Central Bank proceeds to apply delete zeros of the currency early 2016

Baghdad/almsdrnioz/ Member of the Parliamentary economy and investment Committee Deputy Karim for the Liberal bloc , Wednesday, the Central Bank told the deputies to implement delete two zeros currency cash together early 2016.

Karim said in a press statement agency/almsdrnioz/, “the Central Bank Governor reassured the Committee that the draft is still under study zeros deleted, that its work would be the beginning of the year 2016 concurrently will replace and change the currency”.

Stressed that “the current reserve at the Central Bank about $76 billion and DFI have $24 billion.

Karim noted that the volume of currency in circulation on the domestic market 40 trillion dinars out of 47 trillion dinars”.

“The current security situation in the country is not prepared to move the project to delete zeros and Exchange.”

“The Parliament has shown by tightening the follow-up indicators and financial corruption and fraud. Agreed to follow up the serious oversight of money laundering and maintaining the country’s fiscal policy “, warning of “the entry of counterfeit currency in conjunction with delete two zeros in replace and change the currency.”

Almasdar News

ISX rises 2.55%, value exceeds IQD 621m

The Iraq Stock Exchange (ISX) closed on Wednesday at 99.91 points, gaining 2.55% or 2.48 points.

Trading volume reached approximately 518.98 million shares, at a turnover of IQD 621.56 million, traded through 259 transactions by 47 companies, of which 30 gained, four dropped and 13 remained unchanged.

The top three gainers were: Al Ameen Real Estate Investment Co by 20%, Al Ameen for Financial Investment Co by 19% and Middle East Producing and Marketing Fish by 10%. While, the top three decliners were: Fallujah for Construction Materials Co by 10%, Sumer Commercial Bank by 10% and North Bank for Finance and Investment by 1.8%.


CBI postpones deleting IQD zeros for 5 years

Noura al-Bajari, a member of Iraq’s Parliamentary Economic and Investment Commission, said on Wednesday that the Central Bank of Iraq (CBI) has postponed the decision to revalue and delete zeros from IQD for five years due to the political and security situation in Iraq, reported Iraq News.

Al-Bajari highlighted that the CBI Governor had previously noted that the Bank approved this policy from parliament and will delete the zeros from the Iraqi currency in the coming five years.


Basra General Hospital begins Lasik eye surgery operations

Baghdad (Forat) – Health Department of Basra General Hospital Department for Eyes “Lasik eye surgery unit”, announced receiving patients who need vision correction by laser.

The Director of the Eyes department, Dr.Ahmed Al-Sammak, told Alforat News Agency on Thursday “the hospital received 19 patients from different ages during the first day, as it is one important step, to serve the people of the province.”

Dr. al-Sammak assured LASIK eye surgery is useful for vision correction, where by surgery, many of people will be not in need to use glasses or contact lenses.”

Alforat News Agency

Vietnam earns 5 billion USD from wood exports in 10 months

HO CHI MINH CITY, Oct. 29 (Xinhua) — Vietnam earned 5 billion U. S. dollars from exports of wood and wood-based products in the first ten months of this year, an increase of 13.3 percent year on year, according to the General Statistics Office on Wednesday.

In October alone, Vietnam exporters shipped wood and timber products abroad worth 528 million dollars, continuing an uptrend in the market.

In the ten-month period, wood exports to Japan rose by 22.03 percent and the U.S. by 14.35 percent, while to China down 19 percent, year on year.

The United States, China and Japan were the top three importers of Vietnamese wood and timber products, accounting for 66.35 percent of the country’s total export market of these commodities.

Wood and timber product exports are now fifth among the ten main export industries of Vietnam. Their export value is estimated to hit 10 billion U.S. dollars by 2020, according to the Ministry of Agriculture and Rural Development (MARD).


GoCoin Powers Bitcoin, Litecoin and Dogecoin Payments for Shopify Merchants


Expands Payment Options to Include Emerging Altcoins at Checkout

SANTA MONICA, CA–(Marketwired – Oct 29, 2014) – GoCoin LLC, the first e-commerce payment solution for processing bitcoin and emerging digital currencies, today announced a partnership with Shopify to provide the company’s 120,000+ retailers the option to accept cryptocurrencies like Bitcoin, Litecoin and Dogecoin at checkout. Shopify is the leading commerce platform that allows anyone to easily sell online, in store, and everywhere in between.

The U.S. Census Bureau reports e-commerce sales have increased 15.7% since the second quarter of 2013, and expects this number will continue to rise. As more consumers start making online purchases, successful e-retailers will be prepared with the latest alternative payment methods.

“We’re always looking for new technologies that will help our merchants run their businesses and increase sales,” said Louis Kearns, Product Director, Integrations, Shopify. “The partnership with GoCoin provides anyone on our platform with the option to accept multiple cryptocurrencies.”

“Thousands of cryptocurrencies have entered the market since bitcoin’s inception, and new altcoins are launched every day,” says Steve Beauregard, co-founder and CEO of GoCoin. “GoCoin helps online merchants avoid shopping cart abandonment by quickly and easily offering the latest digital currencies as payment options.”

Shopify merchants interested in accepting cryptocurrency payments can go live with GoCoin in less than five minutes. For setup instructions, visit:http://help.gocoin.com/kb/shopify/shopify-integration


Market Wired

F&B Investors Enter Vietnamese Market Via Side Door

Vietnam will have to open its food & beverage (F&B) market beginning in January 2015 under its WTO (World Trade Organization) commitments. However, dozens of F&B brands have been present in Vietnam for years, some entering through the “front door”, and others through the “side door”.

The opening of the first Starbucks shop in Vietnam earlier last year, for example, was a surprise to many lawyers.

Under its WTO commitments, Vietnam does not have to fully open its F&B market to foreign investors until eight years after WTO accession. Vietnam officially joined the WTO in January 2007.

Prior to that eight-year deadline, foreign investors are permitted to operate F&B chains only as part of their hotel construction and upgrading projects, i.e., they cannot open shops separate from hotels. The development of such F&B chains would be allowed only from January 1, 2015.

HCM City’s state management agency in charge of managing foreign direct-invested projects said that it had not granted any investment certificates to any foreign legal entities to develop the café chain bearing the Starbucks brand in HCM City.

However, 10 Starbucks cafés have opened in HCM City and Hanoi. How have Starbucks and other F&B chains been able to enter the Vietnamese market?

Local newspapers reported that the well-known American brand entered Vietnam through its franchise partner, Hong Kong’s Maxim Group.

Maxim is a partner of Starbucks Coffee International, Inc, now operating Starbucks outlets in Hong Kong and Macau. It runs Starbucks shops in Vietnam under an agreement between one of its subsidiaries, Coffee Concepts (Vietnam) and Starbucks.

Under the agreement, the subsidiary has the right to use the Starbucks brand in Vietnam and extend the Maxim-Starbucks partnership to areas outside Hong Kong and Macau.

And the legal entity managing the Starbucks chains in Vietnam is Y Tuong Viet F&B Company, a 100-percent Vietnamese-owned company under a franchise contract with Starbucks and Coffee Concepts (Vietnam).

Analysts noted that franchise contracts with Vietnamese partners was the favored method used by F&B owners to open many shops in Vietnam. In addition, they can also establish underground links with Vietnamese institutions and individuals to do business.

Pre-WTO brands

While many foreign brands have entered Vietnam through the “side door”, others have come through the front door as 100 percent foreign-invested enterprises. These include Lotteria, KFC and Jollibee.

An official of the HCM City Planning and Investment Department explained that these brands arrived in Vietnam many years ago, when Vietnam was not a WTO member and did not have to impose restrictions on the companies.

Lotteria Vietnam, which runs the Korean-owned food chain, for example, has just opened its 200th shop in Vietnam. There is no limit on the number of shops it can open.

US-based KFC, whose first shop in Vietnam appeared in 1997, has opened 180 shops in 20 provinces and cities in the country over the last 17 years.

Business Times

Vingroup To Build Tallest Building In Viet Nam

Vingroup is planning to construct the tallest building in Viet Nam that will serve as a landmark along Sai Gon River in HCM City, a company representative revealed in October.

The 81-storey building will serve as a high-end shopping complex with offices and apartments. It will form part of Vinhomes Central Park, a 43ha project in the Tan Cang Area of Binh Thanh District, which has been undergoing construction since July and is expected to become a new symbol and pride of the city, the representative said.

Inspired by New York’s Central Park, the project is one of the most convenient locations in the city, as it is connected by railway and waterways to important areas that are only a few minutes away. The project, to be completed by 2015, will also include a green, modern and harmonious urban area. Park residents will enjoy quality accommodation and other services from other Vingroup projects, including commercial centres, a hospital, a school and a surveillance camera system.

The park will also provide residents with butler service and various forms of entertainment such as an in-door ice rink, children’s playgrounds and a swimming pool.

Business Times

Work Begins On Made-In-VietNam Offshore Rig

A ceremony to launch the construction of the Tam Dao 05 offshore oilrig, the second locally-manufactured jack-up rig, was held in the southern province of Ba Ria- Vung Tau yesterday, Oct 26.

Invested by the Viet Nam-Russia Oil and Gas Joint Venture (Vietsovpetro), the oilrig is expected to be completed within 32 months at a total cost of US$230 million.

The 120 metre jack-up rig will weigh almost 18,000 tonnes when it is fully completed, and drill to a depth of 9 kilometres.

According to Vietsovpetro Director General Tu Thanh Nghia, the company was currently renting four foreign oilrigs at a total cost of $220 million per year. This oilrig could help reduce costs for the company.

PetroVietnam Marine Shipyard JSC (PV Shipyard) built the first made-in-Vietnam jack-up rig, the Tam Dao 03, weighing nearly 12,000 tonnes. The Tam Dao 03 platform, including a helicopter deck, can drill as deep as 6 kilometres.

In addition, PV Shipyard also successfully upgraded the Tam Dao 02 oilrig for Vietsovpetro in October.

Business Times

ISX rises 3.66%, value exceeds IQD 2.4bn

The Iraq Stock Exchange (ISX) closed on Wednesday at 97.43 points, gaining 3.66% or around 3.4 points.

Trading volume reached approximately 1.55 billion shares, at a turnover of IQD 2.44 billion, traded through 244 transactions by 47 companies, of which 30 gained, four dropped and 13 remained unchanged.

The top three gainers were: Al Ameen Real Estate Investment Co by 20%, Al Ameen for Financial Investment Co by 19% and Middle East Producing and Marketing Fish by 10%. While, the top three decliners were: Fallujah for Construction Materials Co by 10%, Sumer Commercial Bank by 10% and North Bank for Finance and Investment by 1.8%.