aggiedad77 » February 7th, 2015, 11:29 am
Saturday News Summaries and Commentaries
Wow I can tell you there is a great deal of news to absorb today....so let's jump right in.....Abadi and Barzani are both in Germany and both will be talking to Biden....there is noise today that the budget hasn't gotten to President Masum....if true...where in the heck is the budget.....more talk from Dr. Saleh on the economy....could US ground troops be taking part in the re-taking of Mosul....and more.
Saleh: starting Baghdad Economic Forum step to achieve development
A group of economists and academics announced the formation of a Baghdad Economic Forum....Dr. Saleh spoke of this organization and stated it is a non-governmental group, not for profit.....working independent of the government but sharing their efforts cooperatively with the government to build the market and achieve development.....
They reference Article 25 of the Constitution which speaks to economic reformation, investment in its resources, diversification of source, and strengthening of the private sectors.....their focus is very definitely organized around revitalization of the economy and an overall improvement of the business environment within Iraq....good moves by a non-governmental group.
Economists renew demands for the implementation of the deletion of zeros during the current year
A bunch of economists and specialists are renewing their efforts this year to convince the right people that it is the time to remove the 000's.....they see this of vital importance to the Iraqi economy as well as to the currency....and would relieve a large accounting burden from many treasurers.....one MP of the Finance Committee is saying this is necessary to turn around the issues that are related between the dollar and the dinar at this time....
He believes the CBI MUST take action this year to implement this project over time.....he talks of seeing the Iraqi currency return to prestige "in front of currencies in the region".....makes it sound like he wants/expects their currency's value to be the leader of the region....ahead of KW's even.......
The Finance Committee met with the CBI governor and he spoke the project implementation over the next four years....NOT IN FOUR YEARS....but OVER the next four years.....the CBI governor believes now is not the time to start....but the Finance Committee apparently believes the time is ripe to strengthen the economy through such a move.....
Who will win with this issue.....I believe the CBI is poised and ready to kickstart this process.
Rafidain Bank plans to issue smart card protection network to beneficiaries outside the country
For Iraqi citizens within the the social protection network and living outside of Iraq the Rafidain Bank is planning on issuing smart cards through their branches outside of Iraq.....this is for the salaries of those who receive them from the Ministry of Labor and Social Affairs and other ministries who can benefit from receiving the smart cards.....they see this as a positive step for the banks customers at this time.
Parliamentary economy conclude international investment conference, the first in Baghdad
The Economic Investment Committee within Parliament concluded their first International Investment Conference of Baghdad and it appears to have been a success.....Iraq is seen as a fertile investment area.....but still many fear the area....even investors from within Iraq are looking outside the country for opportunities...and the new government is attempting to draw attention to the lucrative options that exist within Iraq....this is the first conference after the security issues arose in Iraq last summer...signaling that the government believes they have those issues under control and are ready to encourage investors back to Iraq.
Wheres the budget? .. Parliament confirms sent to the presidency and the recent arrival denies
Where is Waldo......I mean....where is the budget....now we have the President's office saying that the budget has not shown up from Parliament....it is February 7th and they are just now complaining they haven't seen the budget....who the heck is playing games here....has the 15 day clock truly started to tick yet.....good grief....is this for real.
Iraq Stock Exchange: Asia included about one billion shares, rings protests and Cork waiting for Profit
It would seem that cell phone giants are doing well within Iraq today.....Asia-Cell has more than a billion shares in the ISX currently....according to contracts they have they must sell 25% of the original shares after 4 years of operation in the ISX.....interesting.....where are the profits......45% of the owners must be Iraqis....and Asia-Cell is not having any trouble as their numbers currently exceed this percentage....some of the other companies though seem to be struggling with their own interpretation of the contracts....seems they want to play word games.
Chairman of the Securities Commission: Budget provides jobs, not jobs
The head of the Securities Commission claims that the budget provides for degrees but does not provide for jobs and is calling on the CBI to increase their interaction with the private banks to create jobs......the government of the past has only been focused on creating more government jobs.....especially when times were good for oil that sustained their corrupt efforts....now that times are serious issues because of low oil prices they are seeing the true issues with all these government jobs....many are do nothing dead-ends...filled with dead beats living off the state....sounds familiar.....but change is in the air....just ask PM Abadi who is working to tighten the belt of government and eliminate many of these useless positions.
Abadi: a series of measures and reforms to avoid the economic crisis in the country
PM Abadi speaking from Germany talks about the government working on a series of what he calls measures and reforms that will overcome economic challenges.....that include looking for alternatives to support the Iraqi economy.....thinking outside the oil and gas box....the challenges that Iraq faces include terrorism, economic problems, and regional situations.....terrorism stands at the top of the pile and most serious of concerns....economic issues have been brought about due to falling oil prices and Iraq not being ready to operate without oil revenues, and regional issues surround the working with other neighboring countries who share common interests.
Kurdistan oil back to 180 million dollars a month on the treasury region
Kurdistan oil exports are again providing $180 million dollars a month to the Kurd treasury, but not enough to offset the $600 million a month needed for salaries....Kurd oil is currently selling around $38-42 per barrel....and they are expecting to see oil drop even further to the $28-38 per barrel range in coming months.....they are exporting 400 barrels per day at this time.
Abadi: We are working on that we have a strong government with a strong economy
PM Abadi again from Germany talking about how terrorism and economic issues are linked in Iraq and must be addressed immediately.....he is fully expecting his government to address the issues and hopes the international community will stand with Iraq in their endeavors and fight against terrorism.....he spoke of unity within the government for the first time since 2003....maybe even before that....as well as working towards a strong and robust economy....this is a man that sees a future for Iraq...not one that stands on the street corner crying woe is me we need your handouts....signs of great leadership that Iraq sorely needs at the moment.
Zebari: Biden will meet Abadi and Barzani, both in private!
PM Abadi and President Barzani to meet privately with Biden during their time in Germany......both will be pushing for continued and increased support in the fight against DAASH efforts in Iraq.....Abadi again stressed as he did last month that he is not seeking loans to help their cause...but rather support from a military standpoint to fight DAASH.....this being directed at Germany who served the invite to Abadi and Barzani in the first place.....a number of key meetings have taken place with German officials during this conference...the meeting with Biden almost appears to be just an aside.
MPs: We seek to hold a special investigation into the Iraq money stolen era Maliki session
Parliament is on the trail of missing funds from previous budgets during Maliki's reign as PM.....this meeting will happen next Monday.....the accusation is said to amount to $9-21 billion dollars.....follow the trail....members from the Kurdistan say they have strong evidence and documents to back up their allegations of where the money went.
Parliamentary Integrity: we do not have enough information about how much money smuggled abroad
One member of the Integrity Committee is claiming that they do not have enough information to really determine how much money was smuggle out of the country from former budgets....but maybe they will be surprised at what the Kurds can furnish to them.....let this Committee do it's work and I'm sure they will find a hot lead or two to follow.
Obama waiting for intelligence information to participate ground troops in the Battle of Mosul
According to US Central Command sources DAASH is continuing to strengthen its positions in Mosul.....seems they are expecting an attack....I wonder why.....so the US is looking for more data to present to obama for a final decision on whether we will provide ground troops for an assault on Mosul.....some US Congress folks seem to think that Obama is going to come asking to use military force against the DAASH terrorists....this could get interesting.
Securities: the openness of the government to the private banks will strengthen its place in the market
President of the Securities Commission is saying that the CBI being accepting of instruments from private banks will strengthen their position within Iraq.....he also spoke of the recent agreements the CBI has made with regard to bonds, investments, and other activities.....he says the recent cap on the daily auctions of 75 million dinars has had a negative impact on the stock market causing a reduction in volume of trading in the exchange.
Chairman of the Investment Authority's [where] we drive to draw a map of the economy of investment for the current year
Chairman of the Investment Authority is constructing a map of Iraq's economy for 2015....a rebuilding effort on many fronts.....especially focusing upon the private sector....working together with the desires of PM Abadi and his government.....to bolster efforts in the industrial and agricultural sectors while reducing administrative procedures.....in other words red tape.
Iraqi Business Council in Jordan: We hope it will lead the investment conference to encourage the development of legal formula Iraqi investors to return to Iraq
As mentioned earlier....a number of investors from within Iraq have left for other countries like Jordan and the Iraqi Business Council has hopes of luring them back to Iraq.....this was one focal point of the investment conference that concluded this week in Baghdad....also an effort to revive the economy within Iraq.
Legal representative: the political blocs agreed to pass a general amnesty
The head of the Legal Committee is looking for a number of laws to be passed during the current session of Parliament....they await a number of laws from the COM and expect immediate action upon them once they show up on the doorstep of Parliament....there is expectations of some differences of opinion but not enough to really bring a stop to things.
Conscious / Zubaidi agree with the Minister of Foreign Trade, the French set up a joint economic forum in next April
Transport Minister says that the French are setting up new air routes between Paris and Baghdad....this will lead to French business interests getting their feet wet in Iraq.....a good thing for the Iraqi economy......they work on bilateral agreements between the two.
Vice Kurdistan connects to vote on important laws implementing the government program
Kurd MP talks about upcoming important laws that will be implemented pushing the government programs forward.....he says that many within the government today realize the seriousness of the state of affairs within Iraq today and understand these laws will aid Iraq in getting out of the financial bind they are in and out from under the threat of terrorism.
Abadi: positive atmosphere between Baghdad and Erbil accelerate liberalization in Mosul
PM Abadi spoke of the healthy relationship that exists today between Baghdad and Erbil, stating that this relationship is speeding up the liberation process for the city of Mosul.....a real cooperative effort on both parts.
Time for another break.....enjoy these morsels.....we might get an afternoon snack too.