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01/02/2012 SINGAPORE
Oil prices rose on Tuesday above $ 111 a barrel in the process of recording the first monthly gain in two months as stoked concerns about supplies from Iran and South Sudan concerned about the slowing global economy could hurt demand for crude, in the meantime, U.S. crude Dolarag one for the same reasons the former stood at 99.85 dollars a barrel .. and is investor concern about oil supplies from Iran, the second largest producer in OPEC, with the United States seeks to impose further sanctions on Tehran, as well as the EU embargo on Iranian oil with the West seeks to intensify pressure on the Republic Islamic to get it to stop its nuclear program. and exacerbated supply worries the decision of South Sudan to stop its production in a dispute over fees for transportation of oil with Sudan. and Brent crude rose 70 cents to 111.45 dollars a barrel on the way to record an increase of 3.5 percent in January, while U.S. crude contracts March 52 cents to 99.30 dollars a barrel. said Jeremy Friesen, a commodities analyst at Societe Generale «will make sure Iran we are witnessing an upward trend, and not downward.» Although the bearish factors strong due to the deterioration of the economy limited the gains. Among the other reasons behind the high prices, a weak dollar against the yen and the euro after Greece revived hopes on the possibility of reaching an agreement to swap debt this week to avoid default. |
Daily Archives: February 1, 2012
Director General of Museums: measures to restore 654 antiquities from Britain to Iraq
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| Baghdad (NINA) – Director General of the Iraqi Museums in the Ministry of Tourism and Antiquities, Ameera Edan Thahab, stressed that “654 very important antiquities that British authorities seized recently and that measures to return them to Iraq are ongoing.”
She said, in a statement to NINA today “these pieces are potteries back to the Aramaic era and were recently at auction in Britain,” adding that “the remainder of the antiquities stolen from the Iraqi Museum and were not recovered so far are less than 10000 pieces.” She pointed out that “efforts are continuing to restore Iraqi antiquities stolen from archaeological sites and national museums, these efforts resulted in the restoration of more than 115.000 pieces since 2003 up to this day,” but, she did not say the real number of antiquities that were looted after the occupation and their locations. She said that “the state had the biggest number of pieces that are part of the heritage and culture of Iraq is Jordan, where 2500 pieces were recovered,” noting “there are other antiquities that have not been recovered like clay tablets and inscriptions.” /End/http://www.ninanews.com/english/News_Details.asp?ar95_VQ=FJMMMF |
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Northrop Grumman Wins Iraq Deal
Posted on 31 January 2012. Tags: Northrop Grumman
Northrop Grumman Corporation (NYSE:NOC) has received a $122 million contract to install and sustain Counter-Rocket, Artillery and Mortar (C-RAM) systems at forward operating bases (FOBs) supporting Operation Enduring Freedom and the ongoing United States Mission in Iraq (USM-I). The contract includes options that, if fully exercised, would raise the potential value of the contract to $311 million.
Since initial fielding more than six years ago, the C-RAM system is credited with saving hundreds of lives through its ability to provide early warning of incoming indirect fire. C-RAM is a capability that integrates existing field artillery and air defense sensors, a commercial off-the-shelf warning system and a U.S. Navy-developed interceptor to protect U.S. and coalition personnel from indirect fire threat. Working closely with the U.S. Army, Northrop Grumman helped to take the C-RAM capability from concept to reality in less than 18 months.
“C-RAM is exemplary for smart integration of existing technology to serve critical needs,” said Mike Twyman, vice president and general manager of the Defense Systems Division, Northrop Grumman Information Systems. “We will continue our collaboration with the Army to enhance this system that has provided timely warning of more than 2,000 rocket and mortar attacks against our FOBs.”
Under this contract, Northrop Grumman will provide systems engineering, production, deployment and logistics support for the C-RAM systems. The contract was awarded by the Army Contracting Command-Redstone at Redstone Arsenal, Alabama. Program management and technical direction will come from the Program Director, C-RAM, in the Army’s Program Executive Office, Missiles and Space.
First step to boycott Iranian commodities in Mosul started
Iranian Commodities Boycotted by Iraq
NINEWA / IraqiNews.com: The Iraqi Justice and Reform Movement in Ninewa has launched its campaign to boycott Iranian commodities, in response to Iranian statements which were regarded as intervention in Iraqi internal affairs. Spokesman Abdulla al-Jbouri told IraqiNews.com that “the boycott is the first step; there is more to come in Mosul”. Placards were raised to boycott the Iranian commodities and goods. A number of analysts pointed out that Iran wants to increase its influence in Baghdad, particularly following US forces withdrawal at the end of last year. Mosul, the center of Ninewa province, lies 405 km north of the capital, Baghdad.
Decline in Iranian currency affects Kurdistan market and the major setback and losers are traders
The low value of the Iranian currency against the U.S. dollar set large financial losses to number of Kurd traders in the province of Kurdistan.
The chairman of the Federation of Exporters and Importers in the Iraqi province of Kurdistan, Mustafa Abdul Rahman, said on Sunday that the “low value of Iran Rial against the U.S. dollar hit the market in Kurdistan with a major setback.”
He noted that the “biggest losers are the traders who have a commercial and financial transactions with Iranian traders because they were dealing with these traders by cheques.”
Abdul Rahman said that “the value of Iran Rial fell dramatically against the dollar so Iranian traders could not fulfill the value of the cheques in favor of the Kurds and merchants. They remained open and froze, causing big losses in the rhythm of the market in Kurdistan.”
He noted that “the merchants, who have financial dealings with Iranian banks in Dubai, especially bank (Tejarat) and (Melli), suffered the losses because of their assets frozen by sanctions imposed on Iran.”
Claims for cancellation or reducing fees for issuing credit cards
Economic figures called to cancel fees imposed on the issuance of credit cards in Iraq, such as Visa Card, because it does not cause an attraction for citizens to deposit their money in banks, and therefore, efforts to develop the economy and the Iraqi banking system will be delayed for a long time.
A deputy of the economy and investment Commission Mahma Khalil called to abolish fees for issuing credit card, and said in a statement to (Al-Sabah): “I believe that failure to attract citizens to deposit their money in the banks, will not lead to any development and growth sectors of Iraqi banks, banks are assumed to provide elements of attraction for the citizens, and to provide incentives, insurance, investments, why impose or taking fees for saving money in the bank or to seek Visa Card. ”
The announcements of Khalil came after a statement of the Iraqi Trade Bank which it said “decided to reduce the amount of insurance cash credit card by 50% in order to encourage a wide range of citizens to adopt.”
Khelil said: “Iraq’s neighboring countries use credit cards extensively, and has banks dealing in electronic talk, why do not we resemble them, and we have today the second largest budget in the region, and it will be the first during the next term,” He said, ” neighboring countries, welcome Iraqis and deal with them, whether a tourist or an investor, trust is increased today, so you should provide the means of increasing confidence in him, by financial transactions with Visa Card, many citizens suffer from the issue of remittances and other such issues, the solution lies in having money in the Iraqi bank and can act by either inside or outside by Visa Card without any difficulties. ”
A statement issued by the Iraqi Bank for Trade of, citing the director of the bank Hamdiya Al-Jaaf saying that” the bank decided to reduce the amount of insurance cash for Visa cards, MasterCard to 250 thousand Iraqi dinars instead of the previous amount 500 thousand dinars, in order to encourage the use of credit cards for the largest segment of the aggregate of Iraq. “She added,” the Iraqi Bank for Trade issued for the first time in Iraq, the credit card (Anvent) with the advantages and liabilities global excellence, and will be in the near future to issue Visa Gold Card for all citizens who deal in foreign currency (dollar).” She said, “the bank will distribute point of sale hardware retail of all of Iraq’s provinces, where the machines enables the card holder credit card from Visa and MasterCard local or foreign procurement process and make payment through the machines.” the director of the bank showed that “the ATMs will be deployed in most halls of Baghdad International Airport to withdraw cash from Visa Card, Master Card, and in the dinar and the dollar currency.” She invited the “government and private banks to obtain the membership of the companies Visa and MasterCard as a member participant under the auspices of the Iraqi Bank for Trade.”
For his part, the economist expert Munir al-Araji said the trading credit card has many advantages, including ease of carrying a safe card containing the money without the exposure to the risk of theft, he said in a statement to the (Al-Sabah): ” some suffer from stealing their money, but credit card advantages of reporting the theft and stops then withdraw the money, so it is easy to carry anywhere, but the disadvantages are lack of a hardware in isolated areas from the country, and limited to specific points, “he continued by saying:” There is a larger goal, which is the development of the banking industry in Iraq, and create partnerships with international banks, Iraq is on the verge of opening up a promising economic, must be the existence of banking systems in circulation in the countries of the world that should encourage others to enter the country and spend money in it. “
Parliamentary Finance committee: Iraqi Central Bank lingered in presenting the Zero loping bill
The Parliamentary Finance Committee confirmed, on Sunday that the Central Bank, loiter in to introduce a bill to delete the zeros from the currency to the Committee for the purpose of a study, saying the law was passed that would give Iraq an opportunity to address inflation.
A member of the Committee Najiba Najib told the Kurdish news agency (Rn) that “the central bank lingered in the provision of a bill to delete the zeros of the local currency to the Finance Committee to study and add some stuff it and then submitted to the House of Representatives for the purpose of voting upon approval.”
She added that the “delete the zeros of the most prominent treatment of the local currency to solve the problem of inflation with the expansion of the investment plan of the budget and reduce spending.”
Inflation is the excessive rise in the general level of prices and higher cash income as well as high costs and creates excessive cash balances.
It is expected to increase inflation in the budget in 2012 due to continued attention to the operational aspects at the expense of the investment part of the budget.
She noted that the deletion of zeros from the currency requires a “big job”, because this task requires the provision of economic security for the commercial market in Iraq.
The Iraqi government says that the process of deletion zeros from the local currency will increase the phenomenon of money laundering and is working to convince the central bank need to stop work on the project.
The Securities Authority harmonizes with the government’s position to delete the zeros and says that adversely affect the financial trading in the stock market.
The Central Bank of Iraq has four branches in Basra, Sulaymaniyah, Erbil and Mosul, where it is established as an independent Iraqi bank under the law of the Central Bank of Iraq issued on the sixth of March / March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign reserves and the issuance of and currency management, in addition to the organization of the banking sector.
The main tasks of the Central Bank summarizes in managing monetary policy in the country and raise the level of the values of the Iraqi dinar and tackle inflation in the country.
UPDATE 1-Baghdad no legal ground to cancel Exxon deal-lawmaker
Baghdad has no legal right to cancel a major oil contract with Exxon Mobil in retaliation for its involvement in semi-autonomous Kurdistan, the head of Iraq’s parliamentary oil and energy committee said on Tuesday.
“There are no blacklists in parliament,” Adnan al-Janabi told Reuters on the sidelines of an oil conference in London.
Exxon became the first major to move into the northern Kurdish region in mid-October when it signed a contract for six exploration blocks. The Kurdistan Regional Government (KRG) is locked in a feud with the Arab-dominated central government in Baghdad over territory and oil rights.
The Iraqi oil ministry has said Exxon’s deal is illegal and could result in termination of its contract to develop the major West Qurna Phase One oilfield in the south.
“The contracts (signed) by the central government and the Kurdish region are not fully constitutional. We need to pass the oil law to set up the federal council, which can then approve all of the contracts,” Janabi said.
OPEC member Iraq is struggling to pass a modern oil and gas law to help settle disputes, including those surrounding oil production-sharing contracts signed by the KRG with foreign companies.
Speaking later to reporters, Janabi said: “It is less than constitutional because everything in the oil industry should be done in cooperation or jointly by the government, the region, which is Kurdistan and the governors. Nothing less than that is constitutional.”
Deputy Prime Minister for Energy Hussain al-Shahristani said in December that Iraq was considering sanctions on Exxon for signing a deal in Kurdistan without approval.
“We will give them the power through the law and not allow one party, whether it is al-Shahristani or (Iraq Oil Minister Abdul-Kareem) Luaibi … to quarrel over the body of Iraq and mess up the oil industry of Iraq,” Janabi said.
Exxon has not commented publicly on the agreement, and Iraqi oil officials say the company has not responded to their requests for an explanation.
A Tale of Two Cities, Baghdad & Washington 