Business

Saudi Arabia’s state-owned oil company Saudi Aramco has just pulled off the biggest initial public offering (IPO) in history, raising $25.6 billion. The IPO, however, fell short of the Saudi Crown Prince’s $2 trillion valuations. The company sold 3 billion shares priced at 32 riyals ($8.53) each. The mega-float exceeds …

The parent company of Premier League champions Manchester City has announced a £389m investment from US private equity firm Silver Lake. The deal breaks a record in global sports valuations, making holding company City Football Group (CFG) worth £3.73bn ($4.8bn). The US private equity firm is buying around 10% of …

German luxury carmaker Audi said Tuesday it planned to slash 9,500 jobs in Germany by 2025 as part of a massive overhaul to help finance a costly switch to electric vehicles. The job cuts will be achieved through an early retirement programme and natural turnover at its two German plants, …

Bitcoin has fallen beneath the $7,000 psychological price range as global markets took a breather Saturday amid the ongoing trade dispute between the U.S and China. The world’s largest cryptocurrency by market value dropped beneath its temporary supports near the $7,000 price level at around 22:46 UTC (5:46 p.m. New …

Tesla has received almost 150,000 orders for its new pickup truck, boss Elon Musk has said, despite an embarrassing hiccup at its launch. Mr. Musk was caught out on stage when the windows of the Cybertruck shattered during a demonstration supposed to show their durability. Tesla shares dived 6.1% after …

Egypt said on Saturday it had signed several multimillion-dollar energy investment accords including a $430-million deal for Texas-based Noble Energy to pump natural gas through the East Mediterranean Gas Company’s pipeline. Under another agreement with Noble, which will also be financed by the U.S. International Development Finance Corporation, the energy …

Oil fell for a second day on Tuesday, dropping to around $62 a barrel on limited progress towards resolving the U.S.-China trade dispute, higher-than-expected Norwegian oil output and forecasts of rising U.S. crude inventories. A Chinese government source was quoted by CNBC on Monday as saying there was gloom in …

Oil prices fell on Friday fueled by concerns about rising supplies next year, although losses were checked by signs of progress toward ending the U.S.-Chinese trade row. White House economic adviser Larry Kudlow said on Thursday a deal was “getting close”, citing what he described as very constructive discussions with …

Operations have resumed at Iraq’s Umm Qasr commodities port near Basra, a port official said on Saturday. All the port’s terminals were operating on Saturday, and ships began to unload cargo at terminals, the source said. Umm Qasr receives imports of grain, vegetable oils and sugar shipments that feed a …

Iraq’s oil production and export rates remain stable, Oil Minister Thamer Ghadhban said on Saturday, as the country remained gripped by widespread anti-government protests. “Ghadhban pointed to the stability of production and export rates, and the extractive side was in very good health,” a statement from his ministry read. The …

Qi.iQ Smart Card Company has won an award at the Global Event (International Finance Award 2019) as the Best Smart Card- Finance 2019 Iraq receives this award for the first time in its history, which is the result of a great national effort by an Iraqi electronic payment company which …

The U.S. government has launched a national security review of TikTok owner Beijing ByteDance Technology Co’s $1 billion acquisition of U.S. social media app Musical.ly, according to two people familiar with the matter. While the $1 billion acquisition was completed two years ago, U.S. lawmakers have been calling in recent …

Baghdad International Fair, which was due to start next Friday, has reportedly been postponed for 10 days. It is now scheduled to run from 11th to 20th November. The postponement comes as protests continue to cause disruption in Baghdad and throughout the country.

US-based economists Abhijit Banerjee, Esther Duflo, and Michael Kremer have won the 2019 Nobel Economics Prize for their work in fighting poverty that has helped millions of children around the world. French-American Duflo becomes only the second female economics winner in the prize’s 50-year history, as well as the youngest …

An Iraqi delegation headed by Prime Minister Adil Abdul Mahdi signed eight Memorandum of Understanding (MoU) on Monday with China to develop economic and trade ties between the two countries. The delegation consisted of 55 high-ranking individuals, including ministers, officials, and provincial governors. During the visit, the delegates signed eight …

One of the world’s oldest travel firms, Thomas Cook Group, has entered compulsory liquidation effective immediately. With all flights and tours canceled, the collapse will affect hundreds of thousands of travelers around the world. It is estimated that at least 600,000 people all across the globe will be affected, forcing …

Qatar Airways reported a loss of 2.3 billion Qatari riyals ($639 million) on Wednesday for the year ending March 31, as it grappled with the second year of an embargo by neighbors that has restricted its air routes and driven costs higher. The results mark a steeper loss from the …

Iraq on Saturday signed a gas plant development deal worth USD 1.3 billion with German industrial group  and Egypt-based firm Orascom, as part of efforts to rebuild the war-torn country’s electricity infrastructure. The contract was sealed amid ongoing talks over Iraq’s energy infrastructure in the capital Baghdad, the Iraqi ministry …

Iraqi political and economic circles are optimistic about the upcoming four-day visit of Iraqi Prime Minister Adel Abdul Mahdi to Beijing on September 19. It is reported in some economic circles that the visit will lead to the signing of about 30 memorandums of understanding (MoU) between Baghdad and Beijing …

A U.S. Navy destroyer sailed near islands claimed by China in the South China Sea on Friday, the U.S. military said, a move likely to anger Beijing. The busy waterway is one of a growing number of flashpoints in the U.S.-Chinese relationship, which include an escalating trade war, American sanctions …