Money & Finance

Japan and South Korea continue negotiations over trade restrictions, with both sides expressing optimism about potential progress in resolving their export control challenges through senior-level discussions.

The Australian Government unveiled an $11.4 billion stimulus package to mitigate economic impacts of the coronavirus pandemic. Prime Minister Scott Morrison emphasized the plan's goal of preserving jobs and ensuring economic recovery, with direct cash payments to small and medium businesses.

European banks like RBS, Lloyds, and TSB are providing financial relief to customers impacted by coronavirus. Mortgage payment deferrals and flexible savings account access aim to support individuals experiencing income loss during the pandemic.

Yes Bank founder Rana Kapoor was arrested by Indian financial crime investigators over allegations of money laundering and criminal conspiracy. The Enforcement Directorate claims Kapoor is involved in a $581 million financial fraud, though he denies the charges and maintains his willingness to cooperate with the investigation.

Oil prices crashed dramatically after Saudi Arabia slashed selling prices by up to $8 per barrel in retaliation to Russia's rejection of proposed OPEC production cuts, marking the worst oil price collapse since 1991.

Asian share prices rebounded after the Bank of Japan and U.S. Federal Reserve committed to protecting markets from coronavirus economic damage. BOJ Governor Haruhiko Kuroda promised to stabilize markets and provide liquidity, while the Federal Reserve made an unscheduled announcement to prevent market decline.

The International Monetary Fund and World Bank have developed contingency plans to lend capital to governments struggling with coronavirus economic impacts. IMF spokesman Gerry Rice stated they have financial instruments to support countries facing balance of payment challenges during epidemics or natural disasters.

The Philippine stock market experienced its deepest fall since 2016 due to coronavirus concerns, with the stock index plummeting 4.3% and local businesses like Jollibee feeling the economic impact of China's factory shutdowns and pandemic-related disruptions.

Nine Japanese suspects linked to a fraud syndicate were deported by Philippine immigration authorities. The group allegedly scammed over 1,500 Japanese citizens of approximately 1.5 billion yen since 2018, confirmed by Tokyo Metropolitan Police.

South Korea faces economic challenges as coronavirus cases spike from 31 to 833, with government raising virus alert to highest level and warning of potential impacts on domestic consumption and exports.