World Bulletin / News Desk
Iraq's expansion of its oil industry will let the government nearly double spending over the next three years, the Deputy Prime Minister for Energy said on Wednesday.
"The current Iraq oil policy has enabled the government to double its budget in just three years and it will be increased by another 80 percent between 2012 and 2015," Hussain al-Shahristani said.
Iraq has focused on building up its oil industry, which funds about 95 percent of its budget, after years of crippling wars and sanctions.
Shahristani said earlier on Wednesday the country aimed to produce 5-6 million barrels of oil per day (bpd) by 2015, with a view to reaching a target of 9-10 million bpd by 2020. Current production was 3.4 million bpd, he added.
Overnight lending rate gets cut by 25 points to 8.50 percent; overnight borrowing rate remains unchanged at 7.25 percent
"It appears that a programme of public spending in Germany would not be the most appropriate tool to help give a strong stimulus to the international economy," the central bank said following a study into the issue.
The 0.3 percent quarterly gain was in line with average forecasts compiled by data company Factset.
Qatari Ambassador to Ankara says bi-lateral trade could double through committment to undertake further investments in Turkey
Radical cleansing will start a new era in Turkey, says the head of the Turkish Cooperation and Development Agency (TIKA)
EU Commissioner for Jobs, Growth and Investment and Competitiveness Jryki Katainen told reporters "we should forget this phrase" when asked if that meant granting market economy status to China.
Militancy has reduced revenue from oil industry by half, senior official says
The grant was signed Monday in Nairobi to mitigate impact of forced displacements on refugee hosting communities in East Africa
The EU Trade Commissioner Malmstrom made the comment while speaking to Chinese students in Beijing ahead of a China-EU summit.
Trade Ministers Meeting in Shanghai concludes with pledge to push efforts toward trade liberalization and facilitation
Brexit raises uncertainty for consumer, investor confidence, ratings agency says
Bank of England Governor Mark Carney eases lending rules after vote for Brexit
Banca Monte dei Paschi di Siena, or BMPS, is among the banks at the forefront of those concerns with gross bad loans amounting to 46.9 billion euros ($52 billion).
Fund to be used in support of education, health, municipal, socio-economic support for refugees in Turkey