Millionday Monday Night News

by **Ponee** Tue Jun 03, 2014 4:24 pm

millionday] here we go --- Hussein Tgb occupies the planning of great importance in building a robust economy through the promotion of effective in all production and service sectors gradually, where he drew an economist to the link between the economy of the family project economic biggest be adopted in the states. ,

and in this regard, said Knight Al-Rubaie said in an interview (morning) that the local economy needs to be a serious stand by the relevant government agencies and the private sector real shaping making the development of actual sectors suffer neglect for a long time, especially as the country has the capabilities of advancement.

    [millionday] note -- they are ready for advancement and they are going to advance at a calm pace
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     [millionday] , and did when he called the importance of proper orientation which would achieve advancement in the desired objectives, through the development of talent working within the planning centers evolving global, indicating that proper planning is the most important pillars of the economic construction sector as well as the economy of the family which is linked to the success of strategic projects in the country.

among the small and medium enterprises undertaken by the private sector, the real will be chock for projects of strategic large, where contribute to addressing many of the economic problems in the forefront of unemployment and underemployment, which burden the federal budget

    [millionday] note -- so the largest projects first are the plan and evolving into the globe -- smile

    [millionday] . economy is robust and the Executive Director of the Association of private banks in Iraq, Abdul Aziz Hassoun pointed out that building a strong economy requires a stand at the actual requirements each sector and work to study the possibility of development through careful planning can be carried out on the reality of the situation, pointing out that economic development requires the presence of a banking sector developed capable of providing services to international standards to companies that have a wide business in different countries,

where we need to expand banking products according to Plans developed to achieve this goal, especially as the local scene began receiving branches of Banks advanced on a global level and regional level

    [millionday] note -- so we have the implementation of the Iraqi plan and also global and international compliance in banking -- also advancement to a global level and regional level

    [millionday] which needs to be local banks compete. Rubaie returned to say that the global trade in economic blocs developed can be employed within the country, especially in the field of development of the productive sectors of the job in the forefront of the industrial and agricultural sectors,

pointing out that major projects can provide for the State and that is cooperation with the public sector companies stalled and produced to achieve economic viability.

research center either in the agricultural field has pointed out that the work it requires walking directions, inter alia, the rebirth of the Center for Agricultural Research specialized seed production by adopting technology seeds advanced that are part of the foundations of food security, as well as the development of livestock production through the transfer of international

    [millionday] note -- as per the plan and also the wto requirements -- advancement in agriculture for themselves and also for exporting --   loving this

    [millionday] experiences achieved economic feasibility big ones experience kind that dealt with female sheep of genetic engineering sophisticated and make them give birth to three births per year and operate to make them twins means 6 births, for that matter of great importance in our country, which has the potential of economic advancement.

environment marshes and noted al-Rubaie, at the conclusion of his speech to the importance of supporting the poultry sector and lakes Fish Baltqanat evolving away from the slums that bred them, The Gaza poultry needs to encourage research medicine The vaccines are required in the process, either in a detailed fish farming then it is no different much where there

    [millionday] note -- oh goodness i have to say i am against any changes in nature but that is personal opinion -- as far as news goes of this advancement it is so they have more to export which is advancing in agriculture per the plan

    [millionday] farming methods developed can be invested in the expansion of water area in producing various kinds of fish, especially that the country has the potential of producing the best in the world where there is a great demand for them, and can be adopted as a source Mali permanent, where marsh areas are considered suitable environment for the production of fish, pointing out the importance of providing the necessary protection.

    [millionday] so as we see they are moving forward with huge portions of the plan for the country and also global expansion -- this is fantastic to say the least ok brb with more

    [millionday] huge progress and obviously very exciting for the Iraqis and jobs becoming available as well

    [millionday] here we go -- this is very important and restates some of the previous information we have been given in the media but also adds some

    [millionday] With the world’s eyes focused on the recent Iraqi elections, little attention is being paid to the major changes taking place in Iraq’s banking and finance industry.

Summary⎙ Print While Iraq’s elections have been the focus of international news, Iraq’s stock market has eased requirements for custodians to hold shares.

Author Melissa Hancock Posted May 20, 2014 As part of an effort to liberalize the economy, in the first three months of 2014, the Iraqi Central Bank granted approval to 15 Arab and international banks to open branches in Baghdad, with additional branches expected to open soon.

There is also a notable drive to grow and promote the stock markets, with senior Iraqi government officials and representatives from the country’s two stock exchanges hosting a two-day forum in Dubai May 14-15 in a bid to court regional investors.

    [millionday] note -- remember we have heard some of her report but there is more and of course the addition of so many banks in just that area is very encouraging for where they are and where they are going fast

    millionday] but look at the rest of this report and you will see the difference in what we have heard before and what is being said now

    [millionday] The Iraq Stock Exchange (ISX) is currently in the process of upgrading to the latest Nasdaq trading platform after signing an agreement with Nasdaq OMX in June 2013.

The new platform, currently used by more than 25 exchanges globally, is capable of supporting multiple asset classes, although the ISX concentrates mainly on cash equities.

“We will complete the implementation at the end of June, and it will go live at the beginning of July,” said Taha Ahmed al-Rubaye, chief executive of the ISX. “We are working hard to modernize the exchange.”

    [millionday] note -- going live is a global move and also modernizing would require technology and of course the way the data system is used

    [millionday] The ISX is also assisting the Erbil Stock Exchange (ESX), the first exchange in Iraq’s semi-autonomous Kurdistan region, in setting up its Nasdaq trading system.

It is due to be fully implemented in July, and the ESX hopes to see around five to 10 listings by the end of 2014, including a major telecom company. The ESX has $8 million in initial capitalization and 56 shareholders, primarily from the private sector.

“We’re looking to have more than one financial center in Iraq. Maybe in the future we will also look at setting up an exchange in Basra,” said Rubaye. “We want to try and connect other regions with Baghdad.”

    [millionday] Rubaye is also preparing to tackle an issue that has dogged the ISX since its establishment in 2004. “Once we have gone live with our new Nasdaq trading platform in July, we’re going to invite foreign banks to submit their proposals to operate as a custodian.”

The lack of a custodian is viewed as the biggest hurdle to expanding the exchange and attracting foreign investors. Aside from political risk, they are also concerned about third-party risk in the absence of custodian services.

“The biggest challenge is the custody issue,” says Sadeer Munir, managing director of the Baghdad-based financial advisory firm Melak Iraq. “I can’t remember the number of times we have had discussions with investors about custody.

Big institutions are shying away from the market, as they don’t have a custodian they can work with. Resolving that issue will serve as a big catalyst to growing the market. If you compare the size of the ISX to that of surrounding countries, it’s easy to see that it should be a lot larger.”

    [millionday] note -- of course we can see the need for custodian by the expected market gains and of course the attraction from the globe due to a new market -- we have discussed a custodian before in a previous report we read but they have two of the largest or most common in the globe there already -- jp morgan and citigroup

    millionday] With 84 listed companies, the ISX has a market capitalization of $9.5 billion to serve a population of 30 million, an amount substantially smaller than other oil-dependent markets in the Gulf Cooperation Council, which range in size from $208 billion in the United Arab Emirates to $479 billion in Saudi Arabia.

Toward the end of 2013, the ISX asked the Iraqi Securities Commission (ISC), which regulates the stock market, to ease requirements for custodians to hold shares. In the past, industry insiders have complained that the proposed capital requirement set by the ISC was too onerous.

“The original requirement was $50 million, which is a large amount for such a small market,” said a source who requested anonymity

    [millionday] note -- this is to be live by the end of june and ready in the middle of this month

    [millionday] Some of the big banks are now looking at offering their services in this regard,” said Sanjay Motwani, president of Sansar Capital, which runs one of the largest equity funds in Iraq and has invested some $27 million since 2011.

“Some of the major foreign banks have entered Iraq in the last couple of years, and they’ve said that custody is something on their template. So I’m hopeful that a custodian will be appointed and once it has, I wouldn’t be surprised if it led to a 300% re-rating in the market, because there will be a huge wall of money hitting Iraq.”

    [millionday] so there will be a huge wall of money hitting Iraq and also the large banks that are their that are foreign banks that have custodian template would be citigroup and jp morgan (IMO)
wheresmyrv?] Millionday i am a bit confused. Is Iraq going international with their new NASDAQ platforms and trading internationally or are they just gaining a new up to date trading platform?

    [millionday] wheresmyrv? they are going global according to what they are reporting

[faith1] millionday in your opinion can the reality rate be set before the ISX goes live?

    millionday] yes the reality rate should be set before they go live because the largest product they have is the dinar and the price index would only make sense in trading shares with a fair market value

    millionday] here we go - now this is very important as well and also the reason they give is huge huge

    [millionday] Differing views of the members of the parliamentary Economic Committee on the subject of lifting the immunity from Iraqi funds deposited in the Development Fund for Iraq in Washington, While considered the Commission's decision that the timing of lifting is misplaced, he saw one of the members of the Committee that the resolution is complete for the sovereignty of Iraq and do not risk the money
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     [millionday] note -- the resolutions COMPLETE FOR THE SOVEREIGNTY OF IRAQ

    millionday] attributed the United States U.S. reasons for its decision to lift the immunity of the Development Fund for Iraq to change the conditions that necessitated protection mode on Iraqi oil revenues imposed by UN Security Council Resolution 1483, to protect them from international claims after the fall of the year 2003.

decision of the parliamentary Economic Committee Mahma Khalil said the timing of the lifting of Immunity American inappropriate, especially that Iraq is still under Chapter VI of the UN Charter, saying in a statement the "morning" that the date of lifting the immunity is misplaced,

    millionday] especially that there are lawsuits and compensation have not been resolved, noting that "the according to the strategic agreement with the United States, recent obliged to protect these funds until the exit Iraq in full of the pain of all the chapters that were imposed by the United Nations by the policies of the former regime.

    millionday] NOTE -- THEY ARE SAYING THAT ALL articles of the UN were part of the lifting of immunity were reasons given in the sfa -- this is true

    [millionday] added: It is the duty of the government now that prevents prosecutions for the money and that resolved the files relating to this aspect, noting that the money After the lifting of the immunity it may be exposed to the calls of a lawsuit because there are countries have debt on Iraq and the companies may be asked to debts and the government to move quickly to address this,

pointing out that the world owes to Iraq with money and many people first with the money, and called Khalil to the establishment of a new fund to put money in it, whether which are deducted from the proceeds of oil or other so as not exposed to prosecutions malicious and false baseless.

    [millionday] note -- this is talking about the control of their funds and how they can legally make sense of their own debts -- and is also talking about the moving of moniesmillionday] note -- this is how this moved forward

    [millionday] was the UN Security Council had committed the Iraqi government at the end of the year 2010, to develop a plan for the receipt of the oversight functions on the "Development Fund for Iraq," the United Nations for Iraq to then-cum- Treasury U.S. federal to ensure immunity by law, the U.S. presidential him and that will protect Iraq's imports of oil from seizure by creditors.

and lift the ban on Iraq's funds Foreign returning the proceeds Development Fund for Iraq to the control of the Central Bank of Iraq and it becomes possible for any state or company affected by the regime's policies dictatorial Iraq sue in U.S. courts and claim compensation claims from damage.

    [millionday] note -- all countries have this risk and they have completed the files they were to complete so having it still protected by the US makes no sense

    [millionday] The Iraqi government has played down the importance of the United States to raise the immunity of the Development Fund for Iraq, pointing out that the issue of immunity was lifted by agreement between the two sides.

As the Ministry of Finance confirmed in mid-May the past that it will not require renewal of American protection to Iraqi funds deposited in their banks, to assume the CBI responsible for management after coming out of Chapter VII of the Charter of the United Nations.

    [millionday] Ministry of Finance of Iraq's debt before the Government recognizes the responsibility of overseeing the Fund , has been settling some of the debt with a number of countries have been extinguished by 100 percent, and other debts have been written off by 80 percent, according to the Paris Club agreement,

as Sweet 20 percent remaining installments comfortable than the budgets of Iraq starting from 2011 and continuing until the year 2028 as it hit Iraq a large part of them.

    [millionday] they have been paying the 5% to Kuwait the entire time from oil proceeds and will continue to do so until it is no longer part of the agreement

    cookie] I'm sorry, I missed who this report was from ?

    [millionday] the Parliamentary economic committee

    millionday] ok so here we go this is what has happened to the money

    [millionday] Affirmed the Federal Audit Court, on Monday, that Iraqi funds are safe after the lifting of immunity by the U.S., pointing to the absence of claims thereon, as pointed out that threat, "we feared previous years" became non-scary.

He said the Chief of Staff Abdel Basset Turki said in an interview for "Alsumaria News", "The Iraqi funds abroad in a safe is not exposed to the risks of an exceptional", adding that "to this day we have not heard the demands of the introduction against Iraq."

He said that the Turkish "Maybe some of the issues raised on the money, as with the rest of the world," he said, adding that "there are legal payments to defend the legality of the claim or not."

    [millionday] note -- they have not been served by anyone asking for money at this point or any law suits according to this

    millionday] He stressed that the "Iraqi funds abroad, which is in more than one place is a safe rule of law," explaining that "the threat that we feared previous years became a non-scary."

Turki added that "the central bank's money safely customarily reserved in all countries of the world, and the law in some countries of the world," noting that "the Iraqi government funds managed by the Bank are safe as well."

And decided to President Barack Obama, in May 28 last year, under the powers granted to him in accordance with the Constitution and laws of the U.S., to lift the immunity granted to the Development Fund for Iraq and the private property belonging to the Iraqi government abroad.

    [millionday] note -- the funds are in multiple accounts as they had announced about a month or so ago

    [millionday] And is filed in the "Development Fund for Iraq" all Iraq's revenues from oil exports and withdraw the UN from this revenue ratio of 5%, the compensation awarded to Kuwait for the 1991 war with pay and the Ministry of Finance, all of Iraq's debt before the receipt of government supervision of the "Development Fund for Iraq.

The UN Security Council had committed the Iraqi government at the end of 2009 to develop a plan for receiving tasks overseeing the Development Fund for Iraq from the United Nations the end of 2010, for the Iraq after cum-Treasury U.S. federal to ensure immunity by law, the U.S. presidential him and that will protect Iraq's imports oil from custody by a lot of creditors and that this protection Sntha during the month of May of this year.

    [millionday] note -- so they are under international law according to this and we have read the small amount still owed anyway and it would not ruin them to have to pay it all at once to tell you my opinion -- however just like anything else -- money surprises are never fun when they are going out instead of in

    [millionday] Iraq has sought to cancel the debts arising during the reign of the former regime of Saddam Hussein, amounting to more than 120 billion dollars, which date back to some compensation because of wars waged by his neighbors and others countries and traders,

while demanding some countries and traders Iraqi government the need to pay their dues and are threatening to sue in international courts to fund Iraqi imports.

    [millionday] so as we see -- the threat of being sued is not the same as we know as legal proceedings so they are not concerned as we see -- that goes for international as well -- smile

    [anthonlcs] millionday I have seen a few different numbers...How much is in the DFI fund?

    millionday] i will have to look -- i will get back to ya

    [kenster] The countries that have issues with zzz Iraq concerning their debt . Do they hold dinar also ?

    millionday] Iraq has stated that they have them in reserves by that one report so i will have to do some digging to see who what and where

    [jtank] how much remaining balance ? Around $ Paris agreement is 20% of total?

    millionday] i know it is 8 countries let me look brb

    [millionday] External debt ($87.7 billion, of which $45 billion can be subject to debt reduction by non-Paris Club official creditors, comparable to the Paris Club agreement)

    lstar877] Did Iraq sign papers to enter the WTO my mom said she read it on the internet so I double checked and WTO site said only Yemen has been accepted in the last 24 hours. Do you know anything about this or is it fiction?

    [david909] MD-lstar877 question on Iraq signing papers to enter WTO. I had read council of 17 signed to forward to WTO. is that correct?

    [millionday] i have read that the WTO has asked that they implement the economic reform for their active accession to the wto and have not seen anything more after that

    [millionday] here we go

    [millionday] . Search governor of the central bank and agency Abdel Basset Turki, the chairman of the Economy Bank for Investment and Finance and director Commissioner procedures and mechanisms that will be adopted to improve the performance of the bank and the treatment of the banking business in the light of the readings of the central bank recently. central bank said in a statement received by the Agency ( news):

    [millionday] The 'Central Bank Governor agency Abdul Basit Turki Saeed and a number of bank officials met this evening, with the chairman of the Economy Bank for Investment and Finance and director Commissioner.'

the bank said that 'the meeting included search procedures and mechanisms that will be adopted to improve the performance of the bank and address banking business in the light of recent readings of the central bank and on the direct supervision of the bank to protect the safety of customers and the bank's position and economic status', noting that 'representatives of the Bank undertook the task of supervising the actual management of the bank'.

[millionday] note -- so that was an improvement on the banking service [millionday] so there we have it for news tonight