Germany’s surplus up

BERLIN: Germany’s trade surplus widened to a new record in May as exports from Europe’s largest economy increased strongly, outpacing a rise in imports. The Federal Statistical Office said on Thursday that exports rose 1.7 per cent in May over April to 102.1 billion euros ($112.56 billion), when adjusted for calendar and seasonal factors. Imports rose 0.4 per cent to 79.3 billion euros, for a surplus of 22.8 billion euros. The previous record of 22.3 billion euros was set last month. In unadjusted terms compared to May 2014, Germany’s exports grew 6.2 per cent in the European Union overall, with 5.1 per cent growth to countries using the euro currency and 8.2 per cent growth to those not. Exports outside the EU grew 2.3 per cent. Imports were strongest from eurozone countries, with 5.5 per cent growth.

Israel-China protocol

JERUSALEM: Israel and China are expanding by $500 million a protocol that helps to finance Israeli exports to China. The agreement, signed on Thursday, increases the financing available to $2.6 billion. It comes amid growing business ties between the two countries, as the Israeli government encourages companies to export to the east. China, Israel’s second-largest trading partner by dollar value, is also looking at an expansion in bilateral trade, which reached nearly $9 billion last year.

Rosneft signs deal

UFA: Russia’s top oil producer Rosneft has taken a significant step towards expanding its global reach by signing a preliminary deal to acquire up to 49 per cent in Essar Oil Ltd, India’s second biggest private refiner. Rosneft had initially said it would buy into Essar’s Vadinar refinery. But a company spokesman clarified on Thursday the deal included Rosneft entering into Essar Oil’s charter capital, echoing a statement from the Indian firm. The companies have signed a non-binding term sheet for Rosneft to buy an equity stake of up to 49 per cent in Essar Oil, the Indian company said in a statement on Thursday.