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  • tudor's Avatar
    Today, 11:43 AM
    Thanks harry. Now lets see if the COM pass it and send it on to Parliament
    1 replies | 26 view(s)
  • tudor's Avatar
    Today, 11:35 AM
    Thanks harry. I cant see it taking two weeks.....but, I really dont have a clue. I guess we wait to see.
    1 replies | 35 view(s)
  • harry's Avatar
    Today, 09:14 AM
    Parliamentary Finance: Budget to the Cabinet table and need two weeks for approval Agency eighth day December 21, 2014, 16:28 BAGHDAD - ((eighth day))Confirmed member of the Finance Committee Najiba Najib said the public budget for 2015 to the Cabinet table and is currently busy discussing. Najib said in a statement to the Agency ((eighth day)) that "the Council of Ministers busy discussing the general budget among its members." "In the case of sending the budget to the House of Representatives two weeks needed for approval." And Aodjt Najib said the budget still suffer from uncontrolled deficit the government is working to reduce it to control the economic crisis amid falling oil prices. It is said that the Deputy Prime Minister by Araji announced on Saturday (20-12-2014) that the general budget will be adopted, transmitted next Monday. http://8th-day.com/?p=87717
    1 replies | 35 view(s)
  • harry's Avatar
    Today, 09:04 AM
    Parliamentary Finance reveal the size of the general budget and emphasizes low deficit to 36 trillion Agency eighth day December 21, 2014, 11:55 BAGHDAD - ((eighth day))Revealed the parliamentary finance committee member Ahmed Sarhan, Saturday, for the general budget for 2015, details, explaining that the size of 111 trillion dinars, with a low proportion of the deficit to 36 trillion. The committee member said Ahmed Sarhan, "The draft budget bill for 2015 will be presented to the Cabinet in the next meeting for a vote," noting that "the size of the budget is 111 trillion dinars." He added that "oil imports make up a total of 98 trillion dinars from the budget, while 13 trillion of non-oil imports," stressing "the low ratio of budget deficit to 36 trillion dinars." He said Ahmed, "The public expenditure amounting to 148 trillion, while the current 103 trillion expenditure," explaining that "investment expenditure amounted to 45 trillion, while the distributed trillion and 934 billion to provide the ration card items, electric power and Hajj and Umrah and other expenses."http://8th-day.com/?p=87609
    1 replies | 26 view(s)
  • harry's Avatar
    Today, 08:56 AM
    Abadi: most of the outstanding issues with Kuwait has been resolved and our relations with distinct21/12/2014 03:58 BAGHDAD / Source News /. .okd Prime Minister Haider al-Abadi, Sunday, resolving most of the outstanding issues with Kuwait and relations with distinct, as warned of the risk of terrorist organizations, security and intellectually to the countries in the region , thanked the Kuwait to defer a payment of compensation and their positions in support of Iraq. He said the prime minister's office said in a statement, received by the agency / Source News / The "Abadi discussed with the head of the Kuwaiti National Assembly Marzouq Ali Al-Ghanim ways to enhance bilateral cooperation between the two countries," noting that "During the meeting, which was held at the headquarters of the National Assembly, to discuss the political and security situation taking place in Iraq and the region and the threat posed by the organization Daash on region as well as cooperation in various fields. " The office added that "al-Abadi pointed out that most of the outstanding issues with its neighbor Kuwait has been resolved and relations with distinct and seek to overlapping interests between the two countries serve the two brotherly peoples" , stressing that "the risk of terrorist organizations, security and intellectually to countries in the region." The office said that "the Prime Minister thanked the Kuwait to defer a payment of compensation and their positions in support of Iraq," noting that "the head of the Kuwaiti National Assembly expressed his pleasure to visit Abadi and his accompanying delegation, and we know that our enemy is one, terrorism is not linked to religion or doctrine or belief, and seek bilateral cooperation in various fields. " He stressed the Prime Minister Haider al-Abadi, during his meeting Pamir Kuwait Sabah Al-Ahmad Al-Jaber Al-Sabah that Iraq is seeking to build a special relationship with neighboring and regional countries and the world, while stressing the need for cooperation of countries in the region to eliminate deviant gangs "Daash", noted the importance of launching an initiative to set up a fund for the reconstruction of stricken areas in Iraq after its liberation from "Daash." The prime minister Haider al-Abadi arrived in Kuwait on an official visit at the head of a government delegation to discuss bilateral relations and joint cooperation between Albddin.anthy http://l-news.net/index.php/policy/66253.html
    0 replies | 26 view(s)
  • harry's Avatar
    Today, 08:47 AM
    Consultant Abadi: postpone the budget discussion of the Cabinet because of rising oil prices21/12/2014 01:48 BAGHDAD / Source News / Economic Advisor to the Government said the appearance of Mohammed Saleh, said that there has been a slight rise in the oil price (Brent), push the government to take the time to discuss the budget and adjusted on the basis of the new price He pointed to the Agency / Source News / day to the existence of a hidden struggle within the international oil companies and international compressor, stressing raise the budget to the House of Representatives before the end of this month, adding that the Cabinet seeks to balance free of controversy and convinced by the House of Representatives. However, a member of the Committee on Economy and Investment MP Najiba Najib explained that the delay was for busy Prime Minister visited the Jordanian prime minister and held several meetings and consultations with the government, asserting that the 2015 budget will not see a controversy as some believe, after the agreement, which was held between the governments of Baghdad and the region on the export oil. For his part, the economic expert on behalf of Jamil Antoine said several variables obtained led to the postponement of the budget discussion by the government, and most recently Kuwait approval to postpone the final installment of Kuwaiti reparations, as these things require a review of the proposed budget. Antoine said that the budget must be approved before the end of this year, pointing out that the price of oil will stabilize at $ 50 per barrel. And that if the government has been subject to changes in the price of oil will not endorse the budget, approving the budget proposal quickly and prepare a supplemental budget, similar to previous years. http://l-news.net/index.php/policy/66237.html
    0 replies | 29 view(s)
  • harry's Avatar
    Today, 08:39 AM
    Economic center: Iraq faces a real deficit in the budget and coverage are subject to an improvement in oil prices 21-12-2014 03:02 PM Economic center confirmed that Iraq this year faces a real deficit is different from previous years, which was the deficit is unrealistic, as it is today, at present covered by the improvement in oil prices, noting that the deficit reached up to 36 trillion dinars. The head of the Economic Information Center, Dargham Muhammad Ali, in a press statement seen by (newsletter): 'that the budgets of the past years have seen a digitally deficit only, and is not realistic, because the real revenue difference compared Baltkhmona, while the current year deficit is likely to be real and difficult covered this value within the traditional government tools'. He pointed out that 'domestic and international debt very limited capacity in case relied upon, and that he can not actually cover more than 7 to 8 trillion, while the rest, it will be a deficit in the budget, it is difficult covered'. He expressed the hope offering more practical alternatives to reduce or bridge the budget deficit with attempts to reduce it to the minimum. The parliamentary Finance Committee member Ahmed Sarhan, has revealed on Saturday, for the general budget for 2015, details, explaining that the size of 111 trillion dinars, with a low proportion of the deficit to 36 trillion. A member of the Commission in a press statement that oil imports account for a total of 98 trillion dinars from the budget, while 13 trillion of non-oil imports. The total public expenditure of 148 trillion, while the current expenditure 103 trillion, 45 trillion and investment, while distributed trillion and 934 billion between providing the ration card items, electric power, and the Hajj and Umrah, and other expenses. ​http://www.ikhnews.com/index.php?page=article&id=132597
    0 replies | 27 view(s)
  • harry's Avatar
    Today, 08:33 AM
    Iraqi government warns of economic replacement ration cash 21-12-2014 03:06 PM Iraqi economic expert confirmed that the state has stopped supplying the Iraqi family vocabulary ration card, and compensated cash allowance, will generate scarcity in the supply of these materials, and this scarcity will generate an increase in demand without a display commodity fill this gap, an alarm to create a new inflationary pressure. She peace Sumaisem, in a press statement, seen by (newsletter): Instead of paying cash for the ration card items will reflect negatively on the local market. She said, that 'pumping cash allowance for any amount, is a way to pay for inflationary force pay for the Iraqi family and the middle class in general, saying, An'anaadam provide state of these materials will generate scarcity in the supply of these materials and the scarcity will generate an increase in demand without a display commodity fill this gap, an alarm bell to create a new inflationary pressure '. Confirmed, that the 'cash allowance relieves pressure on the ration card overhead and on the budget, but it is in fact a significant inflationary pressure Alomrcillold and the lack of supply in the food.' The Committee on Economic Affairs had discussed last week, the reform of the ration card and support the private sector. The Committee commissioned an economic advisor to the Prime Minister, Mohammed Saleh appearance in coordination with the Ministry of Commerce, the adoption of instructions to facilitate the import and export and direct statement ministries material that you want to export operations. http://www.ikhnews.com/index.php?page=article&id=132598
    0 replies | 37 view(s)
  • HotRod's Avatar
    Yesterday, 12:56 PM
    This is a necessary step in the progression toward a free market economy. 95% dependency on oil, or any other single item, is way out of line. They have been stalling on the taxes and tariffs for quite some time. Now they are beginning to see the need to utilize this source of income to help in funding their government. Go for it Zebari. I think you'll like it. You could also create fees and sell bonds to help finance those needed projects. Just keep it within reason and at par with other free market countries. Thanks guardian.
    1 replies | 95 view(s)
  • tudor's Avatar
    Yesterday, 11:47 AM
    Thanks guardian. If they could get back all the stolen funds, they would be out of debt I bet. Maliki and croonies, give back what you pilfered!Help your fellow man for once.....sorry, M makes me angry with what he and his have done to their people..
    2 replies | 117 view(s)
  • tudor's Avatar
    Yesterday, 11:41 AM
    Thank you guardian. I like this, and harrys too. Looks like the big push is on to get this done before 2015. Gotta love it!
    1 replies | 73 view(s)
  • tudor's Avatar
    Yesterday, 11:38 AM
    Thanks harry. Abadi sure has things hoping in Iraq! I bet they finally have an agreement on the budget first part of next week, then to Parliament before end of year. JMO. There seems to be an urgency for all to get passed before 1/1/15, including the many laws that are waiting too.
    2 replies | 108 view(s)
  • harry's Avatar
    Yesterday, 09:32 AM
    Central: support the private sector and continue to provide foreign exchange requirements no intention to stop it December 20, 2014 11:08 (Independent) ... the Iraqi Central Bank announced it is locked with the support of the private sector serve the public interest, as confirmed continuity cover all external conversion kits has no intention to stop it. The bank said in a statement received (Independent) "The central bank is interested in maintaining the fiscal and monetary policy of the country and draw plans that allow banks and corporate banking and financial conversion advancement of the Iraqi sector of the economy." "The Governor of the Central Bank and the Agency on the Keywords discussed during a meeting with a number of companies, banks and money transfer departments ways and work requirements in the next phase and means of cooperation for the advancement of banking and financial sector and supporting the state at the current stage. He pointed out that "the relationship assured the audience that the central bank's ongoing coverage of all foreign exchange requirements for the purposes of import and various legitimate transactions, " adding that "the Central Bank of the development of new facilities for foreign remittances in addition to cash sales." He stressed: "It no intention at the bank restrictions to be placed on the activity of foreign remittances despite the conditions experienced by the country, as well as the faith of the Central Bank of the importance of the private sector and its role in the reconstruction of Iraq." http://www.mustaqila.com/news/147016.html
    0 replies | 76 view(s)
  • harry's Avatar
    Yesterday, 09:27 AM
    Oil jumps 5% and Brent above $ 61 with settlement centers December 20, 2014 11:29 (Independent) ... world oil prices jumped more than 5 percent for the second time in a week backed purchases to settle centers eased the pressure in a market dominated by sellers over the past six months. And helped double the size of trading before the holiday season in inflating prices move upward. And gave the demand for US crude on the last day of trading contracts for the nearest maturity additional incentive for the market, which pushed WTI to record its biggest gain since August The market also helped the rise of European Brent crude to record a smaller losses in three weeks after that offset declines suffered earlier in the week effects lingering concerns about oversupply. Brent closed above $ 61 a barrel, which is the second time since Wednesday, which closed above the important psychological level of $ 60. Continued to climb in subsequent transactions on the settlement. And ended the WTI session above $ 56 a barrel. Jin said senior analyst Mkgillian at Tradition Energy in Stamford Connecticut state "This is a strong rise Amazingly, it did not change in the fundamentals of the market with regard to supply and demand." Despite the gains on the oil prices remain low for the levels at the beginning of the month with a drop of about 12 percent, Brent and US crude nearly 15 percent. In total, crude prices fell nearly 50 percent from their highs recorded in June. Brent ended contracts for the nearest maturity session high of $ 2.11, or about 3.4 percent at $ 61.38 a barrel. And continued to climb after settlement of up to $ 62.55. The US has stepped up Brent crude contracts of $ 2.41 to $ 56.52 at the settlement dollars a barrel, after it posted higher during the session high of $ 56.91 http://www.mustaqila.com/news/147019.html
    0 replies | 54 view(s)
  • guardian's Avatar
    Yesterday, 09:19 AM
    Dec 19 2014 COLUMN-The reason oil could drop as low as $20 per barrel Photo Credit:Reuters/Sergei Karpukhin (Anatole Kaletsky is an award-winning journalist and financial economist. The opinions expressed here are those of the author.) By Anatole Kaletsky Dec 19 (Reuters) - How low can it go - and how long will it last The 50 percent slump in oil prices raises both those questions and while nobody can confidently answer the first question (I will try to in a moment), the second is pretty easy. Low oil prices will last long enough for one of two events to happen. The first possibility, the one most traders and analysts seem to expect, is that Saudi Arabia will re-establish OPEC's monopoly power once it achieves the true geopolitical or economic objectives that spurred it to trigger the slump. The second possibility, one I wrote about two weeks ago, is that the global oil market will move toward normal competitive conditions in which prices are set by the marginal production costs, rather than Saudi or OPEC monopoly power. This may seem like a far-fetched scenario, but it is more or less how the oil market worked for two decades from 1986 to 2004. Whichever outcome finally puts a floor under prices, we can be confident that the process will take a long time to unfold. It is inconceivable that just a few months of falling prices will be enough time for the Saudis to either break the Iranian-Russian axis or reverse the growth of shale oil production in the United States. It is equally inconceivable that the oil market could quickly transition from OPEC domination to a normal competitive one. The many bullish oil investors who still expect prices to rebound quickly to their pre-slump trading range are likely to be disappointed. The best that oil bulls can hope for is that a new, and substantially lower, trading range may be established as the multi-year battles over Middle East dominance and oil-market share play out. The key question is whether the present price of around $55 will prove closer to the floor or the ceiling of this new range. The history of inflation-adjusted oil prices, deflated by the U.S. Consumer Price Index, offers some intriguing hints. The 40 years since OPEC first flexed its muscles in 1974 can be divided into three distinct periods. From 1974 to 1985, West Texas Intermediate, the U.S. benchmark, fluctuated between $48 and $120 in today's money. From 1986 to 2004, the price ranged from $21 to $48 (apart from two brief aberrations during the 1998 Russian crisis and the 1991 war in Iraq). And from 2005 until this year, oil has again traded in its 1974 to 1985 range of roughly $50 to $120, apart from two very brief spikes in the 2008-09 financial crisis. What makes these three periods significant is that the trading range of the past 10 years was very similar to the 1974-85 first decade of OPEC domination, but the 19 years from 1986 to 2004 represented a totally different regime. It seems plausible that the difference between these two regimes can be explained by the breakdown of OPEC power in 1985 and the shift from monopolistic to competitive pricing for the next 20 years, followed by the restoration of monopoly pricing in 2005 as OPEC took advantage of surging Chinese demand. In view of this history, the demarcation line between the monopolistic and competitive regimes at a little below $50 a barrel seems a reasonable estimate of where one boundary of the new long-term trading range might end up. But will $50 be a floor or a ceiling for the oil price in the years ahead. There are several reasons to expect a new trading range as low as $20 to $50, as in the period from 1986 to 2004. Technological and environmental pressures are reducing long-term oil demand and threatening to turn much of the high-cost oil outside the Middle East into a "stranded asset" similar to the earth's vast unwanted coal reserves. Additional pressures for low oil prices in the long term include the possible lifting of sanctions on Iran and Russia and the ending of civil wars in Iraq and Libya, which between them would release additional oil reserves bigger than Saudi Arabia's on to the world markets. The U.S. shale revolution is perhaps the strongest argument for a return to competitive pricing instead of the OPEC-dominated monopoly regimes of 1974-85 and 2005-14. Although shale oil is relatively costly, production can be turned on and off much more easily - and cheaply - than from conventional oilfields. This means that shale prospectors should now be the "swing producers" in global oil markets instead of the Saudis. In a truly competitive market, the Saudis and other low-cost producers would always be pumping at maximum output, while shale shuts off when demand is weak and ramps up when demand is strong. This competitive logic suggests that marginal costs of U.S. shale oil, generally estimated at $40 to $50, should in the future be a ceiling for global oil prices, not a floor. On the other hand, there are also good arguments for OPEC-monopoly pricing of $50 to $120 to be re-established once markets test the bottom of this range. OPEC members have a strong interest in preventing a return to competitive pricing and could learn to function again as an effective cartel. Although price-fixing becomes more difficult as U.S. producers increase market share, OPEC could try to impose pricing "discipline" if it can knock out many U.S. shale producers next year. The macro-economic impact of low oil prices on global growth could help this effort by boosting economic activity and energy demand. So which of these arguments will prove right: The bearish case for a $20 to $50 trading-range based on competitive market pricing Or the bullish one for $50 to $120 based on resumed OPEC dominance. Ask me again once the price of oil has fallen to $50 - and stayed there for a year or so. http://www.zawya.com/story/Oil_could_drop_as_low_as_USD20_per_barrel-TR20141219nL1N0U31J1X2/?lok=175902141219&&zawyaemailmarketing
    0 replies | 59 view(s)
  • harry's Avatar
    Yesterday, 09:19 AM
    Prime minister announces date for the vote on the 2015 budget 20-12-2014 11:30 AM Deputy Prime Minister Bahaa al-Araji, said on Saturday that the Cabinet will hold a special meeting next Monday to discuss the financial budget, and it will be voted on Monday or Tuesday. They said in a press statement that 'the Council of Ministers will be held, on Monday, a special meeting to discuss the financial budget ', explaining that' if agreed upon would be passed to vote and vote for them and if they are not agreed upon will vote for in the next day, a Tuesday. " He said al-Araji told Alsumaria News that 'there is nothing to hinder the vote except for some technical matters' , pointing out that it 'will be present in the House of Representatives at the end of the year'. He was a member of the parliamentary finance committee Sirhan Ahmed confirmed, in (16 December 2014), that the general budget for the year 2015 Act will reach the House of Representatives later this month, while pointing out that it was agreement to reduce budget expenditures to reduce the deficit ratio. The head of the parliament Saleem al-Jubouri confirmed on Monday (15 December 2014), prepared the House of Representatives to convene an extraordinary session in the event of the arrival of the budget to him, pointing out that the government faces challenges in this context. http://www.ahraraliraq.com/index.php?page=article&id=38280
    2 replies | 108 view(s)
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