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Oil rockets higher, boosting global equities

New York, United States | AFP | Beaten-down US oil prices rallied Wednesday following dramatic declines earlier this week, lifting global equities, even as American crude inventories surged closer to capacity levels. Futures for the benchmark West Texas Intermediate for June delivery jumped 19 percent to $13.78 a barrel in New …

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Fight climate change like coronavirus: UN

Geneva, Switzerland | AFP | The world should fight climate change with the same determination it is showing in the battle against the new coronavirus, the United Nations said on Wednesday. The UN’s World Meteorological Organization said it was time to flatten the curve on climate change as well, with its …

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World Bank warns remittance payments to plunge amid pandemic

Washington, United States | AFP | Developing countries are losing a key source of revenue as the coronavirus pandemic causes worldwide shutdowns, sharply reducing payments from workers living abroad, the World Bank said Wednesday. Remittances are expected to plunge by about 20 percent globally this year, the biggest decline in recent …

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Crude suffers fresh sell-off but equities temper early losses

Hong Kong, China | AFP |  Oil resumed its painful retreat Wednesday, extending a rout that has torn through energy markets, though stock exchanges in Asia and Europe were mixed following a two-day sell-off. With demand virtually non-existent owing to virus lockdowns, and production still high despite storage at bursting point, …

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