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Iraq judge quizzes five tax officials over missing $2.5 billion

An Iraqi investigative judge has questioned five senior tax officials over $2.5 billion in public funds that have gone missing, and more arrest warrants have been issued, authorities said Tuesday.

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Credit Suisse pays $495M tied to mortgage-backed securities

Credit Suisse has agreed to pay $495 million as part of a settlement with the U.S. over a yearslong dispute tied to mortgage-backed securities, an investment vehicle that played a central role in the 2008 financial crisis.

The Swiss bank said that some of the transactions were prior to 2008.

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UK Treasury chief scraps nearly all government tax cut plans

The U.K.'s new Treasury chief ripped up the government's economic plan on Monday, dramatically reversing most of the tax cuts and spending plans that Prime Minister Liz Truss announced less than a month ago and raising new questions about how long the beleaguered British leader can stay in office.

In a televised address, Chancellor of the Exchequer Jeremy Hunt said he was scrapping "almost all" of Truss' tax cuts, along with her flagship energy policy and her promise — repeated just last week — that there will be no public spending cuts.

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Lebanese pound hits new record low

The Lebanese pound's market value hit a record low against the dollar Monday, as the cash-strapped country plunges further into financial and political turmoil three years after its economy collapsed.

The pound sank further as the country, led by a caretaker government, heads into presidential elections next month with a divided parliament that has repeatedly failed to reach a consensus on a new leader.

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Saudi defends oil policy in face of US charges

Saudi Arabia has rejected US accusations of aligning itself with Russia amid the Ukraine war by making oil production cuts to drive up crude prices, insisting it was purely a business decision.

"We are astonished by the accusations that the kingdom is standing with Russia in its war with Ukraine," the Saudi defense minister, Prince Khaled bin Salman, tweeted late Sunday.

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Strikes continue in French refineries, disrupt fuel supplies

Continuing strikes at TotalEnergies group refineries in France seriously disrupted fuel supplies Friday after the left-wing CGT union rejected a deal over a pay increase that two other unions had agreed to.

The CFDT and CFE-CGC unions, which together represent a majority of the group's French workers, agreed overnight to a 7% pay rise and a financial bonus. But The CGT rejected the deal, holding out for a 10% pay rise.

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20 Lebanese entrepreneurs win ILO competition for best business idea

Twenty entrepreneurs, mainly women and young people, have won an International Labor Organization competition and cash prize to assist them in developing their local businesses in disadvantaged areas in northern Lebanon.

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UK Treasury chief out as prime minister plans U-turn

British media say Treasury chief Kwasi Kwarteng has left the government, ahead of an announcement by Prime Minister Liz Truss on changes to an economic package that sparked market turmoil.

The BBC and Sky News reported Kwarteng's departure on Friday. It comes after a month in the job — and three weeks after he announced a tax-cutting "mini budget" that sent the pound plunging to record lows against the dollar.

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'No waiting': Turkey, Russia to act on Putin's gas hub offer

Turkish President Recep Tayyip Erdogan said Friday that Turkey and Russia have instructed their respective energy authorities to immediately begin technical work on a Russian proposal that would turn Turkey into a gas hub for Europe.

Russian President Vladimir Putin has floated the idea of exporting more gas through the TurkStream gas pipeline running beneath the Black Sea to Turkey after gas deliveries to Germany through the Baltic Sea's Nord Stream pipeline were halted.

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Fayyad says Qatar interested in gas exploration in blocks 4, 9

Qatar is interested in gas exploration in Lebanon, caretaker Energy Minister Walid Fayyad said Friday, a day after President Michel Aoun announced Lebanon's official approval of a U.S.-brokered border demarcation deal with Israel, unlocking significant offshore gas production.

Fayyad said that Qatari Energy Minister Saad al-Kaabi has expressed Qatar's interest in joining the companies that will explore the block 4 and the block 9, where the Qana field is located.

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