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Singapore eases monetary policy as virus slams economy

Agence France-Presse
Posted at Mar 30 10:46 AM

The Monetary Authority of Singapore said it had flattened the slope of the band at which the local dollar is allowed to move against a basket of currencies of its major trading partners -- effectively weakening the local unit. Read more »

'Calibrated easing' of COVID-19 lockdown pushed

ABS-CBN News
Posted at Mar 29 07:02 PM

Guillermo Luz said instead of extending the enhanced community quarantine, the government should look at "how to have a calibrated lifting or easing of the quarantine to make sure that we get some economic movement going." Read more »

G20 leaders pledge $5 trillion in 'united' response to coronavirus crisis

Anuj Chopra, Agence France-Presse
Updated as of Mar 27 08:29 AM

G20 nations pledged a "united front" Thursday in the fight against coronavirus, saying they were injecting $5 trillion into the global economy to counter the pandemic amid forecasts of a deep recession. Read more »

Merkel says Germany opposes 'coronabonds' in virus crisis

ABS-CBN News
Updated as of Mar 27 08:34 AM

Germany remains opposed to the idea of so-called "corona bonds" that would pool the debt of the 19 eurozone countries in response to the coronavirus crisis, Chancellor Angela Merkel said Thursday. Read more »

US weekly jobless claims surge to record 3.28 million

Lucia Mutikani, Reuters
Posted at Mar 26 09:40 PM

The number of Americans filing claims for unemployment benefits surged to a record of more than 3 million last week following strict measures to contain the coronavirus pandemic. Read more »

Coronavirus stimulus: Philippines to do 'what it takes,' including larger deficit

ABS-CBN News
Updated as of Mar 26 11:30 AM

President Rodrigo Duterte's economic managers will do "what it takes" to rescue the economy from the coronavirus pandemic, including borrowing more than programmed, a finance official said Thursday. Read more »

Jobs, business, liquidity: How the US is preparing for recession due to coronavirus

Neil Irwin, The New York Times
Posted at Mar 26 08:33 AM

One Federal Reserve official has said the unemployment rate could hit 30 percent, 3 times its level at the worst point of the 2008-09 Great Recession. And he has suggested that GDP could fall at a 50 percent annual rate next quarter, which would be 5 times worse than the worst single quarter on record. Economic forecasters at major banks differ in degree, not direction, of the disaster facing the US economy.   Read more »

Massive US economic rescue plan is only the start, experts say

Heather Scott, Agence France-Presse
Posted at Mar 26 07:25 AM

The US Congress is poised to push through an emergency spending measure unlike any ever seen to help ease the economic damage inflicted by the coronavirus pandemic, but analysts warn it is only a first step.   Read more »

THE DAY IN PHOTOS: March 25, 2020

ABS-CBN News
Posted at Mar 26 12:44 AM

Here are the big stories today in photos. Read more »

Coronavirus exposes Uber, Lyft drivers' lack of safety net

Tina Bellon and Nivedita Balu, Reuters
Posted at Mar 25 09:41 PM

As the coronavirus brings large parts of the country to a halt, drivers and companies are facing the downside of an ambiguous contractor model.  Read more »

G-20 leaders to hold emergency talks Thurs. on virus pandemic

Kyodo News
Posted at Mar 25 08:09 PM

Leaders of the Group of 20 major economies will hold an emergency teleconference on Thursday to discuss a coordinated global response to the novel coronavirus pandemic, according to its host Saudi Arabia. Read more »

Coronavirus economics: roundup of radical policy steps

Jitendra Joshi, Agence France-Presse
Posted at Mar 25 06:01 PM

Printing new money, gargantuan debt spending, loan guarantees, tax breaks and even direct payments to workers are all in the highly unorthodox mix.   Read more »

Waiting for remittance

Jimmy Domingo, ABS-CBN News
Posted at Mar 25 05:52 PM

People fall in line as they wait for a money remittance center to open in Sauyo, Quezon City on Wednesday, while the whole of Luzon island remains under enhanced community quarantine. Read more »

Fishing, farming allowed during coronavirus lockdown, gov't task force says

ABS-CBN News
Posted at Mar 25 04:14 PM

Farming and fishing can continue during the Luzon-wide COVID-19 lockdown provided they operate on a skeletal workforce and that physical distancing measures are observed, according to government guidelines released Wednesday.  Read more »

Coronavirus pandemic battering global economy: surveys

Leigh Thomas and Lucia Mutikani, Reuters
Posted at Mar 25 08:27 AM

Business activity collapsed from Australia, Japan and Western Europe to the United States at a record pace in March as measures to contain the coronavirus pandemic hammer the world economy, cementing economists' views of a deep global recession. Read more »

US Congress homes in on $2 trillion rescue for coronavirus-hit economy

Michael Mathes, Agence France-Presse
Posted at Mar 25 08:27 AM

US lawmakers scrambled Tuesday to seal a deal that buttresses the teetering economy by giving roughly $2 trillion to hospitals, businesses and ordinary Americans buckling under the strain of the coronavirus pandemic.   Read more »

Global stock markets rally on Fed boost

Roland Jackson, Agence France-Presse
Posted at Mar 24 08:54 PM

World stock and oil markets rallied Tuesday after the US Federal Reserve launched an unprecedented bond-buying plan, the latest salvo in a global fightback against the fallout from the deadly coronavirus outbreak. Read more »

IMF warns coronavirus recession could be worse than 2009

Agence France-Presse
Posted at Mar 24 02:20 PM

The world economy is facing "severe" economic damage from the coronavirus pandemic that could be even more costly than in 2009 and will require an unprecedented response, IMF chief Kristalina Georgieva said Monday.   Read more »

LOOK: Philippine Stock Exchange floor empty as coronavirus shifts trading off-site

ABS-CBN News
Posted at Mar 24 02:15 PM

The Philippine Stock Exchange trading floor was empty on Tuesday as trades were made off-site in compliance with the Luzon-wide lockdown to stop the spread of COVID-19.  Read more »

Social support key to Philippines' coronavirus lockdown success: economist

ABS-CBN News
Posted at Mar 24 01:14 PM

The Philippines needs to provide social support for the most vulnerable sectors to ensure the success of a lockdown aimed at preventing the spread of COVID-19, an economist said Tuesday. Read more »