During the civilisa- tion and development process of more than 5,000 years, the Chinese nation has made an indelible contribution to the civ- ilisation and advance- ment of mankind.

Chinese President Xi Jinping Thewww.theasiantelegraph.net AsianTuesday, March 17,Telegraph 2020 Vol: X, Issue: 319 ABC CERTIFIED /asian_telegraph

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F .theasiantelegraph.net Monetary policy today Hybrid warfare Foreign investment necessitates utmost jumps 512% in 2019- vigilance: CNS 20: SBP KARACHI KARACHI

State Bank Governor Dr Reza Chief of the Naval Staff Admiral Zafar Baqir will unveil bi-monthly mon- Mahmood Abbasi Monday said the challenges etary policy of the State Bank at a of grey hybrid warfare necessitates utmost vigi- press conference today (Tuesday) lance and constant review of operational plans afternoon. The monetary policy through extensive war gaming and exercises. statement will be issued the same The Chief of Naval Staff had highlighted these day through a press release, the aspects as chief guest at the debriefing session SBP said. According to experts, of Pakistan Navy’s Major Maritime Exercise the central bank can decrease SEASPARK-2020 held here, says Pakistan Navy the interest rate from 0.5 per- press release.Admiral Abbasi expressed his ut- cent to 2.5 percent. Earlier in its most satisfaction over operational readiness of monetary policy of 2020, the SBP Pakistan Navy to withstand multiple challenges held rates at 13.25pc. “While con- and appreciated the professionalism displayed trolling inflation we also have to ISLAMABAD: Prime Minister Imran Khan chairs a meeting on possible economic impacts of COVID-19 during the exercise. The Chief of the Naval Staff support sectors that contribute at PM office on Monday Photo VoM asserted that Pakistan Navy was fully prepared to our exports,” SBP Governor Dr to give a befitting response and thwart any ag- Reza Baqir had said. The first eight gression posed by our adversary. He reiterated months of the ongoing fiscal year Don’t afraid of coronavirus the resolve that Pakistan Navy stands fully 2019-20 witnessed a 512 percent prepared to ensure seaward defence and safe- increase in foreign investments as guard national maritime interest at all costs. compared to the same period of the The exercise was conducted in North Arabian previous year. Taking all steps to protect economy Sea to validate operational plans of Pakistan According to data released by the Navy involving naval assets/ platforms, Special SBP, the total foreign investments Forces and Pak Marines Detachments. Besides, in the country stood at US$3.98 elements of Pakistan Maritime Security Agency billion during the eight months from impacts of virus: PM (PMSA), Pakistan Army and Pakistan Air Force of the ongoing fiscal year as com- also participated in the exercise. pared to US$650.6 million during the same period of the previous Prime Minister Khan forms committee to ward off economic fallout from corona pandemic year. It showed that the foreign

investments in bonds reached ISLAMABAD icked, adding that the government get panicked rather brave the issue upto US$2.16 billion, becoming a realized the severity of the problem with a national spirit.Prime Minister Federal cabinet meeting today major booster in the overall for- After the increasing novel coronavi- and all out steps would be taken in Imran Khan on Monday said ensur- ISLAMABAD eign investments. The direct for- rus cases in the country, Prime Min- this regard.Imran Khan stressed ing uninterrupted economic activi- eign investments witnessed an ister Imran Khan on Monday urged the need to sensitize masses on the ties and jobs protection for the com- Prime Minister Imran Khan will increase of 75 percent from the the nation not to be afraid of virus, seriousness of the issue and create mon man was the topmost priority chair a federal cabinet meeting previous year that is US$793.7 mil- but we have to confront this problem public awareness on the precaution- of the government and it was taking today (Tuesday) to discuss two- lion. The direct investment during with unity. Presiding over a meeting ary measures. I will also address the all measures to protect the economy point agenda. The federal cabinet will meet at 2:00 pm at the PM the previous fiscal year remained of National Coordination Commit- nation on the issue,” the prime min- from negative impacts of corona- ister said and added Pakistani nation virus.He was chairing a high-level House with Prime Minister Imran at US$1.059 billion. However, in- tee on Coronavirus, the prime min- ister said the spread of coronavirus had bravely faced every ordeal in the meeting about taking advance pre- Khan in the chair. Sources said vestments in the Pakistan Stocks could be contained effectively if past and God willing, the coronavi- ventive steps to protect the national the cabinet will discuss the overall Market witnessed a negative trend people voluntarily take precaution- rus would also be tackled through economy from possible effects of political, economic situation of as it saw decline by US$26 million. ary measures without getting pan- national joint efforts. PM Khan re- the coronavirus. The meeting was the country. The cabinet would be iterated his call for the people not to attended by Minister for Economic briefed on the situation emerged in

Russia manages sanctions’ losses JWGs under CPEC Europe hit harder from sanctions than Russia: Putin Pak-China to ink formation of joint MOSCOW Russia has lost about $50 billion as a result of foreign sanctions, but it has managed to working groups: Asad offset the losses by various means, includ- ing import substitution, Russian President BEIJING of two new Joint Working Groups under operation, Gwadar, security, and socio-eco- Vladimir Putin said. “To hell with those sanc- Federal Minister for Planning and Special China Pakistan Economic Corridor (CPEC). nomic development. The agreement would tions,” Putin told newswire in an interview Initiative Asad Umar on Monday took to The minister informed that the new work- be signed during a visit of a Pakistani del- for the project entitled “20 Questions with Twitter and detailed the plans for China- ing groups would be formed in areas of ag- egation headed by President Arif Alvi which Vladimir Putin”. “According to various esti- Pakistan top-level meeting scheduled riculture and science and technology.The left here for Beijing on Monday. “This is part mates, we have lost 50 billion but we have to be held tomorrow in Beijing. Asad joint working groups work under CPEC of the broadening of CPEC from the first earned the same amount.”He agreed that the Umar revealed that the Memorandums of Joint Cooperation Committee (JCC) which is phase which was mainly infrastructure to a losses were significant, but the introduction Understanding (MoU) between the two co-chaired by Pakistan’s Planning Minister much broader economic partnership,” Asad of sanctions “made us use our brains.” Russia countries will formulate two new working and Chinese Vice Chairman National Umar said. He said “the MoU states that the focused on import substitution, and started groups on the China-Pakistan Economic Development and Reform Commission governments of China and Pakistan believe manufacturing “such items and technolo- Corridor (CPEC), Agriculture, Science and (NDRC). There are eight working groups that CPEC has entered a new stage of en- gies that we did not have before or we sim- Technology. The minister also stated that which are already functional in a range of richment and expansion with increasing ply forgot about them and lost them.” “We tomorrow’s visit holds immense impor- areas including planning, energy, transport, cooperation areas, expanding cooperation recreated all of this,” the head of state said. tance as the CPEC initiative’s status will be Special Economic Zones, international co- scale and growing cooperation projects”. “And we are undoubtedly benefiting from it. Questions with Vladimir Putin”. without any external restric- changed from a focused approach on infra- It diversifies our economy. In fact, it helps As an example, he pointed to tions,” he stressed. In 2014, the structure to a viable economic partnership. tackle the prevailing priority.” Russia and job cuts in European countries, European Union slapped sanc- Asad Umar stated further that the new junc- Europe both have endured losses as a result brought on by dwindling trade tions on Russia over the events ture in Pakistan-China relations and CPEC of the sanctions standoff, but the losses that with Russia. “Right now, we have in Ukraine and Crimea’s reuni- will be based on stronger mutual consensus Europe has encountered are far more serious the lowest unemployment in his- fication with Russia. Since then, and partnership. Umar also said that the in some respects, Russian President Vladimir tory. Here, we lost nothing,” he these sanctions have been re- new MoU’s will also ensure an increase of Putin noted.“The fact is our partners also said, noting that the sanctions peatedly prolonged.Talks on the pace in projects currently under develop- lose approximately the same. Europe has were having adverse effects on cancellation of visas and a new ment under the CPEC umbrella. lost roughly the same, according to their both sides. “It is bad because it basic agreement on cooperation Minister for Planning, Development and estimates. Actually, they’ve been losing is distorting the entire global were put on hold, some Russian Special Initiatives said that a Memorandum even more sensitive things,” he told TASS and European economic space. officials were prohibited from of Understand (MoU) was going to be in an interview for the special project “20 Competition should be natural visiting EU countries. signed today (Tuesday) for establishment China readies stronger policies Oil slides on low demand, price war

to revive economy Singapore tend a production cut agreement which are set to fall by 1 million barrels per day Oil extended losses on Monday as an emergency has been supporting prices since 2016. each in April and May, sources have said. BEIJING rate cut by the U.S. Federal Reserve failed to soothe “Fear remains the crux of the problem “The big loser will be U.S. shale, where China is preparing to take stronger macro sales of consumer goods dropped 20.5 percent, global financial markets panicked by the rapid here as market players remain uncon- the Republican government will possi- policies to shore up its economy and keep em- according to the National Bureau of Statistics spread of the coronavirus while a price war rages vinced that monetary policy easing and bly face a bailout decision on a heavily ployment stable as the latest data on industrial (NBS). Early epidemic control efforts by the on between top producers. Brent crude fell $1.13 liquidity injections will solve an essen- indebted industry sooner rather than output, retail sales and investment showed government had kept most people across China to $32.72 a barrel by 0230 GMT, tumbling after last tially healthcare crisis,” OCBC Bank’s later,” said Jeffrey Halley, a senior market across-the-board contraction in the first two indoors and factories, shops and restaurants week’s plunge of 25%, the largest weekly fall since economist Selena Ling said. analyst at OANDA in Singapore. Brent months due to the outbreak of novel corona- shut, which had proved key to the anti-virus 2008. “The end-game to me remains not crude LCOc1 was down $4.03, or almost virus disease (COVID-19). China’s value-added battle but also resulted in disruptions to eco- The front-month price opened at a high of $35.84 about more policy bazookas, but a peak 12%, to $29.82 a barrel by 1339 GMT. industrial output, an important economic in- nomic activities and supply chains. While the but slipped to a low of $31.63.US crude was at in global COVID-19 infections and fatali- The front-month price had dicator, fell 13.5 percent year on year during epidemic has caused relatively big shocks to the $31.01, down 72 cents after slipping below $30 ties, and, or a COVID-19 vaccine cure in risen $1 earlier in the session. the January-February period. Fixed-asset in- economy, the impacts are largely “short-term, earlier in the session, despite U.S.President Donald the horizon.” Despite the massive drop in U.S. West Texas Intermediate vestment went down 24.5 percent, while retail external and controllable,” NBS spokesperson Trump’s pledge to fill strategic oil reserves in the both oil and natural gas prices last week, (WTI) crude CLc1 was at $28.63, Mao Shengyong said at a press conference. world’s largest oil consumer “to the top”.The US the U.S. oil drilling rig count rose for a down $3.10 or almost 10%. As the spread of the virus has been basically Fed slashed interest rates on Sunday in its second second week in a row to its highest since To combat the economic fallout of the contained, China’s improving economic funda- emergency cut this month, and said it would expand December, energy services firm Baker pandemic, the Fed on Sunday slashed its mentals and the trend of upward momentum its balance sheet by at least $700 billion in coming Hughes Co said in its closely followed key rate to near zero, triggering an un- in the long term have not changed, Mao noted, weeks in a bid to ease tension in financial markets. report on Friday. {RIG-OL-USA-BHI} scheduled rate cut by the Reserve Bank citing the country’s economic scale, strong re- Oil prices have come under intense pressure on both Still, the number of rigs is expected to of New Zealand to a record low as mar- silience, internet-powered new drivers and flex- demand and supply sides: fall as producers deepen spending cuts kets in Asia opened for trading this week. ible macro policies as among the major factors Worries about the pandemic slashing oil buying on new drilling. The Bank of Japan later stepped in by underpinning growth. “The economy has with- persist, while oversupply fears have grown after More pain will be felt by U.S. produc- easing monetary policy further, while stood the shocks of the epidemic,” he said.Given top exporter Saudi Arabia ramped up output and ers as Brent’s premium to WTI {CL- Gulf central banks also cut interest rates. that businesses have quickened pace to resume slashed prices to increase sales to consumers in Asia LCO1=R} is close to its narrowest since However, the measures failed to calm normal operations, the NBS projects economic and EuropeEarlier this month, the Organization of 2016, making U.S. crude oil uncompeti- investors, and stock markets weakened activities will see a visible recovery in March. the Petroleum Countries and Russia failed to ex- tive in international markets. Exports again. Tuesday, March 17, 2020

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Editor-in-Chief: Amna Malik SAARC Moot on coronavirus Editor: Mohammad Arshad As per the details, Khyber Pakhtunkhwa pital quarantine while 131 are under home Phone: + 92 51 2814017 Offce # 407/408, 4th Floor, Evacuee Health Minister Taimur Saleem Jhagra in his surveillance, which is quite worrisome. Trust, Agha Khan Road, F-5/1 Islamabad latest tweet said that 15 out of 19 received During the SAARC video conference, in the province from Taftan have tested posi- Special Assistant to the Prime Minister tive for the virus. Just received news that 15 on Health Dr Zafar Mirza called for an of 19 individuals received in KP from Taftan end to the lockdown imposed in India- have tested positive for Corona Virus. These occupied Jammu and Kashmir, given the President Alvi’s visit to China Erum Akbar are the first positive cases in KP. They are threats posed by the coronavirus pandemic. being well looked after in quarantine in Mirza noted that while the novel coronavi- resident Dr. Arif Alvi reached Beijing on an isolated facility in DI Khan. “They are rus has been declared a pandemic, “it has Monday to convey strong support and soli- outh Asian Association for being well looked after in quarantine in been deemed controllable as well”. He ac- darity of Pakistan to the Government and Regional Cooperation (Saarc) an isolated facility in DI Khan,” he wrote. knowledged that the South Asian region, the people of China in its efforts to con- nations took a commend- Meanwhile, new cases have emerged in which houses several mega-cities and one- tain the spread of COVID-19. The Pakistani able step to convene a moot Sindh after 15 new cases from Taftan are fifth of the world’s population, was at risk President’s visit to China at this critical time on the deadly coronavirus being confirmed in Sukkur. The total num- of the virus spreading further as each of is great manifestation of the brotherly and COVID-19, which is affecting ber of cases in the province has risen to 103. the Saarc countries has reported positive tested-friendship between the two countries. 162 countries and territories Pakistan borders China and Iran, both of cases. Mirza urged Indian Prime Minister At the airport, he was received by Chinese Minister around the world. Globally, which have been hit hard by the virus. Most Narendra Modi to lift Occupied Kashmir’s for Agriculture and Rural Affairs, Han Changfu and Ambassador authorities have confirmed of the people with infections had recently lockdown “in view of health emergency” Pof Pakistan to China Naghmana Alamgir Hashmi. The President more than 160,000 cases of the coronavi- traveled to Iran, though Pakistan reported as COVID-19, a mysterious pneumonia-like was presented static guard by a smartly turned out contingent. Srus and almost 6,500 deaths. There have its first locally contracted case on Friday. disease caused by the novel coronavirus, During the visit, the president will hold meetings with his now been more than 87,000 cases outside The government shut all its schools and cases have been reported from the disputed Chinese counterpart Xi Jinping and leadership of the host coun- China - overtaking the 80,860 in the coun- land borders on Friday and decided to limit valley.“It is a matter of concern that COVID- try. Talking to media persons prior to departure, Dr Arif Alvi said try where the virus originated in December. international flights and discourage large 19 has been reported from Occupied Jammu he will also express condolence with the Chinese leadership over The number of confirmed coronavirus gatherings to try to halt the spread of the and Kashmir and in view of health emer- the loss of precious human lives due to this virus. Minister for cases in Pakistan rose to 137 after more coronavirus. The country’s largest sporting gency, it is imperative that all lockdown in Foreign Affairs Makhdoom Shah Mahmood Qureshi and Minister people were diagnosed with the novel event, the , was also the territory must be lifted immediately. for Planning, Development and Reforms, Asad Umar are accompa- coronavirus disease across the country. shortened and its matches closed to specta- He acknowledged that the South Asian region, nying the President. A number of MoUs are expected to be signed It was great move, Special Assistant to the tors. Local media reported that many over- which houses several mega-cities and one- during the visit. The visit will further strengthen the historic Prime Minister on Health Dr. Zafar Mirza seas players had opted to leave the country. fifth of the world’s population, was at risk relations based on mutual trust and cooperation between the two represented Pakistan in the conference, In occupied Kashmir, the authorities have of the virus spreading further as each of the brotherly countries. This will be his first visit to China, which while Indian Prime Minister Narendra Modi, revealed that 2157 people including trave- Saarc countries has reported positive cases. is singularly aimed at conveying strong support and solidarity Afghan President Ashraf Ghani, Bangladesh lers in contact with the suspected Corona of Pakistan to government and people of China while Beijing is Prime Minister Hasina Wajid, Maldivian virus have been put under surveillance in Author is an Executive Editor of Mélange int’l resolutely engaged in efforts to contain the spread of Covid-19. President Ibrahim Mohamed Solih and other the territory. A total of 1829 people are Magazine and Secretary Information Center of Global deaths and infections from the corona- South Asian leaders participated in the event. under home quarantine and 29 are in hos- Pakistan and International Relations (COPAIR) virus have surpassed those inside China for the first time since the beginning of the outbreak. Worldwide infections have grown to more than 87,000, according Disclaimer: Views expressed by writers in this section are their own and do not necessarily reflect The Asian Telegraph point-of-view to the Johns Hopkins university tracker, while cases inside China, stood at 80,860 as of Monday, according to the Chinese National Health Commission. Today in History March 17, 1776 Coronavirus cases sur- The Siege of Boston (April 19, 1775 – March 17, 1776) was the opening Siege of Boston phase of the American Revolutionary War. New England militiamen pre- face in IOK vented the movement by land of the British Army, which was garrisoned in what was then the peninsular city of Boston, Massachusetts Bay. Both n occupied Kashmir, the authorities have revealed that sides had to deal with resource supply and personnel issues over the 2157 people including travelers in contact with the sus- course of the siege. British resupply and reinforcement activities were pected Corona virus have been put under surveillance limited to sea access. After eleven months of the siege, the British aban- in the territory. A total of 1829 people are under home doned Boston by sailing to Nova Scotia.The siege began on April 19 after quarantine and 29 are in hospital quarantine while 131 the Battles of Lexington and Concord, when the militia from surrounding are under home surveillance. The reports further said Massachusetts communities blocked land access to Boston. that 101 samples had been sent for testing, which is quite The Continental Congress formed the Continental Army from the mili- tia, with George Washington as its Commander in Chief. In June 1775, alarming figures amid the lockdown in the scenic valley. the British seized Bunker and Breed’s Hills, from which the Continentals Pakistan is rightly demanded the Indian notori- were preparing to bombard the city, but their casualties were heavy and ous government to lift the curfew in the occupied valley Ito provide all the required medical needs to the dwellers access to Boston. of the areas. Special Assistant to the Prime Minister on theirThe Americans gains were laidinsufficient siege to to the break British-occupied the Continental city. Army’s Military hold onactions land Health Dr Zafar Mirza on Saturday, called for an end to the during the remainder of the siege were limited to occasional raids, minor lockdown imposed in India-occupied Jammu and Kashmir, given the threats posed by the coronavirus pandemic. In November 1775, George Washington sent the 25-year-old bookseller- While addressing the heads of member states, Mirza noted that skirmishes,turned-soldier and Henry sniper Knox fire. to bring to Boston the heavy artillery that had while the novel coronavirus has been declared a pandemic, “it been captured at Fort Ticonderoga. In a technically complex and demand- ing operation, Knox brought many cannons to the Boston area by January has been deemed controllable as well”. He acknowledged that the South Asian region, which houses several mega-cities and one- overlooked Boston and its harbor), thereby threatening the British sup- fifth of the world’s population, was at risk of the virus spreading 1776.ply lifeline. In March The 1776, British these commander artillery fortified William Dorchester Howe saw Heightsthe British (which po- further as each of the Saarc countries has reported positive cases. sition as indefensible and withdrew the British forces in Boston to the Special Assistant to the Prime Minister on Health Dr. British stronghold at Halifax, Nova Scotia, on March 17.Prior to 1775, the Zafar Mirza was representing Pakistan in the confer- British had imposed taxes and import duties on the American colonies, to ence, while Indian Prime Minister Narendra Modi, Afghan which the inhabitants objected since they lacked British Parliamentary President Ashraf Ghani, Bangladesh Prime Minister Hasina representation. Wajid, Maldivian President Ibrahim Mohamed Solih and In response to the Boston Tea Party and other acts of protest, 4,000 Brit- other South Asian leaders are participating in the event. ish troops under the command of General Thomas Gage were sent to oc- cupy Boston and to pacify the restive Province of Massachusetts Bay.

German travel tech startups hunker I’m a down-to-earth Taurus: Gigi Hadid down for ‘nuclear winter’ BERLIN home - preferring outdoor excursions NEW YORK by her famous friends, including Online travel startups based in Ger- to avoid crowds or indoor settings that Serena Williams, Kendall Jenner, many are hunkering down to survive would increase their risk of infection, Gigi Hadid believes her star sign is Blake Lively and Taylor Swift. Gigi a coronavirus pandemic that threat- Reck said.Omio, which offers bus, rail the reason she is a down-to-earth is quizzed by Kendall, 24, about person. The 24-year-old model was what she has learned from living travel industry as bookings plunge in bookings of 30%-50% and is brac- born on April 23 which makes her on a farm and the catwalk star andens toborders inflict aclose.Berlin-based “nuclear winter” on GetY the- ingand forflight falls bookings, of more has than seen 50% a decline if bor- a Taurus and because of her astro- reveals she loves going to her ourGuide and ticket booking website ders close.Unlike airlines, for example, logical sign she is “at peace with the mother Yolanda Hadid’s Pennsyl- timing of the earth”. Speaking to a Omio said they planned to spend the which must keep their planes in the air vania property because she can expected quiet period working on tech magazine, she said: “I think that I’ve escape the pressures of her career to keep going, these digital businesses systems to ensure they were more always seen myself the same. Al- and fame. Gigi - whose younger though I’ve had dreams come true sister Bella Hadid is also a model competitive when travel resumes in most operate as middlemen between and gotten to experience so much, my - said: “The farm has really made earnest.“In the next couple of weeks travelershave a far and smaller transport fixed-cost providers. base as inner dialogue has always been one me remember, and bring back to I think we’ll all just go into hiberna- Omio spokesman Boris Radke said it - my life, my most simple pleasures. tion mode. We’ll work on our tech, rity as my main focus in everything I our infrastructure and our supply of- marketing and devote the quiet period ofdo. self-reflectionI also give a lot and of credit keeping to the integ fact with the little things that make me fering, and make sure we have every- tohad improving the flexibility its search to slash engine. spending on that I’m a Taurus, whether that has It’shappy, allowed like meart, togardening, fill my days yoga, off thing in place for when travel picks up anything to do with it or not ... Haha cooking, being outside, and spend- again,” said Johannes Reck, co-founder ... But I’ve always felt a connection to ing time with my loved ones and when people say that a Taurus is at and CEO of GetYourGuide (GYG).The animals without having to worry company, which specializes in experi- peace with the timing of the earth. I about things like what I’m wear- ences such as museum visits and walk- trust that everything we go through, ing or how my hair looks, or being good or bad, is for the better. I try to photographed or seen that day. ing tours, said bookings worldwide - Being away from the city and the halved two weeks ago from forecast member that everyone is continuous- public eye makes me feel like a kid levels after a record start to the year. seely trying the good to grow in people and do first their and best.” re again, and that freedom has been Travelers have become more hesitant In the publication, Gigi is interviewed really healing for me.” and are seeking alternatives closer to TAT Special CDWP forum approves National Emergency Response Plan for Covid-19 Sohail Majeed Butt Government of Pakistan is working to strengthen A special meeting of Concept Clearance preparedness to identify, diagnose primary Committee / CDWP was convened to initiate cases, effectively respond to minimize impact precautionary measures and approve the con- of COVID-19 through surveillance strengthen- cept paper of “Pakistan National Emergency ing, case management, infection prevention and Preparedness and Response Plan for COVID- control, risk communication and coordination. 19” here on Monday. The meeting was chaired Deputy Chairman Planning Commission Dr. by Deputy Chairman Planning Commission Jehanzeb Khan stated that strong surveillance Dr. Muhammad Jehanzeb Khan. Secretary would help in prevention of the outbreak. He Planning Zafar Hasan and senior officials from also noted that Pakistan already has a law named EAD ministries also attended the meeting. “Emergency Diseases Control Act” that supports The Project was presented by Chief Health and immediate measures against outbreak of any dis- informed that the Ministry of National Health eases. He further noted that such situations are Services, Regulations and Coordination have dealt at national level and federal government come up with a proposal to enhance coun- will fully support the provincial governments to try capacity for preparedness and response to control the pandemic. Secretary Planning Zafar COVID-19 pandemic. The project aims to es- Hasan stated that the general public needs to be tablish functional coordination mechanism at informed about the safety measures to effectu- the national and provincial levels for prepared- ally control Corona virus. Secretary EAD Dr. Syed ness and response to the COVID-19 Pandemic. Pervaiz Abbas stated that loan financing is made. Tuesday, March 17,2020

www.theasiantelegraph.net PSX crashes as KSE 100 Index loses over 2400 points

KARACHI and saw record in making with index The capital market witnessed lost more than 2400 points, biggest Swift calls out fans social worst session in the history of the decline in history of the exchange. equities trading where share val- The index since making its high distancing, self-isolation ues plunged drastically and the fall in January 13, 2020 of 43218 of more than 2400 was the biggest points has suffered a loss almost decline in a session was increase in 22 percent. An analyst from Topline cases of the corona virus in the coun- Securities said that bulls don`t seem try disturbed the investors the mood, to catch a break, as KSE 100 index dealers said. tanked by 7.1% during the trading The KSe-100 index nose-dived session. by 6.6 percent or 2375 points to Amid going concern of slowdown 33684 points.The market since the in economic activity in the country opening of the market was under due to increasing number of COVID- observed across the board. markets. tremendous pressure and within 19 cases (94 reported cases so far), According to a notification by the Asian markets were also on the few minutes of opening index was investors are preferring cash over PSX, trading was halted around losing site because of the US Futures down by in excess of 600 points equity. 10:13 AM due to 5% decline in the which tumbled sharply after US and by 10.15 am the KSE-30 index He said that the pressure in re- KSE-30 Index. All equity and equity Federal Reserve cut benchmark in- was down 5 percent which turned gional markets along with weak based markets were closed for 45 terest rate by one percent to zero to into lock down of the index, trading opening by European equities and as minutes as well. 0.25 percent, indicating eagerness of halted for 45 minutes. well as slum in oil prices amid bleak The objective of introducing mar- the authorities to clamp down the Trading resumed around 11 am demand outlook weighed down on ket halt is to safeguard investors and fallout from the global meltdown and soon index suffered colossal loss investor sentiment, as selling was market participants during volatile owing to corona virus. Gold plunges by Rs1850 per tola KARACHI metal tumbled below $1,500 an efforts to support economies from Bank A/S. Still, gold “will eventually The price of 24 karat gold de- ounce as market sentiment soured the coronavirus crisis.“Easing is not move higher given the inflationary creased by Rs1850 per tola on even after further emergency the medicine as the stock market has impact of current and future deci- Monday and was traded at Rs89,000 moves by the Federal Reserve.The clearly signaled,” said Ole Hansen, sions taken by governments around as compared to Rs90,850 of last trad- gold market is caught between head of commodity strategy at Saxo the world.” ing day, Karachi Sarafa Association demand for a haven and a rush to reported.Likewise, the price of 10 raise cash and cover losses in other NEW YORK gram gold witnessed a decrease of markets. While retail dealers from DFM closes trading Rs1587 and was traded at Rs76,303 Singapore to the UK recently saw a American singing sensation Taylor Swift is the latest celebrity floor over COVID-19 as compared to Rs77,890 during spike in demand for precious met- to come forth using her prominent platform to raise awareness fears last trading day.The price of silver als, gold exchange-traded funds had about the novel coronavirus and tell of those downplaying the DUBAI decreased by Rs60 per tola and was their biggest outflow since 2016 on disease. Turning to her Instagram Story, the 30-year-old Lover The trading floor of the Dubai traded at Rs900 against Rs960 and Friday, data compiled by Bloomberg crooner laid emphasis on social distancing and self-isolation Financial Market (DFM) will be that of 10 gram silver was traded show.“We are in a scenario where as the toll of confirmed cases around the globe escalates at temporarily closed until further at Rs771.6 against Rs77, 890 with investors are selling whatever they a rapid pace. “Guys, I follow you online and I love you guys so notice amid coronavirus concerns, a decrease of Rs60.In international can,” said Carlo Alberto De Casa, a much and need to express my concern that things aren’t being it was announced on Monday. “The market, the price of per ounce gold chief analyst at ActivTrades.Spot taken seriously enough right now,” she said. “I’m seeing lots of temporary closure of the trading depreciated by $60 and was traded gold dropped as much as 5.1% to get togethers and hangs and parties still happening,” she added. floor doesn’t affect the trading at $1470 against $1530 of last trad- $1,451.55 an ounce, reversing ear- activity as it continues as usual,” ing day, Karachi Sarafa association lier gains. The metal lost 8.6% last said Chief Operating Officer (COO) reported.Meanwhile, Gold extended week, the most since 1983. The Fed Cruz defends Depp in domestic and Head of Operations Division of losses after its worst week in almost on Sunday slashed borrowing costs DFM, Hassan Al-Serkal.Investors four decades, with investors “selling to near zero and promised to boost abuse case with Amber will be able to continue their ac- whatever they can” as the widening its bond holdings by at least $700 tivities through the DFM online economic impact of the coronavirus billion, while other central banks and smart platforms as well as the spurred panic across markets. The have also dramatically stepped up licensed brokerage firms, Al-Serkal said. “Clients can also submit and track their requests via DFM eS- ervices accessible through DFM Saudi Aramco makes $88.2bn profit Smart Services App and DFM’s website www.dfm.ae,” he added. in difficult year Chinese automaker RIYADH exports 582 vehicles In what was described as an “exceptional” year, Saudi Aramco ce- to S. America amid mented its position as the world’s most profitable oil company with net epidemic income of $88.2 billion, big dividend payments and low borrowings.The TIANJIN result — announced to the Tadawul stock exchange in Riyadh where A batch of vehicles produced by the shares are listed — was achieved despite a “difficult macroeco- China’s leading sport utility vehi- nomic environment.” In the course of the year, Aramco was subject to cle (SUV) and pickup maker Great attacks on its facilities, lower oil prices and output, and challenging Wall Motors are on their way to margins in the refining and petrochemicals industries.Last year, Aramco South America after the company also notched up its first-ever international bond issue, raising $12 bil- resumed working in mid-February lion in a heavily oversubscribed offering, and in December became the amid the novel coronavirus outbreak. most valuable company in history with its record-breaking initial public A total of 582 vehicles were loaded offering (IPO).President and CEO Amin Nasser said: “2019 was an ex- on a ship and departed from a port in ceptional year for Saudi Aramco. Through a variety of circumstances — north China’s Tianjin Municipality last some planned and some not — the world was offered unprecedented week. With the support of the govern- insight into our agility and resilience.“Our unique scale, low costs, and ments of Tianjin and northern Hebei resilience came together to deliver both growth and world-leading Province, the company’s production returns, while also maintaining our position as one of the world’s most FLORIDA bases in the two places which had reliable energy companies.”The financial period closed before the full been closed due to the epidemic, re- effects of the coronavirus and the end of the OPEC+ oil output agree- Things are starting to look dimmer and dimmer for Amber started operations in mid-February. ment. Nasser said: “The recent COVID-19 outbreak and its rapid spread Heard in the domestic abuse case she has been embroiled The port in Tianjin also opened illustrate the importance of agility and adaptability in an ever-changing in with Johnny Depp.With several people coming forth, a “green channel” to acceler- global landscape. This is central to Saudi Aramco’s strategy, and we testifying the Aquaman star’s abusive and ‘manipulative’ ate the ship-loading process. will ensure that we maintain the strength of our operations and our behavior, the latest to step forward was Penelope Cruz who Headquartered in the city of Baoding, finances. In fact, we have already taken steps to rationalize our planned extended her support to Depp in the midst of the drama. north China’s Hebei Province. 2020 capital spending.”Net income was $88.2 billion for the full-year The 45-year-old Vanilla Sky actor wrote a declara- 2019, compared to $111.1 billion in 2018. tion in support of the Pirates of the Caribbean star, stating the allegations came as ‘unbelievable’ to her given Depp’s ‘kind’ and ‘generous’ nature. “I met Johnny when I was 19 years old,” she said in her dec- laration that was obtained by The Blast. “He was in Madrid and Pedro Almodovar introduced him to me. Raza joins Zalmi for PSL 5 The only sentences I knew how to say in Qalandars lose Lynn, Wiese, English at that time were, ‘how are you’ and ‘I semi-final want to work with Johnny Depp,’” she added.

Zimbabwe’s all-rounderLAHORE Sikandar the other hand, Prasanna before semi-finals Raza has joined Peshawar Zalmi have signed and Salman James Bond actress LAHORE as a Silver category player, the Ali Agha as the replacement of Pakistan Board (PCB) re- and , tested positive for Lahore Qalandars’ campaign to vealed on Monday. According to both left the country after tak- win a maiden HBL Pakistan Super the details, Zalmi has occupied ing their team into semis for the coronavirus - the services of Raza as their four first time in PSL’s history.The in- chi Kings suffered a set-back when Leaguetheir three semi-final foreign againstplayers KaraChris Lynn, David Wiese and Prasanna left for their countries in the wake of COVID 19 spread.Australian Chris Lynn, the architect of the Qa- landars win against Multan Sultan Sydney, South African all-rounder withDavid an Wiese unbeaten left for century, London, flew while for Sri Lankan leg-spinner Seekkuge - bo on Monday.The player took to PrasannaInstagram boarded and wrote, a flight “Thoroughly to Colom enjoyed my time at the @thepsl un- Thank you to everyone involved, with , , and fortunately in these circumstances Pakistan you have been a blast,” he as their foreign players in I’ve chosen to head home, I’ve al- added. Lynn had scored 113 off 55 on the team. Lahore Qalandars have ways said there is more to life than balls earlier in the day to help the included Abid Ali and Agha Salman cricket and this is certainly one of Qalandars to bag win against Multan in their squad after approval by the foreign players left Pakistan due clusions have been approved by these cases.”“I have full faith in the Sultans by nine wickets and made it Event Technical Committee com- to coronavirus fear.The men in the Event Technical Committee @lahoreqalandars to go all the way prising PCB Chief Executive Wasim yellow will take on table-toppers which includes PCB CEO Wasim but more importantly have fun lads! everLahore Qalandars are now left Khan, Bazid Khan, Marina Khan etc. Multan Sultans in the first semi- Khan, Bazid Khan, Marina Iqbal, to the semi-finals for the first time final on Tuesday [March 17]. On Sameer Khosa and Dr. Sohail SHANGHAI 2020 Chinese football teams rush home again to avoid coronavirus SHANGHAI KYIV Most Chinese Super League (CSL) clubs poned. It could start behind closed doors their Dubai training camp.However, get- fled abroad when the deadly coronavirus in May, according to reports. ting back to China is not straightforward Hollywood star Olga Kurylenko has been tested positive for hit the country but they are now rushing Leo Baptistao, Wuhan’s Brazilian attacker, because of flight disruptions and strict the coronavirus, the actress announced on her Instagram back again as it takes hold elsewhere. told Chinese media before departing quarantine rules when coming home. handle. James Bond film Quantum of Solace actress took Wuhan Zall, from the city at the epicen- Spain that the situation “has flipped”. Wuhan Zall were stranded in Frankfurt, to Instagram and wrote, “Locked up at home after hav- tre of the outbreak, had been training in “We are more in danger (here). It now ap- Germany on Sunday, according to Chinese ing tested positive for Coronavirus.” “I’ve actually been ill Spain since late January but left at the pears... better to leave,” he said. media, and their current location was not for almost a week now”, she said and added that “Fever weekend because of the worsening situ- Fabio Cannavaro’s CSL champions immediately available. and fatigue are my main symptoms”. The Oblivion actress ation in Europe, now the focal point of the Guangzhou Evergrande, who were in The Beijing News reported that Li Tie’s urged the fans and followers to take coronavirus seriously. pandemic. Dubai, and runners-up Beijing Guoan national team were curtailing their stint She wrote, “Take care of yourself and do take this se- Wuhan will reportedly continue their cha- are among the clubs that have recently in Dubai and had planned to fly back to riously!”. Earlier, Hollywood star couple Tom Hanks otic pre-season preparations in Shenzhen. returned to China. the Chinese capital from Dubai. However, and Rita Wilson were tested positive for coronavirus. Wuhan itself is still in lockdown, despite Guangzhou R&F, coached by former their return is also becoming complicated, virus numbers in China reducing. Arsenal and Barcelona star Giovanni van as Beijing authorities are now sending The CSL season was supposed to begin Bronckhorst, on Monday became the lat- all international arrivals in the capital to on February 22 but was indefinitely post- est club to say they were cutting short quarantine facilities. Tuesday, March 17, 2020 The Asian Telegraph www.theasiantelegraph.net

Pak gets key relief from IMF on virus ECNEC okays 6 projects including Kartarpur Corridor ISLAMABAD Committee of National Economic Council (ECNEC) has greenlighted Pakistan has been provided a key six development projects including relief by the International Monetary Kartarpur Corridor, Winder Dam Fund (IMF) on Monday according to and Kachhi Canal. The approval was which expenses undertaken by the given in a meeting of the Executive government to combat the corona- Committee of National Economic virus outbreak will not be included Council (ECNEC) today under the chair of Adviser to Prime Minister to the Prime Minister on Finance on Finance and Revenue Dr Abdul in the fiscal deficit target. Advisor Hafeez Shaikh. The committee ap- the development, revealing that proved several projects including Drthe Abdulinternational Hafeez money Shaikh lender confirmed had Rs15.23 billion worth Winder Dam, agreed to not include the expenses Rs22.92 billion Kachhi Canal, where- incurred on battling the coronavirus as, the development project of Kar- tarpur Sahib corridor was also sanc- chaired a meeting held to discuss tioned as the members gave ex-post inthe the coronavirus fiscal deficit. and Dr itsHafeez effects. Shaikh He facto approval for it.According to the said that the government will not al- state news agency, Winder Dam will low the common man to feel the ef- be constructed across Winder River fects of the coronavirus. “The prime in Balochistan’s Lasbela district. The minister has tasked me deal with project has been approved without the economic impact [of the virus],” Foreign Exchange Component (FEC) he was quoted as saying in a press and with the condition that com- release. “It will be [the government’s mand area development and land BEIJING: President Dr Arif Alvi being received by Minister of Agriculture and Rural Affairs of China, Mr. Han Changfu efforts] to ensure that basic food acquisition components would be upon his arrival in Beijing. Photo VoM items’ prices don’t increase or their started in parallel to the main proj- supply is not disrupted.” He said ect by the provincial government. that the government will try to en- The Balochistan government would President in China sure that the coronavirus outbreak ensure completion of the project does not lead to unemployment in within approved scope and cost, the country. Earlier, the Executive said a press statement issued.

Pakistan shows solidarity with China Umrah pilgrims to return soon Halting Pakistanis from China correct over pandemic: Dr Alvi decision: Zulfi

ISLAMABAD said they would bring them back World follows China in dealing with virus outbreak: Qureshi Special Assistant to Prime Minister within three to five days. He asked BEIJING/ISLAMABAD visit to China was meant to express solidar- leadership of the two countries to review friend of Pakistan, adding that he arrived (SAPM) on Overseas Pakistanis Syed Pakistani expats living in other President Dr Arif Alvi Monday said that ity on Covid-19 epidemic and also learn bilateral,regional and international issues there to express solidarity with the people Zulfi Bukhari said on Monday the countries hit by the virus to co- he was undertaking a two-day visit to China from Chinese experience to effectively han- and to advance the shared goals of promot- in this difficult time. He showed gratitude government’s move to not repatri- operate with local health officials. on the invitation of Chinese President Xi dle the situation. “The way, China has fought ing peace, prosperity and development in to the Chinese government for taking care ate Pakistanis stranded in China, Zulfikar Abbas Bukhari hinted at Jinping where he would express solidarity the Coronavirus is an example for the world the region and beyond,” it said.The state- of Pakistani students and sending pesticide where the outbreak of the corona- repatriation of stranded Umrah with the people of China who had fought and Pakistan would also like to get an input ment added that Pakistan and China are spray to combat locusts in the country. The virus occurred, was a correct deci- pilgrims from Saudi Arabia within the Coronavirus epidemic. During a brief about it,” the president told APP at Nur the closest friends and staunch partners, foreign minister maintained that they will sion. Talking to overseas Pakistanis next few days. “The government is media talk prior to his departure to China, Khan Air Base, prior to his departure to joined through an “all-weather strategic hold important meetings with the Chinese via video link, he said the World aware of the fact that some 15,000 the president said China wanted to thank China on a two-day official visit.He said the cooperative partnership”. “This time-tested leadership during the visit, adding that Health Organisation (WHO) lauded Pakistani Umrah Pilgrims have Pakistan for expressing solidarity during visit was aimed at conveying strong sup- friendship is based on unparalleled mutual matters pertaining to peace in Afghanistan, Pakistan’s anti-corona steps. He been stuck up in Saudi Arabia [due the Coronavirus epidemic and the way port and solidarity of Pakistan towards the trust, understanding and commonality of Kashmir, regional situation and other issues added the prime minister has is- to the Coronavirus issue] and I as- Pakistan as a brother trusted them for tak- government and the people of China while interests. The leadership of both countries will be discussed in the sittings. A number sued directives for resolving the sure you that all of them would be ing care of the Pakistanis residing there.“I Beijing made resolute efforts to containing is fully committed to building closer China- of MoUs are expected to be signed dur- issues facing the affected people. brought back within 3 to 5 days,” am visiting China to express solidarity with and dealing with the spread of Covid-19. Pakistan community of shared future in the ing the visit, he added.Earlier on March The SAPM maintained the govern- the special assistant said in a video the Chinese people and to express condo- Dr Alvi said China also wanted to thank new era,” the Foreign Office said.Lauding 15, President Dr. Arif Alvi will be visiting ment has been monitoring the situ- message released by the OP&HRD lences over loss of lives,” he added. The Pakistan for trusting on it “like a brother” the Chinese government’s efforts against China from March 16-17 at an invitation of ation faced by Pakistanis stuck in ministry on its social media pages. president, accompanied by Foreign Minister during the situation. Earlier, the Foreign the outbreak of novel coronavirus (COVID- President Xi Jinping of the People’s Republic China on a daily basis. He said they He said the Umrah pilgrims would Shah Mahmood Qureshi and Minister for Office in a statement said the visit would 19), Foreign Minister Shah Mahmood of China. The president will be accompa- provided necessary food items to only be allowed to go home after Development Asad Umar, said that they play an important role in further solidify- Qureshi said that the entire world is pursu- nied by a delegation comprising of Foreign 1,300 trapped Pakistani students proper screening. On their re- would also get input from the Chinese ex- ing the historic bonds of trust and mutual ing Beijing’s strategy to deal with the deadly Minister Shah Mahmood Qureshi, Minister in Wuhan Thursday last. Expressing turn, they would be quarantined periences in handling the situation. support between the two “iron brothers”. virus. Talking to journalists in Beijing, FM for Planning and Development and Special concern over the difficulties faced for 15-day on the same pattern, President Dr Arif Alvi on Monday said his “It will also serve as an opportunity for the Qureshi said that China is an all-weather Initiatives Asad Umar and senior officials.. by Pakistanis in Saudi Arabia, he as followed in case of pilgrims. Global Markets Virus’s impacts on economy to lower EU to muster 28-40b China to lower transportation costs euros to support epi- Stocks tumble as big Fed move fails to quell for foreign trade enterprises fears demic hit firms virus fears BRUSSELS BEIJING oil pollution damage compensa- tion halved during the period. Fees The European Union could provide China expects the impact from the that have already been paid can be 28-40 billion euros immediately to coronavirus outbreak on the econo- refunded or deducted, said the cir- support small and medium-sized my to decrease in the second quar- cular. companies hit by the effects of the ter and the pressure on the coun- coronavirus pandemic, the European try’s unemployment would ease as The China Development Bank Investment Bank said in a letter to economy improves, the statistics (CDB), one of the country’s major bureau said on Monday. policy banks, will provide no less - than 200 billion yuan (about 28.57 cialEU financemarkets, ministers. the letter But said, such calling help billion U.S. dollars) of loans to less would not be enough to calm finan- achieving the full-year economic developed areas this year for pov- tee” from EU governments that the growthAuthorities target, are said still bureau confident spokes of- erty alleviation.As of March 11, the EIBfor acould “significant use to ensure additional open guaran access man Mao Shengyong, adding that CDB had issued 58.8 billion yuan in the economy is expected to show loans to poor areas to support lead- sized companies.The letter, sent late ing poverty alleviation enterprises onto Sunday, finance said for smalleconomic and activity medium- in China’s nationwide survey-based in poor areas to resume work, the Europe was shutting down as a result joblesssignificant rate improvement rose to 6.2% inin March.Febru- construction of poverty alleviation of government decisions to limit the ary, compared with 5.2% in Decem- projects and spring ploughing, it spread of the virus and modify social said. behavior. “The resulting economic China’s economy has suffered a damage is immediate and wide- heavyber, the blow latest as theofficial epidemic data showed.has par- - spread,” EIB President Werner Hoyer TOKYO/SHANGHAI/NEW YORK/LONDON tors unloaded precious metals in ex- as stock markets pared initial deeper alysed activity, with industrial out- nancial poverty alleviation tasks wrote in the letter. “We need a strong change for cash as illiquidity haunted losses. On Wall Street, the Dow Jones put contracting at the fastest pace in thisThe CDByear, willincluding launch projects a series ofpro fi- European response to the Corona Markets reeled on Monday, with the U.S. Treasury market.Investors Industrial Average fell 1,643.96 moting drinking water safety and - stocks on Wall Street and the price worried that the Fed action, joined points, or 7.09%, to 21,541.66. The relocating people from inhospitable namics immediately ahead of us are of Brent crude tumbling more than by central banks in Japan, Australia, S&P 500 lost 177.67 points, or 6.55%, China30 years will and temporarily fixed-asset investmentlower the areas. It will also explore market- approachingcrisis. The economic a tipping and point. financial If Eudy- 10%, as the Federal Reserve’s second New Zealand and elsewhere, may to 2,533.35 and the Nasdaq Compos- transportationfalling for the firstcosts time for import on record. and - rope wants to prove its value in this emergency rate cut in as many weeks not be enough for companies facing ite dropped 519.56 points, or 6.6%, export enterprises, as part of efforts structure and public service in less situation, it needs to act jointly.”EU to blunt the economic impact of the a sharp slide in demand. The moves to 7,355.32. Almost nothing was left to fast-track work resumption and developedoriented financing areas. Founded to support in 1994,infra coronavirus failed to calm fears of a were reminiscent of the sweeping unscathed. There were moves in Eu- - video conference on new ways to prolonged recession. The magnitude steps taken more than a decade ago rope to curb short-selling of stocks amid the novel coronavirus out- nance to major national projects respondfinance ministersto the economic were holding damage a of the Fed’s rate move and other mea- to staunch a meltdown of the global as bond markets tried to juggle both break.keep the foreign trade sector afloat andthe CDBdevelopment is designed strategies. to provide fi caused by the coronavirus epidemic sures on Sunday, backed by global the risk to vulnerable countries but at 1400 GMT and were due to dis- central banks, unnerved investors Port construction fees levied on It has stepped up support for the threw the kitchen sink at it yesterday cuss the role of the EIB in that task. as the breakneck spread of the out- financial system. “The central banks importers and exporters will be country’s battle against poverty, evening, yet here we are (with deep impact safe-haven debt.Benchmark The re-prioritizing and re-purposing break - all but shutting down some also a fiscal spending splurge might waived from March 1 to June 30, which is one of the “three tough falls in stock markets),” said Societe 10-year Treasury notes last rose of money already in the EIB pipeline countries - outweighed the policy said a circular jointly released by battles” that the country must win Generale strategist Kit Juckes. “There 42/32 in price to yield 0.8193%. The and redirecting some funds now used response to ensure liquidity in mar- the Ministry of Finance and the to build a moderately prosperous is a great sense that central banks are Fed’s emergency 100 basis-point rate as a guarantee for the EU-leveraged kets.The S&P 500 plunged 8% shortly Ministry of Transport Monday. Rel- society in all respects by the end of going to get to grips with the issues of cut on Sunday was matched by the investment scheme EFSI would to- after the open to trigger another au- evant enterprises will also see their 2020. renewal of its quantitative easing gether generate 28 billion euros, the tomatic 15-minute halt in trading “But the human problem, the macro program to increase cash in markets EIB said.Another 12 billion would on the three main U.S. stock indexes. problem,getting money there is flowing,” nothing Juckesthey can said. do and more cheap U.S. dollar funding to come from leveraging an additional The halt was the fourth emergency ease a ruinous logjam in global lend- 1.5 billion euros freed by optimizing pause on Wall Street in six days. Vola- stocks plunged -9.6%, leading de- ing markets. There was further policy risk of the EU budget and the EIB bal- tility gauges known as fear indexes clinesabout among that.” Rate-sensitivethe major S&P financialsectors. easing on Monday from the Bank of Ja- ance sheet under the EFSI scheme, jumped, with the Euro STOXX 50 in Energy stocks tracked a 10% slump pan in the form of a pledge to ramp up the bank said. “Europe needs a ‘what- Europe surging almost 28% to an all- in oil prices, while technology stocks purchases of exchange-traded funds ever it takes’ moment in the corona- time high and the CBOE Market Vola- slid -7.2%. Apple Inc, Amazon.com and other risky assets. New Zealand’s virus response,” Hoyer wrote to the tility index soaring more than 30% as Inc and Microsoft Corp together lost central bank cut rates 75 basis points ministers, pointing to the welcome equity markets plunged further into nearly $300 billion in market value. to 0.25%, while the Reserve Bank of shown by economists to the German bear territory.Platinum dived nearly MSCI’s gauge of stocks across the Australia pumped more money into plan to provide unlimited guarantees 27% to its weakest level since 2002, globe shed 5.66% and the pan-Eu- for companies hit by the epidemic. while gold fell more than 5% as inves- ropean STOXX 600 index lost 4.82% Kuwait both lowered rates., its financial system. South Korea and

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