Update as We Know It – SteveI
“By the way, Millionday is just fine and she is still taking care of her business and will be back as soon as we have more incredible news.”
Greetings everyone,
The purpose of this update is to provide you with some very positive financial information as we know it. This information is from very credible sources and our team. We put in red the more important information we feel deserves attention.
News from Iraq
Politics
Iraq’s parliament removed Finance Minister Hoshiyar Zebari from office on Wed. over corruption allegations, a move that risks further destabilizing the major OPEC producer’s fragile economy as it struggles with a massive budget deficit.
Parliament voted 158-77 to withdraw confidence from Zebari, two lawmakers said, after questioning him last month about alleged corruption and misusing public funds, which he denies. Zebari, a Kurd who previously served for years as Iraq’s foreign minister, has recently led high-level negotiations with the IMF for a loan deal and with international lenders for a Eurobond. (Zawya)
http://www.peoplesdinar.com/images/Iraq_News_2016.jpg
Iraqi President Fuad Masoum met with British Defense Secretary Michael Fallon for talks on the fight against the ISIS, including preparations to liberate Mosul. (NRT tv)
Economics
IMF Managing Director Christine Lagarde met on Sep. 21 with Iraq’s Prime Minister Haidar Al-Abadi in New York on the sidelines of the United Nations General Assembly meetings. “The Managing Director welcomed the Iraqi authorities’ economic program, which is being supported by a $5.34bn Stand-By Arrangement (SBA) from the Fund approved in July 2016.
The Managing Director and the Prime Minister exchanged views on how the SBA can help Iraq address the shocks posed by violent attacks and the drop in global oil prices. The Managing Director reiterated the importance of strong commitment to sound policies and decisive action on key reforms that are crucial to yield the largest gains for Iraq’s population.” (IMF.org)
Fitch Ratings has affirmed Iraq’s Long-Term Issuer Default Rating (IDR) at ‘B-‘ with a Negative Outlook. The Country Ceiling is affirmed at ‘B-‘ and the Short-Term IDR at ‘B’. (Iraq Business News)
ISX & CBI Announcements
CBI approved banking license of International Islamic Bank on Sep. 19, 2016. The bank must complete CBI’s capital increase requirements within three years of the license issue. The bank was Al-Iraqia Money Transfer (MTIR) and now converting to International Islamic Bank. (CBI.iq)
Al-Mansour Pharmaceutical Industries (IMAP) will hold AGM* on Oct. 1, 2016 to discuss and approve 2015 annual financial results. ISX will suspend trading of IMAP starting on Sep. 27, 2016.
ISX announced on Sep. 22, 2016 that the formerly Al-Motaman for Money Transfer (MTMT) has completed the CBI and ISC procedures to convert into Zain Al-Iraq Islamic Bank for Investment and Finance (BZII) with a capital of IQD100bn.
Iraqi for Seed Production (AISP) will hold AGM* on Sep. 29, 2016 to discuss and approve 2015 annual financial results, amend the financial year to begin on Jan. 1st and end on Dec. 31st, rent its location in
Abu Ghareeb to Middle East University for eight years, rent the land of Al-Lutaifya, invest a land in Nasrya and purchase two lands in Dyala and Baghdad. ISX will suspend trading of AISP starting on Sep. 26, 2016.
Middle East Production and Marketing Fish (AMEF) will resume trading on Sep. 25, 2016 after discussing and approving 2015 annual financial results and deciding to distribute 20% cash dividends (IQD0.2 dividend per share, 2.8% dividend yield). The opening price will be IQD6.9 for the first trading session.
Al-Maraj Al-Alamiya for Money Transfer (MTMR) will start trading on Sep. 25, 2016 after completing the listing procedures. The price will be free for the first three sessions and then will be traded with +/-20% change.
By the way, Millionday is just fine and she is still taking care of her business and will be back as soon as we have more incredible news. So until then, sit back, relax and let this darn frustrating investment come to you. Follow the money and you will see that Iraq is going to be one heck of a powerhouse in the global market.
Have a safe weekend, Steve
Below article more comments from Stevel:
Jeffusa: Implementation of the amnesty law before it was published in the Official Gaz…
2016-09-21 17:32:23 | (Voice of Iraq) – Baghdad
A spokesman for the judiciary, Judge Abdul Sattar Bayrakdar, that the implementation of the amnesty law before it was published in the Official Gazette, is due to the fact that legislation in Parliament committed implementation date passed directly.
Said Bayraktar, in a press release, that the reason for the start of implementation of the Supreme Judicial Council of the amnesty law before it was published in the Official Gazette is due to the fact that the Amnesty Law No. (27) for the year 2016 text to be implemented from the date of approval of the National Assembly on 25.08.2016.
Bayraktar added that Article 129 of the Constitution stipulates that the laws shall be published in the (Official Gazette) and operates from the date of publication , unless the law provides otherwise, indicating that the amnesty law stipulates that implements the law from the date of approval on 25/08/2016 .
He said that Article 14 of the General Amnesty Law referred to states that do not work with any provision inconsistent with the provisions of this law, pointing out that the failure to issue the orders of the Supreme Judicial Council on enforcement of the law means a breach of constitutional and legal obligation, according to the statement.
He noted the official spokesman of the judiciary that Article 15 of the Law Nstaly Supreme Judicial Council may issue instructions to facilitate the implementation of this law, stressing that it means that the Supreme Judicial Council has carried out the constitutional obligation and legal contained in Articles 129 of the Constitution , and (15) of the Act.
The House of Representatives voted on 25 August, approving the general amnesty law , which includes all crimes except for exceptions , including “rape, human trafficking and internal and external security, and the crimes of embezzlement of money public to be returned,” as well as “foreign non – Iraqis and accused of terrorism.”
SteveI : You get Mosul completely done, move the army to the border, and then finally great times ahead for all.
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