Oil climbs above $ 51 after OPEC decision to cut production

 

Friday 02-12-2016 | 10:00:32

K & / p p

K & / p p

Twilight News / Oil prices rose on Friday to settle above $ 51 a barrel, with the trend of global crude measurement Brent to achieve the biggest weekly gain since 2009 following OPEC’s decision this week to reduce oil production to reduce global supply glut.

After the agreement was announced on Wednesday, the market will focus on the implementation and impact of the first agreement since 2008 for OPEC to cut production, which will involve Russia and perhaps others Producers are not members of the organization.

Oil prices came under pressure due to data showing that oil production in Russia rose in November to its highest level after the Soviet era and reports that Moscow will use the record level of crude production, which reached last month as a basis to reduce their production.

By 1634 GMT, futures rose to global crude measurement Brent contract month closest maturity of 18 cents to $ 54.12 a barrel, up 0.3 percent. Crude has risen about 15 percent since the beginning of the week, the biggest weekly gains since early 2009.

And it stepped up futures contracts for WTI US mediator 27 cents to $ 51.33 a barrel, heading towards record biggest weekly gain since August 2015.

The oil got support from the dollar’s decline, which fell against a basket of currencies. But traders said the profit taking ahead of the weekend limited the crude gains.

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ISIS moving heavy fighting equipment from Iraq to Syria

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Reports have emerged that ISIS started withdrawing their heavy military equipment from from the towns of al-Qa’im, Rawah and Anah in Iraq’s Anbar province, to the Syrian desert city of Raqqa, which is also the terrorist groups defacto capital.

Much of the equipment is rocket launchers, battle tanks and armored vehicles.

This comes at a time when Mosul in Iraq’s Nineveh province is completely cut off from Syria and the terrorist group being battered by Iraqi forces, including the Kurdish Peshmerga and Shi’ite militias.

https://mobile.almasdarnews.com/article/isis-moving-heavy-fighting-equipment-iraq-syria/

CBI aims to raise the price of the dinar

Dec 03, 2016

BAGHDAD – Anatolia: Iraqi finance official said on Friday that the Central Bank of Iraq aims to raise the Iraqi dinar exchange rate against the dollar in the domestic market during the coming period in coordination with the government and private banks.
Said Majid picture, the governing body of a member of the Iraqi Central Bank, said that «the CBI identified in an earlier exchange rate as 1200 Iraqi dinars per dollar, and now we aim to maintain the exchange rate to the borders of 1210 or 1220 dinars to the dollar».
He added that «there is significant cooperation between the central bank and the civil government and the banks, on the sale of hard currency, and within a short period will be reduced dollar against the Iraqi dinar».
Although the Central Bank of Iraq announced earlier this year to install dollar against the Iraqi dinar rate of 1200 dinars to the dollar, and obliged all banks and banking companies to sell according to the new price, but that did not happen.
CBI has not officially announced so far for steps to maintain the local currency against the dollar, with the most important step taken by the central banks in this regard is to provide foreign exchange in the domestic market. To maintain its currency. In a related development anticipate the picture that «there are positive effects of the agreement to reduce oil production of OPEC on the Iraqi dinar exchange rate».
He pointed out that «Iraqi revenues in hard currency may increase, and this will have a significant role in increasing the supply of foreign currency in the local market.»And yesterday scored Iraqi dinar exchange rate against the dollar to decline up to 1320 dinars to the dollar.
The sale price of the national currency, according to the schedule of financial exchange in Iraq has reached 1320 dinars to the dollar, down from the official rate of exchange at the Central Bank of Iraq by 120 dinars to the dollar.
It is noted that in the last weeks of the Iraqi dinar exchange rate maintained at a rate of 1290 dinars to the dollar, but it is taking a gradual decline in nearly two weeks.
On the other hand the Economic Committee in the Iraqi parliament, said that 80 percent of the $ 312 billion sold by the central bank in 12 years, had been smuggled abroad. This came in an interview with a member of the economic and investment commission proof Mamouri, during a press conference with a number of members of the Committee. Said Mamouri «12 years ago to establish a central bank auction, it was sold 312 billion dollars in 80 percent of them turned out of Iraq». He explained that «the participants in the auctions sell the currency, the banks and companies, their goal was to obtain hard currency at a lower price to be smuggled out of Iraq, after the submission of forged trade documents».
He added that «the central bank’s policy has led to a significant waste of hard currency that enters the country as a result of the sale of oil». He pointed out that «the Central Bank reserves fell to less than $ 50 billion as a result of this policy».
The Iraqi central bank sold dollars to Iraqi banks and companies at a price of 1180 dinars to the dollar, while its price in the market is much more than that.

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Masum to Macgork: Iraq is capable of transformation into a leading regional power

 

History of edits:: 02.12.2016 21:51103 visits readable
[Oan- Baghdad]
President Fuad Masum said that “Iraq can shift in a short period leading to and confident regional power in the promotion of peace and stability and promote the progress and development in the region.”
According to a presidential statement received by all of Iraq [where] a copy of it to the infallible said during a meeting at his home in Baghdad on Friday evening , US presidential envoy to the alliance of nations in the war against Daesh Brett Macgork, ” The reconstruction of Mosul and all the liberated areas of the hands of terrorist Daesh and accomplish reconciliation gangs community – based strategy from the smallest administrative units towards larger Valokpr even coverage of the entire national level is effective guarantee for the revitalization and prosperity to those areas in all fields. ”
the statement also pointed to the two sides discussed” the overall security situation and regional and international developments as well as developments in the war against terrorism, accept Macgork the results of recent contacts and talks , stressing his country would continue to support Iraq in all fields. ”
the meeting was attended by the new US ambassador to Iraq , Douglas Allen Selman.

Abadi: Victory at the battle of Mosul became Daesh at hand

 

By Roudao 45 minutes ago
العبادي مع مجموعة من الضباط
Abadi with a group of officers

Roudao- Erbil

Iraqi Prime Minister Haider alAbadi said on Friday that the military victory over the organization of “Daesh” in the battleof Mosul, “became at hand.”

This came in a statement to Ebadi, during his visit to the headquarters of Joint Special Operations Command (Department of Defense), which holds the Battle of Mosul Manager (North) from the capital, Baghdad, which it heard reports of military commanders, according to Iraqi television.

According to the same source, that al-Abbadi discussed with the military commanders’ plans to achieve victory over the terrorist gangs Daesh “battle of Mosul.

Ebadi said, “The final military victory became hand, and our troops advancing from all axes, and terrorist gangs experiencing refracts in its ranks”, without giving further details.

The interview with the Prime Minister, having tightened Iraqi forces allied with them (militias belonging to the government) blockade almost entirely on militants “Daesh” in Mosul.

The elite forces have in the army, from the incursion into the eastern side of the connector, amid stiff resistance from the organization, which resorted to plant mines and improvised explosive devices to prevent the progress of the Iraqi forces.

On October 17 / October last, set off a battle restore Mosul, which was dominated by the “Daesh” the summer of 2014, with the participation of 45 thousand of the Baghdad government forces, the army and police, backed by the “popular crowd,” and “Guard Nineveh”, along with Peshmerga forces.

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Masum to Macgork: Iraq is capable of becoming a leading regional power

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BAGHDAD – The Journal News
The president of the republic Fuad Masum, on Friday, Iraq can shift in a short period leading to and confident regional power in the promotion of peace and stability and promote the progress and development in the region.

Masum said during a meeting in Baghdad this evening the American president of the World Alliance envoy in the war against al Daesh Brett Macgork, said that the reconstruction of Mosul and areas liberated all of the hands of the organization Daesh terrorist and complete reconciliation of community strategy, on the basis of the smallest administrative units toward the larger of revitalization and prosperity to those areas in different areas.

The statement added that the meeting discussed the overall security situation and regional and international developments, as well as developments in the war against terrorism, noting that Macgork reviewed the results of recent contacts and talks, stressing his country would continue to support Iraq in the areas Kavh.anthy

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Arbil declares its readiness to hold a dialogue with Baghdad and to agree with them on their financial dues

 

Editor Haider Majid – Friday December 2 , 2016 17:57

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Erbil
It announced the presidency of the Kurdistan Regional Government, on Friday, ready to make a “productive dialogue” with Baghdad and agreed with them to ensure the financial entitlements of the region and the salaries of his staff, confirming the readiness to implement the “no obligation is joint and one-sided.”

The presidency said in a statement Sumerian received News copy of it, he was “in order to ensure that all financial benefits and the salaries of the Kurdistan Regional staff, the Erbil is ready for a productive dialogue with the federal government and to agree with them,” asserting that “the region is not ready to implement any non-shared commitment to unilaterally .”

The statement added that “the Kurdistan Regional Government will invite the members of the Kurdish blocs in the Iraqi parliament to Erbil in order to compare all financial information by the Cabinet of experts in order to compare them carefully and choose the best options to serve the interests of the Kurdish people, according to the numbers and statistics, especially low-income employees of religion classes were affected cut by the provincial budget by the Iraqi federal government. “

He was a member of the Kurdistan Democratic Party bloc in the Iraqi parliament Sarhan Sulaivani revealed on Friday (2 December 2016), for the emergence of differences between the Kurdish blocs on some of the paragraphs relating to the extradition of the oil to Baghdad and staff salaries and entitlements of the region, pointing out that there are efforts to resolve these differences.

The House of Representatives and raise its meeting held, on Thursday (1 December 2016), to Saturday, without a vote on the federal budget for fiscal year 2017.

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Readout of Vice President Biden’s Call with Prime Minister Haider Al-Abadi of Iraq

 

 

WH National Security (@NSC44)

Readout of @VP Biden’s Call with Prime Minister Haider Al-Abadi (@HaiderAlAbadi) of Iraq: whitehouse.gov/the-press-offi… pic.twitter.com/Q5wxUJ8DGD
The White House
Office of the Vice President
For Immediate Release

Readout of Vice President Biden’s Call with Prime Minister Haider Al-Abadi of Iraq

The Vice President spoke today with Iraqi Prime Minister Haider Al-Abadi to discuss progress in the Iraqi-led campaign to liberate Mosul from the terrorist group ISIL. The Vice President commended Iraqi Security Forces for their battlefield successes, expressed condolences for all Iraqi lives lost in the fight against ISIL, and thanked Prime Minister Abadi for his leadership in the battle to liberate Mosul. The Vice President also welcomed the close cooperation between the Iraqi government and Kurdistan Regional Government to bolster security and ensure ISIL’s lasting defeat in northern Iraq. The two leaders emphasized their respect for Iraq’s sovereignty and territorial integrity and underscored their mutual commitment to the long-term strategic partnership between the United States and Iraq pursuant to the U.S.-Iraq Strategic Framework Agreement.

Central frees “Dar es Salaam” bank reserves and starts to pay portions of amounts 85% of depositors

 

 

Demonstration against Al Ahli, Al Salam Bank in central Baghdad, on Tuesday (August 9, 2016).

 

Author: AB, MJ
Editor: AB, BK
12.2.2016 17:25
Number of Views: 60

 

Long-Presse / Baghdad

CBI indirect announced repay portions of amounts 85% of the amount of depositors in the “House of Peace” bank by editing the legal reserve, and has pledged to pursue similar steps with the two banks “stumbling” others, while private banks association confirmed that the central bank’s actions reduced the number of banks “distressed” from eight to only three, promised that those banks have affected the reputation of the sector.

The Director-General of the Department version and cabinets in the central bank Ihsan Shomran in an interview to the (long-Presse), “The bank was forced to edit part of your troubled banks reserved the legal reserve has to pay off depositors in money,” noting that the “step applied to Dar es Salaam which is the largest defaulters, hoping applied to the North Bank of the third and the last. “

He Shomran, that “special committees of the Central Bank is currently paying portions of amounts 85% of depositors in Dar es Salaam, which amounts to billions of dinars Bank”, noting that “the bank’s reserves are not enough to pay all depositors’ funds.”

Said Director General of the Department version and cabinets in the central bank, that “the bank will pay the amounts of deposits that do not exceed three million dinars owners,” pointing out that “large deposit holders would receive proportions of them in the hope that improves the bank’s financial position to pay off the remaining ones.”

And on the demonstrations organized by the depositors troubled banks, in front of the central bank, said Shomran, that “depositors believe that the troubled banks, funds reserved for the central bank, and demanding payment of their deposits,” stressing that “the central bank depends justice distribution which gives parts of the amount of each applicant to include distribution everybody”.

Among Shomran, that “the central bank needs more time to repay the deposits are all deserving,” explaining that “the face of the bank book to Dar es Salaam bank owners to know the procedures that will be followed to reimburse depositors have.”

In turn, executive director of the Association of Banks of civil Ali Tariq said in an interview to the (long-Presse), said that “some banks eligibility has not adhered to hand over depositors’ money to have,” noting that “the number of troubled banks fell from eight to only three because the procedures followed by the central bank.”

He explained Tariq, that “the central bank supervises himself to solve the problem of the three troubled banks over the extradition of nationals money directly and proportions of certain According to available to those banks have reserves,” stressing that “the funds provided by the Central Bank of the assets of those banks that do not suffice depositors all in Ann One”.

He predicted, executive director of the Association of private banks, to “repay depositors eligibility banks funds process take longer, although impacted on the claimants of their rights,” she returned to “delays caused by lack of financial liquidity for the three banks affected the reputation of the banking sector in general, and 57 banks waged especially “.

He guessed Tariq, that “the central bank goes to sell part of its non-performing assets of banks to repay depositors’ money,” stressing the need to “reimburse depositors regardless of their size.”

Dozens of depositors in private banks, has been demonstrated, in, (the 29th of November 2016), again in front of the Central Bank Building, the center of Baghdad, to demand the fractured deposits troubled banks fund, to recover their money, while accusing the bank of “collusion” with her, they demanded the three presidencies to intervene to address the cause.

It is noteworthy that among the troubled banks, as well as Dar es Salaam, both from the north and the Warka.

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Kurdistan Regional Government to respond to the proposal of the Baghdad government on the budget for fiscal 2017

 

 

Kurdistan
By Ziad alHaidari one hour ago
شعار حكومة إقليم كوردستان
Logo Kurdistan Regional Government

Roudao – Erbil

Kurdistan Regional Government received, on Friday, the federal government ‘s proposal on the draft financial budget law for 2017, criticizing privately federal government in Baghdad to prepare a draft financial budget law in isolation from the Government of the Territory, expressive at the same time regret that proposed by some Kurdish blocs on the export and sale 300 000 barrels of crude oil from Kirkuk province , in exchange for the federal government acted salaries of employees, and workers in the region circles, and include that in the budget next year.

The prime minister of the Kurdistan Regional Council, in a statement Roudao network media got a copy of it, “The federal government and every year to prepare the draft federal budget law, ratified and sent to the Federal House of Representatives without the involvement of the Kurdistan Regional Government and consult with them and this is exactly contrary to the principles of federalism, especially the initial participation power and wealth in the public interest of the Iraqi peoples, and as is clear in Iraq, the Constitution of the Federal materials. “

She said in a statement, “with the Kurdistan Regional Government estimate of the role and efforts of Kurdish blocs in the Iraqi parliament and valued highly for this role towards the protection of the public interests of the region and improve the physical and the living conditions of citizens and put pressure on the federal government to speed up the disbursement of financial dues to the Kurdistan Region, and especially the financial benefits to employees a constitutional right the legal staff of the Kurdistan region, but any attempt or project for that matter needs a lot of research and fine study by experts to discuss the principle of the details and data and figures and to benefit from previous experiences to the talks and agreements between Erbil and Baghdad and scientific comparison of the options to be able to implement and install the demands of the province in a practical “.

She pointed out that it “can not subdue the Kurdistan Region a legal commitment will not result in, but the damage to the region instead of benefit desired for the citizens, it is necessary to have the House of Representatives a true and clear information about the number of employees in the province of Kurdistan and the budget required to provide all these salaries and comparing schedules provided herewith around the province in the draft federal budget law. “

She explained, “In light of all of the, what came out in paragraph (A) of the draft amendment, which has seen and, unfortunately, through the means of social communication, without being sent to the channels and official Almaossat for the Kurdistan Regional Government, however it can not only provide the staff of the provincial salaries, but it has allocated 137 billion dinars per month for 300,000 barrels of oil daily average for export, while the budget required to provide financial benefits to the staff of the region totaling 1.4 million employees, nearly Al880 billion dinars per month. within these figures also there are more than 730 000 member need a month to more than 685 billion dinars, this convention except for the salaries and entitlements of retirees and the families of martyrs and the disabled and those with special needs and Tllbh and beneficiaries of social welfare and those who have never refer to in the draft amendment. “

Confirmed prime minister of the Kurdistan Regional Council, that “on the subject, in order to ensure full financial entitlements and faculty staff of the Kurdistan Region, showing the Kurdistan Regional Government fully prepared to discuss and negotiate and fruitful dialogue with the federal government, and emphasize that the Kurdistan Regional Government is prepared to deal with the federal government in exchange for provide full benefits to employees of the Kurdistan region, and to the contrary, the imposition of any unilateral commitment without the existence of any joint agreement will result in the Kurdistan region to the non-implementation and non-compliance with them. “

The statement concluded, “From here we call upon the members of the Kurdish blocs in the Iraqi Council of Representatives to Arbil to view all the information that has to compare accurately and scientifically by financial experts at the Council of Ministers to choose the best options that will serve the public interest of the people of Kurdistan and especially low-income people in the region and staff who have been affected much due to cut the region’s share of the federal government by the Iraqi .balaatmad on real data and figures. “

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