Business

OTTAWA, April 11 (Xinhua) -- The Canadian Parliament passed on Saturday what Prime Minister Justin Trudeau called the country's most significant economic program since the World War II.

11 April 2020; MEMO: A Republican member of the US Senate has submitted a bill to withdraw US forces from Saudi Arabia if it does not adhere to the plan to reduce oil production, in order to change the direction of the oil price decline that has harmed US energy companies.

Kargil, Apr 11 (PTI) The 434-km Srinagar-Leh national highway, considered as the lifeline of the Union Territory of Ladakh, was reopened on Saturday to ferry essential commodities after remaining closed for over four months owing to heavy snowfall along the Zojila Pass.

In view of the coronavirus outbreak, the Ladakh administration on Friday had decided to only allow limited traffic, including trucks and oil tankers, to replenish essential supplies in the cold desert which usually remains cut off from the outside world during the winter months.

EGYPT, Apr 11 (NNN-MENA) – On Thursday, OPEC+ agreed to the largest oil production cuts in history, but oil prices crashed towards $20, as markets decided that a 10 million bpd cut was insufficient to balance the demand deficit.

Yesterday, the G20 met to discuss more cuts and more details will likely come out about the OPEC+ deal. Markets were closed yesterday and so all eyes will be on developments over the weekend.

WASHINGTON, April 10 (Xinhua) -- The U.S. economy is already in a recession and will remain in contraction for the first half of 2020 due to the COVID-19 pandemic, according to a survey released by the National Association for Business Economics (NABE) on Friday.

"The consensus is real GDP (gross domestic product) declined at an annualized rate of 2.4% in the first quarter of 2020, and will shrink at an annualized rate of 26.5% in the second quarter," NABE President and KPMG Chief Economist Constance Hunter said in a statement.

10 April 2020; MEMO: Egypt has received a third Type 209/1400 submarine from Germany, the Egyptian army announced yesterday.

10 April 2020; MEMO: The Department of Finance at the United Arab Emirates (UAE)’s emirate of Dubai has informed all government agencies to reduce capital spending as an economic precautionary measure following the coronavirus outbreak.

RIYADH, April 10 (NNN-AGENCIES) — Opec producers and allies have agreed to cut output by around 10% to counter the slump in demand caused by coronavirus lockdowns.

The group said it would cut output in May and June by 10 million barrels to help prop up prices. The cuts will then be eased gradually until April 2022.

Opec+, made up of Opec producers and allies including Russia, held talks on Thursday via video conference.

Talks were complicated by disagreements between Russia and Saudi Arabia.

OTTAWA, April 10 (NNN-AGENCIES) — The Canadian government said that it had renegotiated the terms of a $14 billion light armored vehicles contract with Saudi Arabia, paving the way for exports to recommence.

Vehicle sales had been on hold since 2018 due to tensions between Ottawa and Riyadh over the murder of journalist Jamal Khashogi and Saudi Arabia’s involvement in the war in Yemen.

The move marks a shift for Prime Minister Justin Trudeau, who had indicated in December 2018 that he was looking to end the controversial agreement.

BALTIMORE (AP) — President Donald Trump has been telling voters that the U.S. economy will leap back to life “like a rocket,” stronger than ever after its bout with the coronavirus.

But there is a reason economics is called the “dismal science.” There are emerging signs that any recovery will fail to match the speed and severity of the economic collapse that occurred in just a few weeks. The 2020 presidential and Senate elections likely will take place as the world’s largest economy is still attempting to climb back from the deadly outbreak.