Aramco unit gives $2m to help fight virus

Al-Buainain: This amount is to support our heroes in the health sector. (Reuters)
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Updated 03 April 2020

Aramco unit gives $2m to help fight virus

  • Aramco Trading Company donated to a health fund set up by the Saudi Ministry of Health

LONDON: A Saudi Aramco unit has given $2 million to aid the fight against the coronavirus.

Aramco Trading Company donated the money to the Health Endowment Fund established by the Kingdom’s Ministry of Health.

“It is important that during such tough times, Saudi corporations and individuals continue to demonstrate solidarity behind those fighting on the front lines to withstand this pandemic,” said Ibrahim Q. Al-Buainain, president and CEO of Aramco Trading.




Ibrahim Q. Al-Buainain, president and CEO of Aramco Trading. (Supplied)

“This amount is to support our heroes in the health sector who are working around the clock to ensure that our people and community are safe.”

He added: “Although this global pandemic is spreading rapidly as the days go by, we are confident that our government is taking unprecedented measures to minimize its impact on our nation.”

Despite the effect of the pandemic on the global energy sector, ATC has maintained uninterrupted operations through its offices in London, Singapore and the UAE.

On Thursday the Saudi health ministry said that deaths from the illness had risen to 21 while 1,885 infections were reported.

The Kingdom also said it was implementing a 24-hour curfew in the holy cities of Makkah and Madinah to curb the spread of coronavirus, the Saudi Press Agency reported.


‘Lower for longer’: Fed’s warning on interest rates

Updated 24 September 2020

‘Lower for longer’: Fed’s warning on interest rates

  • The Fed cut rates to near zero in March and took other steps to combat a recession

WASHINGTON: Federal Reserve Vice Chair Richard Clarida said on Wednesday that policymakers “are not even going to begin thinking” about raising interest rates until inflation hits 2 percent, comments aimed at cementing the public’s understanding of the US central bank’s new approach to monetary policy.

“Rates will be at the current level, which is basically zero, until actual observed PCE inflation has reached 2 percent,” Clarida told Bloomberg Television, referring to the Fed’s preferred measure of prices. PCE inflation tends to be somewhat lower than the better-known consumer price index.

“We could actually keep rates at this level beyond that. But we are not even going to begin thinking about lifting off, we expect, until we actually get observed inflation equal to 2 percent. Also we want our labor market indicators to be consistent with maximum employment.”

The Fed cut rates to near zero in March and took other steps to combat a recession that took hold as businesses shut down and consumers stayed home to fight the spread of the coronavirus.

Clarida said that with further government aid from Congress and the steps the Fed has already taken, the US economy could return from the current “deep hole” of joblessness and weak demand in perhaps three years.

To aid that process, the Fed in late August revised its approach to monetary policy to commit to lower rates for longer periods of time, allowing the risk of higher inflation to try to encourage a stronger economic recovery and more job gains for workers. A follow-up policy statement last week gave more specific guidance about future decisions, but questions remain about what the new approach will mean in practice.

Clarida said there should not be any confusion: Rates will not increase until labor markets recover and prices hit the Fed’s target.

“So lower for longer, and we have given some observable metrics,” for judging when a rate hike debate might begin, he said.

Decisions about any possible overshoot of inflation are “academic” at this point, he added, and can be made once the economy rebounds.