aggiedad77 » April 26th, 2014,
Saturday Afternoon News Summaries
Maliki will accepts Kurds’ demands after election: official
Don't take me wrong....this is interesting news but I would feel better about it if it had come from Maliki himself....or one of his underlings....not just some MP.....who is claiming that M will grant the Kurd wishes "after" the election....after he wins another four years as PM.....and he claims that M will also withdraw from Anbar.....I find that hard to believe that M is just going to cave in to the terrorists.....in my book that isn't how things end....especially since we've been reading about more intelligence people coming in from the US to help the military.....something about that dog....just doesn't hunt for me.
Alliance asks Iraqi officials not to comment on Talabani's health
The Kurdistan Alliance is asking everyone, in Kurdistan as well as the central government in Baghdad to not comment on the health of Talabani.....they wish to have only his doctors to provide any comments that would need to be given to any press...they mention that as of several weeks ago T's doctor said his health was good and should be returning to Iraq soon.
Industrial Bank granted a loan to 768 15 million dinars
The Industrial Bank in Iraq has been granting loans during the first 4 months of this year......loans to 768 citizens that total over 25 billion dinars....they mix their currency in the article...and the title says one thing and the article gives another amount that equates to 25,339,700,000 dinars....this is 25 billion +.....the bank is reducing red tape in the way of getting loans before the Iraqi citizens.
Maliki: open hand to Saudi Arabia to join us in the security of the region
I'm scratching my head...one month Maliki is claiming that the Saudi's were somewhat responsible for the problems in Anbar since the first of the year....yet here he is extending an open arm to them if they wish.....to participate in security of the region...he claims that the Iraqis want to establish better relationships with the Saudis.....hmmmm....is this another election ploy on his part....he's talking about having "open doors" with all Arab nations of the region....but he doesn't want them to interfere with Iraqi business.....which way is the tide running here.
Bahr al-Ulum: the loss of Iraq a month of bombing oil pipelines is estimated at 700 million dollars
I find it oddly strange that this information comes from a former oil minister and not the existing one......we've seen other estimates in the last couple of days about what this loss is costing Iraq and I believe the numbers were somewhat higher than $700 million dollars per month....maybe I'm just remembering a different number.....one would think that if the Iraqi's had such known issues with this pipeline they would make it a priority in their efforts to improve things. Again I want to stress this is NOT the new pipeline the Kurds built last year to Ceyhan, Turkey, but the older one that the central government owns and sounds like it is made like swiss cheese and is very easy to breach by terrorists.
Fransabank Joins Growing Number of Lebanese Banks in Kurdistan
There are more Lebanese banks in the Kurdistan than any other foreign bank......Fransabank joins a growing list of other Lebanese banks....they look at Iraq as being a high risk situation where high returns are also available for the taking....but they also see the Kurdistan as a sure thing.....the majority of Fransabank's operations in Iraq until now have been commercial loans....but within 6 months of operating in the Kurdistan they expect to be offering loans to consumers as well.
Association of private banks: the heads of our money amounted to 250 billion dinars for each bank and Lebanon want the opening of branches in Iraq
Many of the private banks within Iraq have shown significant growth in the past 3 years, raising capital to the required 250 billion dinar level.....and the volume of deposits as well as credit and money transfers.....the Lebanese banks by bringing their physical presence into Iraq rather than just buying into existing banks as other foreign entities tend to do....bring with them technological advances in the manner in which banking is conducted in Iraq, helping to improve the overall banking system.....the CBI announced on April 4th that there had been 15 banks open in Iraq since the first of the year from other Arab countries or other foreign interests.....these banks would not be coming to Iraq to simply loan money.....they are here to "make" money....and they see the opportunity to do so with some very big returns on their investment.....good things are coming to Iraq and to its investors.....these bankers are not ignorant people....they can smell money in places that others would otherwise ignore....IMO.
More Saturday News Summaries
Some observations on the determination of the volume of foreign currency reserves
Ok, I'm not a banker....but Shabbs seems to be saying here that it appears the GOI has gone to the CBI for money in the past.....to what amount....we don't know and probably never will know.....this by law is a no-no.....and it could possibly be proven that the CBI provided such loans intentionally to the GOI, knowing it was something they should not do.....if there was loans borrowed from the CBI there needs to be some transparency as to how much and the associated payback period....which must be short.....Turki was quoted on 4/15/2014 as recommending a loan not be taken out with the World Bank....he seems to indicate that if the GOI takes a loan from the CBI and uses the money prudently, the revenue generated with the money will be sufficient to pay the expected note on the loan.....this is all find and dandy if the government will use the money wisely....but when have they proven they can do that....it seems that they are putting CBI reserves in jeopardy which is not legal and not necessary if the loan can be obtained from the World Bank....by the CBI providing this service they could potentially be stretching their neck far beyond what they should be doing. Why would Turki be willing to take such risks? What is to be gained from such action?
The Iraqi-Lebanese Banking Conference closing statement
The conference has ended between the Iraqis and Lebanese bankers....the take away from the meetings include many items of mutual interest for both countries, but especially so for the Iraqis...this appears to be a good conference if the follow through can be forth coming in the near future.....some key items of note are: of particular importance is the continued development of both the banking sector as well as the respective economies; more encouragement of foreign entities to venture into the respective markets with vigor...each central bank will be working to help foster such efforts; seek foreign investments that will build upon infrastructure projects as well as housing and other priorities; work together on targeting money laundering operations and financing of terrorist operations; creating an environment within both countries to encourage banks to operate within established laws and regulations; improve the credit structure for those seeking loans; create a joint committee responsible for following up on recommendations and making sure that nothing falls by the wayside.
Exception to a number of government departments in Dhi Qar of holiday Sunday and Monday
The Dhi Qar province has excluded certain departments and both the Rasheed and Rafidain Banks from taking time off on Sunday and Monday....these departments affected are believed to be linked to services that are required for the province citizens.
Economist describes the step to open branches of foreign banks b (positive)
Mainly some regurgitation of earlier articles of today....but some key things to be brought out here as well.....the foreign banks, for example, the Lebanese banks that have been opening are bringing in new banking technologies that will be very useful to the Iraqi citizens with regard to international banking and also for protecting their own deposits within these banks....this same technology can provide provide good news towards securities and how they are handled in the Iraqi market place....Turki believes the advanced technology that new banks bring into Iraq will provide the basis for making changes to other banks already in Iraq and will build a much needed level of trust with Iraqi citizens.....bottom line they seem keen on doing what is necessary to bring their banking sector up to par with the rest of the world.
A call for a new road map for the Iraqi economy
This is an article by an international expert on economics.....basically what is being said is that Iraq needs to sit down with itself and create what they are calling a "roadmap" to get their economy kickstarted in the right direction...basically what they need to be doing is picking a plan, sticking with it, living within their agreed upon budget.....keeping corruption to a minimum, developing entities that can watchdog projects to ensure the required work is getting done as agreed upon....etc etc etc.....plan the work and work the plan.....no more willy-nilly no one has a clue type operations.
Good governance is an important factor for economic development
Here is an economist that actually seems to make a great deal of sense....talking about good governance being made up of pillars....such as efficient work, quality work, justice in distribution systems, the necessary laws and regulations in place to ensure the rights of workers and contractors, the necessary level of transparency that ensures proper follow through and reduces unnecessary risk....staying on task to complete the work in an agreed upon fashion....this guy does a great job IMO of cutting to the chase and sticking with the bottom line requirements that come with growing an efficient and effective level of government that should be free of corruption and transparent for the citizens to understand what is happening and why.
Commission signs a cooperation agreement with the Arab League
The Iraqi Electoral Commission has signed a cooperation agreement with the Arab League for monitoring the upcoming elections....nothing like waiting until the last minute to get this agreement in place....but then...never mind.....something of note....there do not appear to be any of the 26 member observation team being assigned to Anbar....am wondering how that will play out for the citizens of Anbar.....but then thousands of them remain displaced into other provinces at this time....again wondering how effective their election process will be for their MP's.....hmmm....meanwhile the Commission is complemented on a good planning process for these elections.....let's hope and pray for no incidents during the election process.
Today's News Summaries Randy