Deputy Prime Minister Nuri al-Rose Shaways today with Assistant Secretary General of the UN High Commissioner for Human Rights Ivan Simonovic and the delegation accompanying him, “the march of the democratic transformations taking place in Iraq.”
He Shaways, according to a statement his office, to “go hard and clear to the government in all its institutions through legislation, laws and regulations and instructions that deal with maintaining the rights of the individual and groups.”
Maliki declares referral for corruption in the Commercial Bank to eliminate
Iraqi Prime Minister Nuri al-Maliki, on Thursday, on the transfer of file corruption in the Central Bank to the judiciary to take the necessary action, while describing the financial institution, “the heart is vital spring” to the process of reconstruction and investment, he called to preserve the reputation of the World Bank Iraq’s trade, and treatment placements imbalance in all banking institutions.
Baghdad, June 2 – Iraq seeks to focus on Arab and foreign investments on their land to build its shattered economy over the years of wars and sanctions.
Iraq faces major challenges, at a time when plans to attract international companies to invest, he must take security alone without help Americans who adopted them for eight years, where it is supposed to leave Iraq by the end of the U.S. military this year.
And tries to Prime Minister Nuri al-Maliki’s review of his muscles during the visits of inspection to some financial institutions, which is an interface to attract investors.
Sec. Clinton
The U.S. State Department will host on Friday a business forum with senior executives from major U.S. corporations to discuss opportunities in “the new Iraq.”
Secretary of State Hillary Clinton, who is to head the U.S. side, will deliver opening remarks at the forum.
Deputy Secretary of State Tom Nides will moderate discussions between senior officials from the Departments of State, Treasury and Energy and the corporate executives. Senior Iraqi government officials will deliver remarks as well.
Baghdad, June 2 (Rn) – The Central Bank of Iraq on Thursday that the persistence of certain countries, especially Kuwait to freeze Iraqi funds in contravention of the UN resolution.
The bank adviser said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that “the continued freeze on Iraqi assets by regional countries (including Kuwait) and international order is contrary to the UN resolution.”
Saleh was referring to the UN resolution to lift Iraq from Chapter VII and raising the internationalism of
the Trusteeship to the Iraqi funds.
Press Release from Prime Minister Maliki’s Office
Within the framework of field trips undertaken by the Prime Minister to monitor the performance of work in different state institutions and fight corruption and irregularities that harm the economy and state building, sovereignty, today visited the Commercial Bank of Iraq.
British Parliament: on Iraq access to global credit rating to finance its projects
02/06/2011 0:00
The member of the British House of Commons Nazim Zahawi, on Wednesday, Iraq to work to get a credit rating of an international grant and reliability of its projects and to be able to obtain international financing for investment projects that he wants to do in various fields, calling for strengthening economic relations with the United Kingdom and take advantage of its re- Iraq’s infrastructure.
He said Zahawi, in a joint news conference with the President of the board of investment Sami Araji, the presence of that “it is essential that the Investment Authority, Iraq by giving priority to projects needed by the citizen, and then discuss with the international financial institutions on the financing of such projects through the adoption of the policy of return to Iraq classified as global credit grants and reliable enough for its projects and in order to encourage international companies to implement them. “
He added, “who stands up for the program for Iraq to the credit rating of the world, you must be a person with extensive experience in this area, and be is susceptible to negotiation and persuasion to get the best results,” adding that “after the talks continued out a roadmap for action between the governments of Iraq and the United Kingdom in the fields of economy. “
The Zahawi that “looked through future visits to Iraq to see progress in its own launch and completion of projects,” noting that British companies “had much experience in the field of construction and reconstruction are the projects that Iraq needs at the present time, especially in the areas of roads and bridges” .
He pointed out that “London, which includes companies roots in the construction projects are also an international financial center equal to New York and this is what gives them the ability to fund major projects, because they represent no British banks, but international banks interested to work in Iraq through the financing of construction projects and investment projects in addition to side credit in the investment process. “
For his part, said the President of the board of investment Iraqi Sami Araji, “The presence of a member of the House of Commons Nazim Zahawi Iraqi origin, will help to develop economic relations between Iraq and the United Kingdom during the financial expertise that will help Iraq open up wider prospects of working with British companies, particularly as it Member of the Committee on Business and Finance in the British Parliament. “
Thursday June 2, 2011
BAGHDAD – The Feed – Liberal revealed a cluster of the Sadrist movement on Thursday to provide its leader, Muqtada al-Sadr’s initiative to resolve the political crisis between the Iraqi List and a coalition of state law. “
The MP said the Liberal bloc affiliated to the National Alliance, Jawad al-Jubouri “The Sadrist movement has always been a catalyst for the stability of the political process and stability of the country, the objective of meeting the requirements of the Iraqi people, and to provide stability at all levels.”
“The Sadrists do not take sides but to the country and the Iraqi people in all its practices.” Did not disclose the content of the initiative Jubouri or its nature and date of launch.
Ninety-five days ago, Nouri al-Maliki set himself, or more specifically, his ministers, a target: They had 100 days to improve public services and root out corruption.
Since then, progress has been made in important areas such as the provision of electricity, but many of these projects will take time to implement.
The latest daily currency auction was held in the Central Bank of Iraq on the 2-JUN-2011. The results were as follows:
| DETAILS | NOTES |
| Number of banks | 19 |
| Auction price selling dinar / US$ | 1170 |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 141,691,000 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 141,691,000 |
| Total offers for selling (US$) | —– |
In March ISX-listed Qimma Financial Investment (VQUF) announced that Warka Bank’s majority shareholder, Saad Al Bunnia, had appointed it to “begin a formal auction process following a due diligence report carried out by Price Waterhouse Coopers.” The announcement, which was posted on Qimma’s website, went on to say that Mr. Bunnia was “interested in entertaining offers” from banking groups “such as Russia’s Alfa Bank or UK-based Standard Chartered.” (Hat tip to “Kickabuck” for sending me this link.)
It’s hard to know what to make of this. For starters, while the one-paragraph announcement is worded like something copied from a news agency, it does not appear to have appeared anywhere else. Oddly, it also does not even explicitly say what Mr. Bunnia is selling, though presumably this would be a majority stake in the bank. And if an auction were being organized, you’d think that Warka itself would have made some official statement to this effect.
The mention of Alfa Bank as a possible buyer gives the story a ring of truth however. It seems a funny thing for someone to make up—why not just claim that Citibank might bid? And it’s also easy to believe that the Russian lender would be interested in an Iraqi acquisition. With cash and book equity both over USD 3 bn at the end of 2010, it shouldn’t be hard for it to take up the unsubscribed shares from Warka’s failed rights issue. (There’s more on the rights issue here and here.) Its owners should also have little trouble seeing opportunity in a country that, like Russia in the 1990s, has huge unexploited oil reserves and is in the midst of becoming reintegrated into the global economy.
Another point in favor of the story: Alfa Bank is not without Iraqi connections. It has a close relationship with Russian natural gas giant Gazprom, which leads the consortium that won the Badra oil field concession in 2009. In 2002, the two companies entered into a strategic cooperation agreement including, among other things, “the implementation of joint projects,” “provision of short-term financing to Gazprom,” and “the participation of Alfa Bank in project financing schemes for Gazprom.”
For over a year, rumor had it that Standard Chartered would be taking over Warka. After such a long time, however, you have to wonder if perhaps the British bank isn’t really that interested after all. Could a Russian bank turn out to be a better match?
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U.S. officials announced in Congress on Wednesday that Iraq’s transition from a strong U.S. military presence to a greater role for diplomacy and cooperation is “vital” to ensure security in the Middle East.
Said Patricia Haslak coordinated at the Ministry of Foreign Affairs of the transitional process in Iraq, said a stable Iraq, a sovereign, enjoys autonomy is vital to the resurgence of a Middle East safe and open to decide their own destiny.
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Said Hamad al-Falah Chairman of Kuwait Airways Corporation, said on Wednesday that his country would not tolerate, or tolerate with respect to receivables of Kuwait Airways to their Iraqi counterparts.
Said Hamad al-Falah told the press that his country would not give up one penny, and denied that the Iraqi government had made any offer or settlement of the issue of debt owed by the Airways Corporation of Iraq, stressing that Kuwait Airways has sought more than once to end the crisis, but that Iraq did not appear to pay any serious financial receivables.
