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EU Adopts 2018 Budget

President Antonio Tajani signs the 2018 budget into law. [European Parliament]
President Antonio Tajani signs the 2018 budget into law. [European Parliament]
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EU Adopts 2018 Budget

President Antonio Tajani signs the 2018 budget into law. [European Parliament]
President Antonio Tajani signs the 2018 budget into law. [European Parliament]

The European Union on Thursday adopted its 2018 budget, amounting to €160.1 billion ($189.7 billion) in commitments - an increase of 0.2 percent compared to 2017.

The EU said total payments amount to €144.7 billion ($171.5 billion), rising 14.1 percent from last year.

"Payments increase significantly because the implementation of the 2014-2020 programs is expected to reach full speed in 2018," the EU said.

Märt Kivine, deputy finance minister of Estonia and chief Council negotiator for the 2018 EU budget, said that the Parliament and the Council shared the same two main priorities for the financial year 2018: to tackle migration and security, and to boost innovation, growth and employment in Europe.

“I am convinced that we have achieved a good and balanced result, allowing the Union to act and to react to the various needs”, Kivine said.

The biggest portion of the budget -- €11.2 billion ($13.4 billion) -- will be allocated to the EU's research and innovation programs; this is an increase of 8.4 percent compared to 2017.

The bloc, meanwhile, said Turkey's pre-accession funds have been cut by €105 million ($124.4 million).

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Honda and Nissan Reportedly Consider Mutual Production of Vehicles

FILE PHOTO: A Honda logo is seen during the New York International Auto Show, in Manhattan, New York City, US, April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo/File Photo
FILE PHOTO: A Honda logo is seen during the New York International Auto Show, in Manhattan, New York City, US, April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo/File Photo
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Honda and Nissan Reportedly Consider Mutual Production of Vehicles

FILE PHOTO: A Honda logo is seen during the New York International Auto Show, in Manhattan, New York City, US, April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo/File Photo
FILE PHOTO: A Honda logo is seen during the New York International Auto Show, in Manhattan, New York City, US, April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo/File Photo

Honda and Nissan are considering producing vehicles in one another's factories as part of their plan to deepen ties and potentially merge, Japan's Kyodo news agency said on Saturday.
Honda will consider supplying hybrid vehicles to Nissan as part of the plan, the report said, without citing the source of the information.
A merger of Honda, Japan's second-largest car company, and Nissan, its third-largest, would create the world's third-largest auto group by vehicle sales, behind Toyota and Volkswagen, making 7.4 million vehicles a year, Reuters said.
The two automakers forged a strategic partnership in March to cooperate in electric vehicle development, but Nissan has faced financial and strategic troubles in recent months.
As announced, Honda, "Nissan and Mitsubishi Motors are in the process of bringing together our strengths and exploring potential forms of cooperation, but nothing has been decided yet,” a Honda spokesperson said, when asked about the report.
Nissan declined to comment, saying the details of the report were not based on a company announcement. Nissan is the top shareholder in Mitsubishi Motors.
Kyodo said Honda could use Nissan's car factory in Britain, as it now only has factories for engines and motorcycles in Europe.
The move comes amid concerns over how president-elect Donald Trump's policies may shake up manufacturing with his promises of protectionist trade policies, the report said.