Iran to Redenominate Currency, Dropping Four Zeros
By John Lee. The Iranian parliament, the Majlis, has approved a government bill to redenominate its currency, dropping four zeros. According to Tehran Times, the proposal came from the Central Bank of Iran (CBI), and will result in a new currency, the "toman", which will equal 10,000 rials. Reuters reports that the bill must now […]
Will Oil Price Crash the Iraqi Economy?
By Dr Amer K. Hirmis. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Will crashing oil prices mean the collapse of Iraq's economy? No. Will the Iraqi economy (and people) suffer? Yes, a great deal... Since the crash in Iraqi oil prices from US$61.0 […]
Start-Ups in Iraq in the Post-Corona Age
Investment Horizons for Startups in the Post-Corona Age in Iraq and the MENA Region. Join us for a special online session on Tuesday 5th of May at 10 PM with KAPITA's Fund Manager Ali Al Suhail Sign up for the session in the link below: https://docs.google.com/forms/d/e/1FAIpQLSdZmz3QKLGFpfUSY4TMhcUVQkqDa7394LMqRvXnmrbyvto1pw/viewform (Source: Kapita)
Names in the Running for Cabinet Positions
As Prime Minister-designate Mustafa Kadhimi (pictured) attempts to form a new government, the following names are said to be in the running for cabinet positions, according to Hassan Hadad (@abufellah) on Twitter:
COVID-19 risks Deepening Mental Health Crisis for Yazidis
By Kate Denereaz, for AMAR International Charitable Foundation. Yazidis displaced in the Kurdistan Region of Iraq are particularly vulnerable to COVID-19. They also face a mental health crisis that the pandemic threatens to make worse. Zaid, 31, has just heard the news that a resident of Darashakran camp in Erbil has been diagnosed with COVID-19. […]
Asiacell reports Revenue Growth for Q1
By John Lee. Mobile phone service Asiacell has reported revenue growth or nearly 2 percent in the first quarter of this year. In its results for the quarter ended 31 March 2020, the company said: "Asiacell reported revenue growth to QAR 1.09 billion in Q1 2020, up from QAR 1.07 billion in Q1 2019. The […]
Oil Export Volumes Up in April
By John Lee. Iraq's Ministry of Oil has announced oil exports for April of 103,144,911 barrels, giving an average for the month of 3.438 million barrels per day (bpd), slightly up from the 3.390 million bpd exported in March. These exports from the oilfields in central and southern Iraq amounted to 100,532,427 barrels, while exports […]
Negotiations Continue on Bina Bawi Oilfield
By John Lee. Shares in Genel Energy plc were trading lower in Friday after the company said negotiations were continuing regarding the Bina Bawi field in Iraqi Kurdistan. In a statement, the company said: "Extensive documentation was received in mid-April from the Kurdistan Regional Government ('KRG') following the commercial understanding reached in September 2019. The […]
GKP Directors Buy Shares
By John Lee. Gulf Keystone Petroleum (GKP) has announced that it was informed on 30th April 2020 of the following transactions by persons discharging managerial responsibilities and persons closely associated with them. Mr Ian Weatherdon (pictured), Chief Financial Officer, purchased 50,112 common shares in Gulf Keystone Petroleum Limited on 30 April 2020 at a price […]
Iraq Stock Market hits New Lows
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 30th April 2020). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD503 (-12.6%) / $522 (-12.6%) (weekly change) (-23.7% and -25.5% YTD change, respectively). The number of week traded […]
Pompeo urges End to Sectarian Quotas in Iraq
By John Lee. US Secretary of State Mike Pompeo has urged Iraqi leaders to put aside the country's sectarian quota system to help form of a new government. At a press briefing on Wednesday, he said: "In Iraq, we're watching closely as Prime Minister-designate Mustafa Kadhami enters the third week of trying to form his […]
Iraq's Health System meets Challenge of Coronavirus
By Lujain Elbaldawi for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraq's health system meets the challenge of coronavirus Iraq is preparing to ease its confinement measures as the number of COVID-19 infections in the country lessens, despite challenges to the health system […]