Business Highlights
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Global pact to contain oil price crash takes shape
DUBAI, United Arab Emirates (AP) — The OPEC oil cartel and nations including Russia have agreed to boost oil prices by cutting as much as 10 million barrels a day in production. Even more countries, including the United States, were discussing Friday their own cuts in what would be an unprecedented global pact to stabilize the market. The agreement between OPEC and partner countries aims to cut 10 million barrels per day until July, then 8 million barrels per day through the end of the year, and 6 million a day for 16 months beginning in 2021. Mexico had initially blocked the deal but said Friday that the U.S. will take on some of its cuts.
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Apple, Google to harness phones for virus infection tracking
SAN FRANCISCO (AP) — Apple and Google launched a major joint effort to leverage smartphone technology to contain the COVID-19 pandemic. New software the companies plan to add to phones would make it easier to use Bluetooth wireless technology to track down people who may have been infected by coronavirus carriers. The idea is to help national governments roll out apps for so-called “contact tracing” that will run on iPhones and Android phones alike. Software developers have already created apps that have been used for so-called contact-tracing in countries including Singapore and China. Apple and Google plan to release their toolkit in May and say user privacy and security are baked into its design.
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Watchdog: Treasury acted appropriately on Trump tax returns
WASHINGTON (AP) — A watchdog has found that the Treasury Department appropriately handled Congress’ request for President Donald Trump’s tax returns, which Treasury Secretary Steven Mnuchin has refused to provide. But the acting inspector general for Treasury, Rich Delmar, also said he had no opinion on whether the advice Mnuchin followed — which came from Justice Department attorneys — was itself well-founded. Delmar noted in a letter Wednesday to senior House lawmakers that in refusing to hand over the returns, Mnuchin decided he was legally bound to comply with that advice.
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Trump winery eligible for bailout in virus relief law
WASHINGTON (AP) — President Donald Trump’s Virginia vineyard could be eligible for a federal bailout under the $2.2 trillion coronavirus stimulus he signed into law last month. That’s despite provisions that were intended to prevent him and his family from personally benefiting. Deep in the fine print of the law passed by Congress to try to arrest an economic free fall is language that would put the winery in the category of businesses eligible for aid because grapes used to make wine are a “specialty crop.” A company representative said Friday there were no plans to apply.
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Bunnies to the rescue as virus hits Belgian chocolatiers
SINT-PIETERS BRUGGE, Belgium (AP) — Easter Sunday is normally the most important date on Belgian chocolate makers’ calendar. But the coronavirus pandemic, with its lockdowns and social distancing, have struck a hard blow to the country’s emblematic $5.5-billion industry. Yet, amid the general gloom, Belgians are allowing themselves some levity for the long Easter weekend. Some producers offer Easter eggs or bunnies in medical masks, while the country’s top virologist has jokingly granted a lockdown pass to the “essential” furry workers traditionally supposed to bring kids their Easter eggs.
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US budget deficit totals $743.6 billion over past 6 months
WASHINGTON (AP) — The federal government’s budget deficit for the first half of this budget year totaled $743.6 billion, up 7.6% from last year, and well on its way to topping $1 trillion even before the impacts of the coronavirus were felt. The Treasury Department reported Friday that the deficit from October, the start of the government’s budget year, through March was $52.5 billion higher than the same period a year ago.
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Consumer prices slump 0.4% as virus puts chill on spending
WASHINGTON (AP) — Consumer prices fell 0.4% in March, the largest decline in five years, with the price of gasoline, airline fares and hotel rooms all down, indicating the coronavirus was having an impact. The Labor Department said that last month’s decline was the largest monthly drop since January 2015. Consumer prices had been up a slight 0.1 percent in February. Energy costs were down 5.8% in March with gasoline prices falling by 10.5%. Airline fares plunged 12.6% while lodging away from home, the category for hotel and motel prices, dropped 6.8%.
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Markets stable amid holidays, oil down on OPEC uncertainty
BANGKOK (AP) — World shares have held steady in quiet Good Friday trading after Wall Street closed out its best week in 45 years thanks to the Federal Reserve’s titanic effort to support the economy. Shares rose in Tokyo and Seoul but fell in Shanghai. Markets are closed in Europe and the U.S. The long weekend offers a respite from the drama that has wracked markets for weeks due to the coronavirus outbreak. OPEC and other oil producing nations including Russia were struggling to reach a deal to boost oil prices after ending marathon talks early Friday. OPEC said that approval of a proposal for cutting output hinges on gaining Mexico’s agreement.