A steep economic downturn and massive coronavirus rescue spending will nearly quadruple the fiscal 2020 US budget deficit to a record $3.8 trillion, a staggering 18.7% of US economic output, a Washington-based watchdog group said on Monday. Releasing new budget estimates based on spending mandated by law, the Co…

Conditions are worsening in Tripoli, the besieged Libyan capital, after water and natural gas supplies to the city were cut in recent days, making life even more difficult for a population living with war and the new threat of coronavirus. Quoting Financial Times Newspaper, families in western Libya have been fa…

In a statement to “Sada” Economic Newspaper, the Oil Expert Moncef Al-Shalawi claimed that oil prices rose on Monday after major producers finally agreed their biggest-ever output cut during four days of wrangling under direct pressure from US President Donald Trump. The deal, which was finalized on Sunday afte…

Gold fell on Monday as investors booked profits after prices hit a one-month high last week, while worries over a coronavirus-driven steeper global economic downturn and the U.S. Federal Reserve’s stimulus measures limited bullion’s losses. Spot gold slipped 0.4% to $1,682.65 per ounce by 05:22 GMT, having ri…