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Economy
Russian PM: $26 billion budget considered to fight virus
On Thursday, Russian Prime Minister Mikhail Mishustin said the government would consider increasing budget spending by 1.8 trillion roubles ($25.6 billion) to fight the coronavirus and support the economy.
Oil rises on manufacturing data, U.S. inventories
Oil prices rose on Wednesday on a string of positive manufacturing data and a drawdown in U.S. crude inventories, both indicating an economic recovery and rise in energy demand despite surging coronavirus infections around the world.…
Pompeo pushes U.N. Security Council to extend arms embargo on Iran
U.S. Secretary of State Mike Pompeo pushed the U.N. Security Council on Tuesday to indefinitely extend an arms embargo on Iran before it expires in October, arguing that the country is not a “responsible democracy” and must be held…
Russia: Turkey cannot re-export S-400 without Moscow’s blessing
Turkey cannot re-export Russian-made Russian S-400 defence systems without Moscow’s permission, Interfax news agency reported on Tuesday, citing a spokeswoman for Russia’s federal service for military-technical cooperation, Maria Vorobyova.…
IMF: Gulf economies to shrink by 7.6% this year
Gulf Cooperation Council (GCC) countries will see their economies shrink by 7.6% this year, an International Monetary Fund official said on Tuesday, revising downwards April forecasts of nearly 3%.
“We expect the GCC economies to…
Lebanon’s PM says rescue plan shows huge losses in financial system
Lebanon’s Prime Minister Hassan Diab said on Tuesday his government was committed to a financial rescue plan and the losses envisaged in it, saying it remained the basis of talks with the IMF.
Oil prices drop on prospect of returning Libyan supplies
Oil prices slipped on Tuesday amid rising COVID-19 cases and a possible return of Libyan oil production, which has been down to a trickle since the start of the year.
The more-active September contract for Brent LCOc2 fell 22 cents, or…
Libya’s NOC confirms international talks on resuming oil output
On Monday, Libya’s National Oil Corporation (NOC) said there had been international talks to end a blockade on oil exports, imposed since January by eastern-based forces in the country’s civil war, and that it was hopeful output would…
British PM Johnson: we need an interventionist approach to economy
On Monday, British Prime Minister Boris Johnson said that the government should take an activist and interventionist approach to the economy.
“I believe personally that what the government has got to do right now is keep going with an…
Oil slides on sharp uptick in coronavirus cases globally
Oil prices slid on Monday as sharp spikes in new coronavirus infections around the world forced some countries to resume partial lockdowns, raising concerns about the pace of economic recovery and fuel demand.
Brent crude LCOc1 had…