CIA says Russia helped Donald Trump win White House: Report

Hong Kong, Apr 20: Oil prices collapsed to more than two-decade lows Monday as traders grow concerned that storage facilities are reaching their limits, while equities were mixed, with some support coming from signs that the coronavirus may have peaked in Europe and the United States.

US crude benchmark West Texas Intermediate briefly plunged almost 20 percent to below 15 -- its lowest since 1999 -- as stockpiles continue to build owing to a crash in demand caused by the COVID-19 pandemic.

Analysts said this month's agreement between top producers to slash output by 10 million barrels a day was having little impact on the oil crisis because of lockdowns and travel restrictions that are keeping billions of people at home.

WTI was hit particularly hard as its main US storage facilities in Cushing, Oklahoma, were filling up.

ANZ said "crude oil prices remained under pressure, as projections of weaker demand weigh on sentiment".

"Despite the OPEC+ alliance agreeing to an unprecedented cut in output, the physical market is awash with oil," it said, referring to the Organization of the Petroleum Exporting Countries and non-OPEC partners.

And AxiCorp's Stephen Innes added: "It's a dump at all cost as no one... wants delivery of oil, with Cushing storage facilities filling by the minute.

"It hasn't taken long for the market to recognise that the OPEC+ deal will not, in its present form, be enough to balance oil markets." Stock traders were in slightly more buoyant mood as governments start to consider how and when to ease lockdowns that have crippled the global economy.

Italy, Spain, France and Britain reported drops in daily death tolls and slowing infection rates.

"We are scoring points against the epidemic," said Prime Minister Edouard Philippe, while insisting "we are not out of the health crisis yet".

Meanwhile, in the US, Andrew Cuomo, governor of badly hit New York state, said the disease was "on the descent", though he cautioned it was "no time to get cocky".

Mounting evidence suggests that the lockdowns and social distancing are slowing the spread of the virus.

That has intensified planning in many countries to begin loosening curbs on movement and easing the crushing pressure on national economies.

Adding to the sense of hope was a report indicating promising research on a drug to treat coronavirus.

Hong Kong, Shanghai and Seoul were each up 0.1 percent, while Wellington added 0.4 percent.

However, Tokyo went into the break 0.9 percent lower, while Sydney and Manila dropped one percent apiece. There were also losses in Taipei, Singapore and Jakarta.

"The longer investors have to contemplate future economic issues while they wait for more countries to be on the downward slope of the pandemic curve, the more scope there is of risk assets pricing in a difficult future," Chris Iggo, of AXA Investment Managers UK, said.

Investors are keeping an eye on Washington, where Congress and the White House are working towards a 450 billion economic relief plan for small business to add to the trillions already pledged to support the economy.

Big-name companies including IBM, Netflix and Coca-Cola are due to deliver their earnings reports.

Washington, May 15: A top US senator has unveiled an 18-point plan, including enhancing military ties with India, to hold the Chinese government accountable for its "lies, deception, and cover-ups" that ultimately led to the global COVID-19 pandemic.

The prominent suggestions are moving manufacturing chain from China and deepening military-strategic ties with India, Vietnam and Taiwan.

"The Chinese government maliciously covered up and enabled a global pandemic that has caused misery for so many Americans. This is the same regime that locks up its own citizens in labour camps, steals America's technology and jobs, and threatens the sovereignty of our allies,” said Senator Thom Tillis, presenting his detailed, 18-point plan on Thursday.

"This is a major wake-up call to the United States and the rest of the free world. My plan of action will hold the Chinese government accountable for lying about COVID-19; sanctioning the Chinese government while protecting America's economy, public health, and national security," he said.

The plan seeking to create a Pacific Deterrence Initiative and immediately approve the military's request for USD 20 billion in funding. It also calls for deepening military ties with regional allies and expand equipment sales to India, Taiwan and Vietnam.

Encourage Japan to rebuild its military and offer Japan and South Korea sales of offensive military equipment, it said.

"Move manufacturing back to the US from China and gradually eliminate our supply chain dependency on China. Stop China from stealing our technology and provide incentives to American companies to regain our technological advantage. Strengthen cybersecurity against Chinese hacks and sabotage," the plan stated.

"Prevent American taxpayer money from being used by the Chinese government to pay off their debt. Implement the US ban on (Chinese technology company) Huawei and coordinate with our allies to implement similar bans,” it added.

The plan seeks restitution from the Chinese government and imposition of sanctions for lying about the virus. It further said China should be sanctioned for their atrocious human rights record.

Senator Tillis' plan urges the Trump Administration to formally request the International Olympic Committee to withdraw the 2022 Winter Olympics from Beijing.

"Stop China's propaganda campaign inside the United States. Treat Chinese government-run media outlets as the propaganda proxies that they are," the plan stated.

Urging the government to investigate the Chinese government's cover-up of the spread of COVID-19, the plan also seeks to investigate America's reliance on China's supply chains and threats to public safety and national security.

"Ensure the independence of the WHO through investigations and reform. Expose and counter China's predatory debt-trap diplomacy targeting developing countries. Increase intelligence sharing on potential pandemics and lead the creation of a watchdog organization to monitor foreign governments' handling of deadly viruses," Tillis said in his suggestions.

The coronavirus, which first emerged in China's Wuhan city in December last, has killed over 3,00,000 people with 4.3 million confirmed cases across the world. More than a quarter of all confirmed COVID-19 cases are from the US.

There has been increasing pressure on the President Trump, in the last several weeks, to take action against China as lawmakers and opinion-makers feel that the COVID-19 spread across the world from Wuhan because of Chinese inaction.

Meanwhile, Senator John Barrasso, in a speech on the Senate floor on Thursday, highlighted the need to update the Foreign Intelligence Surveillance Act (FISA) legislation that was put on hold by the coronavirus pandemic.

"The virus could have been contained had it not been for the Chinese Government's unscrupulous cover-up. China knew the risk months before the rest of the world; yet Chinese communist leaders destroyed key evidence, they under-reported the number of coronavirus cases, and they misled the world about its deadly, rapid spread," he said.

Asserting that the virus should have been contained in Wuhan, he said tens and tens of thousands of Americans and hundreds of thousands of people worldwide have died as a result of China's failure.

Barrasso said the US should encourage its companies to create American and western supply chains. "That way our frontline workers have what they need in the time of crisis," he said.

"Not again, not ever will we be exclusively sourced for critical drugs from China. We should diversify supply and bring home as much of our supply chain as possible," he added.

Congressman Troy Balderson introduced bicameral legislation with Congressman Doug Collins and Senator Lindsey Graham that will hold China accountable for deceptive actions taken by its leaders that led to the spread and subsequent global pandemic.

The COVID-19 Accountability Act authorises president Donald Trump to impose sanctions on China if it fails to cooperate with a full investigation led by the US or its allies into the events that lead to the COVID-19 outbreak.

"The number of Ohioan lives needlessly claimed by this pandemic could have been significantly reduced had China taken appropriate measures to control the virus' spread and disclose its severity," said Balderson.

"The United States can't look the other way when China so recklessly compromised worldwide health and the global economy. China and its Communist Party leadership must be held accountable," he said.

Karachi, Jun 5: Pakistan's coronavirus cases rose to 89,249 on Friday after a record 4,896 new infections were detected in the country, while the death toll due to COVID-19 has reached 1,838, according to the health ministry.

The Ministry of National Health Service said that 68 patients died in the last 24 hours, taking the death toll to 1,838, whereas another 31,198 people have recovered.

It was the third consecutive day when a record number of cases were reported in Pakistan after the Eid holidays and easing of lockdown restrictions at the end of May.

Sindh province reported 33,536 infections, Punjab 33,144, Khyber-Pakhtunkhwa 11,890, Balochistan 5,582, Islamabad 3,946, Gilgit-Baltistan 852 and Pakistan-occupied Kashmir 299.

The authorities have conducted 638,323 tests, including a record 22,812 tests in the last 24 hours, the ministry said.

Despite the spike in number of COVID-19 cases, both houses of parliament are scheduled to meet separately on Friday. The Senate session started this morning while the National Assembly will be held in the afternoon, Radio Pakistan reported.

Chairman Senate Sadiq Sanjrani and Speaker National Assembly Asad Qaiser at a meeting at the parliament house in Islamabad reviewed arrangements made for the two sessions.

Fumigation was also carried out in the parliament house for the safety of the lawmakers and staff.

Earlier, the Opposition rejected the idea of virtual meetings and insisted that the sessions be held in person, noting that it was an important session of parliament because the budget is expected to be presented in the National Assembly in the next week.

The novel coronavirus which first originated from China's Wuhan city in December last year has claimed 391,249 lives and has infected over 6 million people globally, according to Johns Hopkins University data.