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0922 GMT May 27, 2020

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World economic prospects darken, rebound delayed: Poll

World economic prospects darken, rebound delayed: Poll
Economic prospects for the developed world this year have darkened again in the past month as the coronavirus pandemic has rolled from Asia to the Americas, with a V-shaped sharp recovery expected by less than one-fifth of economists polled by Reuters.
Investment in global energy to drop by $400b
Investment in global energy will fall by $400 billion (£324 billion) this year, the biggest slump in the industry’s history, as the COVID-19 pandemic fuels a collapse in energy demand.
France announces €8b rescue plan for car industry
The French government has announced an €8 billion (£7.1 billion) rescue plan for its car industry, which has been severely impacted by the coronavirus pandemic.
Morgan Stanley sees tighter oil market, raises Brent forecast
Morgan Stanley, a multinational investment bank and financial services company, raised its year-end Brent price forecast to $40 per barrel, citing a faster-than-expected balance in global oil demand and supply as countries ease coronavirus restrictions and major producers cut supply.
Jahangiri backs closer trade ties with Georgia
In a congratulatory message to Georgia on its National Day, Iran’s First Vice President Es’haq Jahangiri expressed hope for the development of economic and trade ties between Tehran and Tbilisi.
Iran-Afghanistan trade back to normal: Official
An Iranian official said all border crossings with Afghanistan have reopened and their trade exchanges have returned to normal after a hiatus in the wake of the coronavirus outbreak.
Tehran-Beijing trade tops $5b in four months
The trade of Iran with its top trading partner, China, has gone over $5 billion in the starting four months of 2020.
Iran’s annual copper cathode production to hit 250,000 tons
Domestic Economy Desk Iran’s annual copper cathode production is planned to hit 250,000 tons by March 20, 2021.
Iran to halt condensate exports to produce more gasoline, petchem feedstocks at home
Iran plans to stop exporting gas condensates; instead, it will produce gasoline and naphtha, said Oil Minister Bijan Namdar Zanganeh.
Virus cracking Germany’s defense against unemployment surge
Two months after Germany’s Economy Minister Peter Altmaier vowed to do everything so “no job” would be lost to the pandemic, unemployment has already risen more than during the entire 2008/2009 financial crisis.