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The $2 trillion economic rescue package before the U.S. Senate on Wednesday would send the federal government to the auto industry's rescue for the second time in a dozen years.

Oil prices extended gains for a third session on Wednesday, rising alongside broader financial markets on hopes Washington will soon approve a massive aid package to stem the economic impact of the coronavirus pandemic.

Truckmaker AB Volvo said on Wednesday it had decided to postpone its annual shareholders meeting due to the prevailing uncertainty around the effects from the global coronavirus outbreak.

Asian shares gained on Wednesday in the wake of Wall Street's massive rebound as U.S. senators and Trump administration officials reached an agreement on a giant economic stimulus bill to alleviate the economic impact of the coronavirus outbreak.

Occidental Petroleum Corp will cut employee salaries by up to 30%, according to an internal memo reviewed by Reuters, as the debt-laden U.S. oil producer tries to save cash amid tumbling energy prices.

Those pining for a bottom to the gut-wrenching stock market selloff may be disappointed to learn that mega one-day rallies like the historic one witnessed on Tuesday are typically not the start of a durable recovery.

U.S. airlines would receive direct grants and would not be able to lay off employees for a set time under the coronavirus relief legislation agreed to by the U.S. Senate on Wednesday, according to a CNBC report.

Wall Street on Wednesday extended its massive bounce from the previous session as Washington reached a deal for a $2 trillion stimulus package to help businesses and millions of Americans hit by the economic fallout of the coronavirus pandemic.

Occidental Petroleum Corp said on Wednesday it would add to its board three of activist investor Carl Icahn's associates, ending a long and bitter fight that began after its ill-timed acquisition of rival Anadarko Petroleum.

A breakneck rebound in world stocks made it past the 10% mark on Wednesday before more global coronavirus warnings and fresh turbulence in commodity markets saw things grind to a halt.

The U.S. Securities and Exchange Commission (SEC) said on Wednesday it would extend its prior conditional regulatory relief from disclosure requirements for public companies affected by the coronavirus.

Figures to be published next week will show global air freight traffic fell around 10% in February, putting it on course for a 15-20% drop for the year as a whole, an official at the International Air Transport Association said on Wednesday.

As independent contractors, U.S. ride-hail drivers for Uber and Lyft benefited from soaring trip demand and flexible work hours.

As the coronavirus pandemic pushes India into a lockdown, the call centers and IT services firms that function as the world's back office are struggling to piece together work-from-home solutions and other business-continuity plans.

The British government has not washed its hands of any sector and is doing everything it can to help the aviation industry through the coronavirus crisis, Prime Minister Boris Johnson said on Wednesday.