Iraqi News Early Wednesday AM 9-7-22
Iraqi News Early Wednesday AM 9-7-22
Tlm724 Administrator Bondlady’s Corner
Al-Kazemi’s Advisor Reveals The Total Value Of Iraq’s Bonds In Global Markets
Economie Today, 21:42 Baghdad - INA - Nassar Al-Hajj, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed today, Tuesday, the value of Iraq's total international bonds in global markets and the revenues generated. Saleh said, to the Iraqi News Agency (INA), that "the international bonds issued by Iraq are divided into two parts.
The first relates to the bond called (Iraq 2028), which represents the dues of the foreign private sector for its debts owed by Iraq and called debts before 1990, which It was discounted by 80% under the Paris Club agreement for the year 2004, and
the remaining receivables, i.e. 20%, were replaced by European bonds that are due to be amortized once in 2028 and are currently traded in buying and selling in the European secondary capital markets, with a total value of 2.7 billion dollars and carrying an annual interest of 5.8%.
He added, "The annual interest to the holders is paid according to regular semi-annual schedules, and the management of these bonds is handled by the major international banks in the London market of the undertakers."
He pointed out that "the second section was issued in the year 2016, and they consisted of two bonds for Iraq's first with a value of (one billion dollars), and with the guarantee of the United States government and it is called (Tigris), and with an interest paid annually of about 2.4%, and the principal of the bond (Tigris) is paid once in the next year.".
And Saleh continued, "The proceeds of the aforementioned bond go to the benefit of financing the deficit in the general budget during the war on ISIS terrorist gangs,"
noting that "the second bond was issued with a value of (one billion dollars) in the year 2016 and was called (the Euphrates) and with the guarantee of the government of the Republic of Iraq and with an interest that increased over 6.7% annually.
He pointed out that "the amount went to directly finance the deficit in the general budget in the conditions of the war on terrorism, and it will be paid once in the next year as well,"
noting that "the lowest category of bonds is worth $200,000, and the bond categories increase in multiples, and the interest is paid semi-annually." To bond holders through major international banks (obligors) until the value of the bond is amortized once in the next year.
Salih stressed that "the total value of Iraq's international bonds currently circulating in European markets is about $4.7 billion, and these bonds are subject to Iraq's current credit rating of B, which is part of the country's external public debt to be paid." https://www.ina.iq/164930--.html
What Is The Role Of Brokerage Firms In Stock Trading?
Economie Today, 14:18 Baghdad - INA - Mustafa Al-Hashemi Financial brokerage companies play an important role in achieving profits for investors trading (speculators) in the financial markets and stock exchanges in all countries, including Iraq, by playing the role of mediator in the sale and purchase of shares for companies traded in the Iraqi Stock Exchange.
The financial intermediaries receive orders to buy and sell directly from the investor (the speculator) after offering their vision of the shares and giving advice either to buy or sell and according to the stock index up or down.
According to the Securities Commission, 39 financial brokerage companies operate in Iraq, spread in Baghdad, with capitals of different value ranging between one billion and 250 million dinars.
The way the brokerage companies work is that the investor opens a bank account with one of the financial brokerage companies that the investor decides to choose as his representative in trading shares in the stock market, so that the company nominates a financial broker whose role is limited to providing advice and suggestion to the investor to sell shares when their prices rise or buy them when their prices drop.
The multiplicity of financial brokerage companies is seen as establishing a kind of competition between them to obtain new clients and investors to speculate in the markets, where each company provides a number of services and features that benefit the investor and the company in increasing the number of clients and obtaining a return and a percentage of profits. https://www.ina.iq/164887--.html
China Exploits "Soft Power" In Iraq: What Should Washington Do?
Reports & Analytics Iraq America breaking China 2022-09-06 05:37 Shafaq News/ The American newspaper "Washington Times" criticized
Iraq's growing cooperation with China, warning that Beijing is using "soft power" to penetrate the Iraqi economy, especially in the oil sector, in the absence of American interest, taking advantage of its relationship with Iraqi militias and the atmosphere of corruption in the country. Country.
The American newspaper pointed out that after the United States liberated the Iraqi people from the tyrannical rule of Saddam Hussein through the 2003 invasion, two decades later,
China was busy exploiting Iraq's oil-rich resources, by allying with militias in order to gain a foothold in profitable oil sector.
And after the American report pointed out that China had made three attempts so far to control Iraq's oil resources, it was made clear that theIraqi Oil Ministry had thwarted all these attempts.
For example, the report indicated that the Russian "Lukoil" company and the American oil giant "Exxon Mobil" tried to sell their shares in major fields to companies supported by the Chinese government, but the Iraqi Oil Ministry was interfering to prevent this from happening.
He added that the British "BP" was also considering selling a stake to a Chinese company, but Iraqi officials convinced it otherwise.
The report warned that if China had succeeded in this, it might have launched a process of "exodus" by the giant international oil companies, which would have left Iraq open to greater acquisition by China, noting that Iraqi government officials actually expressed their deep concern. In view of the rapid pace with which Beijing is trying to control Iraq.
The report pointed to a demonstration that took place recently near the headquarters of a Chinese oil company in the southern province of Maysan, saying that it sheds light again on the growing Iraqi concern about the Chinese expansion in the oil sector.
The report quoted the Italian research center "Geopolitica" as saying that China is taking advantage of the security vacuum that emerged after the US withdrawal from Iraq, and that
Chinese companies are allying with militias to achieve a strong foothold in the Iraqi oil industry.
The report also quoted the "Financial Times" newspaper as saying that during the year 2021 alone, China concluded deals worth 10.5 billion dollars in the construction sector in Iraq, adding that Iraq is the third largest oil exporter to China, showing its keenness to secure Chinese investments in infrastructure development.
Because many US and European companies are reluctant to place their investments due to rampant corruption and militias targeting US coalition forces and Western interests.
The report considered that China, unlike other parties, was finding ways to operate within this system and in light of the deep corruption and dominance of militias, adding that in light of the fact that Iran is the de facto ruler in Iraq, through its proxies from the military and political groups, and that
China, despite its preference To cooperate with powerful and central state authorities, however, Beijing has found its way to deal with an unstable Iraq.
The American newspaper quoted a report by Fudan University in Shanghai, China, as saying that in 2021, China concluded new reconstruction deals in Iraq worth 10.5 billion dollars, which constitutes one sixth of the investments of the Chinese "Belt and Road Initiative" in that year.
The report stated that "Iraq has emerged for China as the first trading partner in the region, and it is the third largest supplier of oil to it, after Saudi Arabia and Russia,"
adding that Iraq's proven oil reserves of energy, in addition to its strategic location on the Arabian Gulf and its proximity to the Strait of Hormuz, is of great importance. for the Belt and Road Initiative.
He added that with the US withdrawal from the region, China was motivated to expand its influence, and it is likely that improving economic relations with Baghdad would lead to China's political influence over a period of time.
Experts were quoted as saying that China's role in the reconstruction of Iraq and the strengthening of China-Iran relations leads to accelerating the Chinese presence in Iraq at the expense of the United States, adding that Washington, Tehran and Ankara, which are deeply linked to Iraq, are all watching China's movements in Iraq.
The report also referred to China's shrewd use of "soft power" strategies in order to control countries that need money,
which applies to Iraq in strong contrast to the hard power initiatives pursued by the United States, explaining that "soft power" strategies include economic investments and policies. Non-interference in Iraq's affairs.
He added that Beijing has recently begun to take advantage of post-conflict opportunities through mediation efforts and commercial commitment rather than military intervention,
in addition to its use of its veto at the United Nations several times, as it worked alongside Russia and against the Western bloc over the Syrian war.
In addition, China has become more active in major regional issues such as Afghanistan, and it also wants to prevent Washington from using political and military force in Iraq.
The report concluded by saying that China has a firm interest in the oil and energy sectors, and it is working to establish power stations, factories and water facilities in addition to the much-needed schools in various parts of Iraq the country, which is what the newspaper "Los Angeles Times" indicated.
He noted that dozens of contracts signed in recent years ensured the increasing presence of China at a time when major Western companies, including from the United States, were looking to exit the Iraqi market.
"While Iraqi officials acknowledge that they desire a greater American presence, at the same time they find attractiveness in China's offers for development without the conditions of democracy or democracy," he said. Now, the report considers that one of the results of this is that Chinese companies dominate the main economic sector in Iraq, ie oil, as they consume 40% of crude oil exports.
Chinese companies also operate in many key sectors, including finance, transportation, construction and communications.
He also pointed out that Iraq has recently finalized terms with the Chinese company "Sinopec" for the development of the Mansourieh gas field, which can produce up to 300 million cubic feet per day.
The report concluded by saying that although Baghdad expressed concern about China's control of Iraqi resources, what is worrying is that Iraq will turn into a puppet in the hands of the Chinese in the near future, adding that the only way to confront these efforts is through the United States strengthening its diplomatic and economic game.
He explained that this means, first and foremost, that Washington must "frame America's strategic competition with China in Iraq as an ideological competition between democracy and tyranny," and
Washington must therefore make diplomatic and economic efforts to strengthen democracy in Iraq, which contributes In strengthening the independence and sovereignty of the Iraqi people.
He concluded by saying that Washington must present itself to Iraq as "a partner that is more reliable, more supportive and like-minded."
Special translation: Shafak News https://shafaq.com/ar/تقارير-وتحليلات/الصين-تتغلغل-بـ-القوة-الناعمة-في-العراق-ماذا-يجب-على-واشنطن-فعله
Industry Adopts Four Procedures To Rehabilitate Factories
Economie| 08:13 - 05/09/2022 Baghdad - Mawazine News, the Ministry of Industry and Minerals has identified, today, Monday, four procedures to implement plans to correct the path and rehabilitate factories.
The ministry's media center stated, "The ministry has drawn up plans to correct the path and rehabilitate and reconstruct factories and production lines by relying on sources of financing through development and investment and attracting investments from the local or foreign private sector."
He added,"The most prominent of these plans have been implemented and there are plans in the medium and long term relying on the private sector and logistical support from the state, such as laws and instructions to facilitate investment procedures and create a safe and attractive investment environment."
He continued, "With regard to the past public budgets, there was financial support through investment plans, as the support continued from 2008 to 2014, and stopped due to the entry of ISIS gangs, and most of what was rehabilitated by relying on investment allocations was not completed due to the interruption of the allocation or was destroyed or It was badly affected by the military operations. https://www.mawazin.net/Details.aspx?jimare=204603
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