Saudi-Iranian hostility dominates the OPEC summit in Vienna
Oil prices headed lower last Thursday, after media reports said Iran might accept a modest increase in production at the OPEC summit later on Friday, summoned in Vienna with the participation of a group of non-OPEC countries led by Russia. The main issue was the future of their output target, which has been in place since January 2017. Ahead of the summit, Saudi Arabia and Russia, the world's largest oil producers, pushed for an increase in production, and Iran in particular was a vocal opponent of such plans.
The escalating dispute will hurt consumers, companies and global economy
Even after months of negotiations, China and the United States sank into a rapidly deepening trade conflict that roiled financial markets last Tuesday.
Japan's Taiyo Nippon Sanso, Carlyle Group are among the likely candidates
German industrial gases company Linde and US peer Praxair have offered concessions in a bid to address EU antitrust concerns and secure approval for their merger. The companies submitted their offer on 20 June, according to a filing on the European Commission website. The EU competition enforcer extended its deadline for a decision to 24 August, without providing details of the concessions.
India, China to form oil buyers club
To be able to negotiate better prices with oil exporting countries, India and China discuss creating an 'oil buyers' club', India's Petroleum Ministry said, cited by They will be looking to import more US crude oil in order to reduce OPEC's sway, both over the global oil market and over prices.
Russia to impose duties on American goods
Russia said on 19 June it would impose import duties on US road-building machinery, a measure likely to help Russian oligarch Oleg Deripaska, who was hit by US sanctions and controls Russia's biggest maker of road-building equipment.
Millionaires wealth tops $70tn for the first time
The combined wealth of the world's millionaires rose for a sixth straight year and topped $70tn for the first time ever in 2017 thanks to an improving global economy and strong stock market performance, according to a new report released last Tuesday.
Fujifilm sues Xerox for $1bn over failed takeover
Fujifilm sued Xerox for well over $1bn plus punitive damages, accusing it of succumbing to pressure from activist investors Carl Icahn and Darwin Deason in abandoning a proposed $6.1bn merger, news wires reported.
GE faces penalties over French jobs pledge
The French government said US conglomerate General Electric would have to pay millions of euros in penalties, should it not be able to live up to its promise of creating 1,000 new jobs in France by the end of the year.
In Brief
EC presses Luxembourg on illegal tax benefits to Engie
The Commission has found that Luxembourg allowed two Engie group companies to avoid paying taxes on almost all their profits for about a decade, without any valid justification. As this is illegal under EU state aid rules, Luxembourg must now recover about €120m in unpaid tax. In 2008 and 2010, respectively, Engie implemented two complex intra-group financing structures for two Engie group companies in Luxembourg. The Commission concluded that Luxembourg's tax treatment of these financing structures did not reflect economic reality.

Industrial giant GE is out of the Dow Jones index
General Electric, one of America's most storied companies and an original member of the Dow Jones Industrial Average, is removed from the iconic stock index after falling on tough times. S&P Dow Jones Indices announced last Tuesday that the iconic maker of light bulbs and jet engines will be replaced in the 30-stock index by drugstore chain Walgreens Boots Alliance. GE was an original member of the Dow in 1896 and has been in it continuously since 1907. Last year, it was the worst-performing stock in the Dow, losing almost half of its value. To pay down a mountain of debt, the company sold off long-held businesses.

Boeing inks $6.6bn deal with air cargo FedEx
Global air cargo carrier FedEx Express ordered last week 24 freighter aircraft from Boeing worth $6.6bn at list prices. The global air cargo industry saw a 10% increase in demand in 2017 and expects to witness another 4% to 5% increase this year, according to IATA. While trade tensions are rising, the industry is counting on e-commerce continuing to soar, with more people buying products online for quick delivery. Boeing has sold more than 50 wide-body freighters so far this year.

Merger set to create Britain's sixth-largest bank by assets
Mid-sized bank British Bank CYBG has agreed to buy the rival Virgin Money in a £1.7bn ($2.3bn) all-share deal that will create Britain's sixth-largest bank by assets and a stronger challenger to the country's top lenders. Britain's biggest bank merger since the financial crisis was clinched by this month's sweetened bid from CYBG and will give Virgin Money shareholders, who include entrepreneur Richard Branson, about 38% of the combined group. Branson owns 35% of Virgin Money.