COVID-19: China's socialist political system has shown it can overcome any challenge, says Xi Jinping

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.

Islamabad, Apr 16: The number of coronavirus cases in Pakistan topped 6000 while the death toll due to the virus has reached 117, Dawn reported citing official data on Wednesday.

Over 1,446 people have recovered in the country from the deadly virus that has killed over 1.3 lakh people worldwide.

The total number of cases in the country has reached 6297 with Punjab being the worst affected province with 3,016 cases. Meanwhile, Sindh has 1,688 cases of the deadly virus.

Khyber Pakhtunkhwa has reported 47 new cases of the coronavirus, taking the provincial total to 912. Most of the new cases are of Tableeghi Jamaat members who have travel history.

Balochistan has reported four new cases of COVID-19, taking the provincial total to 281 according to provincial government spokesperson Liaquat Shahwani.

On Tuesday, Prime Minister Imran Khan had announced the extension of the nationwide lockdown with relaxation to some sectors.

Addressing the media in Islamabad on Tuesday, Khan said, "We made the hard decision of imposing lockdown in the country which was very well implemented due to cooperation of the people."

The countrywide lockdown was imposed last month in a bid to stem the spread of coronavirus. Later, a two-week extension was announced in the restrictions until April 14.

London, Feb 9: A US court has rejected a Turkish attempt to dismiss civil cases brought by protesters who were violently attacked in Washington by Recep Tayyip Erdogan’s security officers.

The incident took place in May 2017 during a visit to the US by the Turkish president. About a dozen bodyguards beat-up a group demonstrating outside the Turkish ambassador’s residence in Washington.

The attack, which was caught on video, left nine people injured and further strained US relations with Turkey.

While criminal charges against the security guards were dropped within a year, around the same time Turkey released a US pastor, the victims pressed ahead with a civil case.

On Thursday, a federal court denied Turkey’s request to have the two cases thrown out on the grounds that it should have sovereign immunity from legal proceedings.

US District Judge Colleen Kollar-Kotelly said the protesters had not posed a threat and were merely gathered on a sidewalk outside the residence at Sheridan Circle when Erdogan’s security burst through a police line and attacked them.

“The Turkish security forces did not have the discretion to violently physically attack the protesters, with the degree and nature of force which was used, when the protesters were standing, protesting on a public sidewalk,” she said. “And, Turkish security forces did not have the discretion to continue violently physically attacking the protesters after the protesters had fallen to the ground or otherwise attempted to flee.”

The judge said Turkey “has not met its burden of persuasion to show that it is immune from suit in these cases.”

The ruling was welcomed by the victims of the attack, which Erdogan stopped to watch as he made his way from his car to inside the residence.