Business

ABU DHABI, Apr 13 (NNN-WAM) – An emergency video conference between OPEC and non-OPEC ministerial partners, chaired by Saudi Arabia, ended on Sunday with a continued commitment of the participating producing countries on the agreement reached last week, to cut oil production output, as the COVID-19 pandemic continues.

MOSCOW, Apr 13 (NNN-TASS) – Russian President, Vladimir Putin, U.S. President, Donald Trump and Saudi King, Salman bin Abdulaziz Al Saud, supported the agreement on a phased reduction in oil production reached by the Organisation of the Petroleum Exporting Countries (OPEC) and some other major oil producing countries, the Kremlin said Sunday.

“Vladimir Putin had a phone conversation with U.S. President, Donald Trump and Saudi King, Salman bin Abdulaziz Al Saud,” the Russian president’s press office said in a statement.

12 April 2020; MEMO: President Hassan Rouhani urged Iranians to continue to respect measures to guard against the new coronavirus as “low-risk” business activities resumed in most of the country on Saturday, state news agency IRNA and Reuters reported.

New Delhi, Apr 12 (PTI) Turning 'crisis into opportunity', India needs renewed focus on infrastructure in the wake of the damage caused by COVID-19 and talks are on with state governments to re-start highway construction projects where migrant labourers can be gainfully employed, union minister Nitin Gadkari said.

In a video-conference with PTI, the road transport, highways and MSME minister said talks are on with state governments for facilitating safe return of migrant labourers, an estimated 20 lakh of whom are in shelters pan-India.

Montreal, Apr 12 (AFP/PTI) Canada's lower house of parliament passed a wage subsidy programme Saturday heralded as the largest economic measure in the country since World War II, to help businesses and their employees get through the coronavirus crisis.

The House of Commons is suspended but held an exceptional session in the middle of Easter weekend to adopt the Can 73 billion (US 52 billion) programme, which aims to pay companies 75 percent of their employees' salaries to avoid massive layoffs.

KUALA LUMPUR, April 12 (NNN-BERNAMA) — Malaysia’s gross domestic product (GDP) is projected to contract by 0.1 per cent to 4.6 per cent this year amid negative impact brought by COVID-19, according to the World Bank.

Its senior economist, finance, competitiveness, and innovation global practice, Smita Kuriakose, said the impact on Malaysia’ economy was likely to be large looking due to COVID-19’s adverse impact on foreign direct investment (FDI), commodities and tourism as well as domestic shocks due to the Movement Control Order (MCO). 

COPENHAGEN, April 12 (NNN-AGENCIES) —Denmark is about to make its first move to relax restrictions imposed to fight coronavirus.

From Wednesday, children aged 11 and younger return to schools and nurseries, after a month of closures.

It’s among the first European countries aiming to put the lockdown into gradual reverse, just as it was one of the first to impose restrictions.

“It’s important we don’t keep Denmark closed for longer than we need to,” said Prime Minister Mette Frederiksen, as she announced the move last week.

ABUJA, April 12 (NNN-AFRICANEWS) — Nigeria will cut its oil production by 1.9 million barrels per day, reducing its daily crude oil production to 1,412 million barrels.

Abuja is hoping for a $15 rebound in the price per barrel in the short term. This rebound that could bring at least 2.8 billion dollars to the country, according to its oil minister.

The decision comes after a historic agreement reached by OPEC members on Thursday.

TUNIS, April 12 (NNN-AGENCIES) — The International Monetary Fund (IMF) announced the approval of a 745-million-dollar loan to help Tunisia cope with the economic crisis arising from coronavirus pandemic.

According to the IMF, the North African country’s economy is expected to contract by 4.3 percent in 2020, in what is speculated to be the worst recession since the country’s independence in 1956.

This is the first IMF emergency financing to the Middle East and North Africa region.

ANKARA, Apr 12 (NNN-ANADOLU) – In an interesting move that transcends years-long diplomatic standoff between the two countries, Turkey began supplying medical equipment to Israel, to help the country in its struggle against the COVID-19 outbreak.

The medical package comprises face masks, surgical gloves and protective coveralls.