Post-COVID-19 Singapore hits recession as economy shrinks 41%

Singapore's economy shrank 12.6 percent between April and June, according to the data from the trade ministry, as strict curbs were imposed to fight the virus

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US oil bounces after crash but Asia stocks suffer big losses

US crude prices bounced back into positive territory a day after crashing below $0.00 for the first time owing to crippled demand

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Trump says OPEC+ planning to cut production 20 mn bpd

Trump's remarks came after OPEC producers and their allies agreed on Sunday to cut production by 9.7 million bpd

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IMF approves debt relief for 25 poor countries

The IMF board approved the debt relief for nearly all in Africa, but also Afghanistan, Yemen, Nepal and Haiti

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Top oil producers agree 'historic' cuts due to coronavirus crisis

OPEC producers thrashed out a compromise deal after Mexico had balked at an earlier agreement struck on Friday

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Stocks surge on hopes for easing virus crisis

Wall Street powered to a solid rally, with the Dow gaining 1,600 point to close 7.7 percent higher,

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'Clear we have entered recession': IMF chief on coronavirus pandemic

More than 80 countries, mostly of low incomes, have asked the IMF for help, the fund's chief Kristalina Georgieva says

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Asia markets extend Wall St losses as traders eye growing crisis

US and European markets fell around four percent Wednesday, with investors ignoring data showing far fewer private-sector jobs were lost last month than were expected

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Coronavirus outbreak exacting huge toll on China's economy: World Bank

Coronavirus pandemic is causing "an unprecedented global shock, which could bring growth to a halt and could increase poverty across the region," said Aaditya Mattoo, World Bank chief economist for East Asia and the Pacific

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Coronavirus: IMF, World Bank call for suspending debt payments by poorest nations

'The World Bank Group and IMF believe it is imperative at this moment to provide a global sense of relief for developing countries as well as a strong signal to financial markets'

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China´s economy pace slackens to slowest in three decades

BEIJING: China´s economy weakened to its slowest pace in three decades in 2019 as weaker domestic demand and trade tensions with the United States took their toll, official data showed Friday.

The world´s second-largest economy grew by 6.1 percent last year, its worst performance since 1990, according to the National Bureau of Statistics.

The figure matches an AFP analyst forecast and is within Beijing´s official target of 6.0-6.5 percent. But last year´s growth was down from 6.6 percent in 2018.

While China´s economy had been gradually losing steam over the first three quarters, growth stabilised at 6.0 percent in the last three months of 2019 -- the same pace as in the third quarter, according to the National Bureau of Statistics (NBS).

Ning Jizhe, commissioner of the NBS, said China´s economy generally sustained a stable momentum of growth in 2019.

"However, we should also be aware that the global economic and trade growth is slowing down," he said at a news conference.

He added that there were more sources of instability and risk, with the economy facing "mounting downward pressure".

The figures were released after a truce was reached in the nearly two-year-old trade war, as President Donald Trump and Chinese Vice Premier Liu He signed a "phase one" agreement on Wednesday.

The mini-deal includes a pledge by China to purchase $200 billion worth of US goods over two years.

In return, the US has pledged to slash in half some of the tariffs imposed on China, but levies remain in place on two-thirds of more than $500 billion in imports from the Asian country.

- ´New normal´ -

The World Bank said in a report this month that weakening exports in China had compounded the impact of its ongoing slowdown in domestic demand.

Policy uncertainty and higher tariffs on exports to the US also cast a pall on manufacturing activity and investor sentiment, it added.

The latest data showed that China´s industrial production grew by 5.7 percent last year, down from 6.2 percent in 2018.

Retail sales growth came in at 8.0 percent, down from 9.0 percent in the year before.

In December, sales grew 8.0 percent, and the NBS noted that online retail sales in particular had a strong showing.

But analysts note that China´s slowdown is structural, as it becomes a more developed economy and faces demographic challenges such as a shrinking number of people of working age.

Louis Kuijs, head of Asia economics at Oxford Economics, told AFP that Beijing considers such a slowdown part of a "new normal".

He added that major policy easing is unlikely as well, given the improvement in external outlook after the phase one trade deal and other signs of stabilisation.

He noted that Beijing likely wants to keep its powder dry, with policymakers aiming for a stabilisation rather than pick-up in growth.

"What they don´t want to see is a too-rapid slowdown," he said.

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Oil prices increase, stocks take a hammering after Iran attacks

Photo: File

TOKYO: Oil prices spiked on Wednesday and Tokyo stocks took a hammering as investors took fright at escalating tensions between the United States and Iran after Tehran launched missile attacks on US forces in Iraq.

As news broke of a missile attack against two airbases in Iraq housing US and coalition forces, the benchmark Nikkei 225 index dropped nearly 2.5 per cent, with the broader Topix index off more than two per cent.

"It's not going to be pretty today," said AxiTrader's Stephen Innes, reacting to the initial reports of Iran's first response to the US assassination of military commander Qasem Soleimani.

Oil climbed sharply higher on the news, with the benchmark WTI jumping as much as 4.53 per cent to $65.54 a barrel before settling down slightly.

Japanese stocks were also affected by flight to the safe-haven yen — an asset in which investors often take refuge in times of uncertainty. A rising yen pulls down the price of Japan's export-led firms.

"The yen is firming to the 107.78-79 levels" that generally hurt Japanese stocks, Kyoko Amemiya, senior market adviser at SBI Securities, told AFP.

Japanese stocks are also being hit by concerns over the economic impact on resource-poor Japan from a higher oil price, Amemiya said.

Before the latest escalation, investors had been weighing how to trade the latest flare-up in Middle East tensions, with stocks choppy since Soleimani's killing.

In Tuesday trade, US stocks had finished slightly lower while European markets were broadly flat — Frankfurt outperforming its peers with a 0.8-per cent gain.

Iran fired "more than a dozen" ballistic missiles on Tuesday against two airbases in Iraq where US and coalition forces are based, the US Department of State said after the Tokyo market opened.

"It is clear that these missiles were launched from Iran and targeted at least two Iraqi military bases hosting US military and coalition personnel at Al-Assad and Irbil," Assistant to the Secretary of Defense for Public Affairs Jonathan Hoffman said in a statement.

The dollar fetched 107.78 yen in early Asian trade, against 108.42 yen in New York on Tuesday.

In Tokyo, the higher yen hit blue-chip exporters, which were down across the board, with Sony slipping 1.07 per cent to 7,573 yen and game giant Nintendo trading down 1.07 per cent at 42,480 yen.

Car giant Toyota was off 1.45 per cent at 7,603 yen and chip-making equipment manufacturer Tokyo Electron down 1.34 per cent at 23,200 yen.

Nissan was down 1.20 per cent at 628.8 yen ahead of its former CEO Carlos Ghosn's press conference in Lebanon after his audacious escape from Japan.

Overall, the Nikkei 225 index was trading 576.26 points lower at 22,999.46 about 30 minutes after the opening bell, while the broader Topix index fell 37.90 points to 1,687.15.

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Oil surges after Iran's top general killed in US strike

NEW YORK: World oil prices jumped on Friday after the US killed a top Iranian general, fanning fresh fears of conflict in the crude-rich Middle East, with Tehran warning of "severe" retaliation.

While global stock markets were mixed following the US killing of Qasem Soleimani, oil prices jumped more than three percent.

In Washington, a Pentagon official said the US would deploy at least 3,000 additional troops to the Middle East as Iran´s supreme leader Ayatollah Ali Khamenei promised "severe revenge" for the death of the military mastermind.

The killing of Soleimani represents "a significant spike in geopolitical risks and could lead to a direct confrontation between the US and Iran," Oxford Economics said in a commentary.

"The importance stems less from the potential loss of Iranian oil supplies... and more from the risk that this could spark a broader conflict that draws in Iraq, Saudi Arabia and others," Cailin Birch, global economist at The Economist Intelligence Unit told AFP.

"There is also a significant risk that Iran could launch a targeted attack on US ships in the region, which could disrupt seaborne crude oil flows and cause prices to rise further."

Oil prices saw record gains in September after attacks on two Saudi Arabian facilities briefly slashed output in the world´s top oil exporter by half.

Birch, however, talked down the prospect of a full-blown war and described Friday´s price gains as "fairly muted" so far.

European stock markets were mixed, while Wall Street retreated from records, with the Dow ending down 0.8 percent.

While US stocks were in the red the whole session, the moderate size of the losses suggested investors recalled the pullbacks following earlier violent events in international hotspots did not prove lasting, said Gregori Volokhine of Meeschaert Financial Services.

"It´s like previous geopolitical events and it doesn´t change the broader dynamic of the market, which is that investors are feeling good because the economy is better than expected, the trade war is easing and the Fed is being supportive," he said.

Among the sectors, petroleum companies such as Schlumberger and Apache gained, along with defense companies including Lockheed Martin and Northrop Grumman. But airlines shares were under pressure.

Meanwhile, investors piled into safe-havens, including government bonds, the Japanese yen and gold, which reached a near four-month peak.

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US prefers a 'big deal' with China: Trump

WASHINGTON: President Donald Trump said Monday he would prefer to strike a comprehensive trade bargain with China, in comments days before top US and Chinese officials are due to resume trade talks in Washington.But with little sign the two sides have made progress in bridging the distance between them, speculation has mounted in recent months they may reach a deal which addresses only some of Washington´s extensive grievances."I think it´s not what we prefer at all. My inclination is to get a big deal," Trump told reporters when asked if he could accept a partial deal."We´ve come this far. We´re doing well. I would much prefer a big deal and I think that´s what we´re shooting for," he added.But he acknowledged that his preferred outcome is not certain."Can something happen? I guess. Maybe. Who knows. But I guess it´s unlikely."With eight days to go before the next round of punitive tariffs is due to hit, Beijing´s top trade envoy Liu He will meet with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin beginning Thursday, the White House said in a statement.- No linkage. Guaranteed. -Liu has said privately he will make a proposal that makes no commitments addressing the far-reaching reforms to Chinese industrial policy or subsides that Washington is seeking, Bloomberg reported Sunday, citing an unnamed source.Lower-level talks have been underway since last month.The discussions will focus on areas where Washington has made far-reaching demands since last year: intellectual property rights, the forced transfer of proprietary technologies, agriculture and enforcement, the White House statement said.The next round of US tariff increases is set to take effect October 15, as US duty rates on $250 billion in Chinese goods rise to 30 percent.Trump has claimed China´s weakening economy puts Beijing under pressure to make a deal.But he also has said in recent months Chinese officials are dragging their feet in hopes of continuing negotiations with another administration should Trump fail to win reelection in 2020.White House economic aide Larry Kudlow Monday denied that recent economic data showed the lingering trade war has damaged the US economy, saying the effect had been "minimum," a position most economists dispute.Unemployment in September fell to its lowest level in 50 years but US manufacturing has fallen into recession, and GDP growth is forecast to slow considerably.Trump is now the subject of an impeachment inquiry by congressional Democrats after pressuring Ukrainian authorities earlier this year to investigate his Democratic rival Joe Biden and son Hunter, whom Trump accuses of financial wrongdoing.Trump last week raised the stakes by openly calling on Beijing to do likewise.But Kudlow told reporters there was no connection between the trade talks and Trump´s call for China to investigate the Bidens."There´ll be no linkage," he said. "I guarantee it."

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Trump authorises release of oil from US reserves after Saudi attack

WASHINGTON: President Donald Trump took a big step on Sunday to  authorize the release of oil from US strategic reserves after drone attacks on Saudi Arabia's Abqaiq plant - the world´s largest oil processing facility -  that disrupted output.Trump, in his tweet, wrote: "Based on the attack on Saudi Arabia, which may have an impact on oil prices, I have authorized the release of oil from the Strategic Petroleum Reserve, if needed, in a to-be-determined amount." On the other hand , Saudi Arabia has also raced  to restart operations at oil plants hit by drone attacks which slashed its production by half, On Sunday, it was  reported that Aramco will dip into its reserves to offset the disruption, but the incident could affect investor confidence as its stock market debut looms.

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Bombardier signs $4.5 billion contract to build Cairo monorail

MONTREAL: Canadian manufacturing group Bombardier announced on Monday it had signed a multi-billion dollar agreement to build two automated monorail lines in Egypt’s notoriously congested capital Cairo.The $4.5 billion (4 billion euro) agreement, which was signed with Egypt’s National Authority for Tunnels, is subject to "final signatures of supplementary documents," Bombadier and its Egyptian partners Orascom Construction and Arab Contractors said in a joint statement.The monorails, which will be able to transport 45,000 passengers per-hour in either direction, "will dramatically improve the quality of life for millions of residents by significantly reducing their daily commuting time," said Danny Di Perna, president of the company’s railway division Bombardier Transportation.He noted the monorails will also reduce traffic congestion in the city that’s home to more than 20 million people.The three companies will be responsible for the construction, development and maintenance of the new monorail lines for 30 years, according to the statement.The first line will run 34 miles (54 kilometers) from east Cairo to the new administrative capital being built in the desert. The second line, which will run for 26 miles, will connect 6th October City to Giza.Bombardier Transportation, which will build the system’s 70 four-car Innovia Monorail 300 trains, has a $2.85 billion share in the project, and Orascom has a $900 million share, the statement said.The Innovia Monorail 300 trains are already in use in Sao Paulo, Brazil, and set to be deployed in similar projects in Bangkok, Thailand and Wuhu, China.Bombardier’s stock plummeted on Thursday after higher-than-expected losses in the second quarter and, for the second time in three months, a downward revision of earnings guidance for 2019.

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HSBC says CEO Flint steps down, pre-tax profit up 15.8%

HONG KONG: HSBC on Monday said its Group Chief Executive John Flint had stepped down as the bank braces for geopolitical uncertainties. The announcement came as the banking giant reported pre-tax profit was up 15.8 percent at $12.4 billion for the first half of the year.Adjusted pre-tax profit also rose 6.8 percent year-on-year to $12.5 billion, the bank said.Flint´s departure was revealed as HSBC said it was facing an "increasingly complex and challenging global environment"."Although not carrying out his day-to-day duties after today, he (Flint) remains available to assist HSBC with the transition," the bank said in a statement. Noel Quinn, head of the commercial banking division, will be interim CEO, the statement added.

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Gold glistens as US-Iran tensions fuel flight to safety

NEW YORK: Gold prices struck near six-year highs on Friday as a weaker dollar and escalating US-Iran tensions fueled a flight to safer investments, while oil futures built on strong gains.The week has been an eventful one for stock markets, crude prices and the dollar -- and investors still have a key G20 summit to look forward to amid hopes for progress on the US-China trade war."Gold has been one of the week´s biggest stories, with the precious metal hitting $1,400 (an ounce) for the first time in almost six years overnight," said Joshua Mahony, senior market analyst at IG trading group. The gold spike has been caused by the change in sentiment and dollar weakness amid "overnight talk of a canceled US strike on Iranian targets highlighting how close we are from a huge ramp-up in conflict between the two nations," he said.US President Donald Trump said he approved the attack then at the last minute scrapped strikes against Iranian targets.Oil prices rose further Friday but the gains were muted compared to a day earlier when crude futures surged about 4.5 percent on rising tensions between the US and the Islamic republic.Fears of a conflict in the oil-rich Middle East ratcheted up Thursday when Tehran shot down a US spy drone that it said was violating its airspace but which Washington said was over international waters.Recent attacks on tankers close to the Strait, a key shipping lane in the Gulf region through which nearly one-third of the world´s oil is transported, sent oil prices surging late last week. Gold's perfect stormBut it was gold´s turn to take center stage on Friday, with the commodity reaching $1,411.63 an ounce, the highest level since September 2013."A slowing global economy, imminent US rate cuts and rising geopolitical tensions provide a near perfect storm for gold bugs," said XTB chief market analyst David Cheetham.Demand for gold has surged since the Federal Reserve on Wednesday indicated it would likely cut interest rates soon -- for the first time in a decade -- which sent the dollar tumbling across the board.Stock markets also cheered the Fed´s pivot, which opened the door to a potential rate cut as soon as July, although Wall Street retreated from Thursday´s gains, which took the S&P 500 to a new record. But the dollar´s losses have been capped by both the ECB and Bank of England also presenting dovish outlooks for eurozone and British interest rates amid growth weakness, in part owing to Brexit uncertainty."With central banks having set out their stalls, it´s now over to the presidents of the US and China next week to really blow investors away and push forward with trade talks," said Craig Erlam, senior market analyst at Oanda. Markets are squarely focused on next week´s planned meeting between Trump and his Chinese counterpart Xi Jinping on the sidelines of the Group of 20 summit in Japan.Key figures around 2100 GMT Gold: UP at to $1,388.44 an ounce from $1,388.45 Brent North Sea oil: UP 89 cents to $65.34 per barrelWest Texas Intermediate: UP 53 cents to $57.60 per barrelNew York - Dow: DOWN 0.1 percent to 26,719.13 (close)New York - S&P 500: DOWN 0.1 percent to 2,950.46 (close)New York - Nasdaq: DOWN 0.2 percent to 8,031.71 (close)London - FTSE 100: DOWN 0.2 percent at 7,407.50 points (close) Frankfurt - DAX 30: DOWN 0.1 percent at 12,339.92 (close)Paris - CAC 40: DOWN 0.1 percent at 5,528.33 (close)EURO STOXX 50: DOWN 0.3 percent at 3,459.04 Tokyo - Nikkei 225: DOWN 1.0 percent at 21,258.64 (close)Hong Kong - Hang Seng: DOWN 0.3 percent at 28,473.71 (close)Shanghai - Composite: UP 0.5 percent at 3,001.98 (close)Euro/dollar: UP at $1.1322 from $1.1289 at 2130 GMTPound/dollar: DOWN at $1.2696 from $1.2702Dollar/yen: UP at 107.60 yen from 107.27 yenburs-hs/cs

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Ambani's Antilia: The world’s most valuable residential property after Buckingham palace

MUMBAI:  India's notable business tycoon Mukesh Ambani's house Antilia - located at Altamount road, Cumballa Hill in Mumbai - is the world's second most expensive private residential property. The house is reportedly worth $2 billion and with that it has been deemed as the world’s most valuable residential property after Buckingham palace. Undoubtedly, with its ginormous and picturesque structure  Ambani's house has made it to multiple magazines, compelling tourists to stop and stare at this most  luxurious building. It might not look like the most stable building, but it can actually withstand an earthquake of even 8 on the Richter Scale.The house is a 400,000 square feet building in South Mumbai. This enormous house includes around 600 staff to maintain the residence. It is a  27-storey building which includes three helipads, swimming pool, spa, gym, outdoor gardens, cinema, parking, jacuzzi, yoga centre, a dance studio, ice cream parlour, a mega temple. The house also gives a stunning view of the Arabian Sea.

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Currency Rate in Pakistan: US Dollar, UK Pound, Saudi Riyal, UAE Dirham - 27 May 2019

KARACHI: Following were the closing rates of US Dollar, Saudi Riyal, UK Pound, UAE Dirham and other foreign currencies in kerb market, according to the Forex Association of Pakistan on Monday, May 27, 2019.

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