More than 1,000 Killed in July – UNAMI

According to casualty figures released today by UNAMI, a total of 1,057 Iraqis were killed and another 2,326 were wounded in acts of terrorism and violence in July.
The number of civilians killed was 928 (including 204 civilian police), while the number of civilians injured was 2,109 (including 338 civilian police). A further 129 members of the Iraqi Security Forces were killed and 217 were injured.
“The impact of violence on civilians remains disturbingly high, with at least 4,137 civilians killed and 9,865 injured since the beginning of 2013,” the Acting Special Representative of the United Nations Secretary-General for Iraq, Mr. Gyorgy Busztin, warned.
We haven’t seen such numbers in more than five years, when the blind rage of sectarian strife that inflicted such deep wounds upon this country was finally abating. I reiterate my urgent call on Iraq’s political leaders to take immediate and decisive action to stop the senseless bloodshed, and to prevent these dark days from returning.
Baghdad was the worst-affected governorate in July with 957 civilian casualties (238 killed and 719 injured), followed by Salahuddin, Ninewa, Diyala, Kirkuk and Anbar (triple-digit figures).
Babil, Wasit and Basra also reported casualties (double-digit figures).
(Source: UNAMI)

Source: Iraq-BusinessNews.com.

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Iraq Suffers Power Crisis As Temperatures Soar

By Ali Abdel Sadah *for*Al-Monitor.*Any opinions expressed are those of the author, and do not necessarily reflect the views of*Iraq Business News.
Iraqi Prime Minister*Nouri al-Maliki*has admitted to a “defect and stupidity” in the contracts signed by Iraqi officials with international companies to improve his country’s power distribution.
On July 23, in a Baghdad*meeting with economic affairs experts*broadcast by Iraqi satellite channels, Maliki said that he had “formed a committee to investigate the failure of Iraqi officials specialized in electricity.”*He charged, “They were giving me wrong numbers. They said that Iraqis are getting 30,000 MW [megawatts] and that this amount exceeds their needs and can be exported abroad.”
On June 20, prominent Shiite leader and Deputy Prime Minister for Energy Affairs*Hussein al-Shahristani had*asserted,*“By the end of this year, power generation in*Iraq*will be sufficient to meet the citizens’ needs, as pledged by the Ministry of Electricity.”*He also claimed,*“Electricity distribution hours in Baghdad range from 15 to 16 hours a day.”
Despite promises by officials that residents would receive 18 hours of power*a day*in 2013, the current reality indicates that they are receiving much less. Indeed, based on the firsthand experience of this*Al-Monitor*correspondent, Baghdad residents on*average enjoy six hours of electricity, at most, while some areas of the city remain completely without electricity.
Iraqis are frustrated and exhausted by the country’s power supply problems. Officials have for eight years*alleged progress in the electricity sector. Today, Iraqis have no confidence in the validity of such statements and generally ridicule them.

Source: Iraq-BusinessNews.com.

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HSBC hits Regulatory Issues over Iraq Exit

By John Lee.
Banking giant HSBC is reportedly struggling to exit its Iraqi operations, having had two proposals to sell its stake in Dar Es Salaam Investment Bank (DES) rejected by the country’s regulator.
We reported in June that HSBC was exploring options to dispose of its 70.1 percent holding in the Iraqi bank following a strategic review.
According to Reuters, DES, which focuses on corporate and consumer banking and has eight branches in Iraq, has been linked to HSBC since October 2005. Its shares last traded at 1.36 dinars, down 63 percent from this year’s high, which was hit in January, and far below levels around 6.00 dinars in 2011. The current market price values HSBC’s stake at about 100 billion dinars ($86 million).
The company’s chairman, Asad al-Kudhairi, said the*Iraq Securities Commission (ISC) objected to HSBC selling at a value significantly below the market price. The regulator said that HSBC’s previous proposals to sell were not approved by the ISC because they breached Iraqi financial regulations.
ISC chairman, Abdul Razzak al-Saadi, told Reuters:
HSBC first proposed abandoning its stake in DES to Iraqi investors. We asked them the reason for abandoning its stake and the mechanism for transferring the stake, but they never returned with answers.
One of HSBC’s proposals was for it to sell its DES shares at a nominal price of one Iraqi fils (a thousandth of a dinar) each, but HSBC officials did not explain why the bank wanted to do this, the regulator added. He did not elaborate on the ISC’s objections to HSBC’s proposals.
The central bank has agreed to extend the deadline for Dar Es Salaam to increase its capital until it sorts out this issue with HSBC.
Zawya reported that DES had a net profit of 12.06 billion dinars on revenue of 33.64 billion dinars in 2011, the latest period for which data is available.
(Source: Reuters)

Source: Iraq-BusinessNews.com.

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Oil Production Fall Could Create Budget Deficit

By Matthew Gayle.
Iraqi parliament Oil & Energy Committee member, MP Suzan al-Sa’ad, recently stressed that the country’s decline in crude oil production during 2013 will lead to major deficit in the federal budget of 2014.
According to a report by the Oil Ministry, Iraq oil exports decreased at average of seven million barrels in June, following the sabotage of the northern pipeline and the bad weather.
The spokesperson of the Oil Ministry, Asim Jihad said some days ago that the oil exports for past June decreased to 69,800,000 barrel, at average of 2,326,000 barrel a day, while the oil exports reached in past May 76,900,000 barrel per day.
(Source: All Iraq News)

Source: Iraq-BusinessNews.com.

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Iraq Stock Market Report

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 1st August 2013).
Note: ISX will be closed from August 8, 2013 to August 11, 2013 due to the national holiday for Eid Al-Fitr. The next session will be held on Monday, August 12, 2013.
Please click here to download a table of listed companies and their associated ticker codes.
The RSISX index ended the week at ID1,791 (+0.9%) / $1,921 (+0.8%) (weekly change). The number of week traded shares was 19.9bn and the weekly trading volume was ID17.0bn ($14.1mn).

ISX Company Announcements

  • Baghdad Hotel (HBAG) will hold its AGM* on August 21, 2013 to discuss 2012 financial statements. ISX will suspend trading of HBAG starting on August 14, 2013.
  • Gulf Insurance & Reinsurance (NGIR) will hold its AGM* on August 6, 2013 to discuss 2011 financial statements. ISX suspended trading of NGIR starting on July 30.
  • Electronic Industries (IELI) will hold its AGM* on August 13, 2013 to discuss 2012 financial statements.
  • Original shares of Bank of Baghdad (BBOB) resumed trading on July 29, 2013 after the decision to increase its capital from IQD175bn to IQD250bn through 13% bonus and 30% rights issues.
  • Original shares of United Bank (BUND) resumed trading on July 29, 2013 after the decision to increase its capital from IQD250bn to IQD300bn through 20% bonus issue.
  • Original shares of Sumer Commercial Bank (BSUC) resumed trading on July 29, 2013 after the decision to increase its capital from IQD151bn to IQD187.3bn through 24.04% rights issue.
  • Original shares of Ready Made Clothes (IRMC) resumed trading on July 29, 2013 after the decision to increase its capital from IQD1.50bn to IQD1.59bn through 6.22% bonus issue.
  • A cross transaction occurred on IQD14.7bn Babylon Bank (BBAY) shares on July 29, 2013. This represents 9.8% of BBAY capital.
  • Iraqi For Tufted Carpets (IITC) resumed trading on July 28, 2013. The company has decided to distribute 25% cash dividend (IQD0.25 per share) in its GA (July 3).
  • Ashour Hotel (HASH) resumed trading on July 28, 2013 after the decision taken in its GA on July 7, 2013 to circulate the IQD41.2mn into accumulated profit.

Source: Iraq-BusinessNews.com.

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Emergency Messages for U.S. Citizens

The Department of State has instructed certain U.S. Embassies and Consulates to remain closed or to suspend operations on Sunday, August 4. The Department has been apprised of information that, out of an abundance of caution and care for our employees and others who may be visiting our installations, indicates we should institute these precautionary steps.
It is possible we may have additional days of closings as well, depending on our analysis. Accordingly, Embassy Baghdad will be closed on Sunday, August 4. U.S. citizens requiring emergency assistance should contact the Duty Officer at 0770-443-1286.
The Department, when conditions warrant, takes steps like this to balance our continued operations with security and safety. However, beyond this announcement we do not discuss specific threat information, security considerations or measures, or other steps we may be taking.
For further information, we refer you to the Worldwide Caution put out by the Department dated February 19, 2013, repeated below:
http://travel.state.gov/travel/cis_p…a/pa_4787.html
As a matter of general practice, U.S. citizens should avoid areas where large gatherings may occur. Even demonstrations intended to be peaceful can turn confrontational and escalate into violence. You should avoid areas of demonstrations, and exercise caution if in the vicinity of any large gatherings, protests, or demonstrations.
Review your personal security plans; remain aware of your surroundings, including local events; and monitor local news stations for updates. Maintain a high level of vigilance, take appropriate steps to enhance your personal security and follow instructions of local authorities.
We strongly recommend that U.S. citizens traveling to or residing in Iraq enroll in the Department of State’s Smart Traveler Enrollment Program (STEP). STEP enrollment gives you the latest security updates, and makes it easier for the U.S. embassy or nearest U.S. consulate to contact you in an emergency. If you don’t have Internet access, enroll directly with the nearest U.S. embassy or consulate.
For the latest security information, U.S. citizens traveling abroad should regularly monitor the Department of State’s Internet website at travel.state.gov where the Worldwide Caution, Country Specific Information, Travel Warnings, and Travel Alerts can be found. Follow us on Twitter and the Bureau of Consular Affairs page on Facebook as well. Download our free Smart Traveler app, available through iTunes or Google Play, to have travel information at your fingertips.
Up to date information on security can also be obtained by calling 1-888-407-4747 toll free in the United States and Canada, or, for callers outside the United States and Canada, a regular toll line at 1-202-501-4444. These numbers are available from 8:00 a.m. to 8:00 p.m. Eastern Time, Monday through Friday (except U.S. federal holidays).
The U.S. Embassy is located at Al Kindi Street, IZ, Baghdad. Public hours for American Citizen Services are Sunday through Thursday, 08:00-12:00, by appointment only. If you are a U.S. citizen in need of urgent assistance, the emergency number for the U.S. Embassy is 0770-443-128, from the United States: 011-964-770-443-1286.
(Source: Embassy of the United States, Baghdad)

Source: Iraq-BusinessNews.com.

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More than 1,000 Killed in July – UNAMI

According to casualty figures released today by UNAMI, a total of 1,057 Iraqis were killed and another 2,326 were wounded in acts of terrorism and violence in July.
The number of civilians killed was 928 (including 204 civilian police), while the number of civilians injured was 2,109 (including 338 civilian police). A further 129 members of the Iraqi Security Forces were killed and 217 were injured.
“The impact of violence on civilians remains disturbingly high, with at least 4,137 civilians killed and 9,865 injured since the beginning of 2013,” the Acting Special Representative of the United Nations Secretary-General for Iraq, Mr. Gyorgy Busztin, warned.
We haven’t seen such numbers in more than five years, when the blind rage of sectarian strife that inflicted such deep wounds upon this country was finally abating. I reiterate my urgent call on Iraq’s political leaders to take immediate and decisive action to stop the senseless bloodshed, and to prevent these dark days from returning.
Baghdad was the worst-affected governorate in July with 957 civilian casualties (238 killed and 719 injured), followed by Salahuddin, Ninewa, Diyala, Kirkuk and Anbar (triple-digit figures).
Babil, Wasit and Basra also reported casualties (double-digit figures).
(Source: UNAMI)

Source: Iraq-BusinessNews.com.

Post your commentary below.

Iraq Suffers Power Crisis As Temperatures Soar

By Ali Abdel Sadah *for*Al-Monitor.*Any opinions expressed are those of the author, and do not necessarily reflect the views of*Iraq Business News.
Iraqi Prime Minister*Nouri al-Maliki*has admitted to a “defect and stupidity” in the contracts signed by Iraqi officials with international companies to improve his country’s power distribution.
On July 23, in a Baghdad*meeting with economic affairs experts*broadcast by Iraqi satellite channels, Maliki said that he had “formed a committee to investigate the failure of Iraqi officials specialized in electricity.”*He charged, “They were giving me wrong numbers. They said that Iraqis are getting 30,000 MW [megawatts] and that this amount exceeds their needs and can be exported abroad.”
On June 20, prominent Shiite leader and Deputy Prime Minister for Energy Affairs*Hussein al-Shahristani had*asserted,*“By the end of this year, power generation in*Iraq*will be sufficient to meet the citizens’ needs, as pledged by the Ministry of Electricity.”*He also claimed,*“Electricity distribution hours in Baghdad range from 15 to 16 hours a day.”
Despite promises by officials that residents would receive 18 hours of power*a day*in 2013, the current reality indicates that they are receiving much less. Indeed, based on the firsthand experience of this*Al-Monitor*correspondent, Baghdad residents on*average enjoy six hours of electricity, at most, while some areas of the city remain completely without electricity.
Iraqis are frustrated and exhausted by the country’s power supply problems. Officials have for eight years*alleged progress in the electricity sector. Today, Iraqis have no confidence in the validity of such statements and generally ridicule them.

Source: Iraq-BusinessNews.com.

Post your commentary below.

HSBC hits Regulatory Issues over Iraq Exit

By John Lee.
Banking giant HSBC is reportedly struggling to exit its Iraqi operations, having had two proposals to sell its stake in Dar Es Salaam Investment Bank (DES) rejected by the country’s regulator.
We reported in June that HSBC was exploring options to dispose of its 70.1 percent holding in the Iraqi bank following a strategic review.
According to Reuters, DES, which focuses on corporate and consumer banking and has eight branches in Iraq, has been linked to HSBC since October 2005. Its shares last traded at 1.36 dinars, down 63 percent from this year’s high, which was hit in January, and far below levels around 6.00 dinars in 2011. The current market price values HSBC’s stake at about 100 billion dinars ($86 million).
The company’s chairman, Asad al-Kudhairi, said the*Iraq Securities Commission (ISC) objected to HSBC selling at a value significantly below the market price. The regulator said that HSBC’s previous proposals to sell were not approved by the ISC because they breached Iraqi financial regulations.
ISC chairman, Abdul Razzak al-Saadi, told Reuters:
HSBC first proposed abandoning its stake in DES to Iraqi investors. We asked them the reason for abandoning its stake and the mechanism for transferring the stake, but they never returned with answers.
One of HSBC’s proposals was for it to sell its DES shares at a nominal price of one Iraqi fils (a thousandth of a dinar) each, but HSBC officials did not explain why the bank wanted to do this, the regulator added. He did not elaborate on the ISC’s objections to HSBC’s proposals.
The central bank has agreed to extend the deadline for Dar Es Salaam to increase its capital until it sorts out this issue with HSBC.
Zawya reported that DES had a net profit of 12.06 billion dinars on revenue of 33.64 billion dinars in 2011, the latest period for which data is available.
(Source: Reuters)

Source: Iraq-BusinessNews.com.

Post your commentary below.

Oil Production Fall Could Create Budget Deficit

By Matthew Gayle.
Iraqi parliament Oil & Energy Committee member, MP Suzan al-Sa’ad, recently stressed that the country’s decline in crude oil production during 2013 will lead to major deficit in the federal budget of 2014.
According to a report by the Oil Ministry, Iraq oil exports decreased at average of seven million barrels in June, following the sabotage of the northern pipeline and the bad weather.
The spokesperson of the Oil Ministry, Asim Jihad said some days ago that the oil exports for past June decreased to 69,800,000 barrel, at average of 2,326,000 barrel a day, while the oil exports reached in past May 76,900,000 barrel per day.
(Source: All Iraq News)

Source: Iraq-BusinessNews.com.

Post your commentary below.