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RIYADH, Saudi Arabia (AFP) — Oil output cuts by OPEC and its allies, together with pledges from other G20 nations and purchases by strategic reserves, could remove 19.5 million barrels per day from the market, the Saudi energy minister said. US President Donald Trump said Monday that the actual output cuts may be deeper than the headline figure of 9.7 million bpd — with top producers considering slashing output by 20 million barrels a day […]
HONG KONG, China (AFP) — Asian markets posted gains on Tuesday as better than expected Chinese trade data suggested a rebound from the economic devastation wrought by the coronavirus pandemic. China has largely brought the disease under control within its borders since the COVID-19 outbreak first emerged in the city of Wuhan late last year. But it came at the cost of drastic measures that shuttered much of the economy and cordoned off tens of […]
SINGAPORE, Singapore (AFP) — Oil prices rose Tuesday after US President Donald Trump said producers are considering cutting 20 million barrels per day — more than double the figure publicly announced — to help the virus-hit sector. US benchmark West Texas Intermediate rose nearly 2 percent to trade at $22.85, while international benchmark Brent crude climbed 1.5 percent to trade at $32.26. OPEC producers dominated by Saudi Arabia and allies led by Russia thrashed out […]
By David ESNAULT avec les bureaux africains de l’AFP Agence France-Presse ABIDJAN, Ivory Coast (AFP) — Sub-Saharan Africa has not been as badly hit by the coronavirus pandemic as some other parts of the world, but the economy is being pummeled. Here’s a look at the main issues. – Perfect storm recession – For the first time in 25 years sub-Saharan Africa is about to go into recession, according to World Bank estimates. Following 2.4 […]
NEW YORK, United States (AFP) — Morgan Stanley Chief Executive James Gorman tested positive for COVID-19 but had mild symptoms and has recovered, a spokesperson said Thursday. Gorman disclosed the information near the end of a 12-minute video message to employees released Thursday that also discussed the impact of the coronavirus on the economy and financial markets, the spokesperson said. “His symptoms were mild,” the spokesperson said. “He self-isolated but continued working from home.” The […]
by Benoît PELEGRIN Agence France Presse LONDON, United Kingdom (AFP) — Top oil producers were trying to finalize a crucial agreement on output cuts in the small hours of Friday in an attempt to counter a collapse in prices due to the coronavirus and a Saudi-Russian price war. The video conference meeting of OPEC countries and their OPEC+ allies including Russia, as well as other key non-members, began just after 1440 GMT on Thursday and […]
(Eagle News) – The Department of Trade and Industry (DTI) has issued a memorandum circular granting a 30-day grace period for residential and commercial rent during the enhanced community quarantine (ECQ). Under Memorandum Circular 20-12, the 30-day grace period is determined to be “the 30 calendar days following the last due date of the rent which fell due within the ECQ.” The rents covered by the grace period will be amortized in equal amounts and […]
by Dave Clark with AFP bureaus World powers scrambled on Thursday to build a global response to the human tragedy and once-in-a-century economic collapse caused by the coronavirus epidemic, as the worldwide death toll topped 90,000. In a locked-down New York, the UN Security Council was to meet on the pandemic for the first time. And, by video conference, EU finance ministers are wrangling over how to bail out their worst hit members Italy […]
Leading software solutions company Multisys Technologies Corporation developed the first COVID-19 contact tracing system in the Philippines through its emergency response website called StaySafe.ph. Site visitors can contribute to the fight against COVID-19 by reporting the health conditions of their respective family members without disclosing sensitive information. This will help the private sector and local government units (LGUs) attend to immediate assistance needed by employees or locals under their jurisdiction—making it easier to track COVID-19 […]
GENEVA, Switzerland (AFP) — Global trade growth is expected to plummet by up to a third in 2020 due to the coronavirus pandemic, the World Trade Organization said Wednesday, warning that the numbers would be “ugly”. “World trade is expected to fall by between 13 percent and 32 percent in 2020 as the COVID-19 pandemic disrupts normal economic activity and life around the world,” the WTO said in a statement. There was a wide range […]
HONG KONG, China (AFP) — Most Asian equities retreated Wednesday after a two-day rally as investors closely track developments in the coronavirus crisis, while the oil market continued to fluctuate ahead of a crucial producers’ meeting. While the deadly disease continues to sweep across the planet, signs that the rate of infections is possibly leveling out and countries are preparing to ease some lockdown restrictions have instilled a semblance of optimism this week. However, the […]
NEW YORK, United states (AFP) — Wall Street opened higher on Monday as traders took heart from news of falling coronavirus death rates in hard-hit countries even as US cases were poised to spike. The IMF noted early signs of a recovery in the world’s second-largest economy China, including rising pollution levels, but news that a meeting of top oil producers had been delayed sent oil prices slumping. The Dow Jones Industrial Average was up […]
