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Lebanese Pound Sinks to Half Official Rate

The Lebanese pound fell in value Wednesday to more than 3,000 to the dollar on the parallel market, half the official rate, foreign exchange bureaus said.

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Economic Carnage Mounts as Virus Savages U.S. Retail, Factories

The devastation caused to the US economy by the coronavirus pandemic was thrown into even sharper relief Wednesday with the release of data showing deep damage to retail sales and manufacturing.

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Berlin Hails Debt Halt for Poor Nations as 'Historic Int'l Solidarity'

German Finance Minister Olaf Scholz hailed a Wednesday agreement by G20 nations to pause debt payments by the world's poorest nations as "an act of international solidarity of historic dimensions."

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G20 Agrees to Debt Relief for Poorest Countries amid Pandemic

With the global economy plunged into the worst recession in a century, the Group of 20 nations on Wednesday announced a one-year debt standstill for the world's poorest nations as they struggle to deal with the coronavirus pandemic.

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Global Stock Markets and Oil Prices Slide as Virus Cost Mounts

Global stocks sank Wednesday as the coronavirus infects the global economic outlook, while oil prices slumped as OPEC-led output cuts were deemed insufficient to soak up a vast supply glut.

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Emirates Launches First Rapid Virus Test for Passengers

Aviation giant Emirates has launched a 10-minute coronavirus blood test for passengers departing from its Dubai home base, in what it claimed Wednesday as a first for the industry. 

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Canada Growth Falls 9% in March

Canada's GDP plunged 9 percent in March due to travel restrictions and temporary business closures to fight the coronavirus pandemic, dragging down first quarter growth to -2.6 percent, Statistics Canada said Wednesday.

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Virus Sends Germany into Recession, to Last to Mid-Year

Europe's economic powerhouse Germany plunged into recession in March, with the slump sparked by the coronavirus pandemic likely to last until the middle of the year, the economy ministry said Wednesday.

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Oil Rebounds as Traders Weigh Output Cut Deal

Oil rebounded in Asian trade Wednesday following sharp falls the day before, as doubts persist about whether a deal to cut output is enough to bolster coronavirus-hit prices.

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Asia Markets Subdued despite Wall Street Rally

Asian equities were lower in Wednesday trade, bucking an overnight rally on Wall Street prompted by encouraging signs that US coronavirus infection rates were in decline.

American officials are beginning to tackle the question of how to safely reopen for business and ease lockdowns that have helped slow the pandemic but battered the economy.

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