Global oil refiners shut down as coronavirus destroys demand
The first oil refinery shutdowns in India and Europe were announced on Friday while global refinery runs drop like a…
Month: March 2020
Fitch cuts UK credit rating to AA-
Agency says government borrowing levels are set to rise and outlook remains negative for Britain’s sovereign debt score The ratings…
Wall Street tumbles as U.S. virus cases pass 100,000
Wall Street stocks tumbled on Friday, ending a massive three-day surge after doubts about the fate of the U.S. economy…
Africa: $100 Billion Needed. A Fraction Promised
Governments across sub-Saharan Africa have closed borders, canceled flights and told citizens to stay indoors to defeat the coronavirus. They’ve done little to protect their…
After More Than 25 Years South Africa Is Now Junk With Moody’s Too
South Africa has lost its Moody’s Investment Services investment-grade credit rating more than 25 years after it was first awarded…
The Fed Brings The Global Financial System Back From The Abyss
Sitting calmly in front of a bookshelf filled with thick volumes of the “Federal Reserve Bulletin,” Jerome Powell this week…
Nigeria Will Go Into Recession If COVID-19 Continues Beyond Six Months – Finance Minister
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has warned that Nigeria may go into recession if…
Toyota To Make Face Masks In U.S. To Aid Coronavirus Battle
Toyota Motor Corp’s, North American unit said on Friday it would produce face shields, ventilators and respirators, as the death…
Apple Works With White House To Release ‘COVID-19’ App, website
Apple Inc and the White House said on Friday that the iPhone maker worked with the Trump administration and federal…
Breaking: Davido’s Fiancée, Chioma Tests Positive For Coronavirus
Singer David Adeleke, aka Davido, has said his fiancée, Chioma, has tested positive for coronavirus. The singer disclosed this via…
‘Clear We Have Entered Recession’ – IMF Chief
The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations,…
Designer Brand Ralph Lauren To Make Masks And Gowns
Ralph Lauren is to start making medical masks and gowns – the latest designer brand to lend its support to…
Zimbabwe Returns To Use Of Foreign Currency As Own Currency Crashes
Zimbabwe’s government, which banned use of the dollar nine months ago, has restored the peg its currency had to the…
Coronavirus: US Asks Foreign Doctors To Apply For Visa
The United States has asked medical professionals seeking to work in America to apply for a work visa at the…
European Shares Fall As EU Postpones Rescue Plan
The pan-European STOXX 600 index started the day about 2% lower, then fell further to trade down 3.7% at 1210…
Dangote Loses $2.5bn In One Month But Remains Africa’s Richest Man
Africa’s richest man, Aliko Dangote, saw his total net worth drop by $2.5bn in the last 30 days, according to…
Coronavirus: Air France-KLM Evacuates European Nationals From Nigeria
An aircraft operated by Air-France KLM on Thursday arrived at the Murtala Muhammed International Airport, Lagos to evacuate some European…
CBN Grants Two-Weeks Market Holidays To Bureau De Change Operators
The Central Bank of Nigeria (CBN) has granted a two-week market holiday to the Bureau De Change (BDC) operators. The…
Coronavirus To Cause Condom Shortage Worldwide
Malaysia’s Karex Bhd (KARE.KL) makes one in every five condoms globally. It has not produced a single condom from its…
Coronavirus: China bars foreign visitors as imported cases rise
China has announced a temporary ban on all foreign visitors, even if they have visas or residence permits. The country…
Russia calls for new enlarged OPEC deal to tackle oil demand collapse
A new OPEC+ deal to balance oil markets might be possible if other countries join in, Kirill Dmitriev, head of…
Coronavirus: Tesco restricts online orders to 80 items each
Supermarket Tesco has said that online shoppers will have their deliveries capped at 80 items from now on. In an…
Coronavirus: Prime Minister Boris Johnson Tests Positive
Prime Minister Boris Johnson has tested positive for coronavirus. Mr Johnson said he developed mild symptoms over the past 24…
G20 leaders to inject $5 trillion into global economy in fight against coronavirus
Leaders of the Group of 20 major economies pledged on Thursday to inject over $5 trillion into the global economy…
Fed balance sheet tops $5 trillion for first time as it enters coronavirus war mode
The U.S. Federal Reserve’s balance sheet rocketed past $5 trillion in assets for the first time this week as it…
Nigeria Records 14 New Cases Of Coronavirus
The Nigeria Centre for Disease Control (NCDC) has confirmed 14 new cases of coronavirus in Nigeria. Total number of confirmed…
S&P, Moody’s Cut Credit Grades At Fastest Pace In A Decade
S&P Global Ratings and Moody’s Investors Service are downgrading U.S. companies at the fastest pace in more than a decade…
A Bull Market in Banks and Other Weird Facts of the Stock Bounce
Moves in stock sectors that ordinarily take months and years to play out are happening in days as investors struggle…
Technically Speaking, The Dow Just Rocketed Out Of A Bear Market
As ridiculous as it sounds, the Dow Jones Industrial Average just climbed out of the bear market it entered two weeks ago.
The Gold Market Is Being Tested Like Never Before
From South Africa’s ultra-deep mine shafts to vaults underneath London, from metals traders in New York skyscrapers to main street…