At the Arab League summit in Baghdad, Ban Ki-moon urges the region’s leaders to 'listen to the people': (Source: UN)
Archive | 2012
Weekly Security Update for 30th March 2012
Levels of violence rose in Iraq last week despite heightened security measures put in place ahead of the Arab League Summit. It was the worst week since a series of terrorist attacks targeted Shi’ah pilgrims during Arba’een at the beginning of January and the fourth-worst week recorded over the past six months. At least 73 […]
Tags: AKE, Arab League Summit, Army, Baghdad, Checkpoints, Iraq, K&R, Kidnap, Kirkuk, Mosul, Police, Security, terrorism
Basra Licenses $72m Tourism and Trade Projects
The Basra Investment Commission has licensed three projects, including an amusement park and a shopping center, worth $72m (84 billion Iraqi dinars). Khalaf Badran, head of the board, revealed the details of the projects, which will be undertaken by local companies. Jalfar Amusement Park will be constructed in the Qibla district with a capital of […]
Warka Bank Saga Shows Iraq Political, Business Tensions
Iraqi banker Saad al-Bunia says Warka Bank for Investment and Finance, which was placed in insolvency proceedings by authorities this month, is a victim of its own success, with its growth threatening the near-monopoly of state banks. "They don't want a strong bank to operate and compete with state banks," said British-educated Bunia, a member of […]
Tags: Standard Chartered, Warka Bank
European Commission Fines Freight Forwarders for Price Fixing
The European Commission has imposed fines totalling 169 million euros on 14 freight forwarding companies for conspiring to fix the prices of surcharges. In 2003, soon after the UK introduced electronic declarations for exports, the companies broke the law by conspiring to levy a surcharge for this reporting service, according to the Financial Times. They agreed […]
Tags: Corruption, freight
What will be the Legacy of the Baghdad Summit?
The Arab League Summit reaches its climax today (Thursday) with the meeting of the heads of state, and so far the event is being seen as a success for Iraq and its Prime Minister, Nouri al-Maliki. The hosting of this pretigious conference is a public relations coup for all concerned, and represents the acceptance of […]
Tags: Arab League, Arab League Summit
Iraq to Boost Kirkuk Crude Exports for April by 20%
According to a report from Bloomberg, Iraq plans to increase its exports of Kirkuk crude from the Turkish port of Ceyhan (pictured) by 20 percent in April: 24 cargoes to be shipped, up from 21 in March; shipping rate of 510,000 barrels a day, up from 425,484 bpd in March. Shipments of Iraqi Kirkuk crude from […]
Iraq's Investment Sector Exempt from Duty
Investment companies will be exempted from paying duties on good entering Iraq under the new customs law, according to a report from AKnews. Finance Minister Rafie al-Issawi [Rafie al-Esawi, Rafi Hiyad al-Issawi, Rafia al-Issawi], pictured, said last week that the new bill will be adopted on 1st June, 2012, having been postponed twice in the […]
Iraq Approves $560m for Kurdish Oil Payments
Reuters reports that Iraq's central government has approved a payment of close to $560 million to oil producers in Kurdistan, following a threat from the Kurdish authorities to halt exports. On Monday, the KRG said it had reduced exports to 50,000 bpd and warned it would stop them altogether if Baghdad was not forthcoming with […]
Tags: Kurdistan News, oil contracts
3 Turks Arrested in Karbala for Counterfeit Currency Operation
Three Turkish citizens alleged to have been involved in selling counterfeit currency were arrested by security forces in Karbala today, reports AKnews. Karbala police said the three, from the Hay al-Sinaei area, 2km east of Karbala, sold counterfeit US dollars as part of a foreign exchange (forex) operation. Security forces seized more than $5,000 in […]
Iraq Seeks Arab Debt Forgiveness
Iraq has asked its Arab neighbours to forgive its pre-invasion debts, urging them to follow the United Arab Emirates and Algeria which have already written off what they were owed, according to Reuters. "We've asked Saudi Arabia, Kuwait, Qatar, Libya, Jordan, Sudan, Egypt and Morocco to help Iraq in closing up its debt situation," Iraqi […]
Tags: Arab League, Arab League Summit, Debt, Egypt, Jordan, Kuwait, Libya, Morocco, Qatar, Saudi Arabia, Sudan
KRG May Halt Crude Exports if Baghdad Withholds $1.5bn
Crude exports from the Kurdistan region of Iraq dropped to 50,000 bpd and may cease in a month if Baghdad refuses to pay about $1.5 billion owed to producers, Kurdistan Regional Government (KRG) authorities have said. Kurdistan started shipping oil again in February 2011 after an interuption of more than a year following a long-standing […]