Iraq Economic News and Points To Ponder Tuesday Morning 6-9-26
Britain Is Investing £1.1 Billion To Build A National Artificial Intelligence Empire.
Money and Business Britain has announced a new £1.1 billion plan to boost its domestic artificial intelligence (AI) capabilities, including the construction of a new national supercomputer and funding for chip manufacturers, as part of its efforts to strengthen technological sovereignty and reduce reliance on foreign suppliers.
The plan follows Prime Minister Keir Starmer's announcement during London Technology Week of £400 million earmarked for the purchase of AI-focused chips. The strategy includes the creation of a £750 million national AI supercomputer, slated to be operational by 2030.
The project will utilize a hybrid chip system combining existing processors with next-generation technologies, aiming to provide advanced computing capabilities to support research and industrial applications. £400 million of the project's budget has also been allocated for investment in next-generation chips, including £150 million for the purchase of inference chips from British companies this summer.
Supporting the local chip industry , the plan includes the creation of an investment fund led by the US-based company Playground Global, with up to £150 million in backing from the British Business Bank, to invest in companies developing artificial intelligence devices and technologies within the UK.
This funding represents the largest single investment made by the British Business Bank in this sector. Playground Global also announced that it will open its first office outside the US in the UK, a move reflecting the growing attractiveness of the British market for advanced technology companies. Funding innovation and skills development:
The government has allocated £120 million to an innovation program aimed at funding British companies working on the design, development, and testing of advanced electronic chips. It has also increased total funding for skills development in the AI devices sector to £80 million, including £45 million to support training and development programs for emerging talent.
https://www.economy-news.net/content.php?id=70014
Bitcoin's $235 Billion Loss In Value Reveals A Major Shift In The Cryptocurrency Market.
Money and Business Economy News - Follow-up The digital currency "Bitcoin" is the best indicator for understanding what is happening in the cryptocurrency market as a whole. When the value of the world's largest digital currency rises, money flows into startups, high-risk capital funds, trading platforms, and thousands of cryptocurrencies. When the value of Bitcoin collapses, companies disappear, funding dries up, and the activity of the cryptocurrency market as a whole slows down.
Bloomberg News reported that Bitcoin is not just the largest digital asset, but the center of gravity of the entire cryptocurrency economy, but some of the world's fastest-growing cryptocurrencies are operating with a different logic than what has prevailed in the past.
Last Friday, Bitcoin's value plummeted to below $60,000 per unit, continuing its decline that has erased about half of its value compared to its all-time high recorded last year.
This heavy selling of Bitcoin was driven by an outflow of funds from exchange-traded funds, a boom in artificial intelligence stocks competing for the attention of individual investors, and growing doubts about the ability of large corporate investors, who helped drive the earlier rise of the popular currency, to continue accumulating.
Bitcoin's price stabilized in trading on Monday at around $64,200 per unit, as Strategy& resumed buying the currency. The largest digital currency lost about $235 billion in market value during the seven days ending June 7, according to data compiled by Bloomberg.
Much of the alternative cryptocurrency market has been experiencing a deeper contraction prior to the recent decline in Bitcoin's value. The market capitalization of alternative currencies, which are digital tokens other than Bitcoin, peaked at $431 billion in November 2021, while its value currently does not exceed $170 billion, according to data from the economic data company TradingView.
Global Payments System
Cryptocurrencies, also known as stablecoins, have become an integral part of the global payments system, with annual transaction volumes reaching approximately $390 billion, according to data from McKinsey & Company and Artemis Analytics.
Wall Street firms are racing to value stocks, bonds, and exchange-traded funds in stablecoins, while banks that once rejected blockchain technology (cryptocurrencies) are now beginning to experiment with it, and payment companies are integrating digital dollars into their payment systems.
Eric Jackson, founder and chief investment officer of EMJ Capital, a technology-focused hedge fund, said: "Bitcoin's price action used to tell the whole story of cryptocurrencies... but that's no longer the case. Price and usage are not, and shouldn't be, the single measure of cryptocurrencies." https://www.economy-news.net/content.php?id=70030
The Ministry Of Transport Announces An Update To The Joint Work Agreement Regarding Air Traffic Management With Türkiye
Money and Business Economy News – Baghdad The Ministry of Transport - General Company for Air Navigation Services announced on Tuesday the updating of the joint work agreement for air traffic management with the Republic of Turkey, as a strategic step, the first of its kind since June 2016.
The company’s assistant general manager, Ahmed Emad Ahmed, said in a statement received by “Al-Eqtisad News” that “this update comes based on the sound directives and continuous support of the Minister of Transport, Wahab Al-Hassani, and in response to the decisions of the esteemed Council of Ministers, which stipulate reducing the distances between aircraft (reducing the longitudinal air separation).”
He added that "the new update included essential provisions aimed at reducing air traffic intervals between the two countries to 15 miles, which increases the capacity of Iraqi airspace and is in line with regional procedures followed within the recovery plan for air navigation at the regional and global levels and the expected flow of aircraft traffic."
He pointed out that "updating this agreement confirms the commitment of Iraqi air navigation to apply the highest international standards and keep pace with the requirements adopted by the International Civil Aviation Organization (ICAO) and the instructions of the Iraqi Civil Aviation Authority in a way that ensures the safety and smooth flow of air traffic in the country."
https://www.economy-news.net/content.php?id=70036
Reports: Global Spending On Nuclear Weapons Reached Approximately $119 Billion By 2025
Money and Business Economy News - Follow-up Nuclear powers increased their spending on their arsenals to a record high of nearly $119 billion last year, a 19% increase, a trend that is expected to continue for decades, according to a report published Tuesday.
A report by the International Campaign to Abolish Nuclear Weapons showed that the nine countries that possess nuclear weapons (the United States, Russia, China, the United Kingdom, France, India, Israel, Pakistan and North Korea) spent about $17 billion more on their arsenals last year than they spent in 2024.
The report warned that, amid escalating geopolitical tensions, a "new nuclear arms race is looming" and is expected to last "for decades."
Suzie Snyder, an official with the organization who helped draft the report, said that increased spending on nuclear arsenals, coupled with concerns that artificial intelligence could increase the risk of nuclear weapons use, is extremely worrying.
"I'm terrified," she told AFP.
The report showed that Washington spent more than all other countries combined, spending $69.2 billion on nuclear weapons in 2025, an increase of $12.4 billion from the previous year.
China followed, spending $13.5 billion last year according to the report, then Britain with $12.6 billion and Russia with $9.5 billion.
The organization, which won the 2017 Nobel Peace Prize, found that the nine countries had spent more than $470 billion on their arsenals over the past five years.
These investments are expected to grow in the future.
By examining long-term spending growth projections, the organization highlighted figures from Britain, France and the United States showing plans to spend billions of dollars developing and maintaining these weapons systems into the next century.
She added that other countries are also introducing new weapons systems with a long service life.
The researchers said the huge sums being spent are shocking, especially at a time when the global humanitarian system is suffering from major funding cuts.
Snyder noted that "what these countries spent in 2025 could have covered 32 years of the UN's operating budget," adding that one day's spending on nuclear weapons last year could have provided food security for more than two million people.
The official continued, "Instead of providing assistance or ensuring basic services such as healthcare for their citizens, nuclear-armed states have been investing in an arsenal that they themselves know they cannot use without committing a war crime."
https://www.economy-news.net/content.php?id=70042
Trade: Launching A System For Selling Construction Materials In Installments To Employees Of Government Departments
Money and Business Economy News – Baghdad The General Company for Trading in Construction Materials, one of the formations of the Ministry of Trade, announced on Tuesday the launch of its new initiative to sell construction materials in an easy installment system to all employees of state departments and institutions.
The company’s general manager, Areej Hussein Al-Jumaili, said that “the company decided to launch its new initiative to sell construction materials in an easy installment system to all employees of state departments and institutions,” explaining that “this initiative comes within the framework of the company’s vision to enable citizens to obtain building supplies of reputable international origins and with direct guidance from the Minister of Trade, Mustafa Nizar Al-Ani.”
She added that "the initiative comes at competitive prices compared to local market prices," noting "an exceptional feature of this initiative, as construction materials will be sold on an installment system at the same cash price without adding any interest or additional amounts to the total value of the materials, as a contribution from the company to support the Iraqi employee and facilitate the construction and renovation process."
She explained that "the administration has put in place a flexible and easy administrative and legal mechanism to complete the installment procedures in a way that ensures the smooth flow of work and speed of completion while fully preserving public funds and guaranteeing the company's rights, which allows employees to benefit from this service without routine complications."
According to the statement, the company called on "all those wishing to benefit from this initiative to visit its branches spread across the governorates or to review the sales departments at the company headquarters to see the available product lists and to learn about the approved controls and mechanisms." https://www.economy-news.net/content.php?id=70044