Merkel hints it may agree to creating a Eurozone budget
Germany wants to make progress in its presidency of the G20 on improving free and fair trade and will try to get broad agreement on open markets at next month's leaders' summit, Chancellor Angela Merkel said last Tuesday. She cautioned, however, that this might not be easy with US President Donald Trump who has made waves with his protectionist rhetoric. “Open markets and free, fair sustainable and inclusive trade is a key focus of our G20 presidency,” said Merkel.
The Novatek project will facilitate Yamal new gas fields’ exploration
Russian Prime Minister Dmitry Medvedev signed last Saturday a decree for the creation in the Barents Sea of four artificial islands, the Cabinet of Ministers announced on its website. It is reported that artificial objects are created in the Kola Bay for the arrangement of offshore structures.
 
Aviation giants look to beef up their order books at Paris Air Show
The biannual Paris Air Show, the biggest of its kind, opened last Monday at Le Bourget with all eyes at aviation giants Airbus and Boeing, which were set to use the show once again to beef up their order books, news wires reported.
 
Japan, EU near free trade pact
Japan and the EU are nearing a broad agreement on a free trade pact, Japanese foreign ministry said after the minister Fumio Kishida spoke by phone with European Commissioner for Trade Cecilia Malmstrom last Wednesday.
Oil further falls despite OPEC cuts
Crude price went down last week and was set for its largest price slide in the first half of any year for the past two decades, as investors discounted evidence of strong compliance by major producers with a deal to cut global output, news wires reported.
South Korea moves away from nuclear power, coal
In a bid to fulfil his campaign pledge to abandon nuclear energy, South Korea's new President Moon Jae-in said last Monday his government will ditch plans to build new nuclear reactors and instead embrace renewable sources.
Turkish firms involved in Rosatom project
Russia's state atomic energy corporation, Rosatom, has sold 49% of its shares in the Akkuyu Nuclear Power Plant project to a Turkish consortium, Russian and Turkish media reported.
Bosch invests €1bn in chip plant for self-driving cars
Robert Bosch, the world's largest car parts supplier, is to make the biggest single investment in its history, spending €1bn in a semiconductor plant in Germany.
In Brief
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Spain loses €26bn in tax revenue due to fraud
 
A report, released by Spain’s General Council of Economists association (CGE) estimates that tax fraud in the country is costing the economy €25.648bn a year, that’s 16% of total activity (GDP), which comes in at €168bn. Valentin Pich, president of CGE said that tax fraud has an effect on intangible factors, such as education, and tangible ones, such as the strength of tax agencies. The report also explains that the losses in tax income represent 2.5% of the entire Spanish economy, of which nearly 5% corresponds to the evasion of sales tax, or VAT. 

Barclays, former executives charged with big fraud
 
British authorities charged last Tuesday Barclays Plc and four former executives with conspiracy to commit fraud and the provision of illegal financial assistance linked to loan funds for Qatar. The charges relate to the bank's capital raising arrangements with Qatar Holding LLC and Challenger Universal Ltd in 2008, and a 3-billion-dollar loan facility for the Qatar government the same year, the Serious Fraud Office said. They follow a five-year investigation into the arrangements, which had helped Barclays to “stave off UK government control” during a financial crisis.

Jaguar Land Rover bets on electric to create 5,000 jobs
 
Carmaker Jaguar Land Rover is to hire 5,000 staff to enhance its expertise in autonomous and electric technology. The firm said it would hire 1,000 electronic and software engineers and 4,000 workers across other sectors, including manufacturing. Most of the jobs will be based in the UK, with recruitment taking place over the coming year. The company will build its first electric vehicle, the I-PACE, in Austria. The carmaker, which is owned by India's Tata Motors, employs more than 40,000 people globally.

China admitted to MSCI emerging markets Index
 
New York-based MSCI, the world's largest stock index provider, has included China in its key emerging markets list, after rejecting such an inclusion on three previous occasions. The agreement to admit mainland-listed big-cap stocks allows them to be traded by foreigners directly for the first time. Chinese shares will join the index in June 2018. A Beijing government spokesperson hailed the decision as a sign of a growing confidence in China's economy and financial market as well.

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