Rabie said that revenues amounted to $545.5 million (not including navigation services) during February 2022, compared to $474.1 million during the same month last year, marking an increase of $71.4 million.

He pointed out that the navigation movement in the canal during February 2022 recorded new and unprecedented records in terms of vessel transit rates and net tonnage by crossing 1713 vessels from both directions, with a total net tonnage of 100.1 million tons, compared to the crossing of 1532 vessels during the month of February of last year, with a total net tonnage amounting to 97.6 million tons.

Rabie explained that the performance rates during February 2022 are the highest compared to the same month over the successive years throughout the history of the canal, which was reflected in the increase in the revenue generated by 15.1%, recording $545.5 million (not including navigation services) during the month of February 2022, compared to $474.1 million during the same month last year, with an increase of $71.4 million.

He added that navigational reports during February 2022 monitored a significant increase in the transit rates of various types of ships compared to the same month last year, as the number of bulk vessels increased by 29 percent, and container ships transiting the canal increased by 11.8 percent, while the rate of increase of car carrier vessels reached 22.2 percent.

Source: https://www.sis.gov.eg/Story/164696/Suez-Canal-revenues-jump-15.1%25-to-%24545.5M-in-February?lang=en-us

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US Sanctions Russia

• Sanctioning financial institutions/banks such as Sberbank, VTB Bank, Otkritie, Sovcombank and Novikombank and some of their senior executives. The impact would be banning of any transaction with Americans and freezing of assets in the USA
• Sanctioning technology wide restrictions on semiconductors, telecommunication, encryption security, lasers, sensors, navigation, avionics and maritime technologies
• Sanctions on Russian Elites and their families

European Union Sanctions Russia

• Russia’s financial, defense, energy and transport sectors
• Export controls
• Blacklisting of Russian Elites
• Freezing of Putin’s & Lavrov’s assets in EU

United Kingdom Sanctions Russia

• Banning of Russia’s flagship airline Aeroflot from landing in the UK
• Export Sanctions, suspending dual export licenses and ban exports of some high-tech exports and parts of the extractive industry
• Sanctioning and freezing assets of Russian banks in the UK
• Stop major Russian companies from raising finance in the UK

Canada Sanctions Russia

• Targeting 62 individuals and entities, including members of the elite and major banks, and cancelled all export permits

Japan Sanctions Russia

• Sanctioning of financial institutions and military equipment exports such as semi conductors

Czech Republic Sanctions Russia

• Banning of Russian Airlines
• Exiting from Soviet era banks set up in Czech Republic

Taiwan Sanctions Russia

• Export of Semi Conductors as Taiwan is the global leader in manufacture and supply of semi conductors which includes Apple Inc

Australia Sanctions Russia

• Sanctioning of Elite citizens and 300 lawmakers who supported and voted in Russian Parliament to send troops to Ukraine

New Zealand Sanctions Russia

• Targeted travel bans on key Russians
• Prohibited trade to its military and security forces

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A company owned by Russia has acquired Rosneft’s assets in Venezuela, the cabinet’s press office told TASS on Saturday.

“The government of the Russian Federation has acquired assets in Venezuela from Rosneft. A company 100% owned by the Russian Federation has become the owner,” the press service said.

Source: https://tass.com/economy/1136999

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Surge in unemployment across the world due to lockdown, self-employed people became jobless overnight. Shutting down of retail shops, factories, banks and offices leading to an economic catastrophe for ordinary citizens. Trains, airlines, buses and even private vehicles are out of streets.

Status of the World Economy – Before Corona Virus Pandemic

‘The lady is already weak but then now pregnant too’, this is the current status of the global economy. It was going through major economic slowdown for the past few years and now the coronavirus pandemic has hit hard. The world’s No.1 economy, China, the world’s epicenter of Coronavirus outbreak is now slowly numbing back to normalcy as the country’s economy is battling hard since December 2019 to control the infection even this day with a total death toll of 3,200. China is the world’s ‘manufacturing hub’, the country’s economy is totally relying on the export of goods manufactured hit really hard when the factories are shut and the commercial flight/shipping operation is halted, retail shops are closed.

Coronavirus Spread to Other Country Economies

South Korea – Coronavirus Infected the Economy

the next country affected by coronavirus Pandemic was South Korea when the death toll reached 50 the Government rose to defensive mode with declaring the country to a total lockdown including the economic capital Seoul. The outbreak in South Korea believed to be spread by those who visited Wuhan in China, the epicenter of the Coronavirus outbreak. So far South Korea managed to control the virus more effectively than any other country in the world with a current death toll of 120. Hyundai Motor shut down its factories, saw exports drop 21.4% in February from the same month last year, according to Yonhap news agency. Total motor vehicle exports dropped 27.4% in the first two months of 2020, continuing a downward trend dating from August 2019.

Iran Economy Under Collapse – Coronavirus Pandemic

The Middle East’s worst Coronavirus outbreak lashed out at the Islamic Republic of Iran when the country’s economy was already in ICU due to the US sanctions from 2018 which curb the oil and gas exports crucial revenue stream for the Government. The catastrophe of covid19 has killed 1,800 people in Iran including dozens of Iranian government officials, parliamentarians, military officials and religious leaders. With limited resources to fight the pandemic due to the sanctions, the Government was in a tight spot as the experts outside Iran in the belief that the death toll and the magnitude of the Coronavirus strike may be greater than the official statistics. The only industry survived in Iran post-sanction was tourism and that too hit hard due to the travel ban and flight cancellations. Restrictions in trade and tourism with its main partners China and Iraq is hurting its economy badly. It is disheartening to see the videos online where it shows people in Iran collapses on the streets and dies with the lack of medicines as the country is unable to import the medical supply due to the crippling US sanctions. The onus is on the US administration and President Donald Trump to ease the sanctions on humanitarian grounds for the Iranian population to reach out to the basic medics, masks to counter the severe respiratory viral infection.

Italy was Sleeping While Coronavirus was spreading!

Europe’s epicenter of Coronavirus outbreak Italy and its political leaders did not take it seriously despite the fact that 19 people already died and many infected until one of the leaders of the ruling coalition Mr.Nicola Zingaretti infected with the deadly coronavirus. He visited Milan on February 24 when 11 Italian cities were on lockdown. He even visited the worst affected Lombardy region and spend his time with a group of students and tweeted “nothing to worry, the Italian economy is strong, people need not abandon their food habits due to fear”. After 9 days he declared that he has been inflicted with Covid19 and under quarantine at home and advised everybody to quarantine. In short, the lack of seriousness in the political leadership reflected in the common population. One point of time they even hesitated to close down the bars and restaurants post the Government notification came with the effect on March 8. The current death toll of Italy stands 6,077 even double than China shows the grave situation the country is at the moment. All shopping malls, factories, Schools closed and Northern Italy under complete lockdown including Milan, Florence etc.

Covid19 World Economic Recession? – Severe Recession Warning by IMF

Covid19 World Economic Recession?

Head of International Monetary Fund Kristalina Georgieva has warned that the damage done to the global economy by the COVID-19 coronavirus pandemic could be as bad or worse than the global financial crisis in 2008 and lead to a recession. She also noticed that advanced economies stand a better chance to properly respond to the coronavirus’ impact while emerging markets could be hit really hard by the outbreak. Georgieva stressed that the best thing to do for economies to recuperate after the new shock is to focus on containing the disease and strengthening national healthcare systems.

US Economy Downwards – Covid19 World Economic Recession

The number of people without jobs in the US has surged to a record high as the economy goes into lockdown due to the coronavirus pandemic. Nearly 3.3 million people registered to claim unemployment benefits for the week ended 21 March, according to the Department of Labor data. The previous record was set in 1982 when unemployment claims hit 695,000. The sharp rise marks an abrupt end to a long period of slow and steady job market expansion.

1.3 Billion People Under lockdown -India

Ever crowded Indian streets and popular railway stations and airports are empty as a curb to control the coronavirus outbreak in India. So far it has taken 17 lives and 600 people infected across the country. The central government has declared 21 days of lockdown to stop the community spread of the deadly covid-19 viruses. One of the world’s largest economy was going through hardship from its notorious demonetization a few years back. Millions lost their jobs and livelihood and many small scale business and industries already closed coupled with the chaos created by the introduction of GST(Goods Service Tax) to unify the service-related taxes across the states. Many banks are either closed or on the verge of closing due to the surge in non-performing assets via large loans to big business houses wherein either they have closed their businesses or the owners escaped abroad.

to be continued…

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The decision followed Russia’s refusal to tighten supply to counter the effects of the coronavirus outbreak on oil prices and the global economy.

PREMIUM TIMES reported how the Organisation of Petroleum Exporting Countries (OPEC) resolved on Thursday to cut crude oil production from its members by a combined volume of about 1.5 million barrels per day.

The cut, which is about 1.5 percent of global crude oil supplies of over 300 million barrels per day, was approved during the crucial 178th (Extraordinary) meeting of the OPEC Conference in Vienna, Austria.

The decision is expected to be in force till next June 30, subject to a review depending on changing conditions in the international oil market.

The OPEC said the burden of the cut would be shared with non-OPEC allies, led by Russia.

On Friday, Moscow torpedoed an attempt by the big oil producers to cut output and stabilize the market. Consequently, the oil cartel’s two-day meeting in Vienna ended with no new agreement, sending crude prices into a freefall.

Stalemate

Russian Energy Minister Alexander Novak on Friday told reporters in Vienna that the talks between OPEC and his OPEC+ grouping had failed to bring about a deal, AFP reported.

“Regarding cuts in production, given today’s decision, from April 1, no one — neither OPEC countries nor OPEC+ countries — are obliged to lower production,” he said.

OPEC’s Secretary-General Mohammed Barkindo said the meeting had been adjourned, although consultations would continue.

“At the end of the day, it was the general, painful decision of the joint conference to adjourn the meeting,” he explained.

“We have some few knotty issues, but the norm is here to have everybody on board, unanimity.”

Prior to the meeting’s official start, ministers from Saudi Arabia, the world’s number three oil producer, and Russia, the number two, had huddled for hours of bilateral discussions.

But soon as news of a “no-deal” began to seep out, oil prices plunged more than seven percent, with Brent North Sea crude tumbling to $46.14 per barrel and WTI to $42.26.

Virtu Financial founder Vincent Viola told CNBC on Friday that he believes oil will test the $35 level again, which not adjusting for inflation is more like $28 to $32. In turn, this will pressure many American producers—and others from across the world.

“The exploration and production patch is going to go through dislocation and you’re going to see a lot of bankruptcies and replacement and quite frankly restructuring of the domestic oil market,” he said.

Corona Virus

Oil prices have tumbled into bear market territory since the coronavirus outbreak led to softer demand, especially in China. Stakeholders expected OPEC to step in, in a bid to prop up prices.

The oil cartel and its allies have since early 2017 tried to support prices through cuts on production, initially of the order of 1.2 million barrels per day.

In December, they announced a further 500,000 barrel cut with Saudi Arabia adding a “voluntary” contribution of 400,000 barrels.

OPEC wanted the new proposed cuts to run until the end of 2020, but Moscow foot-dragged and prices tumbled.

Nigeria’s worrisome budget projection

As at 11:18 Friday night, PREMIUM TIMES’ checks revealed that Brent crude sold at $45.54 while Nigeria’s Bonny light sold at $51.94, according to details on oil data site.

Again, the stumbling prices fall short of Nigeria’s projected oil revenue benchmark of $57 per barrel, with a potential negative impact on the nation’s estimated revenue for the fiscal year.

In its 2020 budget, Nigeria pegged oil production at 2.18m barrel per day, with a price benchmark of $57 per barrel. But in recent weeks, the impact of coronavirus has sent prices tumbling, crashing at $51 per barrel. On Friday, prices crashed further.

Earlier in the week, Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, had said that the outbreak of Covid-19 (coronavirus) negatively impacted Nigeria’s oil revenue. She also announced that a mid-term review of the 2020 budget will be carried to reflect the realities on ground.

Mrs Ahmed, however, revealed that the oil nation’s oil production had increased between two million barrels and 2.1 million barrels per day.

“We are concerned in the current drop in oil price because it’s now below our budget,” she noted. “I am glad to inform you that our oil production as at today is two million barrel per day and at times slightly higher. That in its self will be a cushioning effect for us in the current oil price.

“We will do a mid-term review, and if the impact is so much, we will need to do an adjustment in the budget working together with the National Assembly.”

On Friday, Ben Akabueze, Director General of Budget, Budget Office, noted that there was no need for Nigerians to panic in the midst of the challenge.

Speaking on a Channels Television program Friday morning, Mr Akabueze admitted that the effect of the virus on oil prices calls for concern but should not drive Nigerians into apprehension as measures will be put in place to address the concerns. He also reiterated the government’s claim that the 2020 budget will be reviewed in tune with prevailing economic realities and falling oil prices.

Source: https://allafrica.com/stories/202003070046.html

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