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Today's News & Notes

A series of announcements were made at the close of business on Friday and over the weekend. For Canadian exporters, it is worth taking note.

  • The World bank agreed to pay out $132.5M to the poorest nations to support them through the crisis;

  • The IMF approved a loan for $327M to Bolivia. It also commended the government on its response to the current crisis;

  • Investors gave Argentina the cold shoulder again after the government announced conditions to avoid debt obligations and cuts to interest rate payments by 62%. This will likely lead to another default for the country;

  • Ecuador reached an agreement with bond holders to suspend debt payments for 4 months;

  • Analysts, including Scotiabank revised their projections for the Mexican economy. Scotiabank in particular forecasted GDP to be 8.4% in 2020, revised from 5.77% predicted last month. A weaker response by the government to the crisis was cited for the change in forecast.

  • The G20 group of countries were unable to agree upon debt relief measures for emerging economies.

More broadly, we are witnessing a demand and supply issue with oil. This morning crude oil prices fell 20% to below $15 a barrel. Current supply is filling up storage facilities because the demand is simply not there.

And finishing on a lighter note, the rise of drive in movie theatres is surging in popularity. Movie goers can sit in the comfort and security of their own car and have a traditional movie experience.

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