Business

A classified document has revealed that Saudi Crown Prince Mohammed bin Salman (MbS) threatened to impose significant economic costs on Washington after US President Joe Biden warned Riyadh over its decision to slash oil production last fall. Even though the Saudi government publicly defended its actions politely via diplomatic statements, …

The Governor of the Central Bank of Iraq (CBI), Ali Mohsen al-Allaq, on Saturday, unveiled a new state-owned financial institution, the Social Development Bank, in a bid to drive nationwide economic progress and provide support to a diverse section of the Iraqi society. Al-Alaq shared these developments at the annual …

The Prime Minister of Iraq, Mohammad Shia al-Sudani, on Saturday, said that the ‘Dry Road’ initiative – a project slated to link Iraq with Europe via Turkey– would act as a crucial backbone for a thriving, sustainable economy, unveiling plans for a state-of-the-art industrial city near al-Faw port. In his …

The German economy shrank unexpectedly in the first three months of this year, marking the second quarter of contraction which is one definition of recession. Data released Thursday by the Federal Statistical Office shows Germany’s gross domestic product, or GDP, declined by 0.3% in the period from January to March. …

US President Joe Biden on Sunday said he believes he has the legal right to invoke the 14th Amendment of the U.S. Constitution to raise the federal government’s $31.4 trillion debt ceiling but does not have the time to do so. Some fellow Democrats have been urging him to try …

El Niño is on its way, and when the warm weather pattern arrives, it could take a $3 trillion toll on the global economy, according to new research. That estimate is based on damages inflicted by El Niño in previous years, plus forecasts pointing to a potentially supercharged event this …

On Friday, Basra crude oil prices declined in their last trading session. Basra Heavy crude closed at $72.03, down 6 cents, while Basra Intermediate crude closed at $75.18, also down 6 cents. Despite the daily decrease, both crudes recorded weekly gains. Basra Heavy crude saw a weekly gain of $1.29 …

India will start withdrawing its highest value currency notes from circulation, the central bank said on Friday, in a move that economists said could boost bank deposits at a time of high credit growth. The withdrawal of 2,000-rupee ($24.5) notes – which the finance ministry’s top official, T.V Somanathan, said …

UK’s unemployment rate has increased over the first three months of the year as skyrocketing inflation puts further pressure on the labor market, according to official data released on Tuesday. According to a report by the National Bureau of Statistics, the unemployment rate across the UK climbed from 3.8 percent …

US Treasury Secretary Janet Yellen has warned once more that the United States is on track for default in June if the opposing Republican lawmakers do not approve the proposed budget bill hinged on debt increase and decrease in public spending. It is likely that the US could default on …

US President Joe Biden and congressional Republicans enter a critical week for debt-ceiling talks hoping they can find common ground on spending levels and energy regulations to avert a devastating default. Though the two sides did not appear close to an agreement, the White House has not ruled out the …

A British think tank has warned that nearly 1.6 million British households are yet to encounter a 2,300 pound ($2,903) payment surge following the mortgage rate increase amid the UK’s persisting housing crisis. According to the Resolution Foundation’s report, which focuses on living standards, only about half of the 7.5 …

OPEC and its allies pumped 380,000 b/d fewer barrels of crude oil in April compared to March, according to the latest Platts survey by S&P Global Commodity Insights, as Iraq was unable to export its northern production, while Nigeria suffered major outages. OPEC’s 13 members produced 28.60 million b/d, down …

The International Monetary Fund (IMF) has warned of severe consequences for the global economy if the United States defaults on its debt. The IMF raised the alarm on Thursday ahead of a rapidly-approaching deadline for US lawmakers to suspend or approve the raising of the government’s colossal debt ceiling. “Our …

The US Justice Department has announced the first transfer of assets illegally confiscated from a Russian businessman to a fund purportedly intended for “rebuilding Ukraine” amid its persisting efforts to punish entities on good terms with Moscow. US Attorney General Merrick Garland declared in a statement on Wednesday the first …

The Iraqi Parliamentary Finance Committee is hosting daily meetings with ministers and concerned departments that constitute government spending units to discuss key expenditure items, financial allocations, and comparisons with the budgets of 2019 and 2021. The committee also focuses on the main sources of revenue for these units, which will …

Basra crude prices on Wednesday, showed a mixed trend amid a drop in global oil prices. Basra Heavy crude experienced a slight increase of 1.04%, rising by 75 cents to $72.75. On the other hand, Basra Medium crude prices declined by 1%, falling by 75 cents to reach $75.90. In …

US President Joe Biden and top Republicans and Democrats from Congress are set to sit down this week to try to resolve a three-month standoff over the $31.4 trillion U.S. debt ceiling and avoid a crippling default before the end of May. The Democratic president is calling on lawmakers to …

The International Monetary Fund (IMF) has projected a reduction in Iraq’s external debt by $1.2 billion in 2023, according to its latest report for May, titled “Safeguarding Macroeconomic Stability Amid Ongoing Uncertainty in the Middle East and North Africa.” The report highlights that “Iraq’s external debt is expected to decrease …

New orders at German factories have registered the biggest plummet since the covid-19 pandemic outbreak in 2020, according to the latest data which has raised fears that Europe’s biggest economy might slip into recession. Demand for new orders declined by 10.7% on a seasonally and calendar-adjusted basis in March 2023 …