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Bloomberg The International Monetary Fund (IMF) predicted the “Great Lockdown” recession would be steepest in almost a century and warned the world economy’s contraction and recovery would be worse than anticipated if coronavirus lingers or returns. In its first World Economic Outlook report since spread of Covid-19 and subsequent freezing of major economies, the IMF estimated on Tuesday that global …

Bloomberg Oil erased earlier gains as the demand destruction caused by the coronavirus pandemic outweighed planned output cuts from the world’s biggest producers. Futures fell 4.6% in New York amid persistent concerns of a massive supply glut. A key timespread on American benchmark — a gauge of the health of the market — is at its weakest level in more …

Bloomberg The world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a 10th, putting an end to the devastating price war that brought the energy industry to its knees. After a week-long marathon of bilateral calls and video conferences of ministers from the Opec+ alliance and the Group of 20 nations, an agreement …

WAM / Agencies The United Arab Emirates has welcomed the appointment of Mustafa al-Kadhimi by Iraqi President Barham Salih to form a new Iraqi government, expressing its hope that such a move will realise the aspirations of the Iraqi people for security, stability, and continued development. In a statement, UAE Ministry of Foreign Affairs and International Cooperation said that the …

Bloomberg The contraction in China’s foreign trade is set to continue through the second quarter, as global demand remains depressed by measures to curb the ongoing coronavirus outbreak. Both exports and imports are forecast to have slumped 10% or more in March, with data due on Tuesday expected to show a continuation of the declines seen in the first two …

Bloomberg There are 70 coronavirus vaccines in development globally, with three candidates already being tested in human trials, according to the World Health Organisation, as drugmakers race to find a cure for the deadly pathogen. The furthest along in the clinical process is an experimental vaccine developed by Hong Kong-listed CanSino Biologics Inc. and Beijing Institute of Biotechnology, which is …

DUBAI / WAM Emirates is planning to operate passenger services to Jakarta, Manila Taipei, Chicago, Tunis, Algeria, and Kabul in addition to the already commenced operation to London and Frankfurt. These services will facilitate residents and visitors wishing to return home. Only citizens of the destination country and those who meet the entry requirements will be allowed to board. Passengers …

Bloomberg Negotiators raced to clinch a historic deal to cut oil supply and stem a devastating price rout, with just hours to go before the market opens. As diplomatic wrangling between Mexico and Saudi Arabia entered a fourth day, a group of Opec+ ministers were due to speak at 5 pm London time. Delegates said some progress had been made …

Emirates Business Etihad Airways announced a series of special passenger flights from Abu Dhabi to Brussels, Dublin, London Heathrow, Tokyo Narita and Zurich, in addition to those previously published. Etihad has been operating special flights which allowed passengers stranded in UAE due to Covid-19 restrictions, opportunity to return home. The flights also support ‘UAE Food Security Program’ by utilising belly-hold …

Bloomberg Russia “sincerely hopes” that a consensus on oil-output cuts will be formalised among the world’s biggest producers as talks to rescue global energy markets continue after Mexico balked at proposed measures, Interfax reports, citing Kremlin spokesman Dmitry Peskov. The Opec+ coalition, including Russia, were closing in on an unprecedented agreement to lower global crude production by about 10% after …