Three Gulf Arab states pledged $2.5 billion in aid to Jordan on Monday in an effort to stabilize the US-allied kingdom as it faces its worst protests in years over government austerity plans that include tax increases.
The money from Kuwait, Saudi Arabia and the United Arab Emirates will go toward a deposit in Jordan’s Central Bank, cover World Bank guarantees for the kingdom, offer budget support and finance other development projects. Source: France24
Luxembourg will have to recover about €120 million in unpaid tax from French energy giant Engie, after the European Commission found the Grand Duchy guilty of breaching strict state aid rules. Source: Euractiv
Iran put itself on a collision course with Saudi Arabia at this week’s OPEC meeting, rejecting a potential compromise that would allow a small oil-production increase to appease energy consumers. Source: Bloomberg
A raft of retaliatory tariffs from the European Union on US products will come into effect on June 22. The EU’s list of targets reads like a summary of emblematic American exports, including motorbikes and jeans. Source: Deutsche Welle
