By John Lee. Shares in Swedish telecom company Ericsson closed down nearly 11 percent on Wednesday after the company admitted that some of its employees may have bribed members of the Islamic State group (IS, ISIL, ISIS, Daesh) in Iraq. In a lengthy statement to the markets, the company said: "The investigating team also identified […]
By John Lee. Russia's Shvabe Holding has transferred the first batches of infrared heaters and multi-functional inhalation anesthesia devices to distributors in Iraq. The equipment will be used at medical facilities in Baghdad. The Radiant Heat-BONO heater is used as the primary or additional source of heat for newborns during their resuscitation or super-intensive phototherapy […]
By John Lee. Iraq's Federal Supreme Court has ruled that sales of oil and gas by the Kurdistan Regional Government (KRG), independently of the central government in Baghdad, is unconstitutional. In a statement on Tuesday, the court said that the Oil and Gas Law of the Kurdistan Regional Government, No. (22) of 2007, violated the […]
By John Lee. Mobile phone service Asiacell has reported a healthy increase in its customer base and local-currency revenue. In its results for FY 2021, parent company Ooredoo said: "Asiacell reported revenue of QAR 3.7 billion during 2021, a decrease of 9% mainly due to the devaluation of the Iraqi Dinar by 18%. In local […]
By John Lee. Iraq's Ministry of Oil has denied reports that its multi-billion-dollar deal with France's TotalEnergies has stalled amid disputes over terms, and that it risks being scrapped by the next government. On Monday, Reuters cited sources at the Ministry, and other oil industry sources, as saying that the deal was mired in disputes. […]
By John Lee. The state-owned Al-Rafidain Bank has announced the following interest rates: and fixed deposits for the citizens' accounts for the year 2022 in an effort to raise the economic and living standard of the citizen. The interest rate for Savings accounts: 4% for one year. Fixed deposit rate: 4.5% for six months; 5% […]
By John Lee. An Iraqi court has ruled that Hoshyar Zebari is not eligible to run for the position of President. The former foreign minister, who had been accused by some of corruption, said he respected the judiciary's decision, but described it as an injustice. According to the Iraqi News Agency (INA), there are currently […]
By John Lee. At its regular meeting this week the Iraqi Cabinet approved the recommendation of the Ministerial Council for Energy to proceed with the development project at Haditha refinery. The American company Honeywell UOP is to carry out the work on behalf of the North Refineries Company (NRC). Haditha refinery is situated in Anbar […]
By John Lee. Qimmat Al Nidhal Company for Contracting, General Trading, Ltd. has won a contract with the United Nations Office for Project Services (UNOPS) for the "renovation of the Sumerian Gallery at the Iraq Museum in Baghdad." The contract is valued at $541,210. (Source: UNGM)
By John Lee. Swedish telecoms company Ericsson has said it is reviewing its investigation into past compliance concerns in Iraq. In a press release, the company said: "Ericsson (NASDAQ: ERIC) has received questions from media regarding past compliance related matters in Iraq. It appears media will focus on the conduct of business in unstable regions […]
By John Lee. Iraq has fallen to a new low in the Economist Intelligence Unit's annual Democracy Index. Ranking joint 116th out of 167 countries, along with Mozambique, Iraq is classified as "authoritarian". The score is Iraq's lowest since the Index was created in 2006. Within the Middle East region, Iraq ranks 9th out of […]
By John Lee. The Ministry of Finance is to provide financing of 28.2 billion dinars ($19.3) to build a 95-km long coastal road along the Shatt al-Arab waterway. The plan was approved at this week's cabinet meeting, chaired by Prime Minister Mustafa Al-Kadhimi. According to the Cabinet Spokesperson, the Minister of Culture Hassan Nadhem, the […]
