Chairman of Damascus Chamber of Commerce: 120 countries continued doing business with Syria
http://www.aksalser.com/index.php?page=view_news&id=f8d19939fdc0fe7363c018f5d0e9d63e&ar=241690473
Thursday - November 3 - 2011 - 10:47:29
Revealed Chairman of the Chamber of Commerce Damascus, "Ghassan al-Qallaa" that before the business community opportunities to deal with at least 120 countries across the world, which believes that the sanctions imposed on Syria are not based on insider trading or imbalance in the contractual obligations and therefore these countries do not implement what he wants the others.
"al-Qallaa" at a seminar of the business community on how to deal with appropriations documentary by CBS: "(even) before the imposition of sanctions, a lot of traders has been directed to the markets of East Asia such as China, India and Korea, import and foreign trade are not confined to Europe only, or with certain countries, and this is what appears in the foreign trade statistics which show that a variety of our business across the world. "
He pointed out that there are exceptional cases must be dealt with pressures obtained even on the Lebanese banks, was directing an alert to some of the bankers not to deal with Syria, but the world is not over and there is more than a way to repay the values of imported goods, but the effect on these roads additional values on the cost of imports.
"al-Qallaa" that current circumstances require the facilities provided by the Ministries of Economy and Finance and Customs.
And said, "Maha Abdel Rahman," Associate Director of External Relations in the Commercial Bank of Syria at the beginning of her talk about dealing with appropriations documentary by CBS: "It is obvious to one it is not the first time that the imposition of unjust sanctions on Syria in general or the commercial bank is particular, and as I have already been exceeded such crises emphasize that we are now able to continue to work despite the severity of these sanctions, and thanks to the efforts of the workers in our bank at all levels functional so that everyone works within the clear direction of our management top and from the patriarchal to deal great flexibility to choose solutions Banking appropriate for all situations that we face. "
She added: "It also helps us to continue and there are many banks across the world that believe that the sanctions imposed on us is the unjust sanctions are not based on any violations of banking committed by us, and therefore do not feel compelled to bow to these penalties and therefore as in the past to cooperate with us, including consistent with their domestic laws and in the framework of banking methods used. "
It continued: "But, as already we have stated through the media, we cannot deny the existence of obvious negative effects of these sanctions is reflected by increasing the cost of some banking operations as a result of the need to implement cross-over from a bank, as well as the consequent commission additional in case of payment in a different currency from the currency contracted trade between the two parties payment in euros instead of dollars, for example, as we had in some cases to handle banking solutions riskier sending documents collection fee instead of dealing Documentary Credits. "
Syria cancels fuel export tender, sanctions deter
http://www.dailystar.com.lb/Business/Analysis/2011/Nov-03/153058-syria-cancels-fuel-export-tender-sanctions-deter.ashx
November 03, 2011 03:44 PM
Reuters
LONDON: Syria's state-owned oil firm Sytrol has cancelled a tender to sell fuels, traders said on Thursday, in a sign that oil firms are becoming more wary after western governments imposed sanctions due to a bloody military crackdown.
The tender was for around 50,000 tonnes of the feedstock naphtha that is typically issued on a monthly basis, an oil products trader told Reuters.
"The Syrian tender has been cancelled. They are keeping it in their domestic gasoline pool," said a London-based trader. "We were told not to (buy)."
Syria's refining capacity is not sufficient to meet domestic demand for fuel although it does export selected products such as naphtha.
The failed tender will further cut oil revenues in a country already struggling to cope with bans on its crude oil sales used to generate the bulk of its hard currency.
Western governments have stepped up sanctions against Syria in recent months and Sytrol is now on a U.S. blacklist while the European Union has banned imports of oil.
Oil traders Vitol and Trafigura were supplying fuel to Syria as recently as August but now even oil firms not directly affected by the sanctions are beginning to shun the country, traders said.
"I don't do Syria anymore. Sanctions appeared tougher, so I gave up," said an oil products trader active based in the Middle East. "The problem is getting a bank to finance it and a ship owner to go there."
Syria, a relatively small crude oil producer, has not sold its crude oil in the international market either because of the international sanctions. It normally pumps about 380,000 barrels of crude oil per day.
Swiss refiner Petroplus said on Wednesday it had to switch to Iraqi crude from Syrian crude.
بعض المصارف الأوربية لا تخضع للعقوبات...تجارة دمشق دليلك لتلافي العقوبات الاقتصادية
Some European banks are not subject to trade sanctions against Damascus ... Your guide to avoid economic sanctions
http://www.alwatan.sy/dindex.php?idn=111646
http://backupurl.com/1irzw9
11/03/2011
Participants at the seminar of documentary credits in the light of current conditions established by the Damascus Chamber of Commerce yesterday in cooperation with the Commercial Bank of Syria and the presence of a number of traders and importers concerned, and the reality of work in light of the economic sanctions unjust imposed by the European Union on Syria in general and the commercial bank, especially those that everyone agreed on the it is a crisis, like a passing of the crises that have already passed to Syria by emphasizing that we are now able to continue to work despite the severity of these sanctions, normative Valjhat instructed to handle a large selection of flexible banking solutions suitable for all situations that we face.
Especially that there are many banks across the world that believe that the sanctions imposed on us is the unjust sanctions are not based on any violations of banking committed from the banking sector in Syria and then they do not feel compelled to submit to the sanctions and therefore as in the past to cooperate with us in harmony with the laws in the context of local banking methods used.
The meeting did not deny the existence of negative effects of these sanctions, which may increase the cost of some banking operations as a result of the need to implement them through more than one bank. It will also arrange additional commissions in the event of payment in a different currency from the currency contract between the parties trading (for example, payment in euros rather than dollars). Which in some cases we had to deal with banking solutions, the highest risks (such as sending documents collection fee instead of dealing Documentary Credits). Has emerged as a result of these sanctions need to deal with other types of appropriations Appropriations traditional such as relying convertible is the first: and is used when a seller is not the product of any that dealer and broker buys the goods from the party and sells it to another party, which is knowledge of all parties and participating banks and the right to the bank which received not accept credit transferred to another beneficiary.
Turning to the debate that there is a Transfer of Credit, according to Article 38 of the international norms for Documentary Credits UCP600 but it should be clear once issued in this case can be a credit available for transfer in whole or part of it at the request of the first beneficiary. Can also adopt that converts in part to more than one beneficiary, provided that the partial shipment is allowed, as it is not the beneficiary of the second to turn the credit to the beneficiary in case the transfer of credit to more than one beneficiary a second, any amendment to the appropriation must be informed about all of them though One of them refused to amend does not make it canceled all of them have the right to limit the acceptance or rejection of the amendment and the amendment applies in this case only by him.
As for what the subject of replacement invoices must be submitted the second beneficiary to the bank converted its documents exclusively. Note that it can convert its receivables to another bank.
The other hand, the beneficiary is entitled first to replace the invoices and documents provided by the second beneficiary and the allowance is provided, including invoices and documents issued in his name provided it does not exceed the value of these bills the credit value in this case the beneficiary is entitled first to draw under the credit from the bank, that the difference between the value of invoices and bills the second beneficiary, if any .
In case of delay in the first beneficiary to submit his bills at the request of the bank, that have or had provided documents contrary to the accreditation requirements could not be corrected with the claim by the bank to do so on when the bank converted documents do not contain these violations by the second beneficiary is entitled to send to the bank the source of it without any liability towards the beneficiaries.
The second type is defined as credits and the opposite was not aware of any of the credits the first and second appropriations of the existence of opposite. It also does not know all the light from the World Bank to rely first and second amount of adoption of the appropriations of the existence of opposite. Because the original provision and the corresponding dependence are completely separate processes.
It can also open a credit or more for the original provision. However, provided that the bank that issues credit return is the bank itself enhanced the adoption statute.
In this case, is to open a credit from the buyer for the benefit of the seller.
The seminar demonstrated the value of commissions based on documentary credits for imports, which are as follows:
- Commission access to open a documentary credit every three months, approximately 2.5 per thousand.
- Commission to extend or modify the value of every three months, 2.5 per thousand.
- Commission the adoption of amendment (without modifying the duration or amount) of $ 150 or equivalent currency.
- Documentation of violation of a commission of $ 150 or equivalent.
The same applies with respect to commissions on export credits represented by the commission Report final 1 per thousand, or a minimum $ 150 or its equivalent in other currencies in addition to commission promote (every three months) 2 per thousand and the commissions of the implementation satisfy the handling of each shipment of 2 per thousand of value.
Finally, to extend the accreditation commission with the addition of the promotion (every three months) 2 per thousand.
500 thousand tons of cotton marketed to ginned cotton since the beginning of the season
http://www.sana.sy/ara/345/2011/11/03/379765.htm
November 3, 2011
Aleppo, (SANA) -
Reached the total marketed quantities of cotton, the beloved of a number of provincial centers to the gins and the General Establishment for cotton ginning and marketing since the beginning of the season until 2011 and now to 497,893 tons, an increase of more than one hundred thousand tons for the same period last year.
The Engineer Nazir Lababidi Director-General of the General Corporation for ginning and marketing of cotton to that what has been marketed cotton is the first slide, and marketing operations are still ongoing to complete the plan scheduled for this year which include the marketing of about 714 thousand tons of ginned cotton.
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