Iraq Veterans Sue Banks over Terror Financing
By John Lee. A lawsuit has been filed in the US against Barclays, Credit Suisse, HSBC, Royal Bank of Scotland (RBS), and Standard Chartered, seeking to hold them responsible for attacks on the US military because their alleged processing Iranian money that financed the attacks. According to a report from Reuters, the lawsuit, filed by wounded […]
French to Help Develop Electricity Sector
By John Lee. Iraq’s Minister of Electricity, Qasim Mohammad Abid Hammadi al-Fahadawi [Qassim al-Fahdawi] held a meeting with the French Ambassador to Iraq, Marc Barety, on Sunday. The Ambassador congratulated the Minister on his new role, and assured the Minister of the full support of the French government and private sector companies in the development of […]
Iraqi Army Closes in on Beiji
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. The Iraqi army has been trying voer the past three days to break through a seige of Iraq's biggest oil refinery. The Islamic State in Iraq and Levant captured the city in June, […]
Bank of Baghdad gets New MD
By John Lee. The Bank of Baghdad (BOB) has reportedly announced the appointment of Mr. Faisal Al- Haimus as Managing Director. According to Radio Dijla, Mr. Al -Haimus has over twenty years of banking experience with Standard Chartered, HSBC and Mashreq Bank. (Source: Radio Dijla)
UK to Provide Advanced Weaponry to KRG
In a meeting in London on Friday with the Kurdistan Region’s Chancellor of the Security Council, Masrour Barzani, British Defence Secretary Michael Fallon said, UK is planning to provide more advanced weaponry at the nearest opportunity to the Peshmarga forces. He stressed that there is no political limit in supporting the Peshmerga, adding that the […]
Iraqi Army Crippled by Flaws
By Shukur Khilkhal for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Iraqi army's defeat by Islamic State (IS) fighters in Mosul in June came as a surprise. Although the Iraqi military is superior in terms of numbers of soldiers and arms, its fighters quickly deserted […]
Currency Auction Results, 11th Nov
By John Lee. The Central Bank of Iraq (CBI) has reported that 12 banks took part in its currency auction on Monday. A total of $126,325,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
Zain to Launch 3G by Jan
By John Lee. Zain Iraq is to launch its 3G mobile phone services in January. Reuters reports that Zain, along with rivals Asiacell and Korek, eventually agreed to the government’s terms and formally signed the contracts at a ceremony in Baghdad on Monday attended by prime minister Haider al-Abadi. Zain Iraq recently paid the first […]
Jordan Seeks Repayment of Business Debts
By John Lee. Middle East Monitor reports that businesses in Jordan are asking the Iraqi government to pay for goods supplied during the Saddam era, amounting to a total of around $522 million (609 Iraqi dinars). The two countries had a commercial protocol during the old regime under which Iraq supplied Jordan with oil at […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 6th November 2014). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at ID1,350 (-3.1%)/ $1,463 (-2.8%) (weekly change) (-27.6% and -26.3% YTD change, respectively). The number of week traded shares […]
Min of Oil Meets South Korea Ambassador
By John Lee. Iraqi Oil Minister Adel Abdul-Mahdi [Adil Abd al-Mahdi] met on Sunday with the Korean Ambassador in Baghdad, Mr. Jo Jong. They discussed the strengthening of relations between Iraq and South Korea, especially in the energy sector. (Source: Ministry of Oil)
Video: Anti-ISIL Media Gains Ground
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Videos showing beheadings of journalists and aid workers by the Islamic State in Iraq and the Levant (ISIL) are spreading fear in Iraq, Syria and beyond. However, the ISIL is not the only […]