Business

European bank shares tumbled on Friday in the wake of a dramatic sell-off in U.S. lenders as concern spread that the sector will be vulnerable to the rising cost of money. Europe’s STOXX banking index fell more than 4%, set for its biggest one-day slide since early June, with declines …

The Iraqi Ministry of Transport announced that the construction works in the five berths of Al-Faw Grand Port reached 41 percent, noting that it is intending to purchase advanced ships from international providers. The Iraqi Ministry of Transport mentioned in a statement that the technical department prepared a complete plan, …

Iraq has raised the official selling price (OSP) for Basra intermediate crude to Asia by 0.11% $79.3 a barrel. The price tag of the heavy counterpart rose by 0.12% to $73.55. Oil slipped on Wednesday, giving up an earlier gain, as signs of ample supply and rising U.S. crude inventories …

The bank’s chief analyst expects the benchmark S&P 500 to slump sharply US stocks have soared to unsustainable highs and could crash 26% within months, Morgan Stanley’s top strategist has warned. In an analyst note the bank’s chief US equity strategist, Mike Wilson, said that the current level of stock …

Lebanon’s struggling banks on Friday decided to suspend their strike, which started earlier this month, for one week after caretaker Prime Minister Najib Mikati asked them to do so. The Association of Banks in Lebanon did not give further details about the suspension. The strike began Feb. 7 in protest …

The Iraqi government is expected to vote on oil’s reference price in the 2023 budget in its next meeting, lawmaker Ali Saadoun al-Lami said on Friday. “The cabinet has already discussed the reference price of oil in the budget,” al-Lami told News Agencies, “a vote on the bill is expected …

US consumer spending increased by the most in nearly two years in January amid a surge in wage gains, while inflation accelerated, adding to financial market fears that the Federal Reserve could continue raising interest rates through summer. The report from the Commerce Department on Friday was the latest indication …

International financial crime watchdog the Financial Action Task Force (FATF) said on Friday it was adding South Africa and Nigeria to its so-called “grey list” of countries under special scrutiny to implement standards to prevent money laundering and terrorism financing. The FATF is an inter-governmental organisation that underpins the fight …

Turkey has launched a temporary wage support scheme and banned layoffs in 10 cities on Wednesday to protect workers and businesses from the financial impact of the massive earthquakes that hit the south of the country earlier this month. A 7.8 magnitude earthquake on Feb. 6 killed more than 47,000 …

The Taliban administration will move ahead with plans to turn former foreign military bases into special economic zones for businesses, the acting deputy prime minister for economic affairs said in a statement on Sunday. The acting commerce minister had told Reuters in December that his ministry was working on the …

An “ever-increasing” number of households in the UK, including teachers, pensioners, and employees of the NHS, are turning to food banks for assistance as a result of the cost of living issue and the country’s high inflation, according to new statistics. The research conducted by the Independent Food Aid Network …

Oil prices fluctuated in a narrow range on Thursday as the market weighed mixed U.S. economic signals and prospects for a Chinese demand recovery with a build in U.S. crude stockpiles and a stronger dollar. Brent crude futures rose 7 cents to $85.45 a barrel by 11:33 a.m. EST (1633 …

China on Thursday put Lockheed Martin and a unit of Raytheon Technologies on an “unreliable entities list” over arms sales to Taiwan, banning them from imports and exports related to China in its latest sanctions against the U.S. companies. The measures come amid heightened tensions after the U.S. military shot …

Price growth nevertheless remains close to a 40-year high, official data shows British inflation fell by more than expected last month, to 10.1% annually, which is the lowest reading since September, the Office for National Statistics (ONS) reported on Wednesday. Data showed that the decline in the consumer price index …

The Iraqi Prime Minister, Mohammed Shia Al-Sudani, discussed a few days ago ways to enhance political, diplomatic, economic and commercial cooperation, with the President of the United Arab Emirates, Sheikh Mohammed bin Zayed Al Nahyan, according to a press statement issued by the Prime Minister’s press office. The meeting between …

EU residents, particularly Italians, are struggling to pay for food and other amenities with many saying their standard of living has fallen drastically due to the increased interest rates by the European Central Bank. The recent decision by the European Central Bank to raise interest rates by a further 0.5% …

Amman’s trade chamber of Iraq’s business council in Amman on Friday signed a memorandum of understanding (MoU) to bolster partnerships and develop the economic cooperation between Iraq and Jordan. The Memorandum was signed by the head of Amman’s trade chamber, Khalil al-Haj Tawfiq, from the Jordanian side, and the chairman …

Iraq’s Prime Minister Mohammad Shia al-Sudani on Tuesday said that his government’s program includes “clear-cut and serious” solutions for the currency crisis in the country. Al-Sudani’s remarks came during a meeting with the head of al-Wataniya Coalition, Ayad Allawi, in Baghdad earlier today. According to a readout by his bureau, …

About one in five British adults turned to eating food past its use-by date or consuming smaller portions this winter, the executive office of the UK Statistics Authority has revealed, as the cost-of-living crisis weighs heavily on people’s lives. According to a damning report published by the Office for National …

An OPEC+ panel is likely to recommend keeping the oil producer group’s current output policy unchanged when it meets this week, three OPEC+ delegates told Reuters on Monday. Ministers from OPEC+ countries – members of the Organization of the Petroleum Exporting Countries (OPEC) and others including Russia – are due …