Thousands of non-Muslims evacuated as violence flares in northwest Myanmar

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 31: US President Donald Trump said Saturday he will delay the G7 summit scheduled to take place in June and invite other countries -- including India and Russia -- to join the meeting.

"I don't feel that as a G7 it properly represents what's going on in the world. It's a very outdated group of countries," Trump told reporters on Air Force One.

He said he would like to invite Russia, South Korea, Australia and India to join an expanded summit in the fall.

It could happen in September, either before or after the UN General Assembly, Trump said, adding that "maybe I'll do it after the election."

Americans head to the polls in early November to choose a new president, with Trump keen for a return to normalcy after the coronavirus pandemic and a healthy economy as voters cast their ballots.

Describing the event as a "G-10 or G-11", Trump said he had "roughly" broached the topic with leaders of the four other countries.

Leaders from the Group of Seven, which the United States heads this year, had been scheduled to meet by videoconference in late June after COVID-19 scuttled plans to gather in-person at Camp David, the US presidential retreat outside Washington.

Trump created suspense last week, however, when he announced that he might hold the huge gathering in-person after all, "primarily at the White House" but also potentially parts of it at Camp David.

German Chancellor Angela Merkel became the first leader to decline the in-person invitation outright.

"Considering the overall pandemic situation, she cannot agree to her personal participation, to a journey to Washington," her spokesman said Saturday.

Her response followed ambivalent to positive reactions to the invitation from Britain, Canada and France.

The 65-year-old chancellor is the oldest G7 leader after Trump, who is 73. Japan's Shinzo Abe, also 65, is several months younger than Merkel. Their age puts them at higher risk from the coronavirus.

The G7 major advanced countries -- Britain, Canada, France, Germany, Italy, Japan and the United States -- hold annual meetings to discuss international economic coordination.

Russia was thrown out of what was the G8 in 2014 after it seized Ukraine's Black Sea peninsula of Crimea, an annexation never recognized by the international community.

The work of the G7 is now more important than ever as countries struggle to repair coronavirus-inflicted damage.

The White House had previously said the huge diplomatic gathering would be a "show of strength" when world economies are gradually reemerging from shutdowns.

The United States is the worst-hit country for COVID-19 infections, recording more than 1.7 million cases and over 103,680 deaths.

Washington, May 29: Reiterating his offer to mediate on the border dispute between India and China, US President Donald Trump has said that he spoke with Narendra Modi about the "big conflict" and asserted that the Indian Prime Minister is not in a "good mood" over the latest flare-ups between the two countries.

Speaking with the reporters in the Oval Office of the White House on Thursday, Trump said a "big conflict" was going on between India and China.

"I like your prime minister a lot. He is a great gentleman," the president said.

"Have a big conflict …India and China. Two countries with 1.4 billion people (each). Two countries with very powerful militaries. India is not happy and probably China is not happy," he said when asked if he was worried about the border situation between India and China.

"I can tell you; I did speak to Prime Minister Modi. He is not in a good mood about what is going on with China," Trump said.

A day earlier, the president offered to mediate between India and China.

Trump on Wednesday said in a tweet that he was "ready, willing and able to mediate" between the two countries.

Responding to a question on his tweet, Trump reiterated his offer, saying if called for help, "I would do that (mediate). If they thought it would help" about "mediate or arbitrate, I would do that," he said.

India on Wednesday said it was engaged with China to peacefully resolve the border row, in a carefully crafted reaction to Trump's offer to arbitrate between the two Asian giants to settle their decades-old dispute.

"We are engaged with the Chinese side to peacefully resolve it," External Affairs Ministry Spokesperson Anurag Srivastava said, replying to a volley of questions at an online media briefing.

While the Chinese Foreign Ministry is yet to react to Trump's tweet which appears to have caught Beijing by surprise, an op-ed in the state-run Global Times said both countries did not need such a help from the US President.

"The latest dispute can be solved bilaterally by China and India. The two countries should keep alert on the US, which exploits every chance to create waves that jeopardise regional peace and order," it said.

In Beijing, Chinese Foreign Ministry spokesman Zhao Lijian said on Wednesday that both China and India have proper mechanisms and communication channels to resolve the issues through dialogue and consultations.

Trump previously offered to mediate between India and Pakistan on the Kashmir issue, a proposal which was rejected by New Delhi.

The situation in eastern Ladakh deteriorated after around 250 Chinese and Indian soldiers were engaged in a violent face-off on the evening of May 5 which spilled over to the next day before the two sides agreed to "disengage" following a meeting at the level of local commanders.

Over 100 Indian and Chinese soldiers were injured in the violence.

The incident in Pangong Tso was followed by a similar incident in north Sikkim on May 9.