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ECB launches emergency $820bn coronavirus package

The European Central Bank (ECB) has launched an emergency €750bn ($820bn; £706bn) package to ease the impact of the coronavirus pandemic. It will buy government and company debt across the eurozone, including that of troubled Greece and Italy.ECB boss Christine Lagarde tweeted “there are no limits” to its commitment to the euro. In recent weeks central banks and governments around ...

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Volkswagen to close most European plants amid coronavirus pandemic

German auto giant Volkswagen said Tuesday it was preparing to shutter most of its European plants, joining a slew of other carmakers as the coronavirus pandemic disrupts supply chains and sends demand plummeting. Production will be halted in Spain, Portugal and Slovakia and Italy before the end of this week,” CEO Herbert Diess said in a speech. “Most of the ...

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Coronavirus: More flights cancelled by Virgin, Ryanair and others

Travel restrictions and a slump in demand due to the coronavirus have forced airlines to cancel most flights and temporarily reduce staff. Virgin Atlantic will cut four-fifths of its flights and has asked staff to take eight weeks of unpaid leave.Ryanair and EasyJet are grounding most of their fleets, while BA owner IAG is to cut capacity by 75%. Norwegian ...

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Indian onions start entering Bangladesh

After a gap of almost six months, Bangladesh started importing onions from India through the country’s two land ports on Sunday. Seventeen trucks carrying about 374 metric tons of onion entered Bangladesh through Hili Land Port in Dinajpur in the afternoon, said port sources. Onion traders Selim Uddin and Mobarak Uddin said altogether 24 trucks were slated to enter Bangladesh ...

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Coronavirus: Supermarkets ask shoppers to be ‘considerate’ and stop panic buying

Supermarkets are urging shoppers not to buy more than they need amid concern over coronavirus-linked stockpiling. In a joint letter, UK retailers have reminded customers to be considerate in their shopping, so that others are not left without much-needed items. “There is enough for everyone if we all work together,” it adds.It comes after some shops began rationing the sales ...

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Bangladesh receives “Best Foreign Participant Award” in Nigeria

Bangladesh High Commission in Abuja, Nigeria participated in the 41st Kaduna International Trade Fair there and received the “Best Foreign Participant Award.” Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA) organized the fair from February 28 to March 8, said the Bangladesh High Commission on Saturday.Dr. Okechukwu Enyinna Enelama, Minister for Industry, Trade and Investments of Nigeria inaugurated the ...

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Saudi Arabia increases oil output to record high

Photo:  A security person wears a mask as he checks vehicles entering a compound for Saudi Aramco in Jiddah, Saudi Arabia, Monday, March 9, 2020. Saudi Arabia’s state-run oil giant Saudi Aramco said Tuesday it would increase its crude oil production to 12.3 million barrels a day in April, a record amount. The move seemed to make good on the ...

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Oil prices claw back ground after crash

Oil prices surged more than six percent in Asian trade Tuesday following heavy losses a day earlier after top exporter Saudi Arabia began a price war with Russia. West Texas Intermediate was trading up 6.1 percent at more than $33 a barrel while Brent crude advanced 6.6 percent to over $36 a barrel, reports AFP. Prices had plunged by almost ...

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Oil falls most since Gulf War as Saudi starts price war

Oil prices plunged by almost a third Monday, the biggest drop since the 1991 Gulf War, as top exporter Saudi Arabia launched a price war after Russia blocked a bid to cut output. In ferocious trading, both main crude contracts nosedived following Riyadh’s shock move to slash prices after the alliance between oil-exporting group OPEC and its partners fell apart. ...

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China exports plunge on coronavirus epidemic

China’s exports plummeted in the first two months of this year on the back of a coronavirus epidemic that forced businesses to suspend operations, disrupting the world’s supply chains. Exports fell 17.2 percent, the biggest drop since February 2019 during the trade war with the United States, and imports dropped 4 percent, according to official data released Saturday.A Bloomberg poll ...

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