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Emirates laid off more pilots and cabin crew on Wednesday in a second day of redundancies at one of the world's biggest long-haul airlines, three company sources said.

The head of the NATO military alliance said on Wednesday that the West could not ignore the rise of China and so it was important that the United Kingdom had a review of the role of Huawei in its 5G network to ensure its security.

Oil prices fell on Wednesday after a rise in crude and fuel stockpiles in the United States revived fears about oversupply and falling fuel demand in the world's largest crude consumer amid the coronavirus outbreak.

Oil fell more than 1% towards $40 a barrel on Wednesday after a report showed a rise in crude inventories in the United States, reviving concerns about oversupply and weak demand due to the coronavirus crisis.

The euro held below a three-month high against the dollar amid speculation the U.S. Federal Reserve might announce more steps to check a recent rise in bond yields later on Wednesday.

The global economy will suffer the biggest peace-time downturn in a century before it emerges next year from a coronavirus-inflicted recession, the OECD said on Wednesday.

Germany should make provisions to ensure banks have sufficient capital in case of a wave of bankruptcies in Europe's largest economy caused by the coronavirus crisis, a senior OECD economist said on Wednesday.

Business conditions are improving after a tough start to the year, Credit Suisse Chief Executive Thomas Gottstein said in a presentation released on Wednesday.

German utility RWE plans to mass produce hydrogen from renewable energy sources as part of a supply deal with Thyssenkrupp so Germany's largest steel maker can gradually replace coal to power its blast furnaces.

U.S. activist investor Cerberus is calling on Commerzbank to appoint two of its nominees to the supervisory board, cut costs and adopt a new strategy, as it battles to make a success of a big bet on German banks.

European Central Bank officials are drawing up a scheme to cope with potentially hundreds of billions of euros of unpaid loans in the wake of the coronavirus outbreak, two people familiar with the matter told Reuters.

The Bank of England looks set to give itself at least another 100 billion pounds ($127 billion) in bond-buying firepower next week to try to stop the coronavirus crisis from inflicting further damage on Britain's economy.

Finnair launched a share sale on Wednesday to raise 500 million euros ($568 million) from its existing investors, almost as much as its current market value as it seeks to strengthen its finances to cope with the coronavirus crisis.

Stock markets nudged down from more than three-month highs on Wednesday, while the dollar stumbled as caution took hold ahead of a U.S. Federal Reserve meeting.

In the past, U.S. corporations have largely remained silent as protests erupted over killings of African-Americans by police officers. That changed with the May 25 death of George Floyd in Minneapolis, which has set off a flurry of corporate statements of solidarity with the black community – along with pledges of more than $1.7 billion to advance racial justice and equity.