Kuwait stock bulls walking, not running in 2005

[JeffP]

"Dash believes there’s more to come from Iraq in various supply and other contracts for Kuwaiti firms, which have a natural advantage over others because of the geographic proximity to Iraq.

Kuwait’s Mobile Telecom Co. and National Mobile Telecom are building mobile phone grids in Iraq while others have or are seeking deals in other sectors.
Recent media reports said big firms such as Kuwait Projects Co. and Public Warehousing Co. were vying for a “treasure trove” of $6-billion in new deals there.

“For a lot of Kuwaiti companies the kind of benefit expected from Iraq has not happened yet,” Dash told Reuters.“Also the Iraqi election will indeed have a positive effect on the market,” Minaies said.

http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/business/2005/January/business_January344.xml&section=business&col=

[Michael44]

Interesting news.

http://story.news.yahoo.com/news?tmpl=story&cid=615&e=1&u=/nm/iraq_usa_cash_dc

[Jerry]

Interesting news.

http://story.news.yahoo.com/news?tmpl=story&cid=615&e=1&u=/nm/iraq_usa_cash_dc


January 28, 2004
Financial scandals across Lebanon move toward resolution
From suspicions of smuggled Iraqi dinars to the continuation of intrigue at Al-Madina, investigations abound
Karine Raad
Daily Star staff

State Prosecutor Adnan Addoum was informed on Tuesday that Iraqi authorities will send him a memo demanding the return of money that has been confiscated by Lebanese authorities, according to sources.
The sources told The Daily Star, that Addoum received a call from the Iraqi Charge d’Affaires in Lebanon, Tahseen Elwan Eena, telling him that a memo will be sent through diplomatic channels.
Iraq’s Interior Ministry said on Monday that it could not be held responsible for the decision of Lebanese businessmen to fly to Beirut with billions of Iraqi dinars, which they had cashed for a procurement contract.
“Our responsibility stopped when the money was paid,” interim Interior Minister Nuri Badran said.
He stressed that the Lebanese businessmen agreed to be paid in Iraqi dinars and cashed the money from the Rafidain Bank in Baghdad. “I don’t know why they chose a currency exchange company abroad (to convert the dinars),” he added.
Badran said that the 9.5-billion dinar contract was to supply the ministry with necessary equipment, such as protection and tools for police officers to defuse bombs and strips to protect windows from being shattered by explosions.
The amount was equivalent to $10 million when the contract was signed earlier this month, he said.
He did not explain, however, why the Interior Ministry had not sent proof of the contract, as requested by the Lebanese authorities who seized the dinars from the businessmen on their arrival in Lebanon.
“We have paid the money, we are now awaiting the equipment,” he said.
But the Lebanese authorities said on Jan. 17 they would not return the money until they had proof that the money was from a legal payment for a contract.
Four Lebanese men were detained for several days on suspicion of attempting to smuggle the money as part of a speculation scheme and their passports were confiscated by the Lebanese authorities......

http://www.lebanonwire.com/0401/04012817DS.asp

Stuff like this has been going on for a long time now...

[Jerry]

Iraq's dinar gives greenback a run for its money
Jan 27, 2004

The owner of one shop on Karada Street, a main Baghdad thoroughfare, told the Associated Press that one customer recently came in and bought 40 million dinars - roughly US$30,000 - then stuffed it all into a large duffel bag. The plan was to drive to Jordan, eight hours across the desert, and sell the notes there to other speculators desperate to join the frenzy....


"And in Lebanon, one of the biggest news items last week was the impounding of about $20 million in new Iraqi dinars that arrived at Beirut airport aboard a private plane. Lebanese police arrested four people on suspicion of smuggling, only to receive an urgent complaint from the Iraqi interior ministry, which said it had sent the money as payment to a British company for security equipment. Beirut is now demanding the Iraqi officials send proof before they decide whether to return the money."

http://www.atimes.com/atimes/Middle_East/FA27Ak02.html