US launched cyber strikes on Iranian spy group after oil tanker attacks: Officials

Langkawi, Jan 20: Malaysia will not take retaliatory trade action against India over its boycott of palm oil purchases amid a political row between the two countries, Prime Minister Mahathir Mohamad said on Monday.

India, the world’s largest edible oil buyer, this month effectively halted imports from its largest supplier and the world’s second-biggest producer in response to comments from Mahathir attacking India’s domestic policies.

“We are too small to take retaliatory action,” Mahathir told reporters in Langkawi, a resort island off the western coast of Malaysia. “We have to find ways and means to overcome that,” he added.

The 94-year-old premier of Muslim-majority Malaysia has criticised New Delhi’s new religion-based citizenship law and also accused India of invading the disputed region of Kashmir.

Mahathir again criticised India’s citizenship law on Monday, saying he believed it was “grossly unfair”.

India has been Malaysia’s largest palm oil market for the past five years, presenting the Southeast Asian country with a major challenge in finding new buyers for its palm oil.

Benchmark Malaysian palm futures fell nearly 10% last week, their biggest weekly decline in more than 11 years.

New Delhi is also unhappy with Malaysia’s refusal to revoke permanent resident status for controversial Indian Islamic preacher Zakir Naik, who has lived in Malaysia for about three years and faces charges of money laundering and hate speech in India.

Mahathir said even if the Indian government guarantees a fair trial, Naik faces the real threat of vigilante action and that Malaysia will only relocate the preacher if it can find a third country where he would be safe.

“If we can find a place for him, we will send him out.”

Melbourne, July 1: Authorities will lock down around 300,000 people in suburbs north of Melbourne for a month from late on Wednesday to contain the risk of infection after two weeks of double-digit rises in new coronavirus cases in Australia's second-most populous state.

Australia has fared better than many countries in the pandemic, with around 7,830 cases and 104 deaths, but the recent surge has stoked fears of a second wave of COVID-19, echoing concerns expressed in other countries.

Globally, coronavirus cases exceeded 10 million on Sunday, a major milestone in the spread of a disease that has killed more than half a million people in seven months.

From midnight, more than 30 suburbs in Australia's second-biggest city will return to stage three restrictions, the third-strictest level in curbs to control the pandemic. That means residents will be confined to home except for grocery shopping, health appointments, work or caregiving, and exercise.

The restrictions will be accompanied by a testing blitz that authorities hope will extend to half the population of the area affected, and for which borders will be patrolled, authorities said. The measures come as curbs ease across the rest of the state of Victoria, with restaurants, gyms and cinemas reopening in recent weeks.

Victoria recorded 73 fresh cases on Tuesday from 20,682 tests, following an increase of 75 cases on Monday. State premier Daniel Andrews warned on Wednesday that the return of broader restrictions across city remained a possibility.

"If we all stick together these next four weeks, we can regain control of that community transmission ... across metropolitan Melbourne," Andrews said at a briefing. "Ultimately if I didn't shut down those postcodes I'd be shutting down all postcodes. We want to avoid that."

Victoria's spike in cases has been linked to staff members at hotels housing returned travellers for which quarantine protocols were not strictly followed. Victorian state authorities have announced an investigation into the matter.

Some other Australian states and territories are preparing to open borders, but applying limits and quarantine measures to citizens of Victoria as the school holiday season gets under way.

South Australia, the country's fifth most populous state, has had just three new cases in the past month. But citing the spike in coronavirus infections, on Tuesday it cancelled its scheduled reopening to other parts of the nation.

New South Wales (NSW), Australia's most populous state, has stopped short of closing its borders to all Victorians, but those holidaying from hotspot areas - not permitted under NSW rules - can be handed a fine of A$11,000 ($7,596) or jailed if they are detected, state authorities said.

The delays reopening internal borders cast doubts over a federal plan to set up "travel bubble" with neighbouring New Zealand that would allow movement between the two countries.

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.