IAE forecasts oil demand to fall by 9.3m barrels per day in 2020

Abu Dhabi: The International Energy Agency (IEA) on Wednesday forecasted oil demand to drop by 9.3 million barrels per day (bpd) year-on-year in 2020, with demand taking a big hit in the face of global lockdowns trying to contain the spread of COVID-19. In its monthly oil market report, the IEA also forecasted oil demand […]

Even Google and Facebook may be facing an ad slump

Oakland, California: Google’s and Facebook’s advertising businesses, which have roughly tripled in combined size over the past five years, may be headed for a rare stumble as the coronavirus pushes the global economy into a tailspin. Once-abundant travel and entertainment ads have all but disappeared from Google search. The prices for Facebook advertisements are at […]

iPhone SE for $399 unveiled as locked-down consumers seek bargains

iPhone SE priced at $399 CUPERTINO, CALIFORNIA: Apple Inc on Wednesday released a smaller iPhone priced at $399, cutting the starting price for the company’s smartphone line in a move to broaden its appeal to budget-conscious customers as the coronavirus hobbles the global economy. The lower-cost model could also attract more consumers to Apple services, […]

COVID-19 Pandemic causing deep recession, and it could get worse: IMF

Washington: The coronavirus pandemic is pushing the global economy into its deepest recession in a century, cutting world output by three percent this year, the International Monetary Fund said Tuesday. If the virus is contained and economies can begin operating again, 2021 should see a rebound of 5.8 percent, according to the IMF’s latest World […]