The coronavirus pandemic will cause a global recession in 2020 that could be worse than the one triggered by the global financial crisis of 2008-2009, but world economic output should recover in 2021, the International Monetary Fund said on Monday.
Oil and gas companies are cutting spending plans in response to the new coronavirus and a push by Saudi Arabia and Russia to ramp up output. [O/R]
Food giant Nestle told employees to prepare for difficult times ahead and make all the necessary efforts to supply customers with the food and beverages they need, Chief Executive Mark Schneider said in a memorandum seen by Reuters.
The pandemic is taking its toll on aerospace manufacturing, as Boeing Co announced it would halt production of most widebody jets and Airbus SE restarted only partial output after a four-day shutdown as suppliers cut jobs.
Asian stocks rebounded sharply on Tuesday as the U.S. Federal Reserve's promise of bottomless dollar funding eased painful strains in financial markets, even if it could not soften the immediate economic hit of the coronavirus.
Airbus boosted its liquidity with a 15 billion euro ($16 billion) expanded credit facility on Monday while suspending its 2020 outlook in response to the coronavirus crisis that has grounded much of the global airlines fleet.
SoftBank Group Corp stock jumped 20% on Tuesday, extending a run that began a day earlier when the Japanese tech investor announced up to $41 billion in asset sales and a record share buyback to shore up its collapsing share price.
Oil prices rose on Tuesday on hopes that the United States will reach a deal soon on a $2 trillion coronavirus aid package which could blunt the economic impact of the outbreak and in turn support oil demand.
The dollar slipped on Tuesday on signs tight funding conditions are easing slightly after the U.S. Federal Reserve pulled out all stops to supply much needed greenback liquidity.
Companies should not publish preliminary financial statements for at least two weeks to better assess how the coronavirus epidemic is affecting their business, Britain's Financial Conduct Authority said on Saturday.
With more employees working from home to help slow the spread of the coronavirus, demand is surging for laptops and network peripherals as well as components along the supply chain such as chips, as companies rush to build virtual offices.
Royal Dutch Shell will lower spending by $5 billion and suspended its vast $25 billion share buyback plan in an effort to weather the recent collapse in oil prices, it said on Monday.
Netflix will comply with a government request to reduce stream quality in Israel to help ease data congestion from people staying home due to the coronavirus, the Communications Ministry said on Monday.
Widening curbs on travel to contain the spread of the coronavirus led airlines to ramp up flight cancellations on Monday, with new restrictions spanning Australia, New Zealand, the United Arab Emirates (UAE), Hong Kong, Singapore and Taiwan.
Financial markets around the world took another hammering on Monday as a rising tide of national coronavirus lockdowns threatened to overwhelm policymakers' frantic efforts to cushion what is likely to be a deep global recession.