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By Nick, March 11, 2013 6:38 am

The Australian dollar fell against its US counterpart as China’s industrial production demonstrated the slowest start of a year since 2009. The Aussie almost erased its gains versus the greenback as of now and advanced against the Japanese yen.

Chinese industrial output increase 9.9 percent in the first two months from a year ago, according to the National Bureau of Statistics. Analysts have hoped for an increase by 10.4 percent. The Australian currency dipped on this report, but the losses were limited as this week’s macroeconomic data from the United States is expected to be good, improving the mood of Forex traders and making them more willing to buy currencies with higher yield.

AUD/USD fell from 1.0235 to 1.0202, but bounced to 1.0228 as of 13:30 GMT today. AUD/JPY went up from 97.31 to 98.32.

If you have any questions, comments or opinions regarding the Australian Dollar, feel free to post them using the commentary form below.

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By Nick, February 13, 2013 10:14 am

Indications that the worst really is over for the eurozone continue to roll in, despite worries about Spain and Italy. The latest industrial production data supports the idea that the eurozone economy is strengthening, albeit modestly.

The latest industrial production numbers are in, and there has been an increase of 0.7 per cent in December. Eurostat reports that industrial production picked up in the eurozone, led by Germany. The December figure is an improvement over the 0.7 per cent fall in November.

Even with the improvement, though, there are still concerns that the eurozone economy will remain in recession. But, even so, there has been some improvement, and the data supports the idea that the 17-nation currency region is making some moves forward.

Euro is holding its own today in the currency markets, retaining gains against its major counterparts. Even with scandal in Spain, and political uncertainty in Italy, there are signs that the eurozone is moving on a path toward recovery. As long as eurozone leaders can continue to make progress as they move forward with plans for a stronger currency region, the euro should find support.

At 15:14 GMT EUR/USD is up to 1.3474 from the open at 1.3455. EUR/GBP is up to 0.8651 from the open at 0.8591. EUR/JPY is up to 126.0485 from the open at 125.7650.

If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.

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By Nick, January 21, 2013 2:19 am

By John Lee.

South Korea’s LS Industrial Systems has won a $ 67-million deal to build power distribution control centres for the Iraqi government.

Under the deal with the Ministry of Electricity, the company will build seven distribution control centers across the country by early 2015.

According to the report from Electric Light and Power, the centres will use a smart grid technology that enables more efficient power management.

“Following the successful completion of the projects, (the company) aims to invigorate the local market as well as strengthen overseas expansion,” said a company official in charge of smart grid technology.

In November 2011, the company won a deal to install 85 electricity sub-stations.

(Source: Electric Light and Power)

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By Nick, January 8, 2013 11:39 am

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By Nick, December 20, 2012 11:32 pm

By John Lee.

The Kurdistan Regional Government (KRG) has suggested establishing a special area for Jordanian industries in the region.

Aswat al-Iraq reports that during the visit of 42 Jordanian businessmen and exporters, discussions were held to enhance private sector trade relations.

The visit was organized by Jordanian Capital Bank, the fourth in Jordan, with its partner in Iraq, Al-Ahli Bank.

Jordan exports to Iraq are valued at around one billion dollars annually.

(Source: Aswat al-Iraq)

Iraq Business News

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By Nick, November 19, 2012 8:46 pm

By John Lee.

Private investment in Iraq’s industrial sector is expected to reach $ 7 billion this year, up from $ 3 billion in 2011, reports Reuters.

Adel Karim, the deputy industry minister, told the news agency that the country is reaping the rewards of opening up its financial and industrial sectors and luring foreign investment and expertise to revive its dilapidated factories.

He added that Iraq needs investment in every sector, and has the budget to enable it to rebuild.

The country’s industrial sector currently contributes only 2 percent to the country’s GDP, but Karim believes that if the political and the security situation calmed down, it would be possible to reach 20 to 25 percent in three or four years.

Karim said the ultimate goal was the gradual privatization of all 260 government factories, which are run by more than 70 state-owned companies.

“Our main goal is to hand over our companies to the private sector, because the private sector is more active … but our first step is production-sharing deals,” Karim said

The ministry has signed between 40 and 50 production-sharing contracts with local and foreign companies over the past two years, including German, French and Turkish companies.

It recently signed a $ 1 billion contract with Turkey’s UB Holding to restore an iron and steel factory that was looted during the 2003 invasion in the southern province of Basra.

Karim also said the ministry is close to signing contracts worth a combined $ 1 billion with three Turkish companies to restore three cement factories in northern and southern Iraq.

(Source: Reuters)

Iraq Business News

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By Nick, August 28, 2012 6:21 am

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By Nick, August 14, 2012 10:21 am

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By Nick, April 10, 2012 8:30 am

The Swedish krona fell today after a report showed that nation’s industrial production declined significantly more than expected and as risk aversion damped demand for European currencies.

Industrial production fell 5.2 percent in February from January, compared to the median forecast of 0.3 percent. Annual decline was 7.1 percent, while an advance by 0.5 percent was predicted by analysts. The krona is also hurt by concerns about the crisis in Europe. The Stoxx Europe 600 Index of shares was down as much as 1.2 percent today.

USD/SEK was up from 6.7515 to 6.7794 as of 14:09 GMT today.

If you have any questions, comments or opinions regarding the Swedish Krona, feel free to post them using the commentary form below.

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By Nick, March 28, 2012 12:56 pm

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