After a widely expected and sharp drop in the U.S. economy over the next three months, a panel of top business economists sees high joblessness persisting for more than a year in an outcome that would douse hopes for a quick, post-pandemic return to normal.
Saudi Arabia's energy minister said on Friday that a final OPEC+ oil supply pact to reduce 10 million barrels per day (bpd), which was agreed on Thursday, hinges on Mexico joining in the cuts.
Oil producers in the OPEC+ group, led by Saudi Arabia and Russia, were expected to pressure Mexico on Friday to seal an accord for a collective cut in output of 10 million barrels per day, before asking other nations for a further 5 million bpd of cuts.
François-Henri Pinault, the French billionaire chairman and CEO of luxury goods group Kering , has agreed to a pay cut in the latest example of top executives accepting lower salaries as a gesture of solidarity during the coronavirus crisis.
After a decade of job growth, small businesses quickly resorted to layoffs, furloughs and slashed employee hours in order to survive the economic fallout from COVID-19.
Honeywell International Inc said on Friday it had entered into a $1.5 billion loan agreement to be used for general corporate purposes.
Today is the first day independent contractors and self-employed individuals can apply for the $349 billion Paycheck Protection Program.
Russian President Vladimir Putin and U.S. President Donald Trump, in a phone call on Friday, discussed a potential global deal on oil production cuts by the group known as OPEC+, the Kremlin said.
The Kremlin said on Friday that "work" to persuade Mexico to join efforts to curb oil production was under way a day after marathon talks among producers produced a deal on cutting out conditional on Mexico's participation.
Russian Energy Minister Alexander Novak called on the G20 group of the world's largest economies on Friday to join the efforts of the group of leading oil producers, known as the OPEC+, to stabilize energy markets.
Turkey has held talks with the United States about possibly securing a swap line from the Federal Reserve and has discussed other funding options to mitigate fallout from the coronavirus outbreak, Turkish officials said on Friday.
Major airlines are seeking operating subsidies for key routes once coronavirus restrictions are lifted, a leaked lobbying document shows, stoking tensions with some low-cost carriers that are less likely to benefit from the additional funds.
The chief executives of Italy's top two energy groups Eni and Enel are on course to secure third terms next week when Rome decides on roles at key state-controlled companies, a senior government official said.
U.S. Energy Secretary Dan Brouillette on Friday described a dire situation in global energy markets, saying that the coronavirus pandemic and massive oil surplus have created a lethal combination.
EU finance ministers gave themselves a round of applause as they wrapped up talks on Thursday night with agreement on a package of measures worth half a trillion euros to cushion the blow of the coronavirus pandemic.