Bluedog: » June 23rd, 2015, 4:09 am
House of Representatives resumes its sessions on Thursday of next week
6/23/2015
He announced the decision of the House of Representatives Niazi Ihsanoglu, Tuesday, that the Council will resume its sessions held during the new legislative term on Thursday of next week, while stressing the existence of a package of laws will be approved during this chapter, including the legal parties and the Federal Court.
http://ift.tt/1Lzekpp
....
House of Representatives resumes its sessions on Thursday of next week
6/23/2015
He announced the decision of the House of Representatives Niazi Ihsanoglu, Tuesday, that the Council will resume its sessions held during the new legislative term on Thursday of next week, while stressing the existence of a package of laws will be approved during this chapter, including the legal parties and the Federal Court.
http://ift.tt/1Lzekpp
....
**********
Walkingstick » June 22nd, 2015, 11:56 pm
Iraq eyes investor roadshow by July for $5B bond issue
12 Hours Ago
Iraq hopes to meet investors by the end of July to present plans for a $5 billion bond issue, the country's finance minister Hoshiyar Zebari told Reuters on Monday.
The government has hired JP Morgan, Citibank and Deutsche Bank to arrange its first debt sale in nine years, to cover a budget deficit caused by low oil prices and its conflict with Islamic militants.
Iraqi officials met with the three banks and credit rating agencies Fitch Ratings and Moody's Investors Service on June 16, Zebari said by telephone.
"We completed a very successful round of due diligence with the three banks and with the ratings agencies in Istanbul, and I think they are on board," he said.
"We will start our roadshow I think end of July, or early August at the latest, and then we will issue them. So everything is on track."
On April 30, Zebari told Reuters Iraq was seeking a credit rating before the bond issue. The issue would be released to the market in tranches, he said at the time.
Analysts believe it might be difficult for the market to absorb $5 billion of debt from Iraq in a short space of time. Obtaining a credit rating from a major agency would be one step towards market acceptance; Zebari did not elaborate on what other steps Iraq might take to make the deal attractive, or on the potential buyers of the bonds.
The country's need for cash is acute; the government has projected a budget deficit of about $25 billion this year, in a budget of roughly $100 billion.
"They haven't given a rating, but we answered all their questions and we wait for them to do their analysis and let us know," Zebari said of the rating agencies on Monday. "But it's an important step for Iraq."
In early June, the International Monetary Fund reached an agreement with Iraq for a $833 million loan programme, a step towards increasing investor confidence.
http://ift.tt/1GiuDmY
**********
Frank26: This all sounds like our CC notes from tonight.
"Zebari did not elaborate on what other steps Iraq might take to make the deal attractive, or on the potential buyers of the bonds."
............... No need......... We study DRS MR. KTFA Frank
**********
Wlkingstick » June 23rd, 2015, 8:11 am
Cabinet approves Iraq's accession to the Asian Investment Bank
Author: ASJ, BS, HA Editor: BS, HA 6.23.2015
Long-Presse / Baghdad
Iraqi National Business Council revealed on Tuesday for approval of the Cabinet on the proposal of Iraq's accession to the Asian Investment Bank, while pointing out that the Prime Minister Haider al-Abadi face of the concerned authorities to monitor this issue.
The head of the Council David Abdul Zaire in an interview to the (long-Presse), "The Council has already lifted a proposal to the Iraqi Council of Ministers asking them to need for Iraq to join the Asian Investment Bank to bear the financial and economic benefits will return to Iraq in the event of joining."
Zaire and added that "the Prime Minister Haider al-Abadi agreed to the project and the authorities concerned to follow-up and communication and the creation of mechanisms and programs through which the possible joining of Iraq."
The Iraqi Council of National Business feet (12 May 2015), the Council of Ministers of Iraq's accession to the "Asian Investment Bank," while the expected accession of Iraq to the bank to provide the quality of services and investment opportunities. LINK
**********
Walkingstick » June 23rd, 2015, 10:55 am
How China’s race to reserve currency status will rock markets
By Luca Rossi 23 Jun, 2015 at 13:53
The inclusion of the Chinese renminbi into the basket of IMF’s reserve currencies will radically transform global markets and developing countries’ central banks policies.
That's according to Ashmore’s head of research Jan Dehn, who shared his views during a press roundtable on Tuesday.
Dehn believes China, which underwent a market correction over the past 10 days, is planning to attract long-term institutional investors, including foreign central banks, into its domestic market.
This is why labelling the renminbi a global reserve currency is crucial - it means that central banks, and not just short-term retail investors, will be buying the currency.
‘97% of all global reserve currencies are in Japanese yen, euro, British pound and US dollar. All these four central banks are currently printing money to stimulate their economy. This means that the world will be soon in serious shortage of global reserve currencies,’ he said.
Dehn thinks China is actively and aggressively responding to this major trend initiated by developed markets, which is likely to cause an appreciation of the renminbi.
‘China knows it sits on a time bomb. Developed markets are trying to find their way out the crisis by creating inflation and weakening their currencies rather than implementing structural reforms. This is going to make the renmimbi appreciate to an unsustainable level.’
The Chinese authorities' plan is therefore to make international investors tap into its currency as soon as there is a more pronounced shift away from QE-driven currencies, according to Dehn.
A new sovereign wealth fund
Dehn said China would no longer need its foreign exchange reserves once its reaches global reserve status. He compared it to the US, which currently has hardly any foreign exchange reserves.
‘This means that China's foreign exchange reserves, nearly $4 trillion, will become a sovereign wealth fund, which is not going to be invested in US dollar, but in global infrastructure, private equity and alternatives.’
‘It’s therefore very likely that China, over the next few years, may become a steady seller of US treasuries and buying other assets,’ he added.
‘Going forward, this will be a much larger investment programme involving sovereign wealth fund-type activities all over the emerging world. Other EM central banks such as Mexico’s and India’s will be looking very closely at what China is doing and trying to join the global reserve currency club.’
Financial big bang
Looking at Chinese fixed income, Dehn thinks the municipal bonds market is the most exciting part of the sector at the moment. He highlighted that currently China has 11 trillion RMB ($1.77 trillion) of local government debt, mainly on banks' balance sheets.
This debt has been swapped into tradable bonds in order to transmit monetary policy signals down to local government level and manage the country’s macro economy.
‘Next step is to stimulate consumption - China has a savings rate of 49%, which represents a great room to increase spending. They will have to reduce people's precautionary savings putting bonds into their portfolios as at the moment they can just invest in property and stocks,’ he said.
Increased consumption, Dehn argued, will drive imports and worsens the country’s account surplus. ‘The country is opening its domestic market to foreign investors to offset this trend. The market cap of the equity and bond market in China is $15 trillion, which almost equals US GDP.’
‘This is the biggest big bang in world's economic history - never has a market the scale of the US economy been opened to international investors.’
http://ift.tt/1Lzekpr
Walkingstick » June 22nd, 2015, 11:56 pm
Iraq eyes investor roadshow by July for $5B bond issue
12 Hours Ago
Iraq hopes to meet investors by the end of July to present plans for a $5 billion bond issue, the country's finance minister Hoshiyar Zebari told Reuters on Monday.
The government has hired JP Morgan, Citibank and Deutsche Bank to arrange its first debt sale in nine years, to cover a budget deficit caused by low oil prices and its conflict with Islamic militants.
Iraqi officials met with the three banks and credit rating agencies Fitch Ratings and Moody's Investors Service on June 16, Zebari said by telephone.
"We completed a very successful round of due diligence with the three banks and with the ratings agencies in Istanbul, and I think they are on board," he said.
"We will start our roadshow I think end of July, or early August at the latest, and then we will issue them. So everything is on track."
On April 30, Zebari told Reuters Iraq was seeking a credit rating before the bond issue. The issue would be released to the market in tranches, he said at the time.
Analysts believe it might be difficult for the market to absorb $5 billion of debt from Iraq in a short space of time. Obtaining a credit rating from a major agency would be one step towards market acceptance; Zebari did not elaborate on what other steps Iraq might take to make the deal attractive, or on the potential buyers of the bonds.
The country's need for cash is acute; the government has projected a budget deficit of about $25 billion this year, in a budget of roughly $100 billion.
"They haven't given a rating, but we answered all their questions and we wait for them to do their analysis and let us know," Zebari said of the rating agencies on Monday. "But it's an important step for Iraq."
In early June, the International Monetary Fund reached an agreement with Iraq for a $833 million loan programme, a step towards increasing investor confidence.
http://ift.tt/1GiuDmY
**********
Frank26: This all sounds like our CC notes from tonight.
"Zebari did not elaborate on what other steps Iraq might take to make the deal attractive, or on the potential buyers of the bonds."
............... No need......... We study DRS MR. KTFA Frank
**********
Wlkingstick » June 23rd, 2015, 8:11 am
Cabinet approves Iraq's accession to the Asian Investment Bank
Author: ASJ, BS, HA Editor: BS, HA 6.23.2015
Long-Presse / Baghdad
Iraqi National Business Council revealed on Tuesday for approval of the Cabinet on the proposal of Iraq's accession to the Asian Investment Bank, while pointing out that the Prime Minister Haider al-Abadi face of the concerned authorities to monitor this issue.
The head of the Council David Abdul Zaire in an interview to the (long-Presse), "The Council has already lifted a proposal to the Iraqi Council of Ministers asking them to need for Iraq to join the Asian Investment Bank to bear the financial and economic benefits will return to Iraq in the event of joining."
Zaire and added that "the Prime Minister Haider al-Abadi agreed to the project and the authorities concerned to follow-up and communication and the creation of mechanisms and programs through which the possible joining of Iraq."
The Iraqi Council of National Business feet (12 May 2015), the Council of Ministers of Iraq's accession to the "Asian Investment Bank," while the expected accession of Iraq to the bank to provide the quality of services and investment opportunities. LINK
**********
Walkingstick » June 23rd, 2015, 10:55 am
How China’s race to reserve currency status will rock markets
By Luca Rossi 23 Jun, 2015 at 13:53
The inclusion of the Chinese renminbi into the basket of IMF’s reserve currencies will radically transform global markets and developing countries’ central banks policies.
That's according to Ashmore’s head of research Jan Dehn, who shared his views during a press roundtable on Tuesday.
Dehn believes China, which underwent a market correction over the past 10 days, is planning to attract long-term institutional investors, including foreign central banks, into its domestic market.
This is why labelling the renminbi a global reserve currency is crucial - it means that central banks, and not just short-term retail investors, will be buying the currency.
‘97% of all global reserve currencies are in Japanese yen, euro, British pound and US dollar. All these four central banks are currently printing money to stimulate their economy. This means that the world will be soon in serious shortage of global reserve currencies,’ he said.
Dehn thinks China is actively and aggressively responding to this major trend initiated by developed markets, which is likely to cause an appreciation of the renminbi.
‘China knows it sits on a time bomb. Developed markets are trying to find their way out the crisis by creating inflation and weakening their currencies rather than implementing structural reforms. This is going to make the renmimbi appreciate to an unsustainable level.’
The Chinese authorities' plan is therefore to make international investors tap into its currency as soon as there is a more pronounced shift away from QE-driven currencies, according to Dehn.
A new sovereign wealth fund
Dehn said China would no longer need its foreign exchange reserves once its reaches global reserve status. He compared it to the US, which currently has hardly any foreign exchange reserves.
‘This means that China's foreign exchange reserves, nearly $4 trillion, will become a sovereign wealth fund, which is not going to be invested in US dollar, but in global infrastructure, private equity and alternatives.’
‘It’s therefore very likely that China, over the next few years, may become a steady seller of US treasuries and buying other assets,’ he added.
‘Going forward, this will be a much larger investment programme involving sovereign wealth fund-type activities all over the emerging world. Other EM central banks such as Mexico’s and India’s will be looking very closely at what China is doing and trying to join the global reserve currency club.’
Financial big bang
Looking at Chinese fixed income, Dehn thinks the municipal bonds market is the most exciting part of the sector at the moment. He highlighted that currently China has 11 trillion RMB ($1.77 trillion) of local government debt, mainly on banks' balance sheets.
This debt has been swapped into tradable bonds in order to transmit monetary policy signals down to local government level and manage the country’s macro economy.
‘Next step is to stimulate consumption - China has a savings rate of 49%, which represents a great room to increase spending. They will have to reduce people's precautionary savings putting bonds into their portfolios as at the moment they can just invest in property and stocks,’ he said.
Increased consumption, Dehn argued, will drive imports and worsens the country’s account surplus. ‘The country is opening its domestic market to foreign investors to offset this trend. The market cap of the equity and bond market in China is $15 trillion, which almost equals US GDP.’
‘This is the biggest big bang in world's economic history - never has a market the scale of the US economy been opened to international investors.’
http://ift.tt/1Lzekpr
Thunderhawk » June 23rd, 2015, 1:53 am
IMO This is the goal of the TPP, to regulate trade between the states as they are establishing worldwide toady. Clues in the map below. ThunderHawk
If New York Is Spain and California Brazil, What Is Texas?
Following the Bureau of Economic Analysis (BEA) release on June 10 of U.S. state gross domestic product (GDP) data for 2014, I was able to update the map below, which appeared on the Carpe Diem blog a year ago using 2013 data.
The map was created by matching economic output in U.S. states in 2014 to foreign countries with comparable nominal GDPs, using BEA data for GDP by U.S. state and GDP by country from the International Monetary Fund, via Wikipedia here.
For each U.S. state (and the District of Columbia), I tried to find the country closest in economic size in 2014 (measured by nominal GDP), and for each state there was a country with a pretty close match—those countries are displayed in the map below and in the table below.
Obviously, in some cases the closest match was a country that produced slightly more, or slightly less, economic output in 2014 than a given U.S. state
IMO This is the goal of the TPP, to regulate trade between the states as they are establishing worldwide toady. Clues in the map below. ThunderHawk
If New York Is Spain and California Brazil, What Is Texas?
Following the Bureau of Economic Analysis (BEA) release on June 10 of U.S. state gross domestic product (GDP) data for 2014, I was able to update the map below, which appeared on the Carpe Diem blog a year ago using 2013 data.
The map was created by matching economic output in U.S. states in 2014 to foreign countries with comparable nominal GDPs, using BEA data for GDP by U.S. state and GDP by country from the International Monetary Fund, via Wikipedia here.
For each U.S. state (and the District of Columbia), I tried to find the country closest in economic size in 2014 (measured by nominal GDP), and for each state there was a country with a pretty close match—those countries are displayed in the map below and in the table below.
Obviously, in some cases the closest match was a country that produced slightly more, or slightly less, economic output in 2014 than a given U.S. state
It’s pretty amazing how ridiculously large the U.S. economy is, and the map above helps put America’s GDP of nearly $18 trillion in 2014 into perspective by comparing the GDP of U.S. states to other country’s entire national GDP. For example:
1. America’s largest state economy is California, which produced $2.31 trillion of economic output in 2014, just slightly below Brazil’s GDP in the same year of $2.35 trillion.
In 2014, California as a separate country would have been the eighth largest economy in the world, ahead of Italy ($2.1 trillion) and India ($2.04 trillion) and Russia ($1.86 trillion). And California’s population is only 38.8 million compared to Brazil’s population of 200.4 million, which means California produces the same economic output as Brazil with 81 percent fewer people. That’s a testament to the superior, world-class productivity of the American worker.
2. America’s second largest state economy—Texas—produced $1.65 trillion of economic output in 2014, placing it just slightly behind the world’s 11th largest country by GDP—Canada—with $1.78 trillion of economic output.
3. Even with all of its oil wealth, Saudi Arabia’s GDP in 2014 at $752 billion was just slightly more than the state GDP of Illinois ($746 billion).
4. America’s third largest state—New York with a GDP in 2013 of $1.4 trillion—produced the same amount of economic output last year as Spain ($1.4 trillion), even though Spain’s population of 47.3 million people is more than twice the number of people living in New York (19.75 million). Another example of the world-class productivity of the American workforce.
5. Other comparisons: Florida ($840 billion) produced about the same GDP in 2014 as the Netherlands ($866 billion), Pennsylvania ($663 billion) produces almost as much as the entire country of Switzerland ($712 billion) and Ohio ($583 billion) produces more than the entire country of Nigeria ($573 billion).
Perry: Overall, the U.S. produced 22.5 percent of world GDP in 2014, with only about 4.6 percent of the world’s population. Three of America’s states (California, Texas and New York)—as separate countries—would rank in the world’s top 14 largest economies. And one of those states—California—produced more than $2 trillion in economic output in 2014—and the other two (Texas and New York) produced more than $1.6 trillion and $1.4 trillion of GDP in 2014 respectively.
The map and these statistics help remind us of the enormity of the economic powerhouse we live in. So let’s not lose sight of how ridiculously large and powerful the U.S. economy is, and how much wealth and prosperity is being created all the time in the world’s largest economic engine.
]Overall, the US produced 22.5% of world GDP in 2014, with only about 4.6% of the world’s population. Three of America’s states (California, Texas and New York) – as separate countries – would rank in the world’s top 14 largest economies. AMERICAN ENTERPRISE INSTITUTE[/size]
Note: Earl Fry, professor of political science at Brigham Young University, gets credit as the original creator of U.S. maps with states renamed for countries with similar GDPs (international doppelgangers of U.S. states). He has produced these maps on a regular basis since 2003.
http://ift.tt/1FwLcK7
1. America’s largest state economy is California, which produced $2.31 trillion of economic output in 2014, just slightly below Brazil’s GDP in the same year of $2.35 trillion.
In 2014, California as a separate country would have been the eighth largest economy in the world, ahead of Italy ($2.1 trillion) and India ($2.04 trillion) and Russia ($1.86 trillion). And California’s population is only 38.8 million compared to Brazil’s population of 200.4 million, which means California produces the same economic output as Brazil with 81 percent fewer people. That’s a testament to the superior, world-class productivity of the American worker.
2. America’s second largest state economy—Texas—produced $1.65 trillion of economic output in 2014, placing it just slightly behind the world’s 11th largest country by GDP—Canada—with $1.78 trillion of economic output.
3. Even with all of its oil wealth, Saudi Arabia’s GDP in 2014 at $752 billion was just slightly more than the state GDP of Illinois ($746 billion).
4. America’s third largest state—New York with a GDP in 2013 of $1.4 trillion—produced the same amount of economic output last year as Spain ($1.4 trillion), even though Spain’s population of 47.3 million people is more than twice the number of people living in New York (19.75 million). Another example of the world-class productivity of the American workforce.
5. Other comparisons: Florida ($840 billion) produced about the same GDP in 2014 as the Netherlands ($866 billion), Pennsylvania ($663 billion) produces almost as much as the entire country of Switzerland ($712 billion) and Ohio ($583 billion) produces more than the entire country of Nigeria ($573 billion).
Perry: Overall, the U.S. produced 22.5 percent of world GDP in 2014, with only about 4.6 percent of the world’s population. Three of America’s states (California, Texas and New York)—as separate countries—would rank in the world’s top 14 largest economies. And one of those states—California—produced more than $2 trillion in economic output in 2014—and the other two (Texas and New York) produced more than $1.6 trillion and $1.4 trillion of GDP in 2014 respectively.
The map and these statistics help remind us of the enormity of the economic powerhouse we live in. So let’s not lose sight of how ridiculously large and powerful the U.S. economy is, and how much wealth and prosperity is being created all the time in the world’s largest economic engine.
]Overall, the US produced 22.5% of world GDP in 2014, with only about 4.6% of the world’s population. Three of America’s states (California, Texas and New York) – as separate countries – would rank in the world’s top 14 largest economies. AMERICAN ENTERPRISE INSTITUTE[/size]
Note: Earl Fry, professor of political science at Brigham Young University, gets credit as the original creator of U.S. maps with states renamed for countries with similar GDPs (international doppelgangers of U.S. states). He has produced these maps on a regular basis since 2003.
http://ift.tt/1FwLcK7
via Dinar Recaps - Our Blog http://ift.tt/1Lzekpt
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