Business

Emirates reverses decision to suspend all passenger flights

DUBAI, United Arab Emirates (AFP) — Dubai carrier Emirates reversed on Sunday its decision to suspend all passenger flights, shortly after it said it would halt operations from March 25 amid the novel coronavirus outbreak. The airline said it “received requests from governments and customers to support the repatriation of travellers” and will continue to operate passenger flights to 13 destinations, down from its usual 159. Emirates will continue to fly to the United Kingdom, […]

Asian markets sink as pandemic deaths soar

HONG KONG, China (AFP) — Asian markets were mostly in the red in early trade Monday despite massive economic stimulus efforts worldwide, with investors spooked by the relentless march of the coronavirus pandemic. The negative mood was fuelled by the failure of US lawmakers to agree on a trillion-dollar emergency package to help the reeling American economy. The global death toll from the virus has surged past 14,300, with nearly a billion people confined and […]

World Bank allots $100-M fast-track loan to help PHL contain coronavirus spread

  (Eagle News) — The World Bank has allotted US$100-million fast-track loan to the Philippine government for the procurement of personal protective equipment for (PPE) for health care workers, and other equipment needed to contain the spread of the coronavirus disease in the country. The $100 million aid to the Philippines to fight COVID-19 will help the Department of Health in the procurement also of testing and laboratory materials, quarantine areas, isolation rooms and other […]

BSP extends relief package to banks, financial institutions over COVID-19 impact

(Eagle News) – The Bangko Sentral ng Pilipinas (BSP) extended a regulatory relief package to banks and other BSP-supervised financial institutions (BSFI) to help cushion the potential impact of COVID-19 on their operations. The relief package was provided for in Memorandum No. M-2020-008, issued by the BSP shortly after its Monetary Board approved the granting of temporary relief and rediscounting relief measures to BSFIs. In a statement, the BSP said that it “recognizes the potential […]

Asia markets lifted by huge economic support plans

HONG KONG, China (AFP) — Asian equities enjoyed some much-needed gains Friday after another volatile week on global markets as investors took solace in a blockbuster series of government and central bank measures aimed at cushioning the economic blow from the coronavirus. The dollar also eased somewhat after a lengthy rally fuelled by traders cashing out of their investments, while the embattled oil market extended Thursday’s gains. With the deadly pandemic showing no sign of […]

Philippine stocks plunge nearly 25% after virus trading halt

MANILA, Philippines (AFP) — Philippine shares plunged by nearly 25 percent on Thursday only moments after the Manila stock exchange resumed trade following a two-day trading suspension prompted by the coronavirus pandemic. The Southeast Asian nation was the first in the world to indefinitely suspend trading after President Rodrigo Duterte ordered more than half of its population to stay home for the next month. Manila’s bourse had suspended operations “until further notice” in response but […]

World markets slump as recession fears eclipse stimulus

by Roland JACKSON LONDON, United Kingdom (AFP) — Global stock and oil markets plunged Wednesday, as vast stimulus measures failed to offset heightened concerns that the worsening coronavirus outbreak will tip the world into a deep downturn, dealers said. In European stock market trading, Frankfurt, London, and Paris tanked around five percent in morning deals, after similar dizzying losses across Asia. Before the market open in Paris, French regulators banned for one-month short-selling, or the […]

BMW to shut down European factories over virus

FRANKFURT AM MAIN, Germany (AFP) — German carmaker BMW said Wednesday it would close European and South African factories accounting for half its output for a month, matching other car giants stricken by coronavirus containment measures. It also warned that profits this year would be significantly lower as a result of the crisis. “From today, we will shut down our European car factories and the Rosslyn factory in South Africa,” chief executive Oliver Zipse said, […]

Asian markets tumble as early stimulus rally fizzles

HONG KONG, China (AFP) — Asian markets plunged Wednesday, reversing an early rally fuelled by global stimulus pledges, including a more than $1 trillion package flagged by the United States. With borders being shut and countries going into lockdown, there is a broad expectation the world economy will plunge into recession as markets convulse. Dealers across the planet, who have been sent running for the hills, have been begging for government measures to mitigate the […]

PHL financial markets allowed to open amid Luzon-wide enhanced quarantine

  (Eagle News) – The Philippine government has now allowed financial markets to re-open amid the Luzon-wide enhanced community quarantine due to the coronavirus outbreak. In a joint statement, the Department of Finance (DOF) and the Bangko Sentral ng Pilipinas (BSP) said that the Inter-Agency Task Force (IATF) on Emerging Infectious Diseases had already issued an exemption for the Philippine Stock Exchange (PSE), Philippine Dealing & Exchange Corp. (PDEX), Philippine Depository & Trust Corp., and […]

VW to close most European plants ‘for two to three weeks

by Michelle FITZPATRICK FRANKFURT AM MAIN, Germany (AFP) — German auto giant Volkswagen said Tuesday it was preparing to shutter most of its European plants, joining a slew of other carmakers as the coronavirus pandemic disrupts supply chains and sends demand plummeting. Production will be halted in Spain, Portugal and Slovakia and Italy before the end of this week,” CEO Herbert Diess said in a speech. “Most of the other German and European plants will […]

Airlines cancel domestic, international flights due to Luzon-wide quarantine

  (Eagle News) – Philippine Airlines, AirAsia Philippines, and Cebu Pacific have cancelled domestic and international flights until April in view of the Luzon-wide enhanced community quarantine. In an advisory, PAL said that all of its domestic flights will be cancelled starting March 17 until April 12, 2020, while international flights will continue until midnight of March 19, 2020. “We will announce in due course the status of our international flights from March 20 up […]