Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Iraq Reconstruction Fund Meeting Ends With Donations Said Lower Than Expected
“If donations for Iraq end, this would make terrorists stronger, said Iraqi Planning & Development Minister Ali Baban. The Iraq Reconstruction Forum held within the scope of the 5th meeting of the International Reconstruction Fund Facility for Iraq (IRFFI) Donor Committee (formed by the World Bank and the UN Development Group) ended in Istanbul on Monday.
At a news conference, Baban said that the forum was very fruitful. Stating that there was an important correlation between economic relations and security, Baban noted that if Iraq achieved developments in its economy, this would also make a positive impact on security in the country. Asked how much donation they collected, Baban indicated that the amount that they collected did not meet their expectations. …” [Anatolia News Agency (Turkey)/Factiva]
AP writes that Baban told international donors Monday “Iraq should have a bigger role in administering foreign reconstruction funds. … Baban did not offer details. But his comments reflected frustration among Iraqi officials who have struggled to revive their economy in a perilous security environment, as well as reinforce sovereignty at a time when they desperately need foreign aid… . In Baghdad earlier this month, Baban said inflation, unemployment and poor services were major challenges to the Iraqi economy. …” [The Associated Press/Factiva]
Dow Jones adds that “… Latif Rashid, the water resources minister, said Iraq was seeking $30 billion by 2015 for investments including dams and reservoirs, as well as the renewal of former marsh areas and other reclamation projects. …
[Meanwhile,] Joseph Saba, a World Bank official, said Iraq needed to fight corruption, build its institutions and strengthen its banking system in order for reconstruction funds to have the biggest impact. Iraq's public sector accounts for about half of all jobs, and two-thirds of gross domestic product, he said.” [Dow Jones/Factiva]
AFP reports that “… At a UN-sponsored gathering in New York last week, Iraqi Vice President Adel Abdel Mahdi laid out an ambitious five-year plan of economic revival and urged the world community to respond with aid and debt relief. He pledged that Baghdad would also fight corruption and keep to rigorous budgets. …
Anatolia News Agency further notes that “… High-level officials from 19 donor countries are in attendance at the two-day meeting. The IRFFI was launched early in 2004 by the UN and the World Bank to help donor nations channel their resources and coordinate their support for reconstruction and development of Iraq. So far 26 donors have pledged over $1.4 billion to the Trust Fund Facility to ensure responsive financing for near-term and medium-term priority investments in the country.” [Anatolia news agency (Turkey)/Factiva]
THIS PISSES ME OFF!!! PUMP THE DAM OIL, REVAL THE DINAR, IRAQ WILL BE THE RICHEST COUNTRY IN THE WORLD, AND THEY STILL GOT THIER HAND OUT..........WHAT THE..ARE THEY SERIOUS??
Iraq Reconstruction Fund Meeting Ends With Donations Said Lower Than Expected
“If donations for Iraq end, this would make terrorists stronger, said Iraqi Planning & Development Minister Ali Baban. The Iraq Reconstruction Forum held within the scope of the 5th meeting of the International Reconstruction Fund Facility for Iraq (IRFFI) Donor Committee (formed by the World Bank and the UN Development Group) ended in Istanbul on Monday.
At a news conference, Baban said that the forum was very fruitful. Stating that there was an important correlation between economic relations and security, Baban noted that if Iraq achieved developments in its economy, this would also make a positive impact on security in the country. Asked how much donation they collected, Baban indicated that the amount that they collected did not meet their expectations. …” [Anatolia News Agency (Turkey)/Factiva]
AP writes that Baban told international donors Monday “Iraq should have a bigger role in administering foreign reconstruction funds. … Baban did not offer details. But his comments reflected frustration among Iraqi officials who have struggled to revive their economy in a perilous security environment, as well as reinforce sovereignty at a time when they desperately need foreign aid… . In Baghdad earlier this month, Baban said inflation, unemployment and poor services were major challenges to the Iraqi economy. …” [The Associated Press/Factiva]
Dow Jones adds that “… Latif Rashid, the water resources minister, said Iraq was seeking $30 billion by 2015 for investments including dams and reservoirs, as well as the renewal of former marsh areas and other reclamation projects. …
[Meanwhile,] Joseph Saba, a World Bank official, said Iraq needed to fight corruption, build its institutions and strengthen its banking system in order for reconstruction funds to have the biggest impact. Iraq's public sector accounts for about half of all jobs, and two-thirds of gross domestic product, he said.” [Dow Jones/Factiva]
AFP reports that “… At a UN-sponsored gathering in New York last week, Iraqi Vice President Adel Abdel Mahdi laid out an ambitious five-year plan of economic revival and urged the world community to respond with aid and debt relief. He pledged that Baghdad would also fight corruption and keep to rigorous budgets. …
Anatolia News Agency further notes that “… High-level officials from 19 donor countries are in attendance at the two-day meeting. The IRFFI was launched early in 2004 by the UN and the World Bank to help donor nations channel their resources and coordinate their support for reconstruction and development of Iraq. So far 26 donors have pledged over $1.4 billion to the Trust Fund Facility to ensure responsive financing for near-term and medium-term priority investments in the country.” [Anatolia news agency (Turkey)/Factiva]
THIS PISSES ME OFF!!! PUMP THE DAM OIL, REVAL THE DINAR, IRAQ WILL BE THE RICHEST COUNTRY IN THE WORLD, AND THEY STILL GOT THIER HAND OUT..........WHAT THE..ARE THEY SERIOUS??
By Mostafa Amara and Kareem Zair
Azzaman, March 21, 2007
Arab leaders see Iraqi Prime Minister Nouri al-Maliki’s government as an obstacle on the path of reconciliation and return of security, officials say.
The officials, refusing to be named, said the leaders, who are to convene for a summit in Saudi Arabia on March 28-29 may not be able to come up with a unified stand regarding Iraq unless Maliki drastically changes tact and policies.
The prime minister apparently still enjoys the backing of Washington and so far U.S. leaders seem to be rather happy with the progress of their military operations to subdue Baghdad.
But the sources said the Arabs, led by Saudi Arabia and Jordan, were keen to alter the current balance of power in Baghdad which tilts towards Shiite factions.
The Shiite coalition has the largest bloc in parliament but cannot rule on its own as it lacks the necessary two-thirds majority.
The fate of Maliki’s government depends on its alliance with Kurds who enjoy substantial autonomy in northern Iraq.
But the Kurds are reported to be furious with Maliki’s policies and fear the current uncertainty and high levels of violence in most parts of the country might destabilize their relatively quiet enclave.
Saudi Arabia and Jordan, two key players in Iraq, are warming up to Kurds in a move designed to persuade them to give up their current alliance with Maliki.
The Kurds joined Maliki’s government in the hope that the new government would normalize conditions in the oil-rich city of Kirkuk by holding a referendum and forcing the Arabs who were brought there under former leader Saddam Hussein to leave.
But Maliki is reluctant to take such measures, angering his Kurdish allies.
The officials said the recent visit by Massoud Barzani, president of the Kurdish region, to Saudi Arabia and his meeting with King Abdullah was part of a Saudi campaign to further weaken Maliki.
Barzani also visited Amman where he met King Abdullah of Jordan.
Both countries are predominantly Sunnis and so are majority Kurds in Iraq.
The official said Kurds would be ready to change alliances if guaranteed they will add Kirkuk to their semi-independent territory.
But the opposition bloc in Iraqi parliament, mainly comprising Sunni MPs, is a strong opponent of relinquishing Kirkuk and its prolific oil fields to Kurds.
By Mostafa Amara and Kareem Zair
Azzaman, March 21, 2007
Arab leaders see Iraqi Prime Minister Nouri al-Maliki’s government as an obstacle on the path of reconciliation and return of security, officials say.
The officials, refusing to be named, said the leaders, who are to convene for a summit in Saudi Arabia on March 28-29 may not be able to come up with a unified stand regarding Iraq unless Maliki drastically changes tact and policies.
The prime minister apparently still enjoys the backing of Washington and so far U.S. leaders seem to be rather happy with the progress of their military operations to subdue Baghdad.
But the sources said the Arabs, led by Saudi Arabia and Jordan, were keen to alter the current balance of power in Baghdad which tilts towards Shiite factions.
The Shiite coalition has the largest bloc in parliament but cannot rule on its own as it lacks the necessary two-thirds majority.
The fate of Maliki’s government depends on its alliance with Kurds who enjoy substantial autonomy in northern Iraq.
But the Kurds are reported to be furious with Maliki’s policies and fear the current uncertainty and high levels of violence in most parts of the country might destabilize their relatively quiet enclave.
Saudi Arabia and Jordan, two key players in Iraq, are warming up to Kurds in a move designed to persuade them to give up their current alliance with Maliki.
The Kurds joined Maliki’s government in the hope that the new government would normalize conditions in the oil-rich city of Kirkuk by holding a referendum and forcing the Arabs who were brought there under former leader Saddam Hussein to leave.
But Maliki is reluctant to take such measures, angering his Kurdish allies.
The officials said the recent visit by Massoud Barzani, president of the Kurdish region, to Saudi Arabia and his meeting with King Abdullah was part of a Saudi campaign to further weaken Maliki.
Barzani also visited Amman where he met King Abdullah of Jordan.
Both countries are predominantly Sunnis and so are majority Kurds in Iraq.
The official said Kurds would be ready to change alliances if guaranteed they will add Kirkuk to their semi-independent territory.
But the opposition bloc in Iraqi parliament, mainly comprising Sunni MPs, is a strong opponent of relinquishing Kirkuk and its prolific oil fields to Kurds.
Good News....Big international funds to come to Vietnam
17:20' 21/03/2007 (GMT+7)
VietNamNet Bridge – A delegation of big international investment funds will come to survey Vietnam’s market in order to seek business opportunities in Vietnam at the end of March 2007, according to Open Asean Consulting Ltd’s representative office.
Soạn: HA 1062899 gửi đến 996 để nhận ảnh này
Representatives of Wall Street’s Morgan Stanley, the global financial services firm, and a market leader in securities, asset management and credit services, will be among the delegation. This is also a partner of Open Asean Consulting Ltd.
During the visit to Vietnam, the delegation will work with ministries, branches and relevant authorities. The investment funds aim to learn about the investment environment in Vietnam, the equitisation process and policies related to the stock market’s development in order to draw up development strategies for the funds in the future.
In related news, Reuters today reported that the State Capital Investment Corporation (SCIC) is forming a joint venture with Morgan Stanley, which will have its headquarters in Hanoi.
The joint venture, to be named SCIC Morgan Stanley Securities, will provide investment banking products such as M&A advisory and capital markets underwriting, equity and debt sales and trading, as well as research.
The joint venture is expected to become operational in the fourth quarter of 2007.
SCIC in Vietnam is considered a special corporation, which, on behalf of the state, manages the state owned capital in companies and makes investment deals with the capital.
Le Song Lai, Deputy Director General of SCIC, stated in a recent interview with local press that SCIC would sell parts of the state capital the corporation is holding in 55 companies. He also said that at least 20 companies to which SCIC makes capital contributions would list their shares on the bourse in 2007.
Currently, only 17 out of the 200 companies in which SCIC manages the state owned capital are listing on securities trading centres.
Two months ago, SCIC sold its 600,000 shares in a plastics company to three big investors under the negotiation method. In general, SCIC holds 30-35% of total shares of listing companies.
Among the companies in which SCIC is holding shares, Vinamilk (the Vietnam Dairy Products Joint Stock) Company has announced its intention to list its shares on a foreign stock market. Mr Lai said that the plan to list on foreign bourses by Vietnamese companies would be advocated by SCIC leadership.
(Source: Tien phong)
NEW GOOD NEWS....Big international funds to come to Vietnam
17:20' 21/03/2007 (GMT+7)
VietNamNet Bridge – A delegation of big international investment funds will come to survey Vietnam’s market in order to seek business opportunities in Vietnam at the end of March 2007, according to Open Asean Consulting Ltd’s representative office.
Soạn: HA 1062899 gửi đến 996 để nhận ảnh này
Representatives of Wall Street’s Morgan Stanley, the global financial services firm, and a market leader in securities, asset management and credit services, will be among the delegation. This is also a partner of Open Asean Consulting Ltd.
During the visit to Vietnam, the delegation will work with ministries, branches and relevant authorities. The investment funds aim to learn about the investment environment in Vietnam, the equitisation process and policies related to the stock market’s development in order to draw up development strategies for the funds in the future.
In related news, Reuters today reported that the State Capital Investment Corporation (SCIC) is forming a joint venture with Morgan Stanley, which will have its headquarters in Hanoi.
The joint venture, to be named SCIC Morgan Stanley Securities, will provide investment banking products such as M&A advisory and capital markets underwriting, equity and debt sales and trading, as well as research.
The joint venture is expected to become operational in the fourth quarter of 2007.
SCIC in Vietnam is considered a special corporation, which, on behalf of the state, manages the state owned capital in companies and makes investment deals with the capital.
Le Song Lai, Deputy Director General of SCIC, stated in a recent interview with local press that SCIC would sell parts of the state capital the corporation is holding in 55 companies. He also said that at least 20 companies to which SCIC makes capital contributions would list their shares on the bourse in 2007.
Currently, only 17 out of the 200 companies in which SCIC manages the state owned capital are listing on securities trading centres.
Two months ago, SCIC sold its 600,000 shares in a plastics company to three big investors under the negotiation method. In general, SCIC holds 30-35% of total shares of listing companies.
Among the companies in which SCIC is holding shares, Vinamilk (the Vietnam Dairy Products Joint Stock) Company has announced its intention to list its shares on a foreign stock market. Mr Lai said that the plan to list on foreign bourses by Vietnamese companies would be advocated by SCIC leadership.
(Source: Tien phong)
Old read...but a good one...Vietnam May Impose Controls to Curb Dong, ANZ Says (Update2)
By Jake Lee
Feb. 12 (Bloomberg) -- Vietnam may derail a rally in the world's best-performing stock market by imposing capital controls to curb gains in the dong, said Australia & New Zealand Banking Group Ltd.
The government may put restrictions on overseas funds on March 1 to deter speculators, wrote Alex Joiner and Amy Auster, economists at Australia's third-biggest bank in Melbourne. They cited unidentified reports from financial institutions. Phung Khac Ke, deputy governor of the State Bank of Vietnam, declined to comment.
``The authorities appear to be ready to use a rather blunt instrument,'' wrote Auster and Joiner in a Feb. 8 research note. ``The risks are clearly to the downside.''
Concern over possible controls pushed the benchmark stock index down almost 6 percent in the final two days of last week, paring this year's advance to 38 percent. Thailand's penalties on foreign investors withdrawing assets, imposed in December, triggered a slump in stocks, bonds and the baht.
The dong was at 15,990.00 per dollar at 12:37 p.m. in Hanoi, close to its strongest since July. By the end of the year, ANZ sees the dong weaker at 16,213. It's fallen for the past 11 years as the nation favors a weaker currency to spur exports. Katie Dean, a senior Asian economist at the bank, confirmed the report.
JPMorgan Chase & Co.'s research analyst Sriyan Pietersz in Bangkok also wrote in a report sent Feb. 7 that unidentified ``local sources'' say Vietnam plans capital controls similar to Thailand.
Appreciation Pressure
The currency is facing appreciation pressure after stocks gained on speculation the Communist country's entry into the World Trade Organization last month will boost economic growth. It gained 0.02 percent in January and 0.25 percent in December, the biggest monthly advance in more than 11 years, eroding the value of the nation's overseas shipments.
Vietnam may require overseas investors to keep money held in stocks and bonds for one year, and removing the funds may require a 30-day approval period after the initial 12 months, Auster and Joiner wrote. The central bank isn't independent from the government, and the dong breaking its depreciation path is a ``serious matter,'' they added.
Those rules would be similar to Thailand, which retains restrictions on investments of less than a year in bonds, real- estate mutual funds and foreign-currency borrowings. The penalty on share purchases was canceled a day after its introduction triggered a 15 percent slump in the Thai equity market.
So far, the dong's climb has failed to dent exports, as goods sent to the U.S., its largest market, jumped 30 percent in the first 11 months of 2006, a U.S. International Trade Commission report showed on Jan. 16.
Vietnam's Ho Chi Minh Stock Index was at 1054.26, almost double its level of about 535 three months ago. It rose to a record on Feb. 7. Vietnam's key stock index posted Asia's biggest gain in 2006.
My Iraq: Kurdish businessman
3/21/2007 BBC News
Delsoz Sherwani is the CEO of Zagros Group, which started life as a construction company 15 years ago. He is 51 and is based in the Kurdish capital, Irbil. The group has diversified into air travel, bringing Kurdistan closer to the outside world.
We are in the top three companies in Kurdistan; we employ 400 people.
Zagros Air was the first airline to be registered in Kurdistan after the liberation. We registered in 2004, after Irbil International Airport was opened.
We fly direct from here to Dubai, Istanbul and Vienna several times a week.
Most of the passengers are foreigners coming to do business in Kurdistan - especially those people flying from Austria.
Or they are Kurdish people living abroad who are visiting home.
We started this airline when we saw Iraqi Airways could not provide what we wanted.
Foreign investment
It's not been simple; we have invested a lot of time and money.
Actually, many, many companies are now starting up in Irbil. Some are in partnership with foreigners.
There's a lot of construction - housing and factories. Lebanese, UAE and American companies are investing in housing here.
Since 2003 we have diversified into IT, the medical sector and telecommunications
Many start with their HQ in Irbil and then follow up other activities in other parts of Iraq.
They choose Irbil because of the security and because it is the governmental capital.
They are also investing in Suleimaniya and Dohuk.
It is all growing faster than we imagined, actually.
Back in 1991 we started by helping our regional Kurdish government in construction projects: buildings, water projects.
Since 2003 we have diversified into IT, the medical sector and telecommunications.
Before 2003 all businesses suffered from the banking system - there wasn't one.
We had to take our currency to neighbouring countries.
Now, we have an international system which meets international standards. It's easier for us because we can operate from Irbil.
People can reach Kurdistan easily now.
So, things are improving here. But we are not happy because other parts of Iraq are suffering.
We hope every part of Iraq will be secure.
For me, I feel secure in Kurdistan.
My Iraq: Kurdish businessman
3/21/2007 BBC News
Delsoz Sherwani is the CEO of Zagros Group, which started life as a construction company 15 years ago. He is 51 and is based in the Kurdish capital, Irbil. The group has diversified into air travel, bringing Kurdistan closer to the outside world.
We are in the top three companies in Kurdistan; we employ 400 people.
Zagros Air was the first airline to be registered in Kurdistan after the liberation. We registered in 2004, after Irbil International Airport was opened.
We fly direct from here to Dubai, Istanbul and Vienna several times a week.
Most of the passengers are foreigners coming to do business in Kurdistan - especially those people flying from Austria.
Or they are Kurdish people living abroad who are visiting home.
We started this airline when we saw Iraqi Airways could not provide what we wanted.
Foreign investment
It's not been simple; we have invested a lot of time and money.
Actually, many, many companies are now starting up in Irbil. Some are in partnership with foreigners.
There's a lot of construction - housing and factories. Lebanese, UAE and American companies are investing in housing here.
Since 2003 we have diversified into IT, the medical sector and telecommunications
Many start with their HQ in Irbil and then follow up other activities in other parts of Iraq.
They choose Irbil because of the security and because it is the governmental capital.
They are also investing in Suleimaniya and Dohuk.
It is all growing faster than we imagined, actually.
Back in 1991 we started by helping our regional Kurdish government in construction projects: buildings, water projects.
Since 2003 we have diversified into IT, the medical sector and telecommunications.
Before 2003 all businesses suffered from the banking system - there wasn't one.
We had to take our currency to neighbouring countries.
Now, we have an international system which meets international standards. It's easier for us because we can operate from Irbil.
People can reach Kurdistan easily now.
So, things are improving here. But we are not happy because other parts of Iraq are suffering.
We hope every part of Iraq will be secure.
For me, I feel secure in Kurdistan.
Truck bomb blast collapses main Baghdad highway
21 Mar 2007 13:13:09 GMT
Source: Reuters
Alert Me | Printable view | Email this article | RSS XML [-] Text [+]
Background
Iraq in turmoil
More
BAGHDAD, March 21 (Reuters) - Iraqi police detonated a huge truck bomb near the Finance Ministry in Baghdad on Wednesday in a controlled explosion that collapsed part of the main highway linking the north and south of the capital.
The facade of the multi-storey ministry in Bab al-Muadham area in central Baghdad was also badly damaged in the blast, which police said wounded 12 people, including soldiers and policemen.
The building was empty because it was a national holiday marking the first day of spring.
Police said they discovered the truck bomb parked under the Mohammed al-Qassim highway just metres from the ministry building. The explosives were hidden under a pile of lettuces.
They detonated the bomb in a controlled explosion but were apparently taken by surprise by the force of the blast, which reduced a section of the raised highway to rubble, punched holes in the ministry building and blew out its windows.
Truck bomb blast collapses main Baghdad highway
21 Mar 2007 13:13:09 GMT
Source: Reuters
Alert Me | Printable view | Email this article | RSS XML [-] Text [+]
Background
Iraq in turmoil
More
BAGHDAD, March 21 (Reuters) - Iraqi police detonated a huge truck bomb near the Finance Ministry in Baghdad on Wednesday in a controlled explosion that collapsed part of the main highway linking the north and south of the capital.
The facade of the multi-storey ministry in Bab al-Muadham area in central Baghdad was also badly damaged in the blast, which police said wounded 12 people, including soldiers and policemen.
The building was empty because it was a national holiday marking the first day of spring.
Police said they discovered the truck bomb parked under the Mohammed al-Qassim highway just metres from the ministry building. The explosives were hidden under a pile of lettuces.
They detonated the bomb in a controlled explosion but were apparently taken by surprise by the force of the blast, which reduced a section of the raised highway to rubble, punched holes in the ministry building and blew out its windows.
Well wait, I would'nt call it greed..... I would call it ..Padding my investment.......Yeah, sure, thats what we'll call it!!!!!!!! What do you think??
From another board.....--------------------------------------------------------------------------------
I found this article interesting, especially the highlighted part.
Investigations : foreign participants in the capital of Iraqi banks vexed control of foreign funds to the banking sector
Iraqi banking sector is the backbone of the economy, even though he suffered greatly from neglect and underdevelopment and that the current policy depends on the transition from a totalitarian economy to a market economy it is essential to face competition and challenges ahead, especially that Iraq is about to stage reconstruction of the infrastructure
Regardless of the delays, and scandals that accompanied the draft stage of the banking sector will face future challenges and competitions of the Arab banks and foreign banks in order to contain the Chairperson of the private sector and identified through foreign funds, which imposes on private Iraqi banks to contribute their leading role in the reconstruction and rebuilding of Iraq and the development of the private Iraqi banking. Dr. Nima Amer one banking expert dealers in the stock market says the latest Iraqi decision participation of foreign banks, three Iraqi sector of the Credit Bank of Iraq and the Iraqi National Bank and the Bank for Investment Dar es Salaam upheaval in the circulation of shares of the three companies to the market for securities of Iraq and the confusion resulting from the delay of long involved in the approval of these companies recorded by the Iraqi As a result of the continued withholding of shares of the three companies, banks above and three other banks have not yet completed their procedures for the circulation for a long time to the detriment of the material and moral and resolutions before investors in the shares of banks They felt frustrated and disappointed that backed the prices of the shares of other banks, which continued circulated in the market has been challenged by this new principle delays caused by the new law under Section IV of Article (54) of the Companies Act Mohsen Khafagi one dealers in the market for securities Iraq says : We now show that the foreign participants in Iraqi banks, which delayed capital increase without justification has become a reality, then we must look at what has worked on these partnerships and that it was too early to be expanded so as to at the present time to determine the extent of the effect or improve entity the Bank and expand its activities and the development of his bank as a result of foreign participation, but we will focus on the impact of this situation on the prices of shares of banks, which were the first in the market and the extent to which each of the foreign participants and contributors Iraqis, including investors and dealers in the capital market who did purchase the shares prior to participating with the intent to sell after the continued access to profits from the violations prices expected to occur compared to the amount invested by the partnership and for the purpose of comparison to the amount invested by foreign participants (the amount paid by the group) and the amount invested by the shareholders of Iraqis including investors to rely rate price for the shares in the last session prior to the approval of participation as well as the value of shares after foreign participation ((fear from the control of foreign funds to the banking sector)) Ahmed depends on an economic expert says that the reputation and reliability of the magnitude of the financial position and the world rankings for each of the two banks which world titles bank credit and Dar peace encouraged investors to purchase unless they seek to increase, especially as the availability of the instrument that has been Very little compared to the total number of shares issued for bids on most foreign bodies out of circulation is not primarily intended to participate.
Speculation or traded shares in the capital market, but other purposes Too demand and limited supply led to the rise in prices of shares, bankers and benefit co foreign. However, one of the reasons for the amount invested by foreigners for huge profits lies in the low share price agreed upon by the rate of exchange, after participating in comparison The Iraqi banking sector recovers foreign partnerships, but we still have fears of the possibility of control of foreign capital to this vital sector, leading to monopolies detrimental to this sector.
HMMM wonder what could solve this problem? R/V!! and R/V HIGH![/
Strongtower, this one goes to show just what you were talking about...last paragraph..how true....from another board....
I found this article interesting, especially the highlighted part.
Investigations : foreign participants in the capital of Iraqi banks vexed control of foreign funds to the banking sector
Iraqi banking sector is the backbone of the economy, even though he suffered greatly from neglect and underdevelopment and that the current policy depends on the transition from a totalitarian economy to a market economy it is essential to face competition and challenges ahead, especially that Iraq is about to stage reconstruction of the infrastructure
Regardless of the delays, and scandals that accompanied the draft stage of the banking sector will face future challenges and competitions of the Arab banks and foreign banks in order to contain the Chairperson of the private sector and identified through foreign funds, which imposes on private Iraqi banks to contribute their leading role in the reconstruction and rebuilding of Iraq and the development of the private Iraqi banking. Dr. Nima Amer one banking expert dealers in the stock market says the latest Iraqi decision participation of foreign banks, three Iraqi sector of the Credit Bank of Iraq and the Iraqi National Bank and the Bank for Investment Dar es Salaam upheaval in the circulation of shares of the three companies to the market for securities of Iraq and the confusion resulting from the delay of long involved in the approval of these companies recorded by the Iraqi As a result of the continued withholding of shares of the three companies, banks above and three other banks have not yet completed their procedures for the circulation for a long time to the detriment of the material and moral and resolutions before investors in the shares of banks They felt frustrated and disappointed that backed the prices of the shares of other banks, which continued circulated in the market has been challenged by this new principle delays caused by the new law under Section IV of Article (54) of the Companies Act Mohsen Khafagi one dealers in the market for securities Iraq says : We now show that the foreign participants in Iraqi banks, which delayed capital increase without justification has become a reality, then we must look at what has worked on these partnerships and that it was too early to be expanded so as to at the present time to determine the extent of the effect or improve entity the Bank and expand its activities and the development of his bank as a result of foreign participation, but we will focus on the impact of this situation on the prices of shares of banks, which were the first in the market and the extent to which each of the foreign participants and contributors Iraqis, including investors and dealers in the capital market who did purchase the shares prior to participating with the intent to sell after the continued access to profits from the violations prices expected to occur compared to the amount invested by the partnership and for the purpose of comparison to the amount invested by foreign participants (the amount paid by the group) and the amount invested by the shareholders of Iraqis including investors to rely rate price for the shares in the last session prior to the approval of participation as well as the value of shares after foreign participation ((fear from the control of foreign funds to the banking sector)) Ahmed depends on an economic expert says that the reputation and reliability of the magnitude of the financial position and the world rankings for each of the two banks which world titles bank credit and Dar peace encouraged investors to purchase unless they seek to increase, especially as the availability of the instrument that has been Very little compared to the total number of shares issued for bids on most foreign bodies out of circulation is not primarily intended to participate.
Speculation or traded shares in the capital market, but other purposes Too demand and limited supply led to the rise in prices of shares, bankers and benefit co foreign. However, one of the reasons for the amount invested by foreigners for huge profits lies in the low share price agreed upon by the rate of exchange, after participating in comparison The Iraqi banking sector recovers foreign partnerships, but we still have fears of the possibility of control of foreign capital to this vital sector, leading to monopolies detrimental to this sector.
HMMM wonder what could solve this problem? R/V!! and R/V HIGH![/
These are Very exciting times right now, and I too will be a permanent holiday......I feel the need to get more Dinar!! Like 15mill ain't enough!!??LOL
A new power rises in Iraq
Except from blogger and freelance journalist Michael J. Totten's report from Erbil, Kurdistan Region
________________________________________
Erbil, Iraq, 21 March 2007 (KRG)
Print article Send to friend
What a difference a year makes. Fourteen months ago I flew to Erbil, the capital of Iraqi Kurdistan, from Beirut, Lebanon, on the dubiously named Flying Carpet Airlines. Flying Carpet’s entire fleet is one small noisy plane with propellers, cramped seats, and thin cabin pressure. Only nineteen passengers joined me on that once-a-week flight. Everyone but me was a Lebanese businessman. They were paranoid of me and of each other. What kind of crazy person books a flight to Iraq, even if it is to the safe and relatively prosperous Kurdistan region? I felt completely bereft of sense going to Iraq without a gun and without any bodyguards, and it took a week for my on-again off-again twitchiness to subside.
Last week I flew to Erbil from Vienna on Austrian Airlines to work for a few weeks as a private sector consultant with my colleague Patrick Lasswell. This time I didn’t feel anything like a fool. Almost half the passengers were women. Children played on their seats and in the aisle with toys handed out by the crew. We watched an in-flight movie and ate the usual airline lunch fare served by an attractive long legged stewardess. The cabin erupted with applause when the wheels touched down on the runway. The pilot announced the weather (sunny and 60) in three languages and cheerfully told us all to have a great day. Have a great day may seem an odd thing to say to people who just arrived in Iraq, but this is Kurdistan. I did, indeed, have a great day.
A new power rises in Iraq
Except from blogger and freelance journalist Michael J. Totten's report from Erbil, Kurdistan Region
________________________________________
Erbil, Iraq, 21 March 2007 (KRG)
Print article Send to friend
What a difference a year makes. Fourteen months ago I flew to Erbil, the capital of Iraqi Kurdistan, from Beirut, Lebanon, on the dubiously named Flying Carpet Airlines. Flying Carpet’s entire fleet is one small noisy plane with propellers, cramped seats, and thin cabin pressure. Only nineteen passengers joined me on that once-a-week flight. Everyone but me was a Lebanese businessman. They were paranoid of me and of each other. What kind of crazy person books a flight to Iraq, even if it is to the safe and relatively prosperous Kurdistan region? I felt completely bereft of sense going to Iraq without a gun and without any bodyguards, and it took a week for my on-again off-again twitchiness to subside.
Last week I flew to Erbil from Vienna on Austrian Airlines to work for a few weeks as a private sector consultant with my colleague Patrick Lasswell. This time I didn’t feel anything like a fool. Almost half the passengers were women. Children played on their seats and in the aisle with toys handed out by the crew. We watched an in-flight movie and ate the usual airline lunch fare served by an attractive long legged stewardess. The cabin erupted with applause when the wheels touched down on the runway. The pilot announced the weather (sunny and 60) in three languages and cheerfully told us all to have a great day. Have a great day may seem an odd thing to say to people who just arrived in Iraq, but this is Kurdistan. I did, indeed, have a great day.
Hey.... Wait for the Reval, they'll be parting everyday and making new Holidays!!LOL
American Army : Fighters from the Mahdi Army and Al Qaeda left Baghdad
(Voice of Iraq) - 21-03-2007 shall Sotaliraq.com - ÕæÊ ÇáÚÑÇÞ
American Army fighters : <Mahdi Army> and <Rule> left Baghdad or where Taboa
London-Camille long life-21 / 03 / 07 / /
An American military spokesman admitted that there had been violent confrontations in Baghdad since the start of American and Iraqi forces implementation <process of law> in the Iraqi capital and the province of Anbar. He said Captain Eric Clark, spokesman for the American Central Command (based in Dubai), that the reason for this is due to the fact that <al-Qaeda fighters, the Mahdi Army Taboa in the capital or withdrew from> before the start of the American attack.
But Clarke, who was speaking at a meeting with reporters at the American embassy in London, yesterday, he stressed that <degree of sectarian violence in Baghdad declined since the beginning of the implementation process of law>. He said :> The isolated Qaeda and other groups that promote violence - whether sectarian death squads (Shiite) or rebel groups year. We barriers around the popular markets, can no longer be accessed only through wearing a belt of regret or planting explosive devices in cars>.
He called for <granted time to plan for the security of Baghdad (....) Iraqi forces have taken for the positions now, we are still working on the deployment of troops, which we did. Arrived almost three out of five brigades, and all the American force will be in place in early June (June), but I do not believe we will see real results of the impact of the security plan on the ground except in the late summer and early autumn>.
He explained that Americans are divided Baghdad into 10 sectors <but they did not get on top of any of them in a complete form yet. We are still at the beginning of the process. If we use the example of Fallujah, compared with what we do in Baghdad, went there (Fallujah) strongly to our huge and Iraqi forces, and we searching house-to-house, and we have implemented a security court to rid the city of Ho <Rule> and other criminal organizations. نجحنا في ذلك.We have succeeded in that. Nazvnaha but we did not stay in order to ensure not return snake <Rule> and other organizations to back. أمNow in the ten sectors in Baghdad, we are clean and remain in the region instead of cleaning them and leaving>.
He acknowledged that the organization <Rule> transfer activity to the province of Diyala, after the commencement of Baghdad. وقال: He said :> Baghdad before the start of the process (last month) dust activity Mahdi Army fighters. As they <Taboa left> or <> Baghdad altogether. The rule did the same thing. Like any other process, if heard (fighters) rule we will about certain city, as they were trying to escape rats fleeing from a foundering vessel. There is no doubt that they left (Baghdad). And frankly, many of whom went to Diyala, and for this reason strengthen our operations there>.
He renewed his allegations that Iran is supporting hardline Shiite groups, including <Mahdi Army>, in the implementation of operations against the Americans, pointing particularly to the technology <explosives directed> train fighters and funding. He said :> know that Muqtada al-Sadr outside Iraq for a few months. That, in Iran, according to the best information available to us. We have left Iraq a few months ago and went directly to Iran no longer Since that time>. He said that <Qaeda in Iraq have suffered from something similar to the vacuum after the death of Abu Musab al-Zarqawi (last summer).
He warned <price of the failure in Iraq and its impacts on the United States and the region. سيكون تأثير ذلك الفشل رهيباً».The impact of that would be a terrible failure>. He acknowledged that some Iraqi dissidents presented a misleading picture to the Americans and taken away to <is not>.
Sotaliraq.com
American Army : Fighters from the Mahdi Army and Al Qaeda left Baghdad
(Voice of Iraq) - 21-03-2007 shall Sotaliraq.com - ÕæÊ ÇáÚÑÇÞ
American Army fighters : <Mahdi Army> and <Rule> left Baghdad or where Taboa
London-Camille long life-21 / 03 / 07 / /
An American military spokesman admitted that there had been violent confrontations in Baghdad since the start of American and Iraqi forces implementation <process of law> in the Iraqi capital and the province of Anbar. He said Captain Eric Clark, spokesman for the American Central Command (based in Dubai), that the reason for this is due to the fact that <al-Qaeda fighters, the Mahdi Army Taboa in the capital or withdrew from> before the start of the American attack.
But Clarke, who was speaking at a meeting with reporters at the American embassy in London, yesterday, he stressed that <degree of sectarian violence in Baghdad declined since the beginning of the implementation process of law>. He said :> The isolated Qaeda and other groups that promote violence - whether sectarian death squads (Shiite) or rebel groups year. We barriers around the popular markets, can no longer be accessed only through wearing a belt of regret or planting explosive devices in cars>.
He called for <granted time to plan for the security of Baghdad (....) Iraqi forces have taken for the positions now, we are still working on the deployment of troops, which we did. Arrived almost three out of five brigades, and all the American force will be in place in early June (June), but I do not believe we will see real results of the impact of the security plan on the ground except in the late summer and early autumn>.
He explained that Americans are divided Baghdad into 10 sectors <but they did not get on top of any of them in a complete form yet. We are still at the beginning of the process. If we use the example of Fallujah, compared with what we do in Baghdad, went there (Fallujah) strongly to our huge and Iraqi forces, and we searching house-to-house, and we have implemented a security court to rid the city of Ho <Rule> and other criminal organizations. نجحنا في ذلك.We have succeeded in that. Nazvnaha but we did not stay in order to ensure not return snake <Rule> and other organizations to back. أمNow in the ten sectors in Baghdad, we are clean and remain in the region instead of cleaning them and leaving>.
He acknowledged that the organization <Rule> transfer activity to the province of Diyala, after the commencement of Baghdad. وقال: He said :> Baghdad before the start of the process (last month) dust activity Mahdi Army fighters. As they <Taboa left> or <> Baghdad altogether. The rule did the same thing. Like any other process, if heard (fighters) rule we will about certain city, as they were trying to escape rats fleeing from a foundering vessel. There is no doubt that they left (Baghdad). And frankly, many of whom went to Diyala, and for this reason strengthen our operations there>.
He renewed his allegations that Iran is supporting hardline Shiite groups, including <Mahdi Army>, in the implementation of operations against the Americans, pointing particularly to the technology <explosives directed> train fighters and funding. He said :> know that Muqtada al-Sadr outside Iraq for a few months. That, in Iran, according to the best information available to us. We have left Iraq a few months ago and went directly to Iran no longer Since that time>. He said that <Qaeda in Iraq have suffered from something similar to the vacuum after the death of Abu Musab al-Zarqawi (last summer).
He warned <price of the failure in Iraq and its impacts on the United States and the region. سيكون تأثير ذلك الفشل رهيباً».The impact of that would be a terrible failure>. He acknowledged that some Iraqi dissidents presented a misleading picture to the Americans and taken away to <is not>.
Sotaliraq.com
From another board.........Today is a holiday - the Persian new year. Maybe that's why the CBI did not update.
Also there has been a bombing by the Finance Minister in Baghdad, that may be a reason too...
In addition to Muslim festivals, Iraqi Kurds also celebrate Nau Roy ("new day"), a festival also celebrated by Persians, Azeries and Afghans. Nau Roy marks the first day of spring (March 21) and also commemorates the legendary anniversary of the people being freed from the rule of a tyrant. The day is celebrated with parades, singing, dancing, poetry recitals, plays, picnics and the lighting of bonfires. Nau Roy is also the beginning of the Kurdish calendar year.
Fixed Iraqi Holidays
January 1 - New Year's Day
January 6 - Army Day
February 14 - Ramadan Revolution
March 21 - Nau Roy
May 1 - Labour Day
July 14 - Republic Day
July 17 - Ba'ath Revolution Day
August 8 - Peace Day
From another board.....Today is a holiday - the Persian new year. Maybe that's why the CBI did not update.
Also there has been a bombing by the Finance Minister in Baghdad, that may be a reason too...
In addition to Muslim festivals, Iraqi Kurds also celebrate Nau Roy ("new day"), a festival also celebrated by Persians, Azeries and Afghans. Nau Roy marks the first day of spring (March 21) and also commemorates the legendary anniversary of the people being freed from the rule of a tyrant. The day is celebrated with parades, singing, dancing, poetry recitals, plays, picnics and the lighting of bonfires. Nau Roy is also the beginning of the Kurdish calendar year.
Fixed Iraqi Holidays
January 1 - New Year's Day
January 6 - Army Day
February 14 - Ramadan Revolution
March 21 - Nau Roy
May 1 - Labour Day
July 14 - Republic Day
July 17 - Ba'ath Revolution Day
August 8 - Peace Day
First: Construction and Housing announced the establishment (7) new housing complexes
Mr. Astbarg thorns, Undersecretary of the Ministry of Housing and Construction to get approval to the inclusion of (7) new housing complexes within the investment plan for 2007 projects for the Public Authority for Housing, Mr. agent that the locations of these new residential complexes are as follows :
Sknen unanimous within the province of Baghdad and includes the role of housing sites in the Jihad district and 76000-16000 and a housing compound in Wasit governorate district and another district in the province of Maysan in the Next Tabo, and the residential compound in Najaf governorate, in a suburb of peace and residential complex in the province of Kirkuk in the Siadh and residential complex in the province of Babylon in the area of Kas, Ex. This is in addition to residential complexes have continued since 2006, amounting to 17 projects distributed in the provinces of Baghdad, Kirkuk, Karbala, Najaf, Basra, Nineveh, Wasit, Qadisiyah, Muthanna, Dhi Qar, Maysan. It is noteworthy that the allocations earmarked in the annual plan of the Ministry of Construction and Housing for the establishment of residential compounds in 2007 at (130) billion dinars.
First: Construction and Housing announced the establishment (7) new housing complexes
Mr. Astbarg thorns, Undersecretary of the Ministry of Housing and Construction to get approval to the inclusion of (7) new housing complexes within the investment plan for 2007 projects for the Public Authority for Housing, Mr. agent that the locations of these new residential complexes are as follows :
Sknen unanimous within the province of Baghdad and includes the role of housing sites in the Jihad district and 76000-16000 and a housing compound in Wasit governorate district and another district in the province of Maysan in the Next Tabo, and the residential compound in Najaf governorate, in a suburb of peace and residential complex in the province of Kirkuk in the Siadh and residential complex in the province of Babylon in the area of Kas, Ex. This is in addition to residential complexes have continued since 2006, amounting to 17 projects distributed in the provinces of Baghdad, Kirkuk, Karbala, Najaf, Basra, Nineveh, Wasit, Qadisiyah, Muthanna, Dhi Qar, Maysan. It is noteworthy that the allocations earmarked in the annual plan of the Ministry of Construction and Housing for the establishment of residential compounds in 2007 at (130) billion dinars.
Quote:
First : the allocation of the amount estimated (10) million dollars to compensate the families of the city of Tall Afar
The Deputy Chairman of the Committee Ammar Tall Afar in a statement issued from the Information Service of the Ministry of Industry received (all of Iraq) : a copy of the task of compensating the families of the city of Tall Afar lies with the province and the amount estimated (10) million of the principal amount (50) million
Is what was earmarked for the reconstruction of the city. وHe added during extensive meetings held in Tall Afar last week that the remaining amount of (40) million has been distributed to the relevant ministries Reconstruction after deducting a sum that has been estimated (6.6) billion dinars is the price differential between the dollar amount of the allocation of a year ago and release currently, and pointed : that this amount with an additional amount of up to $ 2 million, the department had Red Crescent aid to the residents have a negative impact on the work of the Committee, which approached the Council of Ministers need to make up for these funds, which will contribute to the implementation of the work as planned.
According to the meeting, which was attended by a representative of the province of Nineveh, and the Chairman of the Tall Afar district with a representative of the municipality eliminate emphasis on the need to give priority to the implementation of business to the people and not the assignment of more than a tender to one contractor with an emphasis on the ministries concerned, regardless dues contractors after ascertaining the quality of the work. It is noted that the work of this Committee, which will participate in each of the ministries (health, electricity, education, municipalities, communications, transport, construction and housing) projects will contribute to absorb a large manpower and have positive impacts on the stability of the security situation.
All Iraq - Iyad Aboudi
Quote:
First : the allocation of the amount estimated (10) million dollars to compensate the families of the city of Tall Afar
The Deputy Chairman of the Committee Ammar Tall Afar in a statement issued from the Information Service of the Ministry of Industry received (all of Iraq) : a copy of the task of compensating the families of the city of Tall Afar lies with the province and the amount estimated (10) million of the principal amount (50) million
Is what was earmarked for the reconstruction of the city. وHe added during extensive meetings held in Tall Afar last week that the remaining amount of (40) million has been distributed to the relevant ministries Reconstruction after deducting a sum that has been estimated (6.6) billion dinars is the price differential between the dollar amount of the allocation of a year ago and release currently, and pointed : that this amount with an additional amount of up to $ 2 million, the department had Red Crescent aid to the residents have a negative impact on the work of the Committee, which approached the Council of Ministers need to make up for these funds, which will contribute to the implementation of the work as planned.
According to the meeting, which was attended by a representative of the province of Nineveh, and the Chairman of the Tall Afar district with a representative of the municipality eliminate emphasis on the need to give priority to the implementation of business to the people and not the assignment of more than a tender to one contractor with an emphasis on the ministries concerned, regardless dues contractors after ascertaining the quality of the work. It is noted that the work of this Committee, which will participate in each of the ministries (health, electricity, education, municipalities, communications, transport, construction and housing) projects will contribute to absorb a large manpower and have positive impacts on the stability of the security situation.
All Iraq - Iyad Aboudi
UAE rules out currency revaluation ahead of other GCC countries
The United Arab Emirates (UAE) has ruled out the possibility of revaluing its currency ahead of other Gulf Cooperation Council (GCC) countries, local newspaper Gulf News reported on Sunday.
The continued decline of U.S. dollar, which has fallen 10 percent against euro in 2006, has weakened GCC countries' currencies pegged to it, the report said.
GCC countries will discuss whether to revalue their currencies at the upcoming meeting of central bank governors to be held in April, the UAE Central Bank Governor Sultan Nasser Al Suwaidi said.
"We will not act unilaterally, but if (the governors) come to the conclusion that we should go in this direction or that direction, we will go along," he said.
Al Suwaidi added that his country is waiting for the right time to raise its euro reserves. The UAE holds 3 percent of its reserves in euros, with the rest in dollars, and plans to raise its euro reserves to 10 percent.
GCC countries, which comprise Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and the UAE, pegged their currencies to the dollar in 2003 under a plan to unite under a single currency by 2010.
UAE rules out currency revaluation ahead of other GCC countries
The United Arab Emirates (UAE) has ruled out the possibility of revaluing its currency ahead of other Gulf Cooperation Council (GCC) countries, local newspaper Gulf News reported on Sunday.
The continued decline of U.S. dollar, which has fallen 10 percent against euro in 2006, has weakened GCC countries' currencies pegged to it, the report said.
GCC countries will discuss whether to revalue their currencies at the upcoming meeting of central bank governors to be held in April, the UAE Central Bank Governor Sultan Nasser Al Suwaidi said.
"We will not act unilaterally, but if (the governors) come to the conclusion that we should go in this direction or that direction, we will go along," he said.
Al Suwaidi added that his country is waiting for the right time to raise its euro reserves. The UAE holds 3 percent of its reserves in euros, with the rest in dollars, and plans to raise its euro reserves to 10 percent.
GCC countries, which comprise Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and the UAE, pegged their currencies to the dollar in 2003 under a plan to unite under a single currency by 2010.
Riyadh: Al-Maliki obstacle to Arab support for Iraq
يتهBarzani welcomed by the Palestinians in Amman Kurdistan National Guard, holding the house and assaulted the Hashemite protection
Cairo Mustafa Amara
Amman Saad Abbas
Baghdad Karim Zair
Riyadh Azzaman
Indications from the political Riyadh yesterday that Arab capitals are convinced that the consensus on the decisions for the benefit of Iraq's security and stability at the top of Riyadh next obstacle facing the government Nuri al-Maliki in Baghdad. At a time Diplomats in Cairo yesterday on the gradual shift in the map of alliances between domestic Iraqi forces after visits Almvajetin of Masoud Barzani to Riyadh, Amman and his meeting with the Saudi monarch, King Abdullah bin Abdul Aziz, Jordanian King Abdullah II.
He said Kurdish political parties in Arbil told (time) refused to reveal his name (the old alliances in Iraq could not be in the interest of the country and used for playing cards from under the table and attempt to calm the situation, especially as hidden) without referring to the alliance between the Kurdish forces and the Shiite coalition.
On the other hand, raided members of the National Guard home of Tariq Hashemi Iraqi Vice President in the area of Al-Mansour in Baghdad and attacked the guards, while not Hashmi in the house, which was inhabited before the war. The raid took place despite the implementation of thousands of American soldiers and Iraqi security plan Baghdad.
While Iraqi Police said they found the 30 bodies were executed owners shot in the head but sources at the Baghdad morgue said they had received 70 bodies. In relation to the Iraqi file is most tense in the approach to the deliberations of the preparations for the summit Riyadh. The Arab diplomat as the importance of the files of Lebanon, Sudan and the Palestinian issue, which will be the subject of research also. Diplomatic sources that Riyadh hosted on Wednesday and Thursday last two meetings of some Iraqi political leaders.
The official Saudi source said that it was important that there be a positive role Arab help Iraqis various categories of access to the stability and the Kingdom of contacts comes in this position.
Arab diplomatic source in Riyadh said that Saudi Arabia wants to know what is going on developments in Iraq from various Iraqi factions.
He expressed his belief that reservation about the Saudi government-Maliki, which hopes the formation of a new government more representative of all groups and sects.
His head Massoud Barzani's Kurdistan region in a press conference in Amman fears of the consequences of the failure of the security of Baghdad. He said that "the success of the plan is still relatively." He added that "there are some political forces and religious missed opportunity of a free, democratic Iraq, warning of the consequences of the failure of the security plan."
He pointed out that his visit to Jordan and Saudi Arabia aims to bolster cooperation as Iraq and the Arab States denied an attempt to circumvent the government or a government-Maliki light.
Barzani also renewed his condemnation of any aggression against Palestinians living in Iraq, said (if the Arab countries refuse to receive the Palestinians will assemble in Kurdistan hospitality and care), and added (no restrictions on the entry of any Iraqi Kurdistan, there are more than 18 thousand Iraqi families displaced from several provinces to the province, there are thousands of doctors, engineers and intellectuals to receive them Territory, and there is no security procedures are subject, only persons unknown subject to the security procedures to ensure that they did not come for terrorist purposes, either persons known they are not subject to such procedures).
Azzaman International Newspaper - Issue 2649 - Date 21/3/2007Azzaman International Newspaper-2649-Issue Date March 21, 2007
21/3/2007Newspaper (Azzaman) - The International 2649-the date March 21, 2007
Riyadh: Al-Maliki obstacle to Arab support for Iraq
يتهBarzani welcomed by the Palestinians in Amman Kurdistan National Guard, holding the house and assaulted the Hashemite protection
Cairo Mustafa Amara
Amman Saad Abbas
Baghdad Karim Zair
Riyadh Azzaman
Indications from the political Riyadh yesterday that Arab capitals are convinced that the consensus on the decisions for the benefit of Iraq's security and stability at the top of Riyadh next obstacle facing the government Nuri al-Maliki in Baghdad. At a time Diplomats in Cairo yesterday on the gradual shift in the map of alliances between domestic Iraqi forces after visits Almvajetin of Masoud Barzani to Riyadh, Amman and his meeting with the Saudi monarch, King Abdullah bin Abdul Aziz, Jordanian King Abdullah II.
He said Kurdish political parties in Arbil told (time) refused to reveal his name (the old alliances in Iraq could not be in the interest of the country and used for playing cards from under the table and attempt to calm the situation, especially as hidden) without referring to the alliance between the Kurdish forces and the Shiite coalition.
On the other hand, raided members of the National Guard home of Tariq Hashemi Iraqi Vice President in the area of Al-Mansour in Baghdad and attacked the guards, while not Hashmi in the house, which was inhabited before the war. The raid took place despite the implementation of thousands of American soldiers and Iraqi security plan Baghdad.
While Iraqi Police said they found the 30 bodies were executed owners shot in the head but sources at the Baghdad morgue said they had received 70 bodies. In relation to the Iraqi file is most tense in the approach to the deliberations of the preparations for the summit Riyadh. The Arab diplomat as the importance of the files of Lebanon, Sudan and the Palestinian issue, which will be the subject of research also. Diplomatic sources that Riyadh hosted on Wednesday and Thursday last two meetings of some Iraqi political leaders.
The official Saudi source said that it was important that there be a positive role Arab help Iraqis various categories of access to the stability and the Kingdom of contacts comes in this position.
Arab diplomatic source in Riyadh said that Saudi Arabia wants to know what is going on developments in Iraq from various Iraqi factions.
He expressed his belief that reservation about the Saudi government-Maliki, which hopes the formation of a new government more representative of all groups and sects.
His head Massoud Barzani's Kurdistan region in a press conference in Amman fears of the consequences of the failure of the security of Baghdad. He said that "the success of the plan is still relatively." He added that "there are some political forces and religious missed opportunity of a free, democratic Iraq, warning of the consequences of the failure of the security plan."
He pointed out that his visit to Jordan and Saudi Arabia aims to bolster cooperation as Iraq and the Arab States denied an attempt to circumvent the government or a government-Maliki light.
Barzani also renewed his condemnation of any aggression against Palestinians living in Iraq, said (if the Arab countries refuse to receive the Palestinians will assemble in Kurdistan hospitality and care), and added (no restrictions on the entry of any Iraqi Kurdistan, there are more than 18 thousand Iraqi families displaced from several provinces to the province, there are thousands of doctors, engineers and intellectuals to receive them Territory, and there is no security procedures are subject, only persons unknown subject to the security procedures to ensure that they did not come for terrorist purposes, either persons known they are not subject to such procedures).
Azzaman International Newspaper - Issue 2649 - Date 21/3/2007Azzaman International Newspaper-2649-Issue Date March 21, 2007
21/3/2007Newspaper (Azzaman) - The International 2649-the date March 21, 2007
I feel safe and secure with chase bank as far as recieving my dinar. And again, it's a Bank! Plus I have them all around me. I have shopped around, and have found chase to be the cheapest,although they are circulated and goat pissed on, but in the end, as long as you have 90% of the note, it's cashable!!
Long read, but good info.. from another board.... Insight to Offshore Banking
--------------------------------------------------------------------------------Most People dont know this. It is Long, but worth the time to Read it.
************************************************** *****
Back in 1986 ... 20 years ago ... I wrote and published a short booklet, "Offshore Banking Is Not Evil!" -- Over 85,000 copies of it were sold (for $10) or given away.
While surfing the net recently, I found it posted on over a dozen sites ... some of them even gave me credit for writing it (most didn't) ... others used pieces of the report and included their own opinions -- SO ...
Here it is as it was first published back in 1986 ...nothing has really
changed since then.
OFFSHORE BANKING IS NOT EVIL!
If it weren't for the lies, distortions, and self-serving propaganda
distributed by the Government, the I.R.S., and the Bankers, you wouldn't cringe every time you hear the term "Offshore Banking."
Why? - Because most people haven't the foggiest idea of what Offshore Banking is, they simply accept the distortions they read in the controlled media and ASSUME that Offshore Banking is some form of criminal activity. Or, they ask their lawyer, accountant or financial planner and he, being as uninformed as they are, advises that it is too risky, illegal, immoral, or unethical.
The fear and suspicion surrounding Offshore Banking is really only a matter of "Lack of Knowledge & Information". Very few people, including both those who condemn it and those who promote it, really KNOW what offshore banking is. BUT, the Government, the I.R.S., and the Bankers do know that money held outside the U.S. is money they cannot legally control, tax, or use for their purposes. That's why they are adamant in their defamation and condemnation. They don't know what it is, but they know it takes money out of their hands.
Unfortunately, those who promote offshore banking have done little, or nothing, to alleviate or satisfy the fears and suspicions of the public. As a matter of fact, because they themselves do not know what offshore banking really is, these promoters have given the Government, the I.R.S., and the Bankers the ammunition needed to keep the public in a state of fear and suspicion regarding offshore banking, investments, and opportunities. Helping keep your money in U.S. banks; paying you less and taxing what little you do earn.
So... before we go any further... lets define Offshore Banking. Then, unlike the politicians, bureaucrats, bankers, and promoters, YOU will know what the term means.
What is offshore banking?
The term "offshore banking" actually has TWO (2) different and very distinct definitions; but, I couldn't find either one of them in any of my dictionaries. One meaning is "MECHANICAL" and the other is "FUNCTIONAL".
Only by knowing both definitions and understanding the relationship, yet distinct differences, between the two, will you be able to make a decision based on KNOWLEDGE rather than ASSUMPTION.
Since the "Mechanical" and the "Functional" definitions of offshore banking have been so intermingled and confused by almost everyone, it will be necessary to, first define them separately and distinctly, and then explain why the confusion exists.
Mechanical Definition
In the "legal" community (lawyers, governments, etc.) the term Offshore Banking is: A bank "licensed" to do business only outside the jurisdiction in which it is chartered & licensed.
That means: A bank holding an offshore banking "license" may engage in most, some, or all activities (including but not limited to checking, savings, loans, etc.) normally carried on by any other bank -- but -- that bank CAN NOT offer or provide those services to the "residents" of the jurisdiction in which the bank is chartered and licensed.
An example: A bank, "licensed offshore," in the Bahamas may offer its banking services to anyone outside of the Bahamas -- but -- that bank CAN NOT offer or provide those services to the residents of the Bahamas.
Some jurisdictions allow offshore "licensed" banks to provide any and all services normally provided by any other bank. Other jurisdictions (such as the United States) limit an offshore "licensed" bank to providing some few specified services.
YES -- the United States, through the Federal Reserve Board, does authorize offshore banking -- but -- so U.S. bankers can continue to defame and condemn offshore banking, the Federal Reserve Board has decided to call the U.S. Offshore Banks by the officious title, "International Banking Facilities (IBF)."
"International Banking Facility" or "IBF" means a set of asset and liability accounts segregated on the books and records of a depository institution, United States branch or agency of a foreign bank, or an Edge Act or Agreement Corporation that includes only international banking facility time deposits and international bank facility extensions of credit. -- 12 C.F.R 204.8(a)(a) published at Fed. Reg. 32429 (1981).
The U.S. law, although it does not call itself offshore banking, contains the very elements under which offshore banks are licensed in other jurisdictions -- i.e. the IBF must be licensed as a bank; maintain a set of asset and liability accounts on the books; and CAN NOT provide services to residents of the United States.
As you can see from the U.S. law authorizing IBF's offshore "licensed" banks are most often (but not always) A BOOKKEEPING SYSTEM ONLY.
Offshore "licensed" banks, by and large, are BOOKKEEPING SYSTEMS ONLY. For that reason, they have a very, very low overhead cost in doing their business. They do not spend their depositors money on fancy buildings; redundant employee's wages; or the expensive, non- productive accoutrements found in most U.S. banks. Therefore, an offshore "licensed" bank is in a position to pay higher interest to its depositors by virtue of the fact that less money is spent on fancy and expensive non-productive frills.
Because offshore licensed banks are, by and large, Bookkeeping Systems Only, they keep and maintain their operational cash accounts in "checking accounts" with other commercial banks. Checks drawn on the account are used by the offshore licensed bank to pay its debts, make loans, invest, pay interest, or any other normal business purpose.
The Bookkeeping System of an offshore licensed bank, which records the assets, liabilities, income and expense of the bank, maintains the records of the bank's depositors and allows the officers of the bank to make investments and loans from the public deposits held. The yield from those investments and loans are the earnings of the bank, which are used to pay the expenses of the bank and interest to the depositors and the net operating profit to the bank are much, much higher than in a commercial bank with all of its expensive, non-productive costs.
Functional Definition
To the "depositor public" at large, an Offshore Bank is: ANY BANK OUTSIDE THE COUNTRY IN WHICH THE DEPOSITOR LIVES.
That means: Any bank outside the United States is an offshore bank, if you are a resident of the United States.
An example: If a U.S. resident maintains an account of any kind in a bank in Canada; that bank is an offshore bank for that account holder/depositor. And, the same holds true for a Canadian having an account in a U.S. bank.
Any time you have money deposited in, or invested with, a bank in a country outside of the country in which you live and work, you are "Banking Offshore," even if that bank is just across the imaginary borderline between the U.S. and Canada.
Throughout this report, the terms "Offshore Bank" and "Offshore Banking" shall be used for any bank or banking service that qualifies under the FUNCTIONAL DEFINITION, -- at anytime we refer to a bank under the MECHANICAL DEFINITION, it shall be referred to as an "Offshore Licensed Bank." Of course, any bank situated in the country where you live and work shall be referred to as a"Domestic Bank."
Why the confusion?
A Bank is a Bank is a Bank is a Bank -- whether that bank be a Domestic Bank, an Offshore Bank, or an Offshore Licensed Bank.
No matter how a bank is structured, where it is licensed & chartered, or where it does business, ALL BANKS use the same channels (exchanges, clearing houses, etc.) to facilitate the movement of funds internationally and/or domestically. Therefore, since all of the banks in the world are indirectly connected through their correspondent and inter-bank relationships, there is no real confusion arising from the transacting of banking business.
The confusion regarding Offshore Banking is only a matter of "legal jurisdiction," arising from the fact that no country may impose its laws in another country without the country's consent and cooperation.
Because of the wide variety of laws around the world, what is illegal in one country may be entirely legal in another country. Any country can, through its various policing agencies, investigate any person residing in their country for a violation of their laws. That same country, however, has no legal right to investigate the activities of any person in any other country without first obtaining the consent and cooperation of the country in which the investigation is to be conducted. Even then, the investigation must be conducted under the law of the country in which the investigation is to take place, not under the laws of the country conducting the investigation.
As an example: The U.S. can not investigate anything in Canada, without the consent and cooperation of the Canadian government, and the Canadian Government is totally within its international rights to refuse to consent or cooperate in the investigation,
Further, countries will not (usually), without a specific treaty or
agreement, assist another country in enforcing or investigating a crime that is not a crime in their country.
As an example: income tax evasion is a crime in the U.S., however, in countries that do not impose an income tax, income tax evasion is not a crime. Therefore, those countries are not obligated (and usually don't) assist the U.S., or any other country, in enforcing or investigation a tax law which does not exist in their own jurisdiction.
THEREIN lies the confusion -- Offshore Banks, and Offshore Licensed Banks, located in countries that do not have income tax laws do not (usually) assist the U.S. Internal Revenue Service in enforcing, or investigation violations of U.S. tax laws. Therefore, without the consent and cooperation of those countries, the I.R.S. cannot (in most cases) get information regarding financial transactions conducted in those countries by Tax Evaders in the U.S.
Since the I.R.S. is the tax-collecting arm of the U.S. Government; upon which the Government depends to collect moneys for its self-serving purposes, the Government readily and willingly supports the I.R.S. in its condemnation of Offshore Banking. But, why do the Bankers join in the condemnation?
The reason is simple. If you take your savings account out of a U.S. bank and place it, offshore, in a bank in another country, the U.S. bank doesn't have your money to use any more. To keep you from doing that, the Bankers jump on the bandwagon to condemn Offshore Banking; even though a good many of them do have deposits from other countries and do, therefore, benefit from Offshore Banking themselves. As long as they can keep YOU confused, fearful and suspicious about Offshore Banking, they have YOUR MONEY in their banks to use for this purpose.
Not Illegal!
The U.S. DOES NOT and WILL NEVER have a law forbidding the taking of money out of this country.
WHY? No country that depends upon international commerce for its existence can write such a law without destroying its own economy. And, if you will notice, the U.S. has consistently and continuously had an international trade deficit; which simply means we "buy" more internationally than we "sell".
If the U.S. had a law forbidding or restricting the movement of U.S. Dollars outside this country, we would have NO international trade. Companies overseas would not be able to buy U.S. goods because they wouldn't have any U.S. dollars, and companies in the U.S. would not be able to buy goods overseas, because the companies in those countries wouldn't be able to accept U.S. dollars.
Therefore, you, as a resident of the U.S., may legally move your money anywhere in the world you want. There is NO RESTRICTION on the amount you move, where you move it, or how you move it.
The ONLY REQUIREMENT imposed upon you by the U.S. Government is that you must "REPORT" any movement of cash or certain monetary instruments out of this country of $5,000 or more.
If you've ever been on an international flight of the U.S., you can probably remember being given a form to complete that asked you if you were carrying cash or bearer form negotiable instruments over $10,000 in value. If you read the complete form, it told you that it was NOT ILLEGAL to have the money with you, or to take it out of the country, but it was illegal not to report
it.
Reporting Requirements
How many times have you been told that, if you send a deposit of more than $10,000 to an offshore bank, you MUST report it to the Government?
THAT'S WRONG!
The law (P.L. 91-508, 31 USC 5316) requires ONLY the reporting of the transportation of "currency or certain monetary instruments" in an amount exceeding $10,000. That means:
You may move as much money as you want offshore, at any time, WITHOUT REPORTING ITTO ANYONE, as long as you don't send "currency or certain monetary instruments."
You probably know what "currency" is, but what are the "certain monetary instruments" referred to in the law? Both "currency" and the "certain monetary instruments" are defined at law 1 CFR 103.11, as amended), and those definitions are repeated here:
CURRENCY:
The coin and currency of the United States or of any other country, which circulate in and are customarily used and accepted as money in the country in which issued. It includes U.S. silver certificates, U.S. notes and Federal Reserve notes, but does not include bank checks or other negotiable instruments no customarily accepted as money.
MONETARY INSTRUMENTS:
Coin or currency of the United States or of any other country, travelers' checks, money orders, investment securities in bearer form or otherwise in such form that title thereto passes upon delivery, and negotiable instruments (except warehouse receipts or bills of lading) in bearer form or otherwise in such form that title thereto passes upon delivery. The term includes bank checks, travelers checks and money orders which are signed but on which the name of the payee has been omitted, but does not include bank checks, travelers' check or money orders made payable to the order of a named person which have not been endorsed or which bear restrictive endorsements.
If you will notice, the last phrase of the definition of "Monetary
Instruments": clearly states, "does not include bank checks, travelers' checks or money orders made payable to the order of a named person which have not been endorsed or which bear restrictive endorsements."
(By the way, a "person" under the law includes any individual such as you or me, and any legal entity such as a corporation or bank.)
So... if you make a check or money order payable to an offshore bank (which is a "person" under the law), even if it is for over $10,000, you DO NOT have to "report" the transaction to anyone.
Or... if you have a check or money order which is payable to you, you can endorse it with a restrictive endorsement -- i.e., "Pay To The Order Of: XYZ Bank" -- and you DO NOT have to report the transaction to anyone.
By the way, the U.S. Customs Service has published a circular (Circular: ENF-4-$:E:P) for its employees which clearly defines and illustrates (with drawings and pictures) exactly which monetary instruments must be reported and which ones are "exempt" from reporting requirements.
Although you DO NOT have to report your transactions to anyone -- no matter how much money you send for deposit offshore unless you send "currency" or the "certain monetary instruments") - - you will still have to file a "Report of Foreign Bank and Financial Accounts". (Treasury Form 90.22.1) on or before June 30 each year -- but -- if you have 25 or more foreign accounts, you
won't have to report where those accounts are or how much money you have in each account; unless the Department of Treasury specifically asks you for that information at a later date.
Update 2006: Owing to the various "terrorist" acts initiated since
9/11/2001, there have been some up dating's and changes in most of the rules and regulations regarding the movement of money worldwide. For that reason, you may want to a search for "P.L. 91-508, 31 USC 5316" on Google. Although I didn't find any major changes, there are some new rules and regulations of which you should be aware.
Using An Offshore Account Legally
Anyone who holds a Checking or Savings Account in a U.S. Bank may, legally, move that account to any other bank, anywhere in the world (offshore).
If you have a Savings Account in a U.S. Bank, the odds are that you have already paid your income tax on that money; before putting it in your Savings Account. Therefore, your only further tax obligation on that money is to pay the income tax on the interest you earn.
As an example: If you are a tax-paying, law-abiding person, and have saved $100 from your paycheck, you have already paid the taxes on your income. The $100 is your after-tax money, therefore you don't pay taxes on it again. At the end of the year, when the bank sends you your Savings Account statement, you add your interest earnings to your income tax statement and pay your taxes
on that earned income.
The same thing holds true if you have your savings account in an offshore bank. At the end of the year, when you get your statement, you simply add the amount of interest earned to your income tax and pay the taxes on that earned income.
Higher Earnings
Statistically, Eurodollar (offshore) accounts pay at least 20%more than domestic U.S. dollar accounts. You can prove it for yourself by simply comparing the current U.S. T-Bill rate to the Euro-Dollar Bond rate; as published in the financial section of your daily newspaper. The Euro-Dollar Bond rate is ALWAYS higher by at least 20% or more.
Beyond that statistical difference, Offshore Banks can usually offer much higher interest rates than their U.S. counterparts because one of the highest non-recoverable costs of doing business in the U.S. is taxes (income, property, ad valorem, etc..), significantly reducing the earnings available for distribution to their depositors and investors. Banks operating in, or from, tax haven jurisdictions; not being burdened with those non-recoverable tax costs, can offer their depositors a much higher return.
As a matter of fact, in some jurisdictions (outside the U.S.), banking establishments are tax exempt on their earnings, or they are allowed certain exceptional write-downs of earnings, in order to protect the bank's depositors.
With the huge drop in interest rates in the U.S., Offshore Banking
opportunities have become even more attractive. At this writing, interest rates offered in the Offshore Banking community are as much as 2 to 4 times the interest rates available from U.S. Banks. (And, some offshore investment opportunities are averaging as high as 6 to 8 times the interest earnings available from U.S. Banks.)
MYTHS & FACTS
MYTH: Offshore Banks can't really pay the high interest rates they offer because, if banks could really pay those rates, U.S. banks would try to meet the competition and do the same.
FACT: Take a closer look at the financial statements of any U.S. Bank. You will find that their "gross" profits against public deposits can range from 25% to 40% -- but -- they have written laws to limit the amount of interest they can pay you on your deposit. The U.S. banks put their earnings into unnecessary and non-productive accouterments, while offshore banks do without the fancy buildings and unnecessary frills and share their profits with their customers.
MYTH: Offshore Banks aren't regulated, so you run the risk of losing all your money.
FACT: Nothing could be further from the truth. Every country in the free world has laws, rules and regulations governing banks and financial institutions. Those laws, rules, and regulations, however, are far less restrictive than the "protectionist" U.S. banking laws, rules, and regulations, allowing those banks greater latitude in earning much greater profits for their
depositors and investors.
MYTH: Offshore Banks are not insured by the F.D.I.C.
FACT: Some of them are but, thank God, not that many. If they are, they must comply with the same protectionist banking rules and regulations as any other F.D.I.C. insured bank. But, the vast majority of offshore banks are insured; one way or another.
Some countries have established depositor insurance programs similar to the F.D.I.C. program, by which the banks in those countries have their deposits insured. Other banks in other countries have their deposits insured by independent insurance companies who, unlike the F.D.I.C., insure 100% of the banks
deposits; not just those under $100,000. (By the way, many banks in the U.S. are not F.D.I.C. insured, and some of them insure their deposits with independent insurance companies.)
For the most part, offshore banks are "self-insured." That means those banks maintain a liquidity factor equal to 100% (or more) of their public deposits. For every $1 held in public deposits, those banks have $1 (or more) in liquid assets with which they can cover any depositor demand.
Self-insured offshore banks are actually more secure than F.D.I.C. insured U.S. banks. The reason being, F.D.I.C. insured U.S. banks are allowed to maintain a liquidity factor equal to about 10% of their public deposits. (Ever wonder why they U.S. has more bank failures each year than any other country?)
Which would you feel more secure dealing with? -- A. U.S. bank that has 10 cents in cash for every dollar on deposit? Or, an offshore bank that has $1 in cash for every dollar on deposit?
MYTH: Offshore Banks aren't as big or strong as U.S. banks.
FACT: Of the largest and strongest leading banks in the world (in assets), ONLY one is located in the U.S.
(Back in 1986) The leading banks in the world, according to a survey done by American Banker, were, in order:
Dai-Ichi Kangyo Bank - Tokyo
Fuji Bank Ltd. - Tokyo
Sumitomo Bank Ltd. - Osaka (Japan)
Mitsubishi Bank Ltd. - Tokyo
Citibank NA - New York, U.S.A.
Banque National de Paris - France
Credit Agricole Mutual - France
Sanwa Bank Ltd. - Osaka (Japan)
Credit Lyonnais - France
Norinchukin Bank - Tokyo
Update 2006: Only the names have change.
MYTH: Offshore Banks can't be too good, or they would advertise their interest rates and services in the U.S. publications.
FACT: Offshore Banks are restricted by law from advertising in U.S.
publications; unless they subject themselves to the very same protectionist rules and regulations imposed on U.S. banks. For that reason, you should be wary of any offshore bank that publicly advertises in U.S. publications. They have sold-out to the U.S. banking establishment and may subject you to their sell-out.
MYTH: Offshore Banking is only for people with a lot of money.
FACT: Some 20 years ago, that may have been true. Today, an offshore savings or checking account can be opened with a minimum deposit as low as $100. (Back in 1986) I know of one offshore bank paying 9%, compounded daily, on regular quarterly-statement savings accounts with a minimum deposit of $100.
Update 2006: In 2001, Bank of America in the Bahamas was paying 5.5% on Savings Accounts while Bank of America in the U.S. was paying only .5% (one-half of one percent).
MYTH: Opening an offshore account is complex, and you can't get your money back when you need it.
FACT: Opening an offshore account is no more complex than opening an account with a money market fund (or ordering from the Sear's catalog), by mail. Getting your money back is just as simple.
Opening An Offshore Account
There are organizations in the U.S. that will assist you in opening an offshore bank account (in Switzerland and other countries). Their "fees" for helping you open an account can range from a few hundred dollars to a thousand dollars (and, in some cases, much more) -- BUT -- don't waste your money. You don't need them.
To open an offshore bank account, all you need to do is write to an offshore bank and request information about opening an account. The bank will send you all of the necessary forms; tell you what their minimum deposit requirements are for various accounts; and their materials will explain how to open an account and how to make your withdrawals. Making a withdrawal from your offshore account is just as simple. Depending upon the type of account you open, you write a check or draft to deposit in your U.S. bank account; send a withdrawal form direct to the offshore bank; or send your certificate to the offshore bank for redemption. The time it will take for you to get your money probably won't be much longer than the 10 to 15 days hold most U.S. banks are now placing on your deposits.
Today, with instantaneous international communications, the world is getting smaller every day. Now, you can enjoy the exceptional interest earnings available from offshore banks as easily as you deal with your local bank, stock broker, money market fund, or Sears Roebuck -- by mail, telephone, or telex.
Check It Out -- First
Before dealing with ANY banking facility, check it out first.
When dealing with an internationally known and recognized banking institution, such as Barclays or Citibank, you can forego much of your investigation. However, I would still recommend that for your complete peace of mind, you request and receive a copy of their annual report before opening your account. (It is a matter of good, sound practice to ALWAYS keep yourself informed about he banks you deal with.)
If the offshore banking institution you are anticipating dealing with is lesser known, you should ALWAYS request, and receive, a copy of their annual report before making any deposits. Any "reputable" bank will ALWAYS be able to provide you with adequate information upon which to base your investigation.
"Private" offshore, and offshore licensed, banks are a completely different animal.
Before dealing with a "private" banking operation you should request from them their latest financial statements (preferably audited) -- AND -- the names and addresses of their principals and promoters.
Inevitably, when I speak on offshore banking and investments, I am asked,"How can I go about investigating these companies?"
My answer is, "Don't investigate the company; investigate the principals and promoters. Know the principals and you will know the company."
You should be extremely wary of any "private" banking operation that cannot, or will not, provide you with the information you need to satisfy yourself as to the credentials and credibility of its principals and promoters.
The wise investor must deny the separateness of business and come to the realization that behind each business entity there are real, flesh-and-blood people who pull the strings and control the works.
By the way -- when was the last time you looked at the financial statements of your local bank, or spent the time to learn who the principals (people) are who are controlling your money?
Borrowing Offshore
The internationally accepted definition of a "bank" is an institution
specifically established and licensed for the purpose of "accepting deposits and making loans." If it does one, or the other, but not both, it is usually referred to as a "non-bank bank."
That being the case, any "bank" that accepts deposits ALSO makes loans.
Having published Offshore Banking News from January 1983 until the early 1990's, I have been asked countless times, "Why don't you publish the names and addresses of offshore lenders?" We did; every month. The problem is, their ads go around disguised as ads seeking depositors.
Remember this: If a "bank" accepts deposits, it ALSO makes loans.
Therefore, to borrow offshore all you need do is follow the same procedure you would follow in seeking a lending source in the U.S. Simply write a"short" (not more than 1 page) letter of inquiry to the offshore bank of your choice. Explain your funding equirements, and ask the bank if they would be interested in seeing a full financing package on your project. (Have your"package" ready to go should one or more of the banks indicate an interest.)
But -- don't think because the banks are offshore they are "easy" or"stupid". Just like any bank in the U.S., an offshore bank will require all of the documentation, background, and financial information normally required. As a poorly presented project will be rejected in the U.S., it will also be rejected offshore.
The major advantage to borrowing offshore is the same advantage in banking offshore -- the interest rates. As there are jurisdictions where you can get the highest interest rates for your deposits, there are other jurisdictions where you can borrow at the lowest possible interest rates.
As an example: Switzerland is well known for its banking secrecy, but it is notorious for its low interest rates.
Borrowing offshore should only be considered when you have a good, solid, bankable funding situation -- but -- you are looking for the very lowest interest rate possible. If your funding requirement will not meet the standards of the U.S. banking community, the chances are it will not meet the standards in the offshore banking community either.
Personal Privacy
Without a doubt, the greatest violator of the privacy of U.S. residents is the U.S. government itself. The various and many U.S. government agencies maintain a staggering total of over 3.5 billion files on U.S. citizens.
Considering the country's population, of 230 million people, the U.S.
government agencies maintain an average of 15 files on every man, woman, and child in this country. When you consider that children, and other dependents probably don't have separate files of their own, the average number of files on adults rises even higher. Is it any wonder Americans worry about their personal privacy?
Update 2006: That was in 1986 ... today it is even worse.
Files and information maintained outside the U.S. are neither part of, nor subject to, the scrutiny of the U.S. government agencies. The U.S. government can (under normal circumstances) only gain knowledge about your offshore activities if you tell them about it -- or -- if you are involved in some form of criminal activity in the U.S., and their investigation in this country reveals to them evidence of your offshore activities.
Beyond the prying eyes of the government, your nosey neighbors, business competitors, ex- spouses, and other snoopy people may well attempt to keep track of your financial activities for their own purpose. In this country, even some of the more inept private detectives can easily gain access to your most personal records. However, records and files on your activities outside the U.S. are impossible for these snoops to get their hands (or eyes) on.
Banking offshore and maintaining your financial records and files outside the U.S. allows you the maximum Personal Privacy available.
Tax Advantages
As you are well aware, in the U.S., there are a multitude of totally
legitimate, and legal, "tax shelter" opportunities available. The same kinds of"tax shelter" opportunities are also available in almost every country in the free world.
Since the various I.R.S., Treasury, and Securities Regulators governing "tax shelter" opportunities are constantly changing, I will not attempt to give you specific advice regarding such opportunities. But, by realizing that legitimate and legal "tax shelters" exist both in the U.S. and in other countries, you can better understand that you can legally and legitimately shelter your income from taxes; either here in this country or through a tax-shelter opportunity in another country.
When you find a "tax shelter" opportunity, whether in the U.S. or offshore, have your accountant or other tax professional check it out to see if it conforms with governing regulations. Those professionals are in a position to keep on top of the governing regulations in effect at that time and advise you as to the legality and tax advantage to be gained.
Scoff-Law Applications
As the government (any government) writes more and more laws regulating the personal activities of the citizenry (especially if those laws infringe the citizen's earning capacity), more and more of the citizens will violate those laws without compunction, guilt or remorse. As an example: How many people do you know who have driven faster than 55-miles-per-hour on a Federally funded highway?
Scoff-laws are, by definition, people who scoff at, or flout, the law. They have no compunction about violating those petty laws, rules or regulations that they feel are unreasonable, unrealistic, or infringe their personal right to life, liberty, and the pursuit of happiness.
These people know that a government that writes that many laws can't possibly expect to catch the vast majority of people who violate them. Besides, even if they get caught, unless they are a major offender, the penalties aren't that severe or the powers-that-be may simply choose to overlook the offense. As an example: Most police officers simply overlook people driving faster than 55 m.p.h., but do stop those people driving recklessly at any speed.
Because of the multitude of federal, state, county, city and township tax laws in this country, the vast majority of people in the U.S. have become tax scoff-laws. It is physically impossible for any one person to know (or understand) all of the various and many tax laws, rules, and regulations. And, the people all know that it is impossible to be in 100% compliance with all of those laws and, it is just as impossible, for the government at its many levels
to know who is, or who isn't, paying which taxes under which laws, rules and regulations. So... most people just report the earnings, and pay the taxes, they absolutely have to, and feel no remorse if they don't report some of the income they know they should. If they do get caught, the penalties aren't that severe (usually just a fine) and the odds are they won't be caught.
In the article entitled, "Offshore Tax Havens Lure Main Street Money," which appeared in the August 1, 1983, issue of U.S. News & World Report, Robert Mirshberger, an assistant regional commissioner for the I.R.S. in New York was asked about the risk involved in tax cheating. His answer was, "It would be an unfortunate happenstance if you were caught. You would be a very unlucky person."
The article continued with some examples of the ways modern-day scoff-laws use offshore bank accounts to cheat the U.S. tax collectors:
A doctor received a payment from a patient and deposited the check in his offshore bank account. Since the deposit doesn't appear in his business records, the chances are it would never be found, even if the doctor is audited.
One couple sold a piece of art work and had the buyer send the payment direct to their offshore bank account. Later, the couple used that money to enjoy a vacation outside the U.S. Mr. Mirshberger with the I.R.S. said, "There's no way we would ever discover that."
Another example told of a bank customer who got his "unscrupulous" banker to transfer large amounts of cash to an offshore bank account without reporting the transaction to the I.R.S. Then, the customer borrowed the money back from the offshore bank. Since loan proceeds are not taxable, no taxes were paid.
But these examples are only the tip of the iceberg. It is no longer just the wealthy with art works to sell or the professionals and businessmen with extra income to hide. There are hundreds of thousands (maybe even millions) of blue collar and middle-management white collar workers using offshore bank accounts to reduce the unbearable tax load imposed by the federal, state, and
local governments.
To assist these tax scoff laws, literally hundreds of professional advisors in the U.S. and offshore are busy teaching tax scoff-law techniques; organizing methods and techniques to make discovery impossible (or, at least, highly improbable), and actually providing the services necessary to implement those methods and techniques. Some are purely tax evasion. Others tread the fine line between tax evasion and tax avoidance. While others are legal and legitimate tax shelter opportunities.
Americans have simply never liked being taxed. In 1776, the tax scoff-laws of that time revolted against unreasonable taxation. In the 1980's, the modern-day tax scoff-laws, with instantaneous communications and high-speed international mobility, have chosen to avoid and evade rather than take up arms against the tax oppressor.
How long this trend will last, before the modern-day tax scoff-laws choose to follow the example set by their forebears and take up arms to defend against tax tyranny, is a question that should be in the mind of every government official.
Offshore Banking Is Not Evil
As you have now learned, Offshore Banking, in and of itself, IS NOT evil, illegal, immoral or unethical.
The scandalous defamation and condemnations of Offshore Banking is only another ruse foisted upon the gullible American public by the U.S. government and the U.S. banking establishment. Their purposes, not offshore banking, are evil in that the intent is to maintain control over YOUR MONEY for their own self-serving uses.
No matter what the government and bankers tell you, their purposes are not intended to restrain the criminal element. They know, as well as you do, that criminals will do their evil deeds no matter what laws they have to violate; it is the nature of their endeavors. The true purpose of the government is to keep YOUR MONEY within their jurisdiction. The true purpose of the bankers is to keep YOUR MONEY in their banks.
Using an offshore bank account legally; paying your taxes and reporting your transactions, you can legally enjoy passive income 2, 3 or even 4 times greater than what you can earn in the U.S.
If you choose to use your offshore bank account for tax scoff-law purposes, the matter will be between you and your conscience. But, remember, your illegal use of an offshore bank account does not make offshore banking illegal. If you get caught, you, not the offshore bank, will be at fault.
For many years, moneyed people have known about and used offshore banking opportunities in order to increase their earnings, protect their assets, legally avoid taxation, and gain personal privacy for their financial affairs. Now, anyone with a good income, or modest savings, can enjoy the same exceptional advantages and free themselves from the negative forces active in this
country,
Conclusion
Don't pass up the exceptional interest earnings available to you simply because you have blindly accepted, without question, the myths regarding offshore banking.
The fears and suspicions you may have held regarding offshore banking are nothing more than the protectionist scare-tactics used by the Government, the I.R.S., and the Bankers to keep your money within their grasp; limiting your earnings, by law (allowing them to keep the lion's share for themselves), while taxing the paltry earnings they do allow.
Why settle for the paltry earnings available to you through the restrictive, protectionist Federal Reserve System?
The offshore banking community is available to you for your use. NO matter how small your savings ability may be, there is a place for you to earn maximum returns... all you need do, now that you know how Offshore Banking really works, is find the offshore situation that will work for you.
Please see "Global WealthBuilding Offshore Privacy Club" below in my signature.
__________________
A very long read, but good info...From another board.... Insight to Offshore Banking
--------------------------------------------------------------------------------Most People dont know this. It is Long, but worth the time to Read it.
************************************************** *****
Back in 1986 ... 20 years ago ... I wrote and published a short booklet, "Offshore Banking Is Not Evil!" -- Over 85,000 copies of it were sold (for $10) or given away.
While surfing the net recently, I found it posted on over a dozen sites ... some of them even gave me credit for writing it (most didn't) ... others used pieces of the report and included their own opinions -- SO ...
Here it is as it was first published back in 1986 ...nothing has really
changed since then.
OFFSHORE BANKING IS NOT EVIL!
If it weren't for the lies, distortions, and self-serving propaganda
distributed by the Government, the I.R.S., and the Bankers, you wouldn't cringe every time you hear the term "Offshore Banking."
Why? - Because most people haven't the foggiest idea of what Offshore Banking is, they simply accept the distortions they read in the controlled media and ASSUME that Offshore Banking is some form of criminal activity. Or, they ask their lawyer, accountant or financial planner and he, being as uninformed as they are, advises that it is too risky, illegal, immoral, or unethical.
The fear and suspicion surrounding Offshore Banking is really only a matter of "Lack of Knowledge & Information". Very few people, including both those who condemn it and those who promote it, really KNOW what offshore banking is. BUT, the Government, the I.R.S., and the Bankers do know that money held outside the U.S. is money they cannot legally control, tax, or use for their purposes. That's why they are adamant in their defamation and condemnation. They don't know what it is, but they know it takes money out of their hands.
Unfortunately, those who promote offshore banking have done little, or nothing, to alleviate or satisfy the fears and suspicions of the public. As a matter of fact, because they themselves do not know what offshore banking really is, these promoters have given the Government, the I.R.S., and the Bankers the ammunition needed to keep the public in a state of fear and suspicion regarding offshore banking, investments, and opportunities. Helping keep your money in U.S. banks; paying you less and taxing what little you do earn.
So... before we go any further... lets define Offshore Banking. Then, unlike the politicians, bureaucrats, bankers, and promoters, YOU will know what the term means.
What is offshore banking?
The term "offshore banking" actually has TWO (2) different and very distinct definitions; but, I couldn't find either one of them in any of my dictionaries. One meaning is "MECHANICAL" and the other is "FUNCTIONAL".
Only by knowing both definitions and understanding the relationship, yet distinct differences, between the two, will you be able to make a decision based on KNOWLEDGE rather than ASSUMPTION.
Since the "Mechanical" and the "Functional" definitions of offshore banking have been so intermingled and confused by almost everyone, it will be necessary to, first define them separately and distinctly, and then explain why the confusion exists.
Mechanical Definition
In the "legal" community (lawyers, governments, etc.) the term Offshore Banking is: A bank "licensed" to do business only outside the jurisdiction in which it is chartered & licensed.
That means: A bank holding an offshore banking "license" may engage in most, some, or all activities (including but not limited to checking, savings, loans, etc.) normally carried on by any other bank -- but -- that bank CAN NOT offer or provide those services to the "residents" of the jurisdiction in which the bank is chartered and licensed.
An example: A bank, "licensed offshore," in the Bahamas may offer its banking services to anyone outside of the Bahamas -- but -- that bank CAN NOT offer or provide those services to the residents of the Bahamas.
Some jurisdictions allow offshore "licensed" banks to provide any and all services normally provided by any other bank. Other jurisdictions (such as the United States) limit an offshore "licensed" bank to providing some few specified services.
YES -- the United States, through the Federal Reserve Board, does authorize offshore banking -- but -- so U.S. bankers can continue to defame and condemn offshore banking, the Federal Reserve Board has decided to call the U.S. Offshore Banks by the officious title, "International Banking Facilities (IBF)."
"International Banking Facility" or "IBF" means a set of asset and liability accounts segregated on the books and records of a depository institution, United States branch or agency of a foreign bank, or an Edge Act or Agreement Corporation that includes only international banking facility time deposits and international bank facility extensions of credit. -- 12 C.F.R 204.8(a)(a) published at Fed. Reg. 32429 (1981).
The U.S. law, although it does not call itself offshore banking, contains the very elements under which offshore banks are licensed in other jurisdictions -- i.e. the IBF must be licensed as a bank; maintain a set of asset and liability accounts on the books; and CAN NOT provide services to residents of the United States.
As you can see from the U.S. law authorizing IBF's offshore "licensed" banks are most often (but not always) A BOOKKEEPING SYSTEM ONLY.
Offshore "licensed" banks, by and large, are BOOKKEEPING SYSTEMS ONLY. For that reason, they have a very, very low overhead cost in doing their business. They do not spend their depositors money on fancy buildings; redundant employee's wages; or the expensive, non- productive accoutrements found in most U.S. banks. Therefore, an offshore "licensed" bank is in a position to pay higher interest to its depositors by virtue of the fact that less money is spent on fancy and expensive non-productive frills.
Because offshore licensed banks are, by and large, Bookkeeping Systems Only, they keep and maintain their operational cash accounts in "checking accounts" with other commercial banks. Checks drawn on the account are used by the offshore licensed bank to pay its debts, make loans, invest, pay interest, or any other normal business purpose.
The Bookkeeping System of an offshore licensed bank, which records the assets, liabilities, income and expense of the bank, maintains the records of the bank's depositors and allows the officers of the bank to make investments and loans from the public deposits held. The yield from those investments and loans are the earnings of the bank, which are used to pay the expenses of the bank and interest to the depositors and the net operating profit to the bank are much, much higher than in a commercial bank with all of its expensive, non-productive costs.
Functional Definition
To the "depositor public" at large, an Offshore Bank is: ANY BANK OUTSIDE THE COUNTRY IN WHICH THE DEPOSITOR LIVES.
That means: Any bank outside the United States is an offshore bank, if you are a resident of the United States.
An example: If a U.S. resident maintains an account of any kind in a bank in Canada; that bank is an offshore bank for that account holder/depositor. And, the same holds true for a Canadian having an account in a U.S. bank.
Any time you have money deposited in, or invested with, a bank in a country outside of the country in which you live and work, you are "Banking Offshore," even if that bank is just across the imaginary borderline between the U.S. and Canada.
Throughout this report, the terms "Offshore Bank" and "Offshore Banking" shall be used for any bank or banking service that qualifies under the FUNCTIONAL DEFINITION, -- at anytime we refer to a bank under the MECHANICAL DEFINITION, it shall be referred to as an "Offshore Licensed Bank." Of course, any bank situated in the country where you live and work shall be referred to as a"Domestic Bank."
Why the confusion?
A Bank is a Bank is a Bank is a Bank -- whether that bank be a Domestic Bank, an Offshore Bank, or an Offshore Licensed Bank.
No matter how a bank is structured, where it is licensed & chartered, or where it does business, ALL BANKS use the same channels (exchanges, clearing houses, etc.) to facilitate the movement of funds internationally and/or domestically. Therefore, since all of the banks in the world are indirectly connected through their correspondent and inter-bank relationships, there is no real confusion arising from the transacting of banking business.
The confusion regarding Offshore Banking is only a matter of "legal jurisdiction," arising from the fact that no country may impose its laws in another country without the country's consent and cooperation.
Because of the wide variety of laws around the world, what is illegal in one country may be entirely legal in another country. Any country can, through its various policing agencies, investigate any person residing in their country for a violation of their laws. That same country, however, has no legal right to investigate the activities of any person in any other country without first obtaining the consent and cooperation of the country in which the investigation is to be conducted. Even then, the investigation must be conducted under the law of the country in which the investigation is to take place, not under the laws of the country conducting the investigation.
As an example: The U.S. can not investigate anything in Canada, without the consent and cooperation of the Canadian government, and the Canadian Government is totally within its international rights to refuse to consent or cooperate in the investigation,
Further, countries will not (usually), without a specific treaty or
agreement, assist another country in enforcing or investigating a crime that is not a crime in their country.
As an example: income tax evasion is a crime in the U.S., however, in countries that do not impose an income tax, income tax evasion is not a crime. Therefore, those countries are not obligated (and usually don't) assist the U.S., or any other country, in enforcing or investigation a tax law which does not exist in their own jurisdiction.
THEREIN lies the confusion -- Offshore Banks, and Offshore Licensed Banks, located in countries that do not have income tax laws do not (usually) assist the U.S. Internal Revenue Service in enforcing, or investigation violations of U.S. tax laws. Therefore, without the consent and cooperation of those countries, the I.R.S. cannot (in most cases) get information regarding financial transactions conducted in those countries by Tax Evaders in the U.S.
Since the I.R.S. is the tax-collecting arm of the U.S. Government; upon which the Government depends to collect moneys for its self-serving purposes, the Government readily and willingly supports the I.R.S. in its condemnation of Offshore Banking. But, why do the Bankers join in the condemnation?
The reason is simple. If you take your savings account out of a U.S. bank and place it, offshore, in a bank in another country, the U.S. bank doesn't have your money to use any more. To keep you from doing that, the Bankers jump on the bandwagon to condemn Offshore Banking; even though a good many of them do have deposits from other countries and do, therefore, benefit from Offshore Banking themselves. As long as they can keep YOU confused, fearful and suspicious about Offshore Banking, they have YOUR MONEY in their banks to use for this purpose.
Not Illegal!
The U.S. DOES NOT and WILL NEVER have a law forbidding the taking of money out of this country.
WHY? No country that depends upon international commerce for its existence can write such a law without destroying its own economy. And, if you will notice, the U.S. has consistently and continuously had an international trade deficit; which simply means we "buy" more internationally than we "sell".
If the U.S. had a law forbidding or restricting the movement of U.S. Dollars outside this country, we would have NO international trade. Companies overseas would not be able to buy U.S. goods because they wouldn't have any U.S. dollars, and companies in the U.S. would not be able to buy goods overseas, because the companies in those countries wouldn't be able to accept U.S. dollars.
Therefore, you, as a resident of the U.S., may legally move your money anywhere in the world you want. There is NO RESTRICTION on the amount you move, where you move it, or how you move it.
The ONLY REQUIREMENT imposed upon you by the U.S. Government is that you must "REPORT" any movement of cash or certain monetary instruments out of this country of $5,000 or more.
If you've ever been on an international flight of the U.S., you can probably remember being given a form to complete that asked you if you were carrying cash or bearer form negotiable instruments over $10,000 in value. If you read the complete form, it told you that it was NOT ILLEGAL to have the money with you, or to take it out of the country, but it was illegal not to report
it.
Reporting Requirements
How many times have you been told that, if you send a deposit of more than $10,000 to an offshore bank, you MUST report it to the Government?
THAT'S WRONG!
The law (P.L. 91-508, 31 USC 5316) requires ONLY the reporting of the transportation of "currency or certain monetary instruments" in an amount exceeding $10,000. That means:
You may move as much money as you want offshore, at any time, WITHOUT REPORTING ITTO ANYONE, as long as you don't send "currency or certain monetary instruments."
You probably know what "currency" is, but what are the "certain monetary instruments" referred to in the law? Both "currency" and the "certain monetary instruments" are defined at law 1 CFR 103.11, as amended), and those definitions are repeated here:
CURRENCY:
The coin and currency of the United States or of any other country, which circulate in and are customarily used and accepted as money in the country in which issued. It includes U.S. silver certificates, U.S. notes and Federal Reserve notes, but does not include bank checks or other negotiable instruments no customarily accepted as money.
MONETARY INSTRUMENTS:
Coin or currency of the United States or of any other country, travelers' checks, money orders, investment securities in bearer form or otherwise in such form that title thereto passes upon delivery, and negotiable instruments (except warehouse receipts or bills of lading) in bearer form or otherwise in such form that title thereto passes upon delivery. The term includes bank checks, travelers checks and money orders which are signed but on which the name of the payee has been omitted, but does not include bank checks, travelers' check or money orders made payable to the order of a named person which have not been endorsed or which bear restrictive endorsements.
If you will notice, the last phrase of the definition of "Monetary
Instruments": clearly states, "does not include bank checks, travelers' checks or money orders made payable to the order of a named person which have not been endorsed or which bear restrictive endorsements."
(By the way, a "person" under the law includes any individual such as you or me, and any legal entity such as a corporation or bank.)
So... if you make a check or money order payable to an offshore bank (which is a "person" under the law), even if it is for over $10,000, you DO NOT have to "report" the transaction to anyone.
Or... if you have a check or money order which is payable to you, you can endorse it with a restrictive endorsement -- i.e., "Pay To The Order Of: XYZ Bank" -- and you DO NOT have to report the transaction to anyone.
By the way, the U.S. Customs Service has published a circular (Circular: ENF-4-$:E:P) for its employees which clearly defines and illustrates (with drawings and pictures) exactly which monetary instruments must be reported and which ones are "exempt" from reporting requirements.
Although you DO NOT have to report your transactions to anyone -- no matter how much money you send for deposit offshore unless you send "currency" or the "certain monetary instruments") - - you will still have to file a "Report of Foreign Bank and Financial Accounts". (Treasury Form 90.22.1) on or before June 30 each year -- but -- if you have 25 or more foreign accounts, you
won't have to report where those accounts are or how much money you have in each account; unless the Department of Treasury specifically asks you for that information at a later date.
Update 2006: Owing to the various "terrorist" acts initiated since
9/11/2001, there have been some up dating's and changes in most of the rules and regulations regarding the movement of money worldwide. For that reason, you may want to a search for "P.L. 91-508, 31 USC 5316" on Google. Although I didn't find any major changes, there are some new rules and regulations of which you should be aware.
Using An Offshore Account Legally
Anyone who holds a Checking or Savings Account in a U.S. Bank may, legally, move that account to any other bank, anywhere in the world (offshore).
If you have a Savings Account in a U.S. Bank, the odds are that you have already paid your income tax on that money; before putting it in your Savings Account. Therefore, your only further tax obligation on that money is to pay the income tax on the interest you earn.
As an example: If you are a tax-paying, law-abiding person, and have saved $100 from your paycheck, you have already paid the taxes on your income. The $100 is your after-tax money, therefore you don't pay taxes on it again. At the end of the year, when the bank sends you your Savings Account statement, you add your interest earnings to your income tax statement and pay your taxes
on that earned income.
The same thing holds true if you have your savings account in an offshore bank. At the end of the year, when you get your statement, you simply add the amount of interest earned to your income tax and pay the taxes on that earned income.
Higher Earnings
Statistically, Eurodollar (offshore) accounts pay at least 20%more than domestic U.S. dollar accounts. You can prove it for yourself by simply comparing the current U.S. T-Bill rate to the Euro-Dollar Bond rate; as published in the financial section of your daily newspaper. The Euro-Dollar Bond rate is ALWAYS higher by at least 20% or more.
Beyond that statistical difference, Offshore Banks can usually offer much higher interest rates than their U.S. counterparts because one of the highest non-recoverable costs of doing business in the U.S. is taxes (income, property, ad valorem, etc..), significantly reducing the earnings available for distribution to their depositors and investors. Banks operating in, or from, tax haven jurisdictions; not being burdened with those non-recoverable tax costs, can offer their depositors a much higher return.
As a matter of fact, in some jurisdictions (outside the U.S.), banking establishments are tax exempt on their earnings, or they are allowed certain exceptional write-downs of earnings, in order to protect the bank's depositors.
With the huge drop in interest rates in the U.S., Offshore Banking
opportunities have become even more attractive. At this writing, interest rates offered in the Offshore Banking community are as much as 2 to 4 times the interest rates available from U.S. Banks. (And, some offshore investment opportunities are averaging as high as 6 to 8 times the interest earnings available from U.S. Banks.)
MYTHS & FACTS
MYTH: Offshore Banks can't really pay the high interest rates they offer because, if banks could really pay those rates, U.S. banks would try to meet the competition and do the same.
FACT: Take a closer look at the financial statements of any U.S. Bank. You will find that their "gross" profits against public deposits can range from 25% to 40% -- but -- they have written laws to limit the amount of interest they can pay you on your deposit. The U.S. banks put their earnings into unnecessary and non-productive accouterments, while offshore banks do without the fancy buildings and unnecessary frills and share their profits with their customers.
MYTH: Offshore Banks aren't regulated, so you run the risk of losing all your money.
FACT: Nothing could be further from the truth. Every country in the free world has laws, rules and regulations governing banks and financial institutions. Those laws, rules, and regulations, however, are far less restrictive than the "protectionist" U.S. banking laws, rules, and regulations, allowing those banks greater latitude in earning much greater profits for their
depositors and investors.
MYTH: Offshore Banks are not insured by the F.D.I.C.
FACT: Some of them are but, thank God, not that many. If they are, they must comply with the same protectionist banking rules and regulations as any other F.D.I.C. insured bank. But, the vast majority of offshore banks are insured; one way or another.
Some countries have established depositor insurance programs similar to the F.D.I.C. program, by which the banks in those countries have their deposits insured. Other banks in other countries have their deposits insured by independent insurance companies who, unlike the F.D.I.C., insure 100% of the banks
deposits; not just those under $100,000. (By the way, many banks in the U.S. are not F.D.I.C. insured, and some of them insure their deposits with independent insurance companies.)
For the most part, offshore banks are "self-insured." That means those banks maintain a liquidity factor equal to 100% (or more) of their public deposits. For every $1 held in public deposits, those banks have $1 (or more) in liquid assets with which they can cover any depositor demand.
Self-insured offshore banks are actually more secure than F.D.I.C. insured U.S. banks. The reason being, F.D.I.C. insured U.S. banks are allowed to maintain a liquidity factor equal to about 10% of their public deposits. (Ever wonder why they U.S. has more bank failures each year than any other country?)
Which would you feel more secure dealing with? -- A. U.S. bank that has 10 cents in cash for every dollar on deposit? Or, an offshore bank that has $1 in cash for every dollar on deposit?
MYTH: Offshore Banks aren't as big or strong as U.S. banks.
FACT: Of the largest and strongest leading banks in the world (in assets), ONLY one is located in the U.S.
(Back in 1986) The leading banks in the world, according to a survey done by American Banker, were, in order:
Dai-Ichi Kangyo Bank - Tokyo
Fuji Bank Ltd. - Tokyo
Sumitomo Bank Ltd. - Osaka (Japan)
Mitsubishi Bank Ltd. - Tokyo
Citibank NA - New York, U.S.A.
Banque National de Paris - France
Credit Agricole Mutual - France
Sanwa Bank Ltd. - Osaka (Japan)
Credit Lyonnais - France
Norinchukin Bank - Tokyo
Update 2006: Only the names have change.
MYTH: Offshore Banks can't be too good, or they would advertise their interest rates and services in the U.S. publications.
FACT: Offshore Banks are restricted by law from advertising in U.S.
publications; unless they subject themselves to the very same protectionist rules and regulations imposed on U.S. banks. For that reason, you should be wary of any offshore bank that publicly advertises in U.S. publications. They have sold-out to the U.S. banking establishment and may subject you to their sell-out.
MYTH: Offshore Banking is only for people with a lot of money.
FACT: Some 20 years ago, that may have been true. Today, an offshore savings or checking account can be opened with a minimum deposit as low as $100. (Back in 1986) I know of one offshore bank paying 9%, compounded daily, on regular quarterly-statement savings accounts with a minimum deposit of $100.
Update 2006: In 2001, Bank of America in the Bahamas was paying 5.5% on Savings Accounts while Bank of America in the U.S. was paying only .5% (one-half of one percent).
MYTH: Opening an offshore account is complex, and you can't get your money back when you need it.
FACT: Opening an offshore account is no more complex than opening an account with a money market fund (or ordering from the Sear's catalog), by mail. Getting your money back is just as simple.
Opening An Offshore Account
There are organizations in the U.S. that will assist you in opening an offshore bank account (in Switzerland and other countries). Their "fees" for helping you open an account can range from a few hundred dollars to a thousand dollars (and, in some cases, much more) -- BUT -- don't waste your money. You don't need them.
To open an offshore bank account, all you need to do is write to an offshore bank and request information about opening an account. The bank will send you all of the necessary forms; tell you what their minimum deposit requirements are for various accounts; and their materials will explain how to open an account and how to make your withdrawals. Making a withdrawal from your offshore account is just as simple. Depending upon the type of account you open, you write a check or draft to deposit in your U.S. bank account; send a withdrawal form direct to the offshore bank; or send your certificate to the offshore bank for redemption. The time it will take for you to get your money probably won't be much longer than the 10 to 15 days hold most U.S. banks are now placing on your deposits.
Today, with instantaneous international communications, the world is getting smaller every day. Now, you can enjoy the exceptional interest earnings available from offshore banks as easily as you deal with your local bank, stock broker, money market fund, or Sears Roebuck -- by mail, telephone, or telex.
Check It Out -- First
Before dealing with ANY banking facility, check it out first.
When dealing with an internationally known and recognized banking institution, such as Barclays or Citibank, you can forego much of your investigation. However, I would still recommend that for your complete peace of mind, you request and receive a copy of their annual report before opening your account. (It is a matter of good, sound practice to ALWAYS keep yourself informed about he banks you deal with.)
If the offshore banking institution you are anticipating dealing with is lesser known, you should ALWAYS request, and receive, a copy of their annual report before making any deposits. Any "reputable" bank will ALWAYS be able to provide you with adequate information upon which to base your investigation.
"Private" offshore, and offshore licensed, banks are a completely different animal.
Before dealing with a "private" banking operation you should request from them their latest financial statements (preferably audited) -- AND -- the names and addresses of their principals and promoters.
Inevitably, when I speak on offshore banking and investments, I am asked,"How can I go about investigating these companies?"
My answer is, "Don't investigate the company; investigate the principals and promoters. Know the principals and you will know the company."
You should be extremely wary of any "private" banking operation that cannot, or will not, provide you with the information you need to satisfy yourself as to the credentials and credibility of its principals and promoters.
The wise investor must deny the separateness of business and come to the realization that behind each business entity there are real, flesh-and-blood people who pull the strings and control the works.
By the way -- when was the last time you looked at the financial statements of your local bank, or spent the time to learn who the principals (people) are who are controlling your money?
Borrowing Offshore
The internationally accepted definition of a "bank" is an institution
specifically established and licensed for the purpose of "accepting deposits and making loans." If it does one, or the other, but not both, it is usually referred to as a "non-bank bank."
That being the case, any "bank" that accepts deposits ALSO makes loans.
Having published Offshore Banking News from January 1983 until the early 1990's, I have been asked countless times, "Why don't you publish the names and addresses of offshore lenders?" We did; every month. The problem is, their ads go around disguised as ads seeking depositors.
Remember this: If a "bank" accepts deposits, it ALSO makes loans.
Therefore, to borrow offshore all you need do is follow the same procedure you would follow in seeking a lending source in the U.S. Simply write a"short" (not more than 1 page) letter of inquiry to the offshore bank of your choice. Explain your funding equirements, and ask the bank if they would be interested in seeing a full financing package on your project. (Have your"package" ready to go should one or more of the banks indicate an interest.)
But -- don't think because the banks are offshore they are "easy" or"stupid". Just like any bank in the U.S., an offshore bank will require all of the documentation, background, and financial information normally required. As a poorly presented project will be rejected in the U.S., it will also be rejected offshore.
The major advantage to borrowing offshore is the same advantage in banking offshore -- the interest rates. As there are jurisdictions where you can get the highest interest rates for your deposits, there are other jurisdictions where you can borrow at the lowest possible interest rates.
As an example: Switzerland is well known for its banking secrecy, but it is notorious for its low interest rates.
Borrowing offshore should only be considered when you have a good, solid, bankable funding situation -- but -- you are looking for the very lowest interest rate possible. If your funding requirement will not meet the standards of the U.S. banking community, the chances are it will not meet the standards in the offshore banking community either.
Personal Privacy
Without a doubt, the greatest violator of the privacy of U.S. residents is the U.S. government itself. The various and many U.S. government agencies maintain a staggering total of over 3.5 billion files on U.S. citizens.
Considering the country's population, of 230 million people, the U.S.
government agencies maintain an average of 15 files on every man, woman, and child in this country. When you consider that children, and other dependents probably don't have separate files of their own, the average number of files on adults rises even higher. Is it any wonder Americans worry about their personal privacy?
Update 2006: That was in 1986 ... today it is even worse.
Files and information maintained outside the U.S. are neither part of, nor subject to, the scrutiny of the U.S. government agencies. The U.S. government can (under normal circumstances) only gain knowledge about your offshore activities if you tell them about it -- or -- if you are involved in some form of criminal activity in the U.S., and their investigation in this country reveals to them evidence of your offshore activities.
Beyond the prying eyes of the government, your nosey neighbors, business competitors, ex- spouses, and other snoopy people may well attempt to keep track of your financial activities for their own purpose. In this country, even some of the more inept private detectives can easily gain access to your most personal records. However, records and files on your activities outside the U.S. are impossible for these snoops to get their hands (or eyes) on.
Banking offshore and maintaining your financial records and files outside the U.S. allows you the maximum Personal Privacy available.
Tax Advantages
As you are well aware, in the U.S., there are a multitude of totally
legitimate, and legal, "tax shelter" opportunities available. The same kinds of"tax shelter" opportunities are also available in almost every country in the free world.
Since the various I.R.S., Treasury, and Securities Regulators governing "tax shelter" opportunities are constantly changing, I will not attempt to give you specific advice regarding such opportunities. But, by realizing that legitimate and legal "tax shelters" exist both in the U.S. and in other countries, you can better understand that you can legally and legitimately shelter your income from taxes; either here in this country or through a tax-shelter opportunity in another country.
When you find a "tax shelter" opportunity, whether in the U.S. or offshore, have your accountant or other tax professional check it out to see if it conforms with governing regulations. Those professionals are in a position to keep on top of the governing regulations in effect at that time and advise you as to the legality and tax advantage to be gained.
Scoff-Law Applications
As the government (any government) writes more and more laws regulating the personal activities of the citizenry (especially if those laws infringe the citizen's earning capacity), more and more of the citizens will violate those laws without compunction, guilt or remorse. As an example: How many people do you know who have driven faster than 55-miles-per-hour on a Federally funded highway?
Scoff-laws are, by definition, people who scoff at, or flout, the law. They have no compunction about violating those petty laws, rules or regulations that they feel are unreasonable, unrealistic, or infringe their personal right to life, liberty, and the pursuit of happiness.
These people know that a government that writes that many laws can't possibly expect to catch the vast majority of people who violate them. Besides, even if they get caught, unless they are a major offender, the penalties aren't that severe or the powers-that-be may simply choose to overlook the offense. As an example: Most police officers simply overlook people driving faster than 55 m.p.h., but do stop those people driving recklessly at any speed.
Because of the multitude of federal, state, county, city and township tax laws in this country, the vast majority of people in the U.S. have become tax scoff-laws. It is physically impossible for any one person to know (or understand) all of the various and many tax laws, rules, and regulations. And, the people all know that it is impossible to be in 100% compliance with all of those laws and, it is just as impossible, for the government at its many levels
to know who is, or who isn't, paying which taxes under which laws, rules and regulations. So... most people just report the earnings, and pay the taxes, they absolutely have to, and feel no remorse if they don't report some of the income they know they should. If they do get caught, the penalties aren't that severe (usually just a fine) and the odds are they won't be caught.
In the article entitled, "Offshore Tax Havens Lure Main Street Money," which appeared in the August 1, 1983, issue of U.S. News & World Report, Robert Mirshberger, an assistant regional commissioner for the I.R.S. in New York was asked about the risk involved in tax cheating. His answer was, "It would be an unfortunate happenstance if you were caught. You would be a very unlucky person."
The article continued with some examples of the ways modern-day scoff-laws use offshore bank accounts to cheat the U.S. tax collectors:
A doctor received a payment from a patient and deposited the check in his offshore bank account. Since the deposit doesn't appear in his business records, the chances are it would never be found, even if the doctor is audited.
One couple sold a piece of art work and had the buyer send the payment direct to their offshore bank account. Later, the couple used that money to enjoy a vacation outside the U.S. Mr. Mirshberger with the I.R.S. said, "There's no way we would ever discover that."
Another example told of a bank customer who got his "unscrupulous" banker to transfer large amounts of cash to an offshore bank account without reporting the transaction to the I.R.S. Then, the customer borrowed the money back from the offshore bank. Since loan proceeds are not taxable, no taxes were paid.
But these examples are only the tip of the iceberg. It is no longer just the wealthy with art works to sell or the professionals and businessmen with extra income to hide. There are hundreds of thousands (maybe even millions) of blue collar and middle-management white collar workers using offshore bank accounts to reduce the unbearable tax load imposed by the federal, state, and
local governments.
To assist these tax scoff laws, literally hundreds of professional advisors in the U.S. and offshore are busy teaching tax scoff-law techniques; organizing methods and techniques to make discovery impossible (or, at least, highly improbable), and actually providing the services necessary to implement those methods and techniques. Some are purely tax evasion. Others tread the fine line between tax evasion and tax avoidance. While others are legal and legitimate tax shelter opportunities.
Americans have simply never liked being taxed. In 1776, the tax scoff-laws of that time revolted against unreasonable taxation. In the 1980's, the modern-day tax scoff-laws, with instantaneous communications and high-speed international mobility, have chosen to avoid and evade rather than take up arms against the tax oppressor.
How long this trend will last, before the modern-day tax scoff-laws choose to follow the example set by their forebears and take up arms to defend against tax tyranny, is a question that should be in the mind of every government official.
Offshore Banking Is Not Evil
As you have now learned, Offshore Banking, in and of itself, IS NOT evil, illegal, immoral or unethical.
The scandalous defamation and condemnations of Offshore Banking is only another ruse foisted upon the gullible American public by the U.S. government and the U.S. banking establishment. Their purposes, not offshore banking, are evil in that the intent is to maintain control over YOUR MONEY for their own self-serving uses.
No matter what the government and bankers tell you, their purposes are not intended to restrain the criminal element. They know, as well as you do, that criminals will do their evil deeds no matter what laws they have to violate; it is the nature of their endeavors. The true purpose of the government is to keep YOUR MONEY within their jurisdiction. The true purpose of the bankers is to keep YOUR MONEY in their banks.
Using an offshore bank account legally; paying your taxes and reporting your transactions, you can legally enjoy passive income 2, 3 or even 4 times greater than what you can earn in the U.S.
If you choose to use your offshore bank account for tax scoff-law purposes, the matter will be between you and your conscience. But, remember, your illegal use of an offshore bank account does not make offshore banking illegal. If you get caught, you, not the offshore bank, will be at fault.
For many years, moneyed people have known about and used offshore banking opportunities in order to increase their earnings, protect their assets, legally avoid taxation, and gain personal privacy for their financial affairs. Now, anyone with a good income, or modest savings, can enjoy the same exceptional advantages and free themselves from the negative forces active in this
country,
Conclusion
Don't pass up the exceptional interest earnings available to you simply because you have blindly accepted, without question, the myths regarding offshore banking.
The fears and suspicions you may have held regarding offshore banking are nothing more than the protectionist scare-tactics used by the Government, the I.R.S., and the Bankers to keep your money within their grasp; limiting your earnings, by law (allowing them to keep the lion's share for themselves), while taxing the paltry earnings they do allow.
Why settle for the paltry earnings available to you through the restrictive, protectionist Federal Reserve System?
The offshore banking community is available to you for your use. NO matter how small your savings ability may be, there is a place for you to earn maximum returns... all you need do, now that you know how Offshore Banking really works, is find the offshore situation that will work for you.
Please see "Global WealthBuilding Offshore Privacy Club" below in my signature.
__________________
Iraq reconstruction fund meeting ends with donations said lower than expected
ISTANBUL, 20 March 2007 (BBC Monitoring)
Print article Send to friend
If donations for Iraq end, this would make terrorists stronger, said Iraqi Planning & Development Minister Ali Baban.
"Iraq Reconstruction Forum" held within the scope of the 5th meeting of the International Reconstruction Fund Facility for Iraq (IRFFI) Donor Committee (formed by the World Bank and the UN Development Group) ended in Istanbul on Monday.
At a news conference, Baban said that the forum was very fruitful.
Stating that there was an important correlation between economic relations and security, Baban noted that if Iraq achieved developments in its economy, this would also make a positive impact on security in the country.
Asked how much donation they collected, Baban indicated that the amount that they collected did not meet their expectations.
On the other hand, Iraqi Electricity Minister Karim Wahid al-Hasan said that they expected more cooperation from Turkey in regard to reconstruction of Iraq.
Source: Anatolia news agency, Ankara
Iraq reconstruction fund meeting ends with donations said lower than expected
ISTANBUL, 20 March 2007 (BBC Monitoring)
Print article Send to friend
If donations for Iraq end, this would make terrorists stronger, said Iraqi Planning & Development Minister Ali Baban.
"Iraq Reconstruction Forum" held within the scope of the 5th meeting of the International Reconstruction Fund Facility for Iraq (IRFFI) Donor Committee (formed by the World Bank and the UN Development Group) ended in Istanbul on Monday.At a news conference, Baban said that the forum was very fruitful.
Stating that there was an important correlation between economic relations and security, Baban noted that if Iraq achieved developments in its economy, this would also make a positive impact on security in the country.
Asked how much donation they collected, Baban indicated that the amount that they collected did not meet their expectations.
On the other hand, Iraqi Electricity Minister Karim Wahid al-Hasan said that they expected more cooperation from Turkey in regard to reconstruction of Iraq.
Source: Anatolia news agency, Ankara
LOL.... I agree!!!!!!!!!
I was just emailed from my friend, not sure how true it is, but will check into it. We have Citgo here in Ohio.
NEWS FLASH:
Chavez is NOW getting a Russian Weapons Factory built
by Putin.
The RUSSIANS are building an AK-47 Kalashnikov Assault
Rifle factory in
Venezuela, to give armament support to Communist
Rebel groups throughout
the Americas.
Chavez NOW has IRANIANS operating his oil refineries
in Venezuela for him.
It is likely only a matter of time, if not already,
before Chavez has
Iranian built LONG RANGE missiles, with a variety of
warhead types aimed
at: Guess Who?
CITGO is NOW in the process of Changing Its Name to
PETRO EXPRESS due to
the loss of gasoline sales in the USA due to the
recent publicity of
ownership by Chavez of Venezuela.
Every dollar you spend with CITGO or PETRO EXPRESS
gasoline will be used
against you, your basic human rights, and your
freedoms. He will start wars
here in the Americas that will probably be the death
of millions of free
people.
THIS IS VERY IMPORTANT because Chavez is starting to
feel the loss of
revenue from his holdings.
HE OWNS CITGO. This is a very important move that
everyone should be aware
of.
ANNOUNCED JUST RECENTLY, CITGO, BEING AWARE THAT SALES
ARE DOWN DUE TO U.S.
CUSTOMERS NOT WANTING TO BUY FROM "CITGO-CHAVEZ", HAVE
STARTED TO CHANGE
THE NAME OF SOME OF THEIR STORES TO: "PETRO EXPRESS"
DO NOT BUY FROM "PETRO EXPRESS" EITHER!!!
"PETRO EXPRESS" IS ALSO 100% OWNED BY "CHAVEZ."
KEEP THIS MEMO GOING SO THAT EVERYONE KNOWS WHAT IS
HAPPENING.
BOYCOTT "CITGO" AND "PETRO EXPRESS" .............MAKE
SURE THIS IS
PASSED ON TO EVERYONE YOUR YOUR E-MAIL LIST IN THE
UNITED STATES AND OUTSIDE OF
AMERICA
Nice work
HAZH Been waitin to breakout!!!
From another board, long read.........Originally Posted by rvalreadydang
Undersecretary of the Iraqi Ministry of Industry : privatization will begin from where other states
أكد سطThe country's needs for foreign labor and in large numbers in the medium term
ابدى عاملة.A Mohamed Abdullah Al-Ani, undersecretary of the Ministry of Industry and Minerals Iraqi and supervisor corporate activities, the concept of reservation on the phenomenon of unemployment in Iraq, saying the absence of the so-called employment-performing, but our current neutralization of the labor market and labor force.
واضاف».Ani added that <situation in the country that is currently causing the elimination of the labor market, but it could be argued that, according to the laws, which recently approved, and especially the investment and the free market, which drafted the Ministry of Industry, a large part of them, capable of putting an end to the concept of unemployment>.
.He pointed out that, according to recent studies, it was found that after the completion of the final picture of the Iraqi economy, it is expected that there will be an additional demand for foreign labor, and even non-technical them, pointing out that this means that all labor Iraq will not secure the actual need for the labor market, and this will be achieved over the medium term , or in a few years from now.
واو.He explained that if we Ani a fraction of the files recent investment of the Ministry of Industry, and the establishment of 18 projects for the production of cement, we find they need more than 60 thousand workers, or one third of the staff of the Ministry of Industry and Minerals, of 190 thousand workers, covering more than 60 producing company.
وحمل.Carrying and Undersecretary of the Ministry of Industry responsibility of the security situation faced by Iraq, saying in context : the challenge now is the security situation, some days ago one of the companies forced to close their doors completely, as a result of receiving a threat from one of the armed groups, either closure or bombing electricity system, in case of continuation of such harassment can build institutions capable of absorbing labor, stressing that unless there the protection of investors and investment funds and production, can be implemented investment laws.
وفي التوجه».In regard to the orientations of the ministry of privatization of the public sector and transform it into a free-market system, the agent that <the Ministry of Industry and Minerals and since 2003 has a clear and consistent in this regard, although penalized by the three ministers, a file system like outlines turn of the Minister to another without having the ability to change, is based on the frameworks designed carefully, and by qualified professionals, and also contains the experiences of many countries that have preceded us in this direction>.
وتابع .He added : and the structure of the ministry is now fit and gradual transition to the free market and not sudden transformation, noting that the creation of two Deputy Minister, one representing the Ministry of Industry, in a time of socialism and the public sector, and the other is a free market, explaining that the first companies create and develop, and then deliver them to another project ready to try the free market.
».He added in this area that experts of the Ministry of Industry Astvawa much from the experiences of other countries, especially Romania, Russia, Jordan, Egypt and other countries, aware of the failures that Sentjaozha in our experience, which will serve as a pilot experiment, unique, as they start from where they left States>.
وعن واقع .And the fact that companies and the Ministry of Industry between <companies affiliated to the ministry, divided into three parts, including production companies, winning the same time, which are subject to development and increase production capacities and this means more profits, including pharmaceutical companies, cement, oil and engineering equipment.
».There are also companies that stand on the line of self, or close to the profit and loss, which require the support of the transfer to the category of profit-making companies and then transferred, and finally a loss-making companies and the need to be developed as the study and application of solutions to improve the level gradually until delivery to the projects are to be converted or privatization>.
.He stressed Ani in this regard, we do not want to begin the privatization of non-profitable projects, because this would affect the viability of the private sector, but on the contrary Our initiative with the support of the private sector and the advancement of its level in order to be able to take responsibility in the near future, especially as all the world's experiences have proved that the socialist sector the more, and left only in a few countries which are suffering due to this system.
وأكد .Ani stressed that the door is now open for the free wide, but this does not mean all the conditions failure of public sector management of his companies, there are experiences that have shown just the opposite, and the proof is the success of the company <SABIC> Saudi Arabia, which is still profitable to this day, and its shares are the most popular in the circulation market. ية.They also Ani to the problems facing the industrial sector in its march towards the Iraqi transition, emphasizing in this area : we are still working laws and was born and grew up in an atmosphere of socialist and the prevailing strategies tended to be of concern to military matters and civil negligence.
كما كان.As is the nature of the prevailing thoughts company has developed a full order to satisfy because of his close associates and administration to get him to sit on a chair, without thinking of the project's success or failure, as were the industry leading to the blow when nationalization was successful industries and turned into dependent industries do not take into account quality of competition and measure it, and despite all that has benefited from this experience and that we all must work to improve the environment, which will be built by the private free, such as the banking and legal without which the private sector could not work and investment and reform of the economy could not be integrated without such an environment.
وعما حققهح».Achieved and what the Iraqi economy during the past four years explained <that the Iraqi economy, despite what some sensation in her, the economy is good, and when security and stability is achieved, the world will see that one of the most successful experiences, and less of what we have achieved over these years is a departure tests proved successful, and also recognizing the unique laws of its kind, such as the Investment Law and the Law of the oil, gas and process of economic reform, which provide all the success factors, what enjoyed by Iraq to help it is success has everything and needs only to the security, but could not determine the duration of the reform>.
وعن .Regarding preparations prepared by the Iraqi industry for the implementation of the Investment Law, it was calculated between him long before, but has worked to develop organizational chart, stressing that the ministry was not surprised by the law and has many files full investment, and investment will be announced soon to reform corporations, it can be said for all investors from the Arabs and foreigners, you enter now it will be a golden opportunity for you.
http://64.233.179.104/translate_c?hl...px%3Fid%3D3442