Developing Asia growth to fall in 2020 on COVID-19 impact; China at 2.3%, India at 4%, says ADB

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Regional economic growth in developing Asia will decline sharply in 2020 due to the effects of the novel coronavirus (COVID-19) pandemic, before recovering in 2021, according to the Asian Development Outlook (ADO) 2020, the Asian Development Bank’s (ADB) annual flagship economic publication. The report forecasts regional growth of 2.2% in 2020, a downward revision of 3.3 […]

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Middle east feels the pinch on account of the slump in Asia’s oil demand

The crude oil benchmarks in the Middle East, Dubai and Oman, continued to fall this week as well, as demand in Asia slumps. The coronavirus has now claimed more victims, and more quickly, than the SARS outbreak in 2003. Oman and Dubai futures dropped for a third consecutive trading day, after falling to a nearly year-low last Thursday, due to […]

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Asia’s top refiner slashes production as Coronavirus scare wrecks demand

China Petroleum & Chemical Corporation, or Sinopec—the largest oil refiner in Asia—is cutting its refinery production by 600,000 bpd in February, due to decreased fuel demand amid the raging coronavirus outbreak, Reuters reported. The spread of the coronavirus and its impact on fuel demand amid travel restrictions and thousands of canceled flights has already had […]

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China’s coronavirus scare and holiday blues choke gold demand in Asia

Physical gold demand was subdued in major Asian hubs last week on account of the Lunar New Year holidays, with growing fears the coronavirus outbreak in China could further dampen activity, reports Reuters. China, the world’s biggest gold consumer, is ramping up measures to contain a virus that has killed 26 people, suspending public transport […]

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Asian countries face policy uncertainty, resource nationalism in mining: Fitch report

Rising geopolitical tensions and pressures to the global economy will continue to evoke volatility in commodity markets, heightening risks to metal demand and prices, Fitch Solutions’ newest report on key Asia mining themes finds. The Asian mining landscape will continue to benefit from the availability of high-grade resources and low labour costs, although key countries will […]

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UAE oil prices are falling

Prices of Abu Dhabi’s popular flagship crude grade, Murban, have dropped over the past week as refiners prefer grades yielding more low-sulfur marine fuels and as supertanker freight rates soar while refining margins for gasoil in Asia are below the average for this time of the year. Last week, Murban, a light crude with API gravity of […]

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Global coffee consumption may exceed production in 2019–20: ICO

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Global coffee consumption will exceed production in the 2019 to 2020 coffee year, creating a global deficit of about 502,000 bags, the International Coffee Organization (ICO). “Despite a slowdown in growth, consumption is predicted to overtake production during the course of the year,” the report said. World production in coffee year 2019/20 is projected to […]

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