Business

EU residents, particularly Italians, are struggling to pay for food and other amenities with many saying their standard of living has fallen drastically due to the increased interest rates by the European Central Bank. The recent decision by the European Central Bank to raise interest rates by a further 0.5% …

Amman’s trade chamber of Iraq’s business council in Amman on Friday signed a memorandum of understanding (MoU) to bolster partnerships and develop the economic cooperation between Iraq and Jordan. The Memorandum was signed by the head of Amman’s trade chamber, Khalil al-Haj Tawfiq, from the Jordanian side, and the chairman …

Iraq’s Prime Minister Mohammad Shia al-Sudani on Tuesday said that his government’s program includes “clear-cut and serious” solutions for the currency crisis in the country. Al-Sudani’s remarks came during a meeting with the head of al-Wataniya Coalition, Ayad Allawi, in Baghdad earlier today. According to a readout by his bureau, …

About one in five British adults turned to eating food past its use-by date or consuming smaller portions this winter, the executive office of the UK Statistics Authority has revealed, as the cost-of-living crisis weighs heavily on people’s lives. According to a damning report published by the Office for National …

An OPEC+ panel is likely to recommend keeping the oil producer group’s current output policy unchanged when it meets this week, three OPEC+ delegates told Reuters on Monday. Ministers from OPEC+ countries – members of the Organization of the Petroleum Exporting Countries (OPEC) and others including Russia – are due …

The average price of gasoline in Iraq reached 5.14 U.S. dollars per liter. In its report for January 2023, Global Petrol Prices said that Iraq ranked 12th among countries with the cheapest gasoline prices (514 cents per liter) and fifth among Arab countries, preceded by Libya, Syria, Algeria, and Kuwait. …

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 …