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Restaurant Burglaries on the Rise as Thieves Target the Liquor

April 30, 2020 by Leave a Comment

Some burglars haven’t gotten far. Shortly after the lockdown in New York, a would-be thief broke into Dinosaur Bar-B-Que, in Harlem, and put a few half-empty bottles of alcohol into a bag. When he came upstairs from the basement, police officers were waiting for him.

“It was the dumbest break-in ever,” said John Stage, the owner.

But other thieves have settled in for a marathon binge. Soul de Cuba, the New Haven cafe, hosted an unwelcome visitor for days.

On April 11, about an hour after the owner, Jesus Puerto, left, an intruder entered the deserted restaurant. He spent three days inside, drinking liquor and breaking bottles. By the time he was arrested, more than 70 bottles of alcohol were missing, contaminated or empty, police records show. Mr. Puerto estimated the break-in cost him at least $5,000, for professional cleanup, glassware, missing and damaged iPads and other goods.

  • Frequently Asked Questions and Advice

    Updated June 2, 2020

    • Will protests set off a second viral wave of coronavirus?

      Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.

    • How do we start exercising again without hurting ourselves after months of lockdown?

      Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home.

    • My state is reopening. Is it safe to go out?

      States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.

    • What’s the risk of catching coronavirus from a surface?

      Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.

    • What are the symptoms of coronavirus?

      Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.

    • How can I protect myself while flying?

      If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)

    • How many people have lost their jobs due to coronavirus in the U.S.?

      More than 40 million people — the equivalent of 1 in 4 U.S. workers — have filed for unemployment benefits since the pandemic took hold. One in five who were working in February reported losing a job or being furloughed in March or the beginning of April, data from a Federal Reserve survey released on May 14 showed, and that pain was highly concentrated among low earners. Fully 39 percent of former workers living in a household earning $40,000 or less lost work, compared with 13 percent in those making more than $100,000, a Fed official said.

    • Should I wear a mask?

      The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.

    • What should I do if I feel sick?

      If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.

But as news outlets reported the story, he said, he was surprised by an online accusation that he might have staged the intrusion to collect an insurance payment. “My insurance premium is not a low premium,” he said. “There is no money to be made in this. At all. What benefit would we have had?”

Like many restaurant owners, Mr. Razavi, in San Jose, expected the shutdown to last only a few weeks. When he closed his Loft Bar and Bistro, he cleared the bar on the street level and moved all the cash to a safe in the office. But he left the second-floor bar as it was.

Article source: https://www.nytimes.com/2020/04/30/dining/restaurants-burglary-coronavirus.html

Filed Under: Small Business

Eurozone faces deep economic crisis after its worst quarter ever

April 30, 2020 by Leave a Comment

Economic output in the 19 countries that use the euro sank by 3.8 percent in the January to March period.

“These were the sharpest declines observed since [the] time series started in 1995,” the EU statistics (Eurostat) office said. The fall is expected to deepen in the second quarter as much of the region has been in coronavirus lockdown for the whole of April. 

Data showed that Italy joined France in recession, after GDP shrank by 4.7 percent in the first quarter of 2020, its worst slump in decades. Belgium’s GDP dropped 3.9 percent, while Austria was down by 2.5 percent. Germany slashed its GDP forecast for 2020 to -6.3 percent from a January estimate of 1.1 percent, with authorities saying the country is on track for the worst recession since World War II.

European Central Bank (ECB) President Christine Lagarde said at a press conference on Thursday that “the euro area is facing an economic contraction of a magnitude and speed that are unprecedented in peacetime.”

Also on rt.com Covid-19 may plunge Germany into worst recession since WWII

She added that the central bank expects a GDP contraction between five percent and 12 percent this year. The ECB said that it had kept interest rates unchanged but was ready to increase its coronavirus stimulus program if needed, as the eurozone faces a deep economic crisis.

Eurostat showed that the unemployment rate rose to 7.4 percent in March from 7.3 percent in February.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/487368-eurozone-economic-crisis-coronavirus/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Filed Under: Global Business

Gold demand skyrockets 80% as pandemic fuels investor dash for safety

April 30, 2020 by Leave a Comment

The World Gold Council (WGC) said in a report that the pandemic was the single biggest factor influencing gold demand.

According to the report, the inflows of 298 metric tons for gold-backed ETFs pushed global holdings in those products to a new record high of 3,185 metric tons for the quarter. Total global first-quarter gold demand was at 1,083.8 metric tons, up one percent from the same period last year. 

The WGC said that total bar and coin investment had fallen to 241.6 metric tons, as a 19 percent drop in bar demand (to 150.4 metric tons) overpowered a sharp jump in demand for gold coins (up 36 percent) due to safe-haven buying by Western retail investors.

Also on rt.com Physical gold is the ‘perfect hedge’ against all risks financial system’s crash, adviser on precious metals tells RT

Jewelry demand, “unsurprisingly,” was particularly hard hit by the effects of the outbreak, with quarterly demand down almost 40 percent year-on-year.

Central banks continued to buy gold in significant quantities, although at lower rates than in the first quarter of 2019. Net purchases amounted to 145 metric tons. The virus also caused disruption to gold supply, with mine production falling to a five-year low of 795.8 metric tons.

READ MORE: ‘The Fed can’t print gold:’ Bank of America sees bullion price surge to $3,000 as paper money crumbles

The yellow metal is heading for its biggest monthly gain since 2016. It was trading more than two percent higher at 1,716.35 an ounce on Thursday. Economists project the price of gold to hit record highs in the near future.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/487320-gold-investment-demand-soars/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Filed Under: Global Business

Oil pirates have a new favorite hotspot

April 30, 2020 by Leave a Comment

But now, with offshore oil storage bursting at the seams as a result of a disastrously timed oil price war and the demand-decimating effects of COVID-19, the pirate’s treasure trove is shifting.  

The Gulf of Guinea, a key oil production hub adjoining no less than eight oil-exporting countries off the western African coast, is now officially the world’s deadliest piracy hotspot.

According to the International Maritime Bureau (IMB), the first quarter of 2020 witnessed a spike in maritime piracy across the globe, with 21 of the world’s total of 47 attacks recorded in the Gulf of Guinea compared to the global total of 38 for last year’s corresponding period. Seventeen crew members were kidnapped in the attacks, with the northeastern most part of the tropical Atlantic Ocean continuing to live up to its deadly billing. 

Last year, the Gulf of Guinea was responsible for 121 kidnappings, good for 90% of the world’s total kidnappings at sea.

Also on rt.com Why pirates are giving up on oil

Economic Damages

The majority of the incidents occurred in Nigerian territorial waters, especially around the Niger Delta, but to a lesser extent, also in the shipping hub of the Port of Lagos.

Unfortunately, this trend is expected to continue well into 2021.

In a research note, Alexandre Raymakers, senior Africa analyst at Verisk Maplecroft, says a lack of adequate equipment and personnel leaves local security forces unable to deal with the menace effectively. 

Verisk cites frustration with the inequitable distribution of the region’s vast oil and gas riches, a relatively well-trained militia that has honed its skills fighting in the Delta’s secessionist movement, and regular ransom payments as key reasons why the Gulf of Guinea continues to be a rich hunting ground for pirates.

The death of US oil The death of US oil

Verisk warns that international oil companies (IOCs) like ExxonMobil, Chevron, Shell, Eni and Total with operations out of Nigeria, Gabon and Equatorial Guinea are particularly at high risk of experiencing disruptive instances of piracy in their West African supply chains. 

This comes at a dismally bad time for offshore drillers, with the likes of Shelf Drilling, Valaris, Maersk Drilling, and Borr Drilling set to lose up to $3 billion in lost contracts in the current year due the Covid-19/OPEC/OPEC+ situation.

The economic damages for oil companies and governments from piracy can be devastating.

Three years ago, it was estimated that the Nigerian government was losing 400,000 barrels of crude daily to pirates in the Gulf of Guinea worth some $1.5 billion a month. That worked out to nearly five percent of the country’s GDP.

But it doesn’t pay nearly as much to steal oil these days, and even pirates are on the losing end of the oil price culling. 

With oil prices so low, Verisk says pirates are likely to change tact and resort to abducting crews for ransom.

What the world has learned about pirates since the days when Somali was a key hub is that they are incredibly adaptable to changing times – much more so than the industry or global security forces are. 

Reduced Piracy Overall

The world has generally been seeing reduced activity in piracy hotspots of yesteryears, including Somalia, Malaysia, Indonesia, Singapore, Vietnam, and Bangladesh. 

For nearly a decade, the Greater Gulf of Aden took the crown as the most dangerous of them all. But remarkably, piracy in Somalia has been virtually stamped out, with only a single failed attempt recorded last year, a far cry from the more than 200 attacks every year during its peak. In fact, no successful hijackings of cargo ships have been recorded in about seven years.

Freedom of piracy: US seeks allies to outsource hunt for Iranian oil tankers Freedom of piracy: US seeks allies to outsource hunt for Iranian oil tankers

Armed with little more than skiffs, Kalashnikovs, and ladders, khat-chewing villains from Somalia terrorized the region’s seas for years, hijacking cargo ships and extracting millions of dollars in ransom. They even managed to capture Hollywood’s imagination in the 2013 hit film Captain Phillips. Defeating Somalia’s piracy scourge required unprecedented cooperation by navies from different nations as well as concerted efforts to boost stability ashore.

But most importantly, it took a radical break with traditional shipping practices by deploying armed guards on commercial vessels to deter pirates from attacking.

The same strategy seems to be paying off elsewhere, with the IMB reporting that strategic deployment of marine police patrol vessels has mainly been responsible for the continued decline in piracy incidents in most Indonesian waterways and anchorages. 

So now, it’s time for yet another adaptation by the oil industry in order to avoid costly disruptions that it can’t afford right now. That might mean that a military presence on cargo ships could end up being a must-have for the Gulf of Guinea and other hotspots.

By Alex Kimani for Oilprice.com

Article source: https://www.rt.com/business/487324-oil-pirates-favorite-hotspot/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Filed Under: Global Business

US unemployment soars to over 30 MILLION as coronavirus pandemic wrecks economy

April 30, 2020 by Leave a Comment

That brings the total number of first-time claims to 30.3 million over the past six weeks of the forced lockdown due to the Covid-19 outbreak. The figure represents roughly 18.6 percent of the US labor force.

The state of Washington showed the biggest jump in unemployment for the week, with an increase of 62,282, a 75 percent surge from a week ago, according to unadjusted figures. California saw a decline of more than 200,000 and Pennsylvania was down by 63,312.

Next week, the US Bureau of Labor Statistics will release its official jobs report for April, which is expected to show the unemployment rate surge to 14 percent. That would be the highest rate since the monthly data series began in 1948.

Also on rt.com One in ten Americans set to be unemployed things will get even worse, former Fed insider tells Boom Bust

Economists expect the number of unemployed Americans in April to shatter the post-World War II record of 10.8 percent reached in November 1982. In March, the jobless rate skyrocketed 0.9 of a percentage point to 4.4 percent, which is the greatest monthly change since January 1975. 

“The peak in unemployment will come in April or May, followed by declines beginning in June as economic reopening plays out. For small business loans to be forgiven, employers will need to rehire by late June,” Andrew Hollenhorst, an economist at Citigroup in New York, was quoted as saying by Reuters.

“Enhanced unemployment benefits stretch through late July. The timing of these policies suggests there may be a surge of hiring into the later months of the summer.”

The US economy has suffered its sharpest contraction since the 2008 financial crisis as a result of nationwide lockdowns to slow the spread of Covid-19. The United States is the worst-hit country, with more than 1 million coronavirus infections and more than 61,000 deaths.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/487313-us-jobless-claims-growth/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Filed Under: Global Business

Coronavirus Pushes Aviation Industry in New Directions

April 29, 2020 by Leave a Comment

But the Kreitenbergs had no experience in aviation and few contacts, only Elliot Kreitenberg’s evangelism for his father’s invention.

“All we could do was say, ‘We’re using this technology that works in hospitals, and we built it so it fits on an airplane,’” he said.

  • Frequently Asked Questions and Advice

    Updated June 2, 2020

    • Will protests set off a second viral wave of coronavirus?

      Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.

    • How do we start exercising again without hurting ourselves after months of lockdown?

      Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home.

    • My state is reopening. Is it safe to go out?

      States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.

    • What’s the risk of catching coronavirus from a surface?

      Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.

    • What are the symptoms of coronavirus?

      Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.

    • How can I protect myself while flying?

      If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)

    • How many people have lost their jobs due to coronavirus in the U.S.?

      More than 40 million people — the equivalent of 1 in 4 U.S. workers — have filed for unemployment benefits since the pandemic took hold. One in five who were working in February reported losing a job or being furloughed in March or the beginning of April, data from a Federal Reserve survey released on May 14 showed, and that pain was highly concentrated among low earners. Fully 39 percent of former workers living in a household earning $40,000 or less lost work, compared with 13 percent in those making more than $100,000, a Fed official said.

    • Should I wear a mask?

      The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.

    • What should I do if I feel sick?

      If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.

Stan Malicki, a Polish businessman, faced a similar problem generating buzz for his invention, a system that moves airplanes on an electric track, instead of using engine thrust. The company, Aircraft Towing Systems, claimed U.S. carriers could save millions of gallons of fuel each year while reducing their carbon emissions. But on its own, the company couldn’t get traction until the State of Oklahoma got involved.

“Thrust is a terrible way to move airplanes. It’s great in the air, but terrible on the ground,” said Vince Howie, who saw the idea’s value and could do something about it as director of aerospace and defense with the Oklahoma Department of Commerce.

Mr. Howie persuaded Mr. Malicki to move from Europe to Oklahoma, joining the state’s substantial aviation network, which includes two of the world’s largest aircraft maintenance stations, Tinker Air Force Base and American Airlines. A.T.S. contracted with Oklahoma State University to help develop the prototype, and Mr. Howie became the chief executive at the end of last year.

“It is a collaboration of 10 people with different ideas, and of course everybody we talk to, I always want to hear the negatives,” Mr. Howie said. “I want to hear the negatives so we can put a mitigation or design changes as needed.”

Because good ideas do not thrive on their own, Professor Sarasvathy said, entrepreneurs should remain open to the ideas of their potential customers and investors.

Article source: https://www.nytimes.com/2020/04/29/business/smallbusiness/aviation-coronovirus-impact.html

Filed Under: Small Business

US economy dives to start year amid business shutdown & worst is yet to come

April 29, 2020 by Leave a Comment

The decline is worse than expected by economists. It is the first negative GDP reading since the 1.1 percent decline in the first quarter of 2014, and the lowest level since the 8.4 percent plunge in Q4 of 2008 during the global financial crisis.

Consumer spending, nonresidential fixed investment, exports and inventories were the biggest drags on the economy. Consumer expenditures, which comprise 67 percent of total GDP, plummeted 7.6 percent in the quarter as all nonessential stores were closed.

Also on rt.com US weekly unemployment hits 4.4 million, bringing coronavirus lockdown total to more than 26 million

Data showed that exports fell 8.7 percent while imports sank 15.3 percent, including a 30 percent crash in services. Goods consumption dropped 1.3 percent, while services slid over 10 percent.

Economists say the count of all goods and services produced in the country shows that even though the first quarter saw only two weeks of shutdown, the impact was pronounced and set the stage for a second-quarter picture which will be the worst in the post-World War II era.

“The upshot is this was already an economic catastrophe within two weeks of the lockdowns going into effect,” Paul Ashworth, chief US economist at Capital Economics, told CNBC. He added: “The second quarter will be far worse.”

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/487269-us-gdp-decline-coronavirus/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Filed Under: Global Business

Covid-19 may plunge Germany into worst recession since WWII

April 29, 2020 by Leave a Comment

After a decade of growth, the German economy is likely to shrink by 6.3 percent in 2020, according to Economy Ministry projections released on Wednesday. The outlook is a little brighter than figures announced by the International Monetary Fund (IMF) earlier this month, as the lender expects a seven percent contraction in Germany next year.

Also on rt.com Spain’s economy may dive 12.4% this year amid coronavirus lockdown uncertainty

After passing the lowest point of the recession in the second quarter, economic activity is expected to pick up in the second half of the year and the gross domestic product (GDP) may jump by 5.2 percent in 2021. The crisis has already cost the German government $1.1 trillion as it introduced “unprecedented” measures to keep the economy afloat as coronavirus-related restrictions led to massive closures of businesses.

“We are faced with great challenges, both economic and political,” Peter Altmaier, Germany’s economy minister, said. Despite the devastating impact of the virus on the economy, the minister stressed the country shouldn’t rush to lift restrictions on public life due to a possible resurgence of the disease. The warning comes amid fears over rising infection rate across the country, meaning that the spread of the deadly virus is accelerating again.

Also on rt.com Covid-19 drags French economy into deep recession the likes of which it has not seen since 1945

Earlier in the day, the European Commission released the results of a survey, showing that the key indicator for economic sentiment in both the euro area and the European Union dramatically plummeted in April. The decline became the worst on record (since 1985), surpassing the negative March results.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/487259-germany-recession-corovavirus-crisis/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Filed Under: Global Business

Putin calls for global effort to stabilize energy market as coronavirus crushes demand

April 29, 2020 by Leave a Comment

“These problems… go far beyond national borders,” Putin said on Wednesday at the meeting on energy market development. He explained that the Сovid-19 pandemic has had a crushing impact on the global economy and energy demand.

“It’s not the first time that the global energy market is so volatile. However, we’ve never witnessed a situation like this,” he added.

Russia will continue looking for ways to stabilize the energy market, the head of state said, pointing out that “joint efforts are needed, such as the recent OPEC+ agreement.”

Also on rt.com Russian economy resilient to oil market shocks – Moody’s

“We will continue to build effective cooperation with foreign partners, reach agreements on balancing the energy market, search for solutions that will allow enterprises to implement long-term plans, invest in development and create new jobs,” he said.

According to Putin, energy is a key sector of the Russian economy. It is directly affecting the development of manufacturing, transport, agriculture, cities, villages and the country as a whole, as well as largely determining Russia’s export potential and the state of public finances.

Putin also highlighted the importance of maintaining domestic energy security. “Fuel shortage on the domestic market, limitations of power supplies to enterprises and country’s settlements must be prevented under any circumstances,” he said.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/487246-putin-energy-market-coronavirus/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Filed Under: Global Business

Coronavirus to shrink Russian economy by over 5% this year – Moody’s

April 29, 2020 by Leave a Comment

The agency has sharply lowered its forecast for the Russian economy since its previous report released at the end of March. At that time, Russia’s national GDP was expected to grow 0.5 percent this year. A gradual recovery is likely to see Russian GDP pick up by 2.2 percent in 2021, the agency said in its report on Tuesday, as cited by Russian media.

Also on rt.com Do Russian grain export limits threaten global food security?

The pain inflicted by the coronavirus crisis has worsened Moody’s forecasts for all of the G20 countries. The economic growth among the advanced economies is set to contract by 5.8 percent in 2020, while oil prices are expected to remain low. 

“[The] coronavirus pandemic will drive a deep recession in 2020 and leave some longer term marks on the global economy,” the agency said. “Even with a gradual recovery, 2021 real GDP in most advanced economies is expected to be below pre-coronavirus levels.”

Also on rt.com Putin promises strong support for Russian businesses hurt by coronavirus crisis

Earlier this month, the International Monetary Fund (IMF) said that the global economy is expected to shrink by three percent in 2020. The global lender added that the coronavirus-related crisis is likely to result in the worst recession since the 1930s.

“It is very likely that this year the global economy will experience its worst recession since the Great Depression, surpassing that seen during the global financial crisis a decade ago,” the IMF said.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/487212-russia-economy-moodys-coronavirus/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Filed Under: Global Business
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