Bloomberg Oil rose for a third day after Saudi Arabia pushed for a deeper output cut than Organisation of Petroleum Exporting Countries (Opec’s) technical committee recommended a day earlier. The Saudis are looking for a cut of more than 1 million barrels a day, after the Joint Technical Committee suggested an supply reduction of 600,000 to 1 million barrels a …

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 The Federal Reserve slashed interest rates by half a percentage point in the first such emergency move since the 2008 financial crisis, amid mounting concern that the coronavirus outbreak threatens to stall the record US economic expansion. The rate cut, which came between the central bank’s regularly scheduled meetings, was announced hours after Group of Seven finance chiefs held …

Bloomberg European Union (EU) officials are weighing a new crackdown on bank bailouts after national governments exploited loopholes in rules passed in the wake of the financial crisis. One focus of the discussions is the so-called “precautionary recapitalisation” rule that Italy used to inject 5.4 billion euros ($6 billion) into Banca Monte dei Paschi di Siena SpA in 2017, according …

Bloomberg Brazil’s central bank opened the door to more interest rate cuts as it signalled that the outbreak of the new coronavirus creates a bigger risk of an economic slowdown than of a spike in inflation. Policy makers said that they’re closely monitoring the effects of the epidemic on financial markets and on the wider economy. Its impact on Brazil’s …

Bloomberg India’s central bank governor said he’s ready to act to shield the economy from the coronavirus and reiterated there’s room to cut interest rates if needed. Speaking in an interview with Bloomberg News in Mumbai hours before the Federal Reserve slashed interest rates by half a percentage point in an emergency move, Shaktikanta Das said “there is a strong …

Bloomberg The Bank of Korea (BOK) said on Wednesday it will seek to monitor and stabilise markets, stopping short of following the Federal Reserve in easing policy to respond to the coronavirus epidemic. The BOK said it would consider changes in the policy environment, including the Fed’s 0.5% rate cut and a joint statement from Group of Seven finance chiefs …

Bloomberg Cracks are starting to appear in rupee’s defences with new coronavirus cases being reported in India. The rupee slid as much as 0.4% to 73.6 per dollar on Wednesday to become the worst performing Asian currency. India has so far reported 28 positive cases, which includes 15 Italian tourists. The currency had stayed relatively stable earlier in the absence …