Business

Britain and India launched a plan on Tuesday to improve connections between the world’s electricity power grids to help accelerate the world’s transition to greener energy. Launched at the COP26 climate talks in Scotland, the plan dubbed the “Green Grids Initiative –- One Sun One World One Grid,” was backed …

Supply chain woes cost Apple Inc $6 billion in sales during the company’s fiscal fourth quarter, which missed Wall Street expectations, and Chief Executive Tim Cook said that the impact will be even worse during the current holiday sales quarter. Cook told Reuters on Thursday the quarter ended Sept. 25 …

Chinese Foreign Minister Wang Yi urged the World Bank and International Monetary Fund (IMF) on Wednesday to resume financing support to cash-strapped Afghanistan for reconstruction. The Taliban takeover in August saw billions of dollars in central bank assets frozen and international financial institutions suspend access to funds, although humanitarian aid …

The Group of Seven wealthy nations agreed on a joint set of principles to govern cross-border data use and digital trade, Britain said in what was described as a breakthrough that could liberalise hundreds of billions of pounds of trade. Trade ministers from the G7 reached an agreement at a …

The US has already slipped into a recession that could be as bad as the 2007-08 meltdown, according to new research that punctures holes in media reports about the booming stock market and low unemployment. David Blanchflower, a former member of the Bank of England Monetary Policy Committee, and Alex …

Turkey’s lira sank to a new all-time low beyond 9.3 versus the dollar on Monday and analysts saw little reprieve ahead given what one called expectations of an “irrational” interest rate cut later this week. The worst performer in emerging markets this year, the Turkish currency touched a low of …

With new regulations aiming at countering money laundering in force, the Central Bank of Iraq (CBI) auctioned $52 million only in foreign currency today, Sunday. Alghadeer News correspondent said that CBI’s sales of foreign currency in today’s auction amounted to $52,070,000, down by 74.76% compared to Wednesday’s $206,422,600. Our correspondent …

Turkey’s lira touched new lows against the dollar and euro on Friday, hamstrung by worries over more interest rate cuts despite high inflation, after President Tayyip Erdogan dismissed three central bank policymakers. Two of the three monetary policy committee (MPC) members ousted on Thursday were seen to oppose the bank’s …

Bitcoin topped $60,000 for the first time in six months on Friday, nearing its all-time high, as hopes grew that U.S. regulators would allow a futures-based exchange-traded fund (ETF), a move likely to open the path to wider investment in digital assets. Cryptocurrency investors have been waiting for approval of …

Greece and Egypt have clinched an agreement that sets the stage for an undersea cable that will transmit power produced by renewables from North Africa to Europe, the first such infrastructure in the Mediterranean. Greek Energy Minister Kostas Skrekas and his Egyptian counterpart, Mohamed Shaker, signed a memorandum of understanding …

Iraq signed an agreement with a consortium led by Norway’s Scatec to build a 525-megawatt solar project, the oil ministry said on Thursday. Iraqi oil Minister Ihsan Abdul Jabbar said the value of the agreement stood at around $500 million. The consortium also includes Egypt’s Orascom Construction and Iraqi private …

Azerbaijan is willing to expand its natural gas supplies to Europe, President Ilham Aliyev said Wednesday, amid the continent’s deepening energy crisis driven by soaring demand. The energy-rich Caspian nation is currently supplying 10 billion cubic meters of natural gas per year to Italy, Greece, and Bulgaria through the Southern …

Positive clinical trial results for Merck & Co’s (MRK.N) experimental antiviral COVID-19 pill reverberated through the healthcare sector on Friday, sending the drugmaker’s stock price soaring while denting high-flying shares of vaccine companies and makers of other coronavirus therapies. Merck shares jumped as much as 12.3% and hit their highest …

Australia’s trade minister said on Friday talks with the European Union over a trade deal have been postponed, as a row over Canberra’s decision to cancel a $40 billion deal with France escalated. Australia last month cancelled a deal with France’s Naval Group to build a fleet of conventional submarines …

Bitcoin extended gains on Friday, climbing over 9 percent in late morning trade to $47,800, its highest level in 12 days. The largest cryptocurrency was last up 7.9 percent at $47,263, which if maintained would be its largest one-day jump since mid-June. Smaller coins ether and XRP, which tend to …

Fumio Kishida, the man soon to become Japan’s prime minister, says he believes raising incomes is the only way to get the world’s third-largest economy growing again. Kishida says he wants to promote a “new capitalism” that would be more equitable, with fairer distribution of national wealth — the only …

Tesla Inc’s (TSLA.O) Shanghai factory is expected to produce 300,000 cars in the first nine months of the year, capped by a delivery rush in the end of the July-September quarter, despite a global semiconductor shortage, two sources said. The factory makes the electric Model 3 sedans and Model Y …

China intensified a crackdown on cryptocurrency trading on Friday, vowing to root out “illegal” activity and banning crypto mining nationwide, hitting bitcoin and other major coins, and pressuring crypto and blockchain-related stocks. Ten Chinese government agencies, including the central bank as well as banking, securities, and foreign exchange regulators, said …

The international conference to recover the stolen funds will be launched in the Iraqi capital, Baghdad, on the 15th and 16th of September. The conference is held under the auspices of Prime Minister Mustafa Al-Kadhimi. The Arab League President Ahmed Abul Gheit, Arab justice ministers, heads of judicial councils and …

Oil rose on Monday, supported by concerns over shut output in the United States because of damage from Hurricane Ida, with analysts expecting prices to remain rangebound in a stable market over the coming months. Brent crude was up 62 cents, or 0.9%, to $73.54 a barrel at 1332 GMT …