UN welcomes Iraqi takeover of development fund

7- 1- 2011

UN welcomes Iraqi takeover of development fund

UNITED NATIONS -- The U.N. Security Council on Thursday welcomed the Iraqi government's takeover of a multibillion-dollar fund established after Saddam Hussein's regime was toppled in 2003 to ensure that proceeds from the country's gas and oil sales were used to help the Iraqi people and restore the country's economy.

The council adopted a resolution last December ending U.N. oversight and international management of the Development Fund for Iraq on June 30.

Thursday's transfer of authority marks another step in restoring Iraq's sovereignty and international standing by returning control of the country's oil and natural gas revenue to the government. It comes six months before the scheduled withdrawal of the last American troops from Iraq, which would close the door on an 8-year war, though U.S. officials have indicated they would like perhaps several thousand to remain to guard against an unraveling of a still fragile peace.

Council members welcomed the Iraqi government's "assumption of full autonomy" over the fund's proceeds and the transfer of oversight from the U.N.-authorized International Advisory and Monitoring Board to a Committee of Financial Experts, which will exercise authority under terms approved by Iraq's Council of Ministers.

"The members of the Security Council reiterated their welcome of the ongoing efforts and commitment by the government of Iraq to ensure that oil revenue is used in the interests of the Iraqi people, and to ensure that transition arrangements remain consistent with the constitution and with international best practices in respect of transparency, accountability and integrity," the statement said.

According to the latest audit by PricewaterhouseCoopers dated Monday, the fund received $48.8 billion from the export of oil and oil products and about $1 billion in other revenue in 2010 and paid out $52.2 billion including $41 billion transferred to the Ministry of Finance.

The December resolution ended Iraq's immunity from claims on the proceeds of the fund.

The Security Council "underscored the importance of Iraq's continued compliance" with a provision of the 2003 resolution that created the fund which requires that 5 percent of Iraq's oil and gas revenue go into a compensation fund, used mainly to pay Kuwaiti claims from the 1991 Gulf War.

The council has said that some U.N. sanctions against Iraq will remain in place until Iraq and Kuwait settle outstanding issues from that war.

http://pukmedia.com/english/index.php?option=com_content&view=article&id=8452:un-welcomes-iraqi-takeover-of-development-fund&catid=25:iraq&Itemid=386

*** Iraq and UN ~ Security Council welcomes Iraq’s assumption of oversight over development fund effective July 1st ...

June 30, 2011

Security Council welcomes Iraq’s assumption of oversight over development fund

The Security Council today welcomed the Iraqi Government’s assumption of full autonomy, with effect from tomorrow, over the proceeds of a development fund set up after the 2003 United States-led invasion to meet the country’s humanitarian needs, economic reconstruction and infrastructure repairs.

In a press statement, the Council welcomed the Government’s establishment of a successor arrangement for the transition of the Development Fund for Iraq, in line with the United Nations body’s resolution 1956, adopted last year.

“The members of the Security Council noted that, in this regard, oversight of the full proceeds from the Development Fund for Iraq has been transferred from the International Advisory and Monitoring Board to the Government of Iraq’s Committee of Financial Experts, which will exercise authority in accordance with its terms of reference approved by Iraq’s Council of Ministers,” according to the statement, read out by Ambassador Alfred Moungara Moussotsi of Gabon, which holds the Council’s presidency in June.

The Council reiterated its appreciation of the ongoing efforts and commitment of the Iraqi Government to ensure that oil revenues are used in the interest of the country’s people, and to ensure that transition arrangements remain consistent with the constitution and with international best practices with regard to transparency, accountability and integrity.

“The members of the Security Council underscored the importance of Iraq’s continued compliance with relevant [Security Council] resolutions,” the statement added.

The Council set up the trust fund in May 2003 so that oil and other revenues could be paid into it, to be disbursed at the discretion of the then US-led Provisional Authority for humanitarian and economic reconstruction, replacing the previous oil-for-food programme that allowed the sanctions-bound government of Saddam Hussein to use some oil revenues for the monitored purchase of humanitarian supplies.

http://www.un.org/apps/news/story.asp?NewsID=38907&Cr=iraq&Cr1=

Specialists: Iraq will meet the global demand is expected for 2030

30/06/2011

Specialists: Iraq will meet the global demand is expected for 2030

As the largest countries in the world to own oil and gas reserves

بغداد- وكالات BAGHDAD - Agencies

Experts believe that the implementation of power projects in Iraq witness a slowdown, despite the willingness of Iraqi Prime Minister Nuri al-Maliki's government more efficient, especially in the provision of electric power.

Iraq has suffered a severe shortage of electricity has led to many of the affected service facilities and economic services and the deterioration of the majority of the population.

According to sources, negotiations between Shell and the Oil Ministry and the two attorneys that represented by Shell, Mitsubishi has ended successfully concluded and the ability to reach the final version of the contracts.

Shell, Mitsubishi and waiting for them to call the ministry signed and initialed after the submission of the contracts for final approval by the Council of Ministers.

It is believed Mr Malcolm Fraser, an expert specialist in energy it is better to sign a gas deal between the southern Iraqi government and Shell and Mitsubishi in the shortest time to achieve investment and enjoy more of the Iraqi people of electricity.

He added: We would like to stress that the deal is fully compatible with the plan of the main power supplied by the Deputy Prime Minister Hussein al-Shahristani, in Istanbul in the (February) February 2011.

According to experts, the alternative ways of representing long negotiations with other companies and other companies to repeat the studies extended to accommodate the work required and expensive solutions for Iraq.

Which means more delays and power outages in the summer.

Experts believe he always waited for the gas deal with the Iraqi Shell reach the stage of the final decision is the deal, which began its maiden voyage in 2008 signed a preliminary agreement between the Ministry of Oil and Shell. And put the deal to conceive of an Iraqi company for a joint project between the South Gas Company owned by the state (which owns the majority of shares) and Shell to set up a median integrated distinct, and its mission is to collect, process and provide gas for the product currently being burned often (billion cubic feet per day output and 70 percent of it burn) with liquefied natural gas (used in cooking and industry) and condensate (natural gasoline Kdezl used in vehicles).

According to official statistics, the amount of gas burned enough to produce 4,500 megawatts, taking into account that the generation of the current energy group in Iraq is 6500 MW), and can produce 4000 tons per day of liquefied natural gas (equivalent to 320,000 cylinder gas cooking per day), and 770 tons of condensates (enough to power 75,000 vehicles). During the last three years of negotiations have made ​​Shell and South Gas Company made ​​significant progress on the ground and in the agreements ..

Shell has invested one hundred million U.S. dollars, through the purchase of a unit GE's engineering experts and technicians to review the status of facilities and to provide advice on rehabilitation plans.

I have worked and Shell Gas and South together on a number of opportunities for so-called 'quick wins', which is already allowed to reduce gas flaring in southern Iraq, about 20 percent.

Now there is an urgent need to invest heavily in facilities to qualify, and of course can not be done until after the signing of final agreements.

The Iraqi Ministry of Oil and Shell have agreed to provide more gas for the domestic market of Iraq and turn it into fuel to generate electricity to meet the large deficit, which causes power outages, and despite the fact that there is an urgent need in Iraq for electricity, but it is not clear yet whether Shell and Mitsubishi will continue to work together in a project to run gas turbines and the provision of mobile units for power generation and strengthening of the national electricity grid, particularly in the city of Basra.

It is noted that Shell had signed an agreement with the Iraqi Oil Ministry in September 2008, sets out the principles for the establishment of commercial joint venture between Shell, South Gas Company.

He said that the South Gas Company to be the largest contributor by 51 percent in a joint venture with Shell holding 44 percent and Mitsubishi 5 percent.

Once established, this joint venture will work to collect and process raw gas and the sale of natural gas (and related products such as condensate and liquefied petroleum gas) for use in local markets and export markets.

It is noteworthy that Iraq is among the largest countries in the world to own oil and gas reserves on the way to play a key role in meeting the global demand is expected for the year 2030. And as such, it is difficult to see the future without Iraq and its role certainly in the provision of global energy supply and the balance between supply demand.

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IMF ~ New IMF Chief is Elected ~ Strauss-Kahn Case Seen as in Jeopardy ...

Thursday, June 30, 2011

Strauss-Kahn Case Seen as in Jeopardy

The sexual assault case against Dominique Strauss-Kahn is on the verge of collapse as investigators have uncovered major holes in the credibility of the housekeeper who charged that she was attacked by the French politician in his Manhattan hotel suite in May, according to two well-placed law enforcement officials.

Although forensic tests found unambiguous evidence of a sexual encounter between Mr. Strauss-Kahn and the woman, prosecutors do not believe much of what the accuser has told them about the circumstances or about herself.

Since her initial allegation on May 14, the accuser has repeatedly lied, one of the law enforcement officials said.

Read More:
http://www.nytimes.com/2011/07/01/nyregion/strauss-kahn-case-seen-as-in-jeopardy.html

Geithner to consider leaving Treasury after debt debate

June 30, 2011

Geithner to consider leaving Treasury after debt debate

Treasury Secretary Timothy F. Geithner has signaled to White House officials that he’s considering leaving the administration after President Barack Obama reaches an agreement with Congress to raise the national debt limit, according to three people familiar with the matter.

Geithner hasn’t made a final decision and won’t do so until the debt ceiling issue has been resolved, according to one of the people. All spoke on condition of anonymity to talk about private discussions.

The Treasury secretary has said the U.S. risks defaulting on its obligations if Congress doesn’t raise the $14.3 trillion debt ceiling by Aug. 2. The administration and congressional Republicans are at an impasse in negotiations to raise the limit, which also is tied to efforts to cut the nation’s long- term deficit.

Full story: Geithner to Consider Leaving Treasury After Debt Debate – Bloomberg

IRAQ ~ JUNE 30TH ~ IRAQ, IMF, UN, WORLD BANK, ARAB FUND .. MEETING IN JORDAN ...PRESS CONFERENCE NOON ON THURSDAY ...

Bumped for today ~ current articles posted below ...

Related article More Detail ~ June 30/July 1st ~ Report of the Government of Iraq pursuant to Security Council resolution 1956 (2010) on transition to a post-Development Fund ...

and *** Iraq Awesome ~ Central Bank of Iraq in connection with activation of monetary agreements with neighboring countries ...

June 26, 2011

Baghdad, Hosts the Iraqi side, the last meeting of the International Advisory and Monitoring in the Jordanian capital Amman on Thursday, 30/6/2011.

A statement by the Supreme Audit Agency has received the independent press (Iba) a copy of which will participate in the meeting the President of the Board of Supreme Audit Chairman of the Committee financial experts as well as members of the Council of the International Advisory and Monitoring Board are representatives of the Secretary General of the United Nations and the International Monetary Fund and the World Bank and the Arab Fund for Economic Development and Alajtmaayukzlk Iraq's representative in the Council mentioned ..

The statement said the meeting will hand over the files to the Development Fund for Iraq Committee financial experts after the end of the mandate of the International Advisory and Monitoring on the basis of Security Council resolution No. 1956 in the year 2010 ..

He held a press conference to issue a report to the Council in the last hotel Alantercontnntabad o'clock noon on 30/6/2011 after the meeting.

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Clinton urges world democracies to stand together ...

June 30, 2011

Clinton urges world democracies to stand together

Budapest, Hungary — Secretary of State Hillary Rodham Clinton called Thursday for solidarity with pro-democracy activists in Belarus as the wave of protest that has spread through the Arab world extends to Europe's last autocratic stronghold.

On the first leg of a trip taking her to two European nations that democratized in the world's last great series of liberal upheavals, when the Iron Curtain came down in 1989, Clinton spoke emphatically for democracies to stand together and do what they can to expand their club.

She said emerging democracies from Europe to Latin America to Asia can help Egypt, Tunisia and other Arab countries in transition. And all should "show solidarity with those in the streets of Belarus, in Libya and around the world," she added.

Ahead of Egypt's upcoming parliamentary and presidential elections, Clinton said the Obama administration is reaching out to the Muslim Brotherhood in a "limited" effort to build ties and promote democratic principles.

Iraq Missing Funds ~ Financial Observation Office has details of US$17.5 billions (b), lost from Iraq, Parliament Speaker says at news conference ...

6/30/2011

Financial Observation Office has details of US$17.5 billions (b), lost from Iraq, Parliament Speaker says

Iraq’s Parliament Speaker, Usama al-Nujeify, has said on Thursday that the Chairman of the Iraqi government’s Financial Observation Office had details of funds lost from Iraq’s Development Fund, pointing out that the American side had spoken about US$6 billions, “but the real figure is US$17.5 billions (b).”

“The Chairman of Iraq’s Financial Office has details about the way Iraqi money was lost from Iraq’s Development Fund, as well as the U.S.

Inspector-General for Iraq’s Development, who visited me one month ago, but he spoke about US$6 billions, but the real figure we have now is US$17.5 billions (b),” Nujeify told a news conference in Baghdad on Thursday.

“I spoke with the U.S.Vice-President and the U.S.

Secretary of State, who promised to support the investigation to discover those involved in the issue, as well as taking necessary measures to restore trust in dealing with Iraq’s funds,” he said.

Nujeify stressed that “the said issue is part of a clear Iraqi demand, that began by the Parliament and the government, followed by the formation of a follow-up committee, and I in person, as well as the Parliament’s Integrity Committee shall follow up the issue.”

http://en.aswataliraq.info/Default.aspx?page=article_page&c=slideshow&id=143487

Iraq’s Parliament Speaker says "there is strong wish to form Regions in South Iraq."

6/30/2011

Iraq’s Parliament Speaker says "there is strong wish to form Regions in South Iraq."

The Speaker of Iraq’s Parliament, Usama al-Nujeify, has said on Thursday that there was a strong wish to form Regions in some areas in southern Iraq, adding that “that is a constitutional issue that must not be ignored.”

“There is a feeling by citizens in a number of southern Iraqi provinces that their rights were confiscated and their properties were lost,” Nujeify told a news conference, adding that “if any province wishes to establish a Region, it’s demand is constitutional, and if any party rejects the idea of Regions, it must adjust the (Iraqi) Constitution and not ignore it through stripping off the central authorities of the provinces from it.”

Nujeify said that there had been several undeclared demands to the Parliament to form Regions, stressing: “I have a demand by Basra Province, presented few months ago and repeated 20 days ago, signed by half of the Province’s Council members, along with another demand by Kut city, signed by 16 of its Council members, reaching the Parliament, demanding the establishment of Kut Region.”

Nujeify has denied that had called, during a recent visit to Washington, for the establishment of a Sunni Region, warning that the situation was heading towards the establishment of such Regions, due to “cruel centralism.”

But, Nujeify, stemming from a family in northern Iraq’s Sunni Province of Ninewa and Brother of its Governor, Athil al-Nujeify, had warned in an interview by al-Hurra Satellite TV Channel, during his visit to Washington that “Sunnis in Iraq might think of secession or the establishment of their own Region, if their feeling of frustration that they are considered as 2nd grade citizens won’t be treated.”

He stated after his talks with a number of leading American officials, including Vice-President, Joe Biden and State Secretary, Hilary Clinton, that the sectarian balance in Iraq was “absent.”

http://en.aswataliraq.info/Default1.aspx?page=article_page&id=143485&l=1

Iraqi Border Command official charges Iran and Kuwait with violating border agreement

6/29/2011

Iraqi Border Command official charges Iran and Kuwait with violating border agreement

BASRA / Aswat al-Iraq: An official in Iraq’s Border Troops Command has charged Iran and Kuwait with having violated an agreement, signed between Iraq and neighboring states, preventing any engineering activities close to the border areas among those countries.

“An Iranian engineering activity, reflected in digging oil wells over a 500-meter distance, close to southern Iraq’s Shalamja border point, 30 km to the east of Basra, is taking place, along with similar engineering activity about 300 meters, in front of Safwan border town in Zubair area, 60 km to the west of Basra, close to the border line between Iraq and Kuwait,” the Iraqi official told Aswat al-Iraq news agency.

“The agreement, signed between Iraq and the neighboring states, prevents carrying out any engineering activity, such as excavation and other works, across a 30-km distance away from the border areas.

Thus, the measures taken by Iran and Kuwait represent a violation for the agreement,” he said.

“The Iraqi Border Troops of the 4th Area had raised a report, regarding the said practices to the Iraqi government, demanding it to send the report to the Foreign Ministry, which will take measures to discuss both states about the issue,” the statement concluded.

Basra, the center of the Province carrying the same name, is 590 km to the south of Baghdad.

http://en.aswataliraq.info/Default1.aspx?page=article_page&id=143464&l=1

Transcript of a Press Briefing on the International Monetary Fund’s 2011 U.S. Article IV Concluding Mission Statement

Participants:John Lipsky, Acting IMF Managing DirectorNicolas Eyzaguirre, Director, Western Hemisphere DepartmentGian Maria Milesi-Ferretti, Chief, North America DivisionRodrigo Valdes, Senior Advisor, Western Hemisphere DepartmentJennifer Beckman, Press Officer and ModeratorWashington, D.C.

Wednesday, June 29, 2011

Webcast of the press conference

MS. BECKMAN: Today we'll be hearing from Rodrigo Valdes, who is a Senior Advisor in the Western Hemisphere Department, John Lipsky, our Acting Managing Director, Nicholas Eyzaguirre, who is the Director of the Western Hemisphere Department, and Gian Maria Milesi-Ferretti, who is the Division Chief for the North America Division in the Western Hemisphere Department. Welcome to everybody who's here in the room and watching on our webcast at imf.org and the Online Media Briefing Center. We'll start with some opening remarks from Mr. Lipsky.

MR. LIPSKY: Thank you. Thank you very much, and thank you all for joining us today and welcome to this briefing on the 2011 U.S. Article IV Consultation, which as you know is the IMF's annual assessment of U.S. economic policies and prospects and their implications for the global economy. By the way, the full Staff Report will be published after the Executive Board discussion on the topic in late July. I should also take this opportunity before we get started to say of course this is an important day for the IMF. After yesterday's selection by our Executive Board of a very talented and capable new Managing Director for the IMF, Christine Lagarde, we are looking forward to welcoming her to the Fund on July 5, which will be her first day on the job here at Headquarters. And as I say, we're very much looking forward to welcoming her and looking forward to a very successful tenure here at the IMF where we face a number of important issues and want first and foremost to address successfully the challenges to the global economy.

World Bank-Iraq delegation finds Limkokwing focus on creativity inspiring

The Iraqi/World Bank delegation in a lively discussion with University President Tan Sri Lim Kok Wing who also gave them a detailed presentation on the growth of Limkokwing since its inception in 1991. (Limkokwing University of Creative Technology)

June 29, 2011

A high-powered Iraqi delegation from the Ministry of Education made a fruitful two hour fact-finding visit to Limkokwing University of Creative Technology as part of a study tour of Malaysian universities.

The group of 31 Iraqi academicians and government officials was led by Adil Fahad Shrshab, who is the Head of Parliament Committee on Education.

The World Bank was headed by Dr. Lianqin Wang, the Senior Education Specialist. Others in her team included Economist Consultant Benoit Millot, Economist Laura Jean Gregory and Operations Officer Zainab A Allawi.

On arrival, they were pleasantly surprised by the traditional welcome ceremony accorded by senior Limkokwing University officials, staff and students including Iraqis studying at the campus.

Model of excellence - Put together by the Ministry of Higher Education Malaysia, the objective of the World Bank-Iraq Education Study Tour for the Knowledge Economy (ESTKE) was to enable the Iraqis to learn about new reforms in higher education that could benefit their country.

An Iraqi delegation led by the World Bank arrived at the Cyberjaya campus to study reforms in modern higher education that could be implemented in Iraq, which is looking to boost its education system. The Iraqi team was led by Adil Fahad Shrshab and included more than 35 members including four specialists from the Bank.

After experiencing civil unrest for years, Iraq is keen to rebuild its education system. Since 1991, the country’s literacy rate has dropped from 99 percent to 75 percent, prompting the Iraqi government to introduce a nine year education frame work to uplift the lives of Iraqi people.

League of its own - Later the group was given a briefing by Tan Sri Dato’ Sri Dr Lim Kok Wing on critical aspects of the University’s focus on creativity and innovation.

As a model University setting trends in 21st century education, Limkokwing has moved ahead in producing global graduates infused with holistic knowledge, industry skills and mindsets to change the world.

Limkokwing also designs its own programmes which are internationally recognized and delivered in many countries worldwide.

To questions raised by his enthusiastic audience, Tan Sri Lim said Limkokwing is globalising education through its international campuses the aim of which is also to drive local economies by producing capable graduates.

Partners of progress - Benoit Millot speaking on behalf of the World Bank said that the Bank is helping the Iraqi government to raise education to international standards through reforms.

“In that context, we have organized a number of activities amongst which are consisting of touring two countries that has made successful strives in higher education and using it as one of the propeller tools. The first one South Korea and the second one was Malaysia, both of them being wonderful examples of successful stories”.

One of the best, Mr Adil Fahad Shrshab rated Limkokwing University as one of the best he has visited so far during the study tour.

“First of all, I am happy to be here and I must say that this university is totally different from all the other universities. Totally different from the ones that we have been shown in Korea a few days ago. I really wish you all a very big success”.

He said he looks forward to collaborating with Limkokwing University in the near future; he also thanked Tan Sri Lim Kok Wing for taking care of Iraqi students at the Cyberjaya campus.

“I want to thank Tan Sri for the way you have treated them”.

Global students - There are about 100 Iraqi students at the Cyberjaya campus pursuing various programme models. On a global scale the University is home to about 30,000 students from 150 countries worldwide.

Limkokwing campuses are located in Kuala Lumpur, Phnom Pehn, Jakarta, Bali, Beijing, London, Gaborone, Maseru and Mbabane in Swaziland.

http://www.limkokwing.net/media/news/world_bank-iraq_delegation_finds_limkokwing_focus_on_creativity_inspiring/

Iraq and World bank

June 30, 2011

The success of reconstruction depends on smart economic policy and regulatory reforms

In a country emerging from conflict comes its oil sector, including more than 90% of state revenues, but does not occupy more than 1% of the workforce, the success of reconstruction depends on the economic policy smart, as does the World Bank to meet one of its senior officials with Iraq’s report oil.

The report said the World Bank is one of several international organizations pushing Iraq to open its private sector to foreign investment. According to what he sees Stephen Rimmer, a specialist private sector development in the bank, one of the keys to success is the establishment of competitive markets.

And lead the Iraqi government a large role in the operation of the economy; and one of the results, as the survey was conducted recently to gauge the ease of doing business in the countries of the world, that Iraq was ranked 20 before the end of the list.

In an interview with “Report of the Iraq oil,” Reimer discussed the various initiatives the World Bank designed to help Iraq move toward economic growth, including large-scale survey was conducted on the business sector in the country, and the report will be published soon, outlines the reforms recommended made.

Unique “world” to provide the text of the meeting, which was conducted by the head of Iraq’s oil report Ben Landau, with Stephen Rimmer.
Ben Landau: In a time when large companies come to Iraq, you need these companies to put their money somewhere, perhaps to ensure the financing of projects. What is the status of the banking sector and the reforms that the World Bank hopes to conduct?

Stephen Rimmer: improve the capacity of the financial sector in Iraq is a key priority at the World Bank and other development partners such as USAID. As you mentioned at the outset, it is important for Iraq’s possession of a financial sector that works well for some companies in support of its financial transactions and to provide capital to the private sector for expansion, and operation of labor.

The World Bank has a massive program to support the financial sector including the reform of banks, Iraqi government presidents, who are currently working almost Ahtkariyn. The aim of this support is to help transform these banks to big banks are working on a commercial basis so that they can compete in a competitive market. The reforms also aim to obtain a better perception of the financial situation of the two major government banks.

Also, the World Bank and the IFC is launching a program of $ 30 million to finance small projects in Iraq will support small businesses and financiers to support regulatory reform and capacity building of the Iraqi Central Bank. This support will provide over time a strong base for the financial sector in the area supplied capital for private companies, including SMEs.

Q. For.: How is this done? Do you lack the reserves to banks to provide funds for local and foreign investors?

A.: There are a number of private banks, there are also logged on is new to the financial sector in Iraq, such Stapennek and HSBC, there are private banks it comes to Iraq. And on the banks of deposit much of their capital in the Central Bank so it does not remain under her head a lot of money, capital, which must be available to them when you want to lend money to companies larger and more stable.

Q. For.: Is it normal to oblige banks to come to Iraq very large deposit of funds with the Central Bank?

A. T.: Different rates of insufficient funds and deposit requirements for different countries, but the percentage is high in Iraq, unusually, as well as a system administrator in Iraq, restrict the operation of private banks.
Q. For.: In practical terms, what that means for banks and for the people who want to benefit from these banks?

A.: Means that the banks do not have enough funds to lend, and also means that there is high risk, as well as other factors such as the security situation. And banks are generally risk averse when it comes to lending.

Q.: What is the reason why the central bank wants the money?

A.: Mainly a matter of precaution in the financial sector to ensure a sufficient deposit with the Central Bank. The aim to encourage good behavior through financial institutions and risk reduction.

Q.: If you work in oil companies, whether large international oil company operating in the Iraqi fields, or Drilling company or services, how they interact with the banking sector in Iraq, whether banks, Iraqi government or foreign? Look at the long term, what you need from the banking sector?

A.: Perhaps it is better to ask the companies instead of sending them off to the bank. It is clear that all companies including the oil sector companies need the ability to conduct financial transactions, receiving funds and keep the money and the distribution of funds to contractors and other customers. These needs should be in a safe place to conduct transactions and keeping deposits and large transactions. And a lot of foreign companies that decide to come to Iraq will have the capital obtained from financial institutions outside of Iraq, but will need to make financial transactions within it. Hence the importance of the financial sector in Iraq.

The financial sector still requires a lot of repair work around well; a lot of institutional and regulatory reforms as well. Banks operating in the present time, but not nearly good, as are neighboring countries.

Q. For.: Is there a problem with the independence of the financial sector, from politics?

A.: In the area of ​​corporate governance, banks are the main state-owned government-owned is the subject of a broad reform program includes state-owned enterprises announced by the Iraqi government and currently under study. This includes the reform program to convert each state-owned enterprises into commercial companies. This will include some corporate governance reforms over time, improve the governance of all companies that are seized with state institutions, and will include state-owned enterprises operating in the financial sector.

Q: The World Bank is now an assessment of the investment climate in Iraq. What is the situation?

A: Rating in progress at the present time; and includes a survey of about a thousand companies in 10 Iraqi provinces, and going on about two thirds of the questions on the characteristics of the business, within the survey was designed to be the official representative of the companies operating in Iraq. There are also some questions that ask for the views of companies.

The idea is that this is the assessment survey the first of its kind for the investment climate in Iraq and intended to get a sense the best of the private sector there: the properties of the private sector, how to run businesses and how it works, what the main problems, what major challenges, what opportunities you see companies in the spectrum of a wide range of different sectors? An evaluation of investment opportunities in neighboring countries, so this study will allow us to make comparison between companies’ work environment in Iraq and compare this working environment in the countries of the region. It will be a rich source of information for the first time give us a picture of what happens in the private sector in Iraq.

Q: How will this information helpful?

A: Government of Iraq will allow the prioritization of the reform of the private sector about the best, and determine the required reforms, the most important and urgent. Will provide policy advice based on evidence about wider. So will help in identifying the most important problems and priorities and urgent reform.

Q: How can you clarify the interaction between the government and the business sector in all areas? What is the impact of government on the foreign business and the Iraqi state-owned and private, and whether this influence is bad or good?

A: The private sector in Iraq is the work of the official record and organize the rules and regulations. There is also the informal sector is very wide, where not recorded when companies typically small. And one of the biggest challenges as mentioned Doing Business on the World Bank, a report assessing the organization of international business, is that Iraq is ranked 166 of total 183 countries. Therefore, Iraq is now in the last 20 countries in the field of organization of work. Regulatory environment makes it very difficult for companies to operate, and the start of business and one of the major problems in Iraq in this area.

Q: Starting business? Never mean access to capital?

A: Starting work includes the formal registration of companies on the basis of government regulations concerning the organization of work.

Q: The government says, “We look forward to the coming of foreign investors”, but it is currently difficult in the opening of the country.

A: The process to register a company is complex and time-consuming, and of course you have a wide range of transactions and regulatory approvals that you conduct; access to credit and property registration and related licenses, etc.. All of these regulatory areas in need of review and reform. We know from the report of the establishment of the World Bank’s business conditions in Iraq, the regulatory environment for the private sector.

The World Bank will soon be to the Government of Iraq, “Memorandum of reform the administration of the business” that we set, which sets out the proposed reforms in the 10 regions are where the work covered by the report. Will identify this report in the near term and medium term, reforms to improve the conditions the judge for companies to conduct business.

Q: World Bank, among other organizations, governments, etc., urges Iraq to modernize and put the investment. And how to open Iraq’s investment does not become a banana republic, this situation sometimes occurs when it comes to foreign investors to developing countries? Iraqis how to avoid a situation where they owe to foreigners, rather than to be debtors to the state-owned companies? How Iraq can maintain a level of ownership of things in the economy?

A: The challenge of President of Iraq in the private sector, is to generate jobs for the growing labor force. The oil sector employs around 1 percent of the labor force only, so it is very important to encourage private businesses to generate jobs for the vast majority of Iraqis who want to work. This represents a challenge basis, an objective basis.

As you pointed out, the challenges faced by many businesses in Iraq, including the absence of reliable basic services, infrastructure, security and regulatory environment. These are all core areas should focus on to improve the business environment to enable the private sector, starting already. There is therefore an important goal of development partners with Iraq, such as the World Bank, is to assist the Government of Iraq on the development of healthy markets, as there will be a healthy competition. This includes the reform of 180 enterprises owned by the state, currently operates more than 630 thousand people, and this special program formulated to transform state-owned enterprises into companies competitive, can work in competitive markets, and it’s President for the diversification of the private sector, who is the people and develop the wealth of the country.

Oil is the main source of government revenue, but that revenue will not be enough for Iraq to generate high living standards, and this is another reason to push forward the private sector; because the dependence on oil alone does not make Iraq prosperous.

Q: Should there be a balance between foreign investors and the level of control of Iraq to control its economy? Companies come to Iraq is a good thing; it will have more imports and the diversity of oil. But if the foreign OWN in the first place and run companies, then the Iraqis will become secondary players in the economy.

A: If you are successful in establishing a healthy and competitive markets, this will result in an increase in business, and increased investment. Some of this increase in investment would come from within Iraq, and some of the international companies. Both of which can thrive in conditions of real competition.

Q: Can foreign companies that come with capital and experience, and this is very important because one of things the foundation for Iraq to become a prosperous, is to improve productivity in the country, and one way to achieve this is to bring experts, senior engineers, and technicians to run the companies and state-owned enterprises, some more effective and efficient.

A: There is plenty of room in Iraq for foreign and domestic investors alike, and both have an important role to play in Iraq’s reconstruction and development.

Q: Is there an over-reliance on the oil sector in the economy of this country?

A: This is the challenge for the president of Iraq, meaning the use of oil revenues to rebuild the country, and provide a basis for the establishment of private sector operations to a diverse, healthy and strong.

Q: What proven ways to achieve this, ie what the best practices to benefit from oil revenues?

A: Worst case scenario is the use of oil revenues for the operation of government officials, and do not have the private sector, and this scenario on Iraq be avoided. The best scenario is to use the funds wisely and expertise to develop the core infrastructure required to support the private sector, and stable electricity, and sewage systems, the fundamental and basic services. It is also important to use the funds to establish a systematic management, employing qualified personnel are eligible are able to run regular institutions efficiently and effectively.

Q: There is nothing we have seen in the past few weeks is the escalation of violence. How does the security situation in the companies, the economy, foreign investment in Iraq?

A: From the perspective of the private sector, is the security situation in Iraq, one of the factors that require consideration. On the positive side, there are parts of Iraq where the security situation is relatively good, and the Kurdistan region is one example of this. And down to Basra, there is still a lot of economic activity to support the oil and energy. Security factor deter investors, but many investors took the decision to invest in Iraq, anyway.

Investment is growing in Iraq, not only in the oil sector, but also in tourism, real estate, etc.. Is positive on a large scale. The situation is moving in the right direction. I think that everyone want to move around faster than it is now.

worldbank.com

Gimme Shelter Radio - Wednesday, June 29, 2011 @11:00 pm, EST.. "Iraq...A Diamond In The Rough" ...

Gimme Shelter Radio - Wednesday, June 29, 2011 11:00 pm.,est

Iraq...A Diamond In The Rough

Gimme Shelter Radio is the nightly live radio program of the private "Gimme Shelter" forum hosted by Phoenix. Show topics cover the global current events impacting us all. The live show airs nightly at 11pm EST. All past shows are available on demand.

http://www.blogtalkradio.com/phoenix3333

Going Global Headline News for June 29, 2011 ...

June 30th Events and Deadlines ~ Busy Week For The Global Economy ...

IRAQ ~ JUNE 30TH ~ IRAQ, IMF, UN, WORLD BANK, ARAB FUND .. MEETING IN JORDAN ...PRESS CONFERENCE NOON ON THURSDAY ...

June 30th DFI Funds ~ Iraq Oil Assets May Be at Risk of Seizure ...

Iraq Public Holiday Thursday, June 30th for Al Isra Wal Miraj holiday

Iraq is heading to write off three zeros from the local currency ...

*** Soon Iraqi Finance ~ Issawi: of a meeting next week between the finance ministers of Iraq and Turkey, Iran, and Syria

South Korea Signs Deal to Halt Offshore Tax Evasion ...

July 1st South Korea and EU Free Trade Agreement Implementation ~ Not all Are Ready ...

Interesting ~ Jobs, Jobs, Jobs! ~ Bill Clinton's Group Offers Recipe for Economy

29 June 2011 - IISS Global Perspectives - The future of Iraq

Under the current Status of Forces agreement that regulates US-Iraqi relations, all American forces are set to be removed from Iraq by 31st December, 2011.

This clearly marks a watershed moment in Iraq’s post-regime change history. There are reasons for cautious optimism about the country’s future.

Violence has steadily declined since the peak of inter-communal conflict in October 2006. The Iraqi armed forces will probably be able to guarantee that the current level of violence will not increase once US forces have departed.

Politically, in March 2010, Iraq successfully carried out its third set of national elections since regime change. After extended but largely peaceful wrangling, the incumbent Prime Minister Nuri al Maliki managed to secure a second term in office.

However, Iraq also faces major unresolved problems that could well destabilise the country once US troops have departed. Relations between the Iraqi government in Baghdad and the Kurdish Regional Government in Irbil remains tense with many economic and political issues left unresolved.

The grip that Nuri al Maliki and his party, Dawa have secured on Iraq’s security services leaves Iraq’s continued democracy in doubt. The new cabinet formed in December 2010 remains divided, ineffective and increasingly alienated from the population. The state itself cannot deliver the services, especially electricity, which the population demands. Finally, Iraq remains a deeply violent society with targeted assassinations commonplace in Baghdad.

The 8th IISS Global Perspective Series Lecture will examine these competing trends and discuss what the future may hold for Iraq’s long-suffering population. The lecture will be given by Dr Toby Dodge, Senior Consulting Fellow for the Middle East, IISS.

This meeting will be moderated by Mark Allworthy, Managing Director, IISS Middle East. A question and answer session will follow Dr Dodge’s talk.

http://www.iiss.org/middle-east/global-perspectives-series/iiss-global-perspectives-the-future-of-iraq/

June 30th Events and Deadlines ~ Busy Week For The Global Economy ...

Bumped ~
Major event (or it should be) - Link ~ IRAQ ~ JUNE 30TH ~ IRAQ, IMF, UN, WORLD BANK, ARAB FUND .. MEETING IN JORDAN ...PRESS CONFERENCE NOON ON THURSDAY ...

Deadlines ~ Point of No Return .. End of the Line ...

_G20 - Deadline June 3oth - currency adjustments

_IMF and Iraq's Deadline June 30th ~ Banks restructuring of the balance sheets of Rafidain and Rasheed by end-June 2011_IMF - Deadline July 1st

_(Done)- Appoint the new IMF Chief June 30th - IMF ~ June 28th Board of Directors Meeting

_Iraq - Deadlines - See below

_United States - Debt Ceiling and End of QE2 ~ Deadline June 30th - July 1st

See All Articles - Link ~ Read more »

June 30th DFI Funds ~ Iraq Oil Assets May Be at Risk of Seizure ...

Snip "“It is true that the international immunity will no longer be there; what will happen after June 30, we will have to see,” said Muzhar Saleh, adviser to Iraq Central Bank Governor Sinan Al Shabibi, in a June 28 telephone interview from Baghdad. “Iraq has a large legal team, both at home and abroad, which will handle any future litigation.”


June 29, 2011

Iraq Oil Assets May Be at Risk of Seizure

The expiration today of United Nations protection of Iraq’s oil revenue from creditors seeking damages stemming from Saddam Hussein’s 1990 invasion of Kuwait may make the assets vulnerable to seizure, exacerbating tensions between the two countries.

The Security Council voted in December to allow expiration of UN oversight and immunity for oil revenue deposited in the Development Fund for Iraq, created in 2003 to pay off debts incurred by the Hussein regime. Iraq, which holds the world’s fifth-largest crude reserves, will continue to pay 5 percent of its oil revenue to Kuwait as compensation for damages, including the theft of 10 Kuwaiti aircraft by Hussein.

Iraq Public Holiday Thursday, June 30th for Al Isra Wal Miraj holiday

Read more @ Iraq Holiday June 30th - July 2nd - 2011 ~ Al Isra Wal Miraj holiday "the ascension of Prophet Mohammed" ...

June 29, 2011

Najaf announced on Thursday a public holiday to mark the anniversary of the Night Journey and Ascension

Najaf provincial council community

Alsumaria News / Najaf

Council decided to Najaf, Wednesday, as a public holiday tomorrow in all departments in order to preserve the memory of encounters Isra and Al Maraj.

A spokesman for the Council of helmeted Khuzaie Mohammed Najaf in an interview for "Alsumaria News", "Thursday, which marks the Alambos Prophet's Isra and Al Maraj, or according to Shi'ite accounts, it will be a public holiday in all government departments."

Khuzai said that "the provincial council will be held tomorrow, a meeting was his last in the first legislative term in 2011," noting that the Council "will discuss the 23 paragraphs of the proposal and the report and the memorandum on security issues, investment, education, energy, social welfare, cafes, nightclubs, and pricing of services, human rights and voluntary return of displaced persons".

"The holiday legislative official for the separation of the first legislative will begin on the first July and Tstmrany the first of August next," adding that "the provincial council will be divided into two representative each from the other conduct affairs of the province and meet the needs of citizens for a period of 15 days to allow the teams to spend the summer holidays."

The province of Najaf and its holy city of Najaf, lies 160 km south of Baghdad, one of the most influential cities in the political decision of the Iraqi Shiite presence in it.

http://translate.google.com/translate?hl=en&ie=UTF8&prev=_t&rurl=translate.google.com&sl=ar&tl=en&u=http://www.alsumarianews.com/ar/5/24182/news-details-.html

*** Soon Iraqi Finance ~ Issawi: of a meeting next week between the finance ministers of Iraq and Turkey, Iran, and Syria

Snip ~ "The statement added that there are a number of cases of cooperation and memoranda of understanding, which will be ready for signing in the next few days in the field of investment and financial cooperation and banking, taxation, customs and taxation issues"

Wednesday 06/29/2011

Issawi: of a meeting next week between the finance ministers of Iraq and Turkey, Iran, and Syria

بغداد(الاخبارية).. Baghdad (news) ..

Detection and Finance Minister Rafie al-Issawi about a meeting next week between the prospective and the finance ministers of Iraq and Turkey, Iran and Syria in Tehran to discuss a number of important files.

A statement from the Ministry of Finance received the Agency (news) a copy of it on Wednesday: "The Finance Minister Rafie al-Issawi discussed with Deputy Iranian Vice President Agha Mohammadi in Baghdad, a range of issues, especially the construction of residential units in Iraq and the draft ten in ten in Sadr City and other projects such as building dams, railways and roads. "

The statement added that there are a number of cases of cooperation and memoranda of understanding, which will be ready for signing in the next few days in the field of investment and financial cooperation and banking, taxation, customs and taxation issues.

For his part, Assistant Vice President Agha Mohammadi of Iran that Iran has a serious in building a strong financial relations with Iraq and economic cooperation represent a comprehensive and integrated approach.

And followed that his country has to open a dialogue with 200 Iranian companies and went with them in an interview to work in Iraq in various fields.

http://translate.google.com/translate?hl=en&ie=UTF8&prev=_t&rurl=translate.google.com&sl=ar&tl=en&u=http://www.ikhnews.com/news.php%3Faction%3Dview%26id%3D15753

Iraq is heading to write off three zeros from the local currency ...

Snip ~ Speaking of the island, Saleh said that the dinar is now behind a structure is not commensurate with the payments system in the country of Iraq, so it is in need of large currency transactions large and small need to exchange for small transactions.

Wednesday, June 29, 2011

Iraq is heading to write off three zeros from the local currency

Baghdad, In a move aimed at the development of the payments system of Iraq, the Iraqi Central Bank announced recently a plan to restructure the local currency by raising the level of the local currency and the development of new categories of paper.

He justified the appearance of the central bank adviser Mohammed Saleh, a move that the Iraqi dinar has suffered through two decades of significant deterioration.

Speaking of the island, Saleh said that the dinar is now behind a structure is not commensurate with the payments system in the country of Iraq, so it is in need of large currency transactions large and small need to exchange for small transactions.

He added that the value of the dinar is stabilizing, especially after the central bank reserves rose sharply and reached to nearly $ 250 billion, offset by the development in the country's oil exports.

The appearance of favor: a structure behind the dinar is not commensurate with the payments system

آليات التنفيذ Implementation mechanisms

And mechanisms for the implementation of this project, says the benefit would be short blocks large cash in the categories of smaller but the volume of purchases by large, commensurate with the nature of payments in the country, adding that the accounting system and accounting firms, banks and even a general budget of the Iraqi state has become read trillions, of this government is seeking to create mass of small cash, but met with great goods.

He pointed out that the project put forward by the Governor of the Central Bank on the twentieth of this month during a session of the Council of Ministers, has won the approval of the Council, is expected by the issuance of special legislation to be implemented in stages.

He pointed out that the benefit of the new currency will be in three languages: Arabic, Kurdish and English.

الاستقرار Stability

And linking financial expert and director of the National Bank of Warka Mohammed al-Samarrai success of the project's political stability and security in the country.

Samurai: write off three zeros from the dinar aims to get rid of the vast amount of the cash block

And whether the oil pipeline project, Samarrai said that would address the accumulations of the past and the massive inflation in the country, saying that the adoption of the much-delayed and that its implementation would encourage investors.

And the impact of this project on the performance of private banks, see Samurai that will help improve the performance of banks in terms of the volume of money supply which are traded and transported, as well as in terms of security would be better.

It is noteworthy that Iraq has seen since the great inflation of 1980-1988 war with Iran and the Gulf War of 1991 and the period of the siege, which lasted more than 13 years.

Has seen the annual inflation index for the year 2010, down significantly compared to years that preceded it, where the ratio of the index of 3% in 2010 compared with 53% in 2006, and 7% in 2009.

http://translate.google.com/translate?hl=en&langpair=aren&u=http://www.aljazeera.net/NR/EXERES/CA2BEA22-9731-48B5-BA78-F543C77EF494.htm

South Korea Signs Deal to Halt Offshore Tax Evasion ...

June 30, 2011

Gov’t signs deals to halt offshore tax evasion

Korea has signed tax information-sharing deals with the British Virgin Islands and Costa Rica in a bid to intensify its crackdown on offshore tax evasion attempts, the Ministry of Strategy and Finance said yesterday.

Under the deals, each will be able to share diverse information on business activities and financial transactions of individuals suspected of engaging in tax evasion, according to the Finance Ministry.

The British Virgin Islands, along with the Cayman Islands, in particular, is known as one of the major tax havens used by many offshore companies.

Since 2009, Korea has signed such information-sharing deals with 14 regions and countries, including the latest two.

The move is part of the government’s stepped-up efforts to clamp down on growing offshore tax evasion attempts.

“We will continue to push for information-sharing deals with countries and regions highly likely to be used for offshore tax evasion and where demand for tax information is expected to spike,” a ministry official said.

http://joongangdaily.joins.com/article/view.asp?aid=2938240

July 1st South Korea and EU Free Trade Agreement Implementation ~ Not all Are Ready ...

June 30, 2011

On eve of Korea-EU FTA, not all are ready

The free trade agreement between Korea and the European Union will mark a new era for the Asian country’s international trade. But when the clock strikes midnight tonight marking its implementation, experts fear not everyone will be prepared.

The readiness of Korean and European small- and mid-sized exporters is in question. Exporters on either side sending products worth more than 6,000 euros ($8,590) are required to seek an “Approved Exporter” certification from their respective customs service while conglomerates are ready, SMEs have said they don’t have the resources to fully prepare necessary certifications, seek legal council, or conclude market studies.

“The approved exporter certification process in both Korea and the EU needs more attention, along with marketing activities and a local distribution network,” said Myoung Jin-ho, an FTA Relations researcher at the Korea International Trade Association.

Companies accounting for 70 percent of exports to the EU have received the certification, according to an official from the Seoul branch of the Korea Customs Service.

But for those prepared, business opportunities will be rife.

The EU is a massive market. The trade agreement gives Korean corporations access to 500 million consumers, which makes it the biggest market in the world. EU nationals had a total gross domestic product of $16.4 trillion last year.

The July 1 ratification date will be a provisional ratification, meaning that 99 percent of the agreement will go into effect immediately. After the pact is signed by all 27 EU member nations, it will go into full effect. The deal will cut tariffs by 99 percent on Korean exports to the EU over the next three years, while tariffs on EU imports to Korea will be slashed 96 percent.

According to a joint study by state-owned research institutes the Korea Institute for International Economic Policy and Korea Development Institute, the pact will increase Korea’s GDP by 5.6 percent in the next decade, and create 253,000 new jobs in the service and manufacturing sectors. Korean consumers will have wider and cheaper access to European products.

The FTA has been years in the making with the two sides embarking on negotiations in May 2007. The previous month, Korea announced it had concluded negotiations on an FTA with the United States.

After eight rounds of negotiations in Brussels and Seoul, a final agreement was reached in July 2009. Then in October of last year, the two sides officially signed off on the pact, which called for provisional ratification on July 1, 2011.

As of tomorrow, Korea will have six ratified free trade pacts, with two more awaiting parliamentary approval.

http://joongangdaily.joins.com/article/view.asp?aid=2938246

Interesting ~ Jobs, Jobs, Jobs! ~ Bill Clinton's Group Offers Recipe for Economy

June 29, 2011

Bill Clinton's group offers recipe for economy

Chicago, If banks loaned out their $2 trillion cash hoard, if worker training programs were stepped up and if 3 million job openings were filled, the economic recovery would be far stronger, a panel assembled by former President Bill Clinton said on Wednesday.

Clinton opened the meeting of his six-year-old Clinton Global Initiative with a discussion entitled "Jobs, Jobs, Jobs," that the organization for the first time is focused squarely on the United States.

"The banks in America have well over $2 trillion in cash not committed to loans. Now, there's nowhere near $2 trillion in loan demand out there but there's some that is unsatisfied," Clinton told the gathering of 750 leaders of business, government and nonprofit organizations.

Clinton opened the two-day conference by announcing several "commitments" by business and labor groups aimed at financing new jobs.

Since the former president created the organization in 2005, he said he has secured $63 billion in commitments that have helped 300 million people globally.

The economy is recovering more slowly from what has been dubbed the Great Recession than any downturn since World War Two. Though the recession formally ended in mid-2009, the economy is being held back by sluggish job growth, weak housing prices and meager demand for loans.

"The current path of the economy means we will not close the job gap until 2023," former Clinton presidential aide Laura Tyson told the gathering, referring to recovering not only jobs lost in the recession but also creating jobs for the influx of 125,000 new workers a month.

Clinton hailed a program in the U.S. state of Georgia that helps companies that are reluctant to hire workers.

Georgia trains aspiring workers for six weeks, then pays them while they "audition" at their jobs, said former state labor commissioner Michael Thurmond, a member of the panel.

Clinton said filling the estimated 3 million U.S. job openings would halve the nation's 9.1 percent unemployment rate. But job openings are being filled at half the pace of previous recessions, he said.

Mississippi's Republican Governor Haley Barbour, another panelist, said: "We have to quit stigmatizing skills training."

Barbour said his state had funded job training programs at community colleges, rather than spending money on unemployment insurance.

Clinton said he had been looking to other countries for solutions. Germany, he said, was particularly innovative in subsidizing 20 percent of the pay of workers who would otherwise be laid off.

http://www.newsmeat.com/news/meat.php?articleId=101474963&channelId=2951&buyerId=newsmeatcom&buid=3281#start

Iraq Holiday June 30th - July 2nd - 2011 ~ Al Isra Wal Miraj holiday "the ascension of Prophet Mohammed" ...

So far, the UAE and Iraq have announced their observance of Al Isra Wal Miraj, most muslim nations do observe this day, Iraq will also observe ...:)

Tuesday, June 14, 2011

Tuesday June 28th 2011 and Wednesday June 29th 2011 is a National holiday in Iraq where our bank will be closed opening its doors for business Thursday June 30th 2011.

Warka Bank statement @ http://www.warka-ban...afd4bf6a2baf7b7

Three-day break for UAE private sector from June 30 to July 2

Al Isra Wal Miraj holiday will be on Thursday June 30

The official holiday to mark Al Isra Wal Miraj, the ascension of Prophet Mohammed (PBUH) will be on June 30, 2011, instead of June 29, 2011, a circular issued on Tuesday said.

Humaid Mohammed Obaid Al Qattami, Minister of Education and Board Chairman of the Federal Authority for Government Human Resources, in the circular said that Al Isra Wal Miraj holiday for workers in the federal ministries and bodies will be on Thursday, 28 Rajab 1432 AH corresponding to June 30th instead of Wednesday, June 29.

Both private and public sector employees in the country will get a paid holiday on Thursday, June 30, 2011.

This came in accordance with the article No. 100 of the Council of Ministers Resolution No. 13 for the year 2010 on the Regulations of the law of human resources in the federal government.

On this occasion, Al Qattami expressed his deepest congratulations to President His Highness Sheikh Khalifa bin Zayed Al Nahyan; His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai; and to their Highnesses the Supreme Council Members and Rulers of the Emirates, wishing them good health and prosperity.

He also congratulated the people of the UAE and the Arab and Islamic countries on this occasion.

http://www.emirates247.com/news/emirates/three-day-break-for-uae-private-sector-from-june-30-to-july-2-2011-06-14-1.402798

Thursday, June 30, 2011, US Defense Secretary, Robert Gates, Retires ...

interesting tidbit .. back in the day, Gates mentioned to a friend of mine .81:) don't usually report such things .. but the timing of retirement is interesting ... kel

2011-06-29

US Defense Secretary retires

Gates, pragmatist who oversaw troubled wars in Iraq and Afghanistan, retires after four-and-a-half-year Pentagon stint.

His four-and-a-half-year Pentagon stint won him praise across the political spectrum

US Defense Secretary Robert Gates, who oversaw attempts to salvage troubled wars in Iraq and Afghanistan, retires Thursday after a stint that won him praise across the political spectrum.

The 67-year-old Washington insider rose through the ranks of the CIA during the Cold War to become the spy agency's director before returning to government to take over as defense chief at a fraught moment in the Iraq conflict.

Gates began his four-and-a-half-year Pentagon stint by helping to manage the troop surge credited with defusing spiraling violence in Iraq, a result he says is his most important accomplishment.

Greek Parliament Votes in Favor of Austerity Plan, Staving Off Risk of Default

Wednesday, June 29, 2011

Greek Parliament Votes in Favor of Austerity Plan, Staving Off Risk of Default

Greece’s Parliament on Wednesday voted in favor of an austerity plan demanded by the country’s foreign lenders before they would provide it with a financial rescue package and avert a debt crisis that could have shaken its European neighbors and economies throughout the world.

The austerity steps, which include wage cuts, tax increases and privatizations in a recession-starved country, were required to unlock the next installment of aid that the country needs to avoid default on its debts.

read more @http://www.nytimes.com/?emc=na

Tale of two ports strains Iraq-Kuwait ties

June 30, 2011

Tale of two ports strains Iraq-Kuwait ties

BASRA, Iraq (Reuters) - Sitting in a traditional black funeral tent near Iraq's only outlet to the sea, businessman Sadiq Jaafar is mourning the "death" of his country's biggest port -- even before it is built.

For Jaafar and many other Iraqis, the long-delayed Grand Faw port project near the southern oil hub of Basra risks being killed off by a rival megaport already being constructed across the water by neighboring Kuwait.

The Gulf ports dispute is straining ties because Baghdad fears Kuwait's Mubarak port not only threatens competition that will crowd it out of trade from Europe and the Middle East but may also infringe on Iraqi territory, a charge Kuwait denies.

The neighbors share more than just a narrow sea lane access to the Gulf, but also a long, bitter history of disputes over oil, water and land rights where the region's two great rivers, the Tigris and the Euphrates, sweep into the sea.

"This port won't only cause Iraq losses, but it is killing us off and launching an economic war," Jaafar, a board member of the Iraqi Business Federation's Basra branch, said at the tent he has set up in the southern city in imitation of those used by Arab families to accept condolences during mourning rites.

Gimme Shelter Radio - Tuesday, June 28, 2011 @11:00 pm, EST.. "The Fate Of Your 25,000 IQD Notes! What Happens" ...

Last Night's Show ~ Phoenix ~ Gimme Shelter Radio "Iraq - The Wealthiest Nation On Earth = No Lop" June 27, 2011 @11:00 pm, est ...

Gimme Shelter Radio - Tuesday, June 28, 2011 11:00PM

As a follow up to last nights show I will go into detail on how the 2 currencies...the new and the old will co-exist and how the revaluation will have a positive effect on the value of your 25,000 Dinar notes! All is well!

Gimme Shelter Radio is the nightly live radio program of the private "Gimme Shelter" forum hosted by Phoenix. Show topics cover the global current events impacting us all. The live show airs nightly at 11pm EST. All past shows are available on demand.

http://www.blogtalkradio.com/phoenix3333

More local troops to help UN in Iraq ~ UN Partnership for Peace ...

Wednesday, June 29, 2011

More local troops to help UN in Iraq

Additional troops will be deployed to Iraq immediately to assist the United Nations in its security measure in the war torn country.

Cabinet yesterday endorsed the immediate deployment of 55 additional troops to Iraq, bringing the total strength to 278 soldiers of all ranks.

A Ministry of Information statement read Fiji had been committing peacekeeping troops to Iraq since December 2004.

It stated that calls made by the UN to assist the Iraqi government in various areas had been ongoing. "To ensure security transition after the withdrawal of the United States forces by December 2011, request has been made for Fiji to provide additional troops to assist the United Nations in its security measure."

The statement stated the government of Azerbaijan presented the President Ratu Epeli Nailatikau $US25,000 on June 7 to assist Fijian troops in the Rest and Recuperation Centre in Jordan.

"The Government reaffirms its commitment to world peace and its willingness to provide troops for peacekeeping."

http://www.fijitimes.com/story.aspx?id=173705

Pdf May 2010 agreement for UN and Iraq - UN Partnership for Peace ... http://reliefweb.int/sites/reliefweb.int/files/reliefweb_pdf/node-354083.pdf

http://www.uniraq.org/documents/UNAMI_FactSheet-02Aug07_EN.pdf