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Algeria Presidency Says State Budget to Be Slashed by Half

The Algerian government decided Sunday to reduce the state budget by half due to a financial crisis caused by the global collapse in oil prices and worldwide coronavirus lockdowns. 

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Oil Starts Week on Back Foot as Rally Loses Steam

Oil prices fell on Monday after strong gains last week, with continued concerns about oversupply and storage capacity due to a coronavirus-triggered demand shock overshadowing massive output cuts.

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Warren Buffett: 'American Magic' Will Spur U.S. Economic Recovery

Billionaire investor Warren Buffet said Saturday he's confident the US economy will bounce back from its pummeling by the coronavirus pandemic because "American magic has always prevailed."

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Saudi Stocks Dive after Finance Minister Vows 'Painful' Measures

Saudi shares slumped 6.8 percent as trading opened Sunday, a day after the finance minister announced "painful" measures to tackle the economic impacts of the coronavirus pandemic.

Almost all the listed stocks on the Arab world's largest bourse were in the red just minutes after the start of trading.

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Algeria Rules Out IMF Borrowing to Ease Financial Woes

Algerian President Abdelmadjid Tebboune has declared his country will not approach the IMF for loans, despite a financial crisis triggered by a collapse in global oil prices and coronavirus lockdowns.

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London Stock Market Sinks in Early Deals

London stocks sank Friday in early morning deals, extending the previous day's heavy selloff on poor global economic data, while Frankfurt and Paris were shut for public holidays.

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France in Recession as Virus-Hit Economy Shrinks 5.8 Percent

The French economy officially fell into recession after contracting 5.8 percent in the first quarter, the national statistics office said Thursday, underscoring the massive toll of the country's nationwide shutdown to curb the coronavirus outbreak.

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Chinese Factory Activity Slows in Face of Global Pandemic

Chinese factory activity continued to expand in April, data showed Thursday, but analysts warned that the outlook remained clouded by battered overseas demand as the rest of the world struggles to overcome the coronavirus pandemic.

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U.S. Oil Prices Extend Rally as Virus Worries Ease

US oil prices surged above $17 a barrel Thursday as virus-ravaged markets were lifted by data showing improving demand and a smaller-than-expected rise in stockpiles in the world's top economy.

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As Society Opens, Saudi Women Surge into Job Market

Like thousands of Saudi women, Rouaa al-Mousa entered the workforce as reforms sweep the ultra-conservative kingdom and is certain that neither grumbling male bosses nor the coronavirus will change that.

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