Malaysian plane may have turned back before disappearing

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.

Six months since the new coronavirus outbreak, the pandemic is still far from over, the World Health Organization said Monday, warning that "the worst is yet to come".

Reaching the half-year milestone just as the death toll surpassed 500,000 and the number of confirmed infections topped 10 million, the WHO said it was a moment to recommit to the fight to save lives.

"Six months ago, none of us could have imagined how our world -- and our lives -- would be thrown into turmoil by this new virus," WHO chief Tedros Adhanom Ghebreyesus told a virtual briefing.

"We all want this to be over. We all want to get on with our lives. But the hard reality is this is not even close to being over.

"Although many countries have made some progress, globally the pandemic is actually speeding up.

"We're all in this together, and we're all in this for the long haul.

"We will need even greater stores of resilience, patience, humility and generosity in the months ahead.

"We have already lost so much -- but we cannot lose hope."

Tedros also said that the pandemic had brought out the best and worst humanity, citing acts of kindness and solidarity, but also misinformation and the politicisation of the virus.

In an atmosphere of global political division and fractures on a national level, "the worst is yet to come. I'm sorry to say that," he said.

"With this kind of environment and condition, we fear the worst."

China is aggressively pursuing a diverse range of tactics -- from cyber-attacks to recruiting insiders for economic espionage, Indian security agencies have warned. The specific alert circulated among key stakeholders suggests that Chinese operatives are not only planning to steal classified cutting-edge defense technology but also eyeing to recruit best academicians and researchers around the globe, especially from the US.

Sources said they have noticed that China has authorized an "aggressive program of stealing US science and technology information by recruiting Americans in the technology sector with access to trade secrets".

In the technology sector of the US, many Indians scientists are working at the forefront. "This is a serious matter for Indian government and security establishments," said a top source further adding that Chinese always pursue economic espionage because it suits their low cost manufacturing sector on the basis of stolen research and costly design developed by top companies across the globe.

"An alert was also issued in early January about Chinese cyber intrusion attempts at several companies where Indian researchers are working. The espionage attempt was to target UAV technology and certain top-end military equipment designs. After stealing the techniques and design, China starts producing these equipment domestically and sells at a cheaper rate, inflicting irreparable damage to the original equipment manufacturers," the sources in the security establishment observed.

Recently, the US accused China for targeting academia by sending researchers to American labs and using talent recruitment programme to steal scientific analysis. The US has also found that young recruits of the People's Liberation Army posing as students are entering into various universities across the globe to get research papers and recruit academia.

Earlier this year, the US charged a former Boston University student of visa fraud for failing to disclose the status as a lieutenant in the China's People's Liberation Army.

The US intelligence agencies have found that their "universities have become a soft target in the global espionage war with China".

In January this year, the US Department of Justice charged a leading academician at the Harvard University for hiding his alleged role in a Chinese government programme.

In July last year, the Federal Bureau of Investigation (FBI) Director Christopher Wray had revealed that the FBI is probing nearly 1,000 cases of economic espionage and attempted intellectual property theft, nearly all of them leading back to China.

Accordingly, Indian Missions have been informed about the threats being posed by Chinese spies and attempts to recruit Indian scientists and technologists working in the US and other parts of the world.

Sources further stated that security establishments in India have informed the scientist fraternity to be on alert amid threat posed by Chinese spies.

The Chinese had earlier recruited a personnel, Dongfan Chung, working at Boeing for economic espionage. Chung had stolen secret technology to benefit Chinese government and during the raid at his house more than 2.5 lakh classified pages related to Boeing were recovered.

"There has been intense debate on the international platforms regarding Chinese-sponsored theft of intellectual property. American agencies have gone on record to say that China was targeting trade secrets. In the backdrop of pandemic and global health crisis, Indian establishments in defence and technology sectors have been told to be extra cautious as China is planning to become the most advanced economy while the other countries are crippled by the highly contagious virus," the sources further added.