Economy

Monday, April 13th 2020 - 10:30 UTC
EU agrees massive emergency Euros 500bn fund; Germany says “nein” to mutual guaranteed coronabonds

European Union finance ministers have agreed on a massive emergency package designed to ensure that member-states hit hard by the coronavirus pandemic will have the necessary resources to rebuild their economies.
Monday, April 13th 2020 - 10:15 UTC
Mexico has its oil protected by a sovereign hedge ensuring against low prices

While Mexico and Saudi Arabia fought over a deal to bring the oil-price war to an end, Mexico has a powerful defense: a massive Wall Street hedge shielding it from low prices. The Mexican sovereign oil hedge, which ensures the country against low prices and is considered a state secret, is a factor that may make the country less inclined to accept the OPEC+ agreement.
Monday, April 13th 2020 - 10:05 UTC
On Easter Sunday, US death toll surpasses 22.000; May first, tentative date for relaxing stay at home restrictions

Americans spent Sunday on lockdown as the US toll from the COVID-19 pandemic surpassed 20,000 deaths and more than half a million confirmed cases. With almost all the country under stay-at-home orders to curb the spread of the disease, many turned to online church services to mark the holiest day in the Christian calendar.
Monday, April 13th 2020 - 09:39 UTC
Food Prices declines sharply in March except rice as countries stockpile

World food prices declined sharply in March, driven mostly by demand-side contractions linked to the effects of the COVID-19 pandemic and the drop in global oil prices due mostly to expectations of economic slowdown as governments roll out restrictions designed to respond to the health crisis.
Monday, April 13th 2020 - 08:50 UTC
EU planning measures to prevent threat of Chinese takeovers of companies shares

The European Union's competition chief told the Financial Times that member countries should buy stakes in companies to counter the threat of Chinese takeovers, with her comments coming as the EU formulates plans to protect its businesses amid the coronavirus outbreak.
Saturday, April 11th 2020 - 10:18 UTC
YPF slashes oil production 50% as consumption slumps and depots are overflowing

Argentina’s state-held energy firm YPF slashed by 50% the oil production from its key development area in the vast Vaca Muerta shale play this week due to tumbling fuel demand in Argentina’s lockdown, local news outlet Rio Negro reports.
Friday, April 10th 2020 - 15:50 UTC
UN agencies call on governments to condone debts of the poorest countries

More than 60 U.N. agencies and international organizations urged governments on Thursday to take immediate steps to address the unfolding global recession and financial crisis wrought by the coronavirus pandemic, especially in the world’s poorest countries.
Friday, April 10th 2020 - 15:45 UTC
IMF sees emerging markets and low income nations as the most exposed to the coming recession

The International Monetary Fund sees the world economy suffering its worst recession since the Great Depression this year, with emerging markets and low-income nations in Africa, Latin America and Asia at particularly high risk.
Friday, April 10th 2020 - 15:37 UTC
Brazilian March inflation the lowest in 25 years, with several consumer items in deflation

Brazilian inflation slowed sharply in March, official figures showed on Thursday, falling to its lowest for that month in over quarter of a century as the new coronavirus crisis sapped demand for household goods and transport.
Friday, April 10th 2020 - 15:12 UTC
General Motors shut down factories in Brazil for at least 60 days

General Motors Co plans to keep its Brazilian factories shut down for at least 60 more days due to the coronavirus crisis, the company said on Thursday, as the final batch of unionized workers voted on the automaker's proposal.