Coronavirus Effect on Finance & Economic News
Coronavirus: Nearly a million universal credit claims in past two weeks | BBC ECONOMY
Nearly a million people have applied for universal credit benefits in the past fortnight as the coronavirus pandemic has worsened. The Department for Work and Pensions said 950,000 successful applications for the payment were made between 16 March, when people were advised to work from home, and the end of the month. The department would normally expect 100,000 claims in a two week period.Officials said they were working “flat out” to help people get support.
Oil prices jump on news of OPEC+ meeting, shares reabound |
Kuala Lumpur, Malaysia – The week’s drama on the world’s oil markets continued into Friday with a rebound from the day’s lows following reports that the world’s top crude producers would meet to discuss cutting output to stabilise prices.
But the recovery in oil did little to lift most major share markets in Asia and Europe, which remained in the red for most of the day.
Blacklisted Russian fund paid for half of coronavirus aid shipment to U.S. | MARKET WATCH
A Russian state-owned fund that says it footed half the bill of a coronavirus aid shipment delivered to the U.S. on Wednesday has been on a U.S. Treasury restricted lending list since 2015. The Russian Direct Investment Fund, a $10 billion sovereign-wealth fund started by Russian President Vladimir Putin in 2011, said Thursday it paid for half the cost of a shipment of medical supplies promised by Moscow in a call with President Trump on Monday.
Millions of Europeans are losing their jobs. The EU wants to raise €100 billion to help | CNN BUSINESS
The European Commission on Thursday proposed a new €100 billion ($109 billion) relief initiative that will provide loans to member states who need funds to support jobs. The Commission plans to use the European Union’s strong credit rating to tap financial markets and then lend the funds cheaply to member states.
FTSE 100 posts largest quarterly fall since Black Monday aftermath | THE GUARDIAN
The FTSE 100 has posted its biggest quarterly fall for more than three decades amid the financial panic caused by the coronavirus, as the economic costs of the global health pandemic continue to mount. The leading index of UK company shares plunged by 25% in the three months to the end of March, the biggest quarterly contraction in London-listed share values since the aftermath of Black Monday in October 1987.,
Coronavirus crisis to slam economies in Asia: World Bank | ASIA NIKKEI
The coronavirus pandemic is expected to sharply slow growth in developing economies in East Asia and the Pacific as well as China, the World Bank said in an economic update on Monday.
The bank said precise growth forecasts were difficult, given the rapidly changing situation, but its baseline now called for growth in developing economies in the region to slow to 2.1% in 2020, and to -0.5% in a lower-case scenario, compared to estimated growth of 5.8% in 2019.,