Browsing Category
Economy
European Central Bank warns coronavirus response could raise fears of eurozone breakup
The impact of the Covid-19 pandemic on the eurozone economy has been significant, according to the European Central Bank (ECB), increasing the underlying financial vulnerabilities of the euro area.
The ECB’s May 2020 Financial…
Oil prices gain as faith in supply cuts grows
Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up with coronavirus restrictions easing.
Brent crude LCOc1 futures were up 2 cents…
Australian PM calls for economic overhaul to fuel post-coronavirus recovery
Australian Prime Minister Scott Morrison on Tuesday called for an ideological truce between employers and workers to revive the country’s A$2 trillion ($1.3 trillion) economy, which has been badly damaged by the coronavirus pandemic.…
Russia’s Putin, Iraq’s al-Kadhimi back continued oil market cooperation: Kremlin
President Vladimir Putin discussed Russia’s cooperation with Iraq over an OPEC+ deal to reduce oil supply in a telephone conversation with Iraq’s Prime Minister Mustafa al-Kadhimi, the Kremlin said on Monday.
The two men noted the…
Iranian tanker docks at Venezuelan port after braving stormy waters to deliver 1st oil shipment…
The Iranian-flagged tanker ‘Fortune’ has arrived at its final destination, docking at El Palito port on Venezuela's northern coast. The vessel is the first of five Iranian tankers that set sail for Caracas loaded with fuel.
Satellite…
Lebanon’s government welcomes banks’ input in rescue plan
Lebanon’s government on Friday welcomed a contribution by local banks to a financial recovery plan but said there were issues that will need to be reconciled between the two sides.
In a statement, the government said the banks’ proposal…
Oil drops over 5% on China-U.S. tensions
Oil fell 5% on Friday towards $34 a barrel as tensions rose between the United States and China, and doubts grew about the pace of demand recovery from the coronavirus crisis.
China is set to impose new national security legislation on…
Turkey says export of dairy products to China will resume
Turkey’s exports of milk and other dairy products to China will resume, Trade Minister Ruhsar Pekcan said on Thursday, and added that 54 Turkish companies will be able to export to China.
In February, Turkey temporarily halted imports of…
Nigeria’s economy to contract by 8.9% this year in worst case
Nigeria’s economy could shrink as much as 8.9% in 2020 in a worst case scenario without stimulus, Finance Minister Zainab Ahmed said on Thursday, a deeper recession than forecast after oil prices plunged due to the coronavirus pandemic.…
Lebanese central bank to intervene to protect Lebanese pound, PM says
Lebanon’s central bank will intervene in the market starting on Thursday to protect the Lebanese pound, whose declining value has forced up the price of food and other commodities, Prime Minister Hassan Diab said.
The pound has lost more…