Car firms to convert factories to make ventilators

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Car firms are answering calls from governments to help make more ventilators and face masks to help out during the coronavirus pandemic. Fiat began converting one of its car plants in China to start making about one million masks a month. The…

Smartphone sales collapse amid pandemic

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Sales of new phones have collapsed in the biggest fall since the invention of the smartphone. Research firm Strategy Analytics said shipments in February fell by 38% year-on-year. The outbreak of the coronavirus in China had a huge impact,…

Oil prices fall to record low

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Oil prices fell to a record low as the coronavirus continued to affect markets across the globe on Wednesday. The WTI oil slumped by 12% on Wednesday as Brent prices also fell below 6%. WTI oil was priced at under $24 per barrel, as the…

COVID-19 could claim 25 million jobs worldwide: ILO

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(Geneva) - The economic and labour crisis created by the COVID-19 pandemic could increase global unemployment by around 25 million, according to a new assessment by the International Labour Organisation, ILO. Based on different scenarios…

Europe sets up emergency lifeline worth billions

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The European Central Bank (ECB) has launched an emergency €750bn ($820bn; £700bn) package to ease the impact of the coronavirus pandemic. It will buy government and company debt across the eurozone, including that of troubled Greece and…

Facing 'unprecedented' crisis, airlines urge governments to help

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Airlines made unprecedented cuts to flights, costs and staffing on Monday, stepping up calls for emergency aid as coronavirus lockdowns and new travel restrictions hit more important routes. Already battered shares in British Airways parent…

WTO suspends meetings until end of April

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(Geneva) - All World Trade Organisation, WTO, meetings are suspended until the end of April and Secretariat staff have been requested to work from home until the end of March. Director-General Roberto Azevedo has informed WTO members and…

Bill Gates steps down from Microsoft board

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Microsoft co-founder Bill Gates is stepping down from the company's board to spend more time on philanthropic activities. He says he wants to focus on global health and development, education and tackling climate change. One of the world's…

Coronavirus: Europe ramps up support for ailing firms

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European authorities are increasing efforts to try to stave off the economic effects of coronavirus. The European Union (EU) will put a package of measures in place including a €37bn euro (£33bn) investment initiative. And German finance…

Arab Trade Financing Programme approves US$210 million in funding requests

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(Abu Dhabi) - The Board of the Arab Trade Financing Programme approved 81 funding requests for trade projects worth US$210 million, during its 121st meeting held today at its headquarters in Abu Dhabi. The meeting was chaired by Dr. Abdulrahman…

Google tells staff to work at home

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Google's parent company Alphabet has asked its North American staff to work from home to reduce the potential spread of the coronavirus. Last week the tech giant sent a memo to staff recommending that employees in Washington state work from…

COVID-19 could incur US$347 billion impact on global economies: ADB

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(Philippines) - A brief recently released by the Asian Development Bank, ADB, has suggested that the ongoing COVID-19 outbreak could have an impact of US$347 billion on global economies. The ADB brief titled, 'The Economic Impact of the COVID-19…

Coronavirus wipes $50 billion off global exports in February

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(Washington DC) - The extent of the damage to the global economy caused by novel coronavirus COVID-19 moved further into focus as UN economists announced a likely US$50 billion drop in worldwide manufacturing exports in February alone. In…

Oil products stocks jump to record on gains in all categories

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(Fujairah) - Inventories of oil products at the bunker trading hub of Fujairah in the UAE climbed to a record this week after gains in light, middle and heavy distillates, according to data provided exclusively to S&P Global Platts. Inventories…