Millionday news at www.dinarupdates.com Post By Rudie Part 1 of 2
Comments may be made at the end of Part 2 Thank You
[millionday] here we go >> Hussein al-Tamimi Tgb - Farah pumice with the escalation of the importance of banks in the world day after day , there is still this important sector in the country suffers from a number of issues hindering progress , as called for increased claims develop modern mechanisms for the development of the banking system in Iraq to become an active role in supporting the Iraqi economy .
most prominent of these recommendations and the establishment of a bank for economic development and give a greater role to the private sector and facilitate the issue of guarantees and reviewing map the spread of the banks in the provinces.
[millionday] note -- this is the bank we were to look for when the economic development was ready -- it is the economic development bank -- smile
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[millionday] Fiscal policies in this regard, says economist Tawfiq inhibitor in a statement prolix "morning ": that " economic facts and figures ,
and that the real challenge for the world now is to build a strong economy and the establishment of balanced economic development and integrated rise and the economic and social reality and moving them towards proper utilization of material resources and human resources ,
and most important of the pillars and foundations to achieve the development of the banking sector in Iraq to become an active role in the implementation of fiscal policies .
[millionday] note -- the time is now to move forward with the development of the modern banking and economic reality -- nice
[millionday] we like active participant in fiscal policies -- this means this years economic go ahead
[millionday] " He pointed out that "Iraq until this moment missing to set up a bank for economic development , although the Budget Law for the year 2006 approved the establishment of such banks in all provinces to cover the investment services and rebuilding the infrastructure .
" It is said that the secretary-general of the Council of Ministers on the Keywords recently called , to the advancement of the private banking sector in Iraq ,
through the enactment of laws that will contribute to the development of his work , pointing to the importance of the establishment of a specialized investment bank , to facilitate the entry of foreign capital into Iraq.
[millionday] note -- notice this is to move forward with the entry of foreign capital into Iraq
[millionday] He inhibitor that the role of the banking sector, the current role is an influential and effective and closer to neutrality , noting that "the private sector banks are few in number in the stock market as a citizen of Iraq does not invest his money in the institution does not know anything about it and drains most of their capital a family ,
especially the case of sector banks. Like the rest of the private companies registered in the Iraqi market for securities is clear indicators of the weakness of domestic investment .
[millionday] note -- they are worried or at least working to promote their own banking to their own citizens --
[millionday] it is similar to the stories of after our banks fell in the great depression -- they will have to prove themselves to the citizens
[millionday] that will be done by the market and the show of jobs and investment as it did here --
[millionday] remember as well that the utilities being developed here made a lot of changes in the situation as well -- and they will see the same thing -- jobs
[millionday] the energy sector – jobs and now the investment bank -- the trained and paid employees -- nice
[millionday] oh note -- this is a great report -- love it
[millionday] " Economic activities and the expert that it leads to the loss of confidence of the citizen companies because of the loss of the vocabulary of good governance in these companies , if the shares of the citizen his money chunky ,
it means that he will contribute to increasing rates of investment , and thus increase economic activities , adding that investors big role in the increase of cash and to reduce the inflation rate to the fact that their contribution to the project will reduce the presence of the criticism that will rise its value due to lack of supply , so
[millionday] nice >>>>>>>>>>>there is a need to develop the culture of banking , financial, and as soon as possible for the development of banking services , which are almost non-existent, he says. also urged inhibitor to show flexibility on safeguards required by Iraqi private banks and public , returned them currently Balksria and hard on whether the borrower for loans or simple medium .
He also pointed to the weakness of attention to insurance , which led to a decline in fiscal policy in Iraq , both to secure people or financial , and so far, the National Insurance Company did not deal as a secure real , especially in relation to the re- insurance, and this one of the biggest obstacles in delayed investment
[millionday] , he said. The expert found that the variation of the geographical distribution of the density of banking in Iraq , is considered a negative situation has affected one way or another in the development of this sector , as increased density in the province of Baghdad,
while significantly decreased in some provinces , especially that 89 percent or more of the value of the amounts and the volume of banking transactions in Baghdad .
criticized inhibitor lack of separation between the capital and the management of banks , especially the banking sector, was established in 1964 as a private sector , but
[millionday] note -- meaning the capital needs to find its way to the banks and the services they offer
[millionday] as a result of the decisions of nationalization and so-called law lions at the time , leading to the affected public banking sector routine and contexts of public work , especially as the private sector,
the current could not get rid of this node , since most of the workers in the private banks were taken contexts itself and still influence is clear and evident , and this output fact of interruption Iraq on developments in the world during the period of the former regime .
[millionday] noted that statistics and the Iraqi Planning Ministry show that the contribution of the private sector in budget the state's general range between 3 percent and 7 percent, the ratio is the opinion of the experts is very weak ,
compared to the role of this sector in the budgets of some countries which up to about 90 percent in the industrially advanced countries .
[millionday] so as we see they are finally putting the economic development bank in use and this is huge in progress -- we read about this years ago -- very nice brb with more
[millionday] this is the bank that has all the answers so they say for the developing banks smile
[tbob] huge news -- all at once -- in a hurry!!! whooop whoop!!* *
[crank7] if the shares of the citizen his money chunky , YES!!
[millionday] here we go i saw that and laughed too lol
[millionday] Abrihi need to reduce the phenomenon of migration of capital abroad and determine their causes and treatment , calling at the same time to see the attractions in those countries such as the preservation of money and profitability and to try to apply and benefit from international experiences in this field .
Explained in an interview for the "morning importance of providing technical assistance to the sector Special to choose the appropriate technology to reduce costs and development of quality ,
pointing out that this approach leads to improving the international competitiveness of Iraq and that is reflected in higher levels of return expected on the investment. and
[millionday] note -- the market of currency sales they want to move forward to be a beneficial market to them -- in other words currency market
[millionday] the importance of facilitating credit from private banks to the business sector through guarantees contribute to the government , alluding that this factor will contribute to lower funding costs , as well as investors feel reassured that he and Aachaara adventure and the consequent losses .
[millionday] this is obviously talking about the stock market -- (currency) and that investors are willing to take the risk -- of course with their move to a normal market economy -- that will happen and they expect success brb with more
[millionday] the retirement law passed and >>>>>>>>>>>Published in the official gazette and implemented this law from the date of 01.01.2014
[millionday] so they will receive back pay etc too -- whooop whooop wow that is the quickest we have ever seen that happen
[ROBINREDHED] so good for them
[millionday] i agree -- so good brb with more
[Richard Incrocci] Sweet
[millionday] here we go>>>>>> Yesterday was postponed to allow for the passage of a law retirement Baghdad Shaima Rashid suggested the parliamentary Economic Committee to begin reading the budget bill for 2014 within the next five days .
It coincides weights back in time in which MPs raise clause reading of the budget session yesterday to be allocated to the adoption of the Unified Retirement Law .
The decision of the parliamentary Economic Committee Mahma Khalil : The « raise the budget bill from the parliament session yesterday, came to give more time between the political blocs to consult and reach agreement on the main points of contention »
[millionday] . Khalil said in a statement » Sabah» : « must acknowledge the budget with the approval of the political blocs , and not be delayed because of the targeting of political or included paragraphs punitive or penal , so the political blocs agreed that there is time to consult and discuss until we reach consensus» .
He continued: « the budget for each state and each of the people and serve the people of the state and the movement so as to solve the existing problems , so it was not included on the budget yesterday's session until we get to the case of compatibility Ragheb everyone »
[millionday] He guessed that the MP be five days next date soon to read the first reading of the budget , especially given that the length of time given to the blocks is sufficient in order to consult with each other and finding solutions to them.
The National Alliance MP Ali inch has stressed that the lifting of the budget session of the House of Representatives yesterday, came to give more time for consultation on controversial points related to the Kurdistan province , as it was agreed to be a session of parliament in particular to approve the retirement law . Said an inch »Sabah » :
[millionday] note and we see that the retirement law is done so very nice
[millionday] The« Kurdistan Alliance has a vision on the budget , there are still moves within the relevant committees moving for approving the budget and come up with solutions on the most prominent problems that impeded the export of oil and the objective benefits of oil companies operating in the region » .
He added that « the fear of lack of a quorum , and for approval of the pension law , led to the postponement of the budget reading sessions to be on the other pension law is the most important law that is passed in the session yesterday » .
[millionday] As for the main problems that hinder the adoption of the budget , said an inch that «the law of five dollars was completed has ensured the government of this law within the budget , leaving now , but the problems that exist between the center and the region ,
which is still discussing ongoing upon between the two parties , hoping that is the settlement of disputes soon in order to pass the budget soon » . He continued: « In the case of the agreement between the center and the region around the points of contention ,
the remaining life of the parliament would be enough to read the budget and give the most prominent notes and then approval by the end of the current session » .
[angus] millionday you are saying up above that the retirement law was passed and published into the gazette on 1-1-2014 ? I thought this just went through today?
[millionday] yes but they published it to begin the beginning of the fiscal year as they are claiming that all is to be with the calendar year as well
[millionday] yes they will get back pay and begin with the calendar year -- wow hope that is the budget as well -- they said they have plenty of time with it being five days -- makes you wonder what is at the end of that time -- very interesting timeline they are stating
[OOTW] The current session ends May 30 2014
[swan2013] Million day you have mentioned that the signing of budget doesn't stop the RV is that correct.
[millionday] that is my opinion -- yes
[millionday] i see that the agreement will establish distribution so it would seem it makes sense -- and also countries operate without a budget complete all the time -- so i should say imo but we shall see
[millionday] smile M brb with more
[jarhead] Well what da heck is stopping it* *
[quicktolegit96] Do they necessarily need a budget?
[OOTW] hmmmm, considering the retirement law outlines a max retirement age of 66 (for good health, 63 otherwise) and combined with the fact that M wants to keep Mahmoud in office, do you think we'll see this uploaded to gazette before elections?
[millionday] not to raise the rate imo -- OOTW it states it is already in the budget i mean gazette
[OOTW] no not the retirement law it's not in the gazette it's posted at the parliament site as passed
[millionday] brb with it
[OOTW] thanks I have the gazette open and I do not see it - oh, sorry, I'm talking about the newly passed amendments - I know the law is in there
[Dianne777] OOTW the law book or the paper?
[OOTW] we need to see those amendments added to the law in the gazette
[ROBINREDHED] look back up Derek
[OOTW] they should be in green text - as they passed a law earlier stating that amendments should be in green text -- which paper Dianne?
[millionday] OOTW here is the last part of the printing of the gazette and it is huge
[millionday] First - The Law Altqaaadalmouhd No. (27) for the year 2006 and the movement of the rights and obligations of the board of the National Foundation Bmujbhomugodadtha retirement and employees to the Authority established under the provisions of this law.
Secondly - Movement of the rights and obligations of the state employees retirement fund founder under the Unified Retirement Law No. (27) for the year 2006 and its assets and employees to the fund provided for in this law.
Thirdly _ remains the regulations and instructions window Mala contrary to the provisions of this Act pending the issuance of the replaced or repealed
Fourthly for Initiating the implementation of the provisions of this law any exchange differences Malé for the period prior to the entry into force Article -41 –
The Minister of Finance instructions to facilitate the implementation of the provisions of this law. Article - 42 - Published in the official gazette and implemented this law from the date of 01.01.2014
[millionday] the last article is 42 and then it states it has been published in the gazette
[OOTW] okay, so is this from the law passed earlier which is in the gazette or from today's amendment to the law, please?
[millionday] and that it is implemented from 01.01.2014 this is todays news well actually tomorrow`s morning
[OOTW] ahhhh ok
[millionday] it is posted smile ok brb with more
[OOTW] in DU's news section, in gazette, or at a news site?
[buck] OOTW it was printed in a comic book
[millionday] announced in report i just brought
[millionday] that it was published
[millionday] here we go -- The Ministry of Municipalities and Public Works, on Thursday, a willingness to hold Matmralmiah Iraqi Japanese, next Monday, in collaboration with the Ministry of Economy,
Trade and Industry of Japan and with the support of the National Investment Commission. He said a ministry statement received "tomorrow's Press,"
"The conference will discuss the report of the areas of cooperation between Iraq and Japan in the field of implementation of projects in the sectors of water, sewage and exchange of information and technology,"
adding that "the conference will be attended by representatives of Japanese companies specialized."
[millionday] "The conference overall aims to highlight the major challenges facing the water sector in Iraq and a clear plan and long-term strategy includes a vision and coordination mechanisms and policies
that would promote this sector and establishes the foundations for the management of an adult to water sources in Iraq.
It is noteworthy that Iraq has the major suppliers of water are the Tigris and Euphrates rivers, in addition to the Shatt al-Arab in Basra province.
[millionday] so there is more conferences on iraqi Japanese nice huge agreements are expected with Japan and Iraq
[buck] 7:15 this is what i would like to know, is this the time frame being referred to??? He continued: « In the case of the agreement between the center and the region around the points of contention ,
the remaining life of the parliament would be enough to read the budget and give the most prominent notes and then approval by the end of the current session » .7:18 PM The current session ends May 30 2014
[millionday] 5 days they have to get it all resolved to work on the budget only
[millionday] buck najafi had a closed door meeting and they postponed the budget yesterday to give five days for all to work out disagreements etc -- so in five days it will be back on table
[millionday] they have to meet to resolve the budget issues for the next five days - they must have met by agreement
[millionday] they have finished much and now they have to resolve the last few things and have five days before it is just sent through they have no choice by how the reports and press read it
[millionday] ok let me go on with some news time -- brb with more