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WASHINGTON / WAM The World Bank Group announced it is making available an initial package of up to $12 billion in immediate support to assist countries coping with the health and economic impacts of the global outbreak of coronavirus, (Covid-19). In a statement, the World Bank said as the virus reached more than 60 countries, “This financing is designed to …

GENEVA / WAM The International Air Transport Association (IATA), released data for global air freight markets showing that demand, measured in cargo tonne kilometres (CTKs), decreased by 3.3 percent in January 2020, compared to the same period in 2019. Commenting on the results, IATA’s Director-General and CEO, Alexandre de Juniac, said, “January marked the tenth consecutive month of year-on-year declines …

CAIRO / WAM Enoc Misr, a joint venture between Proserv Group and the UAE’s Emirates National Oil Company (Enoc) signed a Memorandum of Understanding (MoU) with local lubricant manufacturers to evaluate blending and manufacturing Enoc lubricants in Egypt. The move comes as part of Enoc Misr’s plans to maximise operational efficiency and ensure product availability in local market. The agreement …

Bloomberg Group of Seven (G-7) finance chiefs said they are ready to act to shelter their economies from the spreading coronavirus, though they stopped short of spelling out what specific measures they would put into place. “We, G-7 Finance Ministers and Central Bank Governors, are closely monitoring the spread of the coronavirus disease 2019 (Covid-19) and its impact on markets …

DUBAI / WAM The United Arab Emirates has facilitated a mission by the World Health Organisation (WHO) to deliver medical supplies and equipment to Iran in a bid to help contain the new coronavirus (Covid19), in the neighbouring country. The UAE Air Force deployed an aircraft that carried 7.5 tonnes of cargo from Dubai to Iran on Monday afternoon. Dubai’s …

Bloomberg Global central banks promised to act as needed to stabilise markets rattled by the coronavirus as the Organisation for Economic Co-operation and Development (OECD) warned the world economy faces its “greatest danger” since the financial crisis more than a decade ago. In an emergency statement, Governor Haruhiko Kuroda said the Bank of Japan will “strive to provide ample liquidity …

ABU DHABI / WAM The United Arab Emirates has welcomed the signing of the US-Taliban peace agreement, expressing hope that it represents a step towards achieving peace and security throughout Afghanistan. The Ministry of Foreign Affairs and International Cooperation said in a statement on Monday that the UAE hopes that the four-point agreement will be a starting point for stability …

Bloomberg Oil rebounded from its worst week since 2008 as the world’s central banks sought to stabilise financial markets, while hopes grew that Opec+ will deepen output cuts following the coronavirus outbreak. Futures rose as much as 4.4% in New York, after sinking 16% last week. Russia, which is due to meet other Opec+ members in Vienna this week, is …

Bloomberg Russia is ready to cooperate with its Opec+ partners to support the world oil market, even though it’s comfortable with current crude prices, President Vladimir Putin said. The Organisation of the Petroleum Exporting Countries (Opec)+ mechanism “has already established itself as an effective tool in ensuring long-term stability in global energy markets,” Putin told a meeting with ministers in …

Bloomberg China’s economy could be heading for a worse-than-expected first-quarter contraction after the country’s manufacturing sector reported activity was at a record low in February due to the coronavirus outbreak. The manufacturing purchasing managers’ index (PMI) plunged to 35.7 in February from 50 the previous month, according to data released by the National Bureau of Statistics on Saturday. Even before …