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Business & Economy

World’s busiest border quiet with millions of Mexicans barred from US due corona

TIJUANA/CIUDAD JUAREZ (Mexico), April 1 (NNN-AGENCIES) — The world’s busiest land border has fallen quiet as restrictions to contain the coronavirus prevent millions of Mexicans from making daily trips north, including many who work in US businesses.

At least 4 million Mexicans residing in cities along the 3,144-km border have been hit hard by the restrictions on non-essential travel. The measures effectively invalidate visas allowing short crossings into US cities to visit family, get medical care or shop.  

Saudi to raise oil exports to 10.6mn barrels per day despite coronavirus crisis

31 Mar 2020; MEMO: Saudi Arabia announced yesterday it will increase its crude oil exports starting from May, despite the coronavirus pandemic, a Saudi Arabia Energy Ministry official said yesterday.

This decision comes amid an escalating price war between Saudi Arabia and Russia after the coronavirus pandemic has lowered demand for oil all over the world.

Crude oil is at its lowest price since the Iraqi invasion of Kuwait in 1991.

G20 finance ministers to hold virtual talks on coronavirus crisis

Riyadh, Mar 31 (AFP/PTI) Finance ministers and central bankers of the Group of 20 major economies will hold a second round of virtual talks Tuesday to push ahead the coronavirus response, the Saudi hosts said.

G20 leaders last week pledged a "united front" in the fight against the pandemic, saying they were injecting 5 trillion into the global economy to head off forecasts of a deep recession.

Air Canada to temporarily lay off half its workforce

Montreal, Mar 31 (AFP/PTI) Air Canada announced Monday it would temporarily lay off nearly half of its employees and reduce activity by up to 90 percent in the second quarter due to the coronavirus.

The measures would affect 15,200 employees and about 1,300 managers from April 3, the airline said in a press release.

EU announces help for Balkans after criticism

BRUSSELS, March 31 (NNN-AGENCIES) — The EU announced nearly 40 million euros to help Western Balkan countries deal with the coronavirus, after Brussels came under fire for not doing enough for its neighbours.

A further 140 million euros was announced for the European Union’s “eastern partner” countries – Armenia, Azerbaijan, Belarus, Georgia, Moldova, and Ukraine.

The moves come as the EU seeks to fight back in a publicity battle with China and Russia, who have made a great show of their gestures of support to countries struggling with the COVID-19 crisis.

Chinese company Bioeasy Biotechnology's test kits rejected by Europian Countries

PARIS, March 31 (NNN-AGENCIES) — A number of European governments have rejected Chinese-made equipment designed to combat the coronavirus outbreak.

Thousands of testing kits and medical masks manufactured by an unathorised Shenzhen based company Bioeasy Biotechnology are below standard or defective, according to authorities in Spain, Turkey and the Netherlands.

Qatar Airways to seek state support, warns cash running out

30 Mar 2020; MEMO: Qatar Airways will have to seek government support eventually, Chief Executive Akbar al-Baker told Reuters on Sunday, warning that the Middle East carrier could soon run out of the cash needed to continue flying.

Several states have stepped in to help airlines hammered by the coronavirus pandemic that has virtually halted international travel, with the United States offering $58 billion in aid.

Oil prices at 17-year lows as virus ravages world

Singapore, Mar 30 (AFP/PTI) Oil prices extended losses in Asian trade Monday and languished at 17-year lows, with the coronavirus crisis escalating around the world and no end in sight to a vicious price war.

US benchmark West Texas Intermediate fell 5.3 percent to trade at 20 a barrel, while international benchmark Brent crude was off 6.5 percent at 23.

Indian Rupee slips 32 paise to 75.21 against US dollar in early trade

Mumbai, Mar 30 (PTI) The Indian fell 32 paise to 75.21 against the US dollar in opening trade on Monday, as investors braced for a prolonged period of uncertainty as coronavirus-induced lockdowns tightened across the world and in India.

Forex traders said weak opening in domestic equities dragged the local unit amid mounting fears of a coronavirus-led economic slowdown.

China slashes rate, pumps USD 7 bn into market to counter virus

Beijing, Mar 30 (AFP/PTI) China's central bank on Monday cut an interest rate on loans to banks by the largest margin in five years and injected 50 billion yuan (USD 7 billion) into the financial system to help the world's second-largest economy weather the coronavirus impact.

The People's Bank of China (PBoC) said it launched a 50-billion-yuan reverse repurchase operation on Monday and lowered the seven-day reverse repurchase rate from 2.40 percent to 2.20 per cent.

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