Wednesday, December 12, 2012

A Home-grown Rally

By Mark DeWeaver.

Another roller coaster year for the ISX is drawing to a close. By the middle of May, the Rabee Securities RSISX index had fallen 24% from its early October 2011 peak. Since then, the market has staged a dramatic rebound. As of December 8, the index was down just 3% from the October high and up 8% for the year.

This rebound is all the more remarkable because it has occurred in the absence of any pick up in foreign participation. In 2011 foreigners were net buyers in 97% of the trading weeks with a share of monthly volume that exceeded 10% in all but three months. This year, foreign net buying has fallen sharply. (See chart.) Foreigners have been net sellers in about 40% of the trading weeks so far. Their monthly-volume share has exceeded 6% in only two months. (See the latest Rabee Securities Weekly for a nice chart of the foreign share of monthly volume.)

There is also no obvious catalyst for fresh inflows of foreign money at this point. While the regulators have finally decided to offer custodian bank licenses, HSBC has apparently lost interest in providing share custody in Iraq and no one else has stepped up to take its place. (See this post for more on the custody issue.) EFG-Hermes also seems to have suspended its swaps program, shutting down another potential channel through which institutional investors might have accessed the market. (There’s more on the EFG swaps here.) Even the much-vaunted Asiacell IPO, which I once thought might at last put the ISX on foreign fund managers’ radars, now appears to be targeted mainly at local individuals.

This failure to attract outside money is not the end of the world, however. When the right economic fundamentals are in place, emerging markets can easily go up without foreigner investors. Think of the largely closed Chinese and Saudi markets for example. Or Kuwait’s infamous Souk al Manakh, which rose to such dizzy heights in 1982 that it was briefly the third largest market in the world after the US and Japan.

For the ISX to keep going up, problems like share custody don’t really need to be solved. The important thing is for the Iraqi economy to stay on its current high-growth trajectory. As long as the listed companies’ earnings are growing at double digit rates and local investors are flush with cash there’s really no reason why this year’s home-grown rally shouldn’t continue into 2013.

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New Date for Anbar Investment Commission Conference

Anbar Investment Commission (AIC) announced today that it is postponing its third annual international conference which was scheduled for December 15-17, 2012 in the city of Erbil, Kurdistan, Iraq.

The Commission’s Board of Directors met yesterday and decided it would be best to postpone the conference to allow for greater participation and sponsorship. Many companies have contacted the commission indicating their interest, but requested adequate time to make necessary arrangements for participation and for presenting their current projects in Anbar.

This decision was in full coordination with our partners in the conference, the National Investment Commission and the Kurdistan Board of Investment. All current sponsors and participants have been contacted and informed of the decision.

His Excellency Dr. Rafe’ Al-Issawi, Minister of Finance is still confirmed as the Chairman of the conference. In a phone call with AIC Chairman Mr. Amer Farhan, Dr. Al-Issawi renewed his commitment to making this event a great success with a complete focus on the investors’ needs and challenges. His Excellency is looking forward to meeting the sponsors and participants and having an open dialogue with them.

Conference venue which is Erbil Rotana remains the same. The new confirmed date for the conference is Saturday, February 16-18, 2013. To register for the conference and to learn more about sponsorship opportunities, please visit the official conference website www.investanbar.com

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Advancing Iraq’s Unfinished Constitutional Agenda

PoliticsPosted on 12 December 2012. Tags: constitution, UNAMI, United Nations, United Nations Assistance Mission for Iraq

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Maliki meets US Deputy Secretary for Resources

'Your Country' - United Kingdom, Industry & Trade, SecurityPosted on 12 December 2012. Tags: 'Your Country' - United States, Nouri al-Maliki



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KRG Investment Board Chair visits Austria, Slovakia

Maliki meets US Deputy Secretary for Resources Advancing Iraq’s Unfinished Constitutional Agenda New Date for Anbar Investment Commission Conference Categorized

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Energy Companies no Proxy for ISX

KRG Investment Board Chair visits Austria, Slovakia Maliki meets US Deputy Secretary for Resources Advancing Iraq’s Unfinished Constitutional Agenda New Date for Anbar Investment Commission Conference Categorized

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Specific wage and hour regulations apply to federally funded projects

by Stibbs & Co., P.C. on December 12, 2012

Contracting with the federal government can provide much-needed revenues for a business. Especially given the sluggish state of the U.S. economy over the past few years, many firms may have been reluctant to turn down any offer of work.

However, companies must exercise caution when entering into federal contracts or participating in projects that receive government funding, as these opportunities often come with strings attached. Specifically, accepting federal funding can cause an employer to become subject to strict wage and hour regulations.

Under the Davis-Bacon and Related Acts, companies are required to pay "prevailing wage rates and fringe benefits" to workers who participate in federally funded construction work. The Service Contract Act sets similar standards for service providers, while the Contract Work Hours and Safety Standards Act sets overtime requirements for almost all construction, service and supply contracts worth over $100,000. Other employment regulations also apply in many situations.

Failure to abide by the rules laid down in these laws can have serious repercussions for a company. In November, the Department of Labor (DOL) announced enforcement actions related to two cases. In one incident, an Arizona-based firm that provided janitorial services at U.S. military bases was forced to pay a total of $840,225 in overdue fringe benefits.

In another instance, a group of five companies that worked on a federally funded construction project in Tennessee were targeted by investigators from DOL's Wage and Hour Division. The contractors were ultimately forced to pay out more than $787,000 in back wages. These cases underscore the government's commitment to enforcing wage and hour laws on projects that receive federal funding.

Houston business attorneys can help local companies maintain compliance with pertinent employment laws and capitalize on market opportunities, while minimizing the risk of a regulatory intervention. Enterprises that are currently facing legal challenges should consult a Houston law firm with experience providing employer representation.



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Richard Barrington: Banking Outlook 2013: 8 Things to Watch

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'Nashville': Sam Palladio Talks Gunnar And Scarlett

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Michigan Education Achievement Authority Special School District A Lightning Rod For Controversy

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K-12 Education May Not Benefit From Brighter Fiscal Outlook

President Barack Obama pauses as he speaks to the media during a visit with high school English teacher Tiffany Santana, left, and others, Thursday, Dec. 6, 2012, in Falls Church, Va. Get Education Alerts:Sign Up React:Amazing
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Head Start Grants Still Undecided

Jiovani, 3, eats breakfast at the federally-funded Head Start Program school on September 20, 2012 in Woodbourne, New York. The school provides early education, nutrition and health services to 311 children from birth through age 5 from low-income families in Sullivan County, one of the poorest counties in the state of New York. Get Education Alerts:Sign Up React:Amazing
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Paul Krugman: 'Chinese Growth Is A Wonderful Human Success Story That Could Kill Us All'

Paul Krugman discussed China at the New York Times DealBook conference on Wednesday. Get Business Alerts:Sign Up Follow:  Climate Change,  Paul Krugman,  Video, China Economy, China Global Warming, Paul Krugman China, Paul Krugman China Climate Change, Paul Krugman China Global Warming, Paul Krugman Chinese Growth, Paul Krugman Climate Change, Paul Krugman Dealbook, Paul Krugman Dealbook Conference, Paul Krugman Global Warming China,Business News #news_entries #ad_sharebox_260x60 img

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Jessica Blackham Gets Home Arrest For Leaving Newborn Son In Toilet

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Payroll Tax Cut: Some Republicans Willing To Back Obama's Proposal

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Google Porn Just Got More Difficult To Search For

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Reagan's Boyhood Chicago Home Faces Demolition

In this Jan. 5, 1988 file photo, President Ronald Reagan gestures while speaking at the White House in Washington. (AP Photo/Barry Thumma) Get Chicago Alerts:Sign Up React:Amazing
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Nikki Haley Eyed By Democrats For 2014 Takedown

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Republican Governors Request Health Care Law Meeting With Obama

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Hillary Clinton To Testify On Benghazi Report On December 20

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New Years Eve 2013 In Los Angeles, Calif.: The Hottest Club Parties Around Town

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Dental Office Front Desk (Westwood - Near UCLA)

West Side Dental Office seeks reliable, positive person for administrative duties at the front desk. Strong Computer skills required: Microsoft Office, Outlook, Excel, and ability to adapt to dental programs easily. We are looking for someone who can communicate effectively and respectfully with our clientele. PREVIOUS DENTAL OFFICE EXPERIENCE REQUIRED.
Five days per week (Monday-Friday -- 8:00 am to 5:00 pm)
Salary commensurate with experience.

Submit Resume and salary history to:
FAX: 888-702-8996
Or Respond to this Posting.
Please do not call the office.

Location: Westwood - Near UCLA Compensation: Commensurate with experiencePrincipals only. Recruiters, please don't contact this job poster.Please, no phone calls about this job!Please do not contact job poster about other services, products or commercial interests.PostingID:3474764377



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