Daily Archive: May 21, 2020

China-backed AIIB approves $250 million loan for Bangladesh’s COVID-19 response By Reuters

© Reuters. People wait in the queue outside of a coronavirus testing center amid concerns over coronavirus disease (COVID-19) outbreak in Dhaka

BEIJING (Reuters) – Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Thursday it had approved a $250 million loan to Bangladesh to help the country cope with the coronavirus pandemic.

The project, which will be cofinanced by the Asian Development Bank, is intended to help Bangladesh’s government with budget support to help the country’s most vulnerable, according to a statement. It is intended to strengthen social safety nets and mitigate the effects of job losses in small and medium sized companies and the informal economy.

“Bangladesh is extremely vulnerable to the COVID-19 virus given that it has one of the highest population densities in the world,” said the release.

The loan is part of a $10 billion funding facility the AIIB has announced to help public and private

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‘We’re through the valley of death’: Oil investors more optimistic, but sector still faces uncertainty

Crude oil prices may have surged back above US$33 in recent days, bringing a new wave of enthusiasm to Canadian energy stocks, but market watchers are still divided on what direction the sector will head next.

The strength in May follows an April that was, by far, the worst month on record for oil. West Texas Intermediate dropped into negative territory for the first time on record, falling as low as -US$40 due to a lack of short-term demand. Oil was in a severe contango, meaning that prices for futures contracts were higher than spot prices.

The future looked grim, at least until investors began growing more optimistic about an economic recovery that could lead to a normalization in demand. It helps that the price war between Saudi Arabia and Russia, which sent prices into self-destruction, has cooled and that OPEC has issued production cuts of 9.7 million barrels per

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Expedia stock, earnings Q1 2020 coronavirus challenge: ‘How long can they operate at near zero revenue?’

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