CategoryGlobal

Christine Lagarde in self-quarantine

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Christine Lagarde, president of the European Central Bank (ECB) went into temporary isolation last week after being in contact with a person infected with the corona virus. Insiders say it to the Bloomberg news agency. The ECB declined to comment, but said that Lagarde worked from her office this week. Lagarde is holding preliminary video conferences to discuss the ECB’s measures to tackle...

Fraport airport operator records 75 percent air traffic plunge

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Lufthansa

The number of passengers at Frankfurt airport has fallen sharply due to the crisis surrounding the corona virus. According to airport operator Fraport, the number of processed travelers at the airport plummeted by nearly 75 percent to 331,353 between March 16 and 22. The number of flight movements at Germany’s largest airport shrank by more than 58 percent to 3,960. In freight transport...

Macron: full support for ECB measures against corona crisis

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French President Emmanuel Macron fully supports the new measures taken by the European Central Bank (ECB) to mitigate the economic damage caused by the corona crisis. Late after an emergency meeting, the ECB launched a new bond buying program worth € 750 billion late Wednesday evening. “Full support for the exceptional measures taken by the ECB,” Macron wrote on Twitter. “It is...

Saudi Arabia – Russia spat made oil 30 percent cheaper

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Oil prices have fallen by almost 30 percent after Saudi Arabia decided to lower the asking price for its oil. Moreover, the country announced that it would be producing considerably more in April. The Saudis want to force Russia to agree with a production reduction proposed by the oil cartel OPEC. American oil was worth a little more than $ 30 a barrel, at $ 30.03 on Monday morning around 8:00 am...

Moody’s sees risk of recession due to the corona virus fears

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The risks of a recession have increased due to the further spread of the new corona virus worldwide. Where the virus outbreak seemed to be primarily a Chinese issue, the disease is now spreading rapidly around the world. This disrupts both the demand for products and the supply, which, according to credit rating agency Moody’s, has increased the risk of economic contraction in many...

Russia willing to shrink oil production

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Russia is willing to pump up less oil to counteract the fall in prices caused by the new corona virus. That is what Russian President Vladimir Putin has said. This increases the chance that oil-producing countries of the OPEC oil cartel and allies will decide on further production cuts later this week in Vienna. Putin did emphasize that Russia has no problem with current prices. Oil prices showed...

Airlines feel the corona virus pain

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The aviation sector is hit hard by the problems surrounding the new corona virus. Earlier Air France-KLM came with a profit warning for the current quarter, now also easyJet and British Airways mother IAG, and Finnair warn against negative consequences. The British low coster easyJet, one of the largest users of Schiphol, is struggling with a declining demand for air travel to northern Italy...

US tries to protect Boeing by imposing extra tariffs to EU-made planes

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The United States increases the import levy on European-made aircraft. The new 15 percent rate will start on March 18, reports the US trade representation USTR. An import tax of 10 percent still applies. The import tariff is part of the retaliation measures taken by the US due to illegal European subsidies for aircraft manufacturer Airbus. The World Trade Organization (WTO) stipulated last year...

Prospects of lower Asian demand plunged the oil price

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The oil price fell sharply on Monday for fear of the corona virus. The outbreak of that disease in Asia may depress fuel demand. Saudi Arabia said it was keeping a close eye on the situation but still seeing little difference in the demand for oil. The price of a barrel of oil (Brent) fell 2.2% early Monday morning and cost $ 59.37 per barrel after China announced new contagion rates. Analysts...

Less demand for oil and travel because of the corona virus worries

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Oil prices were under pressure on Thursday due to concerns that oil demand could be hit by the corona virus in China and other countries. Because of the virus, for example, there could be less demand for air travel, which means that less kerosene is needed by airlines. The price of a barrel of American oil recorded a minus of 1.6 percent on $ 55.84 on Thursday in Singapore. Brent oil dropped 1.3...

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