was thinking they were to meet on Sunday, but millionday had an article earlier that said they were meeting on the 11th
[millionday] yes they are meeting everyday i have not found anything for tuesday yet though -- smile
[Dovi] how can they level the economic playing field with Kuwait without a rate? Ok I know I don't understand much here but..
[millionday] this is great news -- wow -- this is saying they are launching -- oh cross everything so we all can either add good vibes or trip -- but it will be together lol
[millionday] Dovi the meeting or summit they call it is trade and development smile
[millionday] it is entirely the economic side of trade and development
millionday] i have something else -- the union bank of iraq has their site up and as we know the swift codes are just missing some of the location parts of the codes and they are basel II and III compliant -- which requires a reality rate being set against foreign currency smile
[Dovi] oh wow
[letsroll] active move to implement the economic reform through banking ... sure sounds good ... heres hoping
millionday] this is about sending the national products to the global market and the new move of just that so lets see what else it has in it
[millionday] Economic researcher confirmed Suhad virgins that limited companies turned to the contribution and increase the number of individual projects that would push the economy toward wheel progress and including Aaziz of the local market national products .
She said in a statement to the (morning) that the idea of corporate mergers in the private sector and its transformation from a family limited companies into joint - stock companies are still not acceptable due to the lack of participation and awareness of its many benefits .
She added that the poor management and lack of planning and institutional building in the direction and leadership of the administrative work , as well as
[millionday] note -- the citizens will have a hard time understanding moving their companies and products to isx and the globe and what benefit that will be to them -- change is scary when it is huge and this is huge smile
[millionday] fears of turning management of the company to the other party , indicating that this fear as possible be addressed when drafting contract to set up the partnership by a lawyer , according to the terms agreed between the parties .
They indicated that the establishment of projects individual ( small workshops ) and registered in the Ministry of Commerce contributes to the operation of labor , pointing out that such activities are still a few as figures show the data issued by the Ministry of Commerce increase the number of limited companies .
confirmed that diverting limited companies to contribute to contribute to strengthening the domestic market national products and absorbed a great deal of national savings also
[millionday] note -- the fears of having outsiders or foreign investors in their companies is very real -- but so are the benefits and the citizens are being asked here to use the work shops and learn what is all of this as far as what it is for them and why they want and need to be a a part of the reforms with their products
millionday] contribute beside good Not from foreign trade . to the Ministry of Commerce announced in a statement broadcast on the Information Office of the Register of Companies in the ministry completed transactions logged 199 national companies during the month of October last year.
The statement said that the department has ratified the minutes of the meetings of the General Authority for companies to contribute to the 25 companies and the presence of the representative of the circle to the meetings of the public shares of 9 companies and 4 data subscription Joint Stock Company and the announcement of
[millionday] note >>> very interesting -- the General Assembly meeting of 13 companies were issued 63 decision to increase capital for companies of all types and in various activities.
He said, adding that the department has audited final accounts in national companies 's 2396 company and has been studied accounts at the offices of foreign companies of the 41 and branches of foreign companies 15 companies and merge accounts 67 companies and accounts liquidation of 23 companies .
Statement noted that the department 's ratification decisions of the General Authority for companies persons Ltd. The company 's 965 and the amendment of the 28 limited companies and one public company and increase its capital and sell shares of 91 companies and 12 companies filter and write off 6 other companies .
[millionday] so the final accounts are audited and as you see here -- there are many benefits during mergers and also during the building of a corporate benefit when making reforms for a country or even a check book -- so i am sure they will start to see in ink what these benefits are -- very interesting --- huge smile -- the news is all about the application of the economic reform and the effects --- oh how i love it brb with more whooop whooop
[millionday] this is another speech of activation to the globe and all that it needs in the process
[millionday] this one is global oil sector
[millionday] Activation of fiscal revenue over the oil sector is the most prominent ports support the country 's federal budget , and comes assertions to adopt the working methods of the minutes to the development of the oil field and raise production capacities and commensurate with the needs of the country of resources for the development of economic sectors of production and service .
He specialized in economic affairs Muthana Mishan said that the style of licenses to invest in the oil sector adopted in many countries of the world's oil , as it can benefit from the successful experiences that have managed to overcome all the determinants of development and exploration of oil production and quoting .
millionday] Mishan said that the style holds licenses positives in many respects as if these tours was based on the service contracts and not the post, the charge under which companies winning contracts specific production fees ranging between 1 - an average of $ 2 for every barrel of oil produced.
He said during his speech at an economic conference attended by the (morning) that experiences of Iraq's past , especially in the seventies proved successful experience of service contracts
[millionday] note -- notice they are comparing to the 70`s ---
[millionday] as developed Brazilian companies reserve the Iraqi jumped eaps mission through service contracts , especially as the Iraqi cadres despite their efficiency can not promote the oil sector and gas isolation from foreign companies ,
as they need to be advanced technology and the heads of a lot of money , due to the interruption of Iraq for a long time more than two decades of technological developments in the field of oil , so it is difficult to treat Iraqi cadres with the rapid developments in this field ,
and perhaps the proof of the problem of burning associated gas Technology monopoly separated a few giant - sized companies such as Royal Dutch Dutch.
[millionday] note -- it is hard with such a long time of being out of the globe but -- the call to enter the globe and also launch all contracts has been made
[millionday] He pointed out that involve multinational companies have their weight in oil investments in Iraq in general , and in the fields shared with neighboring countries is of after the strategic level political, economic , and work to make Iraq an economic power on the regional and international level ,
by making his energies productivity commensurate with reserves oil - it is a reserve to production ratio is the lowest in the world , amounting to 0.8 percent, as we have said - and took his true share of the international oil market , and this may raise concerns and interventions oil countries such as neighboring Gulf countries and Iran.
[millionday] note -- they are stating that here they come and it is going to make a difference after all this time because they have been supplying such a low percentage of the world during sanctions but --- here they come
[millionday] He said it may be useful to use some international experience in the licensing process , so as not facing local governments or the central government future problems by issuing hasty legislation and laws do not take into account the economic interests of the long-term , intermediate and near .
And eating Mishan Norwegian model in licensing , joint ventures, which is characterized by features several , mainly for exploration six years, and can be extended to ten years, subject to specified conditions , as well as a
[millionday] note -- again they are stating they need help and are asking the different regions to use it for the advancements that they have not been exposed to in the past -- note -- notice the impact of the economic reform activation
[millionday] formula contract are joint ventures the state a partner in, and the insistence of the State to choose the operation, and on the other obtaining licenses to sign an agreement to run with that company , as the state can decide its share of the project ,
while the financial system imposes taxes go directly to the state, do not require any financial bonuses , pointing to the possibility of understanding in advance for everything during the contracting process except Programme of Action, as it's negotiable
millionday] note -- this is saying that they have the freedom of contracts ---
[millionday] He said the government insists on the diversity of licensees in each project , which includes a combination of national oil companies and international , because each company brings to the project a different experience and each of them a sergeant working on the others .
Mishan called on the government before proceeding to negotiate with oil companies and through the National Petroleum Directorate , to carry out a survey and assessment of the seismic risk and other technical studies to estimate the value of any contract. When the oil companies are invited to submit bids , they demanded to provide assessments and proposed programs .
[millionday] so they are saying the opening of international bids and the enter of the globe will still require that each company and bid and project needs all info entered and the time consuming part of full bidding and full inclusion of info smile whooop whoop
[millionday] i am loving it -- wow --- brb with more
[millionday] ok so i see nothing else that is of interest to us -- except the fact that we are very encouraged by the news and hope all of you are as well