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Updated: 20 hours 29 min ago

India’s sugar exports seen a fifth lower than earlier estimate - trade body

Mon, 03/23/2020 - 23:13
India is likely to export 4.5 million tonnes of sugar in 2019/20, down almost a fifth from an earlier estimate, as a drop in global prices due to the coronavirus outbreak makes overseas sales unprofitable for mills, a senior industry official said.

Coronavirus drags car dealers into digital commerce

Mon, 03/23/2020 - 23:08
Auto retailers have been slow to embrace e-commerce, but the coronavirus pandemic is changing that.

World Bank could deploy $150 billion over 15 months in coronavirus battle

Mon, 03/23/2020 - 23:08
World Bank Group President David Malpass on Monday said that the development lender could deploy as much as $150 billion in resources over the next 15 months to help developing countries fight and recover from the coronavirus pandemic.

Coronavirus grounds more flights, takes toll on jobs

Mon, 03/23/2020 - 23:06
Widening travel curbs to contain the spread of the coronavirus prompted more flight cancellations on Monday, with new restrictions spanning India, Australia, New Zealand, the United Arab Emirates (UAE), Hong Kong, Singapore and Taiwan.

Historic Fed boost fails to stem Wall Street's virus driven selloff

Mon, 03/23/2020 - 23:04
Wall Street's slide deepened further on Monday as the rapidly spreading coronavirus forced more U.S. states into lockdown, overshadowing unprecedented moves by the U.S. Federal Reserve to shore up credit across the economy.

Market panic lingers despite unprecedented Fed support

Mon, 03/23/2020 - 22:59
Unprecedented support from the U.S. Federal Reserve failed to lift global stock markets on Monday as investors continued to fret over the economic and human toll of the coronavirus pandemic.

Policy vs Pandemic: Contagion outpaces consensus on response

Mon, 03/23/2020 - 22:58
As the contagion from the coronavirus pandemic wrecks the global economy, Western policymakers are scrambling to find a consensus on how best to contain the crisis shredding financial markets.

U.S.-Saudi alliance one of 'many ideas' being discussed - U.S. energy secretary

Mon, 03/23/2020 - 22:46
Forging an oil alliance between the United States and OPEC's top producer Saudi Arabia is one of "many, many ideas" being floated by U.S. policy makers but it is uncertain whether it will become a formal proposal, the U.S. energy secretary told Bloomberg TV on Monday.

Despite OPEC+ deal collapse, Saudi oil exports yet to rise - sources

Mon, 03/23/2020 - 22:46
Top oil exporter Saudi Arabia has yet to boost crude shipments significantly, two industry sources who track the flows said, suggesting a lack of demand despite a deep slide in prices as major producers battle for market share.

Citigroup to give some employees $1000 as coronavirus spreads

Mon, 03/23/2020 - 22:45
Citigroup Inc will provide more than 75,000 employees globally with a special compensation award to help ease the financial burden of the coronavirus pandemic, Chief Executive Michael Corbat told staff in a memo seen by Reuters.

Coronavirus-related inspections delay Venezuelan oil exports - document

Mon, 03/23/2020 - 22:41
At least two cargoes of Venezuelan crude have been delayed due to health inspections aboard tankers meant to prevent the spread of the coronavirus, according to an internal document from state oil company Petroleos de Venezuela seen by Reuters.

U.S. Fed aims 'bazooka' to backstop coronavirus-hit economy

Mon, 03/23/2020 - 22:38
The U.S. Federal Reserve on Monday rolled out an extraordinary array of programs to backstop an economy reeling from sweeping restrictions on people and businesses that scientists say are needed to limit the spread of the coronavirus.

SoftBank plans $41 billion of asset sales to expand buyback and cut debt

Mon, 03/23/2020 - 22:32
SoftBank Group Corp plans to raise as much as $41 billion to buy back shares and reduce debt in an unprecedented move to restore investor confidence as a financial market rout pummels its shares and its portfolio companies.

Factbox: SoftBank's key assets

Mon, 03/23/2020 - 22:32
SoftBank Group Corp plans to raise up to 4.5 trillion yen ($41 billion) by selling or monetising assets to buy back 2 trillion yen of its shares and reduce debt, it said on Monday.

Airlines ground flights, count mounting costs of the coronavirus shock

Mon, 03/23/2020 - 22:22
Airlines across the globe are feeling the pain as travel demand withers because of the coronavirus outbreak, scrapping flights and ditching financial forecasts.

Bank of England and the banks say: we are here to help through the outbreak

Mon, 03/23/2020 - 22:14
Britain's banks are in a "strong position" to further support an economy that will rebound from the coronavirus epidemic, the Bank of England and leading UK lenders said in a joint statement on Monday.

Beer and spirit makers join global efforts to make sanitisers

Mon, 03/23/2020 - 22:12
Anheuser-Busch InBev , the world's biggest beer maker, and Diageo, the world's largest distiller, pledged on Monday to donate million litres of alcohol to make hand sanitisers and disinfectants to help fight the coronavirus pandemic.

G7 finance officials plan coronavirus response call on Tuesday - source

Mon, 03/23/2020 - 22:04
Finance ministers and central bank governors from the G7 wealthy democracies plan to hold a conference call on Tuesday morning to discuss their coronavirus response efforts and the economic impact from the pandemic, a source familiar with the plans said.

Crude extends fall with U.S. gasoline down 20% as global shutdowns sap demand

Mon, 03/23/2020 - 22:02
Oil prices extended their decline on Monday, with record low U.S. gasoline prices leading the energy complex lower, as the coronavirus pandemic crushes demand worldwide after travel and industrial activity contracted across the globe in a bid to stem the spread of the virus.

Western supply chains buckle as coronavirus lockdowns spread

Mon, 03/23/2020 - 21:56
Freight carriers are struggling to deliver goods by land, sea or air as the coronavirus pandemic forces Western governments to impose lockdowns, threatening supplies of vital products including medicines into the most affected areas, such as Italy.