News in Brief
Several Chinese lenders cut yuan deposit rates
REUTERS – Several Chinese commercial banks cut interest rates on a range of yuan deposits from Monday, following their larger peers in a coordinated move to ease pressure on profit margins.
The deposit rate cuts follow a similar move by China’s biggest state lenders on Friday and marks the second such industry-wide cut within a year, with previous action taken in September.
Iraq approves record $153b budget
AFP – Iraq’s parliament on Monday approved a 2023 budget of 198.9 trillion dinars ($153 billion) that sets out record spending on a growing public wage bill and development projects to improve services and rebuild infrastructure.
The budget deficit is estimated at a record 64.36 trillion Iraq dinars, more than double the last budget deficit in 2021, according to a budget document and lawmakers. The budget is based on an oil price of $70 per barrel and projects oil exports at 3.5 million barrels per day (bpd), including 400,000 bpd from the semi-autonomous Kurdistan region, lawmakers said.
Italy’s labour shortage puts post-pandemic recovery at risk
FT – Italy has warned that a serious labour shortage is hindering the country’s ability to implement projects worth billions of euros under the EU’s post-pandemic recovery programme.
In a report submitted to parliament, the Italian government has warned that a shortage of skilled workers in construction, IT and engineering – and a lack of competent administrators – is causing delays and could “jeopardise full implementation of the plan”.