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☆ Tucker Carlson: Democrats arrested Trump because 7 years ago he said Bush lied about Iraq
▼ + stars: | 2023-06-14 | by ( John Cook | ) www.businessinsider.com time to read: +4 min

On the third installment of "Tucker on Twitter," Carlson said Trump's arrest was for accusing George W. Bush of lying about Iraq in 2016. "We can point to the precise moment that permanent Washington decided to send Donald Trump to prison," Tucker said: Feburary 16, 2016. That's the day of a Republican primary debate in Greenville, South Carolina, at which Trump violated Republican orthodoxy by accusing George W. Bush of lying in the run-up to the Iraq War. 3 America's principles are at stake pic.twitter.com/eJNSUVvvqY — Tucker Carlson (@TuckerCarlson) June 13, 2023"We should never have been in Iraq," Trump said at the debate. And because Trump said it, Carlson argued, the clock started on a process that led to his arrest this week.

Persons: Tucker, Carlson, George W . Bush, —, Tucker Carlson, Donald Trump wasn't, George W, Bush, Donald Trump, eJNSUVvvqY — Tucker Carlson, Trump, Hillary Clinton, Barack Obama, Obama, John Dingell, Sen, Al Franken, Elijah Cummings, Ernest " Fritz, Hollings Organizations: Twitter, Service, Privacy, Fox, Trump, GOP, Republican Party, National Archives, Records Administration, Democratic, Rep, Intelligence, U.S . Intelligence Community's Locations: Iraq, Washington, Greenville , South Carolina

☆ 67% of brands are spending more on influencer marketing this year, according to a new survey. Here's where they're diverting funds from and how they're measuring results.
▼ + stars: | 2023-06-14 | by ( Nhari Djan | ) www.businessinsider.com time to read: +3 min

Some are diverting the money from other areas, like paid advertising, as overall marketing budgets face scrutiny. Here's what the study said about how and why brands are spending on influencer marketing in 2023. A new study from the creator-focused marketing platform CreatorIQ shows brands are investing more in influencer marketing and seeing results. It found 67% of the companies surveyed increased their influencer-marketing budgets from 2022 to 2023. Most of the brands that increased their influencer-marketing budgets — 76% — were diverting funds away from other marketing activities.

Persons: CreatorIQ, That's, Brittni Starr, Starr Organizations: Brands, CreatorIQ's

Italian premiers have been given state funerals in the past, but this is the first time a national day of mourning has been called for one. Italy is ruled by a right-wing coalition of Prime Minister Giorgia Meloni's party Brothers of Italy, Matteo Salvini's League and Berlusconi's former party Forza Italia. Bindi, a woman often targeted by Berlusconi's sexist jibes, said the national day of mourning was "disrespectful towards the majority" of Italians who opposed the late leader. WREATHS AND SOCCER BANNERS[1/9] People wait for the funeral of former Italian Prime Minister Silvio Berlusconi, in Milan, Italy June 14, 2023. Hungarian Prime Minister Viktor Orban was also confirmed, but few other senior European politicians were expected.

Persons: Silvio Berlusconi, Berlusconi, Giuseppe Conte, Rosy Bindi, Giorgia, Matteo Salvini's, Donald Trump, Tomaso Montanari, Nardi, Lucia Adiele, Sergio Mattarella, Elly Schlein, Mario Draghi, Mario Monti, Paolo Gentiloni, Emir Sheikh Tamim bin Hamad, Mohammed Shia, Al Sudani, Viktor Orban, Cristiano Corvino, Angelo Amante, Alvise Armellini, Federico Maccioni, Alexandra Hudson, Gavin Jones Organizations: MILAN, Italian, Reuters, Matteo Salvini's League, Forza Italia, European Commission, Siena's University for Foreigners, REUTERS, Democratic Party, Thomson Locations: Milan's Cathedral, Milan, Italy, Altamura, Thani

☆ UBS Just Outlined the Key People Tasked With Integrating Credit Suisse
▼ + stars: | 2023-06-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

Monday marked the official closing of UBS' acquisition of Swiss rival Credit Suisse, a deal both sides weren't exactly thrilled about. Specifically, the bank identified the Credit Suisse execs sitting in positions of power within its investment bank and wealth management division. UBS has not been bashful in hinting at what it is, and is not, interested in integrating from Credit Suisse. Credit Suisse was in rough shape by the time it got acquired, but that's not to say there weren't talented bankers there. Read more about the leaders of UBS' wealth and investment bank teams following its Credit Suisse deal.

Persons: Dan DeFrancesco, we've, Insider's Michelle Abrego, Kaja Whitehouse, that's, Read, Alexander Soros, George Soros, Jeffrey Epstein, Thoma, Nasdaq's, Morgan Stanley, Sam, Here's, Alex Soros, it's, We've, Jeffrey Cane, Hallam Bullock Organizations: Nasdaq, UBS, Swiss, Credit Suisse, Suisse, Credit Suisse execs, Lehman Brothers, George Soros Getty, JPMorgan, Thoma Bravo, Soros, Open Society Foundation, LinkedIn Locations: secondaries, New York, London

Adenza was created in 2021 when Thoma Bravo merged Calypso Technologies with AxiomSL and is expected to generate about $590 million in revenue this year. As part of the Adenza deal, Thoma Bravo will get a 14.9% stake in Nasdaq, making the private equity firm one of the company's biggest shareholders. Nasdaq said buying Adenza is expected to increase the medium-term organic revenue growth outlook for its Solutions Businesses, which designs and develops financial software for investors, from 7%-10% to 8%-11%. Goldman Sachs & Co and J.P. Morgan Securities are financial advisers to Nasdaq, while Qatalyst Partners is lead financial advisor to Thoma Bravo and Adenza. Wachtell, Lipton, Rosen & Katz is serving as legal adviser to Nasdaq, while Kirkland & Ellis is serving as legal adviser to Thoma Bravo and Adenza.

Persons: Thoma, Adena Friedman, Morningstar, Michael Miller, Friedman, Adenza, Andrew Bond, Holden Spaht, Thoma Bravo's Spaht, Goldman Sachs, Wachtell, Lipton, Katz, Ellis, Manya Saini, Anirban Sen, John McCrank, David French, Milana, Michelle Price, Sruthi Shankar, Nivedita Bhattacharjee, Nick Zieminski, Lisa Shumaker Organizations: Thoma Bravo, Nasdaq Nasdaq, Nasdaq, Calypso Technologies, REUTERS, OMX, International Securities Exchange, Rosenblatt Securities, Solutions, Goldman Sachs & Co, Morgan Securities, Qatalyst, Rosen, Kirkland, Adenza, Thomson Locations: New York City, U.S, Adenza, Bengaluru, New York, Washington

☆ Brands are investing more in influencer marketing, pulling funds from other areas like paid ads as overall budgets face scrutiny
▼ + stars: | 2023-06-12 | by ( Nhari Djan | ) www.businessinsider.com time to read: +3 min

Some are diverting the money from other areas, like paid advertising, as overall marketing budgets face scrutiny. Here's what the study said about how and why brands are spending on influencer marketing in 2023. Brands are funneling more of their advertising budgets to influencer marketing, new data suggests. A new study from the creator-focused marketing platform CreatorIQ shows brands are investing more in influencer marketing and seeing results. That's despite the increased scrutiny on marketing budgets overall, the report said.

Persons: CreatorIQ, That's, Brittni Starr, Starr Organizations: Brands, CreatorIQ's

The budget deficit is estimated at a record 64.36 trillion Iraq dinars, more than double the last budget deficit in 2021, according to a budget document and lawmakers. The budget sets the exchange rate for oil revenues in U.S. dollars at 1,300 dinars per dollar. It will remain valid through 2025, though it is subject to amendment, including to the oil price it uses given its near-total dependence on oil revenue. To break even, Iraq required an oil price of $96 bpd, it said, while the price averaged $71.3 bpd in May. Baghdad previously had no say over Kurdistan's expenditure of oil revenues, with Kurdistan unilaterally exporting crude via Turkey despite Baghdad's objections.

Persons: Mohammed Nouri, Ahmed Tabaqchali, Ahmed Rasheed, Timour, Shri Navaratnam, Robert Birsel Organizations: Media, REUTERS, London School of Economics Middle East Center, Monetary Fund, Thomson Locations: Baghdad, Iraq, REUTERS BAGHDAD, Kurdistan, Iraqi, Turkey, Erbil, Iraq's, Kurdish, Ankara

☆ Stocks making the biggest moves before the bell: Nasdaq, Illumina, Oracle, Carnival & more
▼ + stars: | 2023-06-12 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Nasdaq — The exchange operator's shares dropped 7.7% following the announcement of its deal to buy Adenza, the software firm owned by Thoma Bravo. Illumina — The biotech stock rose 2% in premarket trading after Illumina announced a CEO transition plan on Sunday. Bill.com — Shares shed 4.8% in the premarket after Morgan Stanley downgraded the expense management platform to equal weight from overweight. Oracle — The IT stock added 4.7% in Monday's premarket as investors awaited earnings for the fiscal fourth quarter expected after the bell. The Wall Street firm upgraded shares to overweight, citing continued demand momentum in the cruise industry.

Persons: Thoma Bravo, Illumina, Francis deSouza, Carl Icahn, Nio, Nomura, Morgan Stanley, Bill.com, Wolfe, —, Jesse Pound, Samantha Subin, Michelle Fox Organizations: Nasdaq, Thoma, Oracle, Wolfe Research, ISI, Barclays, JPMorgan Locations: Monday's premarket

☆ Nasdaq just announced a $10.5 billion deal to scoop up a behind-the-scenes tech provider for Wall Street
▼ + stars: | 2023-06-12 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +3 min

Nasdaq announced plans to acquire Adenza from PE firm Thoma Bravo. Nasdaq has looked to add new tech solutions to its business under CEO Adena Friedman. The exchange operator announced plans to acquire behind-the-scenes tech provider Adenza in a cash-and-stock deal valued at $10.5 billion. Adenza, owned by private equity firm Thoma Bravo, provides risk management and regulatory tech for banks and brokerages. In the wake of the deal, Nasdaq's solutions business will account for 77% of the company's total revenue.

Persons: Thoma, Adena Friedman, Holden Spaht, Friedman, Freidman, Goldman Sachs, Piper Sandler Organizations: Nasdaq, Thoma Bravo, Wall, JPMorgan, Qatalyst Partners, Barclays, Citi, Evercore, HSBC, Jefferies

☆ Iraq to pay $2.76 billion in gas and electricity debt to Iran
▼ + stars: | 2023-06-10 | by ( ) www.reuters.com time to read: +2 min

BAGHDAD, June 10 (Reuters) - Iraq has agreed to pay about $2.76 billion in gas and electricity debt to Iran after receiving a sanctions waiver from the United States, a senior Iraqi foreign ministry official said. Due to decades of conflict and sanctions, Iraq is dependent on imports from Iran for a lot of its gas needs. However, U.S. sanctions on Iranian oil and gas have hampered Iraq's payments for imports, putting it in heavy arrears and leading Iran to retaliate by cutting gas flows regularly. Iran has been unable to access billions of dollars in assets in several countries due to U.S. sanctions. The United States has insisted that oil-rich Iraq, the OPEC group's second-largest producer, moves towards self-sufficiency as a condition for its exemption to import Iranian energy, yet Baghdad has struggled to do so.

Persons: Fuad Hussein, Antony Blinken, Ahmed Al, Sahhaf, Hussein, Yahya Al, Ahmed Rasheed, Amina Ismail, Andrew Cawthorne Organizations: U.S, Riyadh Conference, Reuters, Iraqi Foreign Ministry, Commercial Bank of Iraq, United, OPEC, Dubai, Thomson Locations: BAGHDAD, Iraq, Iran, United States, Iraqi, Riyadh, Baghdad

☆ The future of AI in finance might be about accepting what we don't know
▼ + stars: | 2023-06-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Such a suggestion is blasphemy — and potentially illegal — on Wall Street. But as AI tech continues to advance, one Wall Street executive is wondering if there isn't some wiggle room on those types of policies. But what really caught my eye was Friedman's comments around having to fully understand how the AI works. That's a fascinating thought exercise, and one worth having with how quick AI tech seems to be evolving these days. Wall Street is getting fed up with Amazon.

Persons: Dan DeFrancesco, we've, Adena Friedman, shouldn't, Simon Berlyn, Robert Kindler, Morgan Stanley, Paul, Weiss, Garrison, Marc Lasry, Frank, Charlie Javice, Sam Altman, Bernstein, Rod Stewart, We've, Jeffrey Cane, Nathan Rennolds Organizations: PE, Disney, Pixar, . Finance, Nasdaq, Bloomberg Invest, Milwaukee Bucks, JPMorgan, Amazon, Communist Party, LinkedIn Locations: NYC, Point72, Rifkind, Wharton, New York, London

☆ Arrival to convert Antara's $20 mln loan into equity (June 6)
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

June 6 (Reuters) - (This June 6 story has been corrected to say Arrival reduced its headcount by 50% in the first quarter, in paragraph 4)Arrival said on Tuesday it will convert shareholder hedge fund Antara Capital Master Fund LP's $20 million loan into equity, a move that would help the British electric-vehicle startup lower its debt load. Antara has a 1.69% stake in Arrival, according to Refinitiv data. After the exchange, Arrival will still have about $300 million of principal amount in convertible notes that can be converted into equity. EV firms have been experiencing a cash problem over the past few months, as high costs related to production ramp-ups and soaring inflation eat into their reserves. Reporting by Tiyashi Datta in Bengaluru; Editing by Anil D'Silva and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Antara, Tiyashi Datta, Anil D'Silva Organizations: EV, Corp, Thomson Locations: Kensington, Bengaluru

☆ Nasdaq's CEO outlined 3 ways firms can put up a better fight against financial crime
▼ + stars: | 2023-06-07 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

Nasdaq CEO and Chair Adena Friedman spoke about how regulators can help banks fight financial crime. A Wall Street executive has a three-point plan for regulators to consider to help banks tackle financial crime. The exchange operator is "challenging the regulators" to think of different ways to help firms in that fight, she added. Friedman, whose company acquired an anti-financial crime management tool a little over two years ago, said it starts with data sharing between financial firms. "Criminals don't just bank in one bank," she said, adding that pooling of information can help firms suss out patterns of bad behavior across different systems.

Persons: Adena Friedman, Friedman, we've Organizations: Nasdaq, Bloomberg Invest, Morning, Wall Locations: New York, Europe

☆ Pakistan's Imran Khan formally named in 'abetting' lawyer's drive-by murder
▼ + stars: | 2023-06-07 | by ( Gul Yousafzai | ) www.reuters.com time to read: +2 min

QUETTA, Pakistan, June 7 (Reuters) - Pakistani police on Wednesday formally named former prime minister Imran Khan in connection with the murder by unknown gunmen of a lawyer seeking sedition proceedings against him. Khan, who has not been charged in connection with the lawyer's murder, has dismissed all the cases against him as concocted by his opponents. Provincial government spokesman Babar Khan said Khan could face formal charges if and when the murder case goes to trial. It was not immediately clear how the link between unknown gunmen and Khan was made. Khan has accused the military and its intelligence agency of openly trying to destroy his party, saying he has "no doubt" he will be tried in a military court and thrown into jail.

Persons: Imran Khan, Khan, Rauf Hasan, Babar Khan, Abdur Razaq, Razaq, Razaq's, Siraj Ahmad, Asif Shahzad, Nick Macfie Organizations: Wednesday, Police, Reuters, Thomson Locations: QUETTA, Pakistan

☆ Nikola adjourns meeting to garner more support for share proposal
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

SAN FRANCISCO, June 7 (Reuters) - Nikola (NKLA.O) adjourned its shareholder meeting on Wednesday after failing to garner enough support for a proposal to increase the number of shares the electric truck maker is allowed to issue, delaying its prospects of raising much-needed capital. The company, like other electric vehicle makers, has been grappling with dwindling cash and weakening demand amid fears of a recession. While some proposals require a majority of shares voted, Proposal 2 needs more than 50% of all outstanding shares in favor to pass. "More than 77% of shares voted through June 6 have been in favor of Proposal 2, but more time is needed to obtain the required vote," Nikola said in a statement, adding that the meeting will reconvene on July 6. Nikola shares have dropped about 73% this year to 59 cents as of Wednesday's close, below Nasdaq's $1 threshold.

Persons: Nikola, NKLA.O, Stasy Pasterick, Michael Lohscheller, Abhirup Roy, Lisa Shumaker Organizations: FRANCISCO, bourse, Thomson Locations: San Francisco

☆ Arrival to convert Antara's $20 mln loan into equity
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

June 6 (Reuters) - Arrival said on Tuesday it will convert shareholder hedge fund Antara Capital Master Fund LP's $20 million loan into equity, a move that would help the British electric-vehicle startup lower its debt load. Antara has a 1.69% stake in Arrival, according to Refinitiv data. After the exchange, Arrival will still have about $300 million of principal amount in convertible notes that can be converted into equity. Arrival in April effected a 1-50 reverse stock split to regain compliance with Nasdaq's listing rules and said it will merge with blank-check firm Kensington Capital Acquisition Corp V (KCGI.N) to raise cash. Reporting by Tiyashi Datta in Bengaluru; Editing by Anil D'Silva and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Antara, Tiyashi Datta, Anil D'Silva Organizations: EV, Corp, Thomson Locations: Kensington, Bengaluru

"The fresh water is finished," said Khamis Adel, a lifelong fishermen and indigenous Marsh Arab from Al-Khora in Basra. It's a question asked by many who once lived off Iraq's marshlands, rich waterways which gave birth to civilization in ancient Mesopotamia. As the rivers and marshlands dry out, so too does the economy that they sustain. "Now a fisherman is nothing, they are like beggars," he said, pushing his boat along the canal in humid heat. Even after the 2003 U.S. invasion, when parts of the marshes were flooded again, water levels did not fully recover.

Persons: Essam, Khamis Adel, Mohsen, Hasan Moussa, Hasan, Naame Hasan, Adel, Saddam Hussein, Ahmed Saeed, Issam, Timour Azhari, William Maclean Organizations: REUTERS, UNESCO, of, U.N's, Organization for Migration, WE, Thomson Locations: Iraqi, Basra, Iraq, BASRA, NAJAF, Al, Khora, of Eden, Mesopotamia, Turkey, Iran, Najaf, U.S, Issam Sudani, Timour, Baghdad

Three OPEC+ sources told Reuters on Friday cuts were being discussed among options for Sunday's session, when OPEC+ ministers gather at 2 p.m. (1200 GMT) in Vienna. The sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd, announced in a surprise move in April and which took effect in May. If approved, this would take the total volume of reductions to 4.66 million bpd, or around 4.5% of global demand. The International Energy Agency expects global oil demand to rise further in the second half of 2023, potentially boosting oil prices. "There is simply too much supply," the JPMorgan analysts said in a note, noting extra cuts could amount to around 1 million bpd.

Persons: Leonhard, Russia's Novak, Hayan Abdel, Ghani, Suhail Al Mazroui, Prince Abdulaziz, Alexander Novak, Novak, Edward Moya, OANDA, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, David Holmes Organizations: Austrian, REUTERS, LONDON, OPEC, Organization of, Petroleum, Reuters, UAE's Energy, Brent, Saudi Arabia's Energy, International Energy Agency, JPMorgan, Thomson Locations: Vienna, Austria, Saudi, OPEC, Russia, Ukraine, China, India, Russian

Three OPEC+ sources told Reuters on Friday that cuts were being discussed among options for Sunday's session. The three sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd, announced in a surprise move in April and which took effect in May. If approved, this would take the total volume of reductions to 4.66 million bpd, or around 4.5% of global demand. Typically production cuts take effect the month after they are agreed, but ministers could also agree a later implementation. Two OPEC sources said the ministers could also discuss new production baselines from which each member performs cuts.

Persons: Leonhard, Hayan Abdel, Ghani, Suhail Al Mazroui, Prince Abdulaziz, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, David Holmes, Frances Kerry, Christina Fincher Organizations: Austrian, REUTERS, OPEC, Organization of, Petroleum, Reuters, UAE's Energy, Brent, Saudi Arabia's Energy, International Energy Agency, JPMorgan, Thomson Locations: Vienna, Austria, Saudi, OPEC, VIENNA, Russia, Ukraine, China, India, West, Nigeria, Angola, UAE

Three OPEC+ sources said cuts were being discussed among options for Sunday, when OPEC+ ministers gather at 2 p.m. in Vienna (1200 GMT). The sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd that was announced in a surprise move in April. Earlier, two OPEC+ sources said they did not expect the group to agree further cuts. "We will never hesitate to take any decision to achieve more balance and stability (on) the global oil market," Iraq's Oil Minister Hayan Abdel-Ghani said on arriving in Vienna. The International Energy Agency expects global oil demand to rise further in the second half of 2023, potentially boosting oil prices.

Persons: JP Morgan, Hayan Abdel, Ghani, Prince Abdulaziz, Alexander Novak, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, Kirsten Donovan, Barbara Lewis, Marguerita Choy Organizations: OPEC, Reuters, Organization of, Petroleum, Brent, Saudi Arabia's Energy, International Energy Agency, JP, Rapidan Energy Group, Thomson Locations: Saudi, VIENNA, Russia, OPEC, Vienna, Russian

☆ Analysts are bailing on this auto parts retailer after a massive earnings miss
▼ + stars: | 2023-06-01 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Advance Auto Parts ' massive earnings miss has drawn strong analyst concern. Both Goldman Sachs and JPMorgan downgraded Advance Auto Parts to neutral Thursday. Advance Auto Parts reported an adjusted 72 cents per share, far below analysts polled by Refinitiv's expectations of $2.57. AAP YTD mountain Advance Auto Parts stock is down more than 50% in 2023. Bank of America also downgraded Advance Auto Parts to neutral Thursday and slashed its price target to $85 from $178.

Persons: Goldman Sachs, Christopher Horvers, Horvers, Kate McShane, Elizabeth Suzuki, — CNBC's Michael Bloom Organizations: JPMorgan, AAP, Bank of America

☆ Get ready to sell Nasdaq stocks, according to Wall Street seasonal theory
▼ + stars: | 2023-06-01 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

It's almost time to part with the Nasdaq Composite as the tech-heavy index approaches a typically weak period, according to the Stock Trader's Almanac. In pre-election years, June is an even better month for the Nasdaq, averaging at a 2.4% gain. "Over the last 52 years June has shone brighter on NASDAQ stocks as a rule. From July 1 through Oct. 31, the Nasdaq averages a gain of just 0.2%, the Almanac pointed out. Both indexes average more muted returns during that period, leading to an old Wall Street adage that says, "Sell in May and go away."

Persons: NASDAQ's, pare, Michael M Organizations: Nasdaq, NASDAQ, Dow Jones Industrial, Traders, New York Stock Exchange, Santiago, Getty

☆ Jordan, Iraq power link to start production on July 1
▼ + stars: | 2023-05-27 | by ( ) www.reuters.com time to read: 1 min

May 27 (Reuters) - An electricity grid interconnection between Jordan and Iraq will begin supplies to Iraq on July 1, an Iraqi official was quoted as saying on Saturday. A spokesperson for Iraq's electricity ministry told the state news agency that production will start with an initial capacity of 50 megawatts. Reporting by Ahmed Tolba and Hatem Maher; Editing by Andrew CawthorneOur Standards: The Thomson Reuters Trust Principles.

☆ Iraq launches $17 billion road and rail project to link Asia and Europe
▼ + stars: | 2023-05-27 | by ( Timour Azhari | ) www.reuters.com time to read: +3 min

"The Development Road is not just a road to move goods or passengers. This road opens the door to development of vast areas of Iraq," Farhan al-Fartousi, director general of the General Company for Ports of Iraq, told Reuters. The Grand Faw Port, which was devised over a decade ago, is halfway to completion, Fartousi said. Passenger transport between Iraq and Europe harkens back to grand plans at the turn of the 20th century to create a Baghdad to Berlin express. But officials say the Development Road is based on something new: a period of relative stability since late last year that they hope can be maintained.

☆ Iraq says Iran blames reduced gas exports on 'technical' matter
▼ + stars: | 2023-05-26 | by ( ) www.reuters.com time to read: +2 min

An Iraqi delegation led by the electricity minister will travel to Iran next week to discuss the issue, Iraqi state media reported on Tuesday, noting gas imports had decreased by 20 million cubic meters at the time. Iraq usually imports between 50 million to 70 million cubic meters of gas, according to Iraq's electricity ministry spokesperson Ahmed Moussa. Iraq imports electricity and gas from Iran that in total makes up between a third and 40% of its power supply, especially crucial in the sweltering summer months when temperatures can top 50 degrees Celsius (122°F) and power consumption peaks. During Friday's phone call, Amirabdollahian thanked Iraq for trying to resolve the issue of financial transfers with Washington, the statement said. Iraq spends roughly $4 billion per year on imports of Iranian gas and power while at the same time burning massive quantities of natural gas as a byproduct of its hydrocarbons sector.

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