US shale oil revolution could undermine the results
Oil ministers of OPEC gathered in Vienna last Thursday, decided to extend cuts in oil output by nine months to March 2018, Reuters first reported. Maintaining the same production cuts through March “is a very safe and almost certain option to do the trick,” Saudi Oil Minister Khalid Al-Falih said at the opening session of the group’s meeting. “It’s likely we’ll be balanced earlier than later.”
Referendum results greenlight a shift towards renewable sources
Switzerland voted last Sunday in favour of a massive overhaul of the country's energy system by gradually replacing the power from its ageing nuclear reactors with renewable sources.
 
Consolidation in the sector is further to accelerate, more deals to follow
The US-based Huntsman Corp and Switzerland's Clariant AG announced last Monday that they are combining to create a chemical manufacturer with a market value of more than $14bn (€12.4bn). The accord comes after years of tentative mutual approaches.
 
Turkey limits Russian wheat import
Contrary to promises, Ankara introduced a new law limiting Russian imports to 25% of the total amount of grain imported.
Moody's cuts China rating
Moody's, one of the world's big three ratings agencies, has cut China's credit rating by one notch to A1 from Aa3 over fears that growth in the world's second-biggest economy will slow in the coming years, news wires reported.
Czech cabinet backs plan for high-speed rail
Czech government has approved a plan to build a rail network for high-speed trains, news wires reported.
Bombardier and Boeing in trade clash
Canada suggested last week it could scrap plans to buy Boeing fighter jets if the US backed Boeing’s claims that Canadian plane maker Bombardier received more than $3bn government subsidies allowing it to dump jetliners in the US market.
Rosneft plans to invest over €600m in Germany
Russian state oil company Rosneft plans to invest in the coming years about €600m in Germany, CEO Igor Sechin announced last week. The Russian company, which this year bundled its German holdings under subsidiary Rosneft Deutschland, plans to open its own chain of petrol stations in Germany.
In Brief
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Fiat Chrysler accused by US of using 'defeat devices'
 
The US government is suing Fiat Chrysler, alleging the firm sold vehicles with 'defeat devices' that helped them pass emissions tests. The firm did not disclose the emissions control software to regulators, according to the Department of Justice (DoJ). The software enabled the vehicles to produce lower emissions during road tests than they did when used under normal driving conditions. In a statement Fiat Chrysler spokesman said the firm would defend itself “against any claims that it engaged in any deliberate scheme to install defeat devices to cheat US emissions tests.”

Central banks launch forex market code of conduct
 
Regulators and leading financial firms launched last Thursday a new code of conduct for global currency trading, including measures aimed at ensuring its universal adoption by the world's major financial institutions. The 75-page document lays out 55 high-level principles for how participants in the world's biggest financial market should conduct business. The code is a central element of the foreign exchange industry's response to charges of market manipulation and misuse of client order information which saw seven major banks fined around $10bn at the end of a huge global inquiry in 2015.

China's Geely buys British sports car maker Lotus
 
Lotus, the British sports car maker, is being bought by China's Geely. The purchase is part of a deal by Geely to buy a 49.9% stake in Malay­sian carmaker Proton, which owns Lotus. Geely, which also owns the London Taxi Company and Sweden's Volvo Car Group, will take a 51% stake in Lotus. Jean-Marc Gales, who became Lotus chief executive in 2014, has been trying to return the Norwich-based company to consistent profit after two decades in the red. It was effectively locked out of United States in 2015 when its airbags failed to comply with new car safety regulations, but Lotus returned to the American market last summer.

Huawei narrows gap with Apple and Samsung
 
China's Huawei has narrowed the gap with its two biggest competitors Apple and Samsung Electronics in global smartphone sales, first-quarter data from research firm Gartner showed last week. "Huawei has now steadily held the third spot in the worldwide ranking of smartphone vendors," Anshul Gupta, research director at Gartner, said. Samsung Electronics kept its top spot but saw its market share continuing to shrink months after the Galaxy Note 7 recall last year. Apple's market share also dropped as customers hold back on buying iPhones in anticipation of new models.

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