Archives of “March 2020” month

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Coronavirus – Japan’s PM Abe on Saturday promises unprecedented economic stimulus

  
  Analysis
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Abe said measures will include fiscal and monetary stimulus alongside tax breaks for companies

  • details have not been finalized
  • package will be rolled out in an extra budget in 10 days
  • size of the package will be greater than that compiled in response to the global financial crisis (total 57 trillion yen) said Abe
Abe spoke during a nationally televised news conference
  • “I want to be straightforward”
  • “We are in a critical stage. We need to be ready for a long-term battle”
  • “The pandemic is inflicting extremely big damage to Japan’s economy”
  • “We’ll deploy a huge, powerful package that will include a full range of fiscal, monetary and tax measures.”
Abe said measures will include fiscal and monetary stimulus alongside tax breaks for companies

North Korea appears to have fired another missile – has not landed in Japan’s EEZ

  
Analysis, Politics
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The Japanese Coast Guard says the unidentified projectile appears not to have land inside Japan’s economic zone.

  • missile has landed in the East Sea
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“EEZ” is exclusive economic zone
a sea zone prescribed by the 1982 United Nations Convention on the Law of the Sea
Japans EEZ is in debate, but its approx. the area in the darker blue area in the map below
The Japanese Coast Guard says the unidentified projectile appears not to have land inside Japan's economic zone.

FT: Global petrol demand set to drop as much as 50% in some key markets

  
  Analysis

Financial Times piece citing analysis

Global petrol demand set to drop as much as 50 per cent in some key markets
Oil refineries worldwide are preparing to slash processing rates
petrol becomes the next part of the oil market to become distressed
“It’s like the entirety of Europe, Africa and the Middle East combined stopped driving,” said Cuneyt Kazokoglu, FGE’s head of oil demand, about the drop in petrol usage in the US.
Here is the link, worth a read if you can access the (often gated) FT

OPEC presidency urged an emergency meeting on collapsing prices, members said no.

  
  Analysis
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Algeria currently holds OPEC’s rotating presidency, urged convening a panel to consider assesses market conditions and falling prices.

Bloomberg cite an unnamed official as saying the request did not get enough backing to go ahead.
  • Key player Saudi Arabia said to be opposed.
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Algeria asked OPEC’s secretariat to convene a teleconference meeting of the Economic Commission Board.
Algeria currently holds OPEC's rotating presidency, urged convening a panel to consider assesses market conditions and falling prices.
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