Oil Minister calls for Investment in Nasiriya Refinery

By John Lee. Oil Minister Jabar Ali al-Luaibi (Allibi) has called for local and international companies to invest in the Nasiriya Refinery project in Thi-Qar province. He also called the concerned authorities to solve all the administrative hindrances which might delay the project in order to award it to the companies which are going to […]

CoolClownFish’s Blog – Zebari Dismissed – What now for IMF Loan?

<p><em>By Omar Sattarfor <a href=”http://www.al-monitor.com/pulse/originals/2016/08/iraq-politicians-tribalism-corruption.html”>AlMonitor</a>. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.</em></p>
<p style=”text-align: center;”><strong><em><span style=”text-decoration: underline;”>What’s the status of IMF loan as Iraq dismisses finance minister?</span></em></strong></p>
<p>Prior to his dismissal Sept. 21, Iraqi Finance Minister Hoshyar Zebari ran successful negotiations with international banks to obtain financial support for Iraq.</p>
<p>His last achievement was a $3 billion loan from the <strong>International Monetary Fund (IMF)</strong> that was secured during negotiations on Sept. 9.</p>
<p>These <a href=”http://alrafidain.org/%D9%82%D9%86%D8%A7%D8%A9_%D8%A7%D9%84%D8%B1%D8%A7%D9%81%D8%AF%D9%8A%D9%86-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A-%D9%8A%D9%82%D8%B1%D8%B6-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7-2/”target=”_blank”>second round of negotiations</a> between the Iraqi government and the IMF took place in the Jordanian capital Amman. The loan addresses the huge deficit in the 2016-17 fiscal budget due to lower oil prices; however, mystery still surrounds the amount of money that Iraq will have to pay in interest and the conditions imposed by the IMF on the Iraqi government.</p>
<p>Iraq originally began negotiations with the IMF during a <a href=”http://www.almadapress.com/ar/NewsDetails.aspx?NewsID=70140″target=”_blank”>first round of negotiations</a> on May 14. With the objective of receiving $16 billion in installments over a three-year period, Iraq secured <a href=”http://hathalyoum.net/996615″ target=”_blank”>$5.4 billion</a>.</p>
<p>The World Bank delegation participating in the meetings provided an economic development funding vision for Iraq that consisted of a soft loan of about $3 billion to be paid in installments and settled over a long period of time at a very low interest rate.</p>
<p>Mazhar Mohammed Saleh, the <a href=”http://surayanews.com/?p=18955″target=”_blank”>economic adviser</a> to the Iraqi government, told Al-Monitor, “The World Bank said that the loan aims to support the federal budget in line with the economic reform paths and the <a href=”http://www.ara.shafaaq.com/59797″ target=”_blank”>document of reform</a> launched by the prime minister.”</p>
<p>However, the government still has reservations in regard to the loan interests and the conditions of the World Bank at a time when the stated details seem inaccurate, economist Abdul-Rahman al-Mashhadani told Al-Monitor.</p>
<p>He said, “According to the IMF laws on loans, the initial interests of any loan range between 1.4% to 2.6% and fluctuate between 6% and 10% in the second and third installments. As far as the conditions are concerned, they vary depending on the state of the creditor.”</p>

<a href=”http://www.iraq-businessnews.com/2016/09/27/zebari-dismissed-what-now-for-imf-loan/”class=’bbc_url’ rel=’nofollow external’>Source</a>

Zebari Dismissed – What now for IMF Loan?

By Omar Sattarfor Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. What’s the status of IMF loan as Iraq dismisses finance minister? Prior to his dismissal Sept. 21, Iraqi Finance Minister Hoshyar Zebari ran successful negotiations with international banks to obtain […]

CoolClownFish’s Blog – Poll: Do Trump Supporters believe the Iraq Dinar Myth?

<p>A <a href=”http://view2.fdu.edu/publicmind/2016/160504/”target=”_blank”>recent poll</a> found that support for popular conspiracy theories is strongest among Donald Trump supporters.</p>
<p>But is it also true that Trump supporters are more likely to believe that the Iraqi Dinar will re-value by something of the order of 1,000 times, turning a $1,000 ‘investment’ into $1,000,000 overnight?</p>
<p>Please tell us your opinion in the following, entirely unscientific, reader poll:</p>
Note: There is a poll embedded within this post, please visit the site to participate in this post’s poll.
<p> </p>

<a href=”http://www.iraq-businessnews.com/2016/09/27/poll-do-trump-supporters-believe-the-iraq-dinar-myth/”class=’bbc_url’ rel=’nofollow external’>Source</a>

Poll: Do Trump Supporters believe the Iraq Dinar Myth?

A recent poll found that support for popular conspiracy theories is strongest among Donald Trump supporters. But is it also true that Trump supporters are more likely to believe that the Iraqi Dinar will re-value by something of the order of 1,000 times, turning a $1,000 ‘investment’ into $1,000,000 overnight? Please tell us your opinion […]

CoolClownFish’s Blog – Iraq Signs Convention on Sexual Violence in Conflicts

<p style=”text-align: center;”><strong><em><span style=”text-decoration: underline;”>Iraq Signs a Joint Convention on Cooperation and Coordination in Issues of Sexual Violence in Conflicts</span></em></strong></p>
<p>Minister of Foreign Affairs Dr Ibrahim Al-Jaafari signed a joint convention concerning cooperation and coordination in sexual violence in conflicts, with the Special Representative of the United Nations Secretary General on Sexual Violence in Conflict, Ms Zainab Bangura.</p>
<p>The United States Deputy Secretary of State, delegation of Russian Federation to the United Nations, and the Special Representative and Head of the United Nations Mission to Iraq Mr Ján Kubiš have attended the Signing ceremony.</p>
<p>The convention included starting data documentation and collecting evidence of sexual violence and terrorism crimes committed against all Iraqi components in Iraq.</p>
<p>In a speech he delivered on this occasion in the United Nation, New York, Dr Al-Jaafari said:</p>
<p style=”padding-left: 30px;”>“<em>This convention will evolve into a mechanism of work on the ground as it has become an international organisation. And before acquiring this character; there is the genuine Iraqi will. We shall work together to find appropriate environments. We shall remedy the sufferings of women.”</em></p>
<p style=”padding-left: 30px;”><em>“Women must attain their place in all institutions, including: education, health, factors, agriculture, trade and art. As they represent half of the society; they must assume their places in half of the institutions, and this is a normal thing.</em>“</p>
<p>His Excellency called upon the international community and donors to enhance national expertise, built capabilities, and spread awareness and education in fields of enabling and improving the rights of women, adding:</p>
<p style=”padding-left: 30px;”>“<em>What happened in Iraq is a combined expression that represents the various violations of the terrorist gangs of Da’esh. They have abused women so as to uproot the values from the society; as women are the makers of the future.”</em></p>
<p style=”padding-left: 30px;”><em>“Currently, the situation is better than before. We still have some difficult phases to pass in favour of woman and society. A humanitarian culture was promoted in Iraq, and it has been reflected on the Iraqi parliament which includes 82 female parliamentarians. In the transitional government there were 6 female ministers</em>.”</p>

<a href=”http://www.iraq-businessnews.com/2016/09/27/iraq-signs-convention-on-sexual-violence-in-conflicts/”class=’bbc_url’ rel=’nofollow external’>Source</a>

Iraq Signs Convention on Sexual Violence in Conflicts

Iraq Signs a Joint Convention on Cooperation and Coordination in Issues of Sexual Violence in Conflicts Minister of Foreign Affairs Dr Ibrahim Al-Jaafari signed a joint convention concerning cooperation and coordination in sexual violence in conflicts, with the Special Representative of the United Nations Secretary General on Sexual Violence in Conflict, Ms Zainab Bangura. The […]

CoolClownFish’s Blog – Counter-ISIL Strikes Hit Terrorists in Syria, Iraq

<p>U.S. and coalition military forces continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq on Sunday, Combined Joint Task Force Operation Inherent Resolve officials reported on Monday.</p>
<p>Officials reported details of yesterday’s strikes, noting that assessments of results are based on initial reports.</p>
<p><strong>Strikes in Syria</strong></p>
<p>Attack, bomber, fighter and remotely piloted aircraft conducted 10 strikes in Syria:</p>
<ul>
<li>Near Abu Kamal, a strike destroyed five ISIL oil tanker trucks and two oil well heads.</li>
<li>Near Ayn Isa, a strike engaged an ISIL tactical unit and destroyed a vehicle.</li>
<li>Near Dayr Az Zawr, two strikes destroyed nine oil well heads and an oil tanker truck.</li>
<li>Near Manbij, three strikes engaged two ISIL tactical units and destroyed four fighting positions and a tank.</li>
<li>Near Mara, three strikes engaged three ISIL tactical units and destroyed two fighting positions and a mortar system.</li>
</ul>
<p><strong>Strikes in Iraq</strong></p>
<p>Attack, fighter, remotely piloted aircraft as well as rocket artillery conducted 17 strikes in Iraq, coordinated with and in support of Iraq’s government:</p>
<ul>
<li>Near Huwayjah, two strikes engaged two ISIL tactical units.</li>
<li>Near Haditha, a strike engaged an ISIL tactical unit and destroyed an ISIL-held building.</li>
<li>Near Hit, a strike engaged an ISIL tactical unit and a staging area and destroyed three ISIL-held buildings.</li>
<li>Near Kisik, two strikes engaged an ISIL tactical unit and destroyed a vehicle, a tunnel and a watercraft.</li>
<li>Near Mosul, four strikes engaged two ISIL tactical units, destroying two weapon caches, two fighting positions and two tunnels. A mortar system was suppressed.</li>
<li>Near Qayyarah, four strikes engaged two ISIL tactical units and destroyed three rocket rails, three vehicles, two mortar systems, a rocket system, a fighting position and a weapons cache.</li>
<li>Near Ramadi, a strike destroyed two ISIL machine guns.</li>
<li>Near Sultan Abdallah, a strike destroyed two ISIL vehicles and an ISIL-held building.</li>
<li>Near Tal Afar, a strike engaged an ISIL tactical unit and destroyed a vehicle.</li>
</ul>
<p>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.</p>
<p><strong>Part of Operation Inherent Resolve</strong></p>
<p>The strikes were conducted as part of <a id=”anch_95″ href=”http://www.defense.gov/News/Special-Reports/0814_Inherent-Resolve”>OperationInherent Resolve</a>, the operation to eliminate the ISIL terrorist group and the threat it poses to Iraq, Syria, the region and the wider international community. The destruction of targets in Syria and Iraq further limits ISIL’s ability to project terror and conduct operations, officials said.</p>
<p>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.</p>
<p><em>(Source: US Dept of Defense)</em></p>

<a href=”http://www.iraq-businessnews.com/2016/09/27/counter-isil-strikes-hit-terrorists-in-syria-iraq-9/”class=’bbc_url’ rel=’nofollow external’>Source</a>

Counter-ISIL Strikes Hit Terrorists in Syria, Iraq

U.S. and coalition military forces continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq on Sunday, Combined Joint Task Force Operation Inherent Resolve officials reported on Monday. Officials reported details of yesterday’s strikes, noting that assessments of results are based on initial reports. Strikes in Syria Attack, bomber, fighter […]

Oshkosh in $400m Equipment Deal

The US Dept of Defense has announced that Oshkosh Defense has been awarded two new contracts relating to Iraq: a $17,080,930 firm-fixed-price, multi-year foreign military sales contract (Oman, Jordan, Iraq) for 54 635NL trailers, spare parts, and manuals. Bids were solicited via the Internet with one received. Work will be performed in Oshkosh, Wisconsin, with […]

CoolClownFish’s Blog – Iraq Stock Market Report

<p style=”text-align: center;”><span style=”text-decoration: underline;”><em><strong>Advertising Feature</strong></em></span></p>
<p><strong>Rabee Securities</strong> Iraq Stock Exchange (ISX) market report (week ending: 22nd Sept 2016).</p>
<p>Please <a href=”http://www.iraq-businessnews.com/reports/list-of-baghdad-stock-exchange-companies-and-tickers/”target=”_blank”>click here to download a table of listed companie</a><a href=”http://www.iraq-businessnews.com/reports/list-of-baghdad-stock-exchange-companies-and-tickers/” target=”_blank”>s</a> and their associated ticker codes.</p>
<p>The RSISX index ended the week at <strong> IQ760 (+2.5%) / $759 (+2.5%)</strong> (weekly change) (<strong>-30.3%</strong> and <strong>-33.8%</strong> YTD change, respectively). The number of week traded shares was <strong>3.7bn</strong> and the weekly trading volume was <strong>IQD2.6bn</strong> (<strong>$2.0mn</strong>).</p>
<p><a href=”http://www.iraq-businessnews.com/wp-content/uploads/2016/09/ScreenHunter_4311-Sep.-26-11.38.png”><imgclass=”alignright size-full wp-image-114606″ src=”http://www.iraq-businessnews.com/wp-content/uploads/2016/09/ScreenHunter_4311-Sep.-26-11.38.png” alt=”screenhunter_4311-sep-26-11-38″ width=”600″ height=”142″ srcset=”//www.iraq-businessnews.com/wp-content/uploads/2016/09/ScreenHunter_4311-Sep.-26-11.38.png 600w, //www.iraq-businessnews.com/wp-content/uploads/2016/09/ScreenHunter_4311-Sep.-26-11.38-300×71.png 300w” sizes=”(max-width: 600px) 100vw, 600px” /></a></p>
<p><strong>ISX Company Announcements</strong></p>
<ul>
<li>CBI approved banking license of International Islamic Bank on Sep. 19, 2016. The bank must complete CBI’s capital increase requirements within three years of the license issue. The bank was Al-Iraqia Money Transfer (MTIR) and now converting to International Islamic Bank. (CBI.iq)</li>
<li>Al-Mansour Pharmaceutical Industries (IMAP) will hold AGM* on Oct. 1, 2016 to discuss and approve 2015 annual financial results. ISX will suspend trading of IMAP starting on Sep. 27, 2016.</li>
<li>ISX announced on Sep. 22, 2016 that the formerly Al-Motaman for Money Transfer (MTMT) has completed the CBI and ISC procedures to convert into Zain Al-Iraq Islamic Bank for Investment and Finance (BZII) with a capital of IQD100bn.</li>
<li>Iraqi for Seed Production (AISP) will hold AGM* on Sep. 29, 2016 to discuss and approve 2015 annual financial results, amend the financial year to begin on Jan. 1st and end on Dec. 31st, rent its location in Abu Ghareeb to Middle East University for eight years, rent the land of Al-Lutaifya, invest a land in Nasrya and purchase two lands in Dyala and Baghdad. ISX will suspend trading of AISP starting on Sep. 26, 2016.</li>
<li>Middle East Production and Marketing Fish (AMEF) will resume trading on Sep. 25, 2016 after discussing and approving 2015 annual financial results and deciding to distribute 20% cash dividends (IQD0.2 dividend per share, 2.8% dividend yield). The opening price will be IQD6.9 for the first trading session.</li>
<li>Al-Maraj Al-Alamiya for Money Transfer (MTMR) will start trading on Sep. 25, 2016 after completing the listing procedures. The price will be free for the first three sessions and then will be traded with +/-20% change.</li>
<li>Al-Nukhba for General Construction (SNUC) will hold AGM* on Sep. 27, 2016 to discuss and approve 2015 annual financial results. ISX suspended trading of SNUC starting on Sep. 21, 2016.</li>
<li>Asiacell (TASC) resumed trading on Sep. 20, 2016 after fulfilling ISC requirements and publishing 2015 annual and 3M16 and 6M16 interim financial results.</li>
<li>Ishtar Hotel (HISH) resumed trading on Sep. 18, 2016 after fulfilling ISC disclosure requirements and publishing 2015 annual financial results.</li>
</ul>

<a href=”http://www.iraq-businessnews.com/2016/09/26/iraq-stock-market-report-201/”class=’bbc_url’ rel=’nofollow external’>Source</a>