The current constitution of Iraq was approved by an October 15, 2005 ratification vote. The proposed constitution was drafted in 2005 by members of the Interim Iraqi Government to replace the Law of Administration for the State of Iraq for the Transitional Period, which had been put in force by the Coalition Provisional Authority after the Iraq War and occupation of Iraq by the United States and Coalition forces. The drafting and adoption of the new constitution was not without controversy, however, as sectarian tensions in Iraq figured heavily in the process. The deadline for the conclusion of drafting was extended on four occasions because of the lack of consensus on religious language. In the end, only three of the 15 Sunni members of the drafting committee attended the signing ceremony, and none of them signed it. Sunni leaders were generally urging the electorate to reject the constitution in the 15 October referendum, but were…

Nobody likes to consider the ramifications of a worst case scenario, least of all the financial consequence. However, did you know that if a major storm (of the likes we experienced in the UK in the late 1980s) struck the UK today, almost one-half of all homes in the UK would have inadequate home buildings insurance to cover the cost of repairs! Valuation of your home buildings insurance – is it being done correctly? Before you consider the value of your home, ask yourself a quick couple of questions: – what is the principal reason why you have home buildings insurance? – who assess the value of your home buildings insurance? In most cases, the answer to the first question is you need to have home buildings insurance because it is a requirement under your mortgage agreement.� The answer to your second question is also likely to be your home mortgage…

When we talk about escrow as it relates to mortgages and real estate we are actually talking about two different topics that concern home buyers:� the closing of the sale on a house (referred to as escrow) and the mortgage escrow account (a fund set aside for on-going expenses while the lender holds the note on your house).� Let’s take a brief look at both of these concepts so you can be better prepared when you decide to buy your first home and take on a mortgage. Escrow Buying a house is not a simple procedure.� With very few exceptions, it will be the largest financial decision you will ever make and will mean that you have an obligation to your lender for many years to come to pay down your mortgage note.� It is important that when you purchase a house that certain procedures…

You see them every day with a new and costly cell phone, driving every day in latest sports car, you hear of their super bonuses and hence decide to join the world of futures trading. Along with enormous bonuses and costly mobiles, futures trade mainly share two other traits: 1. High level of stress. 2. Huge risk. It is true that many people are engaged in the Futures trading, many have become wealthy as well. If you are well known of the market, avoid greed and fear, and act with it as serious investment opportunity, then the success probability is excellent for you. Let us know about the requirements for futures trading. There are four requisites, which mainly influence your ultimate success in futures trading: (A) Take futures trading as business enterprise; apply all orthodox business rules, money management and judgment. (B) Adopt predetermined trading plan – adopt established guidelines and set of…

Yen! Euro! Dollar! Franc! Pound! There are many choices and decisions to make when it comes to forex trading, and the task can seem pretty daunting. If you have decided to try your hand at the foreign exchange market, newly opened to the individual investor through the advantages of online trading, the fact is that all the information you will need to gather and all the factors that will need to be taken into account in order to be profitable in your venture will only add to the confusion. There are several areas to consider when it comes to foreign exchange, factors that have their effects in many areas of a country’s economy and thus on the rate of foreign exchange. Do not assume that just because you have chosen to invest in foreign exchange means that you are free from other areas of the market. Stocks have a direct…

The 401(k) retirement plan is funded by employee contribution and a matching employer contribution. The major feature of the plan is that the contributions are taken from pre-taxed salary. The fund accumulates tax-free until it is withdrawn. Most businesses and tax-exempt organizations can create these retirement plans. The 401(k) takes its name from the IRC (Internal Revenue Code) of 1978. The operation of the 401(k) is administered by the EBSA (Employee Benefits Security Administration) of the Department of Labor. The 401(k) plan has a lot of advantages. First and foremost is that the employee can contribute pre-tax money that reduces the tax paid in each paycheck. Also, the company contribution and any growth in the fund is free of tax until withdrawn. The compounding of the fund during a 20 to 30 year period is quite amazing. The employee has a lot of control in the direction of the…

The Public Employee Retirement System is for government employees except for teachers and students. This is a mandatory membership and all members should fill out a form of application at the beginning of their employment. It is a benefit plan that gives benefits to employees once they retire. This will be based on the number of years they rendered service and on their average salary. The Public Employees Retirement system also covers survivor and disability protection. The system also allows those with 30 years of service to file for an early retirement. They also provide death benefits and beneficiary benefits. Every Public Employee Retirement System of every state is committed to ensuring the retirement benefits of every employee. Contributions are deducted from the employee’s payrolls. The amount may vary for every employee depending on their retire plan and coverage. Currently, the contribution rate is 8.5 percent of the salary of an employee…