Coronavirus puts ‘fragile’ global recovery at risk: IMF to G20

first_img“The risk is now confirmed, and so is the impact on the global economy, and it is a real concern for all G20 members.”EU economic affairs commissioner Paolo Gentiloni said the G20 was ready to react with “pro-growth policies” to alleviate the downside risks.”The main risk is the outbreak of the coronavirus and the consequences that this outbreak” could have are tied to the duration of the epidemic, Gentiloni told reporters in Riyadh.’Stark reminder’ At the meeting in Saudi Arabia, the first Arab nation to hold the G20 presidency, financial leaders also discussed ways to achieve consensus on a global taxation system for the digital era.Several leaders including Le Maire voiced hope for a “technical agreement” to tax digital giants — a key bone of contention between the US and several European nations — by July and a broader global deal by the end of 2020.Le Maire said climate change was also part of the G20 discussion for the first time in three years.But the impact from the new coronavirus outbreak formed the core of the discussions, along with an action plan to shield the world economy — already facing a slowdown.The gathered financial leaders vowed to “enhance global risk monitoring” of the outbreak, according to the G20 final communique. “We stand ready to take further action to address these risks,” it said.Georgieva told the Riyadh gathering that the outbreak would shave about 0.1 percentage points from global growth and constrain China’s growth to 5.6 percent this year, in a baseline scenario.”I reported to the G20 that even in the case of rapid containment of the virus, growth in China and the rest of the world would be impacted,” she said.The IMF projects a “V-shaped, rapid recovery” for the global economy, but given the uncertainty around the spread of the virus, Georgieva urged the financial leaders to prepare for “more adverse scenarios”.She warned the global economy faced other risks including rising debt levels in some countries, but in particular urged G20 nations to cooperate to contain the spread of the virus.”COVID-19 is a stark reminder of our interconnections and the need to work together,” Georgieva said. “In this regard, the G20 is an important forum to help put the global economy on a more sound footing.”Topics : “The COVID-19 virus — a global health emergency — has disrupted economic activity in China and could put the recovery at risk,” Georgieva said in a statement.The virus has now claimed more than 2,400 lives in China, cutting off transportation, disrupting supply chains and fanning investor alarm as businesses are forced to close their doors.Paris on Friday announced a host of measures to assist French companies affected by the fallout from the epidemic.”We are ready to take any additional measures if necessary to cope with a possible worsening of the impact on the global economy,” said French Finance Minister Bruno Le Maire, who attended the G20 talks. The deadly coronavirus epidemic could put an already fragile global economic recovery at risk, the IMF warned Sunday, as G20 financial chiefs voiced “real concern” over its economic ripple effects.Global growth was poised for a modest rebound to 3.3 percent this year, up from 2.9 percent last year, International Monetary Fund chief Kristalina Georgieva said after a two-day meeting of G20 finance ministers and central bank governors in Riyadh.But the projected recovery was “fragile”, she warned, amid global alarm over rising Coronavirus cases in multiple countries even as Chinese authorities lock down millions of people to prevent its spread, with major knock-on effects for the world economy.last_img read more

AFN Postpones Annual General Congress

first_imgThe Athletics Federation of Nigeria (AFN) has postponed its annual general congress earlier scheduled to hold on Thursday December 4, 2019 in Awka,Anambra State.In a letter dated Friday November 22,2019 and signed by its Secretary General, Prince Adisa Adeniyi Beyioku and addressed to all states athletics association, the AFN said it was constrained by circumstances beyond its control to postpone the congress.”On behalf of the board of the Athletics Federation of Nigeria, I am directed to inform you of the postponement of the annual general congress earlier scheduled for 4th December, 2019 in Awka,Anambra State due to circmstances beyond our control,” read the letter to the states titled :Re-Invitation To Attend Annual General Congress of Athletics Federation of Nigeria, AFN. The AFN further informed the stakeholders that a new date will be communicated to the state associations and regretted the inconveniences the postponement may have caused.It was however gathered that the postponement may have been informed by the need to adhere to the letters of the constitution of the AFN and international best practice.A chairman of one of the state athletics associations in the South South region of Nigeria who preferred not to be named said at the weekend that many of the state athletics associations were shocked when they received the message for the December 4,2019 congress.“We knew for an annual general congress to be called,the AFN constitution stipulates a 60-day notice and the notice sent to us was dated November 5 which makes it just 29 days to the December 4 date,” said the member who expressed his gratitude to the AFN for correcting its own mistake.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

High Drama…Manchester by the Sea challenges La La Land for Oscars glory

first_img This week sees the UK-wide release of ‘Oscar 2017 Best Picture’ favourites ‘La La Land’ and ‘Manchester by the Sea’ (UK release dates – 13 January) as the countdown continues towards the 89th Academy Awards (26 February 2017).With the 2016/17 awards season coming into full focus, all movie insiders are in-agreement that La La Land and Manchester by the Sea will be shortlisted in the ‘Oscar 2017 Best Picture Category’.Since early Oscar 2017 markets were published, Damien Chazelle’s romantic musical comedy/drama La La Land has maintained its position as market favourite (currently priced 1.5 by the majority of UK bookmakers).Nevertheless, La La Land’s predicted road to US cinema glory has been met by a new contender in Amazon funded drama Manchester by the Sea (priced 5/1). Since its late November US release Kenneth Lonergan ‘devastating family drama’ has been gaining significant critical backing to be crowned the Academy’s’ Best Picture.Since its US release, La La Land has been described by movie insiders as a ‘love letter’ to vintage Hollywood productions, which may carry favour with Academy voting members. However, the small budget Manchester by the Sea may prove to be yet another Academy Awards upset, following last year’s Best Picture win for Tom McCarthy’s ‘Spotlight’.The Oscars 2017, may yet have a further Best Picture contender in Barry Jenkins hard hitting ‘child-to-adulthood’ drama ‘Moonlight’ (priced 7/1). Out of nowhere, this small independent production has received high critical acclaim outmuscling heavily backed 2017 Oscars 2017 contenders.‘Manchester by the Sea’ trailer ‘Moonlight’ – trailer Related Articles Share Share Sky and BT prepare for Champions League media rights battle November 11, 2019 StumbleUpon InsiderSport: On The Ball – China to host 2021 FIFA Club World Cup October 25, 2019 Submit Premier League eyes 17 June resumption May 29, 2020last_img read more