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  • Investors Iraq News's Avatar
    Today, 09:14 AM
    By John Lee. Following a visit by the Turkish Prime Minister Binali Y?ld?r?m (pictured) to Iraq last week, an Iraqi business delegation has come to Turkey and proposed a $200-million construction project in Baghdad to Turkish businessmen. Tevfik Öz, a member of the board of the Turkish-Iraqi Business Council, told Daily Sabah that the Iraqi delegation proposed the construction of a $200 million real estate project in the so-called “Green Zone” in Baghdad, adding that another Turkish delegation may visit Iraq in the coming days. Turkey’s exports to Iraq have fallen from $14 billion to $7 billion. (Source: Daily Sabah) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 19 view(s)
  • Investors Iraq News's Avatar
    Today, 09:14 AM
    From Rudaw. Re-published with permission by Iraq Business News. Of nearly 25,000 registered companies in the Kurdistan Region, only around 13,000 of them pay corporate income tax, according to a new report from the Directorate of Taxes and Public Properties in Erbil. General manager of the directorate, Dr. Kamal Tayyib, told Rudaw the systematic tax evasion by mid-sized and small businesses has deprived the government of “billions of dollars” annually. “We had nearly 200 billion dinars of tax collection in 2016 despite the fact that one in two companies basically did not pay any kind of taxes,” said Tayyib, who is confident that the revenues will grow this year. “My prediction is that our total revenue will increase as we have imposed many new ways to oblige business owners to pay taxes,” he said. Largely dependent on earnings from export of crude oil, the Kurdistan Regional Government (KRG) has not relied on taxes as a sustainable source of revenue. Although paying taxes are obligatory according to Iraqi law, the extremely low tax rates in the country has stripped the state of valuable financial assets. The federal income tax rate was below 5 percent in 2016 for middle income households. Businesses are obliged to pay corporate tax according their revenues, said Tayyib. “And here the problem is that many of the businesses understate their actual revenues and so far we have had limited access to verify their actual incomes,” he added. Tayyib said his office has brought charges against 288 companies in Erbil alone for tax evasion and has warned other business owners in the Kurdish capital of similar legal actions if they refuse to comply with tax regulations. “We have had some success in that regard, but the challenges are far greater than just companies not paying taxes,” Tayyib said, adding that corruption in many tax offices across the country that are linked to his own directorate in Erbil has been a major obstacle to proper collection of taxes. “We have brought charges also against our own employees across the country for nepotism of different sorts where we had reasons to suspect and often removed head of the offices,” he added. (Source: Rudaw) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 18 view(s)
  • Investors Iraq News's Avatar
    Today, 09:14 AM
    By John Lee. Iraq has been rated third-last in a ranking of the ‘passport power’ of 199 countries around the world. The list, compiled by passportindex.org, ranked passports by their ability to allow persons to travel visa-free to other destinations. Top of the list was Germany, followed by Sweden and Singapore, while Iraq comes in just ahead of Pakistan and Afghanistan at the bottom of the list. The full ranking can be found here. (Source: Passport Index) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 23 view(s)
  • Investors Iraq News's Avatar
    Today, 06:53 AM
    This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of*Iraq Business News. In Iraqi Kurdistan, a Security Camera on Every CornerIn Iraqi Kurdistan businesses can’t get a license unless security cameras are installed. But locals say cameras are unregulated and an invasion of privacy, not to mention they don’t help catch assassins in action. There is hardly a single street in the semi-autonomous zone of Iraqi Kurdistan where one does not see a raft of security cameras pointed at passers-by. Many of the security cameras are installed by private citizens but in some parts of the region, the security forces responsible for internal regional security, known as the Asayesh, are compelling owners of public buildings and businesses to install them. Security cameras have been installed on Iraqi Kurdistan’s roads for many years but now the number of public and private security cameras in action is thought to rival camera-per-capita figures for some of the most surveilled cities in the world. In Erbil, the capital of Iraqi Kurdistan and home to the regional Parliament and other government departments, there are an estimated 8,000 official cameras deployed. The regional Ministry of the Interior plans on erecting another 5,000 cameras on and around main roads in the near future. Additionally, “anyone who wants to open a store is required to install surveillance cameras or he will not be given permission to open the business,” explains Tariq Nouri, the head of the Asayesh in Erbil. “Companies, restaurants, casinos and residential compounds are all obliged to install security cameras. However owners of private residences can decide for themselves if they wish to do this.” Additionally, Nouri said, cables for faster Internet are being installed underground, which will make keeping an eye on the various security cameras even easier. “Surveillance cameras assist us in detecting attacks, especially in crowded areas,” claims Hogir Aziz, the spokesperson for the Erbil police. “We have used the recordings from security cameras after getting court permission.” Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 22 view(s)
  • Investors Iraq News's Avatar
    Today, 06:53 AM
    The*International Federation of Journalists (IFJ) and its affiliate the Kurdistan Journalists Union (KJU) have condemned the brutal attack on a journalist by armed militia from the ruling party in the Kurdistan Region of Iraq. On 15 January, Iraqi journalist Karwan Haji, working for Afro and Kanky-Lash newspapers, was brutally attacked by armed militia from the Kurdistan Democratic Party (KDP), which leads the region. Militiamen entered his house in the morning, beat him and took him to the party’s headquarters in the city of Duhok. Reports said he suffered head injuries and damage to one hand and that some of his fingers were broken. The attack came after the journalist criticized on his Facebook page, the abusive behaviour of KDP officials towards citizens in Baadrah region, where he lives. The IFJ joined the KJS in condemning this brutal attack and in blaming the security forces for its failure to guarantee the safety of journalist. “The IFJ condemns this thuggish behaviour of KDP officials and demands the government of Kurdistan Region of Iraq, led by that party, take responsibility, disassociates itself from this attack and brings the attackers to justice,” said IFJ President, Philippe Leruth. Early this week, the KJS published its annual report on attacks and violation of journalists’ rights in the Kurdistan region. The report (in Arabic) showed that there were 10 incidents such as this one in which journalists were beaten by security forces or citizens. Other attacks included two assassinations, one assassination attempt, one journalist killed on the front line, one burning of a media house, two arrests, 23 cases of preventing journalists from covering events and four death threats. (Source: *International Federation of Journalists) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 22 view(s)
  • Wolverine's Avatar
    Today, 02:55 AM
    4969 replies | 139322 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 09:31 PM
    Advertising FeatureRabee Securities Iraq Stock Exchange (ISX) market report (week ending: 19th Jan 2017). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQ1074 (+0.2%) / $1068 (+0.6%) (weekly change) (+11.9% and +12.8% YTD change, respectively). The number of week traded shares was 49.5bn and the weekly trading volume was IQD33.3bn ($25.4mn). ISX Company Announcements The Iraqi Company Registrar approved the merger decision of Baghdad Soft Drink Company (IBSD) and Yanabee Al-Zawraa (Aquafina) which was taken in the GA meeting on December 26, 2016. In the article of association, which was approved by the registrar, the new capital of IBSD will be IQD177.3bn. The ownership of Mr. Tariq Ibrahim Al Hassan, who is the deputy chairman of IBSD and the sole owner of Yanabee Al-Zawraa (Aquafina), will reach 79.4bn shares at IBSD, corresponding to 44.8% of the new capital (35.1bn original shares + 44.3bn new shares). ISX requested ISC advice for the original shares of IBSD to resume trading (for IQD133bn capital) and depositing the new shares (IQD44.3bn shares) after the approval of the Company Registrar. ISC’s reply hasn’t been issued yet. Asiacell (TASC) held its AGM* on Jan. 19, 2017. In the meeting, the company approved 2015 annual financial results and decided to distribute 25% cash dividend (IQD0.25 dividend per share, 3.7% dividend yield). Original shares of Al-Ameen Financial Investment (VAMF) will resume trading on Jan. 22, 2017 after discussing and approving 2015 annual financial results and deciding to increase the capital from IQD1.0bn to IQD1.5bn through 50% rights issue. The opening price will be IQD1.43 with +/-50% change for the first trading session. Babylon Bank (BBAY) will hold AGM* on Feb. 4, 2017 to discuss and approve 2014 and 2015 annual financial results. ISX will suspend trading of BBAY starting on Jan. 31, 2017. According to CBI announcement on Jan. 16, 2017, BBAY was removed from the deficient banks list. A number of ministries and government departments were notified with this update about the bank status, as the bank has improved its financial efficiency in accord with the requirements of the CBI. Three cross transactions occurred on 42.3bn shares of Mosul Bank for Development and Investment (BMFI) on Jan. 17 and Jan. 18, 2017, which represent 17.0% of BMFI capital. A cross transaction occurred on 9.5bn shares of Zain Al-Iraq Islamic Bank for Development (BZII) on Jan. 17, 2017, which represents 3.8% of BZII capital. A cross transaction occurred on 950mn shares of Kurdistan International Bank (BKUI) on Jan. 15, 2017, which represents 0.2% of BKUI capital. Kurdistan International Bank (BKUI) disclosed an increase in ownership percentage of Khan Adil Disko to 32.8bn shares, which represents 8.2% of BKUI capital. ISX notified Al-Karkh Court on Jan. 18, 2017 that it will auction on Feb. 5, 2017 the 22.275mn shares of Bank of Baghdad (BBOB) owned by Niran Abdul-Salam Muhammed for the payment of debt to Sumaya Mahdi Abdullah. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 34 view(s)
  • Brazileiro's Avatar
    Yesterday, 08:49 PM
    yes I know that is what is on the Warka Bank website however as per my post on 30 Dec that is not what I received for 2016. I received 3.62 on iqd account and 1.4% on usd account. The rates I received were included in my emails to Mr I and I have not had any response yet.
    17 replies | 1060 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 07:31 PM
    GardaWorld, a global leader in comprehensive security and risk management, has made its weekly security report available to Iraq Business News readers. Prepared by GardaWorld’s Risk Analysis Team in Iraq, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments across the country, including the battle to liberate Mosul. Please click here to download the latest report free of charge. For more information on how GardaWorld’s services can support your business in Iraq, please contact Daniel Matthews, Senior Director Iraq, at daniel.matthews@garda.com Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 39 view(s)
  • James's Avatar
    Yesterday, 12:51 PM
    This is from the Warka Bank page under the Bank Charges tab Interest Paid Annually on Savings Accounts IQD savings accounts 5% per year USD savings accounts 2% per year Certificate of Deposits (IQD) 6 months CD 5.5% 1 year CD 7%
    17 replies | 1060 view(s)
  • Will-it-happen?'s Avatar
    Yesterday, 12:05 PM
    Up again !!
    4 replies | 274 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 07:11 AM
    By John Lee. The United Nations has advertised new positions in Iraq: Political Affairs Officer, Field Missions Human Resources Document Management Assistant, United Nations Assistance Mission for Iraq (UNAMI) Administrative Assistant, United Nations Assistance Mission for Iraq (UNAMI) Programme Associate, United Nations Assistance Mission for Iraq (UNAMI) IT Client Services Assistant, United Nations Assistance Mission for Iraq (UNAMI) Driver & Logistics Clerk, United Nations Assistance Mission for Iraq (UNAMI) National Emergency Preparedness and Response Officer, Education Project Manager, Norwegian Refugee Council (NRC) ICLA Officer – Housing, Land and Property, Norwegian Refugee Council (NRC) Physician Assistant, Comprehensive Health Services (CHS) Field Coordinator, International Medical Corps Advocacy Advisor, International Rescue Committee (IRC) National Communications Officer, United Nations World Food Programme (WFP) (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 36 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 07:11 AM
    By John Lee. The United Nations has advertised new positions in Iraqi Kurdistan: Senior Cluster Associate (Shelter), United Nations Assistance Mission for Iraq (UNAMI) Driver, United Nations Assistance Mission for Iraq (UNAMI) Short-Term Consultancy on Unconditional Cash Programme Review, Norwegian Refugee Council (NRC) Education Officer, Norwegian Refugee Council (NRC) Monitoring & Evaluation Officer, Norwegian Refugee Council (NRC) Administrative Assistant, Norwegian Refugee Council (NRC) Emergency Response Manager (Mosul Response), Norwegian Refugee Council (NRC) Access Coordinator, Norwegian Refugee Council (NRC) Construction Project Manager/Engineer, UN Development Programme (UNDP) National Youth Volunteer-RoL-Project Assistant, UN Development Programme (UNDP) Administrative Associate, UN Development Programme (UNDP) Resource Mgmt Associate, UN Development Programme (UNDP) Emergency Response Manager, Save the Children Food Security Cluster Co-coordinator`, Action contre la Faim – ACF International (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 25 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 07:11 AM
    This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of*Iraq Business News. Power Station Attack First Sign that Iraqi Kurdish Protestors are Ready to use Violence?Just after protests about power cuts, somebody fired rockets at a Chamchamal power station. Is this the first sign of violence, after months of protests against the local government? Although Iraqi Kurdistan’s power needs are met by the natural gas reserves in the area of Chamchamal, the people actually living in the area don’t see a lot of the benefits of their natural resources. Which is why a group of locals decided to protest this situation on January 2. Then that evening unidentified individuals launched rocket propelled grenades at the gas-fuelled power plant that provides Iraqi Kurdistan with around half of all of its energy needs. The plant was not damaged. Strangely, after the attack on the power plant, the energy being supplied to locals in Chamchamal increased. Households there had been getting about two hours of power after midnight. Now they were getting an uninterrupted supply between 10pm and 8am. Many locals said that there was a connection between their new electricity schedule and the rocket attacks. On local social media, people started making jokes about the incident. “Fire a rocket and get 24 hours of free power,” read one witty comment. “This offer is valid until the government wakes up again.” Some locals suggested that a local hero of sorts, Abdullah Kwekha Mubarak, was behind the rocket attack. Mubarak lived in Norway for almost a decade and returned to Iraqi Kurdistan in 2008; he more or less founded the Chamchamal branch of the Change movement, an opposition party that has campaigned on an anti-corruption platform in the past. In the recent past he has taken what may best be described as staunch positions. Early in 2016 Mubarak threatened to cut a gas pipeline in Chamchamal if the area didn’t get a better power supply. On January 29, the gas pipeline going from the Khor Mor gas field to Erbil was bombed leading to a disruption in work at other power plants that rely on natural gas. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 29 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 07:11 AM
    In one day, Missan had a make over with the support from the EU and UNDP through “Clean Missan in One Day Campaign” More than 10,000 volunteers have participated in “Clean Missan in One Day” Campaign. Volunteers were university and high school students, NGOs, community leaders and members of Missan local Government. Around 500 tons of waste have been collected, 800 trash containers distributed and 4,000 meters of sewages have been completely cleaned. EU Ambassador to Iraq Mr. Patrick Simonnet stated: “We care about people of Iraq – after achieving peace and security in the country, integrating environmental concerns into local development policy is of critical importance. What is even more important for us and for the people is when these policies are translated into practice. I am pleased that so many people, especially youth and women, mobilized in a common effort to improve life in their city.” Songs and theatre performed by kindergarten children marked the start of the campaign launched on 22 December 2016 by Local Area Development Programme (LADP), funded by the European Union (EU) and implemented by UNDP. Artists and painters who volunteered for the campaign painted the outside walls of seven schools and a health clinic, and more than 2,000 m of sidewalks of main streets. The volunteers also planted 1,500 trees along the main streets of Hay Al-Askry district. UNDP Gender Specialist Sundus Abbas said: “The Local Area Development Programme has encouraged this initiative as part of project activities related to improvement of service delivery to citizens. The purpose of the campaign is to encourage public institutions and citizens to cooperate in improving community services and preserving environment. The voluntary participation in the campaign represents the core of local development which enhances the citizens’ confidence of their connection to the city.” The “Clean Missan in One Day” Campaign included 9 awareness-raising lectures held in one week at schools, mosques, community and youth sport centers in Missan in cooperation with the Department of Environment and Health of Missan Governorate. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 26 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 07:11 AM
    The International Organization for Migration (IOM)’s work in community stabilization is assisting Iraqis affected by displacement and conflict to generate their own income and engage in meaningful work. This past week, IOM provided 47 displaced Iraqis with business support packages in Risafa, Baghdad. This livelihood assistance was funded by the Government of Canada and supported by the Risafa Local Council and the Baghdad Provincial Council. The project aims to empower local communities such as Risafa, which are hosting large populations of displaced Iraqis, by contributing to the socio-economic inclusion of disadvantaged individuals. IOM supports the creation of employment opportunities and re-establishment of businesses; it also provides business packages across a variety of sectors, including retail, services, hospitality, trades and small-scale manufacturing. Through the project, implemented across six governorates of Iraq, over 400 individuals have received business development services, including business development counseling. Of these, 380 individuals have received a business support package to start new businesses or enhance existing ones. These opportunities support income generation activities for 430 households, benefitting more than 2,500 people affected directly by the ongoing conflict. Mahmoud, a 31-year-old beneficiary from Fallujah, said: “Before, my life was stable. I worked as a blacksmith and I had my own shop. But the day ISIL came, I had to abandon the shop. They burned my house and destroyed my car. They told us that we should leave the city. When I came to Baghdad in 2014 I did not have anything. “I am responsible for my family. My parents are elderly. My son has a heart problem and needs expensive treatments. Now IOM has given me a generator and a popcorn machine. I will start my business right away so I can earn money in order to support my family.” Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 40 view(s)
  • Investors Iraq News's Avatar
    01-20-2017, 04:40 PM
    The Iraqi authorities and the staff of the International Monetary Fund (IMF) held discussions in Baku, Azerbaijan from January 15–19, 2017 ahead of the second review of Iraq’s 36-month Stand-By Arrangement (SBA) that the IMF Executive Board approved on July 7, 2016 ( See Press Release No. 16/321). The first review under the SBA was completed on December 5, 2016 (See Press Release No. 16/540). Mr. Christian Josz, Mission Chief for Iraq, issued the following statement: “The Iraqi authorities have made good progress on implementing economic reforms under the SBA. “The Iraqi authorities and IMF staff will hold discussions on the second review of the SBA in March 2017. “During the discussions, the team met with Acting Governor of the Central Bank of Iraq (CBI), Dr. Ali Mohsen Ismail Al-Allaq, Deputy Finance Minister, Dr. Fadhil Nabee Othman, the Financial Adviser to the Prime Minister Dr. Mudher Saleh, and officials from the ministry of finance, the CBI, the ministry of planning, the ministry of oil, the State Oil Marketing Organization , the Central Statistical Office and representatives from the Kurdistan Regional Government. The team would like to thank the Iraqi authorities for their cooperation and the open and productive discussions.” (Source: IMF) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 35 view(s)
  • Investors Iraq News's Avatar
    01-20-2017, 04:40 PM
    From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraqi forces battled the last holdout jihadists in east Mosul on Thursday after commanders declared victory there and set their sights on the city’s west, where more tough fighting awaits. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 34 view(s)
  • Investors Iraq News's Avatar
    01-20-2017, 04:40 PM
    U.S. and coalition military forces continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq on Wednesday, Combined Joint Task Force Operation Inherent Resolve officials reported yesterday. Officials reported details of the latest strikes, noting that assessments of results are based on initial reports. Strikes in Syria Attack, bomber, fighter and remotely piloted aircraft conducted 21 strikes consisting of 24 engagements in Syria: Near Abu Kamal, two strikes destroyed a large oil tanker and an oil still. Near Bab, three strikes engaged an ISIL tactical unit and destroyed two tactical vehicles and a supply cache. Near Shadaddi, a strike destroyed a vehicle bomb. Near Raqqah, 12 strikes engaged four ISIL tactical units, six fighting positions, a house bomb, a tactical vehicle, a checkpoint, and two tunnels; suppressed four ISIL tactical units; and damaged a supply route. Near Ayn Isa, a strike engaged an ISIL tactical unit and destroyed three fighting positions and a heavy machine gun. Near Dayr Az Zawr, two strikes destroyed 20 oil refinement stills. Strikes in Iraq Attack, bomber, fighter and remotely piloted aircraft as well as rocket artillery conducted six strikes consisting of 45 engagements in Iraq, coordinated with and in support of Iraq’s government: Near Kisik, a strike suppressed an ISIL tactical unit. Near Mosul, four strikes engaged two ISIL tactical units, destroyed 49 watercraft, three ISIL-held buildings, four fighting positions, three mortars, three barges, two vehicles, a vehicle bomb facility, a command-and-control node, and three excavators; suppressed an ISIL tactical unit; and damaged two tunnels and 12 supply routes. Near Sinjar, a strike engaged an ISIL tactical unit and destroyed an unmanned aerial vehicle launch site. Task force officials define a strike as one or more kinetic events that occur in roughly the same geographic location to produce a single, sometimes cumulative, effect. Therefore, officials explained, a single aircraft delivering a single weapon against a lone ISIL vehicle is one strike, but so is multiple aircraft delivering dozens of weapons against buildings, vehicles and weapon systems in a compound, for example, having the cumulative effect of making those targets harder or impossible for ISIL to use. Accordingly, officials said, they do not report the number or type of aircraft employed in a strike, the number of munitions dropped in each strike, or the number of individual munition impact points against a target. Ground-based artillery fired in counterfire or in fire support to maneuver roles is not classified as a strike. Part of Operation Inherent Resolve The strikes were conducted as part of Operation Inherent Resolve, the operation to eliminate the ISIL terrorist group and the threat they pose to Iraq, Syria, and the wider international community. The destruction of ISIL targets in Syria and Iraq further limits the terrorist group’s ability to project terror and conduct operations, officials said. Coalition nations that have conducted strikes in Syria include the United States, Australia, Bahrain, Canada, Denmark, France, Jordan, the Netherlands, Saudi Arabia, Turkey, the United Arab Emirates and the United Kingdom. Coalition nations that have conducted strikes in Iraq include the United States, Australia, Belgium, Canada, Denmark, France, Jordan, the Netherlands and the United Kingdom. (Source: US Dept of Defense) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 30 view(s)
  • Investors Iraq News's Avatar
    01-20-2017, 04:40 PM
    By John Lee. Dyncorp International LLC has been awarded a $30,790,391 modification (P00148) to foreign military sales contract (Afghanistan, Iraq, Kuwait) W58RGZ-13-C-0040 to exercise option year three of a regional management fee for aviation field maintenance services in support of the Army Aviation and Missile Command, Aviation Field Maintenance Division outside the continental U.S. operations. This requirement includes, but is not limited to, the effort necessary to reset an aircraft to a fully mission capable condition; the installation of aircraft modifications under modification work orders; and support to various units and combat aviation brigades. Work will be performed in Afghanistan, Iraq, and Kuwait, with an estimated completion date of Dec. 31, 2017. (Source: US Dept of Defense) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 31 view(s)
  • Investors Iraq News's Avatar
    01-20-2017, 04:40 PM
    By John Lee. In a sign that Iraq is following through on the OPEC decision to cut oil output, Reuters reports that oil exports from Iraq’s southern terminals have fallen so far in January. According to loading data and an industry source, exports from southern Iraq averaged 3.25 million bpd in the first 16 days of January, down from the 3.51 million bpd record high achieved for the month of December. Under the OPEC agreement, Iraq is required to cut production by 210,000 bpd. Oil Minister Jabar Ali al-Luaibi confirmed earlier this month that Iraq will comply with the agreement. (Source: Reuters) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 29 view(s)
  • Will-it-happen?'s Avatar
    01-20-2017, 02:19 PM
    must be a whole bunch of new customers checking their available balance
    4 replies | 274 view(s)
  • Brazileiro's Avatar
    01-20-2017, 10:56 AM
    Looks like it's down again!
    4 replies | 274 view(s)
  • Brazileiro's Avatar
    01-20-2017, 10:54 AM
    No response from Mr I to a couple emails asking about the interest rates given on savings accounts even though the emails were read.
    17 replies | 1060 view(s)
  • dollarsign's Avatar
    01-19-2017, 07:44 PM
    They wasted no time getting this one out. http://www.imf.org/en/News/Articles/2017/01/19/mcs01192017-Statement-by-an-IMF-Mission-on-Iraq $
    0 replies | 104 view(s)
  • Will-it-happen?'s Avatar
    01-19-2017, 05:05 PM
    Ten years jail to the director of Iraqi bank embezzled billions of dinars
    0 replies | 80 view(s)
  • Will-it-happen?'s Avatar
    01-19-2017, 04:55 PM
    up and running again !!! Well the website is, the bank is still closed !!!!!!!
    4 replies | 274 view(s)
  • Investors Iraq News's Avatar
    01-19-2017, 12:11 PM
    By Padraig O’Hannelly. To prosper in Iraq, you need to be well informed, and at Iraq Business News we are committed to providing our readers with the very best and most relevant information on the country. To that end, we are delighted to announce that GardaWorld, a global leader in comprehensive security and risk management, is making its weekly Iraq security report available to our readers. Prepared by GardaWorld’s Risk Analysis Team in the country, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments across the country, including the battle to liberate Mosul. Please click here to download the latest report free of charge. For more information on how GardaWorld’s services can support your business in Iraq, please contact Daniel Matthews, Senior Director Iraq, at daniel.matthews@garda.com Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 37 view(s)
  • Investors Iraq News's Avatar
    01-19-2017, 12:11 PM
    GE has announced that it has secured more than $1.4 billion in orders from Iraq’s Ministry of Electricity to set up power plants as well as provide technology upgrades and maintenance services. The company signed agreements that will add over two gigawatts (GW) of power and secure the delivery of ~1.75 GW of existing power to the national grid: GE will set up the Samawa and Dhi Qar Power Plants, adding 1,500 megawatts (MW) to the grid. In the first phase of the project, GE will install four 9E gas turbines in simple cycle at each site by 2018. The second phase will entail the combined cycle conversion of the 9E units. GE is also supplying advanced heat recovery steam generators (HRSG) and steam turbine technology as well as serving as the engineering, procurement and construction (EPC) contractor for the projects. Under Phase II of the Power Up Plan – a plan with the Iraqi Ministry of Electricity (MoE) for critical electricity generation and maintenance projects throughout the country – GE will add over 580 megawatts (MW) to the national grid through upgrade and rehabilitation works at four power plants. Additionally, under Power Up Plan Phase II, GE will sustain ~1.75 GW of existing power generation through the maintenance of 9E gas turbines across six different power plants in Iraq. The activities will help enhance the reliability and efficiency of Iraq’s installed base. GE has also been working with regional and international institutions to facilitate financing to help the Government of Iraq execute these and other projects. Since 2016, GE has helped the country secure $2 billion in financing for projects in the energy sector leveraging its global sourcing capabilities coupled with its strong relationships with lenders. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 35 view(s)
  • Investors Iraq News's Avatar
    01-19-2017, 12:11 PM
    Iraq has successfully closed on its offering of a $1 billion sovereign bond issuance guaranteed by the United States of America. This loan guarantee underscores the strong and enduring commitment of the United States to support the government of Iraq in this critical moment in the fight against Da’esh. As part of a comprehensive international assistance package – anchored by an International Monetary Fund (IMF)-supported reform program – this guarantee provides Iraq access to low-cost financing essential to delivering critical services to all the people of Iraq, while laying the foundation for long-term stability and growth through economic and institutional reforms. Today’s issuance of a $1 billion, five-year Iraqi sovereign bond on international markets is backed by a 100 percent guarantee by the U.S. government of the repayment of principal and interest, and was priced at a coupon rate of 2.149 percent. (Source: US State Dept) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 38 view(s)
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