Baghdad ruling deals Blow to Kurdistan's Gold Trade

From Rudaw. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Baghdad ruling deals blow to Kurdistan Region’s gold trade

The Iraqi Civil Aviation Authority‘s decision to ban the import and export of gold to and from the Kurdistan Region last month has triggered anger among goldsmiths and government officials.

According to a copy of the decision seen by Rudaw English, the import and export of gold is now only authorized at Baghdad and Najaf airports.

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Trade Bank of Iraq names New Chairman

By John Lee.

The Trade Bank of Iraq (TBI) has announced that Salem Chalabi [Salem Jawad Abdul Hadi Al-Jalabi] has taken over as the company’s Chairman and President with immediate effect.

Prime Minister Mustafa Al-Kadhimi appointed the Yale graduate to succeed Faisal Al Haimus, who has been named as head of the Iraq Securities Commission (ISC).

Mr Chalabi has most recently served as an adviser to the Prime Minister on international legal and financial affairs. He is a partner at the international law firm Stephenson Harwood, and has previously worked for DLA Piper, Clifford Chance, and Morgan Lewis.

(Sources: TBI, Zawya)

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Foreign Minister Renews Call for European Commission to Remove Iraq from List of High-risk Countries in Terrorist Financing and Money Laundering

Foreign Minister Mr. Fuad Hussein has met with Mr. Josep Borrell, the High Representative for Foreign Affairs and Security Policy in the European Union, at the European Commission headquarters in Brussels.

Minister Fuad Hussein praised the European Union’s positions in support of Iraq in the various developmental fields and in the field of humanitarian aid, praising the Union’s keenness to provide political and economic support to Iraq, especially its assistance in the field of confronting the Coronavirus pandemic and limiting its spread.

The two sides also touched on the meetings of the Joint Committee for Human Rights and Democracy that were held on 8/9/2020, and stressed the importance of the Partnership and Cooperation Agreement concluded between Iraq and the European Union countries, as it represents the strategic framework for the relationship between the two sides, referring to the importance of resuming the meetings of the remaining committees emanating from the Partnership and Cooperation Agreement between the two sides, which is the Trade and Energy Committees.

Minister Fuad Hussein affirmed Iraq’s commitment to the principle of respecting the sovereignty of states and not interfering in their internal affairs, expressing his absolute rejection of Iraq turning into an arena for conflict between competing parties, or a starting point for aggression against any other country, stressing the need to support Iraq’s efforts to be a factor of stability in the region and the world.

Minister Fuad Hussein also touched on the government’s decision to hold early elections next June, and its aspiration to cooperate with international parties interested in this matter.

The two sides discussed the issue of removing Iraq from the European Commission’s list of high-risk countries in the field of money laundering and terrorist financing and renewed inviting the relevant authorities in the commission to accelerate dialogue with the concerned technical authorities in Iraq in order to complete the evaluation of Iraq’s performance in this field, and remove it from this list.

Minister Fuad Hussein extended an invitation to Mr. Borrell to visit Iraq at the earliest possible opportunity to discuss means of strengthening bilateral relations between the two sides.

(Source: Ministry of Foreign Affairs)

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Capital Bank to buy Lebanon's Bank Audi

By John Lee.

Jordan’s Capital Bank has said that it has signed a letter of intent to acquire assets and liabilities of Lebanon’s Bank Audi.

It’s Chairman told Reuters that the bank has already begun due diligence on buying Bank Audi’s Iraqi units.

Click here to see the stock market annoucement.

Click here to read Reuters interview

(Sources: Amman Stock Exchange, Reuters)

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Genel Energy considers new Bond Issue

By John Lee.

Genel Energy has engaged Pareto Securities to organise a roadshow with international credit investors. The Company may, subject to market conditions and acceptable terms on the new issue, raise a new five-year bond of up to $300 million to replace the Company’s existing bond maturing in December 2022.

Genel had cash in excess of $350 million at 30 August 2020, and net cash of $55 million. Acdording to a company statesment, it “maintains a positive outlook, a strategy of maintaining a robust balance sheet through cycles, and is proactively managing its liquidity runway and debt maturity profile“.

(Source: Genel Energy)

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