Day: March 19, 2020

With Oil at Record Low, Canada Is First Price-War Casualty

(Bloomberg) — In the oil price war between Saudi Arabia and Russia, the first big victim is likely to be Canada.

Hit by unfettered supply from the world’s top two crude exporters and reduced demand as a result of the coronavirus, the benchmark blend of crude produced from Canada’s oil sands plunged to a record low of $7.47 a barrel on Wednesday. The fallout: Virtually every barrel of oil now produced there will come at a loss at a time when the energy industry generates 10% of Canada’s gross domestic product and a fifth of its exports.

The losses could

Covid-19 impact: India Inc seeks moratorium on loans, waiver on levies

Moody’s has downgraded India’s growth forecast for 2020 to 5.3% on downside risks emanating from the spread of Covid-19 cases in the country.

By Malini Bhupta

Hit by near lockdown conditions across the country, Corporate India is expected to seek relief from the government. On a conference call on Tuesday, members of the Federation of Indian Chambers of Commerce and Industry (FICCI) decided to request the government for a moratorium on loans and waiver on GST payments. FICCI secretary-general Dilip Chenoy said: “We have inputs from members on different sectors and a lot of working capital is hit due to

IndiGo official to pilots: Economic environment has deteriorated significantly, tough decisions necessary

Mitra stated in his email: “Economic environment has deteriorated significantly and no airline is insulated from this severe downturn.”

Economic environment in aviation sector has deteriorated significantly and it has become necessary to initiate some tough decisions over the next few days and weeks, said IndiGo’s flight operations chief Ashim Mitra to pilots in an email on Thursday morning.

With countries sealing their borders partially or fully across the world due to the novel coronavirus pandemic, aviation sector has been hit extremely hard as most airlines globally have drastically curtailed their flight operations.

Mitra stated in his email: “Economic environment