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Harmonising exchange rates ranks high among Asean finance concerns
Closer exchange-rate coordination among Asean+3 countries is a critical step for regional economic stability.
Finance Minister Chalongphob Sussangkarn will chair the 11th Asean Finance Ministers' Meeting in Chiang Mai today and tomorrow.
He and his counterparts from the other nine Asean countries have an important agenda - the roadmap for financial and monetary integration which would pave the way to achieve an Asean Economic Community by 2015.
The meeting will highlight capital market development, financial services liberalisation, capital account liberalisation and Asean currency cooperation.
Yesterday senior officials of central banks and finance ministries from Asean+3 (China, Japan and South Korea) met in Chiang Mai.
The most interesting topic at the ministers' meeting, however, is expected to be the appreciation of regional currencies against the US dollar and how to deal with the trend to produce a win-win result, as East Asian countries also compete with each other for export markets in the United States, Europe and other parts of the world.
Capital flows into the region have strengthened regional currencies in general and the baht in particular. Thailand would be a centre of focus as its central bank in December imposed severe capital controls that shocked the market.
Chalongphob earlier said he would brief his colleagues on the latest developments on the matter. He conceded that Thailand had not yet found a better solution to the capital-inflow problem. He hoped to learn from the experiences of the other ministers, and vice versa.
Individual countries have been trying to solve their own problems, however. If they have to cooperate more closely, some suggest that they should hold more financial assets denominated in Asean currencies, such as baht bonds.
Officials have agreed that this would be an important part of how they could use surplus savings to invest in the region's infrastructure.
And cooperation among small countries in Asean is inadequate. Chalongphob said he would also discuss the exchange-rate issue with China, Japan and South Korea ahead of the Asean+3 meeting in Japan next month.
Suparut Kawatkul, permanent secretary for the Finance Ministry, said yesterday's meeting reached a broad consensus that interest rates should be low in order to discourage capital inflows.
Officials also apparently acknowledged that a flexible exchange-rate or floating-rate regime could cause volatility in currencies and would be more efficient when the market was deeper and wider.
They realised that effective communications with the market were necessary and supervision of financial markets must be done carefully.
The senior officials also urged member countries to expand domestic demand. They needed to boost consumption and private investment. They agreed to promote Asian bonds as an important tool for promoting investment infrastructure in both Asean and Asean+3. They would keep a close eye on hedge funds that are behind short-term capital flows, potentially creating instability in the region.
In the wake of the 1997 Asian financial crisis, competitive devaluation of currencies erupted among East Asian countries. Then other countries, however, praised China for not devaluing its yuan, which saved the region from a deeper crisis.
The situation today is different. Many countries, especially Thailand, watch China with unease, as China has kept the yuan virtually unchanged against the US dollar, while Thailand has suffered from the fast-rising baht due to its floating exchange-rate regime. And Thailand is worried that its exports could lose competitiveness against China's exports.
Asean and China have agreed on the Chiang Mai Initiative (CMI), a swap arrangement that serves as a reserve pool that a member could borrow from when it runs into financial problems. Asean plans to strengthen the CMI, which would be further discussed in Japan.
Europe has celebrated 50 years of cooperation which brought them a single currency market. Asean and Asean+3 have only started to implement some common policies. The success story of Europe and the growing imbalance in the global financial market are likely to force East Asia to accelerate cooperation. And it is interesting to see how they can coordinate exchange-rate policies.
Wichit Chaitrong
The Nation
Danish companies seek business opportunities in Vietnam
08:19' 05/04/2007 (GMT+7)
VietNamNet Bridge - A mission of 30 Danish companies in the information and communication technology and electronics industries will visit Vietnam from Apr. 16-20 to explore business opportunities, the Danish Embassy in Hanoi said in a press release.
The visit is also aimed at matching Danish and Vietnamese companies who can go into commercially viable partnerships and transfer of know-how and technology supported by the Danish International Development Agency (DANIDA) with up to $850,000 per partnership.
During their visit, Danish enterprises will be introduced to general issues relating to doing business in Vietnam and given the opportunity to network with other information technology and electronics’ companies having similar plans.
Each company will be provided with the opportunity of meeting individual potential Vietnamese partners. Approximately 300 individual meetings will be organised for the Danish companies with potential Vietnamese partners in Hanoi and Ho Chi Minh City.
On the occasion, a seminar entitled "Vietnam and Denmark to share the sizzle of information technology (IT) and electronics" will be held in Hanoi on Apr. 16, focusing on opportunities for Danish and Vietnamese companies and exchanging ideas concerning the development of the IT and electronics industries of the two countries.
(Source: VNA)
Yeah, you ever get that feeling that you could stay home from work for the next couple weeks and it really wouldnt matter if you lost your job over it. lol, just counting my chickens before they are hatched.
Trav.
Vietnam: Awash in Money
Philip Bowring
02 April 2007
With a booming economy attracting hordes to the stock market, the country needs to be careful to avoid a bust
Amid the myriad booms and bubbles the asset world has witnessed in recent months, one stands out, at least for originality: Vietnam. It is awash in more money than it can handle.
In mid-March, a thousand portfolio investors, investment bankers and fund managers crowded into Hanoi’s Melia Hotel for an investment conference that coincided with a flurry of announcements about new funds being formed to invest in Asia’s latest miracle economy. Here was the successor to China of the past decade, Thailand-Malaysia of the 1985-1995 era, Taiwan and Korea of 1975-1985 and Japan during the post-1965 boom. Vietnam is the latest to fly in the Asian geese formation.
Although a handful of pioneers have dabbled there since 1994 after its doi moi reform (which began in 1986) gradually moved in the direction of capitalism, the past few months have seen a foreign feeding frenzy that has caught the imagination of local punters, who have rushed to the stock market in unprecedented numbers. Although the market has come off 15 percent or so since an index peak of 1170 in early March, it is still double its level when the latest bull run began in November 2006 and four times the level of early 2006 when the markets began to wake up. (There are separate markets in Ho Chi Minh and Hanoi but the Ho Chi Minh one is the most active and the preferred listing location).
More remarkable, perhaps, than the rise in the index has been the increase in market capitalization from around a year ago to today’s US$15 billion plus ‑ around 24 percent of GDP. That has been the result of a flood of new listings thanks to tax changes that have forced many companies whose shares were once traded only on an over-the-counter basis to list. Hitherto many had preferred to avoid the reporting and regulatory requirements of a listing, but now they are finding that listing can bring share prices as well as tax benefits. (Altogether there are about 2,800 OTC companies but most seldom trade.)
New markets are particularly prone to speculative excesses and Vietnam is no exception. This has been a money-and-momentum driven market with scant regard for such niceties as price-to-earnings or price-to-book ratios. They are there for quick profits and an improvement on the modest yields of bank deposits. As for the foreigners, they say they are there for the long term, which is mostly true.
But what can they do other than buy stocks when they have fast-growing funds dedicated to doing just that, sometimes almost regardless of price? There are now some 20 foreign funds with money to invest in Vietnam, compared with only four a year ago. This is in addition to investment by foreign individuals or through participating certificates sold by investment banks, including HSBC and Merrill Lynch, which hold baskets of major stocks.
The fact is that Vietnam is being swamped with foreign money, adding to a credit-driven surge in local speculation. Combined, this could have destabilizing macro-economic effects as well as an equities bubble in danger of bursting. Some of the money earmarked for investment will remain on the sidelines for the time being. Some will find its way into OTC shares or new equitizations ‑ the process of state companies becoming tradable, which in most cases also means issuing shares to private investors, managers and employees.
In one case, Dragon Capital, the oldest of the foreign funds, has used cash to buy control of a Canadian-listed company, Tiberon Minerals, whose main asset was a Vietnamese wolfram deposit.
But the estimated $2 to 3 billion of new foreign portfolio money waiting in the wings is a huge amount for this market to absorb. It may not seem so big relative to a $16bn market capitalization but it is huge relative both to the free float of those listed and bearing in mind that foreign holdings for some counters, mainly banks, are close to their limits (30 percent in the case of banks).
This is money earmarked for Vietnam. There is more discretionary foreign money that may still want to come in, for a long term punt on Asia’s latest star. Meanwhile foreign direct investment into businesses is running at around $10 billion in promised projects and around $2 billion in actual disbursements.
Even if the foreigners decline to buy with an index trading at some 50 times earnings, there is no guarantee that locals will not continue to pile in as the market is fuelled by rapidly growing money supply, itself partly driven by the foreign cash inflow. There are plenty of examples. Big institutions had mostly exited Nasdaq well before its small investor-driven 2000 peak. Closer to home, the Bangladesh market continued to boom long after foreigners exited.
There has been talk that the government might try to dampen the market and money supply excesses by imposing new controls on foreign portfolio capital. The mess that Thailand made of this has probably been a deterrent. So, too, is the knowledge that the government should be able to take this opportunity to speed up the equitization and new listing processes.
Everybody's heading for the stock exchangeThe issue for Vietnam now is whether enough new large state companies can come to the market, or at least be made available during the equitization process, to absorb the excess of foreign and local money. There are several major companies planning to do so this year but whether that can happen quickly enough is debatable given that bureaucracy moves slowly. It also faces genuine problems in determining asset values of state companies, particularly those with large but unutilized land banks and the lack of any meaningful market in land.
The foreigners would like to use the current weight of money waiting to invest to persuade the authorities to increase foreign ownership limits – 30 percent for banks and 49 percent for most other companies. But the government fears that this would simply drive prices further and use up funds which it would prefer to see deployed in the new listings.
The market could anyway lose momentum of its own accord before the new listings arrive, in which case the authorities may face the choice of slowing them down or even halting them – as happened in the past in China – or seeing the weight of new paper collapsing the market, a result that could have political consequences.
Among foreign fund managers, the optimists do not expect a correction of more than 30 percent. They argue that accelerating earnings will soon show up in results and make the PE ratios look less inflated. They note, too, that the Vietnam stock index is capitalization-weighted and that though several of the heavyweight and liquid stocks are expensive by most measures, the smaller companies usually trade on much lower ratios. It is also argued that as new large stocks come to the market at IPO prices kept to moderate levels by the regulatory authority, the overall index valuation will come down without the necessity of a crash.
Others are less sanguine and suggest that once the domestic momentum goes out of the market, small punters will head for the exit in droves and the foreign money will only be a palliative. If that is the case, the market could easily go back to the 600 level or worse and, like its Chinese precursors, go through a long period of inaction with both PE and earnings falling. A worst case scenario could see the index back to 300 which would itself slow reform and bring new listings to a halt.
The theory is that the current average PE ratio is around 45 and could come down to 30 assuming (perhaps optimistically) earnings growth of 30 percent in 2007. But that would still leave it at about double what might be expected for a market with great growth potential but erratic corporate governance, a heavy presence of banking stocks and huge demands on capital if current 7-8 percent GDP growth is to be sustained.
Some of the biggest demands for capital will come from the power sector and Vietnam plans to use the market to raise capital for separately listed power producers under the Electricity Vietnam umbrella. Such capital intensive ventures are seldom the stuff of market booms.
For now the financial markets look promising only in parts. Participants mostly praise the structure and management of the stock exchanges which have had few trading problem – though abuses by brokers are believed widespread, as in other markets where profits come more from proprietary trading books than from commissions.
A bond market, too, is emerging to which foreigners have access. Thus far it trades mainly government bonds. But public debt issues will continue to grow – outstanding government bonds are only equal to about 10 percent of GDP compared with as much as 40 percent in Thailand and Malaysia. Corporate bond issues will also likely expand as investors become more confident of their accounts.
Generally speaking, Vietnam’s institutional financial development is more advanced than China’s was at a similar stage. However, there is one major problem which is being exacerbated by the current credit boom: the banking system. Its health is not only critical for macro-economic stability, it is also a key to stock prices: eight of the top 20 stocks by market capitalization are banks, and new ones are coming to the market soon
As the banking system is largely state-owned it may not be in danger of the kind of meltdown suffered in many countries during the Asian financial crisis of 1997-1998. However, credit has almost certainly been growing too fast even for an economy with 13 percent nominal growth and still in the process of monetization. Large state-owned enterprises still get the lion’s share of credit and although the official figures for nonperforming loans have been falling and are now around 5 percent, many foreign observers are skeptical. They suggest that a realistic 15 percent NPL for state banks is realistic.
Many banks could be technically insolvent and in need of new capital. To make matters worse, there are far too many banks and lately some are said to have been using their excess liquidity to play in the stock market. There are four large SOE banks and 36 joint-stock banks. Of the latter, four have 60 percent of Vietnam’s loans so the rest are very small. The whole banking sector is changing for the better, including the central bank. But it looks to have lagged behind credit growth and thus exposes the economy to potential dangers.
For an increasingly open economy ‑ foreign trade is now equal to 80 percent of GDP –foreign exchange reserves are a modest US$13 billion. Although up from $9 billion at end-2005, it is barely satisfactory relative to foreign trade – it is not quite equal to three months of imports and it is only a quarter of the fast-growing monetary base.
Complicating matters is that some 25 percent of bank deposits are in foreign currencies. While banks hold significant liquid assets offshore, local borrowers of foreign currency could present the banks with major problems if the dong were to fall sharply or the local economy experience a major downturn. Despite the success of farm, footwear and textile exporters, oil still accounts for 25 percent of exports.
In short, Vietnam has probably not done enough during this period of easy money to reduce risk by increasing its forex reserves. So it will need to be on guard so that today’s inflow excesses do not become tomorrow’s outflow flood and drain those reserves. The sooner the government can get new listings to market while the foreign cash is available the quicker it can build its reserves and bring market prices to levels which make a future bust less likely.
For now the dong looks stable enough. Inflation has come down and with it the controlled depreciation. The current account deficit is only 2 percent of GDP and capital controls remain in place. However, looking ahead, the banking system will have to manage a transition to a more open economy. Foreign banks’ access to dong deposits will increase and foreign ownership of local banks will be permitted from April 1.
By 2011 Vietnam aims to abolish most capital controls. These are ambitious targets and are requirements built into bilateral agreements linked to World Trade Organization accession. They carry opportunities for the modernization of a socialist-era banking system and for amalgamations to reduce the number of players. But all financial sector liberalizations carry risks either of credit excess or the privatization of entities which lack sufficient capital and expertise to survive tougher times.
The best argument for Vietnam is a macro one. But even the best macro performance – as in the case of China – can be ignored by the market for years. There are several reasons why this could happen in Vietnam. The price of capital, now at an all time low, could rise, putting a strain on financial markets in an economy with huge growth potential but also huge capital requirements. Another possibility is that, as happened in Vietnam in the mid-1990s and in China more recently, easy access to capital results in over investment, excess capacity and a sharp fall in profits.
Vietnam’s economy has been growing at a fast yet quite steady pace for more than a decade. However, three events over the past years have served to underwrite confidence that this will continue and that Vietnam will take its place among the more successful and prosperous east Asian nations, perhaps catching Thailand in a generation and Taiwan by mid-century.
First, entry into the World Trade Organization. This was no surprise after years of negotiations during which Vietnam acquired trade access to the EU, US and other major markets. However, membership and related bilateral agreements, especially with the US, are set to force continued reform and opening up of the economy, including much of the service sector, to foreign entry and competition.
The Party Congress in 2006 which saw not only another smooth transition of leadership but the promotion of younger figures who came to prominence in the postwar years and are associated with economic reform and the continued shift to a market economy. The party remains highly authoritarian and will come under pressure for political change as the economy develops. But Vietnam has achieved more internal democracy and decentralization than its communist peers and never subjected the people to the violent ideological swings experienced in China. Reform has been slow but steady and seemingly well thought through.
However, as in any transition economy where the borders between the state and private sector are blurred, corruption is rife. It is closely associated both with the normal obstructionism of the bureaucracy and now with the spoils that can come from equitization. More equitization is needed – 40 percent of the economy is still in SOE hands – but ill-gotten gains are a seemingly inevitable part of the process.
Meanwhile foreign investors, though often admiring the Vietnamese work ethnic, find the bureaucracy a source of interminable delays and sometimes chauvinist attitudes, a sense that it is wrong for foreigners to be able to profit from the labor or resources of the Vietnamese. However, nationalism seems to have waned somewhat as opening up has come to be seen as a success. In any event, economic nationalism was never as entrenched in freewheeling Ho Chi Minh City and the south generally, as in Hanoi.
The third, already mentioned, was the tax decision which resulted in the dramatic development of the stock market and hence of foreign interest, which also spilled over into the bond and real estate markets.
The macro bull story is easy enough to understand. Firstly, Vietnam is playing catch-up with China and most of Southeast Asia. Its shift of manpower from agriculture to manufacturing is relatively recent. It could certainly be slowed by adverse global conditions or a shortage of capital but it is probably no more vulnerable than other Asian economies.
Second, it has among the best demographics in Asia if not the world. Population growth is slowing. The workforce is still expanding by 2 percent a year but that will gradually slow to less than 1 percent by 2020. The percentage in the working age 15-59 group will soon reach 66 percent and remain close to that very high level for the next fifteen years.
The macro story is enhanced by a high savings rate – currently 35 percent of GDP and still rising, which may be behind China but is up to the levels enjoyed by earlier fast developers like Taiwan and Thailand. And the fiscal position is stable enough with a deficit of less than 2 percent of GDP and government at 45 percent of GDP. The foreign debt proportion is high (27 percent of GDP) but most of it is long term, low interest loans. Short term debt is modest.
Vietnam lacks China’s economies of scale and there is no equivalent to Taiwan or Hong Kong to provide instant access to capital and markets. But Vietnam does enjoy some compensating advantages. Most of its population is concentrated in two delta regions which keeps down infrastructure costs. And those regions are close to the sea and hence the markets of Asia and the world.
A combination of geography and domestic politics has also served to limit income imbalances, at least compared with China. The social, health and educational safety nets of socialism have not all been sacrificed on the altar of GDP growth. Vietnam is probably right to look for 8 percent growth, not 10 percent. It has a good record in tackling issues such as avian influenza and education is making progress albeit from a low base. Although the rural/urban income gap is, as everywhere, large at a ratio of two to one it is far less severe than in China. Pollution is not yet a very serious problem and reliance on gas and hydro for the majority of its power needs is an advantage.
But make no mistake, Vietnam has literally little room for maneuver. Population density per hectare of cultivable land is higher even than Bangladesh. But is a tribute to its productivity that despite this it remains among the top world exporters of rice, coffee, rubber and (mostly farmed) seafood and farm output continues to grow by 3-4 percent a year.
It may be that Vietnam is arriving at the maximum growth stage too late – as the export-driven model of development looks likely to be under severe pressure from global trade imbalances. But Vietnam can probably gain market share at the expense both of higher cost China and low cost but low efficiency Indonesia and south Asia.
But whatever happens to global conditions it needs to beware of getting carried away by easy money, which inevitably ends not in a great leap forward but a crash of markets and hopes.
http://asiasentinel.com/index.php?option=com_content&task=view&id=438&Itemid=32
Iran releases British sailors
British Prime Minister Blair says he bears 'no ill will'
http://www.msnbc.msn.com/id/17944210/
MSN's Web site not C/P friendly. lol.
Pelosi shrugs off Bush’s criticism, meets Assad
http://www.msnbc.msn.com/id/17920536/
Democrat raises issues of Mideast peace, Iraq with Syrian president
Jamal Saidi / Reuters
House Speaker Nancy Pelosi meets with President Bashar al-Assad in Damascus on Wednesday.
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Updated: 6:28 a.m. PT April 4, 2007
DAMASCUS, Syria - U.S. House Speaker Nancy Pelosi met Syrian President Bashar Assad on Wednesday for talks criticized by the White House as undermining American efforts to isolate the hard-line Arab country.
Pelosi said Assad assured her of his willingness to engage in peace talks with Israel, and that she and other members of her congressional delegation raised their concern about militants crossing from Syria into Iraq, as well the Israeli soldiers kidnapped by the Lebanese militant group Hezbollah and the Palestinian group Hamas.
The Californian Democrat spoke to reporters shortly after talks with Assad at the end of a two-day visit to Syria.
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She said the delegation gave the Syrian leader a message from Israeli Prime Minister Ehud Olmert whose essence was that Israel was ready to hold peace talks with Syria.
She did not say more about the message, but Israel has previously made such talks conditional on Syria’s cutting off its support for hard-line Palestinian groups and Hezbollah.
“We were very pleased with the assurances we received from the president that he was ready to resume the peace process. He’s ready to engage in negotiations for peace with Israel,” Pelosi said.
Pelosi and accompanying members of Congress began their day by holding separate talks with Foreign Minister Walid al-Moallem and Vice President Farouk al-Sharaa and then met Assad, who hosted them for lunch after their talks.
Pelosi’s visit to Syria was the latest challenge to the White House by congressional Democrats, who are taking a more assertive role in influencing policy in the Middle East and the Iraq war.
Bush voices criticism
Bush has said Pelosi’s trip signals that the Assad government is part of the international mainstream when it is not. The United States says Syria allows Iraqi Sunni insurgents to operate from its territory, backs the Hezbollah and Hamas militant groups and is trying to destabilize the Lebanese government. Syria denies the allegations.
“A lot of people have gone to see President Assad ... and yet we haven’t seen action. He hasn’t responded,” he told reporters soon after she arrived in Damascus on Tuesday. “Sending delegations doesn’t work. It’s simply been counterproductive.”
Pelosi did not comment on Bush’s remarks but went for a stroll in the Old City district of Damascus, where she mingled with Syrians in a market.
Wearing a flowered head scarf and a black abaya robe, Pelosi visited the 8th-century Omayyad Mosque. She made the sign of the cross in front of an elaborate tomb which is said to contain the head of John the Baptist. About 10 percent of Syria’s 18 million people are Christian.
At the nearby outdoor Bazouriyeh market, Syrians crowded around, offering her dried figs and nuts and chatting with her. She bought some coconut sweets and looked at jewelry and carpets.
On Tuesday night, Pelosi met Syrian human rights activists, businessmen and religious leaders at the U.S. ambassador’s residence.
‘Better late than never’
Syrian Foreign Minister Walid al-Moallem was quoted Wednesday as saying that Pelosi and other members of Congress were “welcome” in Syria.
“Better late than never,” he told the Kuwaiti newspaper Al-Anba in an interview. He said the visits were taking place because Americans and Europeans had realized that their policy of trying to isolate Syria had failed.
However, the Syrian ambassador to Washington, Imad Moustapha, was quoted as saying Syria was “wary of the sudden U.S. openness” and would respond cautiously.
“Syria will not hurriedly offer concessions when it refused to offer them under much greater pressure from the United States in the past,” he said in an interview with the Al-Baath newspaper, the mouthpiece of the ruling party.
“Syria will take a step forward every time the Americans take one,” he added.
Toward U.S. engagement with Syria?
Democrats have argued that the United States should engage its top rivals in the Mideast — Iran and Syria — to make headway in easing crises in Iraq, Lebanon and the Israeli-Arab peace process. Last year, the bipartisan Iraq Study Group recommended talks with the two countries.
Bush rejected the recommendations. But in February, the United States joined a gathering of regional diplomats in Baghdad that included Iran and Syria for talks on Iraq.
Visiting neighboring Lebanon on Monday, Pelosi noted that Republican lawmakers had met Assad on Sunday without comment from the Bush administration.
She said she hoped to rebuild lost confidence between Washington and Damascus.
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‘No illusions’
“We have no illusions but we have great hope,” said Pelosi, who met with Palestinian President Mahmoud Abbas in the West Bank city of Ramallah earlier Tuesday.
Relations between the United States and Syria reached a low point in early 2005 when Washington withdrew its ambassador to Damascus to protest the assassination of former Lebanese Prime Minister Rafik Hariri. Many Lebanese blamed Syria — which had troops in Lebanon at the time — for the assassination. Damascus denied involvement.
Washington has since succeeded in largely isolating Damascus, with its European and Arab allies shunning Assad. The last high-ranking U.S. official to visit Syria was then-Deputy Secretary of State Richard Armitage in January 2005.
The isolation, however, has begun to crumble in recent months, with visits by U.S. lawmakers and some European officials.
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© 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Iran releases British sailors
British Prime Minister Blair says he bears 'no ill will'
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Updated: 12 minutes ago
LONDON - Iran on Wednesday freed the 15 detained British sailors and marines in what President Mahmoud Ahmadinejad called an Easter gift to the British people. Prime Minister Tony Blair said he bore “no ill will” toward the Iranian people.
Iranian state television said the 14 men and one woman, who were seized while on patrol in the northern Persian gulf on March 23, would leave Iran on Thursday. An Iranian official in London said they would be handed over to British diplomats in Tehran.
Ahmadinejad’s surprise announcement came at a news conference shortly after he pinned a medal on the chest of the Iranian coast guard commander who intercepted the sailors and marines.
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“I’m glad that our 15 service personnel have been released and I know their release will come as a relief not just to them but to their families,” Blair said outside his No. 10 Downing St. office. “Throughout, we have taken a measured approach, firm but calm, not negotiating but not confronting, either.”
Blair added, “To the Iranian people I would simply say this: We bear you no ill will.”
Iranian state television later showed the British sailors talking to Ahmadinejad at the country's presidential palace apparently minutes before they were to be freed.
The footage showed Ahmadinejad shaking hands with the sailors and smiling and chatting.
The Iranian president had said the Britons would be taken to Tehran aiport at the end of the press conference that he was addressing, but The Associated Press and Reuters news agency later reported that they would be flying out on Thursday.
The White House hailed the release. "As Prime Minister Blair just said, President Bush also welcomes the news," Gordon Johndroe, spokesman for the White House National Security Council, said.
Gift to Britain
Ahmadinejad said he had pardoned the sailors as a gift to the British people and to mark the birthday of Islam's Prophet Muhammed and Easter.
"On the occasion of the birthday of the great prophet (Muhammad) ... and for the occasion of the passing of Christ, I say the Islamic Republic government and the Iranian people -- with all powers and legal right to put the soldiers on trial -- forgave those 15," he said, referring to the Muslim prophet's birthday last Saturday and Easter, next Sunday.
"This pardon is a gift to the British people," he said.
Discuss
What do you think about the release of the Britons
"On behalf of the great Iranian people, I want to thank the Iranian Coast Guard who courageously defended and captured those who violated their territorial waters, the president told a press conference.
He then interrupted his speech and pinned a medal on the commander of the Coast Guards involved in capturing the British sailors and marines in the northern Gulf on March 23. Two other Coast Guards came on to the podium and saluted during the ceremony.
Concern for female sailor?
He criticized Britain for deploying Leading Seaman Faye Turney, one of the 15 detainees, in the Gulf, pointing out that she is a woman with a child.
"How can you justify seeing a mother away from her home, her children? Why don't they respect family values in the West?" he asked of the British government.
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Answering questions, Ahmadinejad said there was no link between the sailors' release and the release in Baghdad on Monday of an Iranian diplomat who was seized by gunmen wearing Iraqi military uniforms in January.
"If we had wanted to exchange Jalal Sharafi with the rest (of the Britons) we would have exchanged him for 100,000. But we pardoned them," he said, adding the decision was "based on humanitarian considerations."
The president also weighed in on his country's diplomatic standoff with the United States.
"If Mr. Bush and his government change their behavior ... this side (Iran) has the ability to reconsider" its ties with Washington, he said, without specifying what change he wanted to see.
The White House responded that it was Tehran that needed to change its behavior and again urged the Iranian government to abandon its efforts nuclear program if it wants to improve relations with the United States.
The Associated Press and Reuters contributed to this report.
http://www.msnbc.msn.com/id/17944210/
It just my opinion though.
But, IMO the economy should grow slow and steady so the general public or others dont get left behind if/when this hits. IMO that would lead to to much crime and violence in Iraq with so many over night millionaires or multi thousandaires.
Going down to the local supermarket to pick up a loaf of bread with a few 25k notes one day, then a 1k note for the same loaf of bread the next day would IMO harm the economy. Slow and steady for banks and public to grow accustomed to new moneys.
I suck at putting things in my head to paper. Unless I have a few hours to type something up. LOL, and Im spose to be heading out for our 20th year dinner as well...so am rushed.
Nother LOL, this seems to be my last post of the day.....How do you get unlimited postings? Z'at cost extra? Any carry over minutes here? lol.
Trav.
Posted by: waterpro42
In reply to: Zoinkers who wrote msg# 5148 Date: 4/3/2007 7:39:18 PM
Post #
Thanks for your input.
////////////////////////////////////////////////
Welcome, Im sure someone can do a better job than I can. Talk to ya tommorow.
Trav.
Just might be. This was posted next door by C A.
/////////////////////////////////
Rv Date 4/4/07?
--------------------------------------------------------------------------------
Iraq Banking and Finance Conference
April 4- 5, 2007
Intercontinental Hotel, Amman, Jordan
Banking in Iraq: The 21
st Century Challenge
ANNOTATED AGENDA
Tuesday, April 3, 2007
Participant arrivals and pre-registration
7:00 p.m. Welcome reception (Hotel Intercontinental)
Wednesday, April 4, 2007
8:00 – 9:00 Registration
9:00 – 9:30
Official Opening
Welcome addresses from Iraqi and U.S. officials
9:30 – 10:00 Opening Address
Overview of Banking in Iraq: Developments and Challenges
Speaker:
Governor of the Central Bank of Iraq
10:00 – 10:30 Keynote Presentation
Global Banking Developments and their Implications for Transition
Economies
10:45 – 11:15 Tea/Coffee Break
11:15 – 12:45 Plenary Session 1
The Role of the Central Bank in Implementing Monetary Policy
12:45 – 1:00 DISCUSSION
12:45 – 1:45 pm
PRESS BRIEFINGS (By invitation only)
Select invitees will gather in Room # …. Intercontinental Hotel for briefings with the Press Corps.
Details to be provided under separate cover
1:00 – 2:00 Lunch
2.00 – 3.00 Plenary Session 2
Prudential Regulation and Supervision of the Iraqi Banking System;
Risk Management Systems within the Commercial Banks; Effect of the
New Secured Transactions Law, etc.
3:00 – 3:15 Tea/Coffee Break
3:15 – 3:30 GROUP PHOTO
- 2 -
3:30 – 4:30 Plenary Session 3
Private Banks in Iraq – Current Status a nd Future Growth
4:30 – 5:30 Breakout Session 1
The Development of New Bank Products and Services (Including
Deposit Products); Islamic Banking Products; Bank Profitability and
Return on Assets Criteria.
Breakout Session 2
The Improvement of International and Domestic Wire Transfer Systems,
Check Processing, Clearing and Banking MIS Systems
7:30 – 9:00 pm Reception
Thursday, April 5, 2007
9:00 - 10:30 Plenary Session 4
State-Owned Banking Sector in Iraq - Developments
10:30 – 10:45 Tea/Coffee Break
10:45 – 12:15 Plenary Session 5
Banking and the Growth of the Private Sector: Building a Vibrant SME
Lending Industry: The Role of Loan Guarantees
12:15 - 1:15 Plenary Session 6
Strategy for the Microfinance Industry in Iraq – Outreach and Growth
1:15 – 2:15 Lunch
2.15 – 3:30 Breakout session 3
How to Support the Development of a Financial Services Training
Center
Breakout session 4
Bringing International Financial Standards to Iraqi Bank Financial
Statements/Annual Reports
3:30 – 4:00 CONCLUDING DISCUSSION
4:00 – 4:30
Closing Session
http://www.export.gov/iraq/pdf/usaid...genda_0407.pdf
mhhh...disscusion onmonentary policy.....then press briefings...........RV anyone?
Thanks Bro. I'm married to a couple stocks right now and am letting them run there course. Nice to sit back and watch our other investments for the time being. Summer is looking good. Have you gone out and bought an RV yet? You might not like sleeping in the back yard in a tent,... with the dogs. LMAO.
Trav.
J/K downstairs is open anytime for ya.
I wonder what 'near future' means to a company. This quarter?
And what other currency they hold?
'from just one of our holdings being revalued'
Trav.
My pleasure glad to help out.
I know very little about Iran or its currency, but am willing to learn. Im looing forward to some DD.
Trav.
We do seem to be getting closer and closer to something. Hopefully the Dinar will continue to rise at a controlled rate. A little faster would be cool with me, like seeing 1/1000 by Summer. Much faster than that and it may damage Irag's economy more than help it IMO.
Steady as she goes.
Trav.
Good to hear.
:)
Tuesday, April 3, 2007
1 Iranian Rial = 0.0001127 US Dollar
1 US Dollar (USD) = 8869.30 Iranian Rial (IRR)
Median price = 0.0001040 / 0.0001127 (bid/ask)
Minimum price = 0.0001040 / 0.0001127
Maximum price = 0.0001040 / 0.0001127
Tuesday, April 3, 2007
1'000'000 Iranian Rial = 112.748 US Dollar
1'000'000 US Dollar (USD) = 8'869'300'000 Iranian Rial (IRR)
Median price = 0.0001040 / 0.0001127 (bid/ask)
Minimum price = 0.0001040 / 0.0001127
Maximum price = 0.0001040 / 0.0001127
Tuesday, April 3, 2007
1 Vietnamese Dong = 0.00006499 US Dollar
1 US Dollar (USD) = 15'386.0 Vietnamese Dong (VND)
Median price = 0.00006003 / 0.00006499 (bid/ask)
Minimum price = 0.00006003 / 0.00006499
Maximum price = 0.00006003 / 0.00006499
The broadest investment plan together with imposing the law
$ 11 billion to absorb the phenomenon of unemployment
--------------------------------------------------------------------------------
02 April 2007 (Iraq Directory)
Print article Send to friendCabinet allocated 11 billion dollars, the equivalent of 25% of the budget in 2007 to an unprecedented investment plan in Iraq. Economists consider this step synonymous with the plan of imposing the law which aims at achieving stability in Iraq, in a way that contributes to the comprehensive construction and economic progress that restores Iraq to the ranks of advanced countries.
Although reliable sources confirmed that the number of projects planned to be completed this year are 1200 project divided between large, medium and small, but the advisor of the Prime Minister for Economic Affairs, Abdullah Albandar, said that: this number may doubled several times on the figure mentioned in case the sides implementing those projects committed to the schedule of completing them.
Albandar said that: Prime Minister Nuri al-Maliki directed the ministries of Finance and Planning to take interest in the sectors of oil and electricity to ease the burdens on the Iraqi people, through the construction of oil refineries, power plants, sanitation as well and other infrastructure projects.
The Parliament is expected to discuss, during the next few days, the oil and gas law that would contribute to develop the oil sector through the entry of international investment companies in this area, which will help in developing the Iraqi economy.
Albandar added that Mr. Maliki has been making every effort to make 2007 a years of building and security, pointing out that he had decided to grant a period of six months to ministries and provinces for the implementation of 25% of the projects to be carried out, and in case this was not done, the amounts will be transferred to other provinces or ministries.
Adviser of the Prime Minister said that the investment plan for the current year will succeed to reduce the rate of unemployment which is now 40% in case the invested amount of $ 11 billion is used quickly, accurately and far from routine; it would increase the citizens’ incomes and open the door to new investments. The minister stressed the government's support for all projects that serve the public interest. Albandar hoped to find a firm investment ground and capacity for the implementation of the investment budget which the State has allocated to it 25% of the general budget, saying that the government is serious in establishing security which is a prerequisite for investment promotion.
On the other hand, the United States is preparing to deploy new ten teams in the field of reconstruction in Baghdad, Al-Anbar and Babil next week, according to the announcement by the American Ministry of Foreign Affairs. The American Secretary of State, Condoleezza Rice, praised yesterday the officials of those teams which will each consist of a diplomat, a military, an expert from the American Agency for International Assistance U.S.Aid and an interpreter. Rice said: there is nothing more important than our current efforts to help Iraqis to provide security for their people.
She added: but we know that security is not just a question of military police, but is also a question of economic development and governance. Those in charge of the reconstruction teams, who are all professional diplomats and volunteers, said they want to establish personal relationships with Iraqis in spite of the tragic security situation.
The broadest investment plan together with imposing the law
$ 11 billion to absorb the phenomenon of unemployment
--------------------------------------------------------------------------------
02 April 2007 (Iraq Directory)
Print article Send to friendCabinet allocated 11 billion dollars, the equivalent of 25% of the budget in 2007 to an unprecedented investment plan in Iraq. Economists consider this step synonymous with the plan of imposing the law which aims at achieving stability in Iraq, in a way that contributes to the comprehensive construction and economic progress that restores Iraq to the ranks of advanced countries.
Although reliable sources confirmed that the number of projects planned to be completed this year are 1200 project divided between large, medium and small, but the advisor of the Prime Minister for Economic Affairs, Abdullah Albandar, said that: this number may doubled several times on the figure mentioned in case the sides implementing those projects committed to the schedule of completing them.
Albandar said that: Prime Minister Nuri al-Maliki directed the ministries of Finance and Planning to take interest in the sectors of oil and electricity to ease the burdens on the Iraqi people, through the construction of oil refineries, power plants, sanitation as well and other infrastructure projects.
The Parliament is expected to discuss, during the next few days, the oil and gas law that would contribute to develop the oil sector through the entry of international investment companies in this area, which will help in developing the Iraqi economy.
Albandar added that Mr. Maliki has been making every effort to make 2007 a years of building and security, pointing out that he had decided to grant a period of six months to ministries and provinces for the implementation of 25% of the projects to be carried out, and in case this was not done, the amounts will be transferred to other provinces or ministries.
Adviser of the Prime Minister said that the investment plan for the current year will succeed to reduce the rate of unemployment which is now 40% in case the invested amount of $ 11 billion is used quickly, accurately and far from routine; it would increase the citizens’ incomes and open the door to new investments. The minister stressed the government's support for all projects that serve the public interest. Albandar hoped to find a firm investment ground and capacity for the implementation of the investment budget which the State has allocated to it 25% of the general budget, saying that the government is serious in establishing security which is a prerequisite for investment promotion.
On the other hand, the United States is preparing to deploy new ten teams in the field of reconstruction in Baghdad, Al-Anbar and Babil next week, according to the announcement by the American Ministry of Foreign Affairs. The American Secretary of State, Condoleezza Rice, praised yesterday the officials of those teams which will each consist of a diplomat, a military, an expert from the American Agency for International Assistance U.S.Aid and an interpreter. Rice said: there is nothing more important than our current efforts to help Iraqis to provide security for their people.
She added: but we know that security is not just a question of military police, but is also a question of economic development and governance. Those in charge of the reconstruction teams, who are all professional diplomats and volunteers, said they want to establish personal relationships with Iraqis in spite of the tragic security situation.
Oops, wrong board. lol.
:)
Vietnam expects bumper year in FDI attraction
Vietnam is expecting a bumper year in attracting foreign direct investment (FDI), according to an official from the Ministry of Planning and Investment (MPI).
Phan Huu Thang, head of the MPI's Foreign Investment Department, said there are good reasons for the optimistic view, as newly-registered FDI in the first quarter of this year surged 27% from the same period last year to US $2.071 billion, and a list of projects on offer, capitalised at nearly US $30 billion, is catching foreign investors' attention.
He added that Vietnam needs only one third of the potential FDI amount realised in order to meet its target of attracting US $12 billion in FDI this year. The country's yearly target is equivalent to the total FDI it attracted in the 2001-2005 period.
Adding capital flow in operating projects, Vietnam attracted US $2.503 billion in FDI in the first three months of this year, an increase of 22% year-on-year.
Don Lam, Managing Director of VinaCapital, a financial group which has invested in many big projects in Vietnam, said annual FDI into Vietnam is likely to reach US $15-17 billion.
Dominic Scriven, Director of the UK fund management firm Dragon Capital shared Don Lam's view, citing a series of projects which will be carried out in Vietnam in the future, including a US $5-billion project of the Hon Hai Precision Industry Ltd. of Taiwan.
Many foreign investors said Vietnam's young and quick-to-learn workforce is one of the main reasons behind their decision to pour their money into the market.
Vietnam's World Trade Organisation membership and the country's commitments to open the financial, banking and securities sectors also help it win investors' trust.
The Vietnamese government, and local authorities are striving to improve the investment environment in accordance with international commitments in order to create favourable conditions for foreign investors' activities in Vietnam. President Nguyen Minh Triet reiterated Vietnam's efforts in the work while receiving a delegation of the Council of US Chambers of Commerce in Asia-Pacific on March 21.
Investment promotion activities have become more focused with the aim of attracting major and multinational groups, and developed economies to Vietnam.
Another important factor is the recovery of global foreign investment since 2004, which continues until present, with Southeast Asia, including Vietnam, being investors' first choice.
Several top ranking investors in Vietnam have shown signs of boosting their presence in the country. The Republic of Korea (RoK), one of the top five investors in Vietnam, has decided to open a Business Support Centre in Vietnam, with the aim of helping more RoK investors to the country.
Japan has repeatedly surveyed its businesses' choices of destinations for their investment. A survey conducted in the last two months of last year showed that many Japanese investors wanted to do business in Vietnam.
The EU region, with modest direct investment in Vietnam so far, has also become aware that it is time to increase investment in Vietnam.
At a recent France-Vietnam commercial forum, French Ambassador to Vietnam Jean-Francois Blarel affirmed that France aims to rise to the top among EU member countries investing in Vietnam, and his country will create favourable conditions for French businesses to come to Vietnam as soon as possible. (VNA)
--------------------------------------------------------------------------------
The broadest investment plan together with imposing the law
$ 11 billion to absorb the phenomenon of unemployment
--------------------------------------------------------------------------------
02 April 2007 (Iraq Directory)
Print article Send to friendCabinet allocated 11 billion dollars, the equivalent of 25% of the budget in 2007 to an unprecedented investment plan in Iraq. Economists consider this step synonymous with the plan of imposing the law which aims at achieving stability in Iraq, in a way that contributes to the comprehensive construction and economic progress that restores Iraq to the ranks of advanced countries.
Although reliable sources confirmed that the number of projects planned to be completed this year are 1200 project divided between large, medium and small, but the advisor of the Prime Minister for Economic Affairs, Abdullah Albandar, said that: this number may doubled several times on the figure mentioned in case the sides implementing those projects committed to the schedule of completing them.
Albandar said that: Prime Minister Nuri al-Maliki directed the ministries of Finance and Planning to take interest in the sectors of oil and electricity to ease the burdens on the Iraqi people, through the construction of oil refineries, power plants, sanitation as well and other infrastructure projects.
The Parliament is expected to discuss, during the next few days, the oil and gas law that would contribute to develop the oil sector through the entry of international investment companies in this area, which will help in developing the Iraqi economy.
Albandar added that Mr. Maliki has been making every effort to make 2007 a years of building and security, pointing out that he had decided to grant a period of six months to ministries and provinces for the implementation of 25% of the projects to be carried out, and in case this was not done, the amounts will be transferred to other provinces or ministries.
Adviser of the Prime Minister said that the investment plan for the current year will succeed to reduce the rate of unemployment which is now 40% in case the invested amount of $ 11 billion is used quickly, accurately and far from routine; it would increase the citizens’ incomes and open the door to new investments. The minister stressed the government's support for all projects that serve the public interest. Albandar hoped to find a firm investment ground and capacity for the implementation of the investment budget which the State has allocated to it 25% of the general budget, saying that the government is serious in establishing security which is a prerequisite for investment promotion.
On the other hand, the United States is preparing to deploy new ten teams in the field of reconstruction in Baghdad, Al-Anbar and Babil next week, according to the announcement by the American Ministry of Foreign Affairs. The American Secretary of State, Condoleezza Rice, praised yesterday the officials of those teams which will each consist of a diplomat, a military, an expert from the American Agency for International Assistance U.S.Aid and an interpreter. Rice said: there is nothing more important than our current efforts to help Iraqis to provide security for their people.
She added: but we know that security is not just a question of military police, but is also a question of economic development and governance. Those in charge of the reconstruction teams, who are all professional diplomats and volunteers, said they want to establish personal relationships with Iraqis in spite of the tragic security situation.
World Bank to loan Iraq power plant $124 million
--------------------------------------------------------------------------------
30 March 2007 (Reuters)
Print article Send to friend
The World Bank on Thursday approved $124 million in credit for an electricity reconstruction project in Iraq.
The project aims to increase generating capacity at the Hartha power station in the southern Iraqi city of Basra, the World Bank said in a statement.
"The project will double the output of the Hartha power station from 400 megawatts to 800 megawatts, providing additional generating capacity to the national grid and benefiting household and industrial consumers," Tjaadra Storm van Leeuwen, the project's Task Team Leader said.
The total cost of the project is estimated at $150 million.
The bank approved an additional $6 million from a donor fund administered by the World Bank and the Iraqi government is contributing $20 million, the statement said.
This is the second power rehabilitation project in Iraq to be funded by the World Bank.
The lender approved $40 million in credit in December 2006 for the repair of two hydroelectric power stations in the semi-autonomous Kurdistan region in northern Iraq.
Cool another book marked board.
Thanks RJ,
Trav.
Thats not a bad price, but just so you know.
Wells Fargo's last quote to me on Thursday or Friday was 371US for 5 mil. Postage not included.
Trav.
I do recall those. They were all great.
Now if I could just get the accent down. LMAO.
Be`er.
Trav.
Diffinetly.....
"......And of course if they find that it's not enough, they can do it again."
Gotta get my post count up there somehow. LMAO.
C-ya back here in a couple weeks.
Trav.
Not just yet. lol.
But your a couple weeks closer.
Trav.
Monday, March 26, 2007
1 Vietnamese Dong = 0.00006493 US Dollar
1 US Dollar (USD) = 15'402.0 Vietnamese Dong (VND)
Median price = 0.00005995 / 0.00006493 (bid/ask)
Minimum price = 0.00005995 / 0.00006493
Maximum price = 0.00005995 / 0.00006493
Monday, March 26, 2007
25'000'000 Vietnamese Dong = 1623.17 US Dollar
25'000'000 US Dollar (USD) = 385050000000 Vietnamese Dong (VND)
Median price = 0.00005995 / 0.00006493 (bid/ask)
Minimum price = 0.00005995 / 0.00006493
Maximum price = 0.00005995 / 0.00006493
Monday, March 26, 2007
50'000'000 Vietnamese Dong = 3246.33 US Dollar
50'000'000 US Dollar (USD) = 770100000000 Vietnamese Dong (VND)
Median price = 0.00005995 / 0.00006493 (bid/ask)
Minimum price = 0.00005995 / 0.00006493
Maximum price = 0.00005995 / 0.00006493
Vietnam's FDI inflow exceeds US$2.5 billion
07:46' 25/03/2007 (GMT+7)
VietNamNet Bridge - Vietnam has in the first quarter of this year attracted more than US $2.5 billion in foreign direct investment (FDI), a year-on-year increase of 22%, reported the Ministry of Planning and Investment.
According to the Foreign Investment Department, in March alone, the country licensed 71 FDI projects with a combined registered capital of US $455 million and permitted 47 operational projects which added US $432 million to their investment capital.
Up to 49% of the total capital of the first three months was poured into the service industry, 48% into industrial projects, and the remainder into the agro-forestry-fisheries sector.
The Republic of Korea emerged as the biggest investor in Vietnam in the reviewed period with a total registered capital of US $486 million, followed by Singapore with US $476 million.
According to the department, the largest projects involve the construction of a US $276 million resort in central Thua Thien-Hue province, a US $220 million paper mill in southern Binh Duong province, a US $165 million seaport in southern Ba Ria-Vung Tau province and a US $100 million reservoir in northern Thai Nguyen province.
(Source: VNA)
Yep, gett'en harder to follow.
So the ISX is not going to open as planned. But the Dinar may go up in value. :-/
Trav.
Foreign Investment in Iraq: Now you see it now you don’t, March 25 2007
Efforts to inject life into the small Iraqi bourse, the Iraq Stock Exchange, ISX, seem to have stalled again. According to informed sources, recently announced plans to open the exchange to foreigners will not take place in the near future despite the enacted foreign investment law. The small manually operated stock exchange which was opened June 2004 has been trying since to allow foreign investors to bye and sell sock of some 80 listed small companies in the exchange.
Despite recent proclamations by the chief executive officer of the exchange to the effect that procedures have been agreed upon to regulate the process, our sources say that many unresolved difficulties are more then likely to delay the much awaited opening up plan for quite some time.
Informed opinion say that the circulated procedures are crafted in such a way to make foreign investment in the ISX highly difficult and if adopted these procedures will repel foreign investors rather then encourage them. Venturing into the ISX is already a very risky proposition because the infant capital market of Iraq is highly unstable due to the ongoing war and the uncertainty of the future of the whole country itself. Non Iraqi investors are to provide a long list of documentary evidence of their status before they can enter the market, according to the circulated procedures. The procedures, according to one broker, are cumbersome, expensive and time consuming.
Moreover there are other more serious caveats. Careful reading of the Investment Law which was passed by parliament late 2006 shows that most articles of the law speak about regulation of direct foreign investment, that is investment in factories, agriculture etc. Such investments will be fully protected by the state of Iraq against nationalization and will be afforded tax perks for up to 10 years. Foreign investors are guaranteed the ability to take their profits out of the country at free will. But to benefit from such privileges and to be able to enter Iraq in the first place, the investor needs a license from a newly created Commission which oversees the process.
In only one odd article does the foreign investment law allude to investment in the financial markets of Iraq where it says foreign investors are allowed to buy and sell shares in the Iraq Stock Exchange. It does not say however, whether those wanting to invest in the ISX need or do not need, the prior license of the Investment Commission. It makes one wonder whether those who do invest in the capital market can freely take their money in and out of Iraq via the banking the system? Regulations of the Central Bank of Iraq are very cumbersome when it comes to taking out of Iraq any some of money in excess of $10,000.
Brokers who met the chairman of the Iraqi Securities Commission, the regulatory body that overseas the work of the ISX, last Thursday, say they went out of the meeting with the distinct impression that opening up the exchange to foreign investment will not happen any time in the near future. Among the many floating ideas in the meeting, one suggested that without automation and a central depository system, it was futile to make a hasty move of opening the exchanger for foreign traders. Concerns about money laundering were also raised, in addition to concerns about the security of the brokers who handle foreign traders. Foreign investment is seen suspiciously by many in Iraq, especially those who grew up in a closed culture of the old regime. Some say that foreign investment is tantamount to selling the assets of Iraq on the cheap. Similar concerns have strongly been raised about the yet to be enacted oil law which for the first time removes the monopoly of the state over oil exploration and development projects.
DISCLAIMER: This document has been compiled and issued by Kubba Consultants, which has obtained the information from sources it believes to be reliable, but Kubba Consultants makes no guarantee as to either its accuracy or completeness and has not carried out an independent verification. Kubba Consultants accepts no responsibility or liability for losses or damages incurred as a result of opinions formed and decisions made based on information presented in this report. This document is not an offer to sell or solicitation to buy any securities. The opinions and estimates expressed herein are those of the issuer.
© Kubba Consultants 2007
http://www.isx-aman.com/
http://www.investorshub.com/boards/read_msg.asp?message_id=18189041
Posted by: Arctec
In reply to: None Date:3/25/2007 2:03:09 PM
Post #of 4742
Vietnam oil firm begins work on gas power plant, pipeline
State-owned oil giant PetroVietnam began construction Saturday of a 462 MW electricity plant near Ho Chi Minh City and a pipeline to bring gas to the plant from a storage depot.
The US$420 million Nhon Trach power plant in Dong Nai province will be built by Lilama corp and Construction corp. No. 1 under an engineering, procurement, and construction contract.
Equipment will be supplied by Switzerland’s Alstom Power.
The plant is expected to begin operation in March 2008, supplying 2.5 billion KWh annually.
The $97 million pipeline will be built by Malaysia's Nacap Asia Pacific company. Scheduled for completion in the first quarter next year, the 40 km pipeline from Ba Ria Vung Tau province, the site of the depot, and Dong Nai will also pass through HCMC to supply gas for a power project.
It will carry around 2 billion cu.m. of gas every year from the Phu My distribution station in Ba Ria Vung Tau.
PetroVietnam General Director Tran Ngoc Canh said from March 2008 the group's power plants in Dong Nai and Ca Mau provinces would generate 12 billion KWh per year, or around a fifth of the country's total electricity output.
Reported by Thien Long – Translated by The Vinh
JMO, but that would seem a wise investment.
Trav.
Capital bank to mobilize funds off dollar certificates
The unlisted Hanoi Building Bank, or Habubank, has issued its certificate of deposit (CDs) in US dollar for both clients and investors, aiming to mobilize US$30 million.
The CDs come with a face value of $100 at least and a maximum of $100,000 for both individuals and institutions.
The CD carries an annual interest rate of 4.9 percent – 5 percent for CDs of five-month term; and 5.1 percent – 5.2 percent for CDs of 11-month terms.
The issue is to last from March 26 until May 25, however it might close before the schedule if sufficient funds are mobilized in advance.
Potentials
Established in 1989, the joint-stock bank has total assets of VND12 trillion ($748 million).
Germany’s top bank Deutsche Bank is now waiting for the approval from the Vietnamese central bank to buy up to a 20 percent stake in Habubank.
The two banks had clinched a deal for the purpose since last month. No financial details were disclosed.
The two banks plans to sign a cooperative agreement, following which Deutsche Bank will seek cooperation in credit card development and banking services distribution.
Deutsche Bank would also assist Habubank in managing financial sources and banking business risk.
It expected to become the largest shareholder of the Vietnamese bank.
Deutsche Bank is known as a leading bank in both homeland and the EU developing network to worldwide 72 countries.
It has opened its branches in Vietnam since 1992.
Under Vietnam’s current banking regulations, a single foreign investor is eligible to own a maximum 10 percent stake in a commercial bank, and total foreign holdings are capped at 30 percent.
Habubank has recently acquired a 5 percent stake in Cavico Mining’s VND31 billion ($1.9 million) chartered capital - a mining arm of Cavico Corp., Vietnam’s leading infrastructure investor and contractor, and specializing in providing mining and construction equipment.
The acquisition came part of the bank’s long-term strategy to diversify its business activities and strengthen its financial capability.
Habubank was one of Cavico’s main lenders before becoming a shareholder.
Source: TBKTVN – Compiled by Dong Ha
Nah, that wasnt that bad. It cleans up.
Iraq looks to establish economic relations with Arab countries, sophisticated
14:45 25 / 03 / 2007 14:45 25 / 03 / 2007
PUKmedia
PUKmedia Laila al-Shamri / Baghdad :
Dr. Abdalvalah Hassan, the Sudanese Minister of Trade that Iraq looks forward to the evolving relationship with the Arab countries in the economic field to interact and achieve Arab economic integration and desired to participate in the free market, which concerns itself with the Arab growth of this economy and the exchange of experiences and information.
He added, the Sudanese press statements today, Sunday, in Riyadh that Iraq has taken a series of significant economic measures concerned the adoption of a free economy and openness, controlled and applied by the State as well as the issuance of the most important strategic decisions Investment Law, which was approved by the Parliament and took effect today. Iraq, adding that the projects to ensure the Arab brothers to denounce the terrorist operations that target Iraqi economy and claim support for Arab support to confront this terrorism, which seeks to destroy the infrastructure of the Iraqi economy, was welcomed by the brothers of this proposal, which would be one of the projects issued by the summit of Arab leaders and the leaders of the Saudi capital.
He pointed out that the Sudanese Riyadh Economic Conference was an opportunity to exchange views with the Ministers of Arabs and clarify the policy in Iraq, economic openness and flexibility to increase the volume of trade with all Arab countries, and to achieve Arab integration, pointing out that paragraphs and recommendations discussed by the Board was concerned with the task of developing the economy Arab and the removal of obstacles relating to the establishment of the Arab free market to support projects related to tourism, transport and the electricity grid and the general structure of the monetary union of the Arab Customs and proactive mechanisms and programs for the application of this structure.
The Sudanese that Iraq will new projects for the meetings of the Economic and Social Council after the Arab next to be completed mechanisms for this project, which regards the support of Arab investment in Iraq and ask the Arab governments to urge companies and businessmen and the private sector to invest for various projects in all regions of the country.
He stressed that Iraq possesses tremendous economic force capable of bringing to the world economy if the safety factor and provide stability where possesses all the fundamentals of development and stockpiling of oil and therefore would be a milestone in overcoming all the problems of the present stage which superseded his sons, and Iraq will topple all the machinations and conspiracies of the enemies different.
Im not trying to bash, but I could use it to slow down a bit. lol.
Like maybe 4 more weeks or so. How about some time arround the first week of May. That should be plenty of time for me.
Trav.
Small world, I was in Advanced Fiber school when I came up with my screen name some 7 years ago.
The guy next to me couldnt get the fiber to splice correctly (mechanical)and instead of swearing, he would yell out ZOINKERS!!!!
So, I snagged the name and use it now everywhere. It fits rather well in any sentence, at all most any time.
What the Zoinks is going on? His Zoinkers is hanging out! There's a Zoinker on your Zoinks. It was funnier during time when passing time after a couple, few cold ones.
Coarse....there's always Shaggy and Scooby that started it all way before I ever figured out to use it for a screen name.
Hey, have a great day all. Time to wire some lights in the garage.
Trav.
My pleasure, glad to be of assistance.
Its my understanding that Chase bank has an abundance of the Dinars, and are buying and selling them in most denomenation you just have to request them.
Trav.
IMO, at this point in time it would be good just to get what is out there. From what I've been reading some of the Dinar dealers are running low, or have ran out of the Dinar. They are simply getting harder to find.
If you go for just the smallest notes out there, they will cost you allot more money and possibly allot more time to find. That is one of the reasons I went ahead and asked to have the 10K Dinar demons sent to me....time. I dont know when this may pop, but I didnt want to be waiting arround any extra time if I did not have to. The 10K will still be easier for me do sell, then the 25K notes that I mostly had.
If money and time is not an issue with you, then I would try to get some 1K, 5K or 10K.
Trav.
PS, I first went with the 25K notes when started out. Then worked my way down to the 10K and 5K.