Aviation & Airports
Air New Zealand will receive up to NZ$900mn ($519mn) in emergency funding from the country's government as it manages the impact of the coronavirus pandemic on air travel, which has forced it to cut almost all of its international flights.
The loan facility will be available for a period of two years and will be used to support Air New Zealand's business operations as it manages the implications of government border restrictions and substantial reductions in travel demand, Air New Zealand said. The New Zealand government has banned any foreign travellers from entering the country as it introduces strict measures to contain the spread of the coronavirus.
The government funding can be converted to equity in Air New Zealand, with none of the financing able to be used to pay shareholders through dividends, Air New Zealand said.
By Kevin Morrison
Iranian President Hassan Rouhani earmarked 750 trillion rials in financial aid for the businesses keeping their employees amid the outbreak of the coronavirus.
Crude and oil product storage is filling up fast in the Middle East's hub of Fujairah, UAE, because of lack of demand caused by the coronavirus pandemic.
State-controlled mining firm Coal India's (CIL) ambitious output growth plans face a review after recording its first fiscal year-on-year drop in output in around 20 years, with the demand outlook equally clouded because of the impact of the coronavirus pandemic.
Vietnam's latest measures to curb its coronavirus outbreak are dealing another blow to Asia-Pacific's stuttering oil products demand.
Commercial air traffic in China picked up in March from a month earlier, but was still down by more than half from levels before the coronavirus outbreak, China's civil aviation administration (CAAC) said.
Utilisation rates at India's largest LNG receiving terminal, the 17.5mn t/yr Dahej facility, are expected to dip further next week after they fell below 50pc this week from around 70pc at the end of last week. Rates have fallen as gas consumption has taken a sharp hit following the Indian government's restrictions on business and industrial activity and road travel to halt the spread of the coronavirus.