The postponement of the annual general assembly of the Erbil Securities market meeting

Twilight News / the annual meeting of the General Authority for Arbil Stock Exchange in the Kurdistan region of Iraq to next week after due to complete lack of a quorum repeatedly Friday.

Ahmed Abdullah Abdul Rahim chairman for “Twilight News” said was scheduled during this meeting to discuss the report of the Board of Directors for the years ended 2012-2013 to endorse them.

He added that the meeting was also scheduled to discuss the final accounts of the company for two years, the last two with the approval of the appointment of an auditor of the company for 2013, the appointment of an auditor of the company for 2014, the discharge of the President, members of the Board of Directors and a member of the new Board of Directors election by seven members of the indigenous and Sheba reserve members.

Abdul Rahim said that “It is regrettable that the meeting in order not to complete the quorum as the capital of the company is 10 billion Iraqi dinars supposed to attain half of this amount to complete the quorum but today has only two billion attends For this we had to postpone the hearing until next week.”

He pointed out that the member identified on Friday, a holiday in the province of Kurdistan and Iraq, it is probably also the reason for the failure to attend a meeting of the members.

The completion of preparations for the opening of Erbil Stock Exchange up to now more than 90% of the preparations have been completed not much left, is expected to open the market at the beginning of 2015.

Twilight News

Czech Republic extinguish debts on Iraq

Czech Republic announced extinguish financial debts on Iraq, requesting Iraq to open its embassy in the capital, Prague.

The Czech declaration on the words of Foreign Minister Lubomir Zoralek to Iraq on Thursday.

A statement by the Iraqi Foreign Ministry “Ibrahim al-Jaafari, received in his office in Baghdad Czech Foreign Minister Lubomir Zoralek, during the meeting, review the progress of the relationship between the two countries and ways of strengthening development of strategic cooperation in the political, security, and economic areas.”

Jaafari said during the meeting, according to the statement “the need to activate joint committees between the two countries; to develop diplomatic relations, opening prospects for cooperation, and benefit from the security capabilities and expertise in the areas of training, Czech armament.”

Radio Tigris

The central bank will not lend money to the government, update the subject of the deletion of zeros

Old dinar coins pre 1990

Long-Presse / Baghdad
The Iraqi Central Bank,sressed on Friday, a drop in oil prices “would not be” a reason for the government to borrow from the bank, pointing to the existence of the law “does not allow” the government to borrow from its reserves, among a growth of foreign reserve resources (the dollar) has consisted of increased prices and quantities sold oil by “government,” which, among it the subject of the deletion of zeros from the currency.

The central bank said in the answers to a private response to questions (range Press) that “the decline in oil prices will not be a reason or motive for the government to borrow from the central bank,” attributing the cause to be “the Central Bank Law No. 56 of 2004 Article (26) does not allow the government borrowing from the central bank reserves, because the ability to exchange in the budget exceeds the ability to achieve the resources as well as the bank’s reserves earmarked for economic stability, “stressing that” the growing tide of achieving resources from non-resources mean generation version critical new inflation borne by future fiscal years without justification.”

The bank added that “countries with economies dependent on oil, such as Iraq, the net foreign assets of any foreign currency derived from the sale of oil is a mainstay cash basis it because they rely on oil to finance its spending dramatically.”

The bank added that “the Iraqi government, specifically the Ministry of Finance are replacing foreign currency (dollar) that you earn from the sale of oil with the Central Bank of Iraq for the local currency (the dinar), to be able to cover internal expenses, so the foreign reserve resources growth (dollar) when The government consists of increasing the prices and quantities of oil sold.”

The bank said that “this will enable continuously available from barter with the central bank for the local currency (the dinar), in quantities that you need, but with the drop in oil prices, the oil revenues certainly would be affected would be reflected on the low cash reserves at the central bank.”

On the other hand, stressed the Central Bank of Iraq, that “the subject of deletion of zeros from the currency has been postponed for the time being.”

Almada Press

OPEC to maintain oil production at 30 m/b per day

Baghdad (AIN) -The ministers of the Organization of Petroleum Exporting Countries (OPEC) decided here on Thursday to maintain its output level despite crude oil price fell to a four-year low level, a statement released after the OPEC conference said.

The decision to maintain oil production at the level of 30 million barrels a day agreed upon in December 2011 was made in the interests of restoring market equilibrium on the back of the recent rapid decline in oil prices, the statement said.

The organization has “no target price,” OPEC’s Secretary-General Abudulla al-Badri told a press conference, referring to his previous aspirations of 100 dollars per barrel.

Crude oil prices fell to below 74 dollars per barrel after OPEC’s decision on Thursday, the lowest level since September 2010.

Supply and demand projections for 2015 were examined, and forecasts of increased global economic growth to 3.6 percent pointed toward an expected increase in world oil demand despite an extremely well-supplied global oil market, the statement said.

The decision also comes despite the acknowledgement of increasing production as well as stock levels in OECD and non-OPEC countries.

Additionally the OPEC Secretariat was directed to closely monitor the oil supply and demand situation as well as speculative activities in order to keep member countries informed.


Budget draft to reach parliament imminently

Baghdad {Alforat} -The Reppateur of parliament, Nyazi Oglu said that the delivery of the 2015 budget draft to parliament is imminent.

Oglu told Alforat “The arrival of the budget draft to the parliament is imminent,” noting “the parliament will cancel its legislative holiday when the budget arrives.”

He assured that the Turkmen MPs will vote on the budget provided that it includes an article to allocate sums to rebuild the devastated Turkmen areas.

Alforat News Agency

Cabinet approves amendments to the draft budget to be submitted to parliament Saturday

Tomorrow Press / Baghdad: Prime Minister’s Office of Haider al-Abadi, on Thursday, said the cabinet approved amendments to the draft of the proposed budget in preparation for submission to the House of Representatives on Saturday evening, noting that the Board shall have a second review.

Abadi office in a statement received by “tomorrow Press”, said “The Council of Ministers held, on Thursday evening, an extraordinary session chaired by Abadi, to discuss the federal budget for 2015,” noting that “The Council heard a presentation on Total assumptions adopted by the Ministry of Finance in the drafting of the budget items both sides of the operational income and expenditure in the investment, presented by Finance Minister Hoshyar Zebari. ”

He added that “The Council also discussed the general principles underlying the construction of the budget, especially in the context of securing a transparent relationship with the Kurdistan Regional Government and local governments based on the perception, realistic data and financial security, seeks to address the problems raised over the past years.”

The Office of al-Abadi pointed out that , “Prime Minister Haider al-Abadi said during the meeting the importance of checking on the budget at the level of ministries and provinces to ensure the safety of the details of making the assignments.”

Abadi office explained, that “public data contained in the offer made by the Ministry of Finance reveal the importance urged ministries to maximize revenues to the effects of oil prices are not reflected on the living situation for the Iraqi people, taking care to sustain the momentum of care for the poor and vulnerable groups in the increase of social protection network efficiency.”

The office said that “the Council approved after listening to the observations of its members make the necessary adjustments to the draft of the proposed budget in preparation for submission to the House of Representatives on Saturday evening after cabinet review again.”

Alghad Press

Opening to the world to activate bilateral trade

Iraq seeks to boost bilateral trade with Member States in Arabic and international economic organizations, including OIC (COMCEC).

Economic researcher said : that Iraq is an important trade partner for all States of the world for its success on trade of market needs and demands of the emerging diversification of commodities and goods entering the market.

Economic integration

Indicated in (morning) that Iraq seeks to achieve economic integration with the world through bilateral cooperation and trade promotion in order to increase the volume of trade with these countries to achieve mutual benefit.

The business contributes a lot in the productive sectors, especially the industrial market needs in all countries. Scheduled to conclude on November 28, the work of the 30th session Ministerial Standing Committee for economic and commercial cooperation of the States members of OIC COMCEC held in the Turkish city of Istanbul with the participation of 55 member countries of the organization. The Trade Minister Mohamed Abdel Karim’s Iraqi delegation which included the ministries of trade, finance, transport, agriculture, industry and tourism and Antiquities and the national investment Commission and the Central Bank.

Bilateral trade

The Director General of the Department of foreign economic relations Hashim Mohammed Hatem’s statement “will be on the sidelines of views and proposals with the observations of Member States come primarily to expand bilateral trade between the Member States of the OIC,” adding that he would also discuss the “Advancement of transportation and communication for the development of sustainable and competitive tourism sector and increasing agricultural productivity and sustainability of food security and strengthening financial cooperation and strengthen the role of the private sector in economic cooperation.”

The preparation for the exchange of views on the role of public-private partnership for the development of the tourism sector in the Member States of the OIC.

Adding that “there will be the first expert-level meetings over two days and then be a second meeting at the ministerial level for the other two days signing of the minutes of the decisions and the discussions at the expert level.”


2014 budget will arrive tomorrow to Parliament on the closing statements

BAGHDAD / .. Parliamentary Finance Committee, announced Wednesday that the financial budget for 2014 will reach tomorrow to the House of Representatives on the operational data and final accounts form, stressing that the draft budget law for fiscal 2015 is still in the corridors of the Council of Ministers.

The committee member Masood Haider told the “eye Iraq News”, there was “no bonds to balance in 2014,” explaining that “there will be closing statements for the money spent by the government will be presented in the form of a report and read into the House of Representatives in its meeting scheduled for Thursday.”

He said “The draft budget law for fiscal 2015 is still in the corridors of the Council of Ministers.”

The Deputy Prime Minister Bahaa al-Araji, on Wednesday, said the cabinet will meet on Thursday to vote on sending the general budget for the current year to the House of Representatives.

The MP for the coalition of Iraqi forces Nahida Daini revealed, in (November 5, 2014), that the draft budget law in 2014 will reach the House of Representatives later this month in the form of bonds, as pointed out to transform the budget allocations of the salary scale and grades to the budget in 2015.

It is noteworthy that the state budget for the current 2014 became the substance of the debate and the exchange of accusations between all the political blocs, was returned to the Council of Ministers to make adjustments to some of its clauses, with fears among the popular and political repetition of the same scenario with the next year’s budget.

Ayn Al Iraq News

News of the acquittal of Shabibi and Mohammed Allawi of all charges

The Sumerian News / Baghdad
Early Wednesday source, news of the acquittal of former central bank governor Sinan al-Shabibi and former Minister of Communications Mohammed Allawi of the charges against them.

The source said in an interview for “Alsumaria News”, that “Shabibi and Mohammed Allawi aquittal of the charges against them.”

The source, who asked not to be named, said: “Al-Shabibi, Allawi returned to Baghdad after that decision.”

It is noteworthy that the Iraqi judiciary issued (4 September 2014), sentenced to seven years imprisonment against former Central Bank Governor Sinan al-Shabibi based on the charges against him during his administration of the Central Bank.

It is noteworthy that Communications Minister Mohammed Tawfiq Allawi, has submitted his resignation of former Prime Minister Nuri al-Maliki on the background and suspicion corrupted files affected his ministry and the attempts by some telecommunications companies pass shady deals in Iraq, which was denied by the Minister of Communications, asking not pushing his ministry in the political differences and intersections.