April, 2020

• 14 April

  Easter chocolate sales wilt over virus scare

  Bloomberg Swiss chocolate makers are offering price cuts in an attempt to stem weak demand during the key Easter season, as shoppers scoop up toilet paper and soup rather than tinfoil bunnies. Lindt & Spruengli is offering online price cuts of 30% on its entire Easter assortment. Laederach, another high-end chocolate chain, abandoned its practice of avoiding discounts this year. …

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• 13 April

  Oil price war ends with historic Opec+ deal to slash production

  

  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 …

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• 13 April

  UAE welcomes formation of new Iraqi government under Kadhimi

  

  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 …

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• 13 April

  Recovery in China’s foreign trade far from sight as global outlook dims

  

  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 …

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• 13 April

  WHO says 70 Covid-19 vaccines in development

  

  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 …

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• 13 April

  Emirates flying limited flights to more cities

  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 …

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• 13 April

  Trump’s Big Oil deal not to save shale producers

  

  Bloomberg President Donald Trump said the “Big Oil deal” sealed will save hundreds of thousands of American jobs. But the agreement he brokered depends on a sharp downturn in shale that will likely bring about a wave of bankruptcies and job cuts. Days of frantic diplomatic maneuvering culminated in an agreement by Opec+ to pare production by 9.7 million barrels …

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• 13 April

  China’s ‘green zone’ coal price tested as virus fight continues

  

  Bloomberg China’s coal prices have sunk to levels that threaten state intervention, but this time policy makers may refrain from doing so as they continue efforts to buttress the economy hurt by the coronavirus pandemic. The government will try to keep power prices low as it pushes to restart the economy, according to analysts. That goal will be helped by …

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• 13 April

  Oil’s belt-tightening is bad news for clean power

  

  Bloomberg Exxon Mobil Corp said that it would slash its capital expenditures by $10 billion, to about two-thirds of what it had planned just a month ago. It’s the second-largest capex cut in the company’s modern history, according to Bloomberg News. While those capex cuts are in the future, oil production dynamics are changing in real time. Rystad Energy analysis …

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• 13 April

  Virus may nix 39% of US power projects

  

  Bloomberg More than a third of new US electricity generation expected to come online over the next six months could hit roadblocks as the coronavirus pandemic curbs power consumption and disrupts supply chains. About 4.9 gigawatts, or 39%, of new utility-scale capacity will be “either cancelled or indefinitely postponed” from April through September, said Energy Information Administration economist Tyler Hodge. …

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