Business

Washington, Apr 22 (PTI) US President Donald Trump has threatened to terminate the trade deal with China if Beijing did not honour its provisions in the wake of the coronavirus pandemic that originated in the country.

While China has reported 82,788 novel coronavirus cases, including 4,632 fatalities, the US registered over 824,600 cases and more than 45,290 deaths -- the highest in the world.

VIENNA, April 22 (NNN-AGENCIES) — The OPEC alliance of oil producers said “several” member states, and some of its allies in the OPEC+ grouping, held a teleconference Tuesday to discuss the plunge in oil prices caused by the coronavirus pandemic.

The organisation tweeted that ministers held an “informal teleconference to brainstorm the current dramatic oil market situation” but it was not clear whether Saudi Arabia, OPEC’s largest producer, took part.

21 April 2020; MEMO: US President Donald Trump has acknowledged that his administration is considering stopping all imports of crude oil from Saudi Arabia in an effort to save the American oil industry.

When asked by reporters at his daily press conference about requests from Republican lawmakers to block Saudi oil shipments, Trump replied, “Well, I’ll look at it.” He said that he had heard of the proposal before the media session. “We certainly have plenty of oil, so I’ll take a look at it,” he added.

Mumbai, Apr 21 (PTI) The Indian rupee settled for the day lower by 30 paise at 76.83 (provisional) against the US dollar on Tuesday, tracking weak domestic equities and strengthening of the US dollar overseas.

Forex traders said the decline in the rupee was largely due to sharp drop in oil prices and stronger greenback which edged higher past the 100 level mark.

TEHRAN, April 21 (NNN-AGENCIES) — Shopping malls and bazaars reopened in Iran despite warnings by some health officials that a new wave of coronavirus infections could ripple through the Middle Eastern country hardest hit by the pandemic.

Iran has struggled to curb the spread of the highly contagious lung disease known as COVID-19 but authorities also worry that measures to limit public life to rein in the virus could finish off an already sanctions-battered economy.

LONDON, April 21 (NNN-AGENCIES) — Oil plunged below $5 a barrel as the coronavirus pandemic ravages global economies, threatening to erase an entire decade of demand growth, slashing thousands of jobs and wiping out hundreds of billions of dollars from company valuations.

Industrial and economic activity is grinding to a halt as governments around the globe extend shutdowns due to the swift spread of the coronavirus.

PARIS, April 21 (NNN-AGENCIES) — France’s nearly two-month-long coronavirus lockdown is expected to cost the country some €120 billion in lost revenue while “forced savings” are estimated to reach €55 billion, the state-funded French Economic Observatory said.

“During the lockdown, the Gross Domestic Product (GDP) was cut by 32 percent, corresponding to five points of GDP for the whole of 2020,” the state-funded French Economic Observatory (OFCE) wrote.

SYDNEY, April 21 (NNN-AGENCIES) —Virgin Australia has confirmed it has entered voluntary administration – making it Australia’s first big corporate casualty of the coronavirus pandemic.

The country’s second-largest carrier cut almost all flights last month following wide-spread travel bans.

It was already struggling with a long-term A$5bn debt.

The airline is now seeking new buyers and investors, after failing to get a loan from Australia’s government.

WASHINGTON, April 21 (NNN-AGENCIES) — President Donald Trump said the United States would take advantage of the historic drop in oil prices to replenish its national strategic stockpile, pending approval by Congress.

“We are filling up our national petroleum reserves… You know, the strategic reserves,” Trump told reporters at his daily coronavirus press conference.

“And we are looking to put as much as 75 million barrels into the reserves themselves,” he added.

20 April 2020; MEMO: A huge delivery of personal protective equipment (PPE) to the UK from Turkey has been delayed, The New Arab reports.

The substantial delivery of the desperately needed PPE was delayed for “logistical reasons”.

Secretary of State for Housing, Communities and Local Government Robert Jenrick claimed in a statement that the shipment would arrive on Sunday, and would include 84 tonnes of supplies including 400,000 surgical gowns for Britain’s National Health Service (NHS).