U.S. could take targeted stimulus action amid coronavirus: White House adviser
The Trump administration is considering steps to stimulate the U.S. economy amid the coronavirus outbreak, but would prefer targeted action, White House economic adviser Larry Kudlow said on Friday, adding that more information was needed.
With cries of ‘it’s fake’, Wuhan citizens voice discontent
“It’s fake! It’s fake!” residents high up in an apartment complex in the central Chinese city of Wuhan shouted down as a senior government official led an inspection tour below of how people were coping during the coronavirus lockdown.
Factbox: The economic remedies for the coronavirus
Policymakers have taken a range of approaches to deal with the economic fallout from the coronavirus, from emergency interest rate cuts and big spending packages to a wait-and-see-stance and pledges of action if required.
OPEC, non-OPEC fail to agree existing cuts roll-over: sources
OPEC and non-OPEC oil producers have failed to agree a roll over of existing output cuts, two OPEC sources told Reuters.
India sets out Yes rescue, State Bank of India to take 49% stake
India laid out a rescue plan for Yes Bank on Friday under which State Bank of India will take a 49% stake in the troubled lender, which is struggling with bad loans.
India’s Yes Bank debacle jolts investors, customers and partners
Shares in India’s Yes Bank plunged on Friday as panicky depositors rushed to withdraw funds and payment partners faced outages after the banking regulator took control of the lender in a late-night move and limited withdrawals.
Oil slides nearly 4% after Russia rejects steeper OPEC+ cut
Oil prices were down nearly 4% on Friday on concerns that OPEC might not go ahead with steeper oil output cuts to bolster prices after Reuters reported that Russia rejected the proposal.
OPEC fails to secure deal with non-OPEC on oil cuts: OPEC sources
OPEC has failed to secure a deal with Russia and other non-OPEC producers on its plans for big, additional oil production cuts, two OPEC sources said on Friday at talks between ministers from the informal alliance known as OPEC+.
Wall Street slumps, investors flee to safe havens on virus fears
U.S. stocks opened sharply lower on Friday, as the global tally of coronavirus infections surpassed 100,000 and jittery investors took cover in perceived safe havens such as bonds and gold.
U.S. Fed to slash interest rates in coming months, traders bet
Traders are betting the Federal Reserve will deliver another, bigger reduction in borrowing costs at its mid-March policy meeting, as worries about the spread of the new coronavirus trumped data showing robust hiring by U.S. employers last month.
