Business

Brazilian President Luiz Inacio Lula da Silva said on Monday he believes the country’s economy will grow “more than pessimists think,” noting he does not agree with forecasts of a slow gross domestic product growth. Lula said at a meeting with ministers his administration would announce further moves next week …

Iraqi Prime Minister Muhammad S. al-Sudani announced that there are strategic projects to be launched with Turkey and that Saudi Arabia can invest up to $100 billion in Iraq. In a recent television interview with Al-Jazeera Channel, he highlighted that Iraq has the highest population growth rate in the region …

The Ministry of Oil announced, today, Sunday, that it decided to reduce voluntary production at a rate of 211 thousand barrels per day, starting from next May until the end of this year. The Ministry stated in a statement: “It was decided to reduce voluntary production at a rate of …

India has opted to offer its Indian Rupee (INR) as a trade currency alternative to the US dollar after it unveiled its latest “dynamic and responsive” foreign trade policy in a bid for de-dollarization. According to the Indian Commerce Secretary Sunil Barthwal, Indian Rupee will be used in trade countries …

After long disagreements, it seems that the federal government and the regional government finally agreed on a joint mechanism to sell Kurdistan’s oil. Sources revealed that representatives of the Kurdistan region and the federal government, during a meeting held on Friday in Baghdad, agreed on a new mechanism to jointly …

Elon Musk asked a U.S. judge on Friday to throw out a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support the cryptocurrency Dogecoin. In an evening filing in Manhattan federal court, lawyers for Musk and his electric car company Tesla Inc called the lawsuit by …

Iraqi Prime Minister Mohammed Shia al-Sudani has inaugurated the Karbala oil refinery which has a production capacity of 140,000 barrels per day (bpd), his office said in a statement on Saturday. In January, a source at the refinery told Reuters commercial production will be a test run at 60 percent …

China and Brazil have reached a deal to trade in their own currencies, ditching the US dollar as an intermediary, the Brazilian government said Wednesday, Beijing’s latest salvo against the almighty greenback. According to Press TV, the deal will enable China, the top rival to US economic hegemony, and Brazil, …

China and Brazil have reached a deal to trade in their own currencies, ditching the US dollar as an intermediary, the Brazilian government said, Beijing’s latest salvo against the almighty greenback. The deal will enable China, the top rival to US economic hegemony, and Brazil, the biggest economy in Latin …

Iraq halted crude exports from the semi-autonomous Kurdistan region and northern Kirkuk fields on Saturday, an oil official told Reuters, after the country won a longstanding arbitration case against Turkey. Turkey informed Iraq that it will respect the arbitration ruling, a senior Iraqi oil official said. Turkish shipping officials informed …

The move follows US oil giant’s pull-out from Chad in December Chad’s energy ministry has announced the nationalization of all the assets and rights that belonged to a subsidiary of US oil major ExxonMobil, including hydrocarbon permits as well as exploration and production permits, according to a Reuters report on …

Iraqi Prime Minister Mohammad Shia al-Sudani on Wednesday invited Turkish businesspersons to relocate their industrial and commercial activities to the industrial city adjacent to Basra’s al-Faw port in southern Iraq. According to a statement issued by his bureau, al-Sudani met this morning with a group of Turkish businessmen, investors, and …

The Kuwait Oil Company declared a “state of emergency” on Monday following an oil spill on land, but said no injuries or disruption to production had been reported. The emergency followed an “oil leak in the west of the country”, the state-owned company said in a statement, as video posted …

Households will get poorer and pay more tax over the coming years, a think tank projects Real wages in the UK will not return to their 2008 level until 2026 despite an easing of inflation, the Resolution Foundation, an independent think tank, reported this week in its analysis of the …

Talks between French oil major TotalEnergies and Iraq to resolve sticking points in a long-delayed $27 billion energy deal “have reached advanced stages”, Iraqi oil minister Hayan Abdel-Ghani said on Sunday. “We will activate the deal very soon,” Abdel-Ghani said at an energy event. The proposed deal, which Baghdad hopes …

Oil prices clawed back some ground on Thursday after sliding to 15-month lows in the previous session as markets calmed somewhat after Credit Suisse was thrown a financial lifeline by Swiss regulators. But battered by fears of a deepening crisis for banks worldwide, market sentiment remained fragile with both benchmarks …

Iraq’s Prime Minister Mohammed Shia al-Sudani said that the budget for the next three years will practically implement the objectives of the government program. Speaking at the seventh al-Sulaymaniyah Political and Economic International Forum, al-Sudani said, “Our government pledged to provide services to our people and build a strong and …

Lawmaker Bryar Rashid on Monday said the budget the government approved today is the largest in Iraq’s history. According to Rashid, the Iraqi Cabinet has approved the budget for the fiscal years 2023, 2024, and 2025, which totals 200 trillion Iraqi dinars a year (approximately $136 billion USD). The lawmaker …

Regulators shut down Signature Bank after its shares plunged in the wake of Silicon Valley Bank’s failure New York-based Signature Bank was shut down by US regulators on Sunday, becoming the third failure in the country’s banking industry in less than a week. According to a joint statement from the …

The Iraqi Cabinet has approved the budget bill for the fiscal years 2023, 2024, and 2025, a statement by Prime Minister Mohammed Shia al-Sudani’s bureau said. The bill will now be sent to parliament for further discussion and voting. On Sunday, Finance Minister Taif Sami said the draft budget bill …