Francis Bacon painting sells for record $142.4 million in New York

Singapore, May 6: Oil prices slipped back Wednesday after two days of gains, although Brent crude remained above $30 a barrel, as renewed US-China tensions offset optimism about the easing of coronavirus lockdowns.

Brent, the international benchmark, fell 1.1 per cent to $30.63 a barrel in early Asian trade. On Tuesday, the contract surged 14 per cent and rose above $30 for the first time since mid-April.

US marker West Texas Intermediate slipped 1.9 per cent and was changing hands for $24.13 a barrel.

Oil markets have been battered as the virus strangled demand due to business closures and travel restrictions, with US crude falling into negative territory last month for the first time.

They started rallying strongly this week as countries from Europe to Asia ease curbs and economies start shuddering back to life.

But gains were capped Wednesday as dealers follow a brewing US-China row after Donald Trump hit out at Beijing over its handling of the outbreak, saying it began in a Wuhan lab, but so far offering no evidence.

"Traders are incredibly cautious this morning, weighing all the possible China responses," said Stephen Innes, chief global market strategist at AxiCorp.

"And the one that would hurt the most would be for China to reduce imports of US oil."

This week's rally was in part driven by a deal agreed between top producers to reduce output by almost 10 million barrels a day, which came into effect on May 1.

There have also been signs that the massive oversupply in the market is starting to ease as demand slowly comes back.

Energy data provider Genscape said earlier this week that stockpiles at the main US oil depot in Cushing, Oklahoma had increased by only 1.8 million barrels last week following weeks of major rises.

Apr 12: India and other South Asian countries are likely to record their worst growth performance in four decades this year due to the coronavirus outbreak, the World Bank said on Sunday.

The South Asian region, comprising eight countries, is likely to show economic growth of 1.8 per cent to 2.8 per cent this year, the World Bank said in its South Asia Economic Focus report, well down from the 6.3 per cent it projected six months ago.

India's economy, the region's biggest, is expected to grow 1.5 per cent to 2.8 per cent in the fiscal year that started on April 1. The World Bank has estimated it will grow 4.8 per cent to 5 per cent in the fiscal year that ended on March 31.

"The green shoots of a rebound that were observable at the end of 2019 have been overtaken by the negative impacts of the global crisis," the World Bank report said.

Other than India, the World Bank forecast that Sri Lanka, Nepal, Bhutan and Bangladesh will also see sharp falls in economic growth.

Three other countries - Pakistan, Afghanistan and the Maldives - are expected to fall into recession, the World Bank said in the report, which was based on country-level data available as of April 7.

Measures taken to counter the coronavirus have disrupted supply chains across South Asia, which has recorded more than 13,000 cases so far - still lower than many parts of the world.

India's lockdown of 1.3 billion people has also left millions out of work, disrupted big and small businesses and forced an exodus of migrant workers from the cities to their homes in villages.

In the event of prolonged and broad national lockdowns, the report warned of a worst-case scenario in which the entire region would experience an economic contraction this year.

To minimize short-term economic pain, the Bank called for countries in the region to announce more fiscal and monetary steps to support unemployed migrant workers, as well as debt relief for businesses and individuals.

India has so far unveiled a $23 billion economic plan to offer direct cash transfers to millions of poor people hit by its lockdown. In neighbouring Pakistan, the government has announced a $6 billion plan to support the economy.

"The priority for all South Asian governments is to contain the virus spread and protect their people, especially the poorest who face considerable worse health and economic outcomes," said senior World Bank official Hartwig Schafer.

Beijing/Wuhan, Apr 17: China's coronavirus death toll mounted to 4,632 on Friday as the country revised figures in its epicentre Wuhan with 1,290 additional fatalities amid international criticism of under-reporting of COVID-19 data.

The Wuhan municipal headquarters on Friday revised the number of confirmed COVID-19 cases and deaths due to the disease, state-run Xinhua news agency reported.

As of April 16, the total number of confirmed coronavirus cases in Wuhan was increased by 325 to 50,333 and the number of fatalities up by 1,290 to 3,869.

The revised figure raised China's overall COVID-19 death toll to 4,632. The total number of cases also increased to 82,692.

The Wuhan municipal headquarters in a notification said the revisions were made in accordance with related laws and regulations as well as the principle of being responsible for history, the people and the deceased.

The revision of figures came amid sharp criticism of China by the US and other nations for its alleged under-reporting of the coronavirus cases and cover-up of the origin of the viral strain, which emerged in Wuhan in December last, reportedly from the local Hunan sea food market.

Explaining the reason for the figure revision, the Wuhan municipality said it was done to ensure that the information on the city's COVID-19 epidemic is open and transparent, and that the data are accurate.

Listing the reasons for the data discrepancies, it said the surging number of patients at the early stage of the epidemic overwhelmed medical resources and the admission capacity of medical institutions. Some patients died at home without having been treated in hospitals.

Besides, during the height of their treating efforts, hospitals were operating beyond their capacities and medical staff were preoccupied with saving and treating patients, resulting in belated, missed and mistaken reporting.

Also, due to a rapid increase of designated hospitals for treating COVID-19 patients -- including those administered by ministries, Hubei Province, Wuhan city and its districts, those affiliated to companies, as well as private hospitals and makeshift hospitals -- a few medical institutions were not linked to the epidemic information network and failed to report their data in time.

The registered information of some of the deceased patients was incomplete, and there were repetitions and mistakes in the reporting, the Wuhan authorities noted.

Citing an official of the Wuhan municipal headquarters, Xinhua reported that a group for epidemic-related big data and epidemiological investigations was established in late March.

The group used information from online systems and collected full information from all epidemic-related locations to ensure that facts about every case are accurate and every figure is objective and correct.

"What lie behind the epidemic data are the lives and health of the general public, as well as the credibility of the government," the official was quoted by the report.

The timely revision of the figures, among other things, shows respect for every single life, the official said.

Meanwhile, the revised cases were not included in the overall national figures released by China's National Commission (NHC) in its daily report on Friday as it reports previous day's cases.

As per NHC data, as of Thursday the overall confirmed cases of coronavirus was 82,367, including 3,342 deaths.

As many as 1,081 patients are being treated and 77,944 people discharged after recovery, it said.

NHC said it received reports of 26 new confirmed COVID-19 cases from the mainland on Thursday, of which 15 were imported.

The other 11 new cases were domestically transmitted, it said, noting that five cases were reported in Guangdong Province, three in Heilongjiang Province, two in Shandong Province and one in Liaoning Province.

No death was reported on Thursday on the mainland.

As of Thursday, China has a total of 1,549 imported cases, NHC said, adding that 879 were undergoing treatment with 45 in severe condition. Besides, there were 66 new asymptomatic cases, taking the tally to 1,038.