Economics

German Finance Minister Wolfgang Schaeuble on Friday issued a stark warning to Britain that it would face costly barriers to the European Union trade zone if it left the bloc.

The comments by one of Europe's most senior officials is a blow to Brexit supporters, who have argued that Britain could negotiate deals to access the single market similar to those in place for non-members Norway and Switzerland.

"That won't work," the veteran minister told Germany's Der Spiegel weekly, which on Saturday plans to publish a German-English edition at home and in Britain with "Please don't go!" on the cover.

"That would require the country to follow the rules of a club which right now it wants to leave."

European Commission president Jean-Claude Juncker last month said that British "deserters will not be welcomed with open arms" by European partners if Britain votes to leave in the June 23 referendum, but Schaeuble's intervention is the most explicit threat so far.

Vote Leave chief executive Matthew Elliott hit back, saying there was "no question about it, Britain will still have access to the single market.

"It would be perverse of the eurozone to try to create artificial barriers -- and would do far more damage to them than to anyone else," he said.

The EU accounts for 47 percent of British exports and 54 percent of imports, according to latest government figures.

Federal Reserve Chair Janet Yellen boosted Wall Street Friday, restating her confidence in the US economy but softening her view on interest rate hikes after a poor US employment report.

Meanwhile London stocks rallied despite new polls that put the British referendum vote back on a knife-edge and sent the pound tumbling.

Yellen helped markets tentatively put last Friday's surprisingly dismal US jobs report behind them, saying one month's data is not so significant and that the overall labor market situation has been "quite positive".

But she backed away from previous Fed hints for a rate increase in June or July, only saying that tighter monetary policy should come gradually.

Twin bombings claimed by the Islamic State group hit Yemeni forces in Aden on Monday, killing at least 41 people in the latest of a spate of attacks in the southern city.

The attacks in Aden -- which is serving as the temporary government headquarters after rebels forced authorities from the capital -- follow a major military operation against jihadists in parts of southern and southeastern Yemen.

Backed by a Saudi-led coalition, forces loyal to President Abedrabbo Mansour Hadi are battling both Sunni extremists and Iran-backed Shiite rebels.

In the first attack, a suicide bomber killed 34 people queueing to enlist at a recruitment centre near the Badr base in Aden's Khormaksar district, said Brigadier General Nasser al-Sarei, the commander of Yemen's special security forces.

A subsequent explosion inside the base killed seven soldiers, he said.

In a statement posted online, IS said one of its fighters detonated an explosives belt among "apostate soldiers" at a recruitment centre, followed by the bombing at a gate of the Badr base.

The jihadist group, which has seized control of large parts of Syria and Iraq, also claimed responsibility Monday for a wave of bombings in Syrian coastal cities that killed more than 100 people.

A local resident in Aden described the scene of the Badr explosions as "horrible", saying body parts had been blown dozens of metres (yards) away.

"They came to complete the procedure of their recruitment and receive their first salary," he said, speaking of the young men who had gathered outside the army centre.

G7 finance ministers on Saturday voiced concern about the sputtering global economy as they looked for a plan to stoke growth, while a currency policy clash overshadowed their meetings.

The club of rich nations also pledged to tackle tax avoidance in the wake of the Panama Papers investigation and beef up efforts to disrupt the murky world of terrorism financing.

Two days of talks at a hot spring resort in northern Japan focused on how to stoke global growth which they said was under threat from myriad challenges, including terrorism, refugee flows and the threat of Britain's exit from the European Union.

The ministers were unanimous in opposing the prospect of a "Brexit", saying it would inflict a "shock" on the global economy that would only worsen the outlook at a time of geopolitical instability.

Host Japan was keen to get its G7 counterparts on board with the view that fiscal stimulus is the best way to kickstart global growth, but Germany and Britain were cool on the idea.

On Saturday, the group suggested a go-your-own-way approach.

"(We) discussed how to employ a balanced policy mix -- monetary, fiscal, and structural -- taking into account country-specific circumstances," they said in concluding remarks.

Japan's determination to tame the resurgent yen was another sensitive topic, after its repeated threats to intervene in forex markets put it on a collision course with its G7 counterparts.

French anti-terror judges will Friday begin their first questioning of Salah Abdeslam, a member of the jihadist cell which killed 130 people in a series of attacks in Paris in November.

The 26-year-old arrived early Friday for interrogation in central Paris under heavy security, escorted by military police, elite police units and a helicopter.

Authorities hope Abdeslam will be able to shed light on the operational details of the Paris attacks, as well as provide clues as to whether other cell members are still at large.

For months, Abdeslam was the most wanted fugitive in Europe until he was tracked down and arrested on March 18 in the Brussels neighbourhood of Molenbeek where he grew up.

Transferred to France under high security on April 27, he has since been held at Fleury-Merogis prison, southeast of Paris.

- Key role -

A childhood friend of suspected ringleader Abdelhamid Abaaoud, Abdeslam is thought to have played a key role both on the night of the Paris attacks on November 13, and in their preparation.

Two others have been arrested in France in connection with the attacks carried out by the Islamic State group, but they are considered secondary participants.

Abdeslam played a key role, dropping off the three suicide bombers who blew themselves up outside the Stade de France national stadium in northern Paris.

Turkey's ruling party named a loyal ally of President Recep Tayyip Erdogan as the new prime minister Thursday, with the incoming premier immediately vowing to "work in total harmony" with the strongman leader.

The ruling Justice and Development Party (AKP) will officially appoint Transport Minister Binali Yildirim as its chairman Sunday, meaning he will automatically become prime minister.

Yildirim will replace Ahmet Davutoglu, who stepped down after a struggle with Erdogan, as the president seeks to concentrate more power in the presidential office.

"We will work in total harmony with all our party comrades at all levels, beginning with our founding president and leader," said Yildirim after being named party head, referring to Erdogan.

The 60-year-old Yildirim is seen as one of Erdogan's closest longtime confidants and has served an almost unbroken stint from 2002 to 2013 as transport minister and then again from 2015.

They are both strongly opposed to resuming talks with the outlawed Kurdistan Workers Party (PKK), the Kurdish militant group that has claimed responsibility for several attacks across Turkey since a two-year-long ceasefire collapsed in 2015.

Protests were to take place across Venezuela on Wednesday against President Nicolas Maduro in the first challenge to sweeping powers he has decreed for police and soldiers under a state of emergency.

The opposition-led marches in Caracas and other cities were to demand that authorities validate a recall referendum seeking Maduro's ouster.

But the 53-year-old president has dismissed the push against him.

On Tuesday he said the referendum was "not viable" and a petition it was based on with 1.8 million signatures was riddled with "fraud."

The 60-day state of emergency was imposed from Monday to tackle what Maduro said were threats to security, as well as food and energy shortages.

Many of the measures rely on Venezuela's army and police being deployed to carry them out.

It notably suspends many constitutional protections by opening the way to expropriations and almost any action deemed necessary to maintain public order.

Individuals, companies and non-governmental organizations in Venezuela with links to foreign groups are also to be put under scrutiny and risk having their finances frozen, according to the decree.

The opposition-controlled congress late Tuesday rejected the decree in a vote, saying it undermined democracy. But the Supreme Court may overrule that, as it has with other congressional decisions.

A few days ago it was announced that Rosneft would be making its first LNG delivery to Egypt. However, according to Russian Mass Media, this deal does not look very promising. For example: the contract volume, which was announced a year ago, has already decreased. In addition, to the decrease in volume there are other risks associated with this contract. The first is linked to Egypt’s plans to develop its own offshore drilling, and the second, to the possible problems EGAS will have making payments for Rosneft’s LNG. However, Rosneft has accepted these risks in the hope of earning from the high price.

According to experts, such a "risky" deal could be due to the financial difficulties, the company has recently been facing since the drop in oil prices. Given the status of the oil giant, it is believed that they just need to show that the company is "profitable". This is why, according to experts, Rosneft is willing to engage in risky projects.

In mid-April a suit was filed against Russian pipeline operator Transneft, regarding their preferred shares. The plaintiff, OOO “Projector” is a little known company that bought 141 preferred shares (0.0019% of the share capital) of Transneft last year.  In its claim it stated that dividends on preferred shares were not paid in full as Transneft reported a lower net profit in order to avoid profit distribution to its subsidiaries. The plaintiff insisted that due to the fact that the dividends were not paid in full the preferred shares should be converted by the court to voting shares.

Hillary Clinton claimed a narrow victory in Kentucky as she sought to put away Bernie Sanders, but her resilient rival for the Democratic presidential nomination bounced back to snatch a win in Oregon.

With the Kentucky race too close for most US networks to call a winner, Clinton declared victory shortly after Kentucky's secretary of state Alison Lundergan Grimes announced on CNN that Clinton was the unofficial winner in her state.

"We just won Kentucky! Thanks to everyone who turned out," Clinton tweeted.

With 99.8 percent of Blue Grass state precincts reporting, Clinton led Sanders by 46.8 percent to 46.3 percent -- a margin of less than 2,000 votes.

Should the results hold, the win would blunt Sanders's momentum and help Clinton move closer toward clinching the Democratic presidential nomination.

But the psychological win was short-lived. Half an hour after polls closed in Oregon, US networks projected Sanders the winner there, besting Clinton 53 percent to 47 percent.

"We just won Oregon, and we're going to win California," Sanders told thousands of supporters in Carson, California as he predicted victory in the nation's largest state, which votes on June 7. Sanders, a self-declared democratic socialist, declared he would not be forced out of the race by narrow Clinton wins.

"It appears tonight that we're going to end up with about half the delegates" in Kentucky, Sanders told the raucous rally.

Afghanistan's capital was under lockdown Monday as thousands of minority Shiite Hazaras launched protests over a multi-million-dollar power transmission line, in what could snowball into a political crisis for the beleaguered government.

Security forces blocked key intersections with stacked-up shipping containers in Kabul as the protesters sought to march on the presidential palace, demanding that the electricity line linking energy-rich central Asia pass through a central Hazara-dominated area.

The protest spotlights the turbulent politics in the war-torn nation and follows a massive rally last November galvanised by the beheadings of a group of Hazaras, which symbolised growing public discontent with President Ashraf Ghani's regime.

"Tens of thousands of people are expected to join the massive protest and march towards the presidential palace," Hazara lawmaker Arif Rahmani told AFP.

"We want the power line to cross through Bamiyan, which has seen no development in 15 years. We are demanding justice, not charity."

The 500 kilovolt TUTAP power line, which would connect the Central Asian nations of Turkmenistan, Uzbekistan and Tajikistan with Afghanistan and Pakistan, is regarded a crucial infrastructure project in the electricity-starved region.