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A 165-strong international group including 92 former Presidents and Prime Ministers, along with current economic and health leaders in the developed and developing world have come together to demand the creation of a G20 executive task force and an immediate global pledging conference which would approve and co-ordinate a multi-billion dollar coronavirus fighting fund.
Read More By Olawale Rasheed– The world system is unravelling as nations vigorously pursued national interest in defiance of multilateral institutions and structures.A war is on devoid of tanks,war planes,and nuclear arsenals. The struggle to secure medical supply has pitched nations against nations,raising nationalism to new level and undermining previous gains in the push for globalisation.
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With two-thirds of the world’s population living in developing countries (excluding China) facing unprecedented economic damage from the COVID-19 crisis, the UN today called for a $2.5 trillion package for these countries to turn expressions of international solidarity into meaningful global action.
Read More By Guy Ryder– The human dimensions of the COVID-19 pandemic reach far beyond the critical health response. All aspects of our future will be affected – economic, social and developmental. Our response must be urgent, coordinated and on a global scale, and should immediately deliver help to those most in need.
Read More The World Health Organisation (WHO) says no fewer than 200,000 cases of Coronavirus ( COVID-19) have now been reported to WHO and 8,000 people have lost their lives.
Read More The United States has added the United Kingdom and Republic of Ireland to its travel ban on Europe as part of measures to prevent new cases of the coronavirus pandemic.
Read More As a continuation to our report on Coronavirus (see here), we write an update on the pandemic as its impact on global economy continues to escalate. With over 118,000 reported cases as at the time of this report and about 4,292 reported death cases from the virus, we think the world may be on course for a global recession as economic and social activities slow down. We see the virus outbreak as a major catalyst for a global economic meltdown. While major central banks remain dovish to support economic activities (Fed cut rate by 50bps, the highest rate cut since 2008), we think this may not be sufficient to save the global economy from a significant downturn.
Mayday Mayday: Oil Down on OPEC+ Price War
To add to the woes of oil exporting nations, who have suffered significant loss in revenue on the back of the impact of coronavirus on oil demand, the inability of the OPEC, led by Saudi Arabia and its allies, led by Russia, to reach an agreement on the additional production cut or even maintain the current cap beyond March 2020. This led to 31% loss in Brent to around US$33 per barrel, the highest daily loss since the Gulf war in ‘98. With Saudi Arabia and Russia engaging in a price war, we think oil may face a similar oil glut of H2 2014 – where Brent oil fell from US$112.36 per barrel in June to US$57.33 per barrel in December 2014, due to oversupply of crude oil from US and Canadian tight oil (shale oil), geopolitical rivalries amongst oil-producing nations and falling demand across commodities markets due to the deceleration of the Chinese economy.
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Managing Director, Ecobank Nigeria, Mr. Patrick Akinwuntan has reiterated the bank’s commitment to gender parity among staff. In a message to commemorate International Women’s Day (IWD) 2020, Akinwuntan said this year’s edition with the theme: #EachforEqual underscores the compelling need of gender equality and sustainable efforts of women empowermment at workplace for which Ecobank is proudly committed.
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As part of the 2020 UN Global Compact SDG Pioneers program, Global Compact Network USA today launched its national search for professionals who are committed to advancing the UN Sustainable Development Goals (SDG). Later this year, the Network will recognize an employee of a participating company as the Global Compact Network USA SDG Pioneer. Additionally, the selected individual will be nominated by the Network for inclusion in the final search of global SDG Pioneers to be recognized during the 2020 UN General Assembly in September in New York City.
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The Commonwealth Secretary-General has issued a statement condemning an attack on a village in north-west Cameroon on 14 February which left 23 people dead, the majority of them children.
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