Business

The global economy is predicted to register slower growth this year, continuing the trend from last year, with the United States, also poised to mark a smaller pace of growth and several countries likely to see a “mild recession,” according to the United Nations. Global economic growth in 2023 is …

Business activity across the 20 countries that use the euro expanded in January for the first time in six months, according to data published Tuesday, providing fresh evidence that Europe’s economy could confound expectations and dodge a recession this year. An initial reading of the eurozone’s Purchasing Managers’ Index, which …

The number of insolvencies has reportedly risen for the first time in three years Japan recorded its first increase in the number of company bankruptcies in three years in 2022, according to a new survey by Teikoku Databank. The report showed that a total of 6,376 companies declared bankruptcy in …

Microsoft plans to lay off 10,000 employees, the company said Wednesday, as part of a restructuring plan to focus on areas of growth and brace the company for an economic downturn. The tech giant is the latest corporation to cut workers amid economic uncertainty, coming off the spectacular highs of …

On Saturday, Iraq, and Jordan revealed that the electrical grid connection project and building a pipeline from Basra to Aqaba between the two countries would be launched soon. In a joint press conference with his Jordanian counterpart, Ahmed Al-Safadi, the Iraqi parliament speaker, Muhamed Al-Halboosi, said that the Jordanian delegation …

On Saturday, Chinese customs data showed that Iraq was the third supplier of crude oil to Chinese government refineries in December 2022. The data of the General Administration of Customs in China revealed that the largest suppliers to China in August were as follows: (from the largest) • Malaysia: 7.430 …

Some top US banks are preparing for an economic slowdown amid depressing forecasts of fourth-quarter profits, due to be released this week. “With most US economists forecasting either a recession or significant slowdown this year, banks will likely incorporate a more severe economic outlook,” wrote Morgan Stanley analysts, as cited …

For much of the global economy, 2023 is going to be a tough year as the main engines of global growth – the United States, Europe, and China – all experience weakening activity, the head of the International Monetary Fund said on Sunday. The new year is going to be …

Leading indices have sold off on high inflation, geopolitical tensions, and tightening monetary policy Major European stock indices struggled in 2022, with most showing their worst performance since before the Covid-19 pandemic, CNBC reported on Friday. The pan-European Stoxx 600 index began the last trading day of the year down …

The Iraqi Prime Minister, Muhammad Shia’a al-Sudani, meets on Tuesday with the Central Bank of Iraq Governor, Mustafa Ghaleb Mukheef, to discuss the financial situation. The PM media office stated that Mukheef discussed with Al-Sudani the devaluation of the Iraqi dinar against foreign currencies and the measures the bank took …

European Union nations’ energy ministers have agreed on a gas price cap, a spokesperson for the Czech Republic said on Twitter on Monday. The deal follows weeks of talks on the emergency measure that has split opinion across the bloc as it seeks to tame the energy crisis. The Czech …

The external debt of developing economies has more than doubled from a decade ago to $9 trillion in 2021, the World Bank said Tuesday, warning the debt crisis facing these countries has intensified. The pandemic has forced many countries to take on more borrowing, and World Bank President David Malpass …

Iraq’s Parliament will approve the 2023 budget of 140 trillion Iraqi dinars ($ 95,923,261,000.00) in the coming days. A source in the Parliamentary Finance committee, Mouin Al-Kadhimi, revealed that Prime Minister Muhammad S. Al-Sudani directed the minister of finance to complete the 140-trillion-dinars budget law to approve it and then …

Oil prices continued to recover, for the second day, exceeding $88 a barrel. Brent crude futures contracts recorded $88.56 a barrel, up by 1.8% from Wednesday’s closing price of $86.97. US crude oil rose more than 2% in futures contracts, recording $82.15 a barrel, while it had closed yesterday at …

Rolls-Royce Holdings PLC has hailed a test run of the world’s first hydrogen-powered jet engine as a “new aviation milestone”, suggesting a large step has been made towards the decarbonization of the aviation industry. In partnership with EasyJet PLC, Rolls-Royce ran a converted regional aircraft engine fuelled by green hydrogen, …

Iraq’s Prime Minister Mohammad Shia al-Sudani on Thursday headed an expanded meeting to discuss an integrated gas project with French Total Energies’ CEO Patrick Pouyanné. According to an official readout, the meeting discussed gas investments in Iraq, including a 600-MMSCF, flared gas plant, the Artawi oilfield, a seawater desalination project, …

Elon Musk, the CEO of Tesla, SpaceX and now Twitter, has seen his wealth plunge almost $100 billion this year, the steepest drop ever reported on Bloomberg Billionaires Index. The 51-year-old’s net worth — which peaked at $340 billion in November last year — took a nosedive on Tuesday to …

The United States and its European allies have devised a plan to impose a price cap on Russian oil in “the next few days” in an effort to slash Moscow’s oil revenues. A senior US Treasury Department official told reporters on Tuesday that the US and the European Union (EU) …

The Central Bank of Iraq (CBI) auctioned more than $96 million in foreign currency (forex) today, Tuesday. A source said that the CBI foreign currency sales in today’s auction amounted to $96,552,502 on Tuesday, one third below Monday. The transactions were made at a weighted average of 1460 dinars to …

British finance minister Jeremy Hunt announced a string of tax increases and tighter public spending in a budget plan on Thursday that he said was needed after the blow dealt to the country’s fiscal reputation by former prime minister Liz Truss. Following is a snapshot of what he announced and …