Business

3 May 2020; MEMO: An economic rescue plan that will form the basis of Lebanon’s talks with the International Monetary Fund (IMF) was panned by banks on Friday as one that would “further destroy confidence” in the country, reports Reuters.

New Delhi, May 3 (PTI) Jet fuel (ATF) prices have been slashed by a steep 23 per cent in line with a slump in international oil prices and it now costs about one-third of petrol and diesel whose rates continue to be frozen for the 50th day on Sunday.

Aviation turbine fuel (ATF) price has been cut by Rs 6,812.62 per kilolitre, or 23.2 per cent, to Rs 22,544.75 per kl in the national capital, according to a price notification by state-owned oil marketing companies.

Chandigarh, May 2 (PTI) In a relaxation for city residents, the UT Chandigarh administration on Saturday allowed opening of shops from 7 am to 7 pm with effect from May 4 in non-containment zone areas.

The administration also allowed residents to use their vehicles to come to the markets without passes, an official said.

Besides, the city administration has also decided to lift curfew on May 3 midnight but impose lockdown till May 17.

WASHINGTON, May 3 (NNN-AGENCIES) – Economic activity in the U.S. manufacturing sector plunged to an 11-year low in Apr, amid mounting COVID-19 fallout and weak global energy markets, the Institute for Supply Management (ISM) reported.

The Purchasing Managers’ Index (PMI) fell by 7.6 percentage points to 41.5 percent in Apr, the lowest since Apr, 2009. Any reading below 50 percent indicates the manufacturing sector is generally contracting.

RIYADH, May 3 (NNN-SPA) – Saudi Finance Minister, Mohammed al-Jadaan, said that, his country “must reduce expenditures” to mitigate the economic impact of the COVID-19 pandemic.

“Saudi Arabia is committed to protecting itself from the economic fallout of COVID-19 through any necessary financial measures, despite plunging oil revenues,” he said, in an interview with Al Arabiya TV.

The minister said that, the kingdom would limit the amount of money it would take from its reserves to a maximum of 32 billion dollars.

NEW YORK, May 3 (NNN-XINHUA) – A more aggressive stand adopted by some top U.S. administration officials against China on economic, diplomatic and scientific issues, at the heart of the relationship between the world’s first and second largest economies may backfire, reported The New York Times on Saturday.

3 May 2020; MEMO: On Friday Iraq announced the start of implementing the decision of OPEC+ to reduce crude oil production by 23 per cent, aiming to stabilise prices in the international markets, DPA International reported.

Sources in Basra Oil Company confirmed that it had started the reduction plan on 1 May in its oil fields.

3 May 2020; MEMO: On Thursday, Turkey’s President Recep Tayyip Erdogan underlined the benefits of the Trans-Anatolian Natural Gas Pipeline Project (TANAP) in an article he penned for the latest issue of The Diplomat magazine.

Chandigarh, May 2 (PTI) Industry in Punjab fears "exodus" of migrant workers from the state after the Centre allowed stranded labourers to move back to their respective places.

Industry representatives are concerned over resumption of units if labourers go back to their native places.

Shimla, May 2 (PTI) The Himachal Pradesh government on Saturday allowed liquor vends to operate in the state from May 4, the day the third phase of the coronavirus lockdown begins.

Himachal Parliamentary Affairs Minister Suresh Bhardwaj told reporters that the decision was taken during a state cabinet meeting on Saturday.

Giving some relaxations, the Union government had on Friday extended the lockdown by two weeks till May 17. The second phase of the nationwide lockdown will end on Sunday.