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  • Investors Iraq News's Avatar
    Today, 12:50 AM
    Stabilizing liberated areas in Iraq post-ISIL remains a top priority for GermanyThe German Federal Foreign Office has contributed another 11 mio USD to the Funding Facility for Stabilization (FFS), managed by the United Nations Development Programme (UNDP). It will support stabilization and recovery efforts for Iraq post-ISIL, which includes repairing essential public infrastructure and providing short-term employment opportunities. With this contribution, Germany’s support through the German Federal Foreign Office to the FFS amounts to over 100 mio USD. Overall, Germany is the second-largest contributor of the 28 donors that fund the FFS. The Facility finances fast-track initiatives in areas liberated from ISIL in priority areas identified by the Government of Iraq. “Since Iraq’s liberation from ISIL, so much progress has been made in bringing stability to areas that were under its territorial control. We are extremely grateful for Germany’s continued support to UNDP, which has allowed us to help more than 8 million Iraqis access better services and facilities,” says Resident Representative of UNDP Iraq, Zena Ali Ahmad. “The challenges facing Iraq are enormous, so I would like to thank the German Federal Foreign Office for prioritizing Iraqi communities as they continue to recover from the atrocities of ISIL,” adds Ms Ali Ahmad. “Iraq and the international community jointly defeated ISIL, as we marked this important anniversary yesterday. We must not forget the needs in the liberated areas, where still 1.4 million IDPs cannot return home, and in many areas basic needs have not yet been rehabilitated”, said Jochen Möller, Chargé d’Affaires a.i. of the German Embassy in Baghdad. At the request of the Government of Iraq, UNDP established the Funding Facility for Stabilization (FFS) in June 2015 to facilitate the return of displaced Iraqis, lay the groundwork for reconstruction and recovery, and safeguard against the resurgence of violence. To date, UNDP’s Funding Facility has completed more than 2,200 projects in key critical areas of Anbar, Salah al-Din, Diyala, Kirkuk and Ninewa, with another 386 currently underway. Approximately 895 projects are in the planning stages. (Source: UNDP) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 14 view(s)
  • Investors Iraq News's Avatar
    Today, 12:50 AM
    By Dana Taib Menmy for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. What is the fate of Baghdad-Erbil’s oil-for-budget agreement amid ongoing protests?The Kurdistan Region of Iraq has vast proven oil and gas resources; however, mismanagement, corruption and ruling parties’ monopoly on power have brought the region to the brink of financial collapse amid longstanding controversies with the Iraqi government over the region’s share of federal budget. Following extensive negotiations, the Kurdistan Regional Government (KRG) announced Nov. 27 that a final oil-for-budget deal with the Iraqi federal government had been reached in which the KRG agreed to submit 250,000 barrels per day of crude oil to Iraqi State Oil Marketing Company in return for receiving a fair share of the country’s budget for 2020. The KRG currently produces 500,000 barrels per day, and has been exporting most of its oil independently through Turkey since 2013. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 13 view(s)
  • Investors Iraq News's Avatar
    Today, 12:50 AM
    The following Security Council press statement was issued on Friday by Council President Kelly Craft (United States): The members of the Security Council welcomed efforts for an inclusive dialogue between the Government and people of Iraq to urgently deliver reforms aimed at addressing legitimate demands over economic opportunity, governance and electoral legislation. The members of the Security Council reiterated their support for the independence, sovereignty, unity, territorial integrity and prosperity of Iraq. The members of the Security Council expressed grave concern at the loss of life of those demonstrating and at the killing, maiming and arbitrary arrests of unarmed demonstrators. The members of the Security Council acknowledged the right to peaceful assembly in Iraq and called for Iraqi authorities to promptly conduct transparent investigations into the violence against those demonstrating. They expressed concern over the killing or maiming of unarmed demonstrators and security forces. The members of the Security Council expressed concern over the involvement of armed groups in extrajudicial killings and kidnappings. The members of the Security Council called for maximum restraint and urged all to refrain from violence or the destruction of critical infrastructure. The members of the Security Council reaffirmed their support for efforts led by the United Nations Assistance Mission for Iraq (UNAMI) and Special Representative of the Secretary-General Jeanine Hennis-Plasschaert, in accordance with resolution 2470 (2019), to support and assist the Government of Iraq and the Iraqi people with inclusive political dialogue, national- and community-level reconciliation, and electoral assistance to the Government of Iraq and Independent High Electoral Commission. The members of the Security Council reiterated their support for Iraq’s continued post-conflict recovery, stabilization, reconstruction, reconciliation, development, and reform efforts to meet the needs of all Iraqis and reaffirmed the security of Iraq, particularly in light of Iraq’s territorial victory over Islamic State in Iraq and the Levant (ISIL, also known as Da’esh). The members of the Security Council recognized the importance of the Government of Iraq upholding the values set forth in the Iraqi Constitution and responding to the needs of all Iraqis, including women, youth, children, displaced persons and persons belonging to all ethnic and religious groups. (Source: UN) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 14 view(s)
  • Investors Iraq News's Avatar
    Today, 12:50 AM
    By Amnesty International. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Iraqi authorities must step up to their responsibilities and take immediate and effective action to put an end to a growing lethal campaign of harassment, intimidation, abductions and deliberate killings of activists and protesters in Baghdad and other cities, said Amnesty International on Friday. The organization has gathered testimonies of nine activists, protesters and relatives of missing activists from Baghdad, Karbala and Diwaniya who have said that what is happening is a “campaign of terror” and that “nowhere is safe” after a number of protesters and activists were killed, or abducted and forcibly disappeared in the past two weeks mostly on their way home from protests. Other protesters managed to escape after attempts were made to shoot them. More here. (Source: Amnesty International) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 14 view(s)
  • dollarsign's Avatar
    Yesterday, 05:48 PM
    The Basel Committee is consulting on Introduction of guidelines on interaction and cooperation between prudential and AML/CFT supervision. Consistent with the goals and objectives of the standards issued by the Financial Action Task Force (FATF) and principles and guidelines published by the Basel Committee, the proposed revisions provide further detailed guidelines to strengthen the interaction and cooperation between prudential and AML/CFT supervisors. The proposed changes to the Sound management of risks related to money laundering and financing of terrorism include a new provision in "The role of supervisors" section that recommends establishing an effective cooperative system and a supplementing annex with specific recommendations and descriptive examples to facilitate supervisory cooperation. The Committee invites comments on the consultative document. Comments should be uploaded here by 6 February 2020. All comments will be published on the website of the Bank for International Settlements unless a respondent specifically requests confidential treatment. We don't need to see many of these to know that something is up with this month... ​$
    1 replies | 110 view(s)
  • dollarsign's Avatar
    Yesterday, 05:22 PM
    Great news! They have a long history in the Gulf States, and would not work at cross purpose to out efforts. You're very welcome, I feel there is more info to bring... ​$
    207 replies | 68309 view(s)
  • ETA's Avatar
    Yesterday, 04:51 PM
    Not long ago few weeks or mouth I came across this info as I was reading about Brexit it was a British firm doing the work you speak of on these oil fields
    207 replies | 68309 view(s)
  • ETA's Avatar
    Yesterday, 04:43 PM
    Thank you for all that you do for this site and the data you bring.
    207 replies | 68309 view(s)
  • dollarsign's Avatar
    Yesterday, 01:17 PM
    quite a dry spell for sure! at the end of Feb. I could look at my post, but couldn't post. later, once I signed in, there'd be a string ????!!!!!! and stuff like that, strange. so things look stable now, and if I drop off the map again, know it'll be due to access issues. I'm looking forward to seeing if the synchronized Feb. moves bring results. definitely the right mix coming together then. ​$
    207 replies | 68309 view(s)
  • ETA's Avatar
    Yesterday, 03:47 AM
    Great to hear and see you again wow what a dry spell not hearing your research ,.I'll have to private message you and connect in other forms of staying in touch . thank you Dollarsign
    207 replies | 68309 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 03:20 AM
    By Dr Amer K. Hirmis. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Private sector investment in Iraq – What strategy for the next Prime Minister?Iraq is in turmoil. The protests of the Iraqi youth, which started on October 1st 2019, are calling for the end of corruption, inequality in income distribution, high unemployment and the current (ethno-sectarian) political system and outside interference. They are also calling for a better life and, metaphorically, for their ‘own country’ (watan). The protests have so far claimed the resignation of Adel Abdul-Mahdi, the outgoing prime minister. The appointment of a new prime minister is imminent. However, it is not certain whether president, Barham Salih, or, indeed, the current parliament itself will remain in place for a long time. The system they are part of has failed. Politics aside, this situation compounds an already unfavourable environment for doing business in Iraq, as strongly indicated in a recent World Bank report (Oct. 2019). Political instability, uncertainty and indecision provide no comfort for the private investor. There are, however, a number of reasons why the next prime minister should be bold and determined to make fundamental changes to encourage private sector investment. There is a need to ameliorate the severe structural problems in Iraqi economy to lessen its dependence on oil exports. The enormous challenges they face include high youth unemployment (at ca. 25 percent), young population (60 percent under 30 years of age) and growing at around 3 percent pa., over 700,000 people entering the labour market each year, hundreds of thousands of senior schools and university graduates, to mention a few. They must act fast, deep and wide. None of these challenges is easy! The new prime minister must be willing to make economic development in the face of adversities. New strategies are a must, reversing old ways of doing things. This brief note provides a few suggestions relating to what the next prime should do to induce (domestic and foreign) private investment in the economy. First though history. The graph below shows the dominance of public sector investment (gross fixed capital formation) over the last 50 years. The decline in private investment intensified following the 1964 nationalisation of major private sector concerns, in industry, banking and commerce. Private sector’s share of non-oil GDP declined from 87.3 percent in 1950 to 62.5 percent in 2010 (Hirmis, A.K. 2018a: 57). It was 61.8 percent in 2017 (cosit.gov.iq/n. accounts/2018, p.10). Structure and ownership The private sector’s role in the economy has been relegated for nearly 60 years now. Its previously wide-ranging economic activities have now been confined to mainly in retail and trade, construction, transport and ICT (http://cosit.gov.iq/AAS2017…). Crafts and light industry are the province of the private sector. The majority of businesses are owned by sole proprietors, with the rest being largely family partnerships: the country has few large, multi-industry conglomerates. However, large private businesses are emerging in ICT, particularly mobile communications, in technical services for the oil and gas sector, and in manufacturing. Productivity in the private sector varies: Iraqi private firms perform better in this regard than others in the MENA region in textiles and garments, chemicals, pharmaceuticals, non-metals and equipment; by contrast, food processing and electronics have a relatively low level of productivity (WB 2017; WB 2019; and RoI, 2014: 41, apud Idris, I. 2018). Skills and education As Christine van den Toornhas (2019) has remarked a key first step “will be education reform to prepare young Iraqis for private sector employment…It is clear that the issue is not a lack of demand…a lack of training in basic business skills such as finance and accounting, and a lack of core professional abilities, from critical thinking, research and report writing to being able to work with common software programs…This points to the urgent need to completely overhaul the public education system, including modernizing the curriculum…(short-term solutions include)… a nationwide series of accredited, specialized, one- or two-year programs that focus on developing language, business and professional competencies” Back in 2003, Nancy Birdsall (2003: 61) had observed that “Development and democracy require a fast uptake of Iraqis, including girls and women, into secondary school. They require replacing a school system focused on doctrinal propaganda with a system responsive to new demands for marketable skills.” The wider issues Second, the wider issues facing any future Iraqi prime minister in relation to inducing private sector investment go beyond industry structure, ownership, skills and education, noted above. The next prime minister should have a robust and realistic vision for Iraq’s economy, and its characterisation. They should decide for example whether they wish to build a capitalist, market, economy, where the private sector plays a key role whilst government plays an enabling role for wealth and jobs creation, especially in the productive sectors, like manufacturing and agriculture? On this point government has dithered since 2003. Now there is an opportunity to decide on the character of the Iraqi economy going forward. The prime minister and his advisors should, critically, have clear views of the dynamics of private sector performance; the business environment needed for investment to take place, and for firms to operate successfully. Private investment takes place on a very simple and familiar premise: the anticipated reward is worth taking the risk – i.e. reward vs. risk. On the investment side, the World Bank’s October 2019 report on ‘Doing Business 2020 – Iraq’ clearly shows why both the domestic and foreign private investors are weary and reticent. Iraq fails on all the measured indicators used to assess the business environment – the ease of doing business. Iraq currently does not provide a favourable business environment. These indicators include ‘getting electricity’, registering property, obtaining credit, enforcing contracts and, inter alia, resolving insolvency. Iraq came 172nd out of 190 countries, very close to the bottom. In short, the next prime minister, and his advisors, must rise to an enormous challenge. And, this is one of the yardsticks for judging the success or failure of the next prime minister’s administration. On the side of operation and performance, the latter, typically, depends essentially on eight factors both internal and external to the firm, as shown in the Figure below. Economic history of market economies shows that growth is generated mainly by the private sector; the government plays an enabling role, through its economic policies, regulation, support for innovation and trade, and ensuring political stability within a democratic framework. Government also subsidies and regulates education, health services and physical infrastructure. However, regardless of the stage of economic development, a number of factors come together to influence both private investment level/structure and the performance of the firms, as indicated above. Firms also need to consider in detail their profit and loss accounts – in the process of making profits (if they do), firms typically make allowances for wages, interest-bearing loans, or equity raised privately or from commercial/state banks. In addition, taxation, dividends, retained earnings, are also considered. Decisions on these matters constitute part of the firm’s behaviour, and could affect its future direction – e.g. expansion, diversification, or even closure. In the case of Iraq, there is also a consensus amongst observers that tackling corruption, bureaucracy and doing without an ethno-sectarian system of government is critical for economic development. Corruption, bureaucracy and cronyism deny many qualified potential employees access to jobs they deserve to have. Security and political stability are also a must for sustained private investment. In other words, a large number of factors need to be taken into account in balancing the rewards versus the risks at the firm level. The new Iraqi government must account for this. Finally, at the strategic (macro) level, the new prime minister has at least three options to stimulate private sector investment, accounting for the eight factors noted in the Figure above. Option one is to introduce a radical and swift reform concerning doing business in Iraq, creating a conducive environment to induce private investment, by removing constraints facing it. The new prime minister would be well-advised to take a leaf from the World Bank’s recommendations for doing business in Iraq. They should also take a leaf from the government’s own ‘Private Sector Development Strategy 2014-2030’ which recommends amending current laws and regulations governing the private sector which impede the sector’s growth. These include Investment Law 13 of 2006; Company Law 21of 1997; Industrial Development Law 164 of 1964; Implementation of large projects Law 157 of 1973 and the Economic Establishment Law 98 of 1964). On the other hand, the private sector investors should observe the rule of law, especially the Labour Law (37) 2015. The new prime minister should also seriously consult with Iraqi ‘Chambers of Commerce’ and ‘Confederations of Industry’ to develop an awareness of their concerns, aspirations and the dynamics of their performance. Option two is to start with restructuring and rejuvenating the ‘State-owned enterprises’ (SOEs), to improve their productivity, keeping in mind the socio-political impacts this option might have. The SOEs, most of which are dysfunctional and inefficient assume a drain on government’s budget due to underemployment, redundancy and maladministration. The SOEs have also assumed control over the sectors concerned and in effect crowded-out most non-oil private firms (WB, 2017). The new prime minister could introduce a form of partnership with the (domestic or foreign) private sector to rejuvenate the SOEs, based on, say, 30-40 years lease, profit-sharing, joint operation, ensuring continuous professional development for Iraqi workers and continuous research and development(R&D). When in operation, major ventures should be linked with Iraqi/foreign universities, to encourage innovation. Such partnership arrangements do not have to take the form of BOT (Build-Operate-Transfer) or BOOT (Build-Own-Operate-Transfer) business models. A new model could be struck, having the advantages of minimizing public cost for investment, reducing public debt, allowing for innovation, improving productivity (especially via FDI – Foreign Direct Investment), and, improve good governance, transparency etc. These arrangements could be applied to the manufacturing, agriculture and physical infrastructure of the economy, to start with. Option three is to widen the remit of the proposed ‘Construction Council’ which the current/new parliament will consider in the form of a ‘Construction Council Bill.’ This was forwarded by cabinet to parliament on September 17, 2019 (https://gds.gov.iq/ar/cabinet-approves-the-draft-construction-council-bill/). For the Bill to induce private investment its current objectives and mechanisms need fundamental review and amendments to widen its remit so that SMEs could, for example, gain access to finance. Also, the Bill must not become another mechanism to further corruption and money laundering. It must ensure that Council works on strictly professional basis, avoiding the politicisation of its remit/work. Critically, the new ‘Construction Council’ must be regulated by, say, a new independent ‘Office for Economic Development Responsibility’ (OEDR) ensuring that Council performs and delivers major/SME projects efficiently and effectively. This means that the operator must not be the regulator, which is the case in many Iraqi institutions at present. Otherwise, the seeds of corruption will be easily sown (http://iraqieconomists.net/en/2019/10/10/the-construction-council-bill-2019-a-critique-by-dr-amer-k-hirmis/). On this basis, the new prime minister could make a real difference and amend the current broken system of doing business in Iraq. Of course the above three options are inextricably linked, indeed they could be implemented in parallel. In all these options, education and economic development must be strongly linked, as noted above. University and vocational training graduates need to end up in jobs created by expanding productive and service sectors, taking advantage of the ‘digital revolution.’ In short, there must be close link between education (curricula) and the skills needs in the labour market. All girls and boys should have access to education to advanced level (up 16-18 of age), so that they would make informed decisions for themselves, in life and in participating in the labour market (Hirmis, A.K. 2018b). This is especially important at the micro-firm-level, ensuring the skills required are provided. In summary The new prime minister will be faced with many challenges, noted above, and none is easy! Stimulating private sector investment is one area where they can turn these challenges into opportunities. The new prime minister will need to muster great wisdom and determination to rise to these challenges, and assist in wealth and jobs creation. Learning from Iraq’s own history and also from foreign experience in economic growth, is always rewarding. The new prime minister should seek well-reasoned, workable advice and apply it in the Iraqi context. This is one way of enhancing state craft. Iraqis will be watching the new prime minister very closely, and will demand results! END Key References Birdsall, N. (2003) The Real Challenge for Iraqi Development (in The International Economy, Fall 2003: 58-61) Christine van den Toornhas (2019) The Answer To Iraq’s Problems Is (Still) Education ((https://www.niqash.org/en/articles/society/6013/The-Answer-To-Iraq’s-Problems-Is-(Still)-Education.htm – October 31, 2019, accessed, Nov.15, 2019) Hirmis, Amer K. (2018a) The Economics of Iraq – ancient past to distant future (Grosvenor House Publishing) Hirmis, Amer K. (2018b) Iraqi Women’s Contribution to the Iraqi Economy – An impressionistic view (http://iraqieconomists.net/en/2019/04/08/iraqi-womens-contribution-iraqi-economy-impressionistic-view-amer-k-hirmis-phd/). Idris, I. (2018) Inclusive and sustained growth in Iraq (K4D Helpdesk Report. Brighton, UK: Institute of Development Studies (posted at: https://assets.publishing.service.gov.uk/media/5b6d747440f0b640b095e76f/Inclusive_and_sustained_growth_in_Iraq.pdf , accessed on Dec. 4, 2019). RoI (2014) Private Sector Development Strategy 2014-2030 Republic of Iraq (http://iraqieconomists.net/en/wp-content/uploads/sites/7/2014/09/Private-Sector-DevelopmentStrategy-2014-2030.pdf World Bank (WB) (2012). Private Sector Development in Iraq: An Investment Climate Reform Agenda (MENA Quick Notes Series. Washington, D.C.: World Bank Group. https://openknowledge.worldbank.org/bitstream/handle/10986/20577/NonAsciiFileName0.pdf?sequence=1&isAllowed=y) WB (2017) Iraq – Systematic Country Diagnostic (English). Washington, D.C.: World Bank Group. http://documents.worldbank.org/curated/en/542811487277729890/Iraq-Systematic-Country-Diagnostic WB (2019) Doing Business 2020 – Iraq (http://www.iraq-businessnews.com/2019/11/25/doing-business-2020-iraq-report-a-critique/). Please click here to download Dr Hirmis’ full report in pdf format. Dr Amer K. Hirmis is Principal at UK-based consultancy CBS Ltd. (2008-present). In October 2009, Amer began a 20-months assignment as Senior Development Planning Advisor to the Ministry of Planning in Iraq (funded under the DANIDA programme for ‘peace and reconstruction’ in Iraq). The posts Amer has assumed include Chief Economist and Head of Policy at the London Chamber of Commerce and Industry (1992-5), Economic Advisor to UK South West Regional Development Agency (1996-8) and Associate Director and then Head of Consulting and Research (Middle East) at the global firm DTZ (1998 to 2007). Dr Amer K Hirmis is the author of ‘The Economics of Iraq – ancient past to distant future’ https://www.amazon.com/Economics-Iraq-Ancient-distant-future/dp/1999824105] Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 19 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 01:13 AM
    By John Lee. ShaMaran Petroleum has reported that the Atrush Field continues to perform “exceptionally well“. Average production for the month of November was 43,360 bopd. The CK-15 well is now online and wells currently are undergoing normal-course maintenance. The Company reiterates its Atrush 2019 average daily production guidance of between 30,000 and 35,000 bopd and a target 2019 exit rate between 45,000 bopd and 50,000 bopd. The Company shares in this production, pursuant to a production sharing contract, with a working interest of 27.6%. Since the beginning of the year, production has increased 56% and the Company has invested significantly in infrastructure to facilitate continued production growth. The Atrush field is located 85 km northwest of Erbil and is one of the largest new oil developments in the Kurdistan Region of Iraq. The field was first discovered in 2011 and oil production started in July 2017. In its over two years of production the Atrush field has sold all its production to the Kurdistan Regional Government of Iraq at international market prices. (Source: ShaMaran Petroleum) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 15 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 01:13 AM
    By John Lee. The Kurdistan Regional Government (KRG) has delayed payments to oil producers by several weeks. In statements to the markets on on Thursday, Genel Energy, Gulf Keystone Petroleum (GKP) and Shamaran Petroleum said that payments relating to invoices for oil production in August and September, which were due to be paid in November and December, will be received in January 2020. (Sources: Genel Energy, Gulf Keystone Petroleum (GKP), Shamaran Petroleum) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 20 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 01:13 AM
    By John Lee. On 11 December 2019, Christoph Buik was appointed as new head of mission for the European Union Advisory Mission in Iraq (EUAM Iraq). He will take up his duties on 1 January 2020. Christoph Buik, a German national, is currently Director of the UN Standing Police Capacity. Previously, he was Police Commissioner for the UN Assistance Mission in Somalia. He has long experience in international peacekeeping and peace building operations. He will take over from Markus Ritter, who has held the post since October 2017. The decision was taken by the Political and Security Committee on 11 December 2019. EUAM Iraq is based in Bagdad and contributes to the implementation at strategic level of a comprehensive strategy countering terrorism and organised crime with specific reference to border management, financial crime, money laundering and the trafficking of cultural heritage. The mission works in coordination with key international actors operating in Iraq, including the NATO mission in Iraq. The mission was launched on 16 October 2017 to support the implementation of the civilian aspects of the Iraqi National Security Programme. This programme aims at building state institutions capable of consolidating security, peace and preventing conflicts under the rule of law, and outlines a number of threats to national security, including terrorism, corruption and political instability. Please click here to read Christoph Buik’s CV (Source: European Council) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 21 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 01:13 AM
    As protests in Iraq enter their third month, the numbers of arrests, abductions, and killings of protesters continue to rise, according to Human Rights Watch (HRW). But instead of protecting the demonstrators mostly peacefully protesting on Iraq’s streets, some security forces are the ones attacking and killing them. Prime Minister Adil Abd Al-Mahdi had promised in a letter to Human Rights Watch that security forces would no longer use live ammunition against protesters, before announcing his own resignation on November 29. But killings and abductions of protesters have continued. More here. (Source: HRW) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 18 view(s)
  • BatmaninIraq's Avatar
    Yesterday, 01:05 AM
    Parliamentary finance excludes sending the 2020 budget law before the end of this year Private- Mawazine News, The Parliamentary Finance Committee on Thursday ruled out sending the budget law for the year 2020 to the parliament before the end of this year. Committee member Shirvan Mirza said in an interview with "Mawazine News" that "there are only days left at the end of this year, and it is unlikely that the budget law will be sent before the end of this year." He added, "Until now, the government has not sent the budget to the parliament." Deputies expected that the caretaker government will send the budget law in the coming days to the House of Representatives.
    1 replies | 77 view(s)
  • What If....'s Avatar
    12-12-2019, 08:16 PM
    I'm still trying to get back into the game. My papers arrived too late to transfer. I hope they even still have them. Iraq won't be doing a 180 overnight so there's still plenty of potential to make some great gains.
    16 replies | 1248 view(s)
  • Investors Iraq News's Avatar
    12-12-2019, 03:43 AM
    By John Lee. Swiss-based Global Clearance Solutions AG has won a contract with the United Nations Office for Project Services (UNOPS) for the provision of “Explosive Hazard Clearance Teams (EHC Teams) and Risk Education (RE) in Iraq with International Technical Oversight Component: Sinjar & Tal Afar“. The contract is worth $2,548,636. (Source: UNGM) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 30 view(s)
  • Investors Iraq News's Avatar
    12-12-2019, 03:43 AM
    By John Lee. The National Investment Commission (NIC) has announced the following investment opportunities: Madium ammunition – State Company for Military Industries Light ammunition, State Company for Military Industries Military Gas Masks, State Company for Military Industries Treatment of oil wells by ultrasound technology, State Company for Military Industries (Source: National Investment Commission) (Picture: Business opportunity word cloud, from ibreakstock/Shutterstock) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 24 view(s)
  • Investors Iraq News's Avatar
    12-12-2019, 03:43 AM
    By John Lee. Mr. Mohammad Jaafar Al-Sadr, the Ambassador of the Republic of Iraq in London, has participated in a round-table meeting hosted by the Iraq Britain Business Council (IBBC) . The Ambassador said Iraq welcomes the contribution of British companies to the reconstruction of the country, reviving the Iraqi economy, and providing job opportunities, because “British companies enjoy high experience in various fields, especially in the infrastructure sector, electricity, water, health, and education“. The meeting was attended by Baroness Emma Nicholson, and board members representing sixteen British companies. According to a statement from the Iraqi Ministry of Foreign Affairs, Baroness Nicholson “expressed the aspiration of the IBBC and its member companies to work in Iraq in the coming period“. (Source: Iraqi Ministry of Foreign Affairs) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 22 view(s)
  • Investors Iraq News's Avatar
    12-12-2019, 03:43 AM
    By Amberin Zaman for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Oil trail reveals Turkey funding Syrian Kurdish rivalsAt the Halifax Security Forum, an annual event attended by high-powered government officials, business titans and assorted other movers and shakers from across the globe, national security adviser Robert O’Brien took the stage with PBS’ Nick Shifrin and let the cat out of the bag. When the veteran correspondent grilled O’Brien Nov. 23 about President Donald Trump’s decision to keep US troops in northeastern Syria “for the oil,” noting that the Pentagon’s Syrian Kurdish allies were selling it to the Syrian regime in defiance of sanctions, O’Brien responded, “Some of it goes to the regime. Some of it is used locally. Some of it goes to Iraqi Kurdistan. Some of it goes to Turkey. The key, though, is not where the oil goes but where the revenue goes.” The main thing, he concluded, was to ensure that none of it got to the Islamic State. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 25 view(s)
  • Investors Iraq News's Avatar
    12-12-2019, 01:22 AM
    It’s (almost) Christmas, so please spare a thought for those less fortunate who will have little to celebrate on the 25th. Please consider the AMAR Foundation‘s appeal this year which highlights the plight of Yazidi teens whose young lives have been ruined by ISIS. More than one third of the 6,800 Yazidis abducted in Sinjar in 2014 were children under 14, We want to reach as many of these children as possible and help them reclaim their childhoods. Please click here to help us help them. (Source: AMAR) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 29 view(s)
  • Investors Iraq News's Avatar
    12-12-2019, 01:22 AM
    KRG Prime Minister Masrour Barzani and Deputy Prime Minister Qubad Talabani has today chaired a cabinet meeting to discuss the draft Reform Bill, a central pillar of the Kurdistan Regional Government’s agenda. Developed as a joint initiative involving all parties in the government, the Reform Bill includes a series of measures designed to provide more certainty and accountability on salaries, pensions and allowances for public servants. Discussing the Bill, the Prime Minister confirmed that as well as providing more security for public servants, the Bill would also serve to streamline public expenditure by ensuring only public workers eligible for benefits receive them. The Prime Minister noted that the Reform Bill represents the latest in a series of steps taken to transform the civil service, increasing transparency and creating a fair system for hardworking public sector employees. The cabinet approved the draft Reform Bill by a majority vote. The Bill has now been sent to the Kurdistan Parliament for debate. (Source: KRG) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 22 view(s)
  • Investors Iraq News's Avatar
    12-12-2019, 01:22 AM
    Gulf Keystone Petroleum (GKP) has provided an operational and corporate update. Operational Average gross production for the year up to 30 November 2019 of 32,127 barrels of oil per day (“bopd”). November gross production averaged 40,582 bopd, with current production rates from the field at c.42,000 bopd. GKP is therefore on track to meet its original gross production guidance for 2019 of 32,000-38,000 bopd. The first well of the drilling campaign, SH-12 came onstream on 13 November. During commissioning, the well produced at rates up to 4,600 bopd, in line with expectations and is currently producing at c.4,000 bopd. The second well in the drilling campaign, SH-9 is a crucial part of the long-term field gas management plan and is designed to assess the gas reinjection potential of the Jurassic formation. The well, which was spudded on 19 October, encountered a faulted section requiring the well to be side-tracked to the Jurassic reservoir target. The SH-9 side-track necessitates a revision to the drilling schedule. Assuming a duration of one month for the side-track, the Company now expects to reach the 55,000 bopd gross production target at Shaikan in Q3 2020. The planned maintenance and debottlenecking shutdown at PF-2 was completed safely during October. The PF-1 export pipeline is complete. Full oil export operations are expected to commence in the next 24 hours marking the end of export by trucking from the Shaikan Field. Operations at Shaikan remain safe and secure, with no Lost Time Incidents (“LTI”) recorded in over 500 days. Corporate Cash balance of $206 million as at 9 December 2019. With a robust cash position and the Company’s confidence in its delivery of the Shaikan project, a second share buyback programme for a further $25 million has been approved and an initial tranche of $15 million will be initiated today. Jón Ferrier, CEO, commented: “The Company has made significant progress on a number of fronts; with the successful addition of SH-12 to the PF-2 production inventory and drilling of the gas appraisal well SH-9 where operations continue. The imminent start of export through the PF-1 pipeline means all production from Shaikan will now be exported directly via pipeline, benefitting safety, reducing environmental impact and improving netbacks. “We are pleased to confirm that we are on track to achieve our initial average production guidance for 2019, and whilst the need to side-track SH-9 has slightly impacted our timing guidance for delivering 55,000 bopd, we remain on course to achieve further significant production growth in 2020. “We are also pleased to announce the launch of a second $25 million share buyback programme, which is in line with our focus on returning value to shareholders, whilst retaining the capital necessary to grow the business.“ (Source: GKP) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 31 view(s)
  • dollarsign's Avatar
    12-11-2019, 06:26 PM
    Three moves that take effect in Feb. 2020... Central bank Governors meeting at the Bank for International Settlements (BIS), a hub for central banks and other financial regulatory and supervisory authorities, made a number of appointments to lead key central bank groups. The BIS Board of Directors appointed Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, as Chair of the Global Economy Meeting (GEM) and the Economic Consultative Committee, after consultations with members of the GEM. The GEM and the ECC are among the principal meetings held at the BIS every two months. The appointment takes effect on 1 February 2020 for a three year-term. from the CBI Dec. 1 The Central Bank of Iraq confirms that due to the expiry of the deadline granted to all merging companies under category ( A, B ), which amounts to (3) months to complete the requirements of granting the license to practice its activity as exchange companies, it was decided to give it another additional period for a period of (3) months to complete the requirements in addition to the merger. Dec. Jan. Feb. 2020 finally, in the interest of the Central Bank of Iraq to clarify the instructions and regulations for the declaration of money entering and leaving across the Iraqi borders. The Central Bank of Iraq / the Anti-Money Laundering and Combating the Financing of Terrorism Council would like to announce the first amendment of the controls for declaring funds when they are entered or exited across the Iraqi borders, and published in the Iraqi Al-Waqa'iq newspaper, issue (4551) on August 19, 2019, before entering into force in February of 2020, to spare citizens and travelers legal accountability for the violations stipulated in those controls during the transfer of funds across borders . The Central Bank of Iraq information Office 9/24/2019 Go groundhog!
    1 replies | 110 view(s)
  • BatmaninIraq's Avatar
    12-11-2019, 10:29 AM
    Integrity: the central bank bought 10 machines with $ 15 million turned out to be tearing up money! 12:09 - 11/12/2019 The information / Baghdad .. The Integrity Commission revealed, on Wednesday, that the Central Bank of Iraq purchased 10 machines at $ 15 million to count the currency before it was found that it was tearing the money. The authority said in a statement, which received / information /, a copy of it, that “the incoming intelligence is related to the subject of (volatile sukuk) and the collusion of some banks with people by depositing sukuk with no possession of them, in order to participate in the currency auction for the purpose of profit and benefit from the price difference between the central bank The local market, in addition to the purchase of 10 currency counting machines called the “comprehensive machines” by the Central Bank and the Central Bank, with a total amount of (15,000,000) million dollars, which were found to be of no benefit, as they destroyed the banknotes. The commission added, "This has caused a great loss of funds," confirming that "3 of those intelligence are being monitored." Ended / 25
    1 replies | 77 view(s)
  • James's Avatar
    12-10-2019, 09:37 PM
    Pretty much a complete list found here. http://en.idc-stocks.com/uploads/Website%20Works%202019/ISX%20Newsletters/5%20December%202019/mobile/index.html#p=8
    12 replies | 6011 view(s)
  • calstar's Avatar
    12-10-2019, 04:35 PM
    Announcement - Commercial bank of Iraq ask Shareholders to receive cash money 31/07/2018 06:59 Announcement - Commercial bank of Iraq ask Shareholders to receive cash money for 2016 from Wednesday 1/8/2018 at the bank in AlSadoon street .
    12 replies | 6011 view(s)
  • calstar's Avatar
    12-10-2019, 04:34 PM
    Announcement - Credit Bank of Iraq ask Shareholders to receive cash money for 2018 09/09/2019 10:00 Announcement - Credit Bank of Iraq ask Shareholders to receive cash money for 2018 from 11/9/2019 .
    12 replies | 6011 view(s)
  • bultn's Avatar
    12-10-2019, 04:25 PM
    The idiot: To Impeach a President who has proven through results, including producing perhaps the strongest economy in our country’s history, to have one of the most successful presidencies ever, and most importantly, who has done NOTHING wrong, is sheer Political Madness! Wow! What a record: • Most days vacationing • Most games of golf played • Lowest approval rating • Most provable lies told • Most cabinet resignations • Largest deficit • Longest shutdown ever • Most family members working in WH • Most articles of impeachment He is a pathological liar who really thinks that what he tweets is true. Amazing!!!
    662 replies | 92394 view(s)
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