behaviorkat

This is an opinion article and I trust that the author does not have accurate information about the dinar or the effect Iraq has on our economy. I think Maliki coming to the US is good news myself. Let's just hope for everyones sake Obama can pull this off. He really needs to, or at least find someone that can help. It is good that Maliki is coming to the states ~ IMO Thanks K98 for the post! It is good to get a variety of news

(Reuters) - The popular uprisings that have swept the Arab world this year have slowed economies across the region, and jobs, better governance and investment are needed, speakers at the World Economic Forum (WEF) in Jordan said on Saturday. Jordanian King Abdullah said at the opening of the forum on unemployment, economic stagnation and other problems -- some of which sparked the uprisings across the Middle East and north Africa -- that the region needs to create 85 million jobs soon. "This year's events have opened the way to positive change, but in many places, also created painful economic dislocations. Strategies are urgently needed, and they must take place across the board - in economic life, in politics and policies, in social life and cultural values," he said. In Yemen, for example, where two in three people survive on less than $2 per day, 40 percent of the population suffer from illiteracy and high unemployment. "The biggest challenge facing the Arab world.. is better governance and investing in education that allows us to compete and raise living standards," said Mohamed al-Shaya chairman of Kuwaiti Shaya group. The International Monetary Fund (IMF) recently said that the uprisings have cost the most affected countries more than $55 billion, but the resulting high oil prices have strengthened other producing countries. It said countries that had seen the bloodiest confrontations -- Libya and Syria -- were bearing the economic brunt, followed by Egypt, Tunisia, Bahrain and Yemen. "In the short term it is like major surgery and then recuperation, but in the long term it will lead to stability and it will make the region attractive to investors," Ismail Tahboub, CEO of Jordan Dubai capital investment firm, told Reuters. The unrest has badly damaged tourism and foreign investment in the Middle East, undermining economic growth. But investors said the region would eventually prosper. "We are witnessing a period of transition but it is mainly positive," said Danny E.Sebright president of the US-UAE Business Council. "Anytime you have a reform movement looking for transparency and openness, the outcome will be positive at the end of the day," he told Reuters on the sidelines of the conference. In Egypt, nine months of turmoil has knocked some 4.2 percent off gross domestic product with public expenditure rising to $5.5 billion as public revenues fell by $75 million. The impact of unrest is hard to ascertain in Syria, but the IMF report suggested a total cost to the Syrian economy of some $6 billion or 4.5 percent of GDP. Tunisia has lost some $2.0 billion from its GDP, roughly 5.2 percent, and the government has increased expenditure, pushing its fiscal balance into the red. "In the long term the Arab spring is good, but in the short and medium term its effect is very negative," said Iman Bibars, head of the Cairo-based Association for the Development and Enhancement of Women, citing record-high unemployment as well as inflation. "Democracy takes time." (Writing; by Mariam Karouny) http://www.reuters.com/article/2011/10/22/us-wef-arabspring-idUSTRE79L0YR20111022

IMF says not seeking more funds from Gulf states inShare.0Share thisEmailPrintRelated NewsGreece may need 60 percent bond writedown; EU at odds Fri, Oct 21 2011 Oil mixed ahead of EU meetings on debt woes Fri, Oct 21 2011 Commodity traders: The trillion dollar club Fri, Oct 21 2011 Franco-German split over bailout fund threatens crisis plan Thu, Oct 20 2011 Global stocks, euro decline as EU summit hopes slip Wed, Oct 19 2011Analysis & OpinionGaddafi death could add momentum to Arab Spring Europe’s coming credit austerity Related TopicsEuro Zone » IMF » International Monetary Fund (IMF) Deputy Managing Director Nemat Shafik smiles during an eurozone finance ministers meeting at the EU Council in Brussels May 16, 2011. Credit: Reuters/Francois Lenoir By Martin Dokoupil and Mahmoud Habboush ABU DHABI | Sat Oct 22, 2011 7:56am EDT ABU DHABI (Reuters) - The International Monetary Fund is not seeking more funds from Gulf Arab oil exporters to bolster its resources, and the region faces no major danger from the euro zone debt crisis, the IMF's Deputy Managing Director Nemat Shafik said on Saturday. Some emerging economies, fearing the euro zone crisis could destabilize them, suggested giving the IMF more firepower to cope with threats to the global financial system when policymakers from the Group of 20 nations met in Paris last week. China, Brazil and India all favored bolstering the IMF's capital, G20 sources said. But they ran into resistance from the United States and other big economies, burying the idea for now. Asked whether the IMF was seeking more resources from Gulf Arab countries, Shafik, visiting Abu Dhabi for a meeting of finance ministers and central bankers from the region, told reporters: "No, at the moment, it is not our objective." Saudi Arabia's central bank governor told Reuters last week that the IMF did not need more funds now and that he doubted any consensus on increasing IMF members' quotas for contributions to the Fund was likely in the near future. "The recapitalization for what was agreed on for 2010 has not been implemented yet. So there is absolutely no discussion at this stage with regard between the IMF and the UAE regarding participation in any recapitalization," the United Arab Emirates Minister of State for Financial Affairs, Obaid Humaid al-Tayer, said on Saturday. He also told a news conference that the IMF had presented a paper on the global economic situation to Gulf policymakers in Abu Dhabi, and had discussed expectations for how Europe would deal with its debt crisis. He did not give details. European Union leaders will meet on Sunday to see if they can agree on a plan to resolve the two-year-old crisis, with another summit scheduled for Wednesday, October 26 because no breakthrough is expected on Sunday. Shafik also said the impact of the euro zone crisis on the Gulf had been small so far as its exposure to Greece and Portugal was "very limited." "There is no major danger for the Gulf financial markets," she said after the meeting. "The only concern is when there is any impact in the future on the price of oil." Brent crude oil prices have retreated from more than two-and-half year highs of $127 per barrel seen in April to nearly $99 earlier this month. They closed above $109 per barrel on Friday. United Arab Emirates Finance Minister Sheikh Hamdan bin Rashid al-Maktoum told the Saturday meeting that Gulf countries were able to fill any shortage of oil on international markets to keep prices stable. "The GCC countries will be in a position to fill any shortage of oil on the international markets for the stability of oil prices," Sheikh Hamdan told the meeting. Gulf Arab economies rely on oil for most of their government spending. Governments across the region have boosted social spending this year as unrest swept much of the Arab world, including Bahrain, Oman and Yemen, which made budgets more vulnerable to a sudden fall in crude prices. (Writing by Martin Dokoupil; Editing by Andrew Torchia) http://www.reuters.com/article/2011/10/22/us-imf-gulf-idUSTRE79L0R820111022

Foreign banks in China scramble to meet new deposit rule inShare.6Share thisEmailPrintRelated NewsScotiabank to pay $1 billion for Colombian bank stake Thu, Oct 20 2011 Exclusive: China quizzes audit giants on documents Wed, Oct 19 2011 Bank of America struggles, but asset sales help Tue, Oct 18 2011 China growth slows to 2-year low Tue, Oct 18 2011 Citi posts higher earnings but warns on growth Mon, Oct 17 2011Analysis & OpinionThe Gaddafi corpsewatch Banking on Volcker: Big Crisis, Big Rule Related TopicsChina » A man walks past the HSBC headquarters building in Pudong financial district in Shanghai December 8, 2010. Picture taken December 8, 2010. Credit: Reuters/Carlos Barria By Kazunori Takada SHANGHAI | Fri Oct 21, 2011 1:21am EDT SHANGHAI (Reuters) - The race for cash among foreign banks in China is heating up as some struggle to rake in enough yuan deposits to meet a regulatory requirement that kicks in at the end of the year Many of the larger commercial banks operating in China, such as HSBC Holdings PLC (HSBA.L) and Citigroup Inc (C.N), say they have already met the new loan-to-deposit ratios (LDR) but some of the smaller players are at risk of failing to meet the requirement, bankers say. The Chinese Banking Regulatory Commission (CBRC) is requiring all domestic and foreign banks in China to have an LDR of 75 percent or less -- meaning loans they have made should not exceed 75 percent of total deposits they have received -- as at December 31, as the grace period on a policy announced in 2006 comes to an end. Some Chinese lenders are also scrambling to meet the requirement, but the fight for funds is particularly intense among some foreign banks that do not have retail operations, the bankers say. "For a wholesale bank, the 75 percent LDR is a big headache," said a banker at a foreign bank who declined to be identified because of the sensitivity of the issue. "It limits our ability to expand our lending business but I suppose we can't complain since it's a uniform rule across the sector and we are playing ball in their field." Even the China head of Japan's biggest lender acknowledged that collecting deposits was not easy for many foreign banks in China. "One would have to cut down on lending or increase deposits. But there is very strong demand for loans from companies and cutting back on them would mean a shrinkage in operation. So it's natural for competition (for deposits) to heat up," Bank of Tokyo-Mitsubishi UFJ (China) President Eichi Yoshikawa told Reuters in a recent interview, adding his bank has met the target. The banking regulator has not made clear what the repercussions will be if banks fail to meet the new requirement, but analysts suspect the punishment could be in the form of holding off on approving requests for new branch openings. The CBRC has also yet to disclose how the new rule will be monitored, which bankers say makes business planning difficult. They say if the LDR is to be monitored on a daily basis, banks would need to create enough buffer in case of large deposit withdrawals or during seasonal fund repatriation periods. SMALL RETAIL BASE Around 40 foreign banks have set up locally incorporated units in China since 2007 when the first batch of banks were approved, hoping to ride on the boom in the world's second-biggest economy. While business has been profitable for many, expanding retail deposits has been a struggle for most. "It's tough to get retail deposits within China simply because they don't trust these foreign companies," said Mike Werner, China banking analyst at Sanford Bernstein. On the other hand, companies are reluctant to leave spare cash idling at banks as they look to expand further, leaving some banks in a tight spot to meet the LDR requirement. As a result of the competition, rates on structured deposits have shot through the roof over the past few months in hopes of luring cash as banks are banned from competing on term-deposit rates, bankers say. At year-end there may be a few who will not have reached the required deposit level, bankers say. A senior banker at an Asian bank said the CBRC has said there are still a few banks which have an LDR higher than 100 percent. As of end-2010, the average LDR of 29 foreign banks that disclosed the figure was at 102 percent, according a report by PricewaterhouseCoopers. That compared with an average of 150 percent at end-2009, the report said. The European Union Chamber of Commerce in China, in its 2011/21 position paper published last month, called on Beijing to either replace the requirement with an alternative measure or give a longer grace period for late-comers. It said the adverse effect on the operations of small- and medium-sized foreign banks is particularly serious, as they only have a small branch network, thus limiting their ability to gather deposits from the broader public. "The current status quo results in a comparative disadvantage to those banks that entered the market only recently and is a significant obstacle to those planning to enter in the future," it added. (Additional reporting by Terril Yue Jones in BEIJING; Editing by Jason Subler and Muralikumar Anantharaman) Hummmm! http://www.reuters.com/article/2011/10/21/us-china-foreign-banks-idUSTRE79K0P420111021

Let's hope soon for everyones sake!

<<<<------- I have them lined up!

Let's hope for a nice Thanksgiving! For ALL! Thanks Adam

This is one bank and it is good that they are looking into bank corruption - IMO

Nice review! good take on the gov aspects ~ IMO

-his horns and tail are growing!

We all want the pizza now and someone is trying to serve us the potroast and we still cry out for the pizza? get the Greek pizza from Dominos! Yummm ~ opps! bad cat! (we do not know who is delivering the pizza)

Very true! Nice input............ .............we will get this country right one of these days (soon) 4 years in jail and legal battles = no cake walk!

Very good news!!!!!! Freedom rings

don't mess around with me!!! :lol:

babble..................................... Thanks for the post!

Get your "homework" done NOW!!!!

Ok..........let's do it!!

Thanks Adam!!! :twothumbs:

Get it done!!! GO RV! Thanks K98!!!

Baghdad and Washington agree to complete the steps of removing Iraq from Chapter VII تم قراءة الموضوع 212 مرة Thread has been read 212 times 28/09/2011 28/09/2011 Zebari sought to gather support for the grant Palestine full membership in United Nations بغداد – الصباح BAGHDAD - morning Agreed Baghdad and Washington to proceed with the completion of steps to remove Iraq from Chapter VII, while seeking Foreign Minister Hoshyar Zebari to gather international support to grant Palestine full membership in the UN. The research and Minister of Foreign Affairs with Assistant U.S. Secretary of State for Near Eastern Affairs Jeffrey Feltman, the remaining steps to bring out the Iraq of the provisions of Chapter VII of the Charter of the United Nations. . The Foreign Ministry statement received "morning," a copy of, "Zebari met with Feltman on the sidelines of the General Assembly of the United Nations, and discussed promotion of bilateral relations, in addition to the events taking place in the Arab region in light of the changes and political developments and calls for reform demanded by the peoples of the Arab Region" . The two sides stressed the need to complete the remaining steps to enable Iraq to get out of the final provisions of Chapter VII of the Charter of the United Nations. In the meantime, Zebari discuss with his Syrian and Turkish support for the Palestinian demand for a full membership of the United Nations. According to another statement of Foreign Affairs, met with Zebari, the foreign ministers of Turkey and Syria, Walid Moallem, Ahmet Davutoglu, on the sidelines of the sixty-sixth session of the General Assembly of the United Nations in New York. " The statement added that Zebari discussed with the teacher the importance of coordinating work within the Arab group to follow up the Palestinian demand, as discussed with Ihsanoglu anything to offer Turkey to support the Palestinian demand. And on the mutual relations between Turkey and Iraq, Zebari, Ihsanoglu stressed the importance of development for the mutual benefit of both peoples, particularly in the field of water management and fair to benefit the three countries Turkey, Syria, Iraq, from the Tigris and Euphrates. The two sides also discussed developments and political changes taking place in the Arab region, and the importance of responding to the aspirations of their people towards freedom and democracy. On the sidelines of the meetings of the sixty-sixth session of the General Assembly of the United Nations also discussed and foreign minister with his Azerbaijani and Bulgarian, Brazilian, relations and ways of strengthening the joint. During his meeting with Bulgarian Foreign Minister Nikolai Mladenov, Zebari discuss bilateral relations and ways of developing them in the light of the Bulgarian government's decision to reopen its embassy in Baghdad, as well as the intensification of contacts and visits between the two countries. ا. For his part, Mladenov for his country's readiness to help Iraq in the areas of cooperation with the European Union, on the basis of relations of cooperation and traditional friendship between the two countries and expressed his desire to visit Baghdad soon. In the context Zebari discussed with his Azerbaijani Elmer Mammadyarov, bilateral relations and arrangements necessary to intensify communication and cooperation between the two countries, as that serves the common interests of both. The third in a statement the Foreign Ministry that "the two sides agreed to coordinate in a multilateral framework and in order to provide mutual support in international organizations, where Zebari expressed his appreciation to the Azerbaijani government's decision to open an embassy in Baghdad." Zebari also discussed with his Brazilian counterpart, Antonio Patriota, the cooperation relations between the two countries and the need to develop to serve the common interest of both countries and peoples. Zebari said during the meeting: "The Brazilian government's decision to open an embassy in Baghdad in the near future, will have a positive effect in expanding horizons of cooperation between the two countries." The two sides discussed Arab relations - Latin American in the light of Forum of political, economic, organized by the parties, and its importance in bringing the views and enhance Arab cooperation - Latin American, as well as examining the tendency to Palestine to the United Nations, as Foreign Minister promised to Brazil to pursue his subject as a non-permanent member in the Security Council of what is known about the support and support for the legitimate demands of the Palestinian people. For his part, Zebari promised to meet the call made ​​to him by his Brazilian counterpart to visit Brazil at the earliest possible opportunity. http://translate.google.com/translate?sl=auto&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&u=http%3A%2F%2Fwww.alsabaah.com%2FArticleShow.aspx%3FID%3D14359

Thanks for the post K98. Why would the contracts be final............ Iraq= "we are not done yet" Iraq=incomplete! ....and they brag about it

I do not like political correctness..

http://web.worldbank.org/WBSITE/EXTERNAL/NEWS/0,,contentMDK:23010940~pagePK:34370~piPK:34424~theSitePK:4607,00.html Further Reforms Needed in the Iraqi Financial Sector to Ensure Economic Growth Press Release No:2012/087/MNA WASHINGTON, September 24, 2011 – A new World Bank report released today, Republic of Iraq Financial Sector Review, highlights that while reforms are ongoing in the financial sector, the country needs to push further to ensure that a system still characterized by state-domination and lack of transparency reaches its full potential. The report stresses the critical importance of the financial sector in modernizing the Iraqi economy and allowing it to reach its full potential. “The link between sound and well-developed financial systems and rapid and sustained economic growth is clear and backed up by decades of empirical evidence in many developed and developing countries,” says Sahar Nasr, World Bank Finance Lead Economist in the Middle East and North Africa region and the report’s principal author. “Efficient and prudent allocation of resources by the financial system is absolutely critical for increasing productivity, enhancing equality of opportunity, and reducing poverty.” The report assesses the impact of recent reforms introduced by the Iraqi Government and the Central Bank of Iraq on the performance and soundness of the financial sector, as well as the sector’s contribution to enhancing Iraq’s economic growth. Its key findings about challenges facing the sector include: · Domination by the banking system, with most assets held by state-owned banks; · The need for further strengthening and consolidation even while many private banks are in the process of developing modern banking practices; · Concentration of other financial markets in the Iraqi Stock Exchange but capitalization is low, and few instruments are traded; · A small insurance sector, dominated by state-owned enterprises, and is not supervised; · Weak financial infrastructure a clear impediment to access to finance; and · SME and microfinance not yet well developed. The report also emphasizes that while work should commence on a broad range of issues, some key decisions need to be taken immediately and others may be implemented over the medium term. Crucial issues to be addressed up front are the role of state banks and the creation of a level playing field for all banks. This will need to be followed by the early adoption of the proposed permanent Securities Law and steps to turn the insurance Diwan into an effective supervisor. Supporting ongoing efforts will be needed to address financial sector infrastructure, including supervision, credit registry, the collateral framework, judicial systems, and accounting and auditing frameworks. The progress and pace of reforms have been commended by donors and the international community despite ongoing challenges on the security front and the predictable resistance to new ideas and reforms. “This is a fairly large agenda but ongoing reforms will facilitate the move forward with the Banking Sector Reform Strategy initiated by the Iraqi government in 2009,” says Hedi Larbi, World Bank Country Director for Iraq. The Government of Iraq acknowledges that there is still work to be done to fully reform the sector and address its main challenges. “We are aware that we still have some way to go to achieve the reform we want and Iraq deserves and we will continue to foster efforts to enhance our financial system” says H. E. Dr. Rafie El Essawi, Republic of Iraq Minister of Finance “This report and its recommendations will assist us in the ongoing efforts to meet this challenge”. To access the full report, please click here. Contacts: In Washington: Tina Taheri, (202) 725-0719 begin_of_the_skype_highlighting (202) 725-0719 end_of_the_skype_highlighting, ttaheri@worldbank.org; Esther Lee Rosen, (248) 935-0510 begin_of_the_skype_highlighting (248) 935-0510 end_of_the_skype_highlighting, erosen@worldbank.org For more information, please visit: www.worldbank.org/mna Visit us on Facebook: http://www.facebook.com/worldbank Be updated via Twitter: http://www.twitter.com/worldbank For our YouTube channel: http://www.youtube.com/worldbank

This could be referring to the pulling out of the larger notes, such as destroying the actual bills. They will start to do this in 2013. I am hoping this is an accurate translation, but I am not sure with the budget schedules. If correct, then we would have about a year to cash in. ~ IMO