$18m Contract to Support Iraqi Navy
By John Lee. Swiftships Shipbuilding of Morgan City, Louisiana, is being awarded an $18-million [21 billion Iraqi dinar], not-to-exceed contract for "the accomplishment of continuous lifecycle support for the Iraqi navy." The contract will provide technical expertise in preventative and planned maintenance, emergent repairs, and platform overhaul support services for Iraqi patrol boats, off-shore vessels, […]
UK Trade Mission Visits Kurdistan
Some of Britain’s most successful businessmen and women will fly to Erbil tomorrow (September 23rd) on a Trade Mission designed to show the UK’s continuing support for the resilience of the Kurdistan region of Iraq’s infrastructure, society and economy. Organised by the Iraq Britain Business Council (IBBC), the group will spend three days meeting senior […]
Iraq Stock Market Report
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 18th September 2014). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at ID1,547 (-0.1%)/ $1,669 (-0..1%) (weekly change) (-17.1% and -16.0% YTD change, respectively). The number of week traded shares […]
Currency Auction Results, 22nd Sept
By John Lee. The Central Bank of Iraq (CBI) has reported that 18 banks took part in its currency auction on Monday. A total of $186,236,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
PM calls to end Boycott of Saudi Products
By John Lee. Newly-appointed prime minister Haidar al-Abadi has called for an end to the boycott by a number of governorates of products from neighbouring countries, including Saudi Arabia. He urged those provinces to instead develop their economies through regional cooperation, particularly with neighbouring states. A number of provincial councils, including Baghdad, Basra and Najaf, […]
China to open Consulate in Erbil
Prime Minister Nechirvan Barzani today received Mr Tan Banglin, envoy from China's Foreign Ministry appointed to be the first Chinese consul general in the Kurdistan Region. Mr Banglin said that he was very pleased to visit the Kurdistan Region, stating that he has arrived in the Region during this difficult time to express China’s solidarity […]
Iraq Loses Oil-for-Food Lawsuit
By John Lee. According to a report from Reuters, a US federal appeals court has rejected Iraq's effort to sue dozens of companies for allegedly conspiring with the Saddam Hussein regime to subvert the United Nations' oil-for-food programme and deprive Iraqi citizens of humanitarian aid. The court said Iraq's government could not recoup damages under […]
Fixing Problems Caused by the Previous Regime
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. New Iraqi Govt Doomed To Spend All Year Fixing Problems Caused By Previous Regime During his last days in power, Iraq's former Prime Minister Nouri al-Maliki (pictured) made senior appointments […]
Bank Earnings Take a Hit
By Mark DeWeaver. It’s been lackluster year for the ISX-listed banks. Total pre-tax profit for the 12 non-Islamic lenders that have reported so far fell 12% in the first half on a 3% decline in operating revenue, an 8% increase in operating expense, and a 21% increase in administrative expense. Earnings dropped at 7 of […]
Oil Exports Fall in August
By John Lee. Reuters reports that Iraq's oil exports fell from $7.8 billion in July to $7.1 billion in August. Citing sources at the State Oil Marketing Organisation (SOMO), the report said that 73.6 million barrels of oil were exported in August at an average price of $97.4 per barrel, down from $102.8 in July. […]
KRG signs MoU with Belarus
The Foreign Minister of Belarus, Mr Vladimir Makei, arrived in the Kurdistan Region yesterday to strengthen bilateral relations and sign a memorandum of understanding. Prime Minister Nechirvan Barzani, Deputy Prime Minister Qubad Talabani, and senior KRG officials received the Foreign Minister and his delegation. In the meeting, both sides exchanged views on bolstering relations and […]
New Awakening in Kirkuk?
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. New Awakening? Locals in Kirkuk Slowly But Surely Turn Against Extremists Sunni Muslim extremists continue to kidnap, execute and otherwise impose their authoritarian rule on locals in the areas they […]