Business

Iraq’s Ministry of Oil announced, on Tuesday, it made a contract with a Chinese company for an oil refinery with a capacity of 300,000 barrels per day. The Ministry said in a brief statement, ” the Chinese state-owned CNCEC will work in the Al-Faw investment refinery and will be responsible …

China’s export growth unexpectedly picked up in June, shrugging off the impact of port disruptions in southern China and helping to underpin the economy amid signs the recovery is starting to slow. Export growth accelerated to 32.2 percent in dollar terms in June from a year earlier, the customs administration …

Boeing Co said on Tuesday it will cut its 787 production rate as it works through a new structural defect in its troubled twin-aisle airliner program in another obstacle to recovery from the coronavirus pandemic’s impact. The company now forecasts delivering fewer than half of the lingering 100 or so …

US President Joe Biden does not yet have enough support from fellow Democrats to secure $400 billion in spending for at-home care for the elderly and disabled that the economy desperately needs, Commerce Secretary Gina Raimondo said on Monday. Raimondo, who is paying for round-the-clock care for her own 90-year-old …

British police have seized record hauls of cryptocurrency totaling $408 million as part of an investigation into money laundering after organized crime groups moved into cryptocurrencies to wash their dirty money. London police said on Tuesday they had seized $250 million pounds of an undisclosed cryptocurrency less than three weeks …

Britain’s government said it would let parliament hold a vote on Tuesday to reverse a decision to cut the country’s overseas aid spending by around 4 billion pounds ($5.6 billion) a year. The finance ministry announced in November it would cut aid spending to 0.5 percent of national income from …

Crude futures slipped on Monday as concerns over slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months stalled. Brent crude for September fell 15 cents, or 0.2%, to $75.40 a barrel by 0411 GMT while U.S. West Texas Intermediate …

Head of the Suez Canal Authority, Osama Rabie, says the waterway netted the highest revenues in the history of the canal, hitting $5.84 billion. The Suez Canal netted Egypt a record $5.84 bn in the last tax year, its chief said on Sunday, despite the coronavirus pandemic’s effect on world …

China and Russia have vigorously denounced new sanctions imposed by the United States against dozens of their companies and entities. The US on Friday announced sanctions against 23 Chinese companies and other entities “for their involvement in, or risk of becoming involved in, activities contrary to interests of United States.” …

Italy’s economy minister Daniele Franco said on Saturday virus variants were a major source of concern for the global economy but the world should avoid imposing new restrictions on people’s lives to combat the pandemic. “The only answer is vaccination,” said Franco, speaking at the end of a meeting of …

The European Commission has fined Volkswagen Group and BMW $1 billion for colluding with Daimler to hold back the development of technology that could have reduced harmful emissions from their vehicles. In a statement on Thursday, the Commission said the three German carmakers, along with Volkswagen subsidiaries Audi and Porsche, …

The Ever Given, one of the world’s largest container ships, resumed its journey to leave the Suez Canal on Wednesday, 106 days after becoming wedged across a southern section of the waterway for nearly a week and disrupting global trade. A Reuters witness on board a tug boat saw the …

The container ship that blocked the Suez Canal in March and has been detained there since is due to finally resume its journey on Wednesday after the owner and insurers reached a compensation settlement with the canal authority. One of the world’s largest container ships, the Ever Given became wedged …

Oil prices were heading towards three-year highs on Tuesday, towing petrol currencies and bond yields with them, after the world’s main oil producers failed to agree on production plans. Europe’s stocks spluttered at the prospect of faster inflation. China had spooked its tech sector too with another high-profile clampdown, but …

OPEC+ ministers will look to salvage their oil output talks on Monday after clashing last week when the United Arab Emirates balked at a proposed eight-month extension to output curbs. Saudi energy minister Prince Abdulaziz bin Salman on Sunday called for “compromise and rationality” to secure a deal after two …

A security firm said the REvil gang, allegedly a Russian-speaking ransomware syndicate appears to be responsible for the attack. A “colossal and devastating” ransomware attack is thought to have paralysed the networks of at least 200 US companies. The federal Cybersecurity and Infrastructure Security Agency have said it is closely …

Iraq collectively grossed nearly six billion dollars from oil sales last June, according to a survey by the state oil marketer, SOMO. Crude oil exports amounted to 86,765,589 barrels, yielding 6,141,077,000 dollars, SOMO survey said. Exports from Oilfields in Mid and south Iraq were 83,690,352 barrels, while Kirkuk oilfields exports, …

The European Union agreed on Wednesday to a ceasefire with the United Kingdom in a post-Brexit dispute dubbed the “sausage war” by extending a grace period for shipments of certain meat products from Britain to Northern Ireland. The bloc will also make it easier for medicines and guide dogs to …

Eurozone economic sentiment surged in June to a 21-year-high as an accelerated pace of COVID-19 vaccinations led to further reopening and an improved mood across all sectors of the economy, notably in retail and services. The European Commission’s monthly sentiment survey for the 19 countries sharing the euro on Tuesday …

Lebanon’s government raised fuel prices on Tuesday, after agreeing last week to effectively cut fuel subsidies, a move aimed at alleviating crippling shortages but which will increase the pressure on impoverished consumers. The average price of 95-octane gasoline was set at 61,100 Lebanese pounds ($40.58) per 20 liters, an increase …