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The Shape Of Economic Progress In The Time Of Pandemic

A record-long economic expansion for the U.S. ended abruptly in March, but its demise was not brought about by the usual culprits of a downturn. A healthy labor market and steady, albeit modest, gross domestic product (GDP) growth to close 2019 could not portend the state of the economy today, even as news of a novel coronavirus emerged from China early in 2020. Five months on, the World Health Organization has reported more than 4.5 million confirmed cases globally, with nearly one-third in the U.S. alone. Containing the virus brings ...

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UK DATA: Upstream oil output slumps 7% in Q1 on COVID-19, technical issues

UK oil production slumped by almost 7% on the year to 1.103 million b/d in the first quarter, official data showed Thursday, likely due to COVID-19 disruption as well as technical issues. The Q1 data from the Department for Business, Energy and Industrial Strategy (BEIS) showed crude oil production was down 6% on the year at 1.01 million b/d, while natural gas liquids output fell 14% to 93,000 b/d. In March, the UK oil and gas industry moved to a minimal staffing regime at offshore facilities to protect workers’ health, ...

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Worst might be over for UK hiring slump – survey

British employers turned a bit less pessimistic about hiring and investment this month as the government moved to relax its coronavirus lockdown of much of the economy, according to a survey published by a recruiting industry body. The Recruitment & Employment Confederation’s Business confidence measure remained negative but rose to -10 from -21 in April. Short-term demand for permanent staff improved to -5 from -9. “Coronavirus has caused a huge slowdown in the labour market, but this data indicates that the worst could be behind us,” REC chief executive Neil ...

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Germany poised for big economic recovery: Ifo

The German economy could enjoy a strong recovery next year after experiencing a record-setting economic slump in 2020 due to the coronavirus outbreak, the Institute for Economic Research (Ifo), a Munich-based economic think tank, said on Thursday. In an updated economic forecast, researchers reiterated that they expect the national economy to shrink by 6.6% in 2020, worse than a slump of 5.7% brought on by the 2009 financial crisis. However, a recent survey indicates that the situation could make a drastic turnaround in 2021, when Ifo predicts that Germany’s economy ...

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P&O Ferrymasters Wins Aa Rating For Its Distribution Of Foodstuffs

A leading industry body has awarded P&O Ferrymasters AA grade for managing product safety and quality in the food and packaging industries. The British Retail Consortium Global Standard (BRCGS) for Agents and Brokers, version 2, AA rating is the ultimate guarantee of quality distribution services to the foodstuffs sector and was awarded to P&O Ferrymasters after DNV-GL carried out an audit of P&O Ferrymasters’ contract logistics operations in Amsterdam and Dover in January. P&O Ferrymasters also achieved the highest possible grade in 2018 and 2019. P&O Ferrymasters’ foodstuffs business includes ...

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Russia’s Gazprom Neft swings to $194 mln first-quarter loss

Gazprom Neft, the oil arm of Russian gas giant Gazprom, swung to a first-quarter loss of 13.8 billion roubles ($194 million) because of weakness in the rouble and oil prices, the company said on Thursday. The loss compared with a profit of 107.9 billion roubles in the same period last year. First-quarter revenue declined 12% year on year to 515 billion roubles. Source: Reuters (Reporting by Anton Kolodyazhnyy and Anastasia Teterevleva Writing by Vladimir Soldatkin Editing by David Goodman)

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England’s COVID-19 test and trace system begins as adviser row rumbles on

Britain’s government faced questions over how closely people would abide by its new COVID-19 test and trace service on Thursday, as a row persisted over the prime minister’s closest adviser taking a long-distance journey during lockdown. Lawmakers from the governing Conservative Party continue to add their names to those calling for Dominic Cummings to quit, after it was revealed he had travelled 400 km (250 miles) in March with his four-year-old son and his wife, who was sick at the time, to be close to relatives. The new system, in ...

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IMF sees reversal in capital flows out of emerging markets

The International Monetary Fund on Thursday said it estimates that emerging market economies have raised some $77 billion in debt in April and May, partially reversing massive capital outflows of $100 billion seen after the coronavirus outbreak. IMF Managing Director Kristalina Georgieva told a UN conference the Fund had provided $22 billion in emergency financing to 60 of the 103 countries that had asked for help, while offering grants to cover IMF debt service payments for 27 of its poorest members for six months. African Union special envoy Tidjane Thiam ...

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The virus did not infect a healthy economy – it knocked out one that was already sick

As we look towards next week’s GDP figures, the latest construction data released on Wednesday by the bureau of statistics shows that well before the coronavirus hit, Australia’s economy was in dire need of stimulus. Next week we will see what happened across the entire economy in the first quarter of this year. But because those first three months only partly cover the impact of the coronavirus, the true economic horror of the virus will likely be seen in the second quarter figures that include April, May and June. The ...

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MEPs: Focus on crisis response when coordinating economic and budgetary policies

On Wednesday, MEPs discussed the European Semester and economically and socially sustainable ways out of the crisis with Commissioners Dombrovskis, Gentiloni and Schmit. Economic and Monetary Affairs Committee (ECON) MEPs stressed that in order to become a proper recovery tool, the Commission’s Country-Specific Recommendations (CSR) have to be implemented in the member states and must take into account a post-crisis reality. Executive Vice-President Dombrovskis pointed to the resilience facility, the new recovery instrument designed to improve the implementation of the CSR. Commissioner Gentiloni explained that each country, together with the ...

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COVID-19: Coal supply by CIL to power sector dips 22% to 32 MT in April due to demand slump

Over 95% of CIL’s production comes from its 171 open cast mines. The supply of coal to the power sector by state-owned Coal India has dropped 22 per cent to 31.95 million tonnes in April amid slump in the fuel demand in the country on account of COVID-19-induced lockdown. Coal India (CIL) had supplied 40.90 million tonnes (MT) of April 2019, coal ministry said in a report. CIL, the world’s largest coal producing company, is a major supplier of the dry fuel to the power sector in India. The coal ...

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Iraq’s oil-rig count tumbles after IOCs ordered to cut spending on oil plunge

Iraq’s oil-rig count has tumbled by almost two-thirds this year after international oil companies were ordered to cut spending because of the oil crash and OPEC’s second-largest producer agreed to stringent new OPEC+ cuts. The total now averages 32 rigs operated by IOCs this month, down from 88 rigs in December 2019, Iraqi sources told S&P Global Platts. Federal Iraq is averaging 31 rigs this month, compared with 76 in December, while the semiautonomous Kurdish region in the northern part of the country is averaging only one rig in May ...

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Venezuela’s Orinoco Belt crude output drops to 235,000 b/d; lowest since September 2019

The production of crude by Venezuela’s state-owned PDVSA and its partners in the Orinoco Belt fell to 235,000 b/d, or 18% of the region’s maximum 1.3 million b/d capacity, on May 26, due to storage limitations and the lack of light crude to dilute the region’s extra heavy crudes, according to a technical report reviewed by S&P Global Platts. It was the lowest production level registered for the Orinoco Belt since September 2019, when output dropped to 233,000 b/d owing to massive power blackouts in Venezuela. The April average output ...

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U.S. crude and distillate stockpiles jump last week -EIA

U.S. crude oil and distillate inventories rose sharply last week, the Energy Information Administration said on Thursday, while fuel demand remained slack even as various states eased movement restrictions to stem the spread of the novel coronavirus. Crude inventories rose 7.9 million barrels in the week to May 22 to 534.4 million barrels, driven largely by a sharp increase in imports, compared with expectations in a Reuters poll for a 1.9 million-barrel drop. Distillate stockpiles, which include diesel and heating oil, rose by 5.5 million barrels in the week, the ...

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Russian oil company Surgut’s sales slump in first four months of 2020 -Ifx

Russian oil producer Surgutneftegaz suffered a more than eightfold decline in income from sales for the first four months of 2020 to 17.8 billion roubles ($251 million) because of weak oil prices and the coronavirus pandemic, Interfax news agency reported the company as saying on Thursday. Surgutneftegaz also said that revenues for the period fell to 332.4 billion roubles from 531.27 billion roubles a year earlier. Source: Reuters (Reporting by Vladimir Soldatkin Editing by David Goodman)

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