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(Eagle News) — To support economic managers in crafting a “bounce-back plan” for the Philippine economy, the Department of Finance (DOF) is recruiting highly-competent and committed individuals that would help the economy to recover once the COVID-19 pandemic is over. Finance Assistant Secretary Antonio Joselito Lambino II said the DOF’s Strategy, Economics and Results Group (SERG), which he heads, is building its team to support state economic managers in coming up with this recovery and […]
by Roland JACKSON Agence France Presse US oil prices dived to 22-year lows under $11 Monday after crashing 40 percent in a market flooded with crude as demand evaporates in the face of the coronavirus pandemic. Ahead of Wall Street opening the US benchmark West Texas Intermediate (WTI) crude for May delivery sank to $10.77 — the lowest level since 1998. Trade, however, was also technically driven as investors closed out their positions ahead […]
HONG KONG, China (AFP) — Oil prices collapsed to more than two-decade lows Monday as traders grow concerned that storage facilities are reaching their limits, while equities were mixed, with some support coming from signs that the coronavirus may have peaked in Europe and the United States. US crude benchmark West Texas Intermediate briefly plunged almost 20 percent to below $15 — its lowest since 1999 — as stockpiles continue to build owing to a […]
SINGAPORE, Singapore (AFP) — US crude crashed to below $15 a barrel on Monday, its lowest level for over two decades, as concerns about a virus-triggered demand shock and lack of storage eclipsed an output cut deal. West Texas Intermediate (WTI), the US benchmark, fell more than 19 percent to $14.73 a barrel in early Asian trade, before markets steadied and it clawed back some ground to $15.78 a barrel. International benchmark Brent dropped 4.1 […]
NEW YORK, United States (AFP) — Global stocks sank Wednesday as COVID-19 infects the global economic outlook, while oil prices slumped as OPEC-led output cuts were deemed insufficient to soak up a supply glut. Sentiment turned sour Wednesday on grim warnings over the economic impact of the coronavirus, which emerged in China and has so far killed more than 131,000 people and infected more than two million globally. The International Energy Agency said 2020 was […]
SINGAPORE (AFP) — Oil languished at multi-year lows on Thursday, with WTI crude remaining around $20 a barrel as dire warnings about a virus-triggered demand shock overshadowed a deal to cut output. US benchmark West Texas Intermediate made small gains in Asian afternoon trade to $20.05 per barrel at one point. It had slipped below the $20 mark Wednesday, and hit its lowest price in 18 years. International benchmark Brent crude, which also suffered […]
BERLIN, Germany (AFP) — Europe’s economic powerhouse Germany plunged into recession in March, with the slump sparked by the coronavirus pandemic likely to last until the middle of the year, the economy ministry said Wednesday. “Falling global demand, interruption of supply chains, changes in consumers’ behavior and uncertainty among investors” had all made themselves felt in the export giant, the ministry said. The economic blow from the virus fell just as Germany was beginning to […]
NEW YORK, United States (AFP) — Global stocks mostly rose Tuesday as markets embraced better coronavirus case counts in some hotspots, while oil prices slumped amid skepticism over an historic agreement by petroleum producers. Major US indices gained more than two percent, the latest positive day for stocks since officials in New York and some other hotspots pointed to progress in cutting the number of new coronavirus cases. Some countries, including Italy and Austria, have […]
WASHINGTON, United States (AFP) — Almost all US companies surveyed in the last half of March said the coronavirus pandemic would or already had hit their supply chains, and industry association said Tuesday. The survey from the Institute of Supply Management (ISM) also showed half of the firms cutting their revenue targets, hiring plans and investments in the face of the pandemic. “The data suggests that even as companies adjust to supply disruptions — […]
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 […]
