Samson: Disruption of official hours in four governorates next week
16th April, 2019
Iraq's four provincial councils announced on Tuesday that it would delay the official opening of next week on the occasion of the Shabaan visit.
"The councils of the provinces of Wasit, Maysan, Muthanna and Karbala decided to disrupt the official working day next Sunday, the 21st of April," a source familiar with the information said.
He added that "the province of Karbala has temporarily disrupted the days of Sunday and next Monday," noting that "the workers came on the occasion of the visit of the half of Shaaban, the anniversary of the birth of Imam Mahdi (p)." LINK
Samson: Central Bank announces the rise of foreign exchange reserves to 62 billion dollars
16th April, 2019
The Central Bank of Payments (CBE) Director-General Doha Abdel-Karim announced on Tuesday that foreign exchange reserves rose from US $ 40 billion to US $ 62 billion, while confirming the bank's success in controlling inflation
"The central bank has managed to control the level of inflation, maintain prices, maintain the purchasing power of the national currency, adjust the exchange rate and close the gap between the official price and the market price," Abdul Karim said in an interview with the official newspaper Al-Sabah
"Foreign currency reserves have increased from US $ 40 billion to US $ 62 billion and diversification of the currency basket to support the balance of payments and to cope with economic crises," she said
It also coordinated with the Ministry of Finance in the management of public debt to support the budget and funding the deficit during the financial crisis experienced by Iraq because of low oil prices, the issuance of national bonds in the international financial market worth $ 2 billion, as well as the provision of new products to invest liquidity of commercial and investment banks And support their profitability LINK
Samson: Source: Abdul Mahdi to visit Saudi Arabia tomorrow with a number of ministers
16th April, 2019
Prime Minister Adel Abdul Mahdi will visit Riyadh on Wednesday with a number of ministers, a political source said on Tuesday.
The channel "Russia Today" quoted the source as saying that Abdul Mahdi will visit Saudi Arabia on Wednesday, noting that "a number of ministers will accompany Abdul Mahdi to Riyadh, most notably the ministers of foreign affairs, oil, electricity and trade."
The source added, according to "Russia today," that "Abdul Mahdi will meet with Saudi King Salman bin Abdul Aziz," noting that "is now arranged for other meetings, most notably with Saudi Crown Prince Mohammed bin Salman." On Tuesday, April 9, 2019, Abdul Mahdi announced his planned visit to Saudi Arabia to conclude a number of agreements. LINK
Don961: Governance in banks and their economic impact
Monday, 15 April 2019
Abdulrahman Al - Sheikhly
The International Organization for Economic Cooperation and Development (IMF) of the International Monetary Fund (IFC) has developed corporate governance principles to improve the economic efficiency and economic growth of OECD countries. Corporate governance includes a set of relationships between the management of the company, its boards of directors, shareholders and the stakeholder group. Company and report means to achieve these goals and monitor performance.
Good corporate governance provides appropriate and sound incentives to the Board of Directors to achieve objectives that are in the interest of the company and its shareholders. Effective supervision, an effective corporate governance system in each company and the economy as a whole help to provide a degree of confidence for the safety of a market economy. To fight corruption, reduce the cost of capital, attract more stable sources of finance and encourage enterprises to use resources more efficiently, boosting economic growth.
The corporate governance framework depends on the legal and regulatory environment, as well as other factors such as business ethics and the extent to which companies recognize the environmental and social interests of society.
Over the past 25 years, the focus has been on the application of the principles of corporate governance in banks as a result of rapid developments in the financial markets and the globalization of financial flows and technological progress, resulting in increasing competitive pressures between banks and non-banking institutions, growth in financial markets and diversification of banks' financial instruments. , Which has increased the importance of risk measurement, management and control, as it requires continuous innovation of business management methods, risks and change of laws and supervision systems to maintain the integrity of the banking system.
Banks differ from the rest of the companies because their collapse affects a wider circle of people and leads to a doubling of the financial system itself, which has adverse effects on the economy as a whole, which places particular responsibility on the members of the boards of directors of those banks, and because the members of the board can not do all And they must delegate certain tasks, they must ensure that those who have entrusted them have the authority and the framework through which to review the proper use and security of the Authority.
The Bank for International Settlements defines banking governance as the methods by which banks are managed by the Board of Directors and senior management, which determines how to set the Bank's objectives and operate and protect the interests of shareholders and stakeholders with a commitment to act in accordance with prevailing laws and regulations to protect the interests of depositors .
Principles of Governance in Banks
The Basel Committee issued a report on strengthening governance in banks in 1999 and issued a revised version of it in 2005. In February 2006, it issued another updated version entitled "Enhancing Corporate Governance for Banking Organization" which includes the principles of governance in banks.
The members of the Board of Directors must be fully qualified to their positions and be fully aware of the governance and the ability to manage the Bank's business. Board members are fully responsible for the Bank's performance and financial stability, formulating the Bank's business strategy, risk policy, avoiding conflicts of interest and avoiding taking Resolutions when there is a conflict of interest renders them unable to fully perform their duties towards the Bank and to restructure the Board, including the number of members, thereby encouraging greater efficiency.
The duties of the Board include selecting, supervising and appointing Within the availability of competencies capable of Directors of the Bank and to be members of the Board are very familiar with the principles and foundations of the financial activities of the bank, which must be followed and the environment legislative, and the board of directors to form committees to help him, including an executive committee and an internal audit committee and the Audit Committee in cooperation with the auditors and the decline and receive their reports and take Corrective decisions in a timely manner to identify weaknesses in control and inconsistencies with policies, laws and regulations.
The Board of Directors shall also set up a Risk Management Committee to set principles for senior management on credit risk management, market liquidity, operating, reputations and other risks, and the Wages Committee that sets the remuneration systems and the principles of appointing executive management and officials in line with the Bank's objectives and strategy.
Consultant and banking expert link
MilitiaMan: The volume has been increasing since ealier last week. A good sign confidence is gaining traction.. ~ imo A good thing! ~ MM
Samson: The stock market continues its high rise
16th April, 2019
Trading rose for the third consecutive session, Tuesday, 0.20% at 457.20 points
The number of shares traded 1,1 billion shares valued at 820.5 million dinars
Five shares led the index up, led by Elite General Contracting by 10.00% and shares of Karbala hotels by 3.80%
The index also witnessed a decline of six stocks, led by the shares of the city of games Karkh 2.04% and shares of production and marketing of meat by 1.69%
The number of shares sold by non-Iraqi investors 3.5 million shares worth 10.4 million dinars after the implementation of four deals on the shares of one company
National Bank topped the day with volume and value of 770 million shares worth KD 485.1 million LINK
Samson: Friday .. a magical astronomical phenomenon
Star fans will be on a date with a magical cosmic phenomenon next Friday, the Pink Moon, where the face will be fully lit. This phenomenon occurs once a year, and is expected to begin at 12:12 GMT on April 19, which corresponds to Good Friday.
The pink moon can be seen in different parts of the world, including the Arab region of course. The natural phenomenon occurs when the moon is on the other side of the earth like the sun, which means that the face will be completely lit, according to the newspaper "Daily Mail" British.
The name of the pink moon is derived from its coinciding with the spring flower season, with rosy roses spreading in the United States and Canada.
The moon will be the fourth full moon in 2019, and the moon will reach its peak at 12.12 GMT, continuing all night long.
Americans who make their way to work on Friday morning will be able to follow the phenomenon, which peaked at 7:12 EDT. To get the best chance to see it, you may want to go to an area with little lights, so the moon will appear brighter. LINK
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