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Updated by Arab News on Mar 10, 2020
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Black Monday: Oil price slump, virus spark market meltdown | Arab News

DUBAI: Financial markets around the world tumbled on Monday as investors took fright at the growing economic risks from the global coronavirus outbreak and the prospect of a prolonged decline in oil prices. On Wall Street, the world’s biggest financial market, leading shares fell by 7 percent on opening, wiping billions of dollars off investments, after the big markets in Asia

Energy markets headed into uncharted territory as crude prices slump | Arab News

DUBAI: Global energy markets are heading into uncharted territory, experts warned, as the instant effect of the apparent end of cooperation between Saudi Arabia and Russia on limiting crude output began to be felt amid ongoing coronavirus concerns. Prices for Brent and West Texas Intermediate crude — the two leading benchmarks on global oil markets — fell by the biggest daily

Saudi health ministry announces five new coronavirus cases | Arab News

RIYADH: Saudi Arabia’s Ministry of Health announced on Monday evening five new cases infected with coronavirus, increasing the total number in the Kingdom to 20. Three of the five cases – a man and two women from Saudi Arabia – were already in quarantine after returning from Iran and Iraq. They were transferred to a hospital in the Eastern Province. 

Carnage is the only word springing to mind when looking at the sea of red on Monday’s Asian and European market open. Equities are down — the yield of the 30-year treasury dropped below 1 percent for the first time in history. The worst affected commodity was oil: DTI temporarily undershot the $30 per barrel mark and Brent dropped a whopping 30 percent from $45.27 on Friday’s close to $31.60 in early Asian trading. This is the biggest drop in price in history for Brent. WTI has not seen a decline of this magnitude since the Gulf War. By mid-morning in Europe, Brent had recovered to $36.2 per barrel and WTI was again above $30 at $32.4 per barrel.

A man donates kidney to save son of university friend | Arab News

JEDDAH: It is said a friend in need is a friend indeed. Hasan Mohammed Majrabi, 48, a teacher at Al-Rokobah Elementary School in the southern governorate of Samitta, Jazan, proved to be a true friend by donating one of his kidneys to an old friend’s ailing son.

Saudi Arabia suspends travel to and from 14 countries due to coronavirus outbreak | Arab News

RIYADH: Saudi Arabia suspended travel for citizens and residents to 14 countries on Monday, and announced new cases in the east of the country.  The countries on the list are UAE, Kuwait, Bahrain, Lebanon, Syria, Egypt, Iraq, Oman, Italy, South Korea, France, Germany, Turkey and Spain.

Deadly virus delays Egyptians’ travel plans | Arab News

CAIRO: The global spread of the deadly coronavirus has delayed travel plans for thousands of Egyptians. Long, and at times unruly, queues have formed outside the public health laboratories in Cairo for tests for the virus. Among those waiting to see if they are free of COVID-19 infection was 30-year-old Mahmoud, who needs to get to Saudi Arabia where he is due to start a new

Ankara, Brussels open talks to find solution to escalating refugee crisis | Arab News

ANKARA: Crisis talks on the Syrian refugee emergency began on Monday in Brussels between senior officials from the EU and Turkey, including Turkish president Recep Tayyip Erdogan.

Battle for Syria’s Idlib takes its toll on migrants, refugees and Turkey’s ties with EU | Arab News

ABU DHABI: On the morning of March 2, a child died after a rickety boat carrying displaced Syrians capsized near the shores of the Greek island of Lesbos in the Aegean Sea. Within hours, the dead child had become another statistic in the international refugee crisis figures as geopolitical competition between Turkey and Syria, backed by ally Russia, began to hot up.

Lebanese parliament shut due to coronavirus fears | Arab News

BEIRUT: Lebanon’s parliament has decided to close MPs’ offices and postpone parliamentary meetings for one week amid the spread of coronavirus in the country, said Health Minister Hamad Hassan, with 41 confirmed cases. A Health Ministry source said: “The new cases in Lebanon, including three children, were the result of contact with those who were already infected in the