French automaker Renault signed on Monday a long-awaited joint venture deal with Iran worth 660 million euros ($779 million) to build up to 300,000 cars per year. The new deal puts Renault in partnership with Iran’s state Industrial Development and Renovation Organisation (IDRO) and private firm Parto Negin Naseh. Renault will hold a 60-percent stake with IDRO and Parto Negin Naseh 20 percent each. Source The Local
North and South Korea met on Monday to discuss the next steps in their pact to renew economic cooperation, with the North saying it wanted a “substantive outcome” from the talks, against the backdrop of U.S. concerns over their haste to warm ties. Source: Reuters
The oil market is “adequately supplied for now,” but the supply losses from Venezuela and Iran leave the market suffering from “strain,” according to a new report from the International Energy Agency (IEA). Source: Oil Price
The UK and EU say key issues remain unresolved following unscheduled Brexit talks in Brussels. Brexit Secretary Dominic Raab and EU chief negotiator Michel Barnier met for more than an hour ahead of a crunch EU leaders’ summit this week. Mr Barnier tweeted that issues, such as how to avoid a hard border with Ireland, were “still open”. Source: BBC
