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Coronavirus leads to ‘staggering’ drop in global energy demand

Fall could be the equivalent of India’s total annual consumption, IEA says




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Oil traders turn to salt caves and train cars in storage crisis

Crash into negative prices jolts producers into cutting back




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Hedge fund rules make financial system fragile

Charging 2 per cent to hold assets when returns are low is wrong, writes Sebastian Mallaby




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UK Budget can slay the pessimism that fed populism

If stimulus is well targeted, Boris Johnson’s government may achieve something of elegance




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Nigerian border closures cut smuggling but drive up prices

Benin crossing has been shut for three months, halting trade on vital frontier




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South Africa to impose its biggest rolling power blackouts

Eskom will remove 6,000 megawatts of demand to avert total collapse of national grid




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Vodafone targets Africa’s unbanked with plans for M-Pesa

Telecoms group seeks to turn mobile payments unit into provider of wider services




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Nigeria ratifies finance law in boost for small business

Legislation cuts taxes for some enterprises while increasing VAT




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Global firms under scrutiny in Isabel dos Santos alleged corruption leak

McKinsey, BCG and PwC named in records showing allegations of looting by Angolan billionaire




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Anglo American ‘encouraged’ by South African move to loosen currency controls

Restrictions have hampered miner’s ability to move money out of the country




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Sasol plans South Africa’s biggest rights issue in decades

Petrochemicals group to launch sale of up to $2bn in shares as part of debt reduction push




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African health officials warn of chronic medical shortages

Central African Republic has just three ventilators for its 5m people




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Takeaway suitor Naspers flaunts $8bn takeover budget

South African ecommerce group insists it remains in acquisition mode




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2.7m properties dragged into higher stamp duty band 

Rising prices and flat tax thresholds since 2015 mean more homes in London and Southeast are in the top band




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Nationwide pulls tracker mortgages after historic base rate cut 

Mortgage products tracking base rate vanish as ‘the numbers no longer stack up’ 




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Fed buys more mortgage bonds as rates rise above 4%

US central bank accelerates purchases to stabilise market for securities backed by home loans




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Non-bank lenders push for access to emergency state funding

Lobby groups led by UK Finance warn there is likelihood of ‘severe’ impact to borrowers




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Lenders sound warning on mortgage holidays

Households urged to consider options such as reduced payments instead of delaying debt




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UK property demand plunges as virus takes hold

60 per cent decline in sales predicted in the next three months




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Banks say Fed rescue threatens mortgage hedging strategies 

Regulatory action sought to prevent intervention from having unintended consequences




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US mortgage lenders face liquidity crunch

Non-bank lenders put on downgrade watch as sector braces for wave of borrowers not paying




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UK property market moves into cold storage

Experts predict transactions could plunge 50 per cent year-on-year, but what could it mean for house prices? 




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£1m-plus mortgage borrowers pay over the odds

Interest rate disparity could add nearly £2,500 per month to the cost of servicing a £5m mortgage 




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Home improvers hit by remortgage problems

Dig downs and loft extensions may increase the value of a home, but it’s hard to borrow against this




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I’m buying a property — can I get a discount? 

Homebuyers trying to chip the price of property deals could be disappointed 




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Unions and parent groups urge against early return to school

Calls for safety assurances despite concern over educational impact




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Government eyes flexible furlough extension to get UK back to work

Sharma signals tapering of scheme as Johnson prepares to announce road map out of lockdown




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Coronavirus latest: Spain’s Sánchez urges caution as lockdown is eased




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Insurer Geico offers $2.5bn of discounts as car accidents dwindle

Industry expects a sharp decline in claims as drivers stay at home during coronavirus pandemic




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Cover Genius tops FT ranking with insurtech platform

The Australian company was borne out of an online travel business that had a problem to solve




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Insurers face biggest-ever losses, warns Lloyd’s chief

Pandemic could dwarf other disasters such as Hurricane Katrina, John Neal says




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Regulators urge UK savers to ‘keep calm’ during coronavirus volatility

Investors encouraged to take time before making any changes to their retirement plans




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Consumers warned over surge in coronavirus scams

Fraudsters are exploiting fears over pandemic to target pension savers, investors and online consumers




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UK pension trustees urged to watch for dividends and ‘excessive’ bonuses

Industry regulator calls for vigilance over actions of employers during pandemic




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Australia’s biggest pension fund says investors will withdraw billions

Executive points to ‘heaps of liquidity’ as members get access to cash due to coronavirus




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Virgin Money profits halve as it prepares for surge in bad loans

UK lender is latest to warn coronavirus-induced economic disruption will hit its clients




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US evangelist Billy Graham dies aged 99

‘Pastor to presidents’ said he received his calling on 18th green of local golf club




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Former First Lady Barbara Bush dies aged 92




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George HW Bush, 41st US president, dies aged 94

Deft foreign policy and Gulf war victory defined his one term in office




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Tony Mendez, CIA agent, 1940-2019

Master of disguise who plotted the ‘Argo’ escape from Iran




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Robert Morgenthau, Manhattan district attorney, 1919-2019

He became the scourge of the Mob and white-collar crime in New York




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Sadako Ogata, UN High Commissioner for Refugees, 1927-2019

She turned the agency into a diplomatic and moral force




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How coronavirus will change fashion’s supply chains

Disruptions set to revive local manufacturing as designers look to avoid reliance on distant hubs




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Pets at Home sales benefit from surge in demand

Essential retailer says coronavirus uncertainty means it will not give guidance for year ahead




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Reckitt posts record sales growth as disinfectant demand surges

Group ramps up production of cleaning and sanitising goods amid coronavirus crisis




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Michael Hintze’s hedge fund hit hard by credit bets

Billionaire CQS trader hurt by exposure to default-ridden energy sector




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European countries ban short selling after markets plunge

‘We are ready to go further,’ says French minister after issuing temporary prohibitions




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Trade volumes spike at exchanges across Europe

Coronavirus-linked turmoil draws many investors out into the open




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Wall St urges caution as bulls rush into recovery bets

S&P up 23% from March nadir on back of state coronavirus action — but more falls possible, warn analysts




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Wall Street stages late rally to shave week’s losses

Key measure of American business investment fell only marginally last month