cash

Baghdad, Iraq – Sitting anxiously in his small office in Jameela market, one of Baghdad’s main wholesale markets, food trader Hamza al-Rudayni is waiting to see what the coming days will bring.

A decision by the Iraqi government to devalue the country’s currency, the dinar, against the US dollar has left traders like him facing sudden losses and uncertainty over the prices they should charge for their goods.

“I don’t know what to do,” al-Rudayni told Al Jazeera after the devaluation reduced the dollar value of his dinar holdings, leaving him with less money to purchase imported goods.

“All I know is I woke up a few days ago to discover that I had lost 25 million Iraqi dinars (roughly $16,500 at the new exchange rate) because of this decision, while larger merchants lost billions,” he said.

Al-Rudayni entered the wholesale trade market last year after losing his previous job at a private Iraqi bank that he says was sanctioned by the United States Treasury. He sold his car and used his savings to start trading with a larger merchant before recently launching his own business.

With exchange-rate fluctuations making prices unpredictable, al-Rudayni said he and many other traders have chosen to suspend buying and selling until the situation stabilises.

“Market activity has ground to a halt,” al-Rudayni said. “Traders buy goods in dollars but sell them in dinars, as regulations prohibit them from selling in dollars.”

That is the root of the problem for traders: A weaker dinar means they have to pay more in local currency for goods imported in dollars, while making it harder to determine the right price they should charge customers for goods they already have in stock.

Why devalue?

On October 7, the Iraqi government introduced a new official exchange rate against the US dollar, in an attempt to ease a financial crisis triggered by the US-Israeli war on Iran and the  disruption of oil exports through the Strait of Hormuz.

Before the war, Iraq exported around 3.5 million barrels of oil per day through the Strait of Hormuz, accounting for 90 percent of Iraq’s government revenue.

The Central Bank of Iraq decision set the rate at 1,520 dinars per US dollar for cash sales to the public. It was previously set at 1,320 dinars per dollar.

Devaluing the Iraqi dinar by almost 15 percent against the dollar allows the government to receive more local currency for every dollar of oil revenue it converts, helping it cover public spending, including government employee salaries.

“It is my decision and I am responsible for it,” Iraqi Prime Minister Ali al-Zaidi said during a meeting with parliamentary leaders on Thursday.

“I was facing three challenging options to cover salaries and other mandatory expenditures,” al-Zaidi added. “The first is to cut salaries by 35 percent … the second is to pay the salaries every 45 days … while the third is to resort to foreign loans.”

Al-Zaidi, a former banker, also said that his government had inherited public debt exceeding 208 trillion Iraqi dinars ($139bn at the new rate) when it took office in May. He said the government needed approximately 10 trillion dinars ($6.7bn) each month to cover salaries and other essential expenditure.

A shortage of liquidity

The crisis in the Strait of Hormuz had caused a severe financial squeeze for the Iraqi government.

Although the situation has eased somewhat in recent weeks after Iraq’s oil exports partially recovered, they have yet to return to their pre-war levels.

Mudher Mohammed Salih, the Iraqi prime minister’s financial adviser, said in August that the Central Bank of Iraq’s foreign currency reserves had declined from $106bn to approximately $80bn.

To make up for the loss of revenue, the Iraqi government has also turned to borrowing from domestic banks to cover salaries and other expenses.

A Finance Ministry official told Al Jazeera that ensuring salaries were paid on time remained the government’s main priority, describing this issue as a matter of domestic economic stability.

“Our hands are tied regarding the revenue and how to maintain enough money to ensure that we can pay the salaries,” the official, who asked to remain anonymous because he was not authorised to speak publicly, said.

Economists have warned that while adjusting the exchange rate could ease some immediate fiscal pressures, it would not address the deeper weaknesses in Iraq’s economy.

“Nothing in economics is sacred, including the exchange rate,” said Nabil al-Marsoumi, professor of economics at Al Maaqal University in Basra. “It can be adjusted, but only after all other options have been exhausted.”

“In any case, the exchange rate shouldn’t be used as a cover-up for failures in the state’s economic and fiscal policies,” he added.

ALONGSIDE his brother Noel, Oasis rocker Liam Gallagher is believed to have earned around £50million from their Live ‘25 Tour.

But rather than spending it on VIP boxes at Manchester City, or a palatial palace and gold-plated bone for his beloved rescue dog Buttons, Liam appears to have plunged part of his cash into a new house.

Paperwork for his pad in the Cotswolds, which he bought with fiancée Debbie Gwyther, revealed the singer paid the £4million bill in cash.

A source said: “Liam and Noel are both savvy and have ­people advising them when it comes to their earnings.

“The cash they earned from their Live ’25 Tour is just the start of it as, when they finish their second tour next year, they will both be so minted they’d never have to work a day in their lives ever again.”

And as they continue to ride the wave of success — with their 42-date tour next year totally sold out — Noel and Liam are doing everything they can to ­protect their ­legacy.

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Yesterday it was ­confirmed the brothers had taken legal action against an auction house over a proposed sale of old Oasis recordings.

London-based Littleton ­Auctions had announced they had a huge lot of archive ­footage — including audio from soundchecks and 100 hours of rehearsal tapes from Oasis’s Nineties heyday.

The lot was taken to them by Owain Richards, whose father Huw worked with the band from 1994 until 2001.

An injunction has now been taken out by Oasis to stop the ­auction going ahead.

The MD of the company said in a statement: “Littleton Auctions confirms that the Oasis recordings known as The Desk Tapes have been ­withdrawn from our October 3 auction in light of legal ­proceedings.

“We are very ­disappointed that we cannot offer this ­significant archive as planned.”

When asked about the legal row, Owain said: “It is true that Oasis have sued me and my father, to try to prevent the auction of the tapes made by my father many years ago.

“We have agreed to postpone the auction to enable the legal dispute to be resolved, either by litigation or otherwise in an orderly way.”

Some items have been allowed through, including original set lists and itineraries from Oasis’s early tours, as well as an original Kangol parka coat, and will go under the hammer on ­Saturday.

JIMI STILL IN RON’S ART

RONNIE WOOD has put his never-before-seen portraits of Jimi Hendrix on display at the late rocker’s home, which has been turned into a museum in London.

Speaking at Handel Hendrix House, where he was given a giant celebratory bouquet of flowers, Ronnie also spilled the beans about the time when he and Jimi were young housemates in London back in the day.

He revealed they both nearly starved because neither of them had a clue how to cook.

Ronnie said: “Food was never an option.

“We had a few peas to shove around the plate.”

But life was certainly interesting.

Ronnie said of Jimi: “He could play the guitar right and left-handed.

“He used to play over the neck, upside down.

“In the end, he ran out of ideas and used to set his guitar on fire.”

Recalling Jimi’s passing in 1970, Ronnie added: “I was at Ronnie Scott’s the night he died.

“He was walking away with his arm around a girl, he said goodbye – and died that night.

“It was such a shock the next day.”

Ronnie also gave an update on The Rolling Stones after their last two planned tours were canned.

He said: “I take it as it comes.

“I don’t like waiting.

“That is why I get a band together, to keep playing.”

You can get along now to Ronnie’s show at Jimi’s old house in Mayfair, which was also once home to composer George Frideric Handel.

It runs until April 11 next year.

BIG NAMES LINE UP FOR MERCURY SHOW

FLORENCE + THE MACHINE, Olivia Dean, Raye, Suede, Pulp and Jade Thirlwall are all confirmed as performers at this year’s Mercury Prize show.

Dove Ellie, Knats, Kojey Radical and Nia Archvies will also take to the stage at the Utilita Arena in Newcastle on October 22.

Each artist will perform one track from their Album Of The Year entry, while fellow nominees Dave and Sir Paul McCartney will be celebrated with two special, short films showcasing their records.

THE BEATLES’ Apple Corps company made a huge £41.1million profit last year.

That’s up £16million on the year before, with surviving members Paul McCartney and Ringo Starr each pocketing millions, as will the estates of John Lennon and George Harrison.

JUST A PERFECT DAZE

DAISY EDGAR-JONES reminds me here of an angelic ornament you’d find in your nan’s garden.

She wore this demure white dress for a garden shoot in Australia to promote her movie Sense And Sensibility, based on the romantic novel by Jane Austen.

As is the trend with actresses now, Daisy has taken a leaf out of Zendaya‘s book and is matching her fashion choices to the film she’s promoting.

And as she steps back in time to play sensible older sister Elinor Dashwood in the new big-screen adaptation of Austen’s 1811 novel, Daisy absolutely nailed the vibe while posing for pictures in Sydney.

But could her stylist have a bit more fun with her fashion? For sure.

BRIT Awards bosses say ­holding the ceremony in ­Manchester for the first time gave the city a major boost ­earlier this year.

A new report says the ceremony contributed £5million in direct spending, with £3.6million coming from visitors and the remaining £1.4million from organisers and ­partners.

On top of this, employment rates got a helping hand, with 3,099 temporary jobs created.

The report also revealed that 92 per cent of attendees rated their Brits experience as excellent or good – which is helpful, given the bash is going to be held at Co-op Live in the city for the next two years.

Stacey Tang, co-president of RCA Records at Sony Music UK and chair of the Brits Committee, said: ­“Moving the Brits to ­Manchester was about more than moving an awards show.

“It’s about shining a light on ­talent and creative communities across the UK, opening up opportunities and widening participation.”

R.E.M. are re- releasing their 12th studio album Reveal to celebrate its 25th anniversary.

The reissue – out November 20 – will be put out alongside The Black Sessions Revealed, a previously unreleased 17-song performance by R.E.M., recorded for Radio France in 2001.

THE house where ­Taylor Swift recorded her 2014 No1 album 1989 has gone up for sale.

The Pillsbury Estate in Beverly Hills, which was her home for seven years until 2018, has become a mecca for fans.

It is now on the market for $7.9million.

GRAND PLANS

FREDDIE Mercury’s grand piano is going under the hammer today – and could fetch up to £400,000.

Before the auction began, the late Queen frontman’s godson, Freddie Mack, opened up about his favourite memories of his namesake.

In an exclusive chat, he said: “He came to my family home in Munich, and there was this big rocking horse.

“It was very fancy and I was kind of scared of it.

“He just waited with me then guided me to befriend this new toy.

“He put me on it and rocked me back on forth and showed me that this is a nice gift, nothing to be scared of.

“He just took his time to be there for me.”

The piano is up for sale at Propstore’s Music Memorabilia auction, alongside other big-ticket collectors’ pieces.

These include Michael Jackson‘s black and gold military-style jacket, which could fetch up to £500,000.

Or if you fancy John Lennon’s tinted glasses, they could cost you £200,000.

Gianni Infantino has indicated a greater amount of money could be distributed to Fifa members from its estimated £4.4bn cash reserves.

In a letter seen by BBC Sport, and sent to the governing body’s six continental confederations on Monday, Fifa president Infantino said he would support “the greatest level of additional funding that can responsibly be delivered”.

Infantino has come under increasing pressure over his aborted Fifa Forward Enterprise (FFE) plan, which proposed selling stakes in the World Cup and other competitions to private investors, sparking a major backlash.

His letter comes after Uefa and Concacaf – the confederations for Europe and North America, Central America and the Caribbean – demanded Fifa pays $10m (£7.5m) to all 211 members from its reserves.

The proposal will be considered by the Fifa Council when they meet on 15 October.

“I will not prejudge the amount,” Infantino said in the letter.

“A single figure can begin the discussion, but it cannot complete a global policy.”

Infantino issued his latest defence of the failed proposal to sell a slice of the World Cup commercial rights that brought calls for his resignation, again claiming it had been intended to generate additional money for the game.

“The recent commercial proposal, now withdrawn, was intended to enable Fifa to invest more in football,” wrote the Swiss-Italian.

Earlier this month, Football Association chair Debbie Hewitt, a Fifa vice-president, told Infantino to release all documents relating to his controversial plan, and called for an independent review of FFE.

Infantino will stand for election for a fourth time in March 2027, with his opponents having until 18 November to find an alternative candidate.

WASHINGTON — Republicans are growing increasingly grim about their chances in November, with aligned groups pumping money into reliably GOP states and candidates scrambling to distance themselves from unpopular White House policies.

From Texas to Ohio and Alaska to Iowa, campaigns are grappling with a fed-up electorate that is sour on the president and angry over soaring fuel prices driven by an unpopular war. While Republicans are flush with unprecedented cash that could move the needle in some races, overall the mood is glum heading into the election’s final stretch as campaigns try to counter palpable Democratic enthusiasm to maintain their narrow lead in the House and Senate this November.

“Everybody is tired. You see the poll numbers. Everybody is cranky about gas prices,” said Jeanette Hoffman, a Republican strategist from New Jersey. “The party in power is playing defense. This is a referendum on the incumbents.”

Trump is trying to protect Republicans with cash

After mounting pressure from endangered candidates in battleground states, groups affiliated with President Trump finally began unleashing their stockpile of campaign cash earlier this month, joining with Republican committees that have amassed a record fortune that dramatically eclipses their Democratic counterparts.

“Republicans have air superiority. House Democrats are scrambling to catch up with the very limited resources they have,” said Mike Marinella, a spokesperson for the National Republican Congressional Committee.

But the spending underscores the extent to which Republicans are playing defense.

Three Trump-aligned groups — MAGA Inc., No Going Back PAC and Safety and Affordability PAC — have spent more than $163 million on advertising and air time since Sept. 1. Nearly 40% of that money — more than $63 million — has been spent in states and districts where Trump won by 10 percentage points or more in the 2024 election, according to an Associated Press analysis of data from AdImpact, which tracks media spending and ad buys.

That includes 12 House districts and three states with major Senate races.

In Texas, Republicans have spent nearly $107 million on ads and reservations since the beginning of the month trying to bolster scandal-plagued attorney general Ken Paxton in his Texas Senate race against Democratic state Rep. James Talarico. The spending, which is for ads through Election Day, is nearly four times as much as Democrats in a state Trump won by nearly 14 points.

Further north in Ohio, Republican spending to defend Sen. Jon Husted has exceeded $152 million, compared with $90 million on behalf of Democratic nominee Sherrod Brown, according to AdImpact.

Terry Casey, an Ohio Republican strategist, said both Republicans and Democrats are “kind of sitting on pins and needles because of the national and economic circumstances.” The outcome, he said, would depend on whether Democrats can turn out voters.

Democrats are competing in Republican stronholds

States that Trump won by wide margins — like Texas, Iowa, Ohio and Alaska — have become some of the most competitive battlegrounds in the midterms.

The White House is even investing time in states that haven’t been considered competitive for years. Vice President JD Vance recently traveled to Kansas to campaign for Sen. Roger Marshall, who is facing a challenge from Democratic nominee Adam Hamilton.

The founder of the nation’s largest United Methodist church, Hamilton received a rousing welcome from scores of people who crammed into a Topeka coffee shop to see him Tuesday.

“In all my 50, 60 years in politics, I’ve never seen a candidate that quite has the momentum going,” said Jim Ploger, an 82-year-old longtime Democratic activist from Topeka who believes Hamilton gives the party “the best chance we’ve ever had” to win a Senate seat.

Vance has also been to Iowa, Ohio, Maine and North Carolina to bolster Republican candidates, while Trump is also hitting the road. The week after the party’s unusual midterm convention in Dallas, he traveled to North Carolina to hold a rally with Michael Whatley, his former national party chairman. Republicans are increasingly concerned that he could fall short in his Senate race against Democratic former Gov. Roy Cooper.

There are more concerns about Georgia, where Rep. Mike Collins is trying to unseat Democratic Sen. Jon Ossoff. Although Ossoff began the cycle as Republicans’ top target, Collins has endured weeks of negative headlines about a House ethics investigation and his son-in-law’s white nationalist views.

“I don’t think anyone’s expecting Collins to win,” said Tim Waters, chairman of the Peach County Republican Party. “Do I like that? No, I don’t like that. But it’s just the facts.”

In Texas, officials are hoping a huge influx of last-minute cash will help save Paxton. Sen. John Cornyn, who lost his primary to Paxton after Trump turned on him earlier this year, isn’t so confident.

“I think it’s going to be very rough, lots of headwinds,” he said. “Even in places like Texas, which are pretty red, we’ve got flawed candidates who I think are going to have a hard time.”

Republican National Committee spokesperson Natalie Baldassarre said the party is focused on turnout and is well aware of the historic trend in which the party in control typically loses seats in the midterm.

“We have money to spend and we’re not taking anything for granted this cycle,” she said. “This is very high stakes, and it’s unfortunate that other people feel glum and down. But we’re doing everything we can to protect and expand our majorities so we’re full steam ahead.”

Party officials are more bullish on races in Maine and New Hampshire, where Democrat Kamala Harris won in 2024, and remain optimistic about Michigan, where Trump won by less than two points and where former Rep. Mike Rogers faces progressive Democrat Abdul El-Sayed.

Some Republicans call for an end to the war

Some Republicans are taking steps to distance themselves from Trump even as he urges his supporters to vote like he is on the ballot.

Rep. Tom Tiffany and Rep. John James, the party’s nominees for governor in Wisconsin and Michigan, both joined calls for an end to the war in Iran.

“War is terrible, and no one likes war,” James told reporters.

Mike Rogers, the Republican Senate nominee in Michigan, released an ad in which he also called for ending the war. Standing in a grocery store, he bemoaned high prices and said the government should suspend gas taxes and stop diesel exports.

“The war with Iran needs to end and end quickly,” Rogers said. ”Michigan families can’t afford to wait.”

In Iowa, where Republicans are trying to hold onto the Senate seat being vacated by retiring Sen. Joni Ernst, Rep. Ashley Hinson, who is locked in a tight race against Democrat Josh Turek, voiced the same frustrations.

“Iowans are being squeezed and shouldn’t have to foot the bill at the pump or the checkout line for the war in Iran” she wrote on social media. “These actions to lower costs are needed ASAP, and the war needs to be brought to a successful and immediate end.”

Hinson, however, did not join two fellow Iowa Republicans in battleground districts — U.S. Reps. Zach Nunn and Mariannette Miller-Meeks — in voting with Democrats on a resolution intended to halt Trump’s ability to continue military action without lawmakers’ approval.

Perhaps the most dramatic break with Trump came from Rep. Maria Elvira Salazar, a Republican defending her seat in a competitive, majority Hispanic South Florida district. Last week, she released an ad filmed in front of the White House as she criticized the president for going “too far” on immigration policy.

Others have continued to scrub references to Trump from their websites. The latest was Republican Byron Donalds, who is running for governor in Florida, who recently revamped his site so that it no longer includes a number of prominent references to Trump and his endorsement, the Miami Herald first reported.

‘It’s a very competitive environment out there’

White House spokesperson Davis Ingle said Trump “is the unequivocal leader, best messenger, and unmatched motivator for the Republican Party” and that “the choice has never been more clear: doubling down on President Trump’s winning, commonsense agenda or the Democrats’ extreme liberal policies and obstruction.”

Some Republicans are acknowledging that voters aren’t satisfied.

“We shouldn’t say, ‘Hey everything’s perfect,’ because it’s not,” said Sen. Bernie Moreno of Ohio. “But look what we’ve done in 18 months, and we need two more years to finish the job.”

Sen. John Kennedy of Louisiana, who has traveled across the country campaigning for his colleagues, said Democrats appeared to have enthusiasm on their side in the midterms, and he said his party needed to level with the country.

“You can’t look the American people in the eye and say, ‘Don’t believe your lying checkbooks,’” he said. “The cost of living increase is real.”

He also said that voters are “confused about the war” and “they don’t understand how we’re going to get out.”

Senate Majority Leader John Thune, R-S.D., was measured in his assessment on Tuesday.

“Well, I’m hopeful, obviously, but also realistic,” he said. “It’s a very competitive environment out there.”

Colvin and Kessler write for the Associated Press. Colvin reported from New York. AP writers Mike Catalini in Morrisville, Pa., Bill Barrow in Atlanta, Thomas Beaumont in Des Moines, Iowa, John Hanna in Topeka, Kan., and Lisa Mascaro, Mary Clare Jalonick, Steven Sloan and Joey Cappelletti in Washington contributed to this report.