Banks Signal Drop in Iraqi GDP
By Mark A DeWeaver. As of November 6, 18 of the 21 ISX listed banks have reported third quarter earnings. The numbers aren’t pretty. Rabee Securities’ latest corporate profits report shows bank-sector aggregate profits for the first nine months down 17% year-on-year. Taking out BUND, an obvious outlier with earnings growth of 115%, the decline […]
FM in Ankara: Only Baghdad can Export Iraqi Oil
By John Lee. On a three-day visit to Turkey, Iraq’s foreign minister Ibrahim al-Jaafari has reportedly told his Turkish counterpart, Mevlut Cavusoglu, that oil affairs in Iraq, including Iraqi Kurdistan, come under the control of Baghdad. At a join press conference he said that they are trying to resolve the recent “mistakes” with Turkey, a […]
Kirkuk Pushes for $3-5bn Refinery
By John Lee. Kirkuk Governorate has reportedly renewed its demands on the central government to honour a pledge and build a $3-5 billion (3.5-5.8 trillion Iraqi dinar) oil refinery in the province. Alsumeria News quoted the acting chairman of Kirkuk Provincial Council as saying that the project has been on the cards since 2007, but […]
The Real Estate Wreckers of Basra
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Real Estate Wreckers: While Ordinary Basra Families Suffer, A New Upper Class Profits Real estate prices in Basra are rising dramatically thanks to the oil industry, the province’s economic prowess […]
Oil Minister meets Australian Ambassador
By John Lee. Iraqi Oil Minister Adel Abdul-Mahdi [Adil Abd al-Mahdi] met this week with the Australian Ambassador, Lyndall Sachs, to discuss the strengthen of relations relations between the two countries, particularly in the oil sector. The Minister pointed out that "Australia is one of the countries that has good relations with Iraq, and we […]
Telcos Agree to Pay $307m for 3G
By John Lee. Reuters reports that Iraq’s mobile phone companies have agreed to demands from the country's Communications and Media Commission (CMC) to pay $307 million each for radio spectrum to run 3G mobile phone networks. Current 2G services are supplied by Zain Iraq (a unit of Kuwait’s Zain), Asiacell (a subsidiary of Ooredoo) and Orange […]
Iraq’s First Female Goodwill Ambassador
By Madeleine White, capacity building specialist and Editor-in-Chief of nina-iraq.com This article was original published by Nina Magazine, (www.nina-iraq.com) and is republished here with their permission. Iraq’s First Female Goodwill Ambassador: Making my Voice reach the Farthest Corners of the Earth Me’aad Hussein Sahar addresses women through “Nina” in this interview with Sana Bekki, telling […]
Lafarge Loses €24m on Iraq
By John Lee. A drop in cement volumes in Iraq has reduced Lafarge's third-quarter turnover by €24 million. In its results statement, the company said its ability to transport cement across the country was limited. Excluding the volume impact due to the specific situation in Iraq, cement volumes increased 3% at 'constant scope' in the […]
$173m Needed for Winter
The United Nations is calling for US$173.1 million to address the immediate needs of 1.26 million people across Iraq in need of assistance over winter. “More resources are urgently needed,” Jacqueline Badcock, the UN Humanitarian Coordinator in Iraq, said. “Winter is here and in many parts of the country displaced populations are already being hit […]
UK Calls for Stronger Response to Sexual Violence
The British Prime Minister’s Special Representative on Preventing Sexual Violence in Conflict, William Hague (pictured), met Gordon Campbell, the Canadian High Commissioner to the UK, to discuss the use of sexual violence by ISIL in Iraq. Recent reports from the United Nations and human rights NGOs point to the systematic use of sexual violence by […]
Anbar Calls for Support to Fight IS
By Omar al-Jaffal for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. On Oct. 18, a delegation from the local government in Anbar province went to the Shiite province of Najaf to visit cleric Muqtada al-Sadr, under a media blackout. The Shiite cleric did […]
Currency Auction Results, 6th Nov
By John Lee. The Central Bank of Iraq (CBI) has reported that 17 banks took part in its currency auction on Thursday. A total of $175,643,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)