Money & Finance

American and European economic experts assert that the global economy is already in recession, with 31 out of 41 economists polled by Reuters confirming the coronavirus pandemic's severe economic impact. JP Morgan's research head Bruce Kasman predicts worldwide economic contraction between February and April.

Lev Dermen, a California gas station owner, was found guilty of a $500 million fraud scheme involving false biodiesel production claims. Working with Utah polygamists Jacob and John Kingston, Dermen helped fraudulently claim federal renewable fuel credits, facing up to 180 years in prison for conspiracy and money laundering.

As the Philippines implements strict lockdown measures to combat COVID-19, Filipinos are struggling with suspended work, closed businesses, and travel bans. The enhanced community quarantine on Luzon has created widespread panic and uncertainty, forcing millions to remain at home and adapt to new restrictions.

Malaysia enforces strict nationwide lockdown starting March 18, confining over 32 million people to their homes. Prime Minister Muhyiddin Yassin's order bans public gatherings, closes non-essential businesses, and restricts international travel to control the sharp increase in coronavirus infections.

The coronavirus pandemic has triggered a massive stock market downturn, with global stocks falling over 11.5% between March 9-13. The outbreak has disrupted service, manufacturing, and travel industries, compounding economic fears and marking the worst market performance since the 2008 recession.

Japan and South Korea continue diplomatic discussions over trade restrictions, holding a 16-hour video conference to explore potential solutions and exchange information about export control policies.

The Australian Government announced an $11.4 billion stimulus package to mitigate the economic fallout from the coronavirus pandemic. Prime Minister Scott Morrison emphasized the plan's focus on job preservation and economic recovery, providing cash payments to small and medium businesses.

European banks in Italy and the UK are allowing mortgage payment deferrals and loan repayment extensions to support individuals experiencing financial difficulties due to the coronavirus pandemic. Banks like RBS, Lloyds, and TSB are offering flexible options to help customers manage economic uncertainty.

Yes Bank founder Rana Kapoor was arrested by financial crime investigators over allegations of money laundering and criminal conspiracy. Accused of cheating amounting to $581 million, Kapoor claims he is willing to cooperate fully with the probe, despite the serious charges against him.

Saudi Arabia slashes oil prices by up to $8 after Russia rejects OPEC's proposed production cuts, triggering a global market turmoil and causing oil prices to drop 48% this year.