Reuters

Federal Reserve rate cuts are "a possibility" if the coronavirus outbreak intensifies into a global pandemic, St. Louis Fed president James Bullard said Friday, while adding that market pricing for a rate cut will not force the central bank's hand.

Oil prices slumped on Friday to their lowest in more than a year, set for their steepest weekly fall since 2008 as the global spread of the coronavirus stokes demand fears.

Switzerland on Friday banned large events expected to draw more than 1,000 people in a drive to curb the new coronavirus epidemic, prompting cancellation of the Geneva car show and grumbling from businesses watching demand vanish.

Carmakers were scrambling to reorganise press conferences and vehicle presentations after Swiss authorities forced the cancellation of the Geneva car show on Friday in an effort to contain the coronavirus.

The rapid worldwide spread of coronavirus and the economic implications of the outbreak have triggered the biggest weekly stock market rout since the 2008 financial crisis, wiping $6 trillion off global equities.

Indonesia's Lion Air has deferred plans for an initial public offering (IPO) due to a sharp fall in global stock markets, people close to the matter said on Friday, as the spreading coronavirus sparks worries of a global pandemic.

The Federal Reserve does not need to cut U.S. interest rates just because markets have priced in aggressive central bank action, but policymakers will be monitoring events closely up to the upcoming March 17-18 meeting, St. Louis Federal Reserve bank president James Bullard said on Friday.

Global commodities trader Trafigura said on Friday it had formed a joint venture with U.S. refiner Phillips 66 to build a major deepwater port in Texas capable of handling supertankers, ditching its own competing project.

Major private equity firms, which have built up big distressed debt funds in recent years, are ready to snap up assets on the cheap if the coronavirus outbreak causes deeper market disruptions, executives told an industry meeting this week.

Elliott Management Corp is pressing SoftBank Group Corp for details of nearly-$10 billion of investment securities on its balance sheet, as part of its campaign to improve the value of the Japanese conglomerate in which it holds a stake, sources said.

The Federal Reserve has already insured against shocks like the coronavirus, St. Louis Federal Reserve bank president James Bullard said on Friday.

Coty Inc on Friday named Jimmy Choo boss Pierre Denis as its next chief executive officer, replacing Pierre Laubies, betting on deep luxury fashion sector experience as the company tries to turnaround sales of its core hair care and cosmetics products.

U.S. stocks opened sharply lower on Friday as investors dumped equities amid a rapidly spreading coronavirus outbreak, which has raised fears of a possible global recession.

Rolls-Royce has got to grips with a long-running engine problem and enjoyed a strong end to 2019, leaving it well placed to cope with any disruption caused by the coronavirus outbreak, it said on Friday.

U.S. consumer spending rose less than expected in January, a loss of momentum that could be exacerbated by the rapidly spreading coronavirus, which has triggered a sharp stock market sell-off and revived fears of a recession.

U.S. stock indexes were set for another sharp fall at the open on Friday as the rapidly spreading coronavirus outbreak raised the alarm for a possible global recession.

United Airlines said Friday it was cutting flights to Japan, South Korea and Singapore and extending flight cancellations to China in response to the coronavirus outbreak.

Oil prices slumped to their lowest in more than a year on Friday and were set for their steepest weekly fall in four years as the global spread of the coronavirus stokes demand fears.

Shareholders in Prudential Plc have given their blessing to a bid by activist investor Third Point to carve up Britain’s largest insurer but advise against a hasty sale of its U.S business.

Volkswagen and a major German consumer group said on Friday that they had reached an 830 million euro ($902.04 million) agreement in a class action lawsuit over the carmaker's rigging of diesel emissions tests.