Month: March 2020

Saudi Arabia has asked state agencies to submit proposals for cuts of at least 20% to their budgets in a fresh austerity drive to cope with a sharp drop in oil prices, four sources familiar with the matter said.

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Saudi Arabia’s energy ministry has directed oil producer Saudi Aramco to raise its output capacity to 13 million from 12 million barrels per day (bpd), CEO Amin Nasser said in a statement on Wednesday.

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Saudi Aramco has been directed by the Ministry of Energy to raise its oil production capacity to 13 million barrels per day (bpd) from 12 million bpd now, the company’s Chief Executive Amin Nasser said in a statement on Wednesday.

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Asian shares and Wall Street futures fell on Wednesday, as growing scepticism about Washington’s stimulus package to fight the coronavirus outbreak knocked the steam out of an earlier rally.

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Uber Technologies Inc is considering temporarily suspending the accounts of riders and drivers who have tested positive for the coronavirus or have been exposed to it, CNN reported on Wednesday.

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China’s construction activities were stalled in February as the government extended Lunar New Year holidays and advised people to stay indoors as a precaution against a coronavirus outbreak.

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The global business travel sector is expected to take a revenue hit of about $820 billion, with China accounting for nearly half of the losses, as corporates curb travel plans in the wake of the coronavirus epidemic, an industry body said http://bit.ly/38HSMrG on Tuesday.

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Oil prices climbed for a second day on Wednesday as hopes U.S. producers would cut output lent support, but gains were capped by growing doubts about Washington’s stimulus package to fight the coronavirus, which continues to spread globally.

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Citigroup has hired Loretta Ko to return to the investment bank and head its financial institutions group (FIG) for Hong Kong, the bank said on Wednesday.

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Major banks are at risk of losing billions of dollars of fee-based retail revenue as they face increased regulatory pressure and growing competition from new entrants offering no-fee services, Accenture Plc said on Wednesday.

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Telefonica Brasil SA and TIM Participações SA have expressed interest in negotiating a joint offer to buy bankrupt Brazilian carrier Grupo Oi SA , the two companies said on Tuesday in securities filings.

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Oil prices climbed for a second day on Wednesday, lifted by hopes that U.S. producers will cut output, but gains were limited compared with Monday’s crash after Saudi Arabia and Russia triggered a price war.

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