Money & Finance

The Australian government pledged $79.85 billion to subsidize wages for over 6 million workers, marking the third economic stimulus package aimed at mitigating the coronavirus pandemic's financial impact. Prime Minister Scott Morrison emphasized the importance of maintaining economic activity and keeping workers employed during this challenging period.

World stock markets soared on Tuesday after the US announced a near-final $1.8 trillion financial relief package. President Trump's administration and Congress are close to a deal aimed at cushioning the economic blow from the coronavirus pandemic, with the Dow Jones Industrial Average surging 11.4% in response.

Indonesia's Energy Ministry announced plans to increase crude oil imports amid dramatically falling global oil prices. The price drop, triggered by Saudi Arabia's production increase and pricing strategy, has pushed Brent crude futures to their lowest level since 2003, creating a favorable purchasing environment for the country.

Despite calls from the Association of Stockbroking Companies to suspend trading, Malaysian authorities will keep the stock exchange open during the coronavirus lockdown. Regulators argue that market closure could cause more harm than good, aiming to protect economic stability.

The coronavirus pandemic has caused significant turmoil in global stock markets, with shares falling over 11.5% between March 9-13, the worst weekly performance since the 2008 recession. The market downturn is driven by pandemic-related business shutdowns, travel restrictions, and compounded by the Russia-Saudi Arabia oil price conflict.

The Australian Government launched an $11.4 billion stimulus package to prevent recession amid the coronavirus pandemic. Prime Minister Scott Morrison aims to protect jobs and help businesses survive the economic challenges, providing cash payments to small and medium enterprises.

Vietnam's gold market sees significant price reduction as demand declines. Major manufacturers like SJC have lowered gold prices by VN₫300,000 to VN₫400,000, with current rates around VN₫47.3 million per tael. Experts suggest price adjustments are strategic to re-engage potential investors during a slow market period.

In response to economic challenges from COVID-19, European banks like RBS, Lloyds, and TSB are allowing mortgage payment delays and providing flexible financial options for customers experiencing income loss during the pandemic.

Asian markets reversed early losses after the Bank of Japan and US Federal Reserve committed to stabilizing financial markets. BOJ Governor Haruhiko Kuroda pledged to monitor market developments and provide sufficient liquidity through strategic market operations and asset purchases.

The International Monetary Fund and World Bank have developed contingency plans to offer financial assistance to countries struggling with the economic impact of the coronavirus outbreak. IMF spokesman Gerry Rice confirmed their readiness to lend capital and support countries experiencing balance of payment problems.