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Xi calls for coordinated global response to coronavirus at G20 meeting

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Chinese President Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, chairs a symposium at the School of Medicine at Tsinghua University in Beijing, capital of China, March 2, 2020.

Yan Yan | Xinhua News Agency | Getty Images

Chinese President Xi Jinping called on leaders from the Group of 20 nations for greater international coordination of macroeconomic policy to restore confidence in global growth in face of the impact of the coronavirus.

Leaders from major world economies, including the U.S., Japan and Germany, held an extraordinary meeting via video conference to respond to the global pandemic. The disease first emerged in the Chinese city of Wuhan in late December and killed more than 3,200 people in the country since. Overnight, data showed the number of confirmed cases in the U.S. has now surpassed that of China.

“Countries need to leverage and coordinate their macro policies to counteract the negative impact and prevent the world economy from falling into recession,” Xi said, according to a state media transcript of his remarks on Thursday.

The G-20 leaders said in a joint statement about the meeting that they are releasing more than $5 trillion into the global economy in response to the social, economic and financial impact of the virus. A Chinese foreign ministry official said that as part of that, China is implementing $344 billion, mainly in fiscal measures, according to Reuters.

In his speech, Xi said called on member nations to cut tariffs, remove barriers and support smooth flow of trade. He also called for better coordination of financial regulation to keep global financial markets stable, and efforts to keep global supply chains stable.

“What China will do in this regard is to increase its supply of active pharmaceutical ingredients, daily necessities, and anti-epidemic (goods) and other supplies to the international market,” Xi said. He added the country would pursue “proactive fiscal policy and prudent monetary policy,” while moving ahead with efforts to improve the business environment and allow greater foreign access. 

While the virus now appears under control in China, it has spread rapidly overseas in the last few weeks, killing more than 20,000 people outside the country, according to data from Johns Hopkins University.

As China did in late January and early February, governments around the world have now locked down cities and announced stay-home policies. Worries of a economic recession as a result of the drop in business activity have roiled global financial markets, although some recovered slightly this week.

“We project a contraction of global output in 2020, and recovery in 2021,” International Monetary Fund Managing Director Kristalina Georgieva said in a statement following the conference call. “How deep the contraction and how fast the recovery depends on the speed of containment of the pandemic and on how strong and coordinated our monetary and fiscal policy actions are.”

In China, more than half the country extended a Lunar New Year holiday shutdown by at least a week, and many businesses are still not fully back to normal operations.

In a sign of how China s recovering, the domestic epicenter of the virus, Wuhan city, is set to emerge from lockdown on April 8.  Economists widely expect China, the world’s second-largest economy, to contract in the first quarter of this year, and post growth in the low single-digits for the entire year.



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Oil market shock to spill over into global supply chains – IEA

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(Reuters) – The global crisis caused by the coronavirus pandemic will be felt throughout oil’s global supply chains and ripple into other parts of the energy sector, the International Energy Agency (IEA) said in a report bit.ly/39BUOdA on Wednesday.

FILE PHOTO: A pump jack operates in front of a drilling rig at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File Photo

Oil prices crumbled as the pandemic slashed global fuel consumption, with further pressure from a supply shock due to the end of production cuts from OPEC producers and Russia.

Crude oil prices ended a volatile quarter with their biggest losses in history, and declined about 55% in March, the most on record. Prices also plunged to their lowest level since 2002 on Monday. [O/R]

About 5 million barrels of oil extracted worldwide every day are not attracting high enough premiums to offset the costs of extracting it out of the field, according to the Paris-based IEA agency.

Prices available to producers in Western Canada have dropped to single digits, and instances of negative prices have also emerged in parts of North America for other grades, IEA said in the report.

Oil producers have responded by implementing major reductions to their spending on new production, with the initial cuts in the 20%-35% range relative to what was previously planned for 2020, the report said.

IEA had earlier estimated 50%-85% drops in net income for selected producer countries in 2020, compared with 2019, but these declines could be even greater depending on the extent of demand shock.

Many oil majors will re-evaluate their existing portfolios, possibly leading to another wave of refinery closures.

The agency also warned against the implications of oil price collapse on other energy sectors, adding a sustained period of low oil prices would affect the prospects for clean energy transitions such as natural gas.

“Oil at $25 a barrel would leave some international gas suppliers struggling to cover their operating costs, and the depressed spot market for gas would not provide any relief.”

Reporting by Diptendu Lahiri in Bengaluru; Editing by Lisa Shumaker

Our Standards:The Thomson Reuters Trust Principles.



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Scott Martin Interviewed on Fox Business News – Your World with Cavuto 3.31.20

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Coronavirus Latest Updates in India State Wise | Coronavirus LIVE Updates | Latest Coronavirus News in India State Wise | Covid 19 India Tracker

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Coronavirus Latest Updates in India State-Wise, Covid-19 Latest Updates in India State-Wise, Nizamuddin Markaz, Nizamuddin Markaz coronavirus cases, jamat, jamaat, tabhligi jamaat, Covid-19 cases in india State-Wise, covid 10 symptoms, covid 19 hotspots in indiaEfforts were on to find 2000, including foreign nationals, in several states including Telangana, Gujarat and Tamil Nadu. (Courtesy: PTI Image)

Coronavirus (Covid-19) News in India: The number of Coronavirus positive cases is nearing the 2000-mark in India as a nationwide hunt has been launched to detect thousands of people who had attended the Tablighi Jamaat event in Delhi’s Nizamuddin. Authorities across states have already identified 5000 persons and sent them for quarantine. Efforts were on to find 2000, including foreign nationals, in several states including Telangana, Gujarat and Tamil Nadu.

According to the latest data revealed by the Union Health Ministry, total confirmed cases are 1,834 and the number of deaths is 41 in India. In the last 24 hours, 437 new COVID-19 positive cases have emerged. However, figures announced by the state governments and union territories showed the total cases are 1,949. The number of deaths is 59, as per information provided by states and union territories’.

The Ministry officials have cited that cases have risen largely due to the Tablighi Jamaat event in Delhi’s Nizamuddin. The congregation took place in mid-March. The central government official said that technically the figure does not show a national trend. The central government has urged people to follow guidelines during the COVID-19 lockdown period by not violating rules, avoiding congregations, including religious meetings.

Financial Express brings to you the latest updates on coronavirus. Stay tuned.



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