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SAN FRANCISCO — The Facebook-backed Libra Association unveiled plans on Thursday to seek approval for digital coins in individual currencies, revamping its cryptocurrency initiative in a move aimed at minimising disruption to the global monetary system.

      The new plan submitted to Swiss regulators could scale back the ambitious digital money initiative unveiled last year and touted as tool for financial inclusion but slammed by global monetary leaders.

      Under the new plan, separate "stablecoins" would be created and pegged to real-world money such as the US dollar and the euro.

      The Swiss-based association, which includes Facebook and a variety of partners, said a shift to using individual currencies was made after hearing comments and complaints on its original proposal.

      "A key concern that was shared was the potential for the multi-currency Libra Coin to interfere with monetary sovereignty and monetary policy," the association said in a white paper.

      "We are therefore augmenting the Libra network by including single-currency stablecoins" in addition to the multi-coin Libra.

      The association is seeking approval by Swiss authorities for digital payments and plans to register in the United States as a money service business, a spokesman said.

      Libra, a high-profile project launched by social network giant Facebook, is tentatively scheduled to launch this year but has been battered by severe criticism from some of the world's most influential financial authorities.

      Central bank officials and others have expressed concern about a blow to their sovereignty from a new Libra coin pegged to a basket of currencies.

      Late last year, French Economy Minister Bruno Le Maire bluntly expressed his concerns, saying, "Libra is not welcome on European soil."

       Pulling away from Facebook

      Facebook has touted the currency initiative as a way of lower costs for people around the world, eliminating the high fees of cross-border transfers.

      Chief executive Mark Zuckerberg has contended that Libra could extend US "financial leadership" while providing "a safe, low-cost, and efficient way of sending and receiving payments around the world."

      Critics have said the plan would give too much power to Facebook, but the California company has argued the system would be managed by an independent board which includes companies and nonprofit organisations.

      The Libra Association said Thursday that it passed an "important milestone" by starting a process to license its payment process with the Swiss Financial Markets Supervisory Authority.

      The objective is for Libra to complement existing currencies and monetary policies while cutting costs and enabling broader access to banking and financing for people and businesses, the association said in a white paper.

      Libra is bolstering the Libra financial compliance network when it comes to thwarting money-laundering and other illicit activities such as funding terrorism or avoiding sanctions, according to the association.

      Libra also said that it is hardening defenses of its technology platform and the reserve that is backing digital currencies.

LONDON — European stock markets climbed on Thursday as investors focused on plans to ease some coronavirus lockdown restrictions, while the dollar rose as well.

      US investors brushed off another 5.2 million first-time unemployment claims, which took the number of jobs lost since mid-March to 22 million, as President Donald Trump was to announce plans for lifting lockdowns in the world's top economy.

      Oil prices rose modestly, a day after hitting an 18-year low as traders believe that a producers' deal to slash output is not large enough to offset a crash in demand caused by coronavirus fallout.

      "Investors are shrugging off the pessimism and (are) willing to focus on more positive things," said AvaTrade analyst Naeem Aslam.

      In afternoon eurozone deals, Paris stocks advanced by 0.6 per cent, and Frankfurt jumped by more than one per cent after German Chancellor Angela Merkel late Wednesday unveiled the first steps towards undoing coronavirus restrictions that have plunged the eurozone's biggest economy into recession.

      "Markets in Europe appear to be stabilising a touch on some limited relaxation of lockdown restrictions across the region," said CMC Markets analyst Michael Hewon.

      "Germany has become the latest European country to say it would be loosening some measures on its lockdown over the coming weeks, which is clearly helping European sentiment for now.

      "Reports that the UK has seen a peak in its infection rates is also helping," he added.

      London stocks gained 0.6 per cent even as a survey showed plunging retail sales in March as the deadly virus outbreak kept British shoppers away from traditional stores.

      Total retail sales sank by 4.3 per cent in March from a year earlier, the British Retail Consortium said.

      "The crisis continues; the retail industry is at the epicentre and the tremors will be felt for a long while yet," said BRC chief Helen Dickinson.

      Milan stocks were up by 1.7 per cent after the Lombardy region, the nation's industrial heartland, signalled it wants to get back to work from May 4.

      Asia equities drop

      On the downside, Asian markets fell following overnight woes on Wall Street as more negative US economic data fuelled worries about the full impact of the coronavirus pandemic.

      There had already been a spate of grim economic forecasts this week, with the IMF warning of the worst global downturn in a century, and poor US economic figures Wednesday further spooked investors.

      The latest numbers from the United States, the world's biggest economy, highlighted the scale of the damage unleashed by lockdowns and social distancing measures imposed to stop the spread of the virus.

      US retail sales plunged in March while industrial production in the same month suffered its steepest drop since 1946, data showed.

      Other reports pointed to weak homebuilder sentiment and manufacturing conditions, while a US Federal Reserve report said economic activity "contracted sharply".

      President Donald Trump has said that on Thursday he will announce the first plans for lifting lockdowns in the US -- the worst-hit country.

      The World Health Organisation has warned, however, that lifting restrictions too early could have devastating consequences such as a possible second wave of infections.

DUBAI — Debt levels, unemployment and budget deficits will spike as the Middle East endures a coronavirus-led recession, piling pain on economies already hit by conflicts and an oil price slump, the IMF said on Wednesday.

      Almost all countries in the Middle East and North Africa will see their economies contract as they lose hundreds of billions of dollars in revenues, the global lender said.

      "The COVID-19 pandemic and the plunge in oil prices are causing significant economic turmoil in the region ... the impact could be long lasting," the International Monetary Fund said in its Regional Economic Outlook for April.

      "While there is considerable uncertainty around the depth and duration of the crisis, this pandemic will compound the region's unemployment problem and worsen the already high public and external debt."

      In its World Economic Outlook released on Tuesday, the IMF projected the MENA economy to contract by 3.3 per cent in 2020, the biggest slump in four decades.

      It said the combined shocks of the virus and low oil prices will shave off $323 billion, or 12 per cent, of the Arab world's economy -- $259 billion of that from the energy-dependent Gulf states alone.

      Arab governments' debt will rise by 15 per cent or $190 billion this year to reach $1.46 trillion, according to the IMF data, as the cost of borrowing jumps due to tightening financial conditions.

      Oil prices at these levels could result in more than $230 billion in lost annual revenue by Arab oil exporters plus Iran, it said.

      The fiscal deficit for the region is expected to deteriorate from 2.8 per cent of gross domestic product in 2019 to 10 per cent of GDP this year.

      To mitigate the impact, regional nations should bolster social safety nets, and provide temporary and targeted tax relief and subsidies, while monetary and financial policies should ensure liquidity in the system, the IMF said.

      "Governments could consider reorienting spending priorities, for example by reducing or delaying non-essential expenditures, or seeking external financing support or aid," it said.

      "A mishandling of the outbreak could elevate distrust in local governments, sowing seeds for further social unrest and adding to regional uncertainty."

      Arab countries ravaged by years of bloody conflicts, including Syria, Yemen, Iraq and Libya, have already seen their economies battered, leading to widespread poverty.

      The economies of these countries are expected to be hit particularly hard by the pandemic, the IMF said.

DUBAI — The Middle East and North Africa economy will contract by 3.3 per cent this year, the biggest slump in four decades, hammered by the coronavirus and low oil prices, the International Monetary Fund (IMF) said on Tuesday.

      In its World Economic Outlook, the IMF said the damage would be much worse than the region's last major shock, the 2008-09 global financial crisis, when it managed to post modest growth.

      The region, which includes all Arab countries and Iran, will suffer its worst economic performance since 1978 when it was convulsed with unrest and shrank by 4.7 per cent, according to World Bank data.

      The IMF said that all the Arab countries apart from Egypt will see their gross domestic product (GDP) fall this year.

      Saudi Arabia, the region's heavyweight which is just emerging from an oil price war with Russia that saw crude prices crash, is headed for a 2.3 per cent contraction.

      "The fast deterioration of the global economic outlook as the epidemic has spread and the breakdown of the OPEC+ agreement among oil suppliers have weighed heavily on commodity prices," the global lender said.

      Its report was prepared before the OPEC+ grouping -- which takes in OPEC producers and allies -- reached agreement on Sunday to cut output by nearly 10 million barrels per day, the largest in history.

      From mid-January to end-March, oil prices dropped by 65 per cent or $40 a barrel and natural gas prices declined by 38 per cent, the IMF said.

      It also projected prices to remain below $45 a barrel through 2023, around 25 per cent below the average last year.

        'Extreme uncertainty'

      Arab countries, which have reported more than 20,000 coronavirus cases along with over 700 deaths, have resorted to sweeping lockdowns and curfews to prevent the spread of the disease, disrupting local economies.

      Years of bloody conflicts in several Arab countries including Syria, Yemen, Iraq and Libya have already battered their economies and created widespread poverty.

      Many Middle Eastern countries, notably the Gulf states plus Iraq and Iran, depend heavily on oil revenues to finance their budgets.

      "These developments are expected to weigh heavily on oil exporters with undiversified revenues and exports," said the IMF, adding that lower oil prices will meanwhile benefit oil-importing nations.

      The IMF said that the latest oil output cut will further dampen the prospects of the Saudi economy, which grew by just 0.3 per cent in 2019.

      The United Arab Emirates' economy, the most diversified in the region, is projected to contract by 3.5 per cent, while Qatar, the third-largest in the Gulf, is expected to slide 4.3 per cent.

      Iran's economy, the second largest in the Middle East, is forecast to shrink 6.0 per cent in 2020 for its third contraction in a row. In 2018 and 2019, it shrank by 3.6 per cent and 7.6 per cent respectively.

      Iran has been hit hard by the coronavirus, reporting more than 73,000 cases and 4,585 deaths.

      The economy of Lebanon, which has defaulted on its mountain of debt, is expected to contract by a massive 12 per cent, while Iraq, OPEC's second-largest producer, is headed for a fall of 4.7 per cent.

      Only Egypt is projected to stay in positive territory with 2.0 per cent growth although that is way down from the 6.0 per cent projected before the coronavirus crisis hit.

      As a whole, the Middle East and North Africa economy, which grew by just 1.0 per cent last year, is projected to rebound by 4.2 per cent in 2021, the report said.

      But the IMF noted that "extreme uncertainty" surrounds its forecast because the economic fallout of the pandemic depends on factors that are hard to predict -- including the pathways of the disease and the intensity of containment efforts.

WASHINGTON — Amazon said on Monday it had filled the 100,000 US jobs it promised a month ago to meet demands from the coronavirus outbreak, and was ready to take on 75,000 more.

      The announcement by the technology and retail colossus highlighted surging demand for online commerce with the pandemic forcing people to shelter in place.

      Amazon's hiring spree, which is being mirrored by other firms in food and retail sectors, comes amid news that US unemployment claims surged by some 17 million over the past month.

      "Today, we are proud to announce that our original 100,000 jobs pledge is filled and those new employees are working at sites across the US helping to serve customers," Amazon said in a blog post.

      "We continue to see increased demand as our teams support their communities, and are going to continue to hire, creating an additional 75,000 jobs to help serve customers during this unprecedented time."

      The company began the year with nearly 800,000 full- and part-time workers, in addition to contractors used for some delivery services.

      Amazon said it would welcome people furloughed during the crisis on a temporary basis until they can get their old jobs back.

      As it faces unprecedented demand, Amazon has also faced protests at its warehouses and stores where workers face risks due to COVID-19 outbreaks.

      Amazon's announcement last month was followed by Walmart's move to add 150,000 workers and delivery service Instacart's seeking 300,000 contract workers.

LONDON —  Gold struck a seven-year pinnacle above $1,700 an ounce on Tuesday as massive Fed stimulus floods markets with dollars, weakening the greenback and sending investors running to the precious metal, analysts said.

      Just after 12:30 GMT, gold rallied to $1,731.25 an ounce on the London Bullion Market, striking a peak last seen in November 2012.

      The dollar slid against main rivals on Tuesday in the wake of the Federal Reserve's ongoing stimulus policies that are aimed at cushioning the blow to the world's biggest economy from the deadly COVID-19 outbreak.

      This has made dollar-denominated commodities like gold cheaper for buyers holding rival currencies.

      "Gold has been staging an impressive rally," said Jasper Lawler, head of research at traders London Capital Group.

      "For us, the common denominator is the... new programmes introduced by the Federal Reserve.

      "More dollars swirling around in the system have devalued the dollar."

      ActivTrades chief analyst Carlo Alberto De Casa said gold was buoyed purely by the US central bank's stimulus rather than investors shunning risky assets -- with gold traditionally seen as a haven investment in times of economic unrest.

      "Gold is skyrocketing... (but) this new rally is not related to a swift return of risk-off, but instead driven by the huge increase of the Federal Reserve's balance sheet," he said.

NEW YORK — Wall Street stocks retreated in early trading on Monday ahead of key earnings reports from banks and other companies that will highlight the initial impact of shutdowns imposed to counter the coronavirus.

      About 15 minutes into trading, the Dow Jones Industrial Average was down 1.3 per cent at 23,411.97.

      The broad-based S&P 500 shed 1.2 per cent to 2,756.98, while the tech-rich Nasdaq Composite Index declined 0.6 per cent to 8,101.60.

      Earnings season for the first quarter gets underway in earnest on Tuesday with reports from JPMorgan Chase and Wells Fargo, followed by reports from other banking giants later in the week.

      The results for the quarter ended March 31 will offer insight into how much the coronavirus shutdowns and layoffs are affecting mortgage and credit card payments.

      The banks are also deeply involved in Washington-launched programmes to stimulate the economy and provide relief to small businesses.

      The results come as investors debate the likelihood that US stocks could face another big selloff in the coming weeks after bouncing somewhat from its mid-March lows.

      Some market watchers say the US economy could bounce back relatively quickly once the coronavirus situation is managed, but others warn of a more protracted slowdown because of the risk of second-wave outbreaks.

      This week's economic reports include critical data on March retail sales, as well as the weekly jobless claims.

VIENNA — Top oil-producing countries agreed on Sunday on "historic" output cuts in a bid to boost plummeting oil prices.

      OPEC producers dominated by Saudi Arabia and allies led by Russia met via videoconference for an hour on Sunday in a last effort to cement a deal struck early Friday.

      It still required Mexico's agreement and in a compromise reached Sunday they agreed to a cut of 9.7 million barrels per day from May, according to its Energy Minister Rocio Nahle, down slightly from 10 million barrels per day envisioned earlier.

      OPEC Secretary General Mohammad Barkindo called the cuts "historic".

      "They are largest in volume and the longest in duration, as they are planned to last for two years," he said.

      The agreement between the Vienna-based Organisation of the Petroleum Exporting Countries (OPEC) and partners foresees deep output cuts in May and June followed by a gradual reduction in cuts until April 2022.

      Barkindo added that the deal "paved the way for a global alliance with the participation of the G-20".

      Following extensive efforts "we announce completing the historical agreement", Kuwait Oil Minister Khaled Al-Fadhel tweeted.

      Saudi Energy Minister Prince Abdulaziz Bin Salman, who chaired the meeting together with his Russian and Algerian counterparts, also confirmed that the discussions "ended with consensus".

       'Great deal for all'

      US President Donald Trump welcomed a "great deal for all", saying on Twitter it would "save hundreds of thousands of energy jobs in the United States".

      He added he "would like to thank and congratulate" Russian President Vladimir Putin and Saudi Crown Prince and de facto leader Mohammed Bin Salman, both of whom he had spoken to.

      In a statement, the Kremlin confirmed the joint phone call, adding that Putin and Trump agreed on the "great importance" of the deal.

      Initial reticence from Mexico to introduce output cuts had led to a standoff that cast doubt on efforts to bolster oil prices, pushed to near two-decade lows.

      Oil prices have slumped since the beginning of the year due to the COVID-19 pandemic that has sapped demand as countries around the world have put their populations under lockdown.

      Compounding the problem, key players Russia and Saudi Arabia had engaged in a price war, ramping up output in a bid to hold on to market share and undercut US shale producers.

        'Temporary relief'

      Rystad Energy analyst Per Magnus Nysveen said Sunday's agreement provided "at least a temporary relief" as fuel consumption was expected to fall globally by 27 million barrels per day in April and 20 million barrels per day in May.

      His colleague Bjornar Tonhaugen said that even though the deal made "the single largest output cut in history", prices were still expected to see "renewed downwards pressure".

      "The oil market will see enormous stock builds in April as the deal is only in effect from 1 May, while gradual shut …and production declines will already happen during the current month," he said.

      Top oil producers struggled to finalise production cuts during a virtual summit held by G-20 energy ministers on Friday, despite Trump's mediation efforts to end the standoff with Mexico.

      Russian Energy Minister Alexander Novak was quoted by Russian news agency TASS as saying he did not expect oil markets to recover before "end of the year, in the best case".

      Harry Tchilinguirian of BNP Paribas said "a sustained recovery" in the oil price was not expected "until pent-up demand is released in Q3 on the lifting of confinement and social distancing measures related to COVID-19".

TEHRAN — Iran's President Hassan Rouhani said on Sunday the country had won a legal "victory" over $1.6 billion of its assets that had long been frozen on a US request in Luxembourg.

      Tehran and Washington have long been arch enemies and tensions have risen sharply since President Donald Trump in 2018 withdrew from a nuclear accord and reimposed stinging sanctions.

      In a separate dispute, a New York court in 2012 ordered Iran to pay $7 billion in damages over the September 11 attacks, arguing that it had aided Al-Qaeda by allowing its militants to travel through its territory.

      Iran has rejected the accusation and refused to pay the money.

      Rouhani said in a televised cabinet meeting Sunday that "our central bank, our foreign ministry [have] recently won a very good victory in a legal battle".

      "$1.6 billion of our money was in Luxembourg and the Americans had put their hands on it," he said.

      After trying for months, "we succeeded some days ago and freed this money from the Americans' grasp," he declared.

      The Luxembourg Court of Cassation had devoted an April 2 hearing to the case of Iranian assets frozen there on a US request, according the investigative news site Paperjam.

      The court is yet to make its decision public.

      But Rouhani hailed a victory in a "difficult situation" for Iran, which has been battling the Middle East's most deadly novel coronavirus outbreak.

      COVID-19 has so far killed over 4,400 people and infected more than 71,600 in the Islamic republic, according to official health ministry figures.

      Sanctions-hit Iran has requested a $5 billion emergency loan from the International Monetary Fund to battle the outbreak.

      But the US, which effectively holds a veto at the IMF, has signalled it has no intention to allow the loan, alleging that Iran would use the money to fund "terror abroad".

      Tehran in 2017 unsuccessfully attempted to repatriate the $1.6 billion frozen in the Clearstream clearing house, a financial company based in Luxembourg.

      A judge denied the demand at the time and ruled that the assets would remain temporarily frozen in the small EU nation.

      Billions of dollars in Iranian assets were also frozen in the US and Europe as part of efforts to push Tehran into a nuclear deal with world powers, which was finally signed in July 2015.

      Trump in 2018 withdrew from the so-called Joint Comprehensive Plan of Action and reimposed tough sanctions that have severely damaged Iran's oil sector and its wider economy.

NEW YORK — Boeing has enlisted investment banks Lazard and Evercore to advise it on talks with Washington on potential federal aid in the wake of the coronavirus pandemic, sources told AFP on Friday.

      The talks with the US Treasury Department, which is managing a $2.2 trillion US emergency aid package, could begin towards the end of April, said a source on condition of anonymity.

      Boeing, the biggest US exporter, had sought $60 billion in federal support for itself and the 17,000 suppliers and contractors in its supply chain. The sector employs around 2.5 million people in the US, according to the aerospace giant.

      Around 17 billion dollars aimed at Boeing was included in the giant federal relief bill approved in March. Boeing had $27.3 billion in debt at the end of December as it works to complete the purchase of Brazilian company Embraer's commercial plane operation.

      President Donald Trump again offered strong support for the company on Friday.

      "We can't let anything happen to Boeing," Trump said at a White House briefing. "It's got so much potential."

      Later in the briefing, Trump said that he thought Boeing "probably" will seek federal support.

      "This isn't a great time to sell airplanes, let's not kid ourselves," Trump said. "We'll do whatever's necessary to do."

      A stumbling block has been the question of what Washington will get in return for the support.

      Boeing chief executive David Calhoun has balked at the idea that taxpayers would receive shares in Boeing, a proposal floated by some congressional Democrats.

      In talks with major airlines, Treasury officials have demanded that carriers maintain their staff until at least September 30.

      But Boeing is targeting a reduction of 10 per cent of its workforce in the commercial plane business, the Wall Street Journal reported. The company's factories have been shuttered due to COVID-19.

      In anticipation of complex negotiations with the Treasury, Boeing has also asked Lazard and Evercore to explore private sources of funds, said a different source, confirming a report in the Wall Street Journal.

      Boeing declined to comment.

      Boeing also continues to be embroiled in a complex process with the Federal Aviation Administration over efforts to win approval to resume flights on the 737 MAX, which has been grounded since March 2019 following two deadly crashes.

      A key test flight of the Boeing 737 MAX has been pushed back by a month to May due to the upheaval of the coronavirus crisis, sources told AFP earlier this week.