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 ...

ABU DHABI / WAM The UAE has sent an aid plane carrying eight metric tonnes of medical supplies to Cyprus, benefitting nearly 10,000 healthcare professionals in the fight against the Covid-19 pandemic. “Providing support to countries affected by Covid-19 is a humanitarian obligation upon all countries, as strengthening multilateral cooperation is necessary to overcome this crisis,” said Sultan Ahmed Ghanem ...