Business

Iraqi oil bosses were wooed by shopping trips, cash and offers of new TVs from businessmen seeking lucrative contracts to rebuild export infrastructure after the U.S. invasion that brought down former ruler Saddam Hussein, British prosecutors told a London jury. Michael Brompton, a prosecutor for the U.K.’s Serious Fraud Office, …

European shares reversed course and edged lower on Wednesday as US President Donald Trump threatened to impose high tariffs on imports of cars from the European Union, pushing automobile stocks to a three-month low. Speaking at the World Economic Forum in Davos, Switzerland, Trump warned of the tariffs if the …

The European Union is bracing for a stormy opening to post-Brexit trade talks as it puts the finishing touches to a negotiating mandate that will offer Britain worse trading terms than it has given Canada. Senior EU figures expect a series of early rows over the conditions attached to market …

The world’s billionaires have doubled in the past decade and are richer than 60 percent of the global population, the charity Oxfam said Monday. It said poor women and girls were at the bottom of the scale, putting in “12.5 billion hours of unpaid care work each and every day,” …

The global economy has come under pressure from the threat of further trade sanctions by the US, social unrest and the climate emergency, limiting its recovery over the next two years, the International Monetary Fund has warned. In its half-yearly update, the Washington-based lender of last resort said the global …

Oil production is reported to have stopped at the 70,000-BPD Al Ahdab field on Sunday, as security guards seeking permanent employment blocked access to the site. According to Bloomberg, the 50,000-BPD Badra field is also at risk of closure from Monday. Al Ahdab is developed by China’s CNPC, while Badra …

The US and China are signing an agreement aimed at easing a trade war that has rattled markets and weighed on the global economy. Speaking in Washington, US President Donald Trump hailed the pact as a “really momentous breakthrough”. China has pledged to boost US imports by $200bn above 2017 …

U.S. stock indexes rose to a near all-time high on Monday on optimism about the imminent signing of a preliminary U.S.-China trade deal as well as the start of the fourth-quarter corporate earnings season. Apple Inc (AAPL.O), Facebook Inc (FB.O), Netflix Inc (NFLX.O) and Microsoft Corp (MSFT.O) were the top …

Wall Street’s current love for Tesla has lifted its shares to a level never before achieved by a US automaker. Tesla shares, which are up more than 160% since hitting a 52-week low last June, now have a market value of $86.5 billion. That gives the electric car-maker the distinction …

US employers downshifted their hiring in December, adding 145,000 jobs as consumer spending appeared to aid gains in the retail and hospitality sectors. The Labor Department said Friday that the unemployment rate held at 3.5% for the second straight month, prolonging a half-century low. Hiring slipped after robust gains of …

Deliberate internet shutdowns by governments across the world in 2019 have cost economies over $8 billion, according to a new report by Top10VPN. Shutting down the internet as a tactic to stifle dissent came to prominence during the 2011 Egyptian uprising when the government cut off access for several days …

President Donald Trump has claimed that the United States no longer needs Middle Eastern oil, but according to a Bloomberg report, American refineries still use the kind of oil the Middle East region produces. “We are now the number-one producer of oil and natural gas anywhere in the world. We …

Markets are stabilizing in early trading on Wall Street after being roiled overnight following an Iranian missile attack on U.S. bases in Iraq. The strike was in retaliation for the killing of an Iranian general last week. Stocks opened mostly higher and oil prices retreated after spiking overnight on the …

Crude oil futures topped $70 per barrel in early trading Monday amid rising tensions in Iraq and Iran following the killing of a top Iranian military commander in Baghdad. Benchmark Brent crude futures reached $70.72 early in Monday’s session, up 1.28 percent, before falling back below the $70 mark to …

Jeff Bezos is still the richest person in the world, even after losing $10 billion in one year. The Amazon founder held onto the top spot in the final day of the 2019 Bloomberg Billionaire Index with an estimated net worth of $115 billion. He’s trailed closely by Microsoft founder …

More than three in five shoppers say they intend to spend less, with “fast fashion” hit the hardest Environmental concerns are expected to see retailers take a £200m hit as consumers spend less than usual in the post-Christmas sales. A survey by Barclaycard found that 62% of shoppers intend to …

The governor of the central bank of Lebanon, officially known as Banque du Liban, says efforts are underway to tackle the worsening financial crisis that has caused several businesses to close and many people to lose their jobs amid growing fears about the country’s economic future. “We are solving the …

U.S. shoppers spent more online during this year’s holiday shopping season, a report by Mastercard Inc showed on Wednesday, with e-commerce sales hitting a record high. The holiday shopping season is a crucial period for retailers and can account for up to 40% of annual sales. But this year, Thanksgiving, …

China is in close touch with the United States on signing a Phase 1 trade deal, the country’s commerce ministry said on Thursday, adding that both sides are still going through necessary procedures before the signing. Gao Feng, a commerce ministry spokesman, made the comments to reporters at a regular …

A revamped common currency in West Africa known as the ECO will be launched in 2020, according to French President Emmanuel Macron. The ECO is supposed to replace the CFA franc which is currently being used in eight West African countries and six countries in central Africa. During a trip …