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Bloomberg Prime Minister Shinzo Abe announced a 108 trillion yen ($989 billion) stimulus package, Japan’s largest ever, to rescue the coronavirus-hit economy with Tokyo and six other economic hubs set to be put in a state of emergency. The package, equivalent to about 20% of the nation’s economic output, will include cash handouts worth 6 trillion yen for households and …

Bloomberg The European Union (EU) plans to impose tariffs on lighters, plastic fittings from the US in retaliation over controversial American duties on imported steel and aluminum, according to EU officials. The EU intends to apply a 20% tariff on lighters and a 7% levy on plastic fittings for furniture in response to a US decision in February widening the …

Bloomberg Oil pared losses amid signs that Saudi Arabia and Russia are making progress towards an agreement to curb crude output as the coronavirus wreaks havoc on the global economy. Futures fell 3.3% in New York, having earlier plunged 11%. Large oil-producing nations are racing to negotiate a deal to stem the price crash, but hurdles remain. A meeting of …

Bloomberg Saudi Arabia, Russia and other large oil producers are negotiating for a deal to stem the historic price rout, even as leaders trade barbs in public. “President Putin and Russian side in general are keen to engage in constructive negotiations, which is the only way to stabilise the international energy market,” Kremlin spokesman Dmitry Peskov said in a pre-recorded …

Bloomberg The sinking global economy is suffering through a colossal disinflationary shock that could briefly push it into dangerous deflation territory for the first time in decades. With many national economies all but shutting down in an effort to contain the coronavirus, prices on everything from oil and copper to hotel rooms and restaurant take-out are tumbling. “A powerful disinflationary …

Bloomberg The fallout from the coronavirus crisis is starting to upend wheat tenders in the world’s top importer. In a rare move, Egypt cancelled a tender within hours of announcing it, without giving a reason. The state buyer added a new clause requiring suppliers to replace any cargoes affected by virus-related restrictions with wheat from elsewhere, and bear the difference …

Bloomberg Saudi Telecom Co has postponed talks to raise debt to fund the acquisition of Vodafone Group Plc’s stake in its Egyptian business because of the coronavirus outbreak, according to people with knowledge of the matter. Work on the acquisition is still continuing and the kingdom’s largest telecoms operator may resume negotiations with banks for a loan of more than …

Bloomberg The world’s workers are reeling from the initial shock of the coronavirus recession, with job losses and welfare claims around the globe already running into the millions this week. As the International Labour Organisation (ILO) warns of almost 25 million layoffs if the virus isn’t controlled, the cuts from Austria to the US reflect the deepest peacetime recession since …

Bloomberg The Opec+ meeting to try to end the oil price war is unlikely to go ahead of Monday as previously expected, as Riyadh and Moscow engaged on a war of words about who’s to blame for the collapse in oil prices. The Opec+ alliance needs more time for negotiations, a delegate familiar with the matter said, noting the meeting …

Bloomberg Oil held near $20 a barrel as Saudi Aramco’s output surged above 12 million barrels a day, but Russia said it would refrain from further production hikes. Crude futures in New York were little changed on Wednesday, following a record decline in the first quarter. While state-run Aramco’s oil supply has surpassed 12 million barrels a day and is …