aggiedad77 » March 3rd, 2015, 1:33 pm
Tuesday News and Summaries
The news is full of green lights Family....read on and see what it is all about....green is good....maybe gooder.....or even goodest....LOL.....
PM Abadi has even been given a green light by the COM to do some things to the budget, this is probably why the delay in us seeing the budget.....looking for laws associated with the budget still.....but am starting to believe they may show up when the budget is completely unveiled to the world.....
DAASH is taking a pounding from the air and now from land in the Salahuddin province and specifically Tikrit....so says the news....encouraging for the Iraqi forces that are involved....they hopefully have been trained well.
Salahuddin: the evacuation of most of the families of Tikrit, and we call on the tribes of the patent from terrorists
Iraqi flags are beginning to be raised once again in areas of the Salahuddin province after Iraqi forces that included the Army, popular crowd, Shiite and Sunni militias, as well as Peshmerga forces successfully pushed DAASH terrorists from areas they have held since last summer....they continue the push to retake Tikrit the largest city in the province...they attack from three axis toward the city in hopes of eliminating all threats from DAASH insurgents....most of the innocent people and families of Tikrit were evacuated in advance of the attacks so what is left are considered terrorist targets.
Iraq launches offensive to retake Tikrit from ISIL
A force of at least 20,000 mixed Iraqi fighters are taking on DAASH in Tikrit and surrounding areas, this follows a heavy bombardment of the area by coalition air support....this is the first real test of the new Iraqi Army and unified forces and it appears to be going well.....this is preparatory work to what is yet to come....the retaking of Mosul in the Nineveh province further north.
National Initiative to recover stolen Iraqi funds stored in foreign banks
For the first time in probably ever.....Iraqi's are seeing a push like no other to recover stolen and smuggled funds that left Iraq's borders and found its way into foreign banks, into the deepest darkest and most secret of accounts.....well give credit to this new government and their commitment to doing the right thing in pursuit of justice....that includes doing things that the former government would not do or would not allow because of corruption at the highest levels of the Parliament as well as within the government....
All bets are off for those who may be or will be proven guilty of stealing both state and private funds from Iraq....their charges could prove to be lengthy and their penalty could shorten their lives....at least their freedom.
The Iraqi's have the support of a number of world organizations to track down these tightly held accounts and ferret out the funds that rightfully belong to Iraq....more power to them in getting to the bottom of this travesty.
Tikrit .. The first stop on the road to Mosul in the north
May the retaking of Tikrit prove to be the first stop...the first step by Iraqi unified forces in their march towards Mosul in the north.....even as big a victory as retaking Tikrit will be for all of Iraq.....I think the bigger victory for Iraq will be the intermingling of this force of fighters...the Army, the Peshmerga, the Sunni and Shiite militias, the popular crowd.....anyone who agrees to pick up arms against DAASH and commit to the Iraqi cause of Freedom is to be commended....
This effort is something that would not have happened 6-8 months ago....this effort is taking place today largely because of the unified effort of the new government.....the unified effort of political entities who first agreed to work together and have proven it can be done....more good is to come of this....stay tuned.
Central Bank lowers fees imposed imposed on banks by half
Interesting move on the part of the CBI...again timing seems to be of importance here I think.....they have reduced some fees/fines they place upon banks for performance issues associated with bank employees from 200% to 100% and at the same time they are "suspending" which to me says putting aside or eliminating the 500% fine for counterfeiting....interesting move on their part.....are they trying to say they have "new mechanisms" in place now that would greatly prevent the possibility of issues in these areas.
New mechanisms for auction currency in the Central Bank
The CBI governor spoke today and declared there is no decline in hard currency in Iraq today and there are no worries in this direction.....the IQD is COVERED AT 150% BY HARD CURRENCY......strong words....that we've heard several times....words that convey a surety of things to come....and he did say there is no longer a daily auction window.
Governor of the Bank: Auction currency is no longer a daily window and put new mechanisms have
Again from the governor of the CBI...yes he seems to want to talk today.....a good thing....listen in....he is saying that the old system of daily auctions saw evidence of forgery, fraud, and even exaggerated amounts of funds....he says that banking operations outside of the CBI shifted away from foreign trade to more speculation and profit-taking that keep the banks away from their real business....the new mechanisms put into place by the CBI will encourage banks and banking companies to get back to their real intent....foreign trade and away from speculative endeavors.
Conscious / deputy from the Kurdistan Alliance Iraq denies exposure to financial bankruptcy
Here we see a Kurdish MP reiterating what we saw in the news yesterday...that Iraq ranks 37th in gold resources and 5th in the Arab world.....they are rich in other natural resources as well....even in human resources....but thanks to rampant corruption much of Iraq's financial integrity has been washed away by acts of political entities who were more greedy to fill their own pockets and could care less about the average Iraqi citizen....it is good today seeing those accused of past corruptive ways being held accountable for their wrongdoings.
Keywords: delete the zeros existing project and we have given the green light for its implementation
Frank said that the CBI governor wanted to talk....and talk he is doing today.....the 000's deletion project has been given the green light to start.....it may take upwards of 2 years for this to be completed or more so says the governor.....they are training their people on how to perform the steps associated with this project....Iraq would transform from a country talking in trillions of dinar to billions of dinar.....yes there is a phrase in this article that some question...."the currency replacing the process needs to be approved by Parliament".....I think this may have already taken place in the past.....we shall see as more is developed on this story.
Parliamentary calls for legal and governmental investment banks amendment
I look at this article with caution as it is coming from a member of the State of Law coalition and I am learning sometimes that source can have an agenda that is not good for all of Iraq...however this time I think the effort is in the right direction....calling for amendments to laws that would encourage investors by freeing up their ability to bring their money within Iraq eliminating red tape and such to expedite the investment process....I'm not blaming the current crisis solely on the fall of oil prices and war with DAASH as much of the financial calamity that Iraq faces was the direct result of poor management or lack of management altogether by the former government....the current issues just compound what was wrong to start with.
Change: Abadi serious in the implementation of all the promises of the political and security levels
So yes there is a big difference in how PM Abadi runs things today as opposed to how Maliki ran things in the past....Abadi is seen as being cooperative and a strong communicator....open with his communications....whereas Maliki was more antagonistic and chose to be a rivalry to all others beneath him...as a result in the change of management styles there is a great deal more trust within Parliament towards Abadi and his government...and more importantly there is a more obvious effort on the part of Parliament to push Abadi's initiatives through so they become laws....both Abadi and Parliament appear to be working on a much more sincere and serious level with each other for the benefit of all of Iraq in regards to security and political end results.
Who is going to manage the future oil and gas industry in Kurdistan?
An interesting phenomena....the Kurds have a wealth of oil resources....a huge pool of reserves...but they are not producing the senior level management types to run the future of their oil and gas endeavors.....they provide a great deal of the lower level cadres in the industry but top management positions go to expats who have been in the business for 25 years or more....the Kurds need to ramp up their efforts in this direction and the oil companies as well as service companies are recognizing this and offering to help change things....change won't happen overnight but at least today they identify the issue and are taking positive steps towards a solution....starting at the university levels to enhance the education of the engineers and geoscientists to better prepare them for executive level career moves in the future.
Parliamentary Services: National Standard Card project is completed in principle
The project to implement a National Standard Card is complete in principle so says the Service Committee within Parliament...but what is still lacking is that in some areas there needs to be departments or agencies built to help manage the card process.....a German company was contracted with in 2013 to bring a unified smart card into existence for Iraq....taking them into the electronic age of things...four cards are being supported at this time and more are to be expected.
Consultant Abadi: slight rise to the price of oil does not cover the fiscal deficit
Dr. Saleh spoke regarding the increases that are being seen in the price of oil....people focus on the benchmark prices of the Brent Crude and the West Texas Intermediate....the ME focuses on the Brent Crude pricing....but just because Brent Crude prices are at or above $61 or $62 per barrel today does not mean that Iraqi export prices are at that level.....Brent Crude prices is largely the price of oil produced from the Brent Sea and surrounding immediate area.....as you get further and further away transportation costs begin to have an affect on the price....and the various grades of oil also have an impact on pricing....as a result Iraqi oil export pricing will forever and always trail the Brent Crude benchmark....maybe by $5-7 dollars or so....until such time as maybe Iraq becomes oil king of the world and maybe the benchmark is moved in their direction....in the meantime....we likely need to see Brent pricing in the neighborhood of $70 per barrel again to see Iraqi oil exports putting a dent in the budget deficit....IMO.
Finance looking to take advantage of the central bank loans to bridge the budget deficit
The Finance Committee today is talking about the possibility of borrowing from the World Bank to the tune of $2 billion dollars to help bridge the budget deficit of 25 trillion dinars....they have also talked in recent past about using their borrowing capability internally within Iraq to help in this regard.
Parliamentary economy announce the formation of a committee to follow up the adoption of the law "securities market."
The Committee on Economy and Investment has created a subcommittee that continues its efforts to draft a Securities Market Law that can soon be presented to the Speaker of Parliament and put before the entire Parliament for the benefit of the Iraqi Stock Market....meant to improve and provide enhancements to the market.
Parliamentary Finance emphasizes improved state revenues and touching results to cross the financial crisis
Members of the Finance Committee including the Finance Minister are speaking out in March pointing to improvements already being seen in the economy because of austerity efforts being undertaken over the past two months....efforts by the IRS within Iraq...their IRS not ours.....is seen as having a positive impact towards the second half of the year....as always change is slow to take affect...but it is happening....waste is being removed at many levels and this is paying dividends....they also agree that if oil prices will continue to rise it will eventually have a positive affect on the deficit.
Heavy bombardment on ISIL hideouts in Tikrit
Known or identified DAASH hideouts are being heavily shelled during the Iraqi attack on DAASH within Tikrit....the air bombardments coincides with Iraqi ground forces working against DAASH at the same time.
Infallible and emphasizes the importance of a constitutional application of Article 140
Kurds are trying to lean on fellow Kurd, President Masum, to use his influence with regard to Article 140....he states that efforts need to follow the constitutional application of the law....the Kurds want security for the affected provinces, construction of an oil refinery in the Kirkuk province, and support of Kirkuk airport construction project....
Masum sees the importance of what is being brought to him....he believes efforts of the former regime should be cancelled and that work should progress through the current COM for restoration of land to its owners....
I see Article 140 as an important aspect of Kurd futures but at the moment the fight against DAASH is taking a front row seat to any efforts to be given to Article 140.....I do see a positive outcome for the Kurds on the issue though...IMO.
Cabinet decides to authorize Abadi right to challenge some of the provisions of the Budget Law for 2015
COM created some big news from their meeting today....they have given PM Abadi the authority to challenge some of the provisions and articles within the 2015 budget...hmmmm...this could be why it has not been "presented" publicly as yet....they also did some other work but this is by far the most critical of their efforts for the day.
Made in Iraq .. Citizens Eetmnnounaa on computers or cars instead of gypsum
Iraqis are seeing a return of pride of ownership for things that are once again being manufactured within Iraq.....cars, candy, other manufactured goods....this is an encouragement to local industry to push for more things to be "made in Iraq"...and the COM is pushing for standards to be raised on imports that they must meet higher standards not settling for cheaply made things from other countries that causes problems for the Iraqi economy and businesses within Iraq.
Ihsanoglu's / Iraq Press /: 18 deputies threatened with deportation, according to the decisions of the Federal Supreme Court
It seems that 18 Parliament deputies may face expulsion from Parliament due to a recent Federal Court ruling....this is just the beginning......more on this subject later.
Footprint device in state banks let down customers in front of the National counterpart
Some bank employees are being discovered trying to take advantage of senior and retired Iraqi citizens...bank employees conspire to keep money from some retirees...and this effort is being met by auditors.....the banking industry may still have some clean up work to be completed if these allegations prove to be true....can these bank employees truly believe their efforts will escape the review of the Integrity Committee....is their effort really worth the consequences of getting caught....shame on them.
Work pursuing employment phantom companies judicially
The Ministry of Labor and Social Affairs has been monitoring fake companies....especially where it can be proven that fraudulent efforts by these companies to take money from Iraqi citizens may exist....they then turn the process of their findings over to the judiciary for prosecution of the guilty parties.
Abadi directed ministries to prepare for the resumption of work in the liberated areas
During today's COM meeting PM Abadi has asked his ministries to begin preparation efforts to resume their work in areas of the Salahuddin province that has been liberated....let's not stand around with our hands in our pockets....lets get things opened back up of the Iraqi citizens.
The formation of a committee of finance and planning ministries to limit the possible financed by World Bank lending projects
The Ministries of Finance and Planning lead an effort along with a number of other ministries to look at the pursuit of loans from the World Bank that would help deal with the current budget deficit for 2015...they currently are looking at $2 billion dollars in a loan.
Parliament cancels membership of some deputies of the National Alliance and the Kurdistan soon
The Parliament may be looking at removal of 18 current members of Parliament as a result of a recent decision by the Federal Supreme Court....most of these come from the National Alliance coalition and from the Kurdistan Alliance......they are saying that it will take a 2/3's effort on Parliament to go forward with such action....but since this stems from the Federal Supreme Court it would seem unlikely that Parliament would buck their decision.
Jubouri announce the transfer of 50% of the powers of the ministries to the provinces and reveals the third amendment to the law
Look for as much as 50% of state powers of the ministries to be transferred to the provinces and local governments in the near future as this effort from COM is given over to Parliament soon....some powers were already in the process of being shifted in February by a few ministries that could start this process.
Kurdistan Alliance detects the presence of intensive contacts between the center and the region to keep the oil agreement
A member of the Kurdistan Alliance has identified a number of contracts between Baghdad and Erbil that would signal the fact that both intend to keep the oil agreement between them going forward....all of Iraq looks to this agreement as a hinge-point for their future success.
Iraqi public prosecutor in trouble and Rahim Ugaili caught Tsar Nuri al-Maliki
Well someone has stepped up to the plate...the mighty plate that will hopefully see justice served against former PM Maliki....even though today he serves as VP to the President......he is not "untouchable"....and the diatribe that grows against him is long and powerful....the prosecutor who is taking this effort upon his shoulders is known as worthy and honest....taking this case on he knew would lead to problems and threats and still he pushes it forward...the list again is lengthy but worthy.
A press release from the Iraqi oil minister
Oil Minister Mahdi spoke today about issues that Iraq faces with its current oil licenses and contracts with foreign oil companies....stating that the current crisis with oil prices is causing Iraq to want to rework their contracts and create a conversion from licensing to shared contracts, with more talk around joint ventures with companies...they seek to redistribute percentages with these companies...and announced yesterday the issuance of Treasury bonds of $12 billion dollars designed to assure these companies will receive their dues meanwhile protecting Iraq's reputation and its ability to fulfill obligations.....this will undoubtedly lead to a great deal of discussion between the oil ministry and the oil companies operating in Iraq.
Iraq says discussing $6 bln bond issue with banks
Ok, first $2 billion with the World Bank...now $6 billion with Deutsche Bank and Citibank....coupled with $5 billion from the assets held by the CBI of state banks converted into bonds....$1.8 billion in SDR's....$6 billion in loans from state banks...this takes them to close to $21 billion which is where they need to be to cover the deficit.....then kick in any thing over $56 per barrel on oil....and other areas of reduction from their austerity efforts...and the deficit seems to melt way.
Ok, time for a break...the fingers are anxious to move away from the keyboard for a short while....enjoy what you have here....and be here tonight for even more that will be shared.