A highly-controversial UK government deal for the new Hinkley Point nuclear power plant will cost British energy consumers billions more pounds than forecast, the country's National Audit Office said Friday.

The largest US banks would withstand a severe recession and still be able to lend to American households and businesses, the Federal Reserve announced Thursday.

Kuwait's oil minister said Thursday that OPEC and independent producers have exceeded their targeted oil output cuts, but without stemming a decline in commodity prices.

"The commitments to production cuts in May reached 106 percent, the highest percentage since the start of output reductions in January," said Essam al-Marzouk, who heads a joint ministerial committee overseeing adherence to the cuts.

Iranian carriers Iran Airtour and Zagros Airlines have agreed to buy a combined 73 planes from Airbus, the European aircraft maker said on Thursday at the Paris Air Show.

Following the end of international sanctions over Tehran's nuclear programme, Iranian airlines are back in the market, seeking to upgrade their ageing fleets and expand their networks.

Asian markets mostly rebounded Thursday from the previous day's sell-off but energy firms struggled to recover after another plunge in oil prices as glut fears return.

Iran has begun exporting gas through a pipeline to Baghdad under a deal set to make Iraq the Islamic republic's top customer, the oil ministry said.

European tax planners who help rich clients, including sports stars, evade the tax man will risk hefty fines, according to EU plans unveiled on Wednesday.

The ruble on Wednesday dropped to a level not seen since February, weakened by faltering oil prices and fresh sanctions against Moscow.

The Saudi stock market was up four percent Wednesday on news that King Salman had named his powerful son as heir and that the exchange had moved closer to joining a major global index.

Oil-rich Gulf countries, which for decades have attracted millions of foreign workers thanks to their reputation as tax-free havens, aim to introduce value-added tax in 2018 to plug budget gaps.

On top of administrative and technical hurdles, however, the project now faces an unprecedented diplomatic crisis after Saudi Arabia, the United Arab Emirates and Bahrain on June 5 severed all ties with Qatar, their partner in the Gulf Cooperation Council.