Businessweek: Budget Vote Delayed Until Next Week

[blueskies]

According to this article from Business Week, the budget vote has been pushed off again. Interesting, though, that Business Week is writing stories on this.

Iraq’s parliament postponed a vote on the federal spending plan as Prime Minister Nouri al-Maliki’s coalition requested a reduction in the share of Kurdish provinces amid a spat over crude sales, a lawmaker said.

The vote has been delayed “at least until next week,” Jaber al-Jabiri, a member of the parliament’s financial affairs committee, said by telephone from Baghdad today. The main reason is that Maliki’s State of Law bloc wants to decrease the semi- autonomous Kurdish region’s share of the state budget to 12 percent from 17 percent, he said.

The Kurds have asked for 4 trillion dinars ($3.4 billion) for payments due to oil companies working in the Kurdish region in Iraq’s north, while the budget draft allocates no more than 750 billion dinars for those businesses this year, al-Jabiri said. The Kurds said the 4 trillion dinars cover retroactive payments from 2010, 2011 and 2012 as well as 2013, he said.

Exxon Mobil Corp (XOM), Total SA, DNO International ASA and Genel Energy Plc are among companies caught in the conflict between Iraq’s central government and the Kurdistan Regional Government over oil-revenue sharing, production contracts and land. Tensions have deepened in recent months, with armed clashes in the disputed Kirkuk area in November and a halt in oil exports from Kurdistan by pipeline in December.

Iraq holds the world’s fifth-biggest crude reserves, according to BP Plc statistics that include Canada’s oil sands.

Disagreements over the Defense Ministry budget also played a role in the decision to delay today’s parliament session, said al-Jabiri, a member of the Al-Iraqiya bloc led by former Prime Minister Ayad Allawi, an opponent of Maliki.

To contact the reporters on this story: Khalid Al-Ansary in Baghdad at kalansary@bloomberg.net; Nayla Razzouk in Dubai at nrazzouk2@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

http://www.businessweek.com/news/2013-02-11/iraq-delays-budget-on-dispute-over-kurds-share-lawmaker

[gregp]

The previous article stated they would complete the budget today regardless. I feel this road is almost over. Thanks!

[blueskies]

I sure hope so

[Bored]

so much contradicting information coming out! are they trying to confuse us or what?!

[sxsess]

Attention like this solidifies Iraq as a huge investment opportunity. I am really tired of delay after delay, but in the end we are going to make a lot of money through their stock market and their currency. I just hope this comes before the dollar gets hammered and we go into the abyss.

[staunch]

so much contradicting information coming out! are they trying to confuse us or what?! :P/>

Don't worry, there will be 3 more articles out today all contradicting each other

[Nadita]

so much contradicting information coming out! are they trying to confuse us or what?! :P/>

I say propaganda to throw all of us off the loop

[TLHUBER]

What I don't understand if Iraq is trying to throw us off because they don't want a lot of people investing in the Dinar, then why do they keep giving Dinar to dealers to sale? And why is there not a limit to how much any one person can buy? JMO, there probably not going to RV until enough Dinar is sold world wide to pay for the cost of the war. If that's the case we may have a long way to go.

[Osmosis]

So if the budget is approved are we to believe that they will in fact do an RV? Are we maybe getting excited/expectant over nothing.........again?

[fib1618]

So if the budget is approved are we to believe that they will in fact do an RV? Are we maybe getting excited/expectant over nothing.........again?

No

Yes

[caz1104]

So if the budget is approved are we to believe that they will in fact do an RV? Are we maybe getting excited/expectant over nothing.........again?

Maybe-who knows

Maybe-who knows

The only ones who claim to know are the "gurus" & the "LOPsters",which should tell you all you need to know-peace

Edited February 11, 2013 by caz1104

[fib1618]

Maybe-who knows

Maybe-who knows

Stevei knows.

[caz1104]

Stevei knows.

Yep so does Dinarck,Seatrader,JMW,Okie,Terry..............etc the list is endless of the so called "guru's" & LOPsters that claim to know what will or will not happen.

[fib1618]

Yep so does Dinarck,Seatrader,JMW,Okie,Terry..............etc the list is endless of the so called "guru's" & LOPsters that claim to know what will or will not happen.

I know what can't happen.

[caz1104]

I know what can't happen.

Ahhhhhhhhh a new "guru",just what we need -peace

[smee2]

I agree with what someone said or intimated, that it is not usual to find this kind of article in BusinessWeek ... IF and ladies and gentlemen, that is a rather big IF ... If they are using the dinar as the focal point of their reporting.

However, this article has nothing to do with the dinar, and, for that matter, it has nothing at all to do with Iraq. It is all about oil!

Exxon Mobil Corp (XOM), Total SA, DNO International ASA and Genel Energy Plc are among companies caught in the conflict between Iraq’s central government and the Kurdistan Regional Government over oil-revenue sharing, production contracts and land. Tensions have deepened in recent months, with armed clashes in the disputed Kirkuk area in November and a halt in oil exports from Kurdistan by pipeline in December.

Iraq holds the world’s fifth-biggest crude reserves, according to BP Plc statistics that include Canada’s oil sands.[/color]

Now, it is usual to find articles about oil in BusinessWeek. In fact it is usual to find articles about oil in almost any publication, in almost every media, that is generally addressing finances, from Global all the way down to personal investment through the local fund manager.

So, if any of you are getting your panties in a twist over this "dinar/Iraq" article appearing in BusinessWeek, and assuming it has anything at all to do with our investment, it doesn't. Unless of course you consider our investment hinged in large part on oil, oil in Iraq, the sale of oil in Iraq, or the political ramifications and subsequent payments ... or non-payments (hold that thought!) ... of revenues from the sale of oil in Iraq, I would advise you to take another look at what it is really reporting. And what it is really reporting is ... TaaDaaa! (told you to hold that thought) ... the political ramifications, as well perception of the global investment market, using Iraqi oil as a major player.

As much as the above mentioned point behind the reporting and publication of this article may touch on the Iraqi dinar, the financial footprint of the Iraqi dinar in and out of the country, and any movement toward revaluation of the Iraqi dinar, it is a very light touch only. This is simply the usual reportage of the kind focused on almost any middle eastern country regarding the experience of almost any irregularity, or glitch, in the process of selling, shipping, getting paid for, and parceling out profits to the ... in the case of Iraq ... fractured political party recipients of such profits. Also, in the case of Iraq, part of the point here, and the only part really touching lightly on the present, or perhaps future, value of the dinar, is the allotment of those profits according to percentages to each partner group.

So, good article, especially if you are in any way invested in middle eastern oil, perhaps as part of one of your "energy" mutual funds. Not a great news article, but an article it is good to see. It means in part that the world of finance is still eager for news on middle eastern oil.

smee2

[sandyf]

The previous article stated they would complete the budget today regardless. I feel this road is almost over. Thanks!

Statement

Monday, February 11, 2013

Still significant differences between the parliamentary blocs on the adoption of the federal budget for 2013 despite the tireless efforts made by the board of the Presidency of the Council of Representatives to bring the views and agree on a formula acceptable to meet the demands and aspirations of the people for a free and dignified life.

Given the importance of this issue call blocs and parliamentary committees and members of the House of Representatives to continue discussions and dialogues without interruption until the adoption of the budget.

And will continue to committees of the Council to continue its work and this requires the presence of members on a daily basis and record their attendance and they left in the headquarters of the committees until the final adoption of the budget as a special session to be held for this purpose.

The board of the Presidency of the Council of Representatives

02/11/2013

http://translate.google.com/translate?hl=en&rurl=translate.google.com&sl=ar&tl=en&twu=1&u=http://parliament.iq/index.php%3Fnewlang%3Darabic