News Time with BGG 6/12/16
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Thread: News Time with BGG 6/12/16


    
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    News Time with BGG 6/12/16

    News Time with BGG and RCookie

    BGG: Back to you - before I so rudely turned a corner... (we really just had to catch up to where you were)
    BGG: and since you were discussing tariffs...

    rcookie: THE NEWLY ANNOUNCED CUSTOMS INCREASES REFER TO INCREASES IN CERTAIN GOODS THAT WILL SEE SPECIFIC INCREASE FROM THE 2010 RATES THAT WERE LAUNCED IN JANUARY ACROSS THE BOARD....THEY ARE REPORTED TO IMPLEMENTED ON THE 15TH AND THERE WILL BE AN ENGLISH VERSION PUBLISHED PRIOR TO THEIR LAUNCH...

    BGG says to rcookie :
    ... back to your earlier comment... "ANY IDEA WHAT THEIR #1 NON OIL REVENUE STREAM IS..."??

    rcookie says: TARIFFS.....

    BGG says to rcookie : responding to the tariffs - if they are as broad based as advertised. THIS IS VERY EXCITING.

    rcookie says(7:08 PM): WHICH IS WHY THEIR WAS NEVER A QUESTION AS TO THE 2010 CUSTOMS IMPLEMENTATION....
    rcookie says(7:08 PM): THIS IS WHAT THE IMF TASKED THEM TO DO.....
    rcookie says(7:09 PM): HANG ON...

    rcookie says(7:09 PM): collect at least ID 8.8 trillion (6.5 percent of non-oil GDP) in non-oil revenue, out of which ID 1 trillion from an increase in wage taxation; and

    BGG says to rcookie(7:09 PM): Their own economists have said over and over (obviously not the GOI) such a move without adding value to the currency would be very hard on their economy and people.

    BGG says to rcookie(7:10 PM): Your floor...

    rcookie says(7:10 PM): SO THEY NEED TO GENERATE 7.8 TRILLION IN NON OIL REVENUES....
    rcookie says(7:10 PM): AND IT ABSOLUTELY HAS BEEN...
    rcookie says(7:13 PM): AND THIS IS WHAT THEY DID....AND HAVE BEEN DOING SINCE JANUARY...

    rcookie says(7:13 PM): C - The amended Customs Tariff Law No. 22 for 2010 shall be activated, in addition to Consumer Protection Act No.1 for 2010 and Iraqi Products Protection Act No.11 for 2010 to be implemented on all Iraqi border points to accomplish justice.

    rcookie says(7:14 PM): ANY IDEAS AS TO HOW THEY COULD REACH THE 7.8 TRILLION IF NOT FULLY ACTIVATED....

    cjquade54 says(7:14 PM): does it look like they will GENERATE 7.8 TRILLION IN NON OIL REVENUES

    rcookie says(7:15 PM): THEY LOOK TO BE ON TARGET....ACCORDING TO REPORTS..

    jimplants says(7:15 PM): increase their value so they could receive more tariff income

    rcookie says(7:16 PM): OR FULLY APPLY AND EXECUTE IN ALL REGIONS SO TO NOT UNDERMINE THE ENTIRE PROGRAM....

    dorisjean says(7:17 PM): so this is to prove to the IMF that they can do it and sustain it thru tariffs? And can they do it with a program rate? Me not think so.

    rcookie says(7:18 PM): THEY NEED THE TAX REVENUE GENERATION AND THE TIMELY, ACURATE AND TRANSPARENT FINANCIAL & ECONOMIC REPORTING FROM ALL PROVINCES SO PURE ..RAW DATA CAPTURE IS FINALLY MADE TO IMF...WB...WTO ETC...

    rcookie says to dorisjean(7:19 PM): NO.....THIS IS TO WEEN THEMSELVES AND GDP AWAY FROM OIL DEPENDANCY AS THE IMF AND ALL INT'L AGENCIES HAVE BEEN SCREAMING AT THE ENTIRE REGION ABOUT.....

    rcookie says to dorisjean(7:20 PM): DIVERSIFYING REVENUE STREAMS AWAY FROM OIL....

    rcookie says to dorisjean(7:20 PM): IM SORRY DONT THINK SO WHAT....

    rcookie says to dorisjean(7:21 PM): NO THIS IS TO PROVE THEY ARE CAPABLE OF A FULLY FUNCTIONING AND EXECUTABLE BUDGET....

    rcookie says to dorisjean(7:22 PM): REMEMBER THE TARGET OF 10 EXPORT PRODUCTS OF WHICH THEY HAVE ALRADY REALIZED 7 OF...

    Hutch says(7:23 PM): YES WE COVERED THAT IN COOKIE JAR NEWSTIME LAST WEEK
    Hutch says(7:23 PM): WHATS NEXT GUYS ???

    BGG says to rcookie(7:24 PM): What do you think was the biggest news of today??

    SRW says(7:26 PM): Is Iraq Article 8 compliant by the U.N.?

    BGG says to SRW(7:26 PM): Compliant?? Close... accepting - not yet. Once they go that way - they can't go back.
    BGG says to SRW(7:26 PM): And...

    rcookie says(7:27 PM): I THINK THE TBI ANNOUNCING THEY HAVE UPPED THEIR CAPITALIZATION TO 1.75 TRILLION DINARS....

    BGG says to SRW(7:27 PM): there is this element of the IMF's "supervisory" capacity that hasn't been so well defined as yet. Sounds like the IMF is going to have some say in things in the future.

    BGG says to rcookie(7:28 PM): In looking thru the news today - there are 6 or 8 pretty interesting piece... that being one of them.

    rcookie says(7:28 PM): REMEMBER...THEY HAVE ALREADY ACCEPTED ARTICLE VIII OBLIGATIONS IN 2013 AND BREACHED.....

    BGG says(7:29 PM):

    TBI management recognizes the dry alhims and confirm: we raised capital to trillion 750 billion dinars

    rcookie says(7:29 PM): WHAT DO YOU MAKE OF THE BANKS UPPING THE CAPITALIZATION ....MOST BETWEEN 200-300%...

    BGG says(7:29 PM):
    Iraqi Trade Bank President announced (TBI) hamdiya Mahmoud dry, Sunday, handing new Director Faisal bank manager Sam alhims, confirmed that attaches to the management of the Bank raised the Bank's capital to $ 1 trillion 750 billion dinars, commended Prime Minister Haider Abadi and security forces to victories in battles against Al (ISIS).

    Hamdiya said in a statement faxed to dry (range), a copy of it, that "it divani (192) the honour of the handover of the Iraqi Trade Bank to the new Director General Faisal Medal of alhims, southern culture", and his success and all the employees of this big bank in his name and his achievements. "
    She added, "my service at the Bank were for five years where we were able to raise capital of 500 billion dinars to trillion seven hundred fifty billion dollars, and the decision of the Board of Directors to raise capital to trillion and seven hundred and fifty billion of profits which were growing from year to year," stating that "our profits reached in 2015 (544) billion dinars.

    rcookie says(7:30 PM):RIGHT..

    BGG says(7:30 PM): She continued, "the Iraqi Trade Bank has achieved an international reputation on the high level of world banks and also proud that we have the support of the private sector", noting that "the Bank financed a lot of industrial and residential projects and a great strategy of projects by the private sector and giving us lots of medium and small loans in accordance with the rules and instructions.

    Dry said, "while the new administration Secretariat recognized screwed by the Government headed by Haidar Abadi and Iraqi army command and the armed forces of all types to fully edit our sacred dance aldwaash", "confirmed their willingness to serve the country in any workplace."
    Scio was Prime Minister Haider Abadi, Saturday (11 June 2016), clarification on changing departments of banks, noting that holders of Bank management have 13 years experience, who objected to these changes target obstruction of reform.

    BGG says(7:30 PM): He was a financial adviser to the Prime Minister Haider Abadi, Wednesday (8 June 2016), that the Government's decision to sack bank managers "necessary to improve performance in banking reform policy framework, with the House Finance Committee expressed surprise from dismissal without account in particular that hooligans are accused of" corruption ", described the decision as" black comedy. "

    The Prime Minister Haider Abadi, decided on Tuesday (7th of June 2016), good banks managers exemption Hamad Abdul Wahab, and Mesopotamia on behalf of Hassani and dry and industrial trade hamdiya Kazim nashor agricultural estate Khafaji and Mohammed Hadi rationalizing, with Finance Minister Zebari expressed opposition to the resolution.

    rcookie says(7:30 PM): SOME OF THESE SMALLER BANKS UNDER INVESTIGATION BY CBI & UST STRUGGLED TO GET TO 250 BILLION...

    rcookie says(7:31 PM): TBI WAS AT 500 BILLION AND RAMPED TO 1.75 TRILLION...

    rcookie says(7:31 PM): GETTIN RAEDY FOR SOMETHING....

    BGG says(7:31 PM): Exactly.

    Hutch says(7:32 PM): I LOVE IT WHEN THEY SAY THAT !!!!

    rcookie says(7:32 PM): AND I DONT THINK ITS SIMPLY THE DEVELOPMENT LOAN ACTIVATIONS...

    rcookie says(7:33 PM): THAT WAS THE OTHER ANNOUNCEMENT FROM CBI GIVING 8 BANKS 3 MONTHS TO RAISE TO 500 BILLION...

    BGG says to rcookie(7:34 PM): Exactly - there is a lot being made of this loan program - but where are they going to get the money for such an undertaking??

    BGG says to rcookie(7:35 PM): Point is - they are just now starting to get their "fiscal act" together... and they have some support coming in. But not THAT kind of support.

    BGG says to rcookie(7:35 PM): So...
    BGG says to rcookie(7:35 PM): your suspicions may be right on...
    BGG says to rcookie(7:35 PM): something bigger is in play

    SRW says(7:35 PM): Hopefully by raising the value of their DINAR

    rcookie says(7:36 PM): AGREED.....BUT ME THINKS THEY ARE POLISHING THEIR FINANCIALS FOR ISX.....

    jimplants says(7:36 PM): global ISX

    BGG says to rcookie(7:36 PM): and that is just fine with me...

    rcookie says(7:38 PM): COMPANY REGISTRATION DEPT OF COMMERCE DEPT ANNOUNCED 98 COMPANIES ESTABLISHED IN MONTH OF MAY....

    BGG says to rcookie(7:39 PM): and you all know my comments on this point...

    BGG says(7:39 PM): Once there is shift in value...

    rcookie says(7:40 PM): THE POT IS SIMMERING!!!!!

    BGG says(7:40 PM): Once there is money in the ISX... it may well be the next biggest source of millionaires in the world...

    BGG says(7:41 PM): it may well be bigger than this currency play

    jimplants says(7:41 PM): dont tell people that its our secret

    rcookie says(7:42 PM): AND THE DUST IS SETTLING ON TH ERESTRUCTURING AND PRIVATIZATION OF THE 192 SOE'S....

    dorisjean says(7:42 PM): Iraq has/is poised to enter the global scene. We see this through the proding of the IMF and all the other three letter agencies. Being hand held and spoon fed. Along with the courage of Abadi we will see this emergence of Iraq along with a shift in the value of their currency. Sooner rather than later IMO.....

    rcookie says(7:42 PM):THE IDENTITIES WILL BECOME CLEARER EVERY DAY

    rcookie says to dorisjean(7:43 PM): VERY WELL SPOKEN!!! AND TOTALLY AGREE!!....

    risk says(7:44 PM): Would you guys expect an announcement from the IMF regarding a possible extension
    risk says(7:45 PM): From the 30th

    BGG says to dorisjean(7:45 PM): You know...
    BGG says to dorisjean(7:45 PM): I was sitting with my parents this AM - over breakfast... out of the blue...

    BGG says to dorisjean(7:46 PM): my Mom says "Do you really think this Dinar is going to do something"...

    BGG says to dorisjean(7:46 PM): in so many words (and I broke it down pretty carefully) - I said almost the same thing you just did.

    BGG says to dorisjean(7:46 PM): short answer - yes. Sooner rather than later.

    rcookie says to risk(7:47 PM): EXTENSION?

    Hutch says to rcookie(7:47 PM): risk: Would you guys expect an announcement from the IMF regarding a possible extension


    risk says(7:47 PM): The mou in Dec 15

    da58 says(7:47 PM): NOPE

    rcookie says to risk(7:48 PM): ???

    jimplants says(7:48 PM): they have already agreed to it

    rcookie says to risk(7:48 PM): THE LOI IN DECEMBER 2105 FOR 2016...

    rcookie says to risk(7:48 PM): WAIT..

    dale says(7:48 PM): A couple of weeks ago an article was brought in that the GOI had made a deal with the Kurds to pay and back pay salaries etc. for 2014, 2015 and 2016 ..... through the current revenue streams do they have the money to fund this ..... if this is the case?

    rcookie says to risk(7:49 PM): LETS FINISH RISK...

    dale says(7:50 PM): That was for the first part of July I believe ......

    rcookie says to risk(7:51 PM): THE SMP IRAQ HAS BEEN UNDER AND WILL CONTINUE TO BE UNTIL END OF 2016....AND THEIR BEYOND SPECTACULAR PERFORMANCE ALLOWING THEM TO QUALIFY FOR THE SBA LOAN UMBRELLA PACKAGE THEY ARE CURRENTLY PURSUING...

    rcookie says to risk(7:52 PM): THEY HAVE PERFORMED IMPECCABLY AND CONTINUE TO DO SO RIGHT UP THROUGH THIS WEEK WITH INITIATIVE AND MANDATES....REMEMBER THE CHECKLIST...

    rcookie says to risk(7:53 PM): PUBLIC FINANCIAL MANAGEMENT...BANKING SUPERVISION...

    rcookie says to risk(7:53 PM): THEY KNOCKED OFF 3 OTHERS THIS WEEK ALONE...

    rcookie says to risk(7:54 PM): THE IMF IS LOOKING FOR CERTAIN CONDITIONS TO BE MET BEFORE RELEASING FIRST INSTALLMENT OF 5.4 BILLION...

    rcookie says to risk(7:55 PM): 2016 BUDGET LAW REVISED...REFLECTING $40 OIL AT 3,6 MBPD....PAYROLL TAXES APPLIED...TOTAL OF 13 TRILLION TRIMMED OFF BUDGET...

    rcookie says to risk(7:56 PM): REPAYMENT OF KUWAIT WAR REPARATIONS IN NEXT 3 YEARS (9 BILLION)....AND OF COURSE THIS 1ST INSTALLMENT OF SBA LOAN OF 5.4 BILLION....BECAUSE EVERY SINGLE COMPONENT IS EXECUTABLE AND ACCOUNTED FOR...

    rcookie says to risk(7:57 PM): CBI LAW AMENDED...AND PUBLIC FINANCIAL MANAGEMENT LAW PASSED....

    rcookie says to risk(7:58 PM): THATS IT.....WHEW!!

    Hutch says to rcookie(7:58 PM): [7:48 PM] dale: A couple of weeks ago an article was brought in that the GOI had made a deal with the Kurds to pay and back pay salaries etc. for 2014, 2015 and 2016 ..... through the current revenue streams do they have the money to fund this ..... if this is the case?

    rcookie says(7:59 PM): DALE ....SAW THE SAME REPORT...HOWEVER DID NOT ELABORATE ON DETAILED NUMBERS...SO I DONT KNOW....

    Hutch says(8:00 PM): THANK YOU BGG AND RCOOKIE FOR A GREAT NEWSTIME AND THANK YOU ALL FOR PARTICIPATING ! THANK YOU RUDIE FOR COPYING !!!

    jimplants says(8:00 PM): thank you for the education be blessed

    Hutch says(8:00 PM): WHEW !!! WHAT A GREAT NEWSTIME !!!!

    rcookie says(8:00 PM): SOMEHOW THEY JUST CAME UP WIT MONEY TO PAY OIL CONTARCTORS LIKE LUKOIL WHICH IS WHY THEY IMMEDIATELY ANNOUNCED DOUBLING THEIR PRODUCTION AND INVESTMENT IN IRAQ...

    rcookie says(8:01 PM): AND BY THE WAY RIGHT UNDER OUR NOSES...IRAQ PUMPED 4,5 MBPD IN MAY!!!!!!!
    jimplants says(8:02 PM): billions over bagdad i think they know where some of it is

    Hutch says(8:02 PM): THANK YOU BGG AND RCOOKIE FOR A GREAT NEWSTIME AND THANK YOU ALL FOR PARTICIPATING ! THANK YOU RUDIE FOR COPYING !!!
    Last edited by rudie; 06-13-2016 at 02:35 AM.



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