June 30, 2012
Iraq to sign oil deal with firms
Iraq will sign initial contracts in July with three foreign companies that won deals to explore oil and gas blocks as it looks to attract more foreign investment to develop its energy sector.
The Opec member is expected to be the world's biggest source of new oil supplies over the next few years after signing contracts with international oil companies and plans to open up more rounds for additional oil and gas blocks for auction.
Abdul-Mahdy Al Ameedi, director of the oil ministry's contracts and licensing directorate said deals will be signed with Pakistan Petroleum on July 15, with a consortium led by Kuwait Energy on July 16 and with a group led by Russia's Lukoil on July 17.
source
Saturday, June 30, 2012
CBI ~ Central Bank required banks to open special files for customers in hard currency
30/06/2012Central Bank required banks to open special files for customers in hard currency
BAGHDAD, An Iraqi Central Bank introduced new mechanisms to control the process of converting foreign currency include requiring banks to open special files each customer wants to buy the currency at the central bank to provide details within 15 day.
The deputy governor of the Central Bank of the appearance of Mohammed's (Center Brief for the Iraqi Media Network) that "the central bank has developed a new plan to deal with banks on the process of converting foreign currency to their customers include banks to open special file for each customer wants to buy hard currency that provides the bank Central within fifteen days paper conversion, which includes the recipient's identity and place of the exchange amount.
He added that "the banks will bear the responsibility for auditing the transactions regarding the process of conversion of the conditions that serve the Iraqi economy."
Tani and measures the central bank as part of the continuing series of changes introduced by the Bank during the past few months to maintain exchange rate stability and the preservation of the hard currency of smuggling outside the country.
And saw the Iraqi market during the last period and the purchase of large foreign currency purchase orders and reached U.S. dollar, according to Central Bank of Iraq in one of the Mzhadath to about $ 450 million.
The main tasks of the Iraqi Central Bank to maintain stable prices and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector.
source
Maliki: the political problem will end
01/07/2012 0:00
Maliki: the political problem will end
Blocks vary on early elections .. And Reform Commission is considering today worksheets
Baghdad - morning,
The refusal of Prime Minister Nuri al-Maliki's name what is going through the country's political differences with "crisis", they returned it with the problem solvable.
With supported the National Alliance calls for early elections if it did not succeed, dialogue sessions, refused to list Iraqi idea altogether, while the split of the Kurdistan Alliance about them.
In the meantime, the complexity of the reform of the second meeting amid assurances that there was no red lines of reform, and to invite the Liberal block to determine the timeframe for the implementation of reforms in state institutions.
The Prime Minister during his attendance on the annual celebration for a day of political prisoner held by the institution of political prisoners: "What we are going through today is not a crisis, but it is a problem and will end, and its presence is caused by the fingers of Foreign Affairs and refused to sit at the table of dialogue and does not resort to the Constitution." He also said: "We have to sit all of us to the negotiating table for the country , and that we meet at the table of the nation and not to any outdoor table, because the long history of Iraq from the suffering is because of outside interference.
For his part, said a member of the National Alliance Abbas al-Bayati said," Reform Committee will be held today its second meeting after that held its first meeting on Wednesday under the chairmanship of block of the National Alliance, Dr. Ibrahim al-Jaafari.
"He al-Bayati said in a statement singled out by the (Center Brief for the Iraqi Media Network):" The committee will focus its efforts on the mechanisms by which will be approaching the blocks and opening it for the purpose of identifying vision reform and work to integrate these political vision with the vision alliance within the framework of endeavor reform, pointing out that "the National Alliance does not have the sensitivity of any paper, whether an agreement Erbil or Arbil meeting the first or the second or the meeting of Najaf because it carries with it aspects of the reform, stressing that he has no alliance of any red line on the state of a sheet of papers to be presented as long as the Snankm to the Constitution.
source
Maliki: the political problem will end
Blocks vary on early elections .. And Reform Commission is considering today worksheets
Baghdad - morning,
The refusal of Prime Minister Nuri al-Maliki's name what is going through the country's political differences with "crisis", they returned it with the problem solvable.
With supported the National Alliance calls for early elections if it did not succeed, dialogue sessions, refused to list Iraqi idea altogether, while the split of the Kurdistan Alliance about them.
In the meantime, the complexity of the reform of the second meeting amid assurances that there was no red lines of reform, and to invite the Liberal block to determine the timeframe for the implementation of reforms in state institutions.
The Prime Minister during his attendance on the annual celebration for a day of political prisoner held by the institution of political prisoners: "What we are going through today is not a crisis, but it is a problem and will end, and its presence is caused by the fingers of Foreign Affairs and refused to sit at the table of dialogue and does not resort to the Constitution." He also said: "We have to sit all of us to the negotiating table for the country , and that we meet at the table of the nation and not to any outdoor table, because the long history of Iraq from the suffering is because of outside interference.
For his part, said a member of the National Alliance Abbas al-Bayati said," Reform Committee will be held today its second meeting after that held its first meeting on Wednesday under the chairmanship of block of the National Alliance, Dr. Ibrahim al-Jaafari.
"He al-Bayati said in a statement singled out by the (Center Brief for the Iraqi Media Network):" The committee will focus its efforts on the mechanisms by which will be approaching the blocks and opening it for the purpose of identifying vision reform and work to integrate these political vision with the vision alliance within the framework of endeavor reform, pointing out that "the National Alliance does not have the sensitivity of any paper, whether an agreement Erbil or Arbil meeting the first or the second or the meeting of Najaf because it carries with it aspects of the reform, stressing that he has no alliance of any red line on the state of a sheet of papers to be presented as long as the Snankm to the Constitution.
source
Saudi Arabia rehabilitated the old Iraqi oil pipeline to transport crude oil ...
2012-06-30Saudi Arabia rehabilitate the old Iraqi oil pipeline to transport crude oil
Baghdad, informed sources said that the Kingdom of Saudi Arabia rehabilitated the old Iraqi oil pipeline to transport crude, and conducted a pilot pumping along the line during the past five months, to secure alternative routes to export oil according to the website section.
The expert said Saudi Oil Rashid Abanumay: You can increase the capacity of the old Iraqi oil line to the weak capacity of the former, which is 1.65 million barrels a day.
He added, can be a simple procedure and by using certain chemicals, acceleration of the movement of oil, thereby increasing the capacity of this line.
Sources in the oil industry that Saudi Arabia re-open this line as an alternative to ship oil through the Gulf, Iran has tried to close the Strait of Hormuz, starting from next Sunday, where the entry into force of the European ban on Iranian oil.
Has been to extend the line through the Kingdom of Saudi Arabia in the eighties of the last century, after it was oil shipments in the Gulf region to attack both sides of the Iran-Iraq war, did not use the line since the Iraqi occupation of Kuwait in 1990, then seized a Saudi pipeline in 2001 to offset the debts have to Baghdad , and used to transport the gas to power plants located in the west of the country in recent years.
Abanumay said: We have several alternative options for the Strait of Hormuz, including the conversion line of the Iraq Svanah and Khafji, and rehabilitation of the line Altablaan line east - west, which flows into the stems, in addition to using the slow transport of oil tankers.
He said: All these options can be used as a complement to the storage of strategic in Japan, if worsening situation in the Persian Gulf, which is expected to happen after a few days at the beginning of the oil embargo of Iran July, where will be the Iran dilemma for great economic must be answered on its part.
source
Maliki calls for politicians to work together to build the country (Talabani says he will resign if forced to change his convictions) ..
Bumped .. Snip .. It is noteworthy that President Jalal Talabani, who is subject to medical tests in Germany threatened, in the (June 16 now), to resign if forced to change his convictions, asserting that his office requires impartiality and unity.
30-06-2012
Maliki calls for politicians to work together to build the country
Baghdad, New Prime Minister Nuri al-Maliki on Saturday, demanding the political forces to resolve crisis through dialogue and work together to build the country, while calling those who are not involved Iraqi blood to return to the "senses", criticized those who are working against Iraq through their alliance with the enemies.
Maliki said in a speech on the occasion of political prisoner in Baghdad and attended by "Alsumaria News", "We are now in a country that wants to build its institutions, and work to serve the citizens do not want revenge from anyone," adding, "We must open our hearts and reach out to those who want to contribute to a real contribution in building the country and the motto Flanamada together and benefit together and work together and protect our country and our people together.
30-06-2012Maliki calls for politicians to work together to build the country
Baghdad, New Prime Minister Nuri al-Maliki on Saturday, demanding the political forces to resolve crisis through dialogue and work together to build the country, while calling those who are not involved Iraqi blood to return to the "senses", criticized those who are working against Iraq through their alliance with the enemies.
Maliki said in a speech on the occasion of political prisoner in Baghdad and attended by "Alsumaria News", "We are now in a country that wants to build its institutions, and work to serve the citizens do not want revenge from anyone," adding, "We must open our hearts and reach out to those who want to contribute to a real contribution in building the country and the motto Flanamada together and benefit together and work together and protect our country and our people together.
(2010 article) IRS to Hire Thousands of Armed Tax Agents to Enforce Health Care Laws ...
Snip ~ A March 18 report from House Ways & Means Committee Republicans estimates the IRS will need to hire between 11,800 and 16,500 new agents to enforce the bill ...March 2010 .. Link .. IRS to Hire Thousands of Armed Tax Agents to Enforce Health Care Laws ...
Iraq: The government involve the private sector in the preparation of economic bills
30/06/2012The government involve the private sector in the preparation of economic bills
Step for effective development
Baghdad Yasser incumbent
Facing new laws and legislations problems in the application as it is consistent with the requirements of phase change, and this description applies well to most of the economic legislation and laws, in particular, as the face objections and claims adjustments repeated by the relevant authorities, which is linked to its work in this law or that the legislation and these reasons were behind the delay needed reforms.
He specialized experts that the bills should be sung in the discussions and offer full transparency to stakeholders and beneficiaries in order to come out an integrated and consistent with the objectives behind the legislation, and as a result, the government resorted to private sector involvement in the committees that ensure the process of preparation of draft laws relevant economic requirements of a successful transition to a market economy.
Vietnam .. Kuwaiti envoy discusses boosting bilateral ties with Vietnam ...
30 June, 2012Kuwaiti envoy discusses boosting bilateral ties with Vietnam
Kuwaiti Consul General in Vietnam's Ho Chi Minh City Omar Suleiman Al-Qenai met with the city's Governor-General Le Hoang Quan and discussed with him finding the best means of enhancing bilateral cooperation on all domains.
Al-Qenai stated on Saturday, the meeting tackled Kuwait's possibility of funding some of the development projects in the city of Ho Chi Minh, especially those concerning the health care sector.
"Kuwait is very much interested in boosting cooperation with the City in all fields," he pointed out. He further clarified that, during the past four months, he exerted tremendous efforts to attract many commercial Kuwaiti companies to invest in the Vietnamese markets.
His efforts have paid off, he noted, since there are many Kuwaiti businesses that are willing to work with Vietnamese companies.
He added that there is an agreement to set up an exhibition for Vietnamese companies in the state of Kuwait to showcase their work and products.
A delegation from the chamber of commerce and industry of the Ho Chi Minh city will visit Kuwait in November to discuss preparatory measures for holding the exhibition.
Kuwait News Agency
Us seeks to attract private investors to Iraq
2012-06-30 Us seeks to attract private investors to Iraq
Baghdad, The US Commerce Ministry confirmed her Government's desire to attract private investors of both countries to reach a positive outcome of the dialogue.
Chancellor in the Commerce Department head the US side at the conclusion of the Committee on commercial American Iraqi dialogue Cameron Kerry in a statement/JD/copy: "his Government's desire to begin a new chapter in economic relations through increased trade to the required level and seek to attract investors to Iraq with the cooperation of the private sector of both countries to reach positive results for dialogue".
Iraq Banking Conference, (Mid-July) July 15, 2012 .. The Finance Committee held mid-July conference to promote the reality of the legislative banks
30/06/2012The Finance Committee held mid-July conference to promote the reality of the legislative banks
Baghdad, revealed the parliamentary finance committee member and MP for the Kurdistan Alliance Najiba Najib for a conference in the middle of July to find out the faulty banking legislation .. that "those who will attend the conference provided a number of research papers and studies that diagnosed the shortage in the banking legislation and the kinks in some of its aspects" ..
"We've been preparing for logistical and administrative preparedness to hold the conference in the 15/7 this year, to coincide with meetings of the Council of Representatives" .. Najib explained that "the primary objective of the conference is to stand on the banking legislation to promote the reality of the legislative government and private banks" ..
The MP for the Kurdistan Alliance and a member of the Knesset Finance in an earlier statement .. The Council of Ministers approved the request made by them regarding the establishment of a conference on the advancement of the private banks in Iraq," referring to the "held two meetings with the Deputy Governor of Central Bank" appearance Mohammed "and general manager of banks," Zia compassionate "and with the (cpi) and the Director-General of the Bank of the Iraqi Trade" Hamdiya dry.
She said Najib," The purpose of these two meetings is to reach to the ideas which we can the success of the conference, saying: that the date of the conference will be the middle of next June ".. and noted that" the invitation to attend the conference and sent to many private banks and government as well as university professors.
source
Message From The Angels .. Saturday, June 30, 2012 ...
Nature doesn't worry about rejection...My dear friends, we love you so very much
Part of your human experience, dear ones, is dealing with rejection. There are times when others will reject you and times when you will have to turn others away. There are degrees of rejection that range from having someone simply look away when you give them a smile, to having the love of your life abruptly leave for no apparent reason. There are rejections that are done kindly, such as a friend politely declining an invitation, as well as rejections accompanied by incredible cruelty.
It is sad to us in the heavens to see this topic so charged with negativity, because in reality, a rejection is simply the honest echo to or from the universe saying, "What I see does not match me." There is no such negativity in the natural universe. Male animals court the female but if she refuses them, they simply find another to impress. A tree root digs deep into the ground and when it runs up against hard soil, it simply seeks out softer ground. Water pushes up against the boulders, but eventually carves a channel around those it cannot move.
World Government Forming Now (Trailer)
Related articles .. link .. The Financial New World Order: Towards a Global Currency and World Government ... .. And link .. *New Global Currency ~ April 2011 ~ Russia Calls For New Global Economic and Political Reform ~ Also, Articles of Interest, Russia ...
Thanks to bama for the following ..
Thanks to bama for the following ..
Iraq and WTO ~ Dept of Commerce requests the support of the US side to Iraq's accession to the WTO
Related articles .. Link ~ *Links ~ Iraq and WTO - Iraq's Tariff and Taxes ...
Saturday, 30-06-2012
Department of Commerce requests the support of the US side to Iraq's accession to the WTO
Baghdad, Trade Ministry has asked the US side to support and facilitate the accession of Iraq to the World Trade Organization, noting that his organization membership reimbursements on the Iraqi economy.
Trade Minister Khairallah Hassan Babiker said in a statement received (News Agency news) on Saturday: we asked for support from the US side to help Iraq to enter the World Trade Organization as it returns to the Iraqi economy as well as its call for the participation of American companies active in the sessions of the Baghdad international fair.
Babiker said: during the closing of the u.s. Committee on Iraqi trade dialogue: Iraq has a lot of opportunities can be exploited by us companies in support of Iraq in the reconstruction and encourage the private sector to contribute to the development of trade and economic cooperation as the player President and main engine of development of trade between the two countries.
The Chancellor said the US Commerce Department and the US side President: Kerry Cameron his Government's desire to begin a new chapter in economic relations through increased trade to the required level and seek to attract investors to Iraq with the cooperation of the private sector of both countries to reach a positive outcome of the dialogue.
Kerry said: some proposals and solutions that contribute to the strengthening of relations, including registration of business, laws and regulations and help take serious steps to bind Iraq to the World Trade Organization.
The Ministry of Commerce signed a general framework of American business dialogue on Iraq (25/9/2006) in Washington and the first round in Erbil in (2007) and the second round in Baghdad(2008)/completed/UAE/
source
Saturday, 30-06-2012
Department of Commerce requests the support of the US side to Iraq's accession to the WTO
Baghdad, Trade Ministry has asked the US side to support and facilitate the accession of Iraq to the World Trade Organization, noting that his organization membership reimbursements on the Iraqi economy.
Trade Minister Khairallah Hassan Babiker said in a statement received (News Agency news) on Saturday: we asked for support from the US side to help Iraq to enter the World Trade Organization as it returns to the Iraqi economy as well as its call for the participation of American companies active in the sessions of the Baghdad international fair.
Babiker said: during the closing of the u.s. Committee on Iraqi trade dialogue: Iraq has a lot of opportunities can be exploited by us companies in support of Iraq in the reconstruction and encourage the private sector to contribute to the development of trade and economic cooperation as the player President and main engine of development of trade between the two countries.
The Chancellor said the US Commerce Department and the US side President: Kerry Cameron his Government's desire to begin a new chapter in economic relations through increased trade to the required level and seek to attract investors to Iraq with the cooperation of the private sector of both countries to reach a positive outcome of the dialogue.
Kerry said: some proposals and solutions that contribute to the strengthening of relations, including registration of business, laws and regulations and help take serious steps to bind Iraq to the World Trade Organization.
The Ministry of Commerce signed a general framework of American business dialogue on Iraq (25/9/2006) in Washington and the first round in Erbil in (2007) and the second round in Baghdad(2008)/completed/UAE/
source
Friday, June 29, 2012
Saving the Eurozone: Is a ‘Real’- Marshall Plan the Answer?
Related articles .. link .. Links ~ Marshall Plan And The Arab Spring 2011 ..Whatever Happened? June 2012
Saving the Eurozone: Is a ‘Real’- Marshall Plan the Answer?
Read Report .. Here
Iraq: Searching for Stability in an Unstable Region
June 30, 2012
Iraq: Searching for Stability in an Unstable Region
Iraq remains not just important but vital of our study of the Middle East region, and indeed wider than that, for two principle reasons: one is that it has the greatest potential for any oil or gas producing country of increasing production over the next ten years to meet the economic requirements of a growing – I hope – global economy; the greatest potential for increase.
And secondly, Iraq is ahead of the Arab awakening, not behind it. It began its new experiment, if you like, with democracy in 2004 under its own auspices and we’ve been following that as observers, professionals, think tankers, businessmen and politicians ever since and it’s been a roller coaster journey, and it remains a roller coaster journey.
But without a doubt in my mind I see the Iraqi people and the Arab awakening is all about the impact of the voice of the people. The Iraqi people showing a determination to take the democratic route, to choose and if necessary un-choose [sic] its own government, to be represented in parliament, and to show what an Arab country can do at the forefront of all these changes in the 21st century. And I think that’s the context within which I hope we can explore with these excellent speakers, what is happening in Iraq at this moment. source
PDF File
G20 says eurozone decisions are important step forward ...
06/29/2012
G20 says eurozone decisions are important step forward
Euro zone leaders' moves to let their rescue fund inject aid directly into stricken banks from next year and intervene on bond markets to support troubled member states are an important step forward, Group of 20 finance ministers said on Friday.
In a statement released by the Mexican finance ministry, the G20 said the steps agreed at Friday's summit were in line with promises in Los Cabos earlier this month that Europe would take all the necessary measures to safeguard the integrity and stability of the currency area and improve market functioning.
"The policy measures agreed to in the euro area summit constitute major steps in this direction and demonstrate that Europe is delivering on its commitments," the statement said.
"We look forward to the expedited implementation of the agreed measures, including the final details on these, as well as on the additional work to further strengthen the Economic and Monetary Union, among which is the development of a specific and time-bound road map."
source
G20 says eurozone decisions are important step forward
Euro zone leaders' moves to let their rescue fund inject aid directly into stricken banks from next year and intervene on bond markets to support troubled member states are an important step forward, Group of 20 finance ministers said on Friday.
In a statement released by the Mexican finance ministry, the G20 said the steps agreed at Friday's summit were in line with promises in Los Cabos earlier this month that Europe would take all the necessary measures to safeguard the integrity and stability of the currency area and improve market functioning.
"The policy measures agreed to in the euro area summit constitute major steps in this direction and demonstrate that Europe is delivering on its commitments," the statement said.
"We look forward to the expedited implementation of the agreed measures, including the final details on these, as well as on the additional work to further strengthen the Economic and Monetary Union, among which is the development of a specific and time-bound road map."
source
China, Singapore avoid sanctions by reducing oil imports from Iran -- Clinton (Next Meeting July 3rd) July 1st EU oil embargo ...
June 29, 2012China, Singapore avoid sanctions by reducing oil imports from Iran - Clinton
Two additional countries, China and Singapore, have significantly reduced their volume of crude oil purchases from Iran and, as a result, sanctions will not apply to their financial institutions for a potentially renewable period of six months, U.S. Secretary of State Hillary Clinton announced on Thursday.
A total of 20 world economies have now qualified for such an exception, Clinton noted in an announcement released by the State Department.
"Their cumulative actions are a clear demonstration to Iran's government that Iran's continued violation of its international nuclear obligations carries an enormous economic cost," Clinton said.
Saturday in Geneva ~ Kuwaiti FM upbeat about int'l meeting on Syria ...
June 30, 2012Kuwaiti FM upbeat about int'l meeting on Syria
Kuwaiti Deputy Prime Minister, Foreign Minister and State Minister for Cabinet Affairs Sheikh Sabah Al-Khalid Al-Hamad Al-Sabah voiced here Friday optimism about an international meeting on Syria due here on Saturday.
Speaking to KUNA upon his arrival in Geneva to attend the meeting of the International Contact Group on Syria, the Kuwaiti minister hoped that the gathering would come up with recommendations that could be in the interest of the Syrian people.
He said the meeting would focus on UN-Arab Envoy for Syria Kofi Annan's roadmap plan for Syria, and how to ensure a ceasefire as a springboard for a smooth transition of the political process, in order to fulfill the expectations and hopes of the Syrian people.
Central Bank wants Iraqis to drop the dollar in internal commercial transactions
Bumped ...
June 29, 2012
Central Bank wants Iraqis to drop the dollar in internal commercial transactions
The Central Bank has decided to remove three zeros from the dinar, a move it sees essential to strengthen local currency and tempt Iraqis to stick to it.
For months, the bank has been mulling the issue but only recently it said a decision has been made and it was a matter of time to translate it into action.
“The knocking out of zeros will save Iraqis using massive sums of paper money in their transactions,” said Central Bank Deputy Governor Mudher Saleh.
Saleh, speaking in a seminar on currency organized by the High Institute of Accounting in Baghdad, assured skeptic Iraqis that the removal of zeros from the currency “shall not affect your earnings, wealth, financial transactions, financial obligations and duties.”
He said, on the contrary, the Iraqi economy and Iraqi citizens were to benefit from the move.
The Central Bank, awash with hard cash reserves estimated at more than $60 billion, is working hard to boost the dinar’s value against major convertible currencies.
A firmer currency along with the removal of zeros has been among the bank’s priorities.
But Saleh said the bank was concerned to see the economy being dollarized and one target behind the new move was to lessen dependence on the dollar in domestic transactions and dealings by Iraqis.
A dollar is now worth about 1,200 dinars.
source
June 29, 2012Central Bank wants Iraqis to drop the dollar in internal commercial transactions
The Central Bank has decided to remove three zeros from the dinar, a move it sees essential to strengthen local currency and tempt Iraqis to stick to it.
For months, the bank has been mulling the issue but only recently it said a decision has been made and it was a matter of time to translate it into action.
“The knocking out of zeros will save Iraqis using massive sums of paper money in their transactions,” said Central Bank Deputy Governor Mudher Saleh.
Saleh, speaking in a seminar on currency organized by the High Institute of Accounting in Baghdad, assured skeptic Iraqis that the removal of zeros from the currency “shall not affect your earnings, wealth, financial transactions, financial obligations and duties.”
He said, on the contrary, the Iraqi economy and Iraqi citizens were to benefit from the move.
The Central Bank, awash with hard cash reserves estimated at more than $60 billion, is working hard to boost the dinar’s value against major convertible currencies.
A firmer currency along with the removal of zeros has been among the bank’s priorities.
But Saleh said the bank was concerned to see the economy being dollarized and one target behind the new move was to lessen dependence on the dollar in domestic transactions and dealings by Iraqis.
A dollar is now worth about 1,200 dinars.
source
Going Global Headline News For Friday, June 29, 2012 .. will continue to update ...
*Iraq Oil and Gas Law .. Need to speed up approval of oil and gas law ...
*Ramadan will be Friday, July 20, 2012 and Eid al-Fitr on Sunday, Aug. 19, 2012 -Central Bank of Iraq: the dinar exchange rate will be fixed in Ramadan
*A comprehensive reform plan put forward national next month...
*Iraq .. Death of three people convicted of blowing up the parliament building
*Obama Health Care 2012 (videos) and .. (Sept. 2009) The 999 Speech ...
*Committee on Economic Iraqi banking system confirmed that the development of Iraqi banks will contribute to supporting and building Iraq's Economy
*Talabani's party: early elections one of the solutions to the current crisis if the failure of the political dialogue
*Cheer Up! .. 17 Reasons it's A Great Time To Be Alive ...
*EU deal on bank supervision ... yeah, we're saved ...:)
*Euro Jumps on EU Summit Surprise
*Finance Committee with the Central Bank; Committee's report on the productivity of private banks and amending the Central Agency for Quality Control
*Federal Reserve Audit Approved by US House Committee
*The Five Big Banks Draft Plans for Going Out of Business
June 3rd .. *Germany Gives Ground on Crisis Plan
*Transcript of a Press Briefing by Gerry Rice, Director, External Relations Department, International Monetary Fund ...
*Holidays, July 2012 .. Global ...
*Iraq House of Representatives lifted its standard to the tenth of the month of July ...
*Parliament approved three laws and Recessed to the tenth of next month ...
*Jaafari: Next Alliance meeting July 1st - After today's Nat'l Alliance meeting, the no-confidence issue ended permanently and does not exist ...
*Going Global Headline News For Thursday, June 28, 2012 .. will continue to update ...
Iraq Oil and Gas Law .. Need to speed up approval of oil and gas law ...
Friday, June 29, 2012The Commission on oil and gas is the oil and gas law "most dangerous" after the Constitution "and causes" of political crises.
Exposed to oil and gas committee in the House of Representatives, Friday, its claim to speed up the approval of oil and gas law, the law usually Balakhtr after the Iraqi constitution.
A member of the Commission on oil and gas parliamentary Mchkta denominator for " Twilight News ", the meeting of the Commission on oil and gas, the latter was the insistence on the claim to speed up passage of the law of oil and gas."
Committee on Economic Iraqi banking system confirmed that the development of Iraqi banks will contribute to supporting and building Iraq's Economy
Friday June 29, 2012
Member of the economy: investment process needs to international banks for the advancement of the solid
The member of the Committee on the economy and investment MP / National Alliance / Ibrahim Rikabi, the importance of developing the Iraqi banking sector through modern technological systems introduced to boost investment in the country.
Rikabi said: The studies and analyzes conducted by the Parliamentary Committee on Economic Iraqi banking system confirmed that the development of Iraqi banks will contribute to supporting and building and repair of the national economy, which suffers a recession, both in investment in the agricultural or industrial.
He added that the investment process in Iraq, you need international banks to operate modern electronic Bandma help facilitate the investors to give them their banking and financial guarantees, so that the development of the banking system is an urgent need for the advancement of the national economy.
He pointed out: that international companies coming to invest When looking for the investment environment, which has a sophisticated banking system and to secure their funds discreet or open special funds for lending in investment projects serving the country.
source
Member of the economy: investment process needs to international banks for the advancement of the solid
The member of the Committee on the economy and investment MP / National Alliance / Ibrahim Rikabi, the importance of developing the Iraqi banking sector through modern technological systems introduced to boost investment in the country.
Rikabi said: The studies and analyzes conducted by the Parliamentary Committee on Economic Iraqi banking system confirmed that the development of Iraqi banks will contribute to supporting and building and repair of the national economy, which suffers a recession, both in investment in the agricultural or industrial.
He added that the investment process in Iraq, you need international banks to operate modern electronic Bandma help facilitate the investors to give them their banking and financial guarantees, so that the development of the banking system is an urgent need for the advancement of the national economy.
He pointed out: that international companies coming to invest When looking for the investment environment, which has a sophisticated banking system and to secure their funds discreet or open special funds for lending in investment projects serving the country.
source
Iraq .. The government involve the private sector in the preparation of economic bills .. Step for effective development ...
30/06/2012
The government involve the private sector in the preparation of economic bills
Step for effective development
Baghdad Yasser incumbent
Facing new laws and legislations problems in the application as it is consistent with the requirements of phase change, and this description applies well to most of the economic legislation and laws, in particular, as the face objections and claims adjustments repeated by the relevant authorities, which is linked to its work in this law or that the legislation and these reasons were behind the delay needed reforms.
He specialized experts that the bills should be sung in the discussions and offer full transparency to stakeholders and beneficiaries in order to come out an integrated and consistent with the objectives behind the legislation, and as a result, the government resorted to private sector involvement in the committees that ensure the process of preparation of draft laws relevant economic requirements of a successful transition to a market economy.
In this regard, speaking for the morning a number of private sector representatives who are nominated for the representation of the private sector in the Economic Commission of the Council of Ministers which expressed their thanks and gratitude this achieved, which they saw as a great and important and historically at this stage.
Came talk on the sidelines of a joint meeting between the Economic Council of Ministers and representatives of the private sector in the Joint Committee and the first speaker is the President of National Business Council Ibrahim al-Baghdadi, who described the decision Paljre and significant as the development of the private sector in the record straight.
Baghdadi pointed out that the economic decisions that were initiated lacking to the side of the field that is, they did not take into account the views of stakeholders are the public and the private sector to represent them and not how you think the private sector to implement the decision of the Ainsjm and aspirations and therefore will reflect the effects of that decision negatively on the citizen, and that the private sector, who runs the actual market movement is Adre or nearest the requirements of his success so the private sector involvement in the committees to prepare draft laws important has turned the Economic Commission to this aspect, even if recently came to its decision to mature, which will contribute to accelerating economic reforms, also wants the Iraqi constitution will be the new decisions in light of this situation sound decisions for Aiatred them and check the desired goal from behind the change is expected.
He expressed the hope that realizes all the workers in the private sector the importance of this event and work on his success and be the level of this historic responsibility in the selection of the new road and the task to be undertaken by the private sector.
The other speaker is the Executive Director of the Association of private banks in Iraq Abdulaziz, Hassoun, who stressed the importance of these committees that are looking at the general framework of the economy was each point of asking her suffering in the hope of obtaining gains timely and private, and work of this committee in a spirit of team work one to come to its desired results and to serve the public interest and the private sector, describing the decision of the Commission Economic Council of Ministers this decision the proper and right on the road to the success of subsequent steps in the development of a roadmap paved for the development of the strategic development of the private sector and reflect the true partnership between the public and private sectors on the road to building the new Iraq and sustainable development.
As for the other speaker, Vice President of the Council Abbas Shamara, which indicated to the importance of such commissions to go to address the economic problems, according to production and service sectors, where it can stand at the determinants of the real confuse the reality of working in Iraq and asked the logical solutions have the beneficiaries of the presence of bodies of legislative and executive branches on the same table to come out with recommendations serve the development process, and pointed to the importance trend towards electric power projects and stand at the kinks that led to the deterioration of production and lack of advancement of the production and processing of citizens and enterprises do its electric power, and pointed out that the different worksheets will be discussed within the Committee for all sectors are presented realistic solutions to those problems by the private sector, which tracks all sectors are accurate and has a vision based on the experiences that can be used to create solutions lead the Iraqi economy, the righteousness of safety. Meanwhile, a Jafar star Abdullah president of the Federation of Baghdad associations peasant: that these meetings we find a step in the right way to deal with sectoral problems, especially as the calls of the Union for years calling for the need to sit around a round table involving the private sector and government agencies to find out the low output, and means of dealing with scientific methods that world has ever seen as well as the adoption of the marketing policies fit the volume of production and are encouraging an audience of farmers to invest in larger areas during the coming seasons, pointing out that the solutions must be integrated to the agricultural sector does not go the solution towards the detailed production and leave the marketing and here are exposed farm losses to double lead to results not serve the sector agriculture in the country.
He added that the country has the potential of promoting the agricultural sector, both plant and animal, which is a resource always Aanill, but here highlights the need for agricultural policy rationally put the sector on the right track, which will benefit and the benefit to the local economy and provides large amounts of money go for the import of agricultural crops from outside the country.
It should be noted that the Economic Committee in the Council of Ministers headed by the Deputy Prime Minister and its membership includes a number of ministers and senior officials have decided to form a committee representing the private sector to involve them in discussing and drafting of economic laws have been held several meetings for this purpose and under the supervision of Ahaddalmadra two years in the preparation for the unification of the working papers to be provided by members of the committee in order to develop a strategy to develop the private sector, where the Director-General chose to leave the talk to members of the committee and full transparency in order to Athemen government agencies to talk.
source
The government involve the private sector in the preparation of economic bills
Step for effective development
Baghdad Yasser incumbent
Facing new laws and legislations problems in the application as it is consistent with the requirements of phase change, and this description applies well to most of the economic legislation and laws, in particular, as the face objections and claims adjustments repeated by the relevant authorities, which is linked to its work in this law or that the legislation and these reasons were behind the delay needed reforms.
He specialized experts that the bills should be sung in the discussions and offer full transparency to stakeholders and beneficiaries in order to come out an integrated and consistent with the objectives behind the legislation, and as a result, the government resorted to private sector involvement in the committees that ensure the process of preparation of draft laws relevant economic requirements of a successful transition to a market economy.
In this regard, speaking for the morning a number of private sector representatives who are nominated for the representation of the private sector in the Economic Commission of the Council of Ministers which expressed their thanks and gratitude this achieved, which they saw as a great and important and historically at this stage.
Came talk on the sidelines of a joint meeting between the Economic Council of Ministers and representatives of the private sector in the Joint Committee and the first speaker is the President of National Business Council Ibrahim al-Baghdadi, who described the decision Paljre and significant as the development of the private sector in the record straight.
Baghdadi pointed out that the economic decisions that were initiated lacking to the side of the field that is, they did not take into account the views of stakeholders are the public and the private sector to represent them and not how you think the private sector to implement the decision of the Ainsjm and aspirations and therefore will reflect the effects of that decision negatively on the citizen, and that the private sector, who runs the actual market movement is Adre or nearest the requirements of his success so the private sector involvement in the committees to prepare draft laws important has turned the Economic Commission to this aspect, even if recently came to its decision to mature, which will contribute to accelerating economic reforms, also wants the Iraqi constitution will be the new decisions in light of this situation sound decisions for Aiatred them and check the desired goal from behind the change is expected.
He expressed the hope that realizes all the workers in the private sector the importance of this event and work on his success and be the level of this historic responsibility in the selection of the new road and the task to be undertaken by the private sector.
The other speaker is the Executive Director of the Association of private banks in Iraq Abdulaziz, Hassoun, who stressed the importance of these committees that are looking at the general framework of the economy was each point of asking her suffering in the hope of obtaining gains timely and private, and work of this committee in a spirit of team work one to come to its desired results and to serve the public interest and the private sector, describing the decision of the Commission Economic Council of Ministers this decision the proper and right on the road to the success of subsequent steps in the development of a roadmap paved for the development of the strategic development of the private sector and reflect the true partnership between the public and private sectors on the road to building the new Iraq and sustainable development.
As for the other speaker, Vice President of the Council Abbas Shamara, which indicated to the importance of such commissions to go to address the economic problems, according to production and service sectors, where it can stand at the determinants of the real confuse the reality of working in Iraq and asked the logical solutions have the beneficiaries of the presence of bodies of legislative and executive branches on the same table to come out with recommendations serve the development process, and pointed to the importance trend towards electric power projects and stand at the kinks that led to the deterioration of production and lack of advancement of the production and processing of citizens and enterprises do its electric power, and pointed out that the different worksheets will be discussed within the Committee for all sectors are presented realistic solutions to those problems by the private sector, which tracks all sectors are accurate and has a vision based on the experiences that can be used to create solutions lead the Iraqi economy, the righteousness of safety. Meanwhile, a Jafar star Abdullah president of the Federation of Baghdad associations peasant: that these meetings we find a step in the right way to deal with sectoral problems, especially as the calls of the Union for years calling for the need to sit around a round table involving the private sector and government agencies to find out the low output, and means of dealing with scientific methods that world has ever seen as well as the adoption of the marketing policies fit the volume of production and are encouraging an audience of farmers to invest in larger areas during the coming seasons, pointing out that the solutions must be integrated to the agricultural sector does not go the solution towards the detailed production and leave the marketing and here are exposed farm losses to double lead to results not serve the sector agriculture in the country.
He added that the country has the potential of promoting the agricultural sector, both plant and animal, which is a resource always Aanill, but here highlights the need for agricultural policy rationally put the sector on the right track, which will benefit and the benefit to the local economy and provides large amounts of money go for the import of agricultural crops from outside the country.
It should be noted that the Economic Committee in the Council of Ministers headed by the Deputy Prime Minister and its membership includes a number of ministers and senior officials have decided to form a committee representing the private sector to involve them in discussing and drafting of economic laws have been held several meetings for this purpose and under the supervision of Ahaddalmadra two years in the preparation for the unification of the working papers to be provided by members of the committee in order to develop a strategy to develop the private sector, where the Director-General chose to leave the talk to members of the committee and full transparency in order to Athemen government agencies to talk.
source
Iraq .. A comprehensive reform plan put forward national next month...
30/06/2012
A comprehensive reform plan put forward «national» next month
BAGHDAD - The morning
Revealed the political sources of Centre Brief for the Iraqi Media Network» for the determination of the National Alliance put forward a comprehensive reform plan on the political blocs next month.
Said sources close to the National Alliance: The Reform Committee set up by the coalition last week will complete its work within the next two weeks to put The paper first within the coalition and then presented to President Jalal Talabani as the guarantor of the Constitution and then put on all the political blocs.
A comprehensive reform plan put forward «national» next month
BAGHDAD - The morning
Revealed the political sources of Centre Brief for the Iraqi Media Network» for the determination of the National Alliance put forward a comprehensive reform plan on the political blocs next month.
Said sources close to the National Alliance: The Reform Committee set up by the coalition last week will complete its work within the next two weeks to put The paper first within the coalition and then presented to President Jalal Talabani as the guarantor of the Constitution and then put on all the political blocs.
Iraq .. Death of three people convicted of blowing up the parliament building
30/06/2012
Death of three people convicted of blowing up the parliament building
BAGHDAD - Al Sabah
Ruled the Central Criminal Court in Baghdad to death by hanging on 3 defendants convicted of blowing up the House of Representatives.
And the transfer of the media center of the judiciary from judicial source as saying: "The Central Criminal Court in Karkh ruled Thursday, hanged to death on 3 charged after being convicted of bombing House of Representatives late last year, in accordance with the provisions of Article IV of the Anti-Terrorist Act of 2005. "
And added: "The accused belong to the so-called Islamic State of Iraq is the Iraqi wing of al-Qaeda terrorist." A car bomb targeted at November 28, 2011 the House of Representatives in the Green Zone in central Baghdad, killing a number of victims.
source
Death of three people convicted of blowing up the parliament building
BAGHDAD - Al Sabah
Ruled the Central Criminal Court in Baghdad to death by hanging on 3 defendants convicted of blowing up the House of Representatives.
And the transfer of the media center of the judiciary from judicial source as saying: "The Central Criminal Court in Karkh ruled Thursday, hanged to death on 3 charged after being convicted of bombing House of Representatives late last year, in accordance with the provisions of Article IV of the Anti-Terrorist Act of 2005. "
And added: "The accused belong to the so-called Islamic State of Iraq is the Iraqi wing of al-Qaeda terrorist." A car bomb targeted at November 28, 2011 the House of Representatives in the Green Zone in central Baghdad, killing a number of victims.
source
Cheer Up! .. 17 Reasons it's A Great Time To Be Alive ...
Thanks to my Dad for sharing the following article ..(lakehouse:) ...
(April 2012)
Cheer Up!
17 reasons it's a great time to be alive
“The world has never been a better place to live in,” says science writer Matt Ridley, “and it will keep on getting better.” Today, in a world gripped by global economic crisis and afflicted with poverty, disease, and war, them’s fightin’ words in some quarters. Ridley’s critics have called him a “denialist” and “shameful” and have accused him of “playing fast and loose with the truth” for his views on climate change and the free market.
Yet Ridley, 54, author most recently of The Rational Optimist, sticks to his guns. “It is not insane to believe in a happy future for people and the planet,” he says. Ridley, who’s been a foreign correspondent, a zoologist, an economist, and a financier, brings a broad perspective to his sunny outlook. “People say I’m bonkers to claim the world will go on getting better, yet I can’t stop myself,” he says. Read on to see how Ridley makes his case. Brilliant or bonkers? You decide.
1. We’re better off now
Compared with 50 years ago, when I was just four years old, the average human now earns nearly three times as much money (corrected for inflation), eats one third more calories, buries two thirds fewer children, and can expect to live one third longer. In fact, it’s hard to find any region of the world that’s worse off now than it was then, even though the global population has more than doubled over that period.
2. Urban living is a good thing
City dwellers take up less space, use less energy, and have less impact on natural ecosystems than country dwellers. The world’s cities now contain over half its people, but they occupy less than 3 percent of its land area. Urban growth may disgust environmentalists, but living in the country is not the best way to care for the earth. The best thing we can do for the planet is build more skyscrapers.
3. Poverty is nose-diving
The rich get richer, but the poor do even better. Between 1980 and 2000, the poor doubled their consumption. The Chinese are ten times richer and live about 25 years longer than they did 50 years ago. Nigerians are twice as rich and live nine more years. The percentage of the world’s people living in absolute poverty has dropped by over half. The United Nations estimates that poverty was reduced more in the past 50 years than in the previous 500.
(April 2012)
Cheer Up!
17 reasons it's a great time to be alive
“The world has never been a better place to live in,” says science writer Matt Ridley, “and it will keep on getting better.” Today, in a world gripped by global economic crisis and afflicted with poverty, disease, and war, them’s fightin’ words in some quarters. Ridley’s critics have called him a “denialist” and “shameful” and have accused him of “playing fast and loose with the truth” for his views on climate change and the free market.
Yet Ridley, 54, author most recently of The Rational Optimist, sticks to his guns. “It is not insane to believe in a happy future for people and the planet,” he says. Ridley, who’s been a foreign correspondent, a zoologist, an economist, and a financier, brings a broad perspective to his sunny outlook. “People say I’m bonkers to claim the world will go on getting better, yet I can’t stop myself,” he says. Read on to see how Ridley makes his case. Brilliant or bonkers? You decide.
1. We’re better off now
Compared with 50 years ago, when I was just four years old, the average human now earns nearly three times as much money (corrected for inflation), eats one third more calories, buries two thirds fewer children, and can expect to live one third longer. In fact, it’s hard to find any region of the world that’s worse off now than it was then, even though the global population has more than doubled over that period.
2. Urban living is a good thing
City dwellers take up less space, use less energy, and have less impact on natural ecosystems than country dwellers. The world’s cities now contain over half its people, but they occupy less than 3 percent of its land area. Urban growth may disgust environmentalists, but living in the country is not the best way to care for the earth. The best thing we can do for the planet is build more skyscrapers.
3. Poverty is nose-diving
The rich get richer, but the poor do even better. Between 1980 and 2000, the poor doubled their consumption. The Chinese are ten times richer and live about 25 years longer than they did 50 years ago. Nigerians are twice as rich and live nine more years. The percentage of the world’s people living in absolute poverty has dropped by over half. The United Nations estimates that poverty was reduced more in the past 50 years than in the previous 500.
Parliament approved three laws and Recessed to the tenth of next month ...
30/06/2012
Parliament approved three laws
Recessed to the tenth of next month
Baghdad - morning
Passed the House three bills as well as the laws in principle. In its third legislative term the first year third Legislature, which was held under the chairmanship of Osama al-Chairman of the Board of Representatives and the presence of 197 deputies Thursday, the Council voted to approve in principle the draft Law on the Ministry of Transport (Amendment) and submitted by the Committee Services and Construction.
Also been voted in principle to the draft organization of rent of agricultural land and ownership of the right of disposition for graduates of agricultural and veterinary and submitted by the committees of agriculture and legal rights.
Meanwhile, the House voted to approve the draft law on ratification of the Republic of Iraq to the Charter of the Organization of Islamic cooperation and submitted by the committees of Awqaf and external relations and legal for the purpose of ratification of the Charter of the Organization of Islamic Cooperation was ratified in the Islamic Summit Conference held in Dakar / Senegal on 14/3/2008
Parliament approved three laws
Recessed to the tenth of next month
Baghdad - morning
Passed the House three bills as well as the laws in principle. In its third legislative term the first year third Legislature, which was held under the chairmanship of Osama al-Chairman of the Board of Representatives and the presence of 197 deputies Thursday, the Council voted to approve in principle the draft Law on the Ministry of Transport (Amendment) and submitted by the Committee Services and Construction.
Also been voted in principle to the draft organization of rent of agricultural land and ownership of the right of disposition for graduates of agricultural and veterinary and submitted by the committees of agriculture and legal rights.
Meanwhile, the House voted to approve the draft law on ratification of the Republic of Iraq to the Charter of the Organization of Islamic cooperation and submitted by the committees of Awqaf and external relations and legal for the purpose of ratification of the Charter of the Organization of Islamic Cooperation was ratified in the Islamic Summit Conference held in Dakar / Senegal on 14/3/2008
The Five Big Banks Draft Plans for Going Out of Business (Big Banks Craft “Living Wills” in Case They Fail) ...
Related articles .. link .. *** Links - Banking Reform ... Plan Moving Forward ...
June 28, 2012
The Five Big Banks Draft Plans for Going Out of Business
JP Morgan Chase and Co, Bank of America, Citigroup, Goldman Sachs and Morgan Stanley are among those submitting first liquidation scenarios at the Federal Reserve and the Federal Deposit Insurance Group, according to this story from Reuters. They MUST do so by July 1!
My take on this is that they want to cover their butts, believing they might get some money back when they come a-cropper. I also notice they are filing these “living wills” with the Federal Reserve, which is also soon to be exposed for what it is. So we have a scenario where the cabal’s big banks are turning to another cabal institution for help… obviously hoping that some decades-old (il)legal loophole will be able to save them.
What is most re-assuring, though, is to see that this news has been written by and is being widely circulated via a major worldwide mainstream news wire service – even if the headline says “in case”, when we all know they “have” to be put out of doing business in the way they have been up until now.
Big Banks Craft “Living Wills” in Case They Fail
By David Henry and Dave Clarke, Reuters – June 27 2012
Link .. http://finance.yahoo.com/news/big-banks-craft-living-wills-075041248.html
NEW YORK/WASHINGTON – Five of the biggest banks in the United States are putting finishing touches on plans for going out of business as part of government-mandated contingency planning that could push them to untangle their complex operations.
June 28, 2012
The Five Big Banks Draft Plans for Going Out of Business
JP Morgan Chase and Co, Bank of America, Citigroup, Goldman Sachs and Morgan Stanley are among those submitting first liquidation scenarios at the Federal Reserve and the Federal Deposit Insurance Group, according to this story from Reuters. They MUST do so by July 1!
My take on this is that they want to cover their butts, believing they might get some money back when they come a-cropper. I also notice they are filing these “living wills” with the Federal Reserve, which is also soon to be exposed for what it is. So we have a scenario where the cabal’s big banks are turning to another cabal institution for help… obviously hoping that some decades-old (il)legal loophole will be able to save them.
What is most re-assuring, though, is to see that this news has been written by and is being widely circulated via a major worldwide mainstream news wire service – even if the headline says “in case”, when we all know they “have” to be put out of doing business in the way they have been up until now.
Big Banks Craft “Living Wills” in Case They Fail
By David Henry and Dave Clarke, Reuters – June 27 2012
Link .. http://finance.yahoo.com/news/big-banks-craft-living-wills-075041248.html
NEW YORK/WASHINGTON – Five of the biggest banks in the United States are putting finishing touches on plans for going out of business as part of government-mandated contingency planning that could push them to untangle their complex operations.
Prime Minister Nuri al-Maliki's willingness to meet with political figures to solve problems ...
Friday June 29, 2012
Maliki: ready to go to any place can be offered by the country's problems to solve
Prime Minister Nuri al-Maliki's willingness to meet with political figures that you want to meet him to find a solution to any problem in Iraq, noting that "Iraq is the largest of all the problems."
The Prime Minister said, "I welcome anyone who wants to meet me and carries them to find a solution to any problem in Iraq because Iraq is the largest of problems so I am ready to meet anyone in the political process who wants to meet me.
He called on all political forces to "leave all the problems and go to the dialog, you say you want to be Have the problems and I'm with you in solving it," adding that "the problems are not solved in these ways and jump to the Constitution, but solved by sitting at the table of dialogue and negotiations and the problems and answer by the constitution.
Maliki: ready to go to any place can be offered by the country's problems to solve
Prime Minister Nuri al-Maliki's willingness to meet with political figures that you want to meet him to find a solution to any problem in Iraq, noting that "Iraq is the largest of all the problems."
The Prime Minister said, "I welcome anyone who wants to meet me and carries them to find a solution to any problem in Iraq because Iraq is the largest of problems so I am ready to meet anyone in the political process who wants to meet me.
He called on all political forces to "leave all the problems and go to the dialog, you say you want to be Have the problems and I'm with you in solving it," adding that "the problems are not solved in these ways and jump to the Constitution, but solved by sitting at the table of dialogue and negotiations and the problems and answer by the constitution.
Talabani's party: early elections one of the solutions to the current crisis if the failure of the political dialogue
Friday, June 29, 2012
Talabani's party: early elections one of the solutions to the current crisis if the failure of the political dialogue
BAGHDAD - and babysit - said the Patriotic Union of Kurdistan, led by President Jalal Talabani said all options are open to resolving the current political crisis, including the early legislative elections
And the transfer of the Office of the Patriotic Union of Kurdistan (PUK) for its spokesman without mentioning his name on Friday, "It is in this period made a number of members of the House of Representatives for the Kurdistan Alliance bloc statements different about the situation in Iraq, we announce to everyone that statements that reflect the perspective of the leadership of the Kurdistan Alliance is Only a political decision was issued around the joint leadership of the coalition, which is declared, and the other statements they reflect the personal views of the deputies, and any statements made, other than those decisions, we will have a political bureau of the National Union to issue a clarification around.
"Now there is talk of early elections to address the Iraqi crisis, we are in the Patriotic Union of Kurdistan (PUK) believe that the methods of dialogue and political solutions still remain and are open to all political forces, and if not successful political dialogue, Back then, could be talking about early elections, one of the options in front of the political process in Iraq. "
Iraq is gripped by political crisis that lasted for several months due to the escalation of disputes between the political blocs on matters concerning the partnership in the state administration as well as other files, has resulted in the continuation of the crisis to the request of some political blocs to withdraw confidence from the Prime Minister Nuri al-Maliki, after several meetings were held in each of the provinces of Erbil and Najaf.
source
Talabani's party: early elections one of the solutions to the current crisis if the failure of the political dialogue
BAGHDAD - and babysit - said the Patriotic Union of Kurdistan, led by President Jalal Talabani said all options are open to resolving the current political crisis, including the early legislative elections
And the transfer of the Office of the Patriotic Union of Kurdistan (PUK) for its spokesman without mentioning his name on Friday, "It is in this period made a number of members of the House of Representatives for the Kurdistan Alliance bloc statements different about the situation in Iraq, we announce to everyone that statements that reflect the perspective of the leadership of the Kurdistan Alliance is Only a political decision was issued around the joint leadership of the coalition, which is declared, and the other statements they reflect the personal views of the deputies, and any statements made, other than those decisions, we will have a political bureau of the National Union to issue a clarification around.
"Now there is talk of early elections to address the Iraqi crisis, we are in the Patriotic Union of Kurdistan (PUK) believe that the methods of dialogue and political solutions still remain and are open to all political forces, and if not successful political dialogue, Back then, could be talking about early elections, one of the options in front of the political process in Iraq. "
Iraq is gripped by political crisis that lasted for several months due to the escalation of disputes between the political blocs on matters concerning the partnership in the state administration as well as other files, has resulted in the continuation of the crisis to the request of some political blocs to withdraw confidence from the Prime Minister Nuri al-Maliki, after several meetings were held in each of the provinces of Erbil and Najaf.
source
Thursday, June 28, 2012
EU deal on bank supervision ... yeah, we're saved ...:)
June 29, 2012Euro jumps most in 8 months on EU deal on bank supervision
Tokyo, The euro surged 1.2 per cent, poised to make its biggest daily jump in 8 months after European leaders agreed on Friday to create a single supervisory body for euro zone banks and allow them to be recapitalised directly by the currency area's rescue fund without adding to government debt.
European Council chairman Herman Van Rompuy said the aim was to create a supervisory mechanism involving the European Central Bank by the end of this year, and to break the "vicious circle" between banks and sovereign governments.
"If what he said was indeed agreed by EU leaders, that would clearly go beyond market expectations and should be enough to stop risk aversion in financial markets," said Hiroki Shimazu, senior market economist at SMBC Nikko Securities.
"But I'm a bit still cautious as we have seen the cases where different leaders later say different things and we find out that there remain disagreements," he said.
The common currency soared 1.2 per cent to $1.2588, pulling away from a low of 1.2407 marked on Thursday.
Euro Jumps on EU Summit Surprise
Related article .. link .. Saving Europes Banks ~ Euro Rescue Fund (one trillion dollars) Could Be Used For Banks?
June 29, 2012
Euro Jumps on EU Summit Surprise
Tokyo—The euro soared against major currencies in Asia on Friday after European Union leaders unexpectedly came up with much-needed plans to ease worries over the bloc's sovereign-debt and banking problems.
EU leaders announced an opening up of access to two bailout funds—the European Financial Stability Facility and European Stability Mechanism—for euro-zone countries not already receiving assistance, with an eye to stabilizing volatile markets.
European Council President Herman Van Rompuy said the European Commission will propose a single bank supervisor, after which euro-zone banks will have direct access to the ESM.
"The news of a direct capital injection without worsening sovereign debt positions is positive for Spain," said Yuji Saito, director of foreign exchange at Credit Agricole Bank in Tokyo.
A rise in Spanish bond yields has recently been the primary concern for global markets with regard to the European debt crisis.
The news "fully lives to up to what the market is eager to see," said Saito, adding that the euro will likely keep rising on the back of improved risk sentiment.
Read full article .. Here
June 29, 2012Euro Jumps on EU Summit Surprise
Tokyo—The euro soared against major currencies in Asia on Friday after European Union leaders unexpectedly came up with much-needed plans to ease worries over the bloc's sovereign-debt and banking problems.
EU leaders announced an opening up of access to two bailout funds—the European Financial Stability Facility and European Stability Mechanism—for euro-zone countries not already receiving assistance, with an eye to stabilizing volatile markets.
European Council President Herman Van Rompuy said the European Commission will propose a single bank supervisor, after which euro-zone banks will have direct access to the ESM.
"The news of a direct capital injection without worsening sovereign debt positions is positive for Spain," said Yuji Saito, director of foreign exchange at Credit Agricole Bank in Tokyo.
A rise in Spanish bond yields has recently been the primary concern for global markets with regard to the European debt crisis.
The news "fully lives to up to what the market is eager to see," said Saito, adding that the euro will likely keep rising on the back of improved risk sentiment.
Read full article .. Here
Finance Committee with the Central Bank; Committee's report on the productivity of private banks and amending the Central Agency for Quality Control
Thursday June 28, 2012
Parliamentary Commission of Economy to discuss amending the Central Agency for Standardization and Quality Control
Baghdad, the Committee discussed the economy and investment parliamentary bill third amendment to the law of the Central Agency for Standardization and Quality Control No. 54 of 1979.
A statement of the Commission that it held a meeting chaired by its chairman Ahmed al-Alwani to discuss the draft law on ratification of the Convention on Economic and Technical Cooperation between the Governments of Iraq and China for the purpose of submitting them to the Presidency of the Council of Representatives to be read a second reading.
The statement added that: "has been discussed in the meeting minutes of the meeting held by the Finance Committee with the Central Bank and the Committee's report on the productivity of private banks in Iraq and applied research plan for the banks and the CBI for the year 2012"
source
And _Iraq (COSQC)_
COSQC, an independent government agency, was established by Law no.54 of 1979, acts as a consultant on quality control and standardization issues for the government ministries and state owned enterprises, and maintains relationships with international standards organizations. It is the central body in Iraq. The organization is presided by a president with minister deputy grade. It consists of three directorates directly connected to the president of the organization and each one headed by a general director, and are as follows:1-Directorate of Standardization, Consists of 3 departments:a. Standards Dept.b. Metrology Dept.c. Hallmark Dept.2- Directorate of Quality Control, Consists of 6 departments:a. Chemical industries dept.b. Food industries dept.c. Constructional industries dept.d. Engineering industries dept.e. Textiles industries dept.f. Quality management dept.3- Directorate of Administrative and Technical Services, Consists of 7 departments:a. Finance services dept.b. Personnel dept.c. Administrative services dept.d. Planning and development dept.e. Industrial property dept.f. Maintenance dept.g. Information and public relationship dept. In addition, the following departments are directly connected to the president of the organization:1-Legal dept.2-Auditing dept.3-Laboratories accreditation dept.4-Information and international cooperation dept. source
Parliamentary Commission of Economy to discuss amending the Central Agency for Standardization and Quality Control
Baghdad, the Committee discussed the economy and investment parliamentary bill third amendment to the law of the Central Agency for Standardization and Quality Control No. 54 of 1979.
A statement of the Commission that it held a meeting chaired by its chairman Ahmed al-Alwani to discuss the draft law on ratification of the Convention on Economic and Technical Cooperation between the Governments of Iraq and China for the purpose of submitting them to the Presidency of the Council of Representatives to be read a second reading.
The statement added that: "has been discussed in the meeting minutes of the meeting held by the Finance Committee with the Central Bank and the Committee's report on the productivity of private banks in Iraq and applied research plan for the banks and the CBI for the year 2012"
source
And _Iraq (COSQC)_
COSQC, an independent government agency, was established by Law no.54 of 1979, acts as a consultant on quality control and standardization issues for the government ministries and state owned enterprises, and maintains relationships with international standards organizations. It is the central body in Iraq. The organization is presided by a president with minister deputy grade. It consists of three directorates directly connected to the president of the organization and each one headed by a general director, and are as follows:1-Directorate of Standardization, Consists of 3 departments:a. Standards Dept.b. Metrology Dept.c. Hallmark Dept.2- Directorate of Quality Control, Consists of 6 departments:a. Chemical industries dept.b. Food industries dept.c. Constructional industries dept.d. Engineering industries dept.e. Textiles industries dept.f. Quality management dept.3- Directorate of Administrative and Technical Services, Consists of 7 departments:a. Finance services dept.b. Personnel dept.c. Administrative services dept.d. Planning and development dept.e. Industrial property dept.f. Maintenance dept.g. Information and public relationship dept. In addition, the following departments are directly connected to the president of the organization:1-Legal dept.2-Auditing dept.3-Laboratories accreditation dept.4-Information and international cooperation dept. source
Federal Reserve Audit Approved by US House Committee
June 28, 2012
Federal Reserve Audit Approved by US House Committee
In a nearly unanimous voice vote on Wednesday, the House Oversight Committee approved a bill that would require the U.S. Federal Reserve to conduct a first-ever complete audit of its books and divulge details about its monetary policy discussions. The bill is expected to be taken up by the full House of Representatives sometime next month.
Paul, a longtime critic of the Fed and fiat currencies in general, had previously supported an audit that became part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. That audit required the Fed to disclose its lending practices during the 2008 financial crisis, revealing that the bank doled out more than $16 trillion in loans and assets swaps to financial institutions all over the world in an effort to stabilize global markets and keep credit flowing.
Read Full Article .. Here
Federal Reserve Audit Approved by US House Committee
In a nearly unanimous voice vote on Wednesday, the House Oversight Committee approved a bill that would require the U.S. Federal Reserve to conduct a first-ever complete audit of its books and divulge details about its monetary policy discussions. The bill is expected to be taken up by the full House of Representatives sometime next month.
Paul, a longtime critic of the Fed and fiat currencies in general, had previously supported an audit that became part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. That audit required the Fed to disclose its lending practices during the 2008 financial crisis, revealing that the bank doled out more than $16 trillion in loans and assets swaps to financial institutions all over the world in an effort to stabilize global markets and keep credit flowing.
Read Full Article .. Here
Germany Gives Ground on Crisis Plan
Bumped
Snip ~ "He said governments were seeking to influence the approach to be taken at the next EU summit at the end of June"
June 3, 2012
Germany Gives Ground on Crisis Plan
Berlin, Germany is sending strong signals that it would eventually be willing to back ideas such as joint European bonds or a banking union if European leaders are willing to give up more sovereignty and transfer significant powers over national budgets to Europe, a step that, if embraced, would redesign monetary union and be one of the boldest steps taken by the bloc since the euro was launched.
Europe has been blocked from taking bold steps to stem the crisis and calm financial markets because leaders can't bridge two fundamentally different approaches.
Countries such as France believe Europe must create instruments ...
Read Full Article Here
Snip ~ "He said governments were seeking to influence the approach to be taken at the next EU summit at the end of June"
June 3, 2012
Germany Gives Ground on Crisis Plan
Berlin, Germany is sending strong signals that it would eventually be willing to back ideas such as joint European bonds or a banking union if European leaders are willing to give up more sovereignty and transfer significant powers over national budgets to Europe, a step that, if embraced, would redesign monetary union and be one of the boldest steps taken by the bloc since the euro was launched.
Europe has been blocked from taking bold steps to stem the crisis and calm financial markets because leaders can't bridge two fundamentally different approaches.
Countries such as France believe Europe must create instruments ...
Read Full Article Here
Going Global Headline News For Thursday, June 28, 2012 .. will continue to update ...
*Federal Reserve Audit Approved by US House Committee*U.S. and Kurdistan ~ Production of the Jordanian Association organizes an economic mission to Arbil
*The Five Big Banks Draft Plans for Going Out of Business
*Remember .. People come into your life for a reason ...
*Transcript of a Press Briefing by Gerry Rice, Director, External Relations Department, International Monetary Fund ...
*Holidays, July 2012 .. Global ...
*FYI .. For The Ladies ~ Lack of vitamin D causes weight gain in women ...:)
*Iraq's Legal Committee of House of Representatives, Suhail, stresses the need to resolve the outstanding laws in parliament
*The start of the celebration of the festival the central Iraqi press in the presence of al-Maliki and guests from 50 countries
*Iraq House of Representatives lifted its standard to the tenth of the month of July ...
*Deputy for Iraq: political blocs will not accept an early parliamentary elections
*Maliki confirms the existence of freedom of the media and the press in Iraq
*Bombs at homes of Iraqi cleric, militiaman kill 11 ...
*U.S. Treasury Secretary, Tim Geithner, June 13th 2012 - Global Economy ...
*All Eyes On European Summit June 28-29 2012 ...
*Sanctions against Iran's central bank to take full effect Thursday, June 28th, and a full embargo of Iranian oil from the European Union, July 1st ...
*U.S. and Iraqi Business Dialogue, Third Round June 28th 2012 ..
*The International Arab Banking Summit IABS 2012 the Change, June 28-29-2012 ...
**Iraq emerged yesterday, three new developments on the political situation and efforts to resolve the problems ...
*Mr. Hakim: The call for early elections is not a practical step to avoid the political crisis ...
*IMF Will Join Cyprus Bailout
*House of Representatives resumes its sessions today to vote on the 6 projects
*Counterfeit Money Floods Southern Iraq's Market
*Central Bank of Iraq Reveals Criteria for Acceptance or Rejection of Banknotes
*Prime Minister calls for the development of services
*Jaafari: Next Alliance meeting July 1st - After today's Nat'l Alliance meeting, the no-confidence issue ended permanently and does not exist ...
*Madoff's Brother to Plead Guilty to Criminal Charges
**Iran Threatens to Close Strait if New Sanctions Begin ...
**Iraqi Dinar ~ Urgency To Implement The Project To delete Zeros ...
*Iraqi efforts to join the World Trade Organization
*The end of June start of a law of customs tariff !
***Iraq Finance: We need to start in the application of tariff law and activate the end of the month ...
U.S. and Kurdistan ~ Production of the Jordanian Association organizes an economic mission to Arbil
2012-06-28
U.S. and Kurdistan ~ Production of the Jordanian Association organizes an economic mission to Arbil
Baghdad, Organized the Association of Information Technology and Communications «production» in cooperation with the U.S. Agency for International Development and the U.S. Chamber of Commerce in Jordan's economic mission to Erbil with the participation of a group of companies in the telecommunications sector and information technology.
The aim of the Economic Mission to enable Jordanian companies to learn about the market Erbil, the most competent authorities in the sector of ICT and the opportunities in this sector and to promote cooperation between companies of Jordan and Kurdistan, have also allowed the mission to Jordanian companies the opportunity to meet with representatives of companies of Kurdistan and the representatives of the Kurdistan government and stakeholders in the telecommunications sector Kurdistan and information technology and other sectors interested in using technology to develop and grow.
According to a press statement from the production came from the Association to participate in order to produce new opportunities for the exchange of experiences between the two countries with regard to telecommunications, information technology and open the way for a number of alliances between them as well as to discuss strategies for the development of the sector between the two countries.
source
U.S. and Kurdistan ~ Production of the Jordanian Association organizes an economic mission to Arbil
Baghdad, Organized the Association of Information Technology and Communications «production» in cooperation with the U.S. Agency for International Development and the U.S. Chamber of Commerce in Jordan's economic mission to Erbil with the participation of a group of companies in the telecommunications sector and information technology.
The aim of the Economic Mission to enable Jordanian companies to learn about the market Erbil, the most competent authorities in the sector of ICT and the opportunities in this sector and to promote cooperation between companies of Jordan and Kurdistan, have also allowed the mission to Jordanian companies the opportunity to meet with representatives of companies of Kurdistan and the representatives of the Kurdistan government and stakeholders in the telecommunications sector Kurdistan and information technology and other sectors interested in using technology to develop and grow.
According to a press statement from the production came from the Association to participate in order to produce new opportunities for the exchange of experiences between the two countries with regard to telecommunications, information technology and open the way for a number of alliances between them as well as to discuss strategies for the development of the sector between the two countries.
source
Transcript of a Press Briefing by Gerry Rice, Director, External Relations Department, International Monetary Fund ...
June 28, 2012
Transcript of a Press Briefing by Gerry Rice, Director, External Relations Department, International Monetary Fund
MR. RICE: Good morning everyone and welcome to this press briefing on behalf of the IMF.As usual this briefing with be under embargo until 10:30 a.m., that is Washington time. A couple of housekeeping things, and then we will get to your questions.
Monday, July 16th, we will have the update on our flagship publications.
That is the World Economic Outlook, the Global Financial Stability Report, and the Fiscal Monitor. In addition, they will be released at 9:00 a.m. on that day, with a press conference with Olivier Blanchard, José Viñals, and Carlo Cottarelli. That is going to be here in Washington.
In terms of the Managing Director, Christine Lagarde will participate this week in the concluding policy meetings with the U.S. authorities, in the context of the Annual Article IV Consultation. I would like to bring to your attention, also, that she will participate in the mission's concluding press conference on July 3rd -- that's next Tuesday -- at 10:00 a.m., here at the IMF.
Madame Lagarde will then be traveling, as I think I mentioned the last time I was here, to Asia, and she will be going to three countries -- to Japan, Indonesia, and Thailand. On Friday, July 6, she'll be in Tokyo to meet with senior officials, and she will give a keynote speech at the Nikkei Special Forum. We expect a press conference that day also. The following day, July 7, the Managing Director will participate in a town hall meeting with the young students of Keio University in Tokyo.
Transcript of a Press Briefing by Gerry Rice, Director, External Relations Department, International Monetary Fund
MR. RICE: Good morning everyone and welcome to this press briefing on behalf of the IMF.As usual this briefing with be under embargo until 10:30 a.m., that is Washington time. A couple of housekeeping things, and then we will get to your questions.
Monday, July 16th, we will have the update on our flagship publications.
That is the World Economic Outlook, the Global Financial Stability Report, and the Fiscal Monitor. In addition, they will be released at 9:00 a.m. on that day, with a press conference with Olivier Blanchard, José Viñals, and Carlo Cottarelli. That is going to be here in Washington.
In terms of the Managing Director, Christine Lagarde will participate this week in the concluding policy meetings with the U.S. authorities, in the context of the Annual Article IV Consultation. I would like to bring to your attention, also, that she will participate in the mission's concluding press conference on July 3rd -- that's next Tuesday -- at 10:00 a.m., here at the IMF.
Madame Lagarde will then be traveling, as I think I mentioned the last time I was here, to Asia, and she will be going to three countries -- to Japan, Indonesia, and Thailand. On Friday, July 6, she'll be in Tokyo to meet with senior officials, and she will give a keynote speech at the Nikkei Special Forum. We expect a press conference that day also. The following day, July 7, the Managing Director will participate in a town hall meeting with the young students of Keio University in Tokyo.
Derivatives Show Money-Market Stress Rises as Euro Summit Opens (Also discussed, Libor Rates)
Related articles .. link .. Links ~ Derivatives and Foreclosures Pave The Way To Nationalization?
June 28, 2012
Derivatives Show Money-Market Stress Rises as Euro Summit Opens
Forward markets signaled increased stress in the money markets as European leaders began a two-day summit on the region’s debt crisis.
Predictions in the forward market for the gap between the London interbank offered rate and federal funds, known as Libor- OIS, rose to 33.2 basis points from 31.3 basis points yesterday, according to the second rolling three month so-called FRA/OIS spread.
The difference between the two-year swap rate and the comparable-maturity Treasury note yield, known as the swap spread, widened 1.5 basis points to 25 basis points. The gap is a gauge of investors’ perceptions of U.S. banking sector credit risk as swap rates are derived from expectations for dollar Libor. Swap rates serve as benchmarks for investors in many types of debt, including mortgage-backed and auto-loan securities.
European Union leaders are struggling to reach a consensus on how to safeguard governments in Spain and Italy, with German Chancellor Angela Merkel rejecting calls to do more to cut their borrowing costs.
Banks shares slid after Barclays Plc (BARC) was fined 290 million pounds ($451.4 million), the largest penalties ever imposed by regulators in the U.S. and U.K., after admitting yesterday it submitted false London and euro interbank offered rates. Authorities are pursuing sanctions in the global investigation of more than a dozen lenders.
Libor Scandal
Traders at the U.K.’s second-biggest bank by assets routinely coordinated with counterparts from at least four other banks in an attempt to move interest rate benchmarks, according to documents released yesterday by the U.S. Commodity Futures Trading Commission, the U.S. Justice Department and the U.K. Financial Services Authority.
The benchmarks included the Libor and Euribor, a related euro-denominated rate. In both cases, the goal was to generate profits on derivatives held by the banks, the agencies said.
Three-month Libor, which represents the rate at which banks say it would cost to borrow from another, was 0.46060 percent, where it had held since June 25, according to the British Bankers’ Association. The Libor-OIS spread, a gauge of banks reluctance to lend, was little changed at 28.1 basis points.
Overnight index swaps, or OIS, give traders predictions on where the Fed’s effective funds rate will average for the term of the swap. The central bank’s target rate is set in a range of zero to 0.25 percent.
The cost for European banks to convert euro-denominated payment streams into dollars-based funding via the cross currency swaps market increased. The three-month cross-currency basis swap was 59 basis points below Euribor, compared to 57.6 basis points below yesterday.
Euribor-OIS Spread
The Euribor-OIS spread, the difference between the euro interbank offered rate and overnight indexed swaps, widened. The measure of banks’ reluctance to lend to one another was little changed at 42 basis points.
The seasonally adjusted amount of U.S. commercial paper rose $10.1 billion to $1.008 trillion in the week ended June 27, reversing a three-week trend of declines, according to Federal Reserve data.
The price on one-year cross-currency basis swaps between yen and U.S. dollars was little changed at minus 35.4 basis points. A negative swap price indicates investors are willing to receive reduced interest payments on the yen they lend in order to obtain the needed financing in dollars.
Foreign-exchange swaps are typically for periods of less than a year, while cross-currency basis swaps usually range from one to 30 years. The latter are agreements in which a person borrows in one currency and simultaneously lends in a different currency. The trade involves the exchange of two different floating-rate payments, each denominated in a different currency and based on a different index.
source
June 28, 2012
Derivatives Show Money-Market Stress Rises as Euro Summit Opens
Forward markets signaled increased stress in the money markets as European leaders began a two-day summit on the region’s debt crisis.
Predictions in the forward market for the gap between the London interbank offered rate and federal funds, known as Libor- OIS, rose to 33.2 basis points from 31.3 basis points yesterday, according to the second rolling three month so-called FRA/OIS spread.
The difference between the two-year swap rate and the comparable-maturity Treasury note yield, known as the swap spread, widened 1.5 basis points to 25 basis points. The gap is a gauge of investors’ perceptions of U.S. banking sector credit risk as swap rates are derived from expectations for dollar Libor. Swap rates serve as benchmarks for investors in many types of debt, including mortgage-backed and auto-loan securities.
European Union leaders are struggling to reach a consensus on how to safeguard governments in Spain and Italy, with German Chancellor Angela Merkel rejecting calls to do more to cut their borrowing costs.
Banks shares slid after Barclays Plc (BARC) was fined 290 million pounds ($451.4 million), the largest penalties ever imposed by regulators in the U.S. and U.K., after admitting yesterday it submitted false London and euro interbank offered rates. Authorities are pursuing sanctions in the global investigation of more than a dozen lenders.
Libor Scandal
Traders at the U.K.’s second-biggest bank by assets routinely coordinated with counterparts from at least four other banks in an attempt to move interest rate benchmarks, according to documents released yesterday by the U.S. Commodity Futures Trading Commission, the U.S. Justice Department and the U.K. Financial Services Authority.
The benchmarks included the Libor and Euribor, a related euro-denominated rate. In both cases, the goal was to generate profits on derivatives held by the banks, the agencies said.
Three-month Libor, which represents the rate at which banks say it would cost to borrow from another, was 0.46060 percent, where it had held since June 25, according to the British Bankers’ Association. The Libor-OIS spread, a gauge of banks reluctance to lend, was little changed at 28.1 basis points.
Overnight index swaps, or OIS, give traders predictions on where the Fed’s effective funds rate will average for the term of the swap. The central bank’s target rate is set in a range of zero to 0.25 percent.
The cost for European banks to convert euro-denominated payment streams into dollars-based funding via the cross currency swaps market increased. The three-month cross-currency basis swap was 59 basis points below Euribor, compared to 57.6 basis points below yesterday.
Euribor-OIS Spread
The Euribor-OIS spread, the difference between the euro interbank offered rate and overnight indexed swaps, widened. The measure of banks’ reluctance to lend to one another was little changed at 42 basis points.
The seasonally adjusted amount of U.S. commercial paper rose $10.1 billion to $1.008 trillion in the week ended June 27, reversing a three-week trend of declines, according to Federal Reserve data.
The price on one-year cross-currency basis swaps between yen and U.S. dollars was little changed at minus 35.4 basis points. A negative swap price indicates investors are willing to receive reduced interest payments on the yen they lend in order to obtain the needed financing in dollars.
Foreign-exchange swaps are typically for periods of less than a year, while cross-currency basis swaps usually range from one to 30 years. The latter are agreements in which a person borrows in one currency and simultaneously lends in a different currency. The trade involves the exchange of two different floating-rate payments, each denominated in a different currency and based on a different index.
source
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