October 2022

Debt levels to be highest in 60 years under new UK leader

iraqbulletin.coOctober 22, 2022

October 22, 2022

The British government’s debt has risen to the highest level in almost 60 years last month, and retail sales have slumped, which highlights the scale of the economic challenges that anyone who replaces Prime Minister Liz Truss faces after her administration collapsed under the weight of a failed financial plan,......

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Italy swings to the right under Giorgia Meloni as PM

iraqbulletin.coOctober 22, 2022

October 22, 2022

The country’s most right-wing government since World War Two has been set in motion with the appointment of Giorgia Meloni as its first female prime minister. Meloni, leader of the nationalist Brothers of Italy, won an election last month in alliance with Silvio Berlusconi’s Forza Italia and Matteo Salvini’s League.......

Business

Annual inflation up to 9.9 percent in the euro area, up to 10.9 percent in the EU

iraqbulletin.coOctober 22, 2022

October 22, 2022

Annual inflation in the euro area rose from 9.1% in August to 9.9% in September 2022. The rate was 3.4% a year earlier. In September 2022, inflation in the European Union was 10.9%, up from 10.1% in August. According to Eurostat, the European Union’s statistical office, the rate was 3.6%......

Business

Big earnings week lifts US stocks, but Tesla sinks

iraqbulletin.coOctober 21, 2022

October 21, 2022

US stocks rose in morning trading Thursday as markets searched for direction amid mixed earnings news. S&P 500 rose 0.8% as of 10:13 AM EST. Dow Jones Industrial Average gained 339 points, or 0.1%, to 30,757, and Nasdaq climbed 1%. Increasing Treasury yields have pushed mortgage and other loan rates......

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Two-way race for next British PM between Boris Johnson and Rishi Sunak

iraqbulletin.coOctober 21, 2022

October 21, 2022

Boris Johnson and Rishi Sunak were the frontrunners in a fast-tracked race to succeed Liz Truss as British Prime Minister on Friday. The party’s hopes of turning its fortunes around are being boosted by Truss’ resignation, which ended her six weeks in power on Thursday. She will be replaced by......

Business

Tesla will not overtake Apple in market value – Wall Street analysts

iraqbulletin.coOctober 21, 2022October 21, 2022

October 21, 2022October 21, 2022

In a report published today by Bloomberg, Wall Street analysts disputed Elon Musk’s claim that Tesla Inc. would one day surpass Apple Inc. and Saudi Aramco in valuation. In an article by Bloomberg, the electric-vehicle maker reported poor third-quarter results, missing revenue and margin estimates but beating profit estimates. The......

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World Future Energy Summit 2023 will provide a key sustainability blueprint

iraqbulletin.coOctober 20, 2022

October 20, 2022

Next January, Abu Dhabi will host the 15th World Future Energy Summit, a leading business event on future energy and sustainability. The conference will provide practical solutions to both global leaders and the international energy industry, helping them to move towards more sustainable energy. The World Future Energy Summit 2023......

Business

French cement company Lafarge admits making payments to the Daesh group

iraqbulletin.coOctober 19, 2022

October 19, 2022

Lafarge, a French cement company, admitted Tuesday it paid millions of dollars to Daesh to keep a plant operational in Syria. This was during a time when the militant group enslaved and tortured Westerners. The company agreed to pay approximately $778 million in penalties. According to the Justice Department, it......

Business

Debt forgiveness by late 2023, IMF staff agreement with Somalia

iraqbulletin.coOctober 18, 2022

October 18, 2022

A team from the International Monetary Fund (IMF) reached an agreement with Somalia that will allow the release of about $10 million to that country once it has been approved by the IMF’s board, according to the head of the mission of the IMF. Somalia’s Extended Credit Facility was reviewed......

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As more rain is forecast for Australia, the flood crisis is expected to worsen

iraqbulletin.coOctober 18, 2022

October 18, 2022

Weather forecasters warned of more downpours later this week, while swollen rivers swept downstream inundating farms, towns and homes across southeast Australia on Tuesday. According to the Bureau of Meteorology, the Murray River, Australia’s longest river, which straddles the border between New South Wales and Victoria, could reach a near......