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Bloomberg The European Commission unveiled an unprecedented stimulus plan to tackle the worst recession in living memory and underwrite struggling Italy’s membership of the 27-nation bloc. The government in Rome stands to receive 82 billion euros ($90 billion) in emergency grants and up to 91 billion euros in low-interest loans from the package that could be worth as much as …

Bloomberg Oil declined from the highest settlement in 11 weeks on signs Russia is supporting plans to start easing supply cuts from July, while tensions between the US and China escalated amid the specter of sanctions. Futures fell 1% in New York. Moscow wants to scale back curbs in line with the Opec+ deal, according to people familiar with the …

Bloomberg Oil rose near $34 a barrel following Russia’s prediction that the market may balance as early as next month as global producers take historic amounts of crude out of the market. Russia, a key member of the Opec+ alliance that has pledged record output cuts, expects the market to balance in June or July. Energy Minister Alexander Novak said …

Bloomberg Oil fell, paring a weekly gain, as investors weighed improving supply fundamentals against doubts surrounding China’s economic growth. Futures in New York slid 2% but notched a 13% increase for the week. Major producers continue to scale back production. US explorers laid down another 21 oil rigs, bringing the total to the lowest since 2009. Beijing abandoned its economic …

Bloomberg China’s banking regulator is asking big banks to maintain annual growth of at least 5% in outstanding loans to the manufacturing sector, the Shanghai Securities News reported on Saturday. By the end of 2020, the ratio of mid-to-long term loans to the sector should rise by 1 percentage point compared to the start of the year, the newspaper reported, …

NEW YORK / WAM UN Secretary-General Antonio Guterres has saluted the efforts of the Higher Committee of Human Fraternity for the 14 May Global Prayer for Humanity, “as inspired by the interfaith leadership of His Holiness Pope Francis, the Grand Imam of Al Azhar Sheikh Ahmed Al Tayeb, and many others.” In a statement following a virtual meeting with the …

Bloomberg Indian Railways will start 200 additional trains from June 1 to ferry passengers as the nation gradually eases coronavirus lockdown restrictions. Tickets will be sold online and through physical booking windows, Vinod Kumar Yadav, Chairman of the Railway Board, said in a televised address to reporters. Passengers will be screened at the stations and only those without symptoms will …

Bloomberg Russian President Vladimir Putin gave his government until June 15 to come up with a plan to support the country’s oil industry while output is slashed under an agreement among the world’s main producers. Putin ordered ministers to work out “special rates” that pipeline operator Transneft PJSC and Russian Railways JSC will charge for transporting crude and petroleum products …

Bloomberg Beijing is accelerating its bid for global leadership in key technologies, planning to pump more than a trillion dollars into the economy through the rollout of everything from wireless networks to artificial intelligence. In the masterplan backed by President Xi Jinping himself, China will invest an estimated $1.4 trillion over six years to 2025, calling on urban governments and …

LONDON / WAM Biopharmaceutical company, AstraZeneca, said on Thursday it had received the first agreements to supply at least 400 million doses of the Covid-19 vaccine it is developing with the University of Oxford, reported Reuters. The British drugmaker said it has a total capacity sourced for one billion doses through 2020 and into 2021, and continues to increase capacity …