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  Reuters International oil firms have warned Iraq that projects to increase its crude output will be delayed if the government insists on drastic spending cuts this year, a senior Iraqi oil official said. Oil companies helping Iraq develop its massive oil fields effectively perform a role similar to oil service firms in that they have to clear spending with ...

  Emirates Business Siemens has been awarded a landmark contract to upgrade the Kingdom of Bahrain’s energy infrastructure with a new high-voltage power transmission network, strengthening the country’s electricity supply. The contract, awarded to Siemens by the Electricity and Water Authority (EWA) in Bahrain, was announced at an inauguration ceremony in Al Hidd in Bahrain. Siemens will introduce an upgraded ...

  Bloomberg Britons eager to find out more about the pros and cons of European Union membership have a wealth of options this weekend, with campaigners for a “Leave” vote in next month’s referendum pledging a publicity “blitz” and their opponents promising “the biggest day of cross-party campaigning in U.K. political history.” Prime Minister David Cameron, opposition Labour Party leader ...

  Bloomberg After a week of warnings about the perils of Britain exiting the European Union, economic data next week may offer traders little reason to be bullish on the pound, the developed world’s worst-performing currency of 2016. For the period covering the June 23 referendum on EU membership, options traders are the most bearish on sterling since at least ...

  Bloomberg Ireland’s credit rating was raised by Moody’s Investors Service, as the economy continues to outpace the euro region and its debt level drops. Moody’s raised the rating to A3 from Baa1 with a positive outlook, the company said on Saturday in a statement “Ireland’s key credit fundamentals have continued to improve at a faster pace than expected even ...

  Margate / AFP Poland avoided a second credit-rating reduction in its history as Moody’s Investors Service left its investment grade unchanged while cutting its outlook on the sovereign amid growing investor concern over government policies. Moody’s changed the outlook to negative after keeping it stable for a decade, meaning there’s now at least a one-in-three chance of a cut ...

  Bloomberg As Greece attempts to clear another hurdle on the road to passing the next bailout review, the bond market is already delivering a positive verdict. The country’s 10-year sovereign bonds had their best week since August, pushing the yield on the securities to the lowest this year. More austerity is in the cards as the government drafts legislation ...

  Germany / AFP German auto giant Volkswagen announced it is giving its staff a €3,950 bonus for 2015, despite suffering huge losses due to an emissions-cheating scandal which sent shockwaves through the industry. The pre-tax premium — less than the €5,900 handed out for 2014 — comes after VW also revealed huge bonuses for top executives last month, sparking ...

  Caracas, Venezuela / AFP Embattled Venezuelan President Nicolas Maduro declared a three-month state of emergency late Friday to face “threats from abroad,” as his emboldened opposition geared for a vote to oust him from office. In an address to the nation, Maduro said he had signed a new state of emergency decree “to neutralize and defeat foreign aggression,” which he ...

  Bloomberg Berkshire Hathaway Inc. Chairman Warren Buffett is backing a group bidding for Yahoo! Inc.’s Internet assets, people familiar with the matter said. The consortium, which includes Quicken Loans Inc. founder Dan Gilbert, is in the second round of bidding for Yahoo’s assets, said the people, who asked not to be identified because the bidding process is private. Buffett ...