Parliamentary finance committee calls for a thorough study of the project to delete the zeros from the currency before its implementation

Zora / Laith Jawad:
Parliamentary Finance Committee confirmed the need to study the project to delete the zeros and find out the pros and cons before embarking on such an important step in the country’s economy. The committee member Masood Haider’s (Zora) yesterday: said that this project should be taught from the Academy of independent economic views to see the pros and cons of the project in light of the circumstances in which the country is currently going through.

Explained that the change is supposed to be gradual to avoid any problems that may accompany the process of change.

Pointing out: the need to get away from this project improvised decisions, but is supposed to be according to a method and a thorough study before his foot on the step so. He pointed out that the decision deletion of zeros must receive approvals before Parliament formally implemented.

For his part, economic expert Mohammed Saleh said process of deletion of zeros will reduce the computational improvement of the system in Iraq and reduce the size of the cash block , Saleh (Zora): The arithmetic system in Iraq is suffering because of the nature of the complexity of large numbers, which deals with Iraq so After deleting the zeros simple arithmetic system in addition to reducing the monetary mass in the deal.

He added that this system was planned years ago, but circumstances beyond the control of the bank is delayed this project and that the Progressive country desperately need in the current circumstances.

He pointed out: that the process of deletion of zeros is supposed to start at the beginning of new year and continues to handle two currencies together for two years until the withdrawal of the old currency completely from the markets and citizens.

Alzawraa News

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BSC Upbeat About Vietnam’s Market Outlook

Analysts of BIDV Securities Company (BSC) forecast the local stock market would maintain its uptick in the last quarter and the VN-Index would hover around the range of 630-670 points at the end of this year.

They are optimistic that the main index would even beat a 700-point level early next year.

Tran Thang Long, head of BSC’s research department, said the VN-Index is now in a correction phase after reaching a peak of 640 points but could reach 670 points in the medium term.

Long said the market will be supported toward the end of this year by positive factors such as macro-economic stability, low interest rates and more attractive return than other traditional investment channels. Besides, the Government’s determination to restructure and equitize State-owned enterprises will help increase the market’s liquidity and capitalization.

As the macro economy remains stable, investment capital will flow into the equity market, especially in the fourth quarter of this year, when banks try to increase lending, lower interest rates while the nation will get strong remittances from abroad. The tendency will maintain in the first quarter of 2015 before business results of listed enterprises are checked, Long said.

From a global perspective, the U.S.’s ending of its bond buying program QE3 will impact cheap capital inflows and hasten re-allocation of foreign funds in the local market.

Capital flow is expected to circulate among sectors and speculative tickers. As Vietnamese share prices are still lower than five years ago, foreigners may continue injecting capital into the market.

Between January and September, foreigners net bought over VND5.8 trillion, up 47% year-on-year. The investors have net sold VND702 billion this month but this is just a short-term move as the net selling value includes VND479.5 billion worth of convertible bonds of Vingroup Company (VIC).

BSC’s analysts forecast positive prospects for real estate, building material, garment and textile, seafood and petroleum sectors while giving neutral comments on seaport, pharmaceutical groups, and a pessimistic outlook for fertilizer, natural rubber and sugar sectors.

In the short term, the market will continue benefiting from low inflation and interest rates, which can help listed companies reduce operation costs and raise investments.

Other favorable macro factors include a stabilized foreign exchange rate, the balance between import and export, rising foreign direct investment (FDI), low input costs for production and major free trade agreements under negotiation.

However, negative signals such as low credit growth, bad debt and the slump on global stock markets will dampen the local market’s rally.

“In general, Vietnam’s gross domestic product (GDP) growth is recovering. We expect GDP to grow 5.8% this year and 6% next year,” said analyst Bui Huy Quang of BSC.

The local market’s liquidity has sharply improved compared to last year while GDP growth remains high. So, there is no reason for the VN-Index to decline, Quang said.

Business Times

The opening of three pedestrian bridges in central Basra

bridge
The governor of Basra, Dr. Majid Nasraoui, opened three pedestrian bridges, the first center of Basra near the Basra General Hospital and the second in the area and the third area Fayhaa publican.

Nasraoui said that these bridges were normal controls and outside , internationally approved, bridges to electrical specifications developed and will be the opening of the rest of the bridges in the coming period.

He added that the plan in 2014, which was delayed due to the delay in approving the budget, and it was, including the building (11) bridges waiting for assignment, sophisticated bridges where all the safety precautions for the protection of citizens.

Radio Tigris

Kuwait is ready to extinguish the debts of Iraq, but the UN Security Council impedes

BAGHDAD / Baghdadi News / .. the Kurdistan Alliance, on Friday, said Kuwait is ready to extinguish the debt owed by Iraq, but the Security Council is an issue which hinders until now because of legal and technical procedures.

The MP coalition Nawzad Messenger in a statement seen by / Baghdadi News /, that “the Kuwaiti side told us during our recent visit to Kuwait within the parliamentary delegation, that Kuwait is ready to extinguish what Iraq owes in debt, but the Security Council impedes the issue until now due to legal proceedings and technical, “noting that” Kuwaitis suggested opening the doors in front of the Kuwaiti companies Investment as a substitute for the amount of the remaining six billion dollars owed by Iraq.”

He added that “Kuwait also expressed its willingness to aid the displaced Iraqis in all Iraqi provinces, through the adoption of non-governmental organizations take it upon themselves to expedite the relief of displaced families, which is now under the threat of rain at the beginning of the winter season.”

He pointed out that “it was agreed between the delegation of the Iraqi parliament and the Kuwaiti National Assembly on the visit of a delegation from the National Assembly of Iraq in the coming days to promote parliamentary cooperation frameworks in order to serve the common interests of the two brotherly peoples”.

Albaghdadia News

Iraq receives two trains from China in a deal comprises ten units

trains
Basra / NINA / Iraq has received two new trains, the second shipment of the deal signed with China includes ten units.

Chairman of the border ports Committee in Basra Council Murtaza Shahmani told the National Iraqi News Agency / Nina / that the two trains arrived in the port of Umm Qasr, bringing the number to four after the receipt of two similar trains recently.

He pointed out that the trains will join the fleet of the rail link between the capital, Baghdad- Basra, and will be ready for the start after ten days, explaining that the Iraqi ports awaiting the arrival of other trains.

National Iraqi News Agency

Vietnam pledges to narrow economic gap with other countries

HANOI, Oct. 22 (Xinhua) — Vietnam will maximize its efforts to narrow economic gap with other countries, Vietnamese President Truong Tan Sang said on Wednesday.

Sang made the remark at a meeting with the U.S. Trade Representative Michael Froman in capital Hanoi on Wednesday during the latter’s visit to Vietnam.

Affirming that the Trans-Pacific Partnership (TPP) is of great importance to Vietnam-U.S. relations, Sang said he expected the two countries will cooperate to promote successful TPP negotiations.

As for remaining points, Vietnam and the United States will continue discussion to reach a common understanding, Vietnam’s state-run news agency VNA quoted Sang as saying.

The Vietnamese leader urged the United States to completely remove sale ban of lethal weapons to Vietnam.

Froman, for his part, said at the meeting that the two sides are in crucial phase of TPP negotiations.

Once the agreement is signed, Vietnam will have many benefits, including boosting investment attraction, said the visiting official, adding that the United States expects Vietnam to meet conditions of intellectual property, environment, and labor following international provisions.

Earlier on Tuesday, the U.S. guest held talks with chairman of Vietnam’s National Assembly Nguyen Sinh Hung and Vietnamese Deputy Prime Minister Vu Van Ninh.

Xinhua

Bitcoin Shop Makes Additional Investment in Mining of Bitcoin

bitcoin

ARLINGTON, VA–(Marketwired – Oct 23, 2014) – Bitcoin Shop, Inc. (OTCQB: BTCS) (“Bitcoin Shop” or the “Company”), operator of the digital currency ecommerce marketplace www.btcs.com, which is undertaking the build-out of a universal digital currency ecosystem, today announced that, based on the previously released positive results of its initial mining efforts, the Company has purchased additional mining hardware through its partnership with Hashmaster Tech, LLC (“Hashmaster”).

As previously announced, Bitcoin Shop’s approximate $42,000 purchase of mining hardware produced 2.62 bitcoins (net of all fees) valued at approximately $1,000 (based on an exchange rate of $382 per bitcoin). This was based on one week of operation and 60% operational usage of its purchased mining hardware. Bitcoin Shop ordered 189 bitcoins (approximately $72,000) worth of additional mining hardware, which, once online, will almost triple its mining capacity. The Company anticipates that its newly purchased mining equipment will ship at the end of November and be mining shortly thereafter.

Charles Allen, Chief Executive Officer of Bitcoin Shop, commented, “We’ve indicated our plans to move rapidly into this business segment and today we made more progress towards that goal. Across the digital currency ecosystem we believe that mining can be successful and profitable with the right knowledge and infrastructure in place. We believe we can continue to drive revenue and shareholder value through growth in this segment which complements our core strategy.”

Market Wired

 

More Japanese loans to help Iraq

japan
The Minister of Foreign Affairs, Dr. Ibrahim al-Jaafari for Iraqi Japanese agreement to provide more loans and grants from Tokyo to Baghdad.

Jaafari said in a press statement that “Japan leads the way in helping Iraq since 2005,” explaining that the Japanese minister Ministry of Foreign Affairs to provide more grants and assistance to the Iraqi people.

Jaafari confirmed the existence of cooperation between the two countries to improve the Iraqi industry and transform the country from the consumer to the product, valuing these continuous efforts in supporting the national economy.

The foreign minister added that “the most distinctive characteristic of Japan is to the industry, especially when it is considered globally moderate price and high quality, as did the Iraqi market closes industries and in front of Japanese goods.”

Japan provided a grant of one billion dollars to Iraq, as well as the financial loan of five billion dollars to be paid over 30 years, in order to support investment projects and an interest rate of 0.034 percent.

Radio Tigris

The Iraqi currency will be replaced by early 2016

dinar
The parliamentary Economic Committee showed on Thursday that “the replacement of the existing currency will be early in 2016″.

A member of the Committee Kazem showed fight according to the agency all of Iraq [where] that “the Committee discussed with the Governor of the Central Bank of the process of replacing the currency and delete the zeros, between that the issue of deletion of zeros deferred because of what is going through the country of the conditions currently being uninitialized, stressing that the replacement of the currency and thus will initiate early in 2016.”

She added “reserve currency of the bank nearly 74 billion dollars, twice the mass of cash in circulation in the country and this is in the best countries in the world and is a good indicator to reassure the Iraqi people.”

Economic expert Jamil Antoine said earlier that the deletion of zeros from the currency is a restructuring of the currency, to alleviate the digital accounts a large burden on treasurers, alleviate the burden on accountants in counting the transfer of numbers, “noting that” the present time is not appropriate for the replacement of the currency, the lack of security and economic stability in the country.

Mubasher.info