Key Points



<ul class="wp-block-list"><li>Over the last 48 hours, three biotech companies, in particular, have been thrust into the spotlight for their promise: BioNTech, CureVac and Moderna.</li></ul>



<ul class="wp-block-list"><li>All three of these firms specialize in messenger RNA (mRNA) therapeutics.</li></ul>



<ul class="wp-block-list"><li>These mRNA molecules are used to instruct the body to produce its own immune response to fight a range of different diseases.</li></ul>



The race is on to develop an immunization against COVID-19.&nbsp;



Dozens of companies and public labs around the world are working to develop a vaccine to prevent the spread of the flu-like virus. Over the last 48 hours, three biotech companies, in particular, have been thrust into the spotlight for their promise: BioNTech, CureVac and Moderna.



All three of these firms specialize in messenger RNA (mRNA) therapeutics. These mRNA molecules are used to instruct the body to produce its own immune response to fight a range of different diseases. This type of vaccine can potentially be developed and produced more quickly than traditional vaccines.



Moderna is a Massachusetts-based biotech company working with the U.S. National Institutes of Health (NIH). It kicked off its first trial Monday in Seattle, Washington.&nbsp;



This is called a “phase one” study and is being conducted by the NIH. Moderna is also preparing for a potential “phase two” study that it would conduct itself. Moderna shares rose 27% in Monday’s trading session.



BioNTech, meanwhile, is a German biotech company which recently announced two strategic partnerships to advance development of a vaccine. It formed a collaboration with Fosun Pharma to advance efforts in China, and with Pfizer to do the same outside China.&nbsp;



Berenberg bank analysts say they are impressed with the company’s efforts to rapidly enter into an alliance with a top pharma company in China and they view it as an important validation of BioNTech’s mRNA technology platform.&nbsp;



“BioNTech appears best positioned in the COVID-19 race owing to its diversified mRNA platform, delivery information and manufacturing capacity,” Berenberg said in a research note.



CureVac is an unlisted German company which aims to start testing an experimental vaccine on humans this summer. After reportedly getting caught in the political crossfire between Germany and the U.S., the European Commission pledged 80 billion euros of financial support to help them get a product out in Europe.&nbsp;



On Monday, CureVac noted it “is working on expanding its manufacturing capacities to be able to provide up to billions of doses for outbreak situations like Covid-19.”



As evidenced by these companies, partnerships are key to developing and manufacturing vaccines for the public. Both public-private partnerships as well as partnerships between the traditional pharmaceutical giants and smaller biotech players can be critical to getting these vaccines from trial to market.&nbsp;



However, the jury is still out on what type of therapeutic approach will work best. Barclays pharmaceutical research team noted that while mRNA vaccines remain unproven, they are likely to dominate the shorter-term headlines given faster development timelines and rapid early progress.&nbsp;



Ultimately, the Barclays team believes these novel vaccines are likely to be superseded by more conventional approaches over time.



(Report by Julianna Tatelbaum)



This article was first published on CNBC <a href="https://www.cnbc.com/2020/03/17/hopes-of-a-coronavirus-vaccine-mount-as-three-key-biotech-players-make-progress.html">https://www.cnbc.com/2020/03/17/hopes-of-a-coronavirus-vaccine-mount-as-three-key-biotech-players-make-progress.html</a> and is republished with its permission.

Hopes of a coronavirus vaccine mount as three key biotech players make progress

Key Points



<ul class="wp-block-list"><li>IEA Executive Director Fatih Birol and OPEC Secretary General Mohammed Barkindo expressed “deep concerns” about the coronavirus pandemic on Monday.</li></ul>



<ul class="wp-block-list"><li>They singled out public sector spending in vital areas such as health care and education as being especially vulnerable.</li></ul>



<ul class="wp-block-list"><li>OPEC’s Barkindo and the IEA’s Birol did not address Russia specifically in their joint statement, but both “underscored the importance of market stability, as the impacts of extreme volatility are felt by producers.”</li></ul>



Developing countries’ oil and gas income could fall to their lowest levels in more than two decades if current energy market conditions persist, the IEA and OPEC have warned in a rare joint statement. 



IEA Executive Director Fatih Birol and OPEC Secretary General Mohammed Barkindo expressed “<a href="https://www.iea.org/news/iea-executive-director-and-opec-secretary-general-discussed-the-current-situation-in-global-oil-markets" target="_blank" rel="noreferrer noopener">deep concerns</a>” about the coronavirus pandemic on Monday, warning it could have “potentially far-reaching economic and social consequences.” 



Birol and Barkindo said they expect developing countries to see their oil and gas income fall by 50% to 85% in 2020.



They singled out public sector spending in vital areas such as health care and education as being especially vulnerable. 



International benchmark&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=@LCO.1">Brent</a>&nbsp;crude traded at $29.91 Tuesday morning, down around 0.7%, while&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=@CL.1">U.S. West Texas Intermediate</a>&nbsp;(WTI) stood at $28.98, more than 1% higher.



Oil prices <a href="https://www.cnbc.com/2020/03/16/oil-drops-more-than-6percent-breaking-below-30.html">slid 10% in the previous session</a>, as the coronavirus continues to spread worldwide and amid an ongoing price war between OPEC kingpin Saudi Arabia and non-OPEC leader Russia.



Crude futures have more than halved since climbing to a peak in January. 



<h2 class="wp-block-heading">‘Market stability’ </h2>



On Monday, Saudi Arabia’s state-owned oil giant Saudi Aramco said it would likely continue with a planned oil production hike from April into May, reportedly suggesting it was “very comfortable” with an oil price of $30 a barrel. 



Russia, which refused to sign up to OPEC’s proposal of deeper production cuts earlier this month, has claimed it can withstand lower oil prices for as long as a decade. 



OPEC’s Barkindo and the IEA’s Birol did not address Russia specifically in their joint statement, but both “underscored the importance of market stability, as the impacts of extreme volatility are felt by producers.” 



They agreed to “remain in close contact on the matter” and continue their regular consultations on oil market developments.



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</div></figure>



The IEA, which advises industrialized nations on energy issues, has <a href="https://www.cnbc.com/2020/03/12/oil-the-losers-of-the-price-war-between-saudi-arabia-and-russia.html">previously warned</a> long-time allies of de facto OPEC leader Saudi Arabia could be the worst hit from a sharp drop in oil prices. 



Last week, Birol <a href="https://www.cnbc.com/2020/03/12/oil-the-losers-of-the-price-war-between-saudi-arabia-and-russia.html">told CNBC</a> that countries like Iraq, Algeria and Nigeria — all OPEC producers — were in a “very, very difficult situation” and would require support from the rest of the world. 



Iraq, OPEC’s second-largest producer, is thought to be particularly exposed to an all-out price war because it has one of the least diversified economies of the producer group — despite relatively low production costs.



(Report by Sam Meredith)



This article was first published on CNBC <a href="https://www.cnbc.com/2020/03/17/opec-iea-warn-some-nations-could-lose-up-to-85percent-of-oil-and-gas-income.html">https://www.cnbc.com/2020/03/17/opec-iea-warn-some-nations-could-lose-up-to-85percent-of-oil-and-gas-income.html</a> and is republished with its permission.

OPEC and IEA warn developing countries could lose up to 85% of oil and gas income this year

Key Points



<ul class="wp-block-list"><li> The Dow and S&amp;P 500 on Monday suffered their worst plunge since the “Black Monday” crash of 1987, Dow futures hit their “limit up” level of 800 point gains on Tuesday as volatility continues to dominate markets.</li></ul>



<ul class="wp-block-list"><li>U.S. retail sales figures for February are due at 8:30 a.m. ET, before industrial and manufacturing production readings at 9:15 a.m.</li></ul>



<a href="https://www.cnbc.com/bonds/">U.S. government debt prices</a> were lower Tuesday morning as investors hope for a bottoming out following Monday’s historic losses on Wall Street.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/03/US-Treasury.png" alt="" class="wp-image-363394" width="1072" height="549" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/03/US-Treasury.png 753w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/US-Treasury-300x154.png 300w" sizes="auto, (max-width: 1072px) 100vw, 1072px" /></figure>



At around 3:00 a.m. ET, the yield on the benchmark <a href="https://www.cnbc.com/quotes/?symbol=US10Y">10-year Treasury note</a>, which moves inversely to price, was higher at around 0.7843%, while the yield on the <a href="https://www.cnbc.com/quotes/?symbol=US30Y">30-year Treasury bond</a> was up slightly at 1.3482%.



The <a href="https://www.cnbc.com/quotes/?symbol=.DJI">Dow</a> and <a href="https://www.cnbc.com/quotes/?symbol=.SPX">S&amp;P 500</a> on Monday suffered their <a href="https://www.cnbc.com/2020/03/15/traders-await-futures-open-after-fed-cuts-rates-launches-easing-program.html">worst plunge since the “Black Monday” crash</a> of 1987, despite the Federal Reserve’s announcement of an emergency $700 billion quantitative easing program and a further 100 basis point cut to interest rates.



However, Dow futures hit their “limit up” level of 800 point gains on Tuesday as markets look set for another volatile week of trading amid the rapid spread of the <a href="https://www.cnbc.com/2020/03/17/coronavirus-latest-updates.html">coronavirus pandemic</a>.



Confirmed cases have now surpassed 182,000, with more than 7,000 deaths, according to Johns Hopkins University, as governments around the world have begun to close their borders and enforce lockdowns.



In the U.S., 4,661 cases have now been confirmed with 85 deaths, with New York Mayor Bill de Blasio calling for a “wartime mentality” to contain the outbreak.



On the data front, U.S. retail sales figures for February are due at 8:30 a.m. ET, before Redbook data for last week at 8:55 a.m. and February’s industrial and manufacturing production readings at 9:15 a.m.



There are no Treasury auctions scheduled for Tuesday.



(Report by Elliot Smith)



This article was first published on CNBC <a href="https://www.cnbc.com/2020/03/17/treasury-yields-rise-as-stocks-search-for-modest-recovery-after-mondays-crash.html">https://www.cnbc.com/2020/03/17/treasury-yields-rise-as-stocks-search-for-modest-recovery-after-mondays-crash.html</a> and is republished with its permission.

US Treasury yields rise as stocks search for modest recovery after Monday’s crash

Key Points



<ul class="wp-block-list"><li>JPMorgan Chase is telling all its employees globally to work from home if possible.</li></ul>



<ul class="wp-block-list"><li>The New York-based bank, which had 256,981 workers at the end of last year, is expanding on a policy it began last week for New York-metro area employees as it copes with the coronavirus pandemic.</li></ul>



<ul class="wp-block-list"><li>“Effective immediately, we are asking all managers globally to allow employees to work from home to the extent feasible,” the bank’s operating committee said Sunday in a staff email. “This will further facilitate social distancing in the communities we call home while continuing to serve our clients and customers.”</li></ul>



<a href="https://www.cnbc.com/quotes/?symbol=JPM">JPMorgan Chase</a>&nbsp;is telling all its employees globally to work from home if possible.



The New York-based bank, which has 256,981 workers and operates in 60 countries, is expanding on a policy it began last week <a href="https://www.cnbc.com/2020/03/12/jpmorgan-chase-tells-managers-to-send-up-to-half-of-ny-metro-employees-to-work-from-home-in-shifts.html">for New York-metro area employees</a> as it copes with the spread of the coronavirus pandemic.&nbsp;



“Effective immediately, we are asking all managers globally to allow employees to work from home to the extent feasible,” the bank’s operating committee said Sunday in a staff email. “This will further facilitate social distancing in the communities we call home while continuing to serve our clients and customers.”



The move, the latest escalation of tactics taken by large financial firms, leaves JPMorgan’s traders, call center workers and branch personnel as among the only workers still working out of bank facilities. JPMorgan is the biggest U.S. bank by assets.&nbsp;



“We know many of you need to continue to work on site because of your customer-facing roles or other jobs that cannot be done from home — particularly in our branches and call centers,” the bank said. “We are actively reviewing how we can best support you at this time, and will share more information with you very soon.&#8221;



By Hugh Son



This article was first published on CNBC <a href="https://www.cnbc.com/2020/03/16/jpmorgan-tells-employees-around-the-world-to-work-from-home.html">https://www.cnbc.com/2020/03/16/jpmorgan-tells-employees-around-the-world-to-work-from-home.html</a> and is republished with its permission.

JPMorgan tells employees around the world to work from home if possible

Key Points



<ul class="wp-block-list"><li>The combination of an unfolding price war between oil production giants Russia and Saudi Arabia and concern over a potential demand shock from the global coronavirus pandemic have hammered oil prices in recent weeks.</li></ul>



Demand for oil will likely be negative in 2020, adding further downward pressure to plummeting prices, according to BP CFO Brian Gilvary.



Around the time of its earnings report in early February, the energy giant anticipated that demand would weaken by around 300,000 to 500,000 barrels a day.



But on Monday, Gilvary told CNBC’s “Squawk Box Europe”: “If you ask me that question today, it is more like flat demand year-on-year, maybe even negative demand &#8211; we will probably likely see negative demand this year.”



Negative demand for a particular product exists when consumers dislike it to the extent that they would be prepared to pay more than the price of the product in order to avoid having to buy it.



The combination of an <a href="https://www.cnbc.com/2020/03/12/oil-the-losers-of-the-price-war-between-saudi-arabia-and-russia.html">unfolding price war between oil production giants Russia and Saudi Arabia</a> and concern over a potential demand shock from the <a href="https://www.cnbc.com/2020/03/16/coronavirus-live-updates-italy-death-toll-jumps.html">global coronavirus pandemic</a> have hammered oil prices in recent weeks.



International benchmark <a href="https://www.cnbc.com/quotes/?symbol=@LCO.2">Brent crude</a> was trading down 9.3% at around $30.70 per barrel on Monday afternoon while <a href="https://www.cnbc.com/quotes/?symbol=@CL.1">U.S. West Texas Intermediate</a> (WTI) dipped below $30 a barrel to $29.50, down 6.8%. So far this year, Brent and WTI are down 53.8% and 52% respectively.



The tension between OPEC kingpin Saudi Arabia and non-OPEC leader Russia arose after a recent breakdown in negotiations over oil production cuts in response to the outbreak. Riyadh subsequently vowed to ramp up production at sharply discounted prices for April.



Gilvary suggested that activity beyond this year would depend on what “the new normal” becomes for businesses.



“We have got a demand side shock and then you also have the combined issue of a significant amount of oil now coming on the market in April, so the direction of the oil price can only go in one direction, and that is down,” he said.



Gilvary said that at present, BP was starting from a “much stronger financial position” in terms of costs and capital flexibility than when Brent prices fell to $28 per barrel in 2016.



“In our targets for 2021, we had the company balanced at around $40 per barrel Brent, which was the key five-year target we put in place four years ago. We are on track for that,” Gilvary said, adding that BP’s capital was currently running at around $15 billion and could be taken down by up to 20% this year if necessary.



This article was first published on CNBC <a href="https://www.cnbc.com/2020/03/16/as-oil-prices-tank-bp-cfo-warns-demand-could-be-negative-in-2020.html">https://www.cnbc.com/2020/03/16/as-oil-prices-tank-bp-cfo-warns-demand-could-be-negative-in-2020.html</a> and is republished with its permission.

As oil prices tank, BP CFO warns demand could be negative in 2020

NAIROBI (Reuters) &#8211; Several African governments on Sunday closed borders, canceled flights and imposed strict entry and quarantine requirements to contain the spread of the new coronavirus, which has a foothold in at least 26 countries on the continent as cases keep rising.



South African President Cyril Ramaphosa declared a national state of disaster and warned the outbreak could have a “potentially lasting” impact on the continent’s most-developed economy, which is already in recession. 



Measures to be taken there include barring travel to and from countries such as Italy, Germany, China and the United States. 



“Any foreign national who has visited high-risk countries in the past 20 days will be denied a visa,” he said, adding that South Africans who visited targeted countries would be subjected to testing and quarantine when returning home. 



South Africa, which has recorded 61 cases, will also prohibit gatherings of more than 100 people, Ramaphosa said. [nL8N2B8163] 



Kenyan President Uhuru Kenyatta said his government was suspending travel from any country with reported COVID-19 cases.



“Only Kenyan citizens, and any foreigners with valid residence permits will be allowed to come in, provided they proceed on self-quarantine,” he told the nation in a televised address. 



The ban would take effect within 48 hours and remain in place for at least 30 days, he said. 



Schools should close immediately and universities by the end of the week, he added. Citizens would be encouraged to make cashless transactions to cut the risk of handling contaminated money. 



Kenya and Ethiopia have now recorded three and four cases respectively, authorities in each nation said on Sunday, two days after they both reported their first cases. 



In West Africa, Ghana will ban entry from Tuesday to anyone who has been to a country with more than 200 coronavirus cases in the past 14 days, unless they are an official resident or Ghanaian national. Ghana has recorded six cases. 



President Nana Akufo-Addo said in a televised Sunday evening address that universities and schools will be closed from Monday until further notice. Public gatherings will be banned for four weeks, he said, though private burials are allowed for groups of less than 25 people. 



In southern Africa, Namibia ordered schools to close for a month after recording its first two cases on Saturday. 



Djibouti, which has no confirmed case of COVID-19, said on Sunday it was suspending all international flights. Tanzania, which also has no cases yet, canceled flights to India and suspended school games. 



Other nations have also shuttered schools, canceled religious festivals and sporting events to minimize the risk of transmission. Some 156,500 people worldwide have been infected and almost 6,000 have died. [nL4N2AY3AS] 



(Reporting by Wendell Roelf in Cape Town, Edward McAllister in Dakar, Omar Mohammed and Duncan Miriri in Nairobi, Giulia Paravicini in Addis Ababa, Nyasha Nyaungwa in Windhoek and Christian Akorlie in Accra; Writing by Giulia Paravicini; Editing by Alexandra Hudson, Peter Cooney and Diane Craft)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/topNews/idAFKBN2130YS-OZATP">https://af.reuters.com/article/topNews/idAFKBN2130YS-OZATP</a> and is republished with its permission.

African nations close borders, cancel flights amid coronavirus pandemic

Key Points



<ul class="wp-block-list"><li>The week has seen a deluge of headlines on emergency monetary and fiscal policy action from central banks and governments around the world.</li></ul>



<ul class="wp-block-list"><li>Another reason for Friday’s market moves could be that some investors believe they’ve bottomed out.</li></ul>



<ul class="wp-block-list"><li>Some are seeing the historic sell-off as an opportunity to capitalize on low stock valuations.</li></ul>



Markets are set for a wild day of trading on Friday as volatility takes hold following a historic sell-off around the world.



While Thursday’s stock market was fueled by the rapid global spread of the coronavirus pandemic, and U.S. President Donald Trump’s announcement of <a href="https://www.cnbc.com/2020/03/12/lagarde-on-trump-travel-ban-doubt-very-much-that-diseases-have-passports.html">travel restrictions from Europe</a>, markets today are painting an inconsistent and chaotic picture.



Dow futures started in the red but reversed course during the morning to point to an <a href="https://www.cnbc.com/2020/03/12/futures-stock-market-coronavirus-concerns.html">opening gain of more than 700 points</a>. The benchmark on Thursday dropped 10% to post its worst single-day loss since “Black Monday” in 1987.



<a href="https://www.cnbc.com/2020/03/13/european-stocks-set-for-mixed-open-after-historic-sell-off.html">European stocks</a> jumped more than 4% at the open after the pan-European Stoxx 600 posted its worst day in history on Thursday, but proceeded to cut their gains in half within the first hour of trading before rebounding once again.



<a href="https://www.cnbc.com/2020/03/13/asia-markets-wall-street-coronavirus-stimulus-measures-in-focus.html">Asian shares</a> continued to tumble across the board, but <a href="https://www.cnbc.com/quotes/?symbol=.AXJO">Australia’s stocks</a> rebounded from an 8% decline to close 4.42% higher.



This move in Australian shares came after the government unveiled a $17.6 billion stimulus package as its stock index careened into bear market territory — but responses by other monetary policymakers have left markets underwhelmed.



<h2 class="wp-block-heading">Policy inconsistency</h2>



The week has seen a deluge of headlines on emergency monetary and fiscal policy action from central banks and governments around the world. However, the apparent lack of a coordinated global response is seemingly leaving investors scratching their heads.



Having already announced a 50 basis point cut to interest rates on March 3, the U.S. Federal Reserve on Thursday announced a plan to <a href="https://www.cnbc.com/2020/03/12/fed-to-pump-more-than-500-billion-into-short-term-bank-funding-expand-types-of-security-purchases.html">pump $1.5 trillion into the financial system</a> in a bid to combat potential freezes arising from the virus.



The European Central Bank (ECB) announced a 120 billion euro ($135.28 billion) expansion to its asset purchase program, but <a href="https://www.cnbc.com/2020/03/12/european-central-bank-stimulus-package-amid-coronavirus.html">surprised markets by opting against</a> a widely anticipated 10 basis point interest rate cut, which sent European markets deeper into the red Thursday.



The Bank of England earlier this week announced a 50 basis point cut to interest rates, while the British government revealed a $39 billion spending package which included funds to mitigate the economic impact of the pandemic.



<h2 class="wp-block-heading">Violent rebound?</h2>



Another reason for Friday’s market moves could be that some investors believe they’ve bottomed out. Global investment research firm BCA Research said Friday that its equity sentiment indicators had collapsed to levels recorded before significant market rebounds, such as those which materialized in March 2009 and October 2002.



“This is not a guarantee that the market will rebound in the coming days, but it suggests that we have now seen at least three quarters of the selling pressure,” BCA Bank Credit Analyst Mathieu Savary said in a research note Friday morning, adding that the data also indicates the market could now “violently rebound on any positive news.”



Market sentiment has hit the floor because investors are so disappointed by the response of policymakers so far, he said.



“Paradoxically, this growing bear market is exactly what is needed to force action from fiscal and monetary authorities,” Savary said, adding that this increases the likelihood of large fiscal packages which provide a sharp rebound in the context of “bombed out” sentiment, though the “durability of the rebound remains tenuous.”



<h2 class="wp-block-heading">‘A special kind of fear’</h2>



Some are seeing the historic sell-off as an opportunity to capitalize on low stock valuations.



Jeff Henriksen, CEO of Thorpe Abbotts Capital, told CNBC on Friday that he had been buying all of this week, based on a long-term “value-oriented” approach.



Thorpe Abbots’ base case is that while the economy will take a sharp hit, the impact will be temporary unless there is a “huge credit crunch,” though Henriksen suggested that monetary and fiscal policymakers will have to do more in the coming days and weeks.



“It is a special kind of fear that is really gripping people right now, and I think it is creating dislocations in markets that we look at,” he told CNBC’s “Squawk Box Europe.”



“I never thought that we would see generational lows like we did in 2008/9, in terms of valuations, in my lifetime again, but we are starting to see that.”



While reluctant to speculate on whether the markets have bottomed out, Henriksen said there were opportunities to buy at big discounts.



“In the last week, I have seen more interesting opportunities than I have seen in a very long time,” he said.



“Investors, if they look through all this, can find some great companies at really bargain level prices.”



This article was first published on CNBC <a href="https://www.cnbc.com/2020/03/13/heres-whats-driving-market-volatility-after-the-global-stock-rout.html">https://www.cnbc.com/2020/03/13/heres-whats-driving-market-volatility-after-the-global-stock-rout.html</a> and is republished with its permission.

Here’s what’s driving market volatility after the global stock rout

Coronavirus updates: China reports 8 new cases, wife of Canadian PM tests positive

KEY POINTS



<ul class="wp-block-list"><li>Nigeria’s $34.6 billion Budget for 2020 was benchmarked on an oil price of $57 per barrel. It expected crude oil sales to contribute 35 percent of government revenue. The oil prices&#8217; plunge has forced the Nigerian government to review its budget. </li></ul>



 By <a href="https://www.cnbc.com/pippa-stevens/">Pippa Stevens</a><a rel="noreferrer noopener" href="https://twitter.com/@PippaStevens13" target="_blank">@PIPPASTEVENS13</a><a href="https://www.cnbc.com/eustance-huang/">and Eustance Huang</a><a rel="noreferrer noopener" href="https://twitter.com/EustanceHuang" target="_blank">@EUSTANCEHUANG</a> Oil prices plunged after OPEC’s failure to strike a deal with its allies regarding production cuts caused Saudi Arabia to slash its prices as it reportedly gets set to ramp up production, leading to fears of an all-out price war.



<a href="https://www.cnbc.com/quotes/?symbol=@CL.1">U.S. West Texas Intermediate crude</a>&nbsp;dropped 29.48% to $29.11 per barrel as of 05:50 GMT Monday, having earlier tumbled to a low of $27.34 per barrel. International benchmark&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=@LCO.1">Brent crude</a>&nbsp;futures also plummeted 27.26% to $32.93 per barrel.



“This has turned into a scorched Earth approach by Saudi Arabia, in particular, to deal with the problem of chronic overproduction,” Again Capital’s John Kilduff said. “The Saudis are the lowest cost producer by far. There is a reckoning ahead for all other producers, especially those companies operating in the U.S shale patch.”



On Saturday, Saudi Arabia announced massive discounts to its official selling prices for April, and the nation is reportedly preparing to increase its production above the 10 million barrel per day mark, according to a Reuters report. The kingdom currently pumps 9.7 million barrels per day, but has the capacity to ramp up to 12.5 million barrels per day.<a></a>



“We believe the OPEC and Russia oil price war unequivocally started this weekend when Saudi Arabia aggressively cut the relative price at which it sells its crude by the most in at least 20 years,” Goldman Sachs analyst&nbsp;Damien Courvalin said in a note to clients Sunday. “The prognosis for the oil market is even more dire than in November 2014, when such a price war last started, as it comes to a head with the significant collapse in oil demand due to the coronavirus,” the firm added.



Goldman cut its second and third quarter Brent forecast to $30 per barrel, and said that prices could dip into the $20s.



Saudi Arabia’s price cut followed a breakdown of talks in Vienna last week. On Thursday, OPEC recommended additional production cuts of 1.5 million barrels per day starting in April and extending until the end of the year. But OPEC ally Russia rejected the additional cuts when the 14-member cartel and its allies, known as OPEC+, met on Friday.



The meeting also concluded with no directive about the production cuts that are currently in place but set to expire at the end of the month. This effectively means that nations will soon have free rein over how much they pump.



“As from 1 April we are starting to work without minding the quotas or reductions which were in place earlier,” Russian Energy Minister Alexander Novak told reporters Friday at the OPEC+ meeting in Vienna, adding, “but this does not mean that each country would not monitor and analyze market developments.”&nbsp;



Oil prices have already moved sharply lower this year as the coronavirus outbreak has led to softer demand for crude. A potential supply glut could pressure prices further.



“Both events – coronavirus and OPEC+ falling apart were not expected or priced into the market a month ago,” said Rebecca Babin, senior equity trader for CIBC Private Wealth Management. She said the key things to watch going forward are whether or not Saudi Arabia and Russia reach a “Hail Mary” deal, and if not, how quickly U.S. supply is shut in to support prices.



“There is still significant uncertainty, but the commodity market is not waiting around to find out if miracles can happen,” she added.



The unfolding of events is reminiscent of 2014 when Saudi Arabia, Russia and the U.S. competed for market share in the oil industry. As production escalated, prices plummeted. Some see prices heading back to those lows.&nbsp;



″$20 oil in 2020 is coming,” Ali Khedery, formerly Exxon’s senior Middle East advisor and now CEO of U.S.-based strategy firm Dragoman Ventures, wrote Sunday on Twitter. “Huge geopolitical implications. Timely stimulus for net consumers. Catastrophic for failed/failing petro-kleptocracies Iraq, Iran, etc &#8211; may prove existential 1-2 punch when paired with COVID19.”



But others, including Eurasia Group,&nbsp;believe that Saudi Arabia and Russia will eventually come to an agreement.&nbsp;



“The most likely outcome of the failure of the Vienna talks is a limited oil price war before the two sides agree on a new deal,” analysts led by&nbsp;Ayham Kamel said in a note to clients Sunday. The firm puts the chances of an eventual agreement at 60%.&nbsp;



Vital Knowledge founder&nbsp;Adam Crisafulli said Sunday that oil “has become a bigger problem for markets than the coronavirus,” but also said that he does not foresee prices falling to the Jan. 2016 lows.&nbsp;



“Saudi Arabia can’t tolerate an oil depression – the country’s fiscal breakeven oil prices remains very high, Saudi Aramco is now a public company, and MBS’s grip on power isn’t yet absolute. As a result, the [government] won’t be so cavalier in sending oil back into the $30s (or even lower),” he said in a note to clients Sunday.



— CNBC’s <a href="https://www.cnbc.com/michael-bloom/">Michael Bloom</a> and <a href="https://www.cnbc.com/natasha-turak/">Natasha Turak</a> contributed reporting.



This article first appeared on CNBC <a href="https://www.cnbc.com/2020/03/08/oil-plummets-30percent-as-opec-deal-failure-sparks-price-war-fears.html">https://www.cnbc.com/2020/03/08/oil-plummets-30percent-as-opec-deal-failure-sparks-price-war-fears.html</a> and is republished with its permission

US crude prices drop below $30 a barrel after OPEC deal failure sparks price war, oil-dependent economies left vulnerable

Why Big Tech Is Heading To Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1110" height="740" src="https://www.cnbcafrica.com/wp-content/uploads/2020/02/Reem-Al-Hashimy-1110x740.jpg" alt="Reem Al Hashimy, the UAE’s Minister for International Cooperation and Director General, Expo 2020 Dubai Bureau" class="wp-image-360733" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/02/Reem-Al-Hashimy-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/02/Reem-Al-Hashimy-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/02/Reem-Al-Hashimy-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/02/Reem-Al-Hashimy-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/02/Reem-Al-Hashimy-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/02/Reem-Al-Hashimy-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/02/Reem-Al-Hashimy-1068x712.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/02/Reem-Al-Hashimy-630x420.jpg 630w, https://cms.cnbcafrica.com/wp-content/uploads/2020/02/Reem-Al-Hashimy-1920x1281.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2020/02/Reem-Al-Hashimy.jpg 2048w" sizes="auto, (max-width: 1110px) 100vw, 1110px" /><figcaption>Reem Al Hashimy, the UAE’s Minister for International Cooperation and Director General, Expo 2020 Dubai Bureau</figcaption></figure>



For the first time in the near 170-year history of World Expos, all countries in Africa will participate at Expo 202o Dubai, set to unfold as the planet’s biggest show, for six months from October 20 this year.





For the first time, the African Union (AU) will also host a pavilion at the expo, to increase the decibel on the continent’s policies for potential and progress to millions of visitors expected to descend from around the world to the glistening city of Dubai, in the United Arab Emirates (UAE).&nbsp;&nbsp;



To strengthen the almost 50-year partnership with Africa, recently, a UAE Consortium for Africa was launched, with the UAE committing to invest $500 million– in a consolidation of government and private resources– into the continent. A primary focus of the consortium will be digitization and developing the youth on the continent.



Her Excellency Reem Al Hashimy, the&nbsp;UAE’s Minister for International Cooperation and Director General, Expo 2020 Dubai Bureau,&nbsp;elaborates on taking the Africa partnership to the next level.



&nbsp;“The expo will further catalyze the relationship with Africa developed over the last few decades. Last year, we had 24 heads of government from the African continent in the UAE. The continent sees us as a partner,” she says in an interview with FORBES AFRICA.



Minister Al Hashimy, who has also been a regular attendee at the AU summit in Ethiopia for several years now, says the UAE&nbsp;recognizes that the real value lies in the long-term building of human capital, which is&nbsp;plans to deepen trade ties with South Africa and the rest of the continent.



“Now – at the start of the third decade of the millennium – we need to step it up and help underpin Africa’s potential<a href="https://www.cnbcafrica.com/news/2020/02/16/powering-africas-bright-future-how-digitising-a-continents-youth-will-drive-global-progress/"> through its people</a>, because how Africa develops, how it ensures its stability, builds on its successes and overcomes its challenges, will have enormous implications, not just for the continent itself, but for every country on the planet.”



Expo 2020, themed ‘Connecting Minds, Creating The Future’, is expected to bring together 192 participating nations to Dubai.



The AU will&nbsp;focus its participation on the expo’s sub-theme, ‘Opportunity’, aiming&nbsp;to utilize the platform to tell the African story and position the continent for hosting a World Expo in the future.

Reem Al Hashimy, the UAE’s Minister for International Cooperation and Director General, Expo 2020 Dubai Bureau

Reem Al Hashimy

A $500 million consortium and global stage for Africa at Expo 2020 Dubai

The future of the world hinges on the future of Africa. A bold statement? The UAE doesn’t think so and has backed the sentiment with a USD 500 million investment to empower the continent’s youth. Her Excellency Reem Al Hashimy, UAE Minister for International Cooperation and Director General, Expo 2020 Dubai Bureau, explains why investing in human capital is key to Africa’s development – and how it will drive progress in the rest of the world. 



Written by: HE Reem Al Hashimy 



Africa is the future – not just for Africans, but for the entire world. The youngest, fastest-growing continent on the planet is brimming with promise, and the global community has a shared responsibility to ensure it grasps that opportunity for the good of us all.



Why?
Africa’s population of more than 1.3 billion will double by the middle of this
century, potentially rising to four billion people by 2100 – or around one
third of the global population. 



The
UAE, which has a near-50-year partnership with Africa – a friendship based on
mutual respect and vision that continues to flourish to this day – shares the
view of many African and development experts that the future of Africa cannot
be built on traditional aid, focused largely on physical infrastructure and
basic needs. We recognise that the real value lies in the long-term building of
human capital, which is why we are investing in Africa’s greatest resource: its
people, particularly its youth. 



Huge
strides have been made in the last 15 years. Now – at the start of the third
decade of the Millennium – we need to step it up and help underpin Africa’s
potential through its people, because how Africa develops, how it ensures its
stability, builds on its successes and overcomes its challenges, will have
enormous implications, not just for the continent itself, but for every country
on the planet. 



The recent
launch of the UAE Consortium for Africa takes our partnership to the next
level, with the UAE committing to invest USD 500 million (AED 1.83 billion) –
in a consolidation of government and private resources– into a continent whose
future development will inevitably bolster positive progress throughout the
rest of the world.



As many countries face ageing and dwindling populations, the opposite is
true in Africa. The continent is home to 226 million people aged between 15 and
24 – that’s 20 per cent of the population; in 15 countries in sub-Saharan
Africa, half the population is under age 18; and by 2035, Africa’s working
population will exceed that of the rest of the world combined. That growing
potential talent pool combined with a formidable market represents a powerful
‘population dividend’.



The Consortium is geared towards a vision of a new, ‘turbocharged’ and
connected Africa, driven by an enabled
and optimistic youth. More than any structures of concrete or steel,
the foundations of this future will be built on a new generation of creative, collaborative
and critical thinkers. 



Young
people are the backbone of this great continent. And unlocking their potential,
through up-skilling, re-skilling and building a solid digital infrastructure –
is a crucial development priority. 



That is why the first priorities of the Consortium will focus
on digitisation and youth: to ensure that every single
person is connected; that young people have the skills to embrace, rather
than be overwhelmed by, the opportunities that will naturally follow, and are able
to look forward with
optimism to a future that is firmly in their control.



We know that technology can transform lives and growing that technology
will bridge the gap between tradition and progress, with wide-ranging benefits
for communities, economies and beyond. 



This is already underway. Almost half the people of Africa subscribe to
mobile services, and in 2019, the number of tech hubs across Africa grew by
nearly 50 per cent, with Africa the fastest growing continent for developers
globally. But internet speeds lag and mobile data costs around eight per cent
of average income – more than anywhere else globally.



Innovation and re-skilling youth for the industries of tomorrow, including those jobs that have yet to be
invented, while also catalysing a spirit of
entrepreneurism – this is key to harnessing the potential of a youthful
population and driving sustainable growth and development. 



This aim of the Consortium will receive a huge boost by the next World Expo in Dubai. For six months from 20 October this year, Expo
2020 Dubai will give Africa a global stage like it has never enjoyed before,
and a platform to showcase policy with the potential to change the future – not
just of Africa, but of the world.&nbsp; 



The African Union will, for the first time, host
a pavilion at Expo 2020. Millions of visitors will step in to a colourful, arena
devoid of national borders, where they will discover Africa’s vast potential
and optimism for the future, reflected in its Agenda 2063 aspirations that
address agriculture, transport, science and technology, and health.



Expo 2020 will offer African nations the ideal
platform to show their individual visions for the future, with each country
having its own pavilion for the first time in the near 170-year history of
World Expos.



The potential for new forms of partnerships,
across the continent and across the globe, is tremendous, with many of the 192
participating nations eager to widen and deepen their ties with Africa.



Human potential is at the heart of creating an
Africa we all want to see. The continent’s future is being built from within,
by mobilising a young, entrepreneurial generation that knows what it is to be
empowered, thereby embracing and enacting sustainable positive change with
implications on a local, pan-continental and international level.



Both the UAE Consortium for Africa and Africa’s
Expo 2020 participation at The World’s Greatest Showcase of human brilliance
and achievement can only help bring that exciting, optimistic new future a big
step closer.

HE Reem Al Hashimy

Powering Africa’s bright future: how digitising a continent’s youth will drive global progress

By David S. Levin, writer from New York 



Right now, socialism is all the rage in America. Bernie Sanders is surging in the polls and packing in throngs of young fanatics at his rallies like they were going to a free Beyonce concert. Throw in a few million baby boomers still dreaming of 1969, stir vigorously, and cook over a politically high heat until boiling, and they’re certain they have the antidote to eradicate the evil orange plague from the White House and save the world from a near-certain apocalypse. 



Still, stranger things have happened, like Donald Trump getting elected to begin with. Even Vegas didn’t pick that one. But it was his election that actually set off all this lunacy to begin with. And now, the pendulum is swinging back, and the spectre of a socialist America, and a Sanders presidency, has all of a sudden become a very real possibility. 



He’s got over $30 million in campaign cash
and, by the most important modern-day measure of them all, close to 11 million
Twitter devotees. And he’s feeling it. So much so that he told a raucous crowd of
college students recently “We’re taking on the entire political establishment.
Both the Republicans and the Democrats!” 



Democratic leaders are panic-stricken they’re losing control of their party like the Republicans did when Trump steamrolled them in 2016. And the Republicans, now fully behind him, are gearing up for a bloody, no-holds barred, back-alley brawl when Americans go to the polls in November. In the end, regardless of who wins, the 2020 presidential race will look more like a grisly triple murder scene than an election.



But I have to wonder exactly how a
244-year-old democracy just stops being one overnight? We’ve never been
anything else. Will anyone actually know what to do? Maybe there’s an app for
it somewhere that will help. But something tells me that socialism might prove
to be a little trickier to implement in the U.S. than just flipping on the
light switch. It would be more like trying to turn around a cruise ship in a
swimming pool.



And there’s a very inconvenient fly in
the ointment that nobody is discussing. One that is more intrinsic to our
nature. It’s a human trait that can’t be politicised and controlled. Because
it’s part of our national DNA. It’s who we are.



Simply put, Americans are
hyper-materialistic. We love our toys. Our stuff. You know, the material
trappings. Things like technology and cars. Houses. Nice clothes. Travel.
Eating out. Everything. 



Sorry,
but these are all big socialism no-nos. 



The golden years of post-World War II
America spawned a massive consumer machine designed to devour everything in its
path. And that’s the problem. Consumerism is contrary to socialism. So, maybe
the easiest way to illustrate what socialism would actually mean to you is
this. The fashionista, iPhone toting, sushi eating, smartwatch wearing, BMW
driving model of you wouldn’t be available any longer. 



Basically, you’d be phased out. Viva
la revolution! 



And
that’s the rub. Because those very same extravagances that socialism
discourages, are at the heart of our everyday lives. Still, according to a
Harris poll last year, and despite our materialistic inclinations, 50% of
adults under 38 said they would “prefer to live in a socialist system” although
most of them couldn’t tell you anything about it other than they heard college
and healthcare were free, and working is pretty much optional. 



But
do they really have the courage of their convictions? And are they ready to
make the trade-offs socialism suggests? Because you can’t have it both ways.
Driving around in a $80,000 Mercedes with a “Bernie 2020” bumper sticker on the
back might be viewed as somewhat hypocritical. And you’ll probably get your tires
slashed in the parking lot too.



The
problem is most Americans really don’t know much about socialism despite the
fact that it’s always trending on Twitter along with plant-based meat and $800
Gucci sneakers. We’ve basically fallen for the talking points. Sure, we’ve read
about it and maybe even studied it briefly in school. And we know who all the
rock stars are like Marx and Stalin. But for the most part, it’s still
ambiguous to us except for what we read in the New York Times, which
essentially acts like a cheerleader with state-sponsored pom-poms. 



Remember,
this is hardly the first time we’ve protested the status quo. The American
Revolution was certainly one hell of a protest movement, wouldn’t you say?
George Washington was like our very own Che Guevara. And don’t forget that back
in the sixties the Baby Boomers wanted to tear down the walls too. Our music
was all about revolution and counterculture. Long hair and bell bottoms were
the look. And we protested all the same things too. Climate change, inequality,
opportunity. All of it. 



But a funny thing happened on the way to the Earth Day March. Mortgages, car payments and children all got in the way. And we were forced to cancel the revolution because we had to wake up early the next day to go to work. 



So, before we head off to the next Bernie for President rally, and before we write America&#8217;s eulogy, just remember that it was capitalism that produced all the stuff we love and use every day. Not socialism. Things like the car and the aeroplane. The telephone and the lightbulb. How about movies and television? And what about some more recent innovations like the personal computer and the iPhone, the iPad, the microwave, email, video games, voice mail, Wi-Fi and the digital camera to name a few. 



Oh,
and I almost forgot. The Internet.&nbsp; 



And
how about the companies that make all these things? Companies like Apple and Microsoft. Coca-Cola.
Disney. Nike. McDonald’s. Walmart. Harley Davidson. Twitter and Facebook.
Instagram, Snapchat. Uber. Netflix. Google. Intel. Amazon. Intel. Oracle. eBay.
AT&amp;T. Dell. Costco. YouTube. Cisco. Whole Foods. CNN. Home Depot. IBM.
Starbucks and LinkedIn. The list goes on. 



So,
here’s the takeaway. None of these companies would exist if the U.S. had been
socialist. And neither would any of the things they make. So, take a minute and
try to envision your life without them. 



Sorry
folks, but Netflix has been cancelled tonight. 



Of
course, some people like to point to countries like Sweden as a possible model
for a future America. That’s apples and oranges. The Swedes are primarily
Scandinavians of German origin. They have a largely homogeneous, singular
population. They are one people. Conversely, the U.S. is 300 times larger and
made up of over 150 nationalities with competing agendas. Our national DNA is
simply antithetical to it. 



So,
before we wish it all away and set sail into the great unknown, and before we
vote in our next president, whoever it is, take a deep breath. Smell the roses.
Because if the U.S. elects a socialist, the next wave of entrepreneurs, and all
the innovations that we’re just beginning to imagine like consumer space
travel, personal robots and aqua treadmills, might not ever come to pass. 



I
suppose time will tell if we indeed have the courage of our convictions. But be
careful what you ask for. Because you just may get it.

Op-Ed: Why the United States should be careful what it asks for

<a href="https://www.cnbc.com/vicky-mckeever/">Vicky McKeever</a> <a rel="noreferrer noopener" href="https://twitter.com/@vmckeevercnbc" target="_blank">@VMCKEEVERCNBC</a> Blockchain has topped the list of skills bosses are looking for in employees around the world this year, according to professional social media platform LinkedIn.



The record-keeping technology first emerged in 2009 with the birth of cryptocurrency but has since moved on from supporting the use of the likes of Bitcoin.



The ability to store, validate, authorize, and move data across the internet with blockchain means it is now being used to securely store and send any digital asset. The technology also stores a permanent and non-editable record of data entry.



Blockchain was the top priority for employers hiring in the U.S., U.K., France, Germany and Australia, LinkedIn found. Yet it was both first time blockchain made it onto LinkedIn’s rankings of in-demand skills and came in first place.



Namrata Murlidhar, marketing director at LinkedIn, said blockchain had emerged from the “once shadowy world” of cryptocurrency to become a “transformative business solution.”



Industries outside the financial services sector were increasingly seeking talent with experience in blockchain, she added, including retail, shipping, healthcare, farming and gaming.



LinkedIn measured demand by looking at the profiles of its users, to determine the frequency that people with different skillsets were getting hired.



Cloud computing came in second place, which is the technology allowing data to be stored and managed on the internet. People working in this area would be developing the architecture, design and delivery of cloud systems.



In third place was analytical reasoning &#8211; the ability to make sense of data and uncover insights that can help business decisions.



Artificial intelligence (AI), which is the technology developing machine-learning, was the fourth most in-demand area of “hard” skills for employers.



Rounding out the top five was UX design, the focus on users’ experience of products, particularly technology.



<h2 class="wp-block-heading">The top 10 most in-demand hard skills globally</h2>



<ol class="wp-block-list"><li>Blockchain</li><li>Cloud computing</li><li>Analytical reasoning</li><li>Artificial intelligence</li><li>UX design</li><li>Business analysis</li><li>Affiliate marketing</li><li>Sales</li><li>Scientific computing</li><li>Video production</li></ol>



<h2 class="wp-block-heading">Soft skills</h2>



LinkedIn also ranked “soft” skills – the interpersonal qualities employers want most in their staff. The list looked very similar to the&nbsp;<a href="https://www.cnbc.com/2019/01/04/the-30-most-in-demand-skills-in-2019-according-to-linkedin-.html">2019 rankings</a>, with creativity holding onto the top spot.



However, emotional intelligence also made an appearance in this year’s top five. This is the ability to perceive, evaluate and respond to both your own emotions and those of others.



LinkedIn said this emphasized the “importance of how we respond to and interact with colleagues.”



<h2 class="wp-block-heading">The top 5 most in-demand soft skills globally</h2>



<ol class="wp-block-list"><li>Creativity</li><li>Persuasion</li><li>Collaboration</li><li>Adaptability</li><li>Emotional intelligence</li></ol>



This article first appeared on CNBC <a href="https://www.cnbc.com/2020/01/17/blockchain-is-the-most-in-demand-job-skill-in-2020-says-linkedin.html">https://www.cnbc.com/2020/01/17/blockchain-is-the-most-in-demand-job-skill-in-2020-says-linkedin.html</a> and is republished with its permission

LinkedIn reveals the most in-demand job skills in 2020

<a href="https://www.cnbc.com/elliot-smith/">Elliot Smith</a> <a rel="noreferrer noopener" href="https://twitter.com/@ElliotSmithCNBC" target="_blank">@ELLIOTSMITHCNBC</a>





KEY POINTS



<ul class="wp-block-list"><li>The death toll rose to 80 as of the end of Sunday, according to Chinese officials, with more than 2,700 people now infected.</li><li>A fifth case in the U.S. has now been confirmed and the virus has been detected in Singapore, South Korea, Australia, Canada, France, Japan, Malaysia and Vietnam.</li><li>The flight from risk comes amid concerns about a possible economic fallout from the virus, with experts recalling the impact of the SARS crisis in 2003.</li><li>The pan-European Stoxx 600 fell 1.7% early in the trading session, while in the U.S., Dow futures indicated a plunge of almost 400 points at the open on Wall Street.</li><li> Africa&#8217;s largest stock exchange&#8217;s JSE All-Share Index fell 2.4%. </li></ul>



Investors worldwide have been spooked by the rapid spread of the Chinese coronavirus, with stock markets around the globe sharply lower on Monday.



The death toll rose to 80 as of the end of Sunday, according to Chinese officials, with more than 2,700 people now infected. A fifth case in the U.S. has now been confirmed and the virus has been detected in Singapore, South Korea, Australia, Canada, France, Japan, Malaysia and Vietnam.



Africa&#8217;s largest stock exchange&#8217;s JSE All-Share Index fell 2.4% in intra-day trade, pan-European <a href="https://www.cnbc.com/quotes/?symbol=.STOXX">Stoxx 600</a> fell 1.7% early in the trading session, while in the U.S., <a href="https://www.cnbc.com/quotes/?symbol=.DJI">Dow</a> futures indicated a plunge of almost 400 points at the open on Wall Street.



While most markets in Asia were closed for the Lunar New Year, Japan’s&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=.N225">Nikkei 225</a>&nbsp;fell by more than 2% in afternoon trade while the Topix slipped 1.6%.



The flight from risk comes amid concerns about a possible economic fallout from the virus, with experts recalling the impact of the SARS crisis in 2003. At a press conference on Sunday, China’s top health official said the virus’s transmission ability is strengthening.



<iframe width=560 height=349 src=https://player.cnbc.com/p/gZWlPC/cnbc_global?playertype=synd&#038;byGuid=7000118986 frameborder=0 scrolling=no allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen ></iframe>



In a note Monday morning, Danske Bank Chief Analyst Allen von Mehren said that the Chinese economy is likely to take a short-term hit and a possible GDP (gross domestic product) reduction of one percentage point in the first half of 2020.



“The SARS epidemic lasted three to four months but it is hard to say if this is any guide. While the government response is faster, the new virus seems to be spreading faster. It is too early to judge when it will get under control,” von Mehren said.



Traditional so-called safe haven assets surged on Monday.&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=@GC.1">Spot gold</a>&nbsp;was trading up by 0.78% at just below $1,582.6 a troy ounce early in the European session, while the&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=JPY=">Japanese yen</a>&nbsp;changed hands at 109 against the dollar. The&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=CHF=">Swiss franc</a>&nbsp;was also among the strongest-performing currencies.



Government debt prices also surged, sending bond yields tumbling. The yield on the benchmark&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=US10Y">U.S. 10-year Treasury</a>&nbsp;note fell to 1.6218% to hit its lowest since October, while the&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=US30Y">30-year Treasury bond</a>&nbsp;yield slid to 2.0825%.



The yield on the German&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=DE10Y-DE">10-year Bund</a>&nbsp;plummeted to -0.3550% while U.K.&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=UK10Y-GB">10-year Gilt</a>&nbsp;yields fell to 0.543%, their lowest since October 10.



Danske Bank analysts projected that the Chinese service sector is likely to take the main hit this time around, and is much bigger than it was during the SARS epidemic, now standing at 54% of GDP versus 42% in 2003.



From a global perspective, China now accounts for 19% of the global economy in purchasing power parity (PPP) adjusted terms versus 9% in 2003.



A mitigating factor could be that the import content of the service sector is much smaller than in manufacturing, but the uncertainty is likely to cause some global economic spillover, von Mehren suggested.



“Hence, there is a clear risk that the expected recovery in growth and PMIs (Purchasing Managers’ Index) could be somewhat delayed or at least be more muted. As in China, the effect should be temporary, though,” he added.



“We are in uncharted waters as a virus of this kind has not taken place in the more modern economy that China is today, with much wider transport networks and being more integrated with the global economy.”



This article first appeared on CNBC <a href="https://www.cnbc.com/2020/01/27/global-stock-markets-roiled-as-chinas-coronavirus-spreads.html">https://www.cnbc.com/2020/01/27/global-stock-markets-roiled-as-chinas-coronavirus-spreads.html</a> and is republished with its permission

World markets roiled as China’s coronavirus spreads

<a href="https://www.cnbc.com/sam-meredith/">Sam Meredith</a> <a rel="noreferrer noopener" href="https://twitter.com/@smeredith19" target="_blank">@SMEREDITH19</a>





KEY POINTS



<ul class="wp-block-list"><li>The upcoming forum will mark the first time Trump has attended the same event as Thunberg since the pair briefly crossed paths at the UN climate change summit in New York last year.</li><li>The U.S. president, who is likely to be one of the star attractions of the event, has often expressed skepticism about the scale of the climate crisis.</li><li>Thunberg has reportedly pledged to tell global leaders in attendance at Davos to “immediately and completely divest from fossil fuels.”</li></ul>



President&nbsp;<a href="https://www.cnbc.com/donald-trump/">Donald Trump</a>&nbsp;and Swedish climate activist Greta Thunberg will both attend the World Economic Forum (<a href="https://www.cnbc.com/davos-world-economic-forum/">WEF</a>) this week, stirring up a heightened sense of intrigue in the Swiss Alpine town of Davos.



The 50th edition of the annual January get-together — which draws policymakers and business leaders from around the world — is scheduled to focus on the intensifying climate crisis.



Trump is set to travel to the picturesque ski resort after skipping the conference last year due to the partial government shutdown. The U.S. president, who is likely to be&nbsp;<a href="https://www.cnbc.com/2020/01/14/wef-2020-heres-who-is-going-to-davos-this-year.html">one of the star attractions</a>&nbsp;of the event, has often expressed skepticism about the scale of the climate crisis.



Since coming to power in 2016, Trump has pulled the U.S. — one of the world’s leading carbon emitters — out of the Paris Agreement and&nbsp;<a href="https://www.cnbc.com/2019/12/24/5-major-trump-climate-rollbacks-you-might-have-missed-in-2019.html">sought to roll back over 80 environmental regulations</a>.



His much-anticipated return to Davos will mark the first time he has attended the same event as Thunberg since the pair briefly crossed paths at the United Nations (<a href="https://www.cnbc.com/id/10000938">UN</a>) climate change summit in New York last year.



In a widely-shared video on social media, Thunberg could be seen glaring at Trump as he addressed reporters.



<h2 class="wp-block-heading">What’s the context?</h2>



The 17-year-old, who was catapulted to fame for skipping school every Friday to hold a weekly vigil outside Swedish parliament in 2018, was recently named Time Magazine’s&nbsp;<a href="https://www.cnbc.com/2019/12/11/greta-thunberg-is-times-2019-person-of-the-year.html">Person of the Year for 2019</a>.



She was recognized for the award after sparking an international wave of school strikes — also known as “Fridays for Future.” Millions of children took part in rallies around the world to protest against political inaction over climate change.



<blockquote class="twitter-tweet">.<a href="https://twitter.com/GretaThunberg?ref_src=twsrc%5Etfw">@GretaThunberg</a> is TIME&#39;s 2019 Person of the Year <a href="https://twitter.com/hashtag/TIMEPOY?src=hash&amp;ref_src=twsrc%5Etfw">#TIMEPOY</a> <a href="https://t.co/YZ7U6Up76v">https://t.co/YZ7U6Up76v</a> <a href="https://t.co/SWALBfeGl6">pic.twitter.com/SWALBfeGl6</a>&mdash; TIME (@TIME) <a href="https://twitter.com/TIME/status/1204743717132914688?ref_src=twsrc%5Etfw">December 11, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>



“So ridiculous. Greta must work on her Anger Management problem, then go to a good old-fashioned movie with a friend! Chill Greta, Chill!” Trump tweeted on Dec. 12.



In an interview with BBC radio’s Today program late last month, Thunberg&nbsp;<a href="https://www.cnbc.com/2019/12/30/i-wouldnt-have-wasted-my-time-on-trump-at-un-climate-summit-greta-thunberg-says.html">said</a>&nbsp;attacks from the U.S. president and others should be seen as “proof that we are actually doing something and that they see us as some kind of threat.”



When asked what she would have said to the U.S. president if they had spoken at the UN climate change summit, Thunberg&nbsp;<a href="https://www.cnbc.com/2019/12/30/i-wouldnt-have-wasted-my-time-on-trump-at-un-climate-summit-greta-thunberg-says.html">replied</a>: “Honestly, I don’t think I would have said anything because obviously he’s not listening to scientists and experts, so why would he listen to me?”



“So, I probably wouldn’t have said anything, I wouldn’t have wasted my time.”



<h2 class="wp-block-heading">‘We absolutely need to do things differently’</h2>



Thunberg has reportedly pledged to tell global leaders in attendance at Davos to “immediately and completely divest from fossil fuels.”



She is scheduled to deliver the opening remarks of a panel session entitled “Averting a Climate Apocalypse” on Tuesday.



The WEF’s theme, officially recognized as “<a href="https://www.weforum.org/agenda/2019/10/davos-2020-wef-world-economic-forum-theme/" target="_blank" rel="noreferrer noopener">Stakeholders for a Cohesive and Sustainable World</a>,” follows a year which reportedly saw the hottest year on record for the world’s oceans, the&nbsp;<a href="https://www.cnbc.com/2020/01/15/2019-was-the-second-hottest-year-on-record.html">second-hottest year for global average temperatures</a>&nbsp;and wildfires from the U.S. to the Amazon to Australia.







The event, which is often criticized for being out of touch with the real world, has said it aims to assist governments and international institutions in tracking progress toward the Paris Agreement and the UN’s Sustainable Development Goals.



“I think we absolutely need to do things differently. We are not going to get anywhere by just carrying on doing what we used to do,” Emily Farnworth, head of climate initiatives at WEF, told CNBC on Wednesday.



“I think this pressure from young activists in really keeping a spotlight on where some of these problems lie is really important and having companies pushing to demonstrate how they can do things differently just helps to move things in the right direction,” she added.



This article first appeared on CNBC <a href="https://www.cnbc.com/2020/01/16/trump-vs-greta-thunberg-davos-prepares-for-climate-crisis-showdown.html">https://www.cnbc.com/2020/01/16/trump-vs-greta-thunberg-davos-prepares-for-climate-crisis-showdown.html</a> and is republished with its permission

Stefan Wermuth | Bloomberg | Getty Images

Donald Trump vs. Greta Thunberg: #WEF20 prepares for climate crisis showdown

<a href="https://www.cnbc.com/chloe-taylor/">Chloe Taylor</a> <a rel="noreferrer noopener" href="https://twitter.com/@ChloeTaylor141" target="_blank">@CHLOETAYLOR141</a> In today’s competitive job market — where hiring managers can spend&nbsp;<a rel="noreferrer noopener" href="https://www.glassdoor.co.uk/blog/7-second-cv/" target="_blank">as little as seven seconds</a>&nbsp;looking at a resume — jobseekers may be tempted to add a little creative flair to their applications to help them stand out from the pack.



According to the&nbsp;<a href="https://www.wsj.com/articles/resumes-are-starting-to-look-like-instagramand-sometimes-even-tinder-11565707364" target="_blank" rel="noreferrer noopener">Wall Street Journal</a>, this has led to a new phenomenon — resumes are beginning to resemble social media profiles, with emojis, headshots and even&nbsp;<a href="https://www.cnbc.com/2018/08/03/recruitment-and-careers-bitmojis-could-bag-your-next-job-interview.html">bitmojis</a>&nbsp;making an appearance.



CNBC spoke to recruitment experts about how far job applicants should go when it comes to designing a creative resume.



<h2 class="wp-block-heading">Keep it simple</h2>



Speaking to CNBC via email, Deepa Somasundari, director of client success at global job site Indeed, urged jobseekers to err on the side of caution.



“Jobseekers can apply some creative techniques, but always remember that relevance is what catches an employer’s gaze — not emojis,” she advised.



Instead of spending too much time and effort trying to create an innovative resume, Somasundari suggested making simple alterations to creatively enhance the information most likely to earn you an interview.



“One way of highlighting specific skills, experiences and achievements is by bolding the text,” she said. “This will help draw the attention of employers to your abilities.”



<iframe width=560 height=349 src=https://player.cnbc.com/p/gZWlPC/cnbc_global?playertype=synd&#038;byGuid=7000117495 frameborder=0 scrolling=no allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen ></iframe>



Darain Faraz, careers expert at LinkedIn, agreed that being creative doesn’t have to equate to over-the-top artistic flair.



“A ‘creative CV’ doesn’t necessarily have an outlandish format and a rainbow of color — it just means presenting the information you really want to get across so it stands out from the norm,” he told CNBC in an email.



He explained that this could mean pulling out important figures — such as a number of awards won or a sum of money saved in a previous role — putting key career milestones into a timeline format, or listing skills alongside a visual aid to denote how well-versed you are in them.



<h2 class="wp-block-heading">Consider the role</h2>



According to Jo Cresswell, community expert at Glassdoor, appropriate limits of creativity are dependent on the industry you’re hoping to join.



“Creative industries or creative roles lend themselves more naturally to visual, dynamic and even interactive CVs,” she said. “Rather than applicants listing on their CV that they are proficient in design software, for example, they can actively demonstrate that capability through the format of their application.”



Cresswell added that hiring managers in corporations or more traditional industries, such as finance or law, were unlikely to be won over with colorful or visual resumes.



<iframe width=560 height=349 src=https://player.cnbc.com/p/gZWlPC/cnbc_global?playertype=synd&#038;byGuid=7000112638 frameborder=0 scrolling=no allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen ></iframe>



“Instead, hiring managers will want to see clear achievements through numbers and detail as well as evidence of technical skills and capabilities,” she told CNBC. “They won’t want images and colors to distract. Application tracking software must also be considered, as less traditional CVs may not lend themselves well to being uploaded and re-formatted.”



Speaking to CNBC in a phone call, Kate Brookes, executive director of the Career Center at Vanderbilt University, agreed that the key is to bear the intended audience in mind.



“Ask yourself: ‘Is what I’m doing relevant to my audience? Is this appropriate for the job I’m applying for?’” she suggested.



<h2 class="wp-block-heading">Emojis and selfies — there’s a time and a place</h2>



Brookes added it was wise not to go too wild when it came to creative decisions.



“Younger folks may be using emojis, but I would be very cautious about that. Usually we use emojis to convey emotion, but your writing should convey that on your resume,” she said.



“People use creative resumes to try to stand out — they think if they use color or a different format it will make them stand out,” Brookes added. “That is correct — you will stand out — but will the person reading it see that as a positive or will they see it as a gimmick?”



When it came to including a headshot or photograph of yourself, Brookes again recommended considering whether it was really appropriate.



“In the United States you generally don’t put a photo on your resume — the only people who do that tend to be real estate agents or models,” she said. “Otherwise you probably have a photo on your LinkedIn profile, but you don’t need to put one on your resume.”



The key for showing off your creativity is to let your work speak for itself, Brookes told CNBC.



“If you’re moving into a creative field one of the things you can do is have a portfolio that showcases your creativity,” she said.



“The whole point of a resume is to explain your background — but are you being so creative that you’re making it harder for a would-be employer to find what they need?” Brookes added. “Always ask someone else to look at your resume and see if they can find the key information.”



This article first appeared on CNBC <a href="https://www.cnbc.com/2020/01/20/recruitment-experts-give-their-verdict-on-creative-resumes.html">https://www.cnbc.com/2020/01/20/recruitment-experts-give-their-verdict-on-creative-resumes.html</a> and is republished with its permission

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