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Banking hours to be 10am-1pm from April 19: BB

Bangladesh Bank (BB) has fixed the banking hours from 10am to 1pm from April 19 amid the general holidays. “Banks will remain open from 10am to 2pm while the transaction will be made between 10am and 1pm,” said a Bangladesh Bank (BB) circular issued on Thursday. The new time will continue until a further notice, the circular added.Besides, the central ...

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Coronavirus could see UK GDP fall 13 per cent in 2020: watchdog

Britain’s economy could shrink by 13 per cent in 2020 in the case of a three-month coronavirus lockdown, according to a scenario published Tuesday by fiscal watchdog the Office for Budget Responsibility. “The resulting 13 per cent fall in annual GDP in 2020 would comfortably exceed any of the annual falls around the end of each world war or in ...

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Coronavirus: ‘World faces worst recession since Great Depression’

The global economy will contract by 3% this year as countries around the world shrink at the fastest pace in decades, the International Monetary Fund says. The IMF described the global decline as the worst since the Great Depression of the 1930s. It said the pandemic had plunged the world into a “crisis like no other”.The Fund added that a ...

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Oil prices fall after output-cutting deal

World oil prices dropped in volatile trade Tuesday as traders shrugged off news that crude producers agreed to cut production over the weekend, traders said. Futures had earlier risen after US President Donald Trump indicated Monday that producers were considering cutting 20 million barrels per day — more than double the announced figure. At about 1100 GMT, European benchmark London ...

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OPEC, oil nations agree to nearly 10M barrel cut amid virus

OPEC, Russia and other oil-producing nations on Sunday finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war, officials said. “This could be the largest reduction in production from OPEC for perhaps a decade, maybe longer,” said U.S. Energy Secretary ...

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US-Bangla to operate cargo flights from next week

US-Bangla Airlines will operate cargo flights from the next week. It will carry  essential items  including personal protective equipment (PPE) for doctors, hand sanitizers, hand gloves and masks from other countries by using its four cargo aircraft, said a press release. Besides, it will also carry export goods including garment products and perishable goods. Primarily, the airlines will operate cargo ...

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Coronavirus: Canadian lawmakers approve vast pandemic economic aid programme

Canadian lawmakers passed a wage subsidy programme Saturday heralded as the largest economic measure in the country since World War II, to help businesses and their employees get through the coronavirus crisis. Parliament is suspended but held an exceptional session in the middle of Easter weekend to adopt the Can$73 billion (US$52 billion) programme, which aims to pay companies 75 ...

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Oil producers agree to cut production by a tenth

Opec producers and allies have agreed to cut output by around 10% to counter the slump in demand caused by coronavirus lockdowns. The group said it would cut output in May and June by 10 million barrels to help prop up prices. The cuts will then be eased gradually until April 2022.Opec+, made up of Opec producers and allies including ...

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Lufthansa makes ‘permanent’ cuts as travel plunges

Lufthansa is closing its Germanwings budget airline as part of a wider cutback driven by a decline in travel due to the coronavirus. The German airline said it would de-commission more than 40 aircraft, warning that it does not expect demand to return for “years”.It said it would also reduce fleets in its other businesses, which include Austrian Airlines, Swiss ...

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Coronavirus: US car insurers refund drivers stuck at home

A major car insurer in the US is refunding millions of dollars to customers stuck at home during coronavirus lockdowns. Allstate, the country’s fourth biggest car insurer, said it would give back $600m (£490m) in total to customers. Another insurer, American Family Mutual, is also refunding customers, with cheques totalling $200m.Both have seen a dramatic drop in accident claims as ...

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