More Iraqi News Wednesday PM 8-25-21
More Iraqi News Wednesday PM 8-25-21
TLM724 Administrator BondLady’s Corner
The Ministry Of Oil Announces Exports And Revenues For The Month Of July
Wednesday 25 August 2021 15:19 | Economic Number of readings: 190 Baghdad / NINA / - The Ministry of Oil announced the total exports and revenues achieved for the month of last July, according to the final statistics issued by the Iraqi Oil Marketing Company "SOMO", where the amount of exports of crude oil amounted to (90) million (467) thousand and (794) barrels with revenues amounting to (6) billion and (475) million and (512) thousand dollars.
The statistics indicated: "The total quantities exported of crude oil for the month of July from oil fields in central and southern Iraq amounted to (87) million and (455) thousand and (359) barrels, and from the Kirkuk fields through the port of Ceyhan, the exported quantities amounted to (3) ) Millions (12) thousand and (435) barrels, at an average price of (71,578) dollars per barrel.
And the exported quantities were loaded by (30) international companies of different nationalities, from the ports of Basra, Khor Al-Amaya and the mono-buoys on the Arabian Gulf and the Turkish port of Ceyhan./ End p. https://ninanews.com/Website/News/Details?key=923417
After A Strong Rise, Oil Prices Are Falling
Wednesday 25 August 2021 09:30 | Economic Number of readings: 264 Baghdad / NINA / - Oil prices fell, today, Wednesday, after a strong rise this week, spurred by the loss of a quarter of Mexico's production and indications that China, the world's largest importer, had curbed the outbreak of the Corona virus recently.
US West Texas Intermediate crude futures fell 37 cents, or 0.55%, to $67.17 a barrel, while Brent crude futures fell 44 cents, or 0.62%, to $69.98.
Both benchmark contracts are up about 8% over the past two days, erasing most of the decline in a seven-day losing streak. Prices rose mainly due to the loss of more than 400,000 barrels per day of supplies in Mexico after an oil rig fire.
Last week's losses were driven by concerns that the spread of the highly contagious delta type of coronavirus in Asia would slow the region's economic recovery. https://ninanews.com/Website/News/Details?key=923338
A Deputy Reveals The Percentage Of Iraqi Funds Smuggled Abroad
political Wednesday 25 August 2021 | 10:56 am| Number of readings: 348 Representative Fadel Al-Fatlawi revealed the percentage of Iraqi funds smuggled abroad. Al-Fatlawi asked, according to local media: "From 2003 until now, what is the amount of money that has been smuggled from hard currency out of Iraq?"
He added, "The money that was smuggled out of Iraq is estimated at about 60% of it is money laundering, and this is something known to everyone, and the smuggled money is estimated at billions of dollars, which were laundered in twisted ways so that the source of that money is not known, not to mention the money smuggled in the time of the former regime." You still don't know where the money went or how much."
He stressed that "there must be a real will to recover the smuggled money outside Iraq and investigate this money, whatever its source and whoever the people who smuggled this money were," noting that "Iraq today suffers from poor services." He added, " https://aynaliraqnews.com/index.php?aa=news&id22=151118
The Role Of The Dividend And Disclosure In Attracting Trading In The Shares Of Joint Stock Companies
Executive Director of the Stock Exchange, Taha Ahmed Abdel Salam. "Economy News" Articles
Iraqi and foreign shareholders and investors follow the indicators of the financial position of the joint stock companies listed in the Iraq Stock Exchange, as well as the indicators of trading and dealing in the shares of these companies.
Direct analysis agencies, especially Arab ones, including Al-Mubasher Agency, follow up news and information on joint stock companies and trading indicators, in addition to following up on Arab financial markets.
The number of joint stock companies listed on the Iraq Stock Exchange is (103) joint stock companies representing the following sectors:
- The banking sector, represented by (43) joint stock companies, and the number of shares in it represents 79% of the volume of shares. Banking companies have been using international accounting standards since 2018, according to the decision of the Central Bank of Iraq.
It also uses the governance principles issued by the Central Bank of Iraq since 2018.
The number of companies in which foreign investors invest is 18 joint-stock companies, some of which have a foreign participation rate of 91%, such as the Credit and Commercial Bank 87%, the National Bank of Iraq 80% and the Bank of Baghdad 72%.
The number of banking companies that distributed dividends to their shareholders is (3) companies.
- The industrial sector, represented by (21) companies, and the number of shares in it represents 2.6% of the volume of shares.
The number of industrial companies that distributed dividends to their shareholders is two.
- The telecommunications sector is represented by the two companies, Asia Cell Communications and Al Khatim Communications, which represent 16% of the number of listed shares.
The services sector represented by 10 companies, and the number of shares in it represented 0.45% of the volume of shares.
Two companies distributed the annual dividend to shareholders.
The hotel and tourism sector, represented by 10 joint stock companies, represents 0.26% of the market size.
- The financial investment sector, represented by 6 joint stock companies, and its size represents 0.11% of the volume of shares.
The insurance sector, represented by 5 companies, represents 0.25 of the shares.
The agricultural sector, represented by 7 listed joint stock companies, whose shares represent 0.44% of the volume of shares in the market. Two companies distributed the dividend during the current year.
Thus, the total of the companies that distributed the dividend becomes (9) companies out of 103 joint-stock companies, despite the Securities Commission and the Companies Registration Department confirming that:-
1. Encouraging joint stock companies to implement Article 73 of the amended Companies Law No. 21 of 1997, and supporting the distribution of the dividend to shareholders. Book of Companies Registration Department No. 21821 on 27/7/2021.
2. Cumulative voting - Companies Registration Department letter No. 20949 on 11/7/2021.
It is appropriate to know that the percentage of foreigners’ contribution to the shares of joint stock companies did not exceed 18% for the most important reasons:-
1. The limitation of foreign investment portfolios to five major, medium and small portfolios, whose priorities have been set in the purchase of shares of companies in sectors, the most important of which are banking, industry and telecommunications, as well as simple percentages in other sectors.
2. The foreigner's contribution to a number of profitable companies has reached its maximum limit, and then the purchase of the shares of these companies has been stopped. Based on Article 12 of the Companies Law and the article specifying the percentage of ownership, as well as based on the effective percentage of a legal or natural person 9.9% in the Iraqi Banking Law.
3. The weakness of establishing new joint stock companies and the weakness of issuing new securities.
The future responsibility of the public and private securities sector institutions will be in various directions, the most important of which are:
1. Working on diversifying new issues of stocks and bonds, both types of government bonds and corporate bonds, and not resorting to capital increases.
2. Obligation of joint stock companies by sectoral authorities to measure return and earnings per share in order to enhance financial performance in joint stock companies; For the purpose of achieving profits and distributable surplus and distributing a divided dividend to shareholders on a regular basis that has demonstrated its ability to attract Iraqi and foreign investors.
3. Shareholders should benefit from the Companies Law and its amendments, especially in the annual conferences where we mean the meetings of general bodies, after voting has become a positive right through its cumulative classification, which will enable a group of small and medium shareholders to take decisions no less important than the owners of larger ownership.
4. The issuance of the instructions of the guarantor bank, margin trading, and the third market platform for trading securities of listed companies with poor disclosure will have a new importance in attracting investment and diversifying the ways of dealing by investors.
5. Working to address the problems of companies that have been sabotaged by the aggression of ISIS gangs through work mechanisms led by specialized banks.
It is appropriate to adopt performance standards in the implementation of the strategic objective - strengthening and strengthening the banking sector and financial institutions - of the Central Bank of Iraq. In the development of the securities sector, as it will protect the rights of shareholders and encourage the development of the financial market in Iraq.
* Executive Director of the Iraq Stock Exchange
Quoted from: Morning Views 140 Date Added 08/25/2021 https://economy-news.net/content.php?id=26100
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