EU insists on transparent initiative, based on market rules
China's first ever Belt and Road summit, held in Beijing on 14 and 15 May, has reached a broad consensus and achieved positive outcomes, President Xi Jinping said at the end of the glorious forum, which gathered leaders from 29 countries. The Belt and Road initiative would work to ensure an open world economy, rebalance globalisation and work toward trade liberalisation, Xi said, adding that it would also boost support for green and low-carbon development.
Saudi Arabia and Russia favour extending oil output cuts by 9 months
Russia and Saudi Arabia are orchestrating a new order in the world’s oil policy. Last Monday Saudi Energy Minister Khalid al-Falih and his Russian counterpart Aleksander Novak agreed during a meeting in Beijing that their crude production cut would be extended from the middle of this year until March 2018.
A possible merger would create the world's biggest toll road operator
Italy's Atlantia bid last Monday €16.3bn for Spain's Abertis in an effort to create the world's biggest toll road operator with a market value of more than €36bn.
US, China sign trade agreement
The US and China reached last week a 10-point trade deal that opens the Chinese market to US credit rating agencies and credit card companies.
Abu Dhabi to invest $15bn in SoftBank fund
Abu Dhabi sovereign fund Muba­dala plans to invest as much as $15bn over five years in Japanese conglomerate SoftBank Group’s technology fund.
Absent from America, French cars drive into Iran
French carmakers PSA and Renault are turning their US absence into an Iranian advantage by piling into a resurgent market still off-limits to foreign rivals fearful of sanctions under Donald Trump's administration.
Ford plans to cut 10% of workforce
Ford is planning to cut around 10% of its global workforce in an attempt to boost profits, news wires reported.
Thermo Fisher Scientific buys drug-maker Patheon
Biotech company Thermo Fisher Scientific, one of the world’s biggest manufacturers of diagnostic and testing equipment, has agreed to buy drug-ingredients maker Patheon for $7.2bn, news wires reported.
In Brief
BHP Billiton Limited is rebranding itself
One of the last reminders of a merger 16 years ago that created the world’s biggest mining house was erased on 15 May when BHP Billiton changed its name back to just BHP. Dropping the Billiton reflects a move to simplify its corporate structure, the company said, and return to its founding roots in Australia more than a century ago. The merger of BHP and South African mining house Billiton in June 2001 created a company with an initial enterprise value of $38bn. BHP, which has operations in 25 countries, will retain its dual listings in Australia and London.

Hewlett Packard reveals powerful computer prototype
Hewlett Packard Enterprise Co on 16 May unveiled a new computer prototype that it said could handle more data than any similar system in the world. The Palo Alto, California-based company said the prototype contains 160 terabytes of memory, capable of managing the information from every book in the US Library of Congress five times over. It is the latest prototype from "The Machine" research project by HPE, which aims to create super-fast computers by designing them around memory. 

Yahoo to buy back $3bn shares ahead of Verizon merger
Yahoo Inc said on 16 May it would buy back $3bn of its common shares, ahead of the company's pending deal with Verizon Communications Inc., sending the stock up 0.6% premarket. The company, which owns a 15% stake in Alibaba, said that it would pay between $50.79 and $44.74 per share, depending on Alibaba's share price and the timing of the purchase. Verizon agreed to buy Yahoo's core internet properties last year for $4.83bn in cash. It lowered the original offer by $350m in February following two massive cyber attacks at the internet company.

Volvo refuses to develop new diesel cars, too expensive
Swedish carmaker Volvo will not develop any new diesel engines as the cost of reducing emissions of nitrogen oxide is becoming too expensive, CEO Hakan Samuelsson said. Volvo would keep developing current diesel-powered models introduced in 2013 to meet future emissions standards, but then the costs of keeping them compliant with higher anti-pollution standards would no longer be worth it, with the current generation likely to be produced until about 2023. Instead, Volvo will invest in the electric and hybrid cars, with its first pure electric model due on the market in 2019.