Huge Losses And A Record Increase In Financial Corruption Cases In The European Union
Money and Business Economy News – Follow-up The European Public Prosecutor’s Office is witnessing the registration of thousands of investigations into financial crimes and corruption in the countries of the European Union, at a time when total losses exceed 67 billion euros annually as a result of these crimes.
Ruptly quoted European Parliament member Phidias Panayiotou as saying that the European Public Prosecutor’s Office opened more than 3,600 active investigations last year, with estimated losses exceeding 67 billion euros, an indicator reflecting the widening scope of financial crimes within the European bloc.
The data related to active cases shows a significant disparity between member states, with Italy topping the list with approximately 991 active cases, with estimated losses reaching 28.71 billion euros, making it the most affected within the ongoing investigations.
Next comes Germany with 361 cases with an estimated value of 5.77 billion euros, followed by France with 121 cases and losses amounting to 5.94 billion euros, and then Belgium with 99 cases with a value of 3.14 billion euros.
The investigations overseen by the European Public Prosecutor’s Office focus on tax fraud cases, particularly value-added tax, as well as money laundering cases and the misuse of EU funds allocated to support programs and development projects.
The investigations also include files related to transnational organized financial crimes, in addition to suspicions of corruption in public contracts and government procurement within a number of member states.
The European Public Prosecutor’s Office is expected to continue expanding the scope of its investigations in the coming period, while strengthening cooperation between member states to combat complex and intertwined cross-border financial crimes. https://www.economy-news.net/content.php?id=67721
The Dollar Is Heading For Weekly Losses Ahead Of US-Iranian Talks.
Money and Business Economy News — Follow-up The dollar was on track for its biggest weekly loss since January on Friday, while other currencies rose, buoyed by optimism that the Gulf ceasefire would hold and oil shipments would resume.
The direction of the markets is likely to depend on the outcome of the upcoming talks between the United States and Iran in Islamabad.
The dollar made gains in March as one of the few safe-haven assets, as the US-Israeli war with Iran caused oil prices to rise sharply and negatively affected stocks and gold, while inflation fears also caused bonds to fall.
But since a fragile ceasefire was agreed upon on Tuesday, the situation has changed and the dollar index has lost 1.3% since the start of the week.
The euro advanced this week to $1.1690.
The Australian and New Zealand dollars appear poised for weekly gains of nearly 3% against the US dollar. The Australian dollar was trading at just over 70 cents, while the New Zealand dollar reached $0.5847.
The British pound rose 1.8% this week to $1.3424.
Even the yen, which is under severe pressure due to low interest rates in Japan, government spending plans, and the country’s reliance on imported oil, reached 159.2 against the dollar. https://www.economy-news.net/content.php?id=67703
Dollar Stabilizes In Baghdad, Drops In Erbil
2026-04-11 Shafaq News- Baghdad/ Erbil The US dollar opened Saturday’s trading mixed in Iraq, hovering around 153,000 dinars per 100 dollars.
According to a Shafaq News market survey, the dollar traded in Baghdad’s Al-Kifah and Al-Harithiya exchanges at 152,900 dinars per 100 dollars, unchanged from the previous session.
In the Iraqi capital, exchange shops sold the dollar at 153,500 dinars and bought it at 152,500 dinars, while in Erbil, selling prices stood at 153,000 dinars and buying prices at 152,850 dinars.
Gold Prices Rise In Baghdad And Erbil Markets
2026-04-11 Shafaq News- Baghdad/ Erbil On Saturday, gold prices hovered around 1.03 million IQD per mithqal in Baghdad and Erbil markets, continuing their upward trend, according to a survey by Shafaq News Agency.
Gold prices on Baghdad’s Al-Nahr Street recorded a selling price of 1,024,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 1,020,000 IQD. The same gold had sold for 1,014,000 IQD on Thursday.
The selling price for 21-carat Iraqi gold stood at 994,000 IQD, with a buying price of 990,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 1,025,000 and 1,035,000 IQD, while Iraqi gold sold for between 995,000 and 1,005,000 IQD.
In Erbil, 22-carat gold was sold at 1,079,000 IQD per mithqal, 21-carat gold at 1,030,000 IQD, and 18-carat gold at 883,000 IQD. https://www.shafaq.com/en/Economy/Gold-prices-rise-in-Baghdad-and-Erbil-markets-7-3
Basrah Crudes End Week Higher Despite Global Losses
2026-04-11 Shafaq News- Basrah Iraq’s Basrah crude advanced more than 6% over the past week, even as global oil markets declined.
Basrah Heavy crude rose by $3.84 in its last session to $114.97 per barrel, recording weekly gains of $6.82, or 6.31%, while Basrah Medium crude climbed by $3.84 to settle at $117.07 per barrel, posting weekly gains of $6.82, or 6.19%.
Brent futures settled lower by 72 cents, or 0.8%, at $95.20 a barrel. US West Texas Intermediate crude futures fell $1.30, or 1.3%, to settle at $96.57 a barrel, with a weekly drop of 13.4%.
Iraq Ranks Lowest In Arab Electricity Prices For March 2026
2026-04-11 Shafaq News- Baghdad Iraq ranked first among Arab countries for the lowest electricity prices in March 2026, with residential tariffs at $0.015 per kilowatt-hour, according to data from GlobalPetrolPrices.
The data showed that Iraq also recorded $0.046 per kilowatt-hour for commercial use, marking the lowest rates in the region.
Egypt ranked second with $0.020 per kilowatt-hour, followed by Qatar at $0.032, Oman at $0.036, and Algeria in fifth place at $0.043 per kilowatt-hour, while Morocco and Jordan recorded the highest electricity prices among Arab countries, at $0.125 and $0.090 per kilowatt-hour, respectively.https://www.shafaq.com/en/Economy/Iraq-ranks-lowest-in-Arab-electricity-prices-for-March-2026
Six Oil Tankers Pass Hormuz Ahead Of US-Iran Talks
2026-04-11 Shafaq News- Hurmoz Six oil tankers, including two Chinese vessels, one Greek ship, and three tankers from Saudi Arabia and Iraq, transited the Strait of Hormuz on Saturday, ahead of US-Iran talks in Pakistan, according to maritime data cited by Bloomberg.
Earlier today, Data shared by S&P Global showed that no crude oil was loaded at key ports linked to the Strait, including facilities in Iraq, Kuwait, the United Arab Emirates, and Saudi Arabia. Vessel traffic through the strategic waterway also declined markedly, falling to 12 ships on April 9 from an average of about 135 daily crossings.
The slowdown affected an estimated 14.2 million barrels per day (bpd) of crude oil and condensates, the data showed, while Iranian crude exports were recorded at about 1.38 million bpd over the same period.
The Strait of Hormuz, which carries roughly 20% of global oil supply, was effectively closed after US and Israeli strikes on Iran on February 28. Despite a previously granted exemption allowing Iraqi oil tankers to transit the Strait, Iraq’s oil sector saw a sharp downturn, with production falling from about 3.5 million bpd to around 1.3 million bpd, while exports declined to roughly 800,000 bpd. https://www.shafaq.com/en/Economy/Six-oil-tankers-pass-Hormuz-ahead-of-US-Iran-talks
Strait Of Hormuz Traffic Collapses To Near-Zero
2026-04-11 Shafaq News- Baghdad Shipping through the Strait of Hormuz slowed sharply in April, with the key maritime route remaining largely disrupted amid the joint US-Israeli war on Iran, despite a recently signed two-week truce.
Data shared by S&P Global on Saturday showed that no crude oil was loaded at key ports linked to the Strait, including facilities in Iraq, Kuwait, the United Arab Emirates, and Saudi Arabia. Vessel traffic through the strategic waterway also declined markedly, falling to 12 ships on April 9 from an average of about 135 daily crossings.
The slowdown affected an estimated 14.2 million barrels per day (bpd) of crude oil and condensates, the data showed, while Iranian crude exports were recorded at about 1.38 million bpd over the same period.
The Strait of Hormuz, which carries roughly 20% of global oil supply, was effectively closed after US and Israeli strikes on Iran on February 28. Despite a previously granted exemption allowing Iraqi oil tankers to transit the Strait, Iraq’s oil sector saw a sharp downturn, with production falling from about 3.5 million bpd to around 1.3 million bpd, while exports declined to roughly 800,000 bpd. https://www.shafaq.com/en/Economy/Strait-of-Hormuz-traffic-collapses-to-near-zero
