Reuters

Saudi Arabia has asked state agencies to submit proposals for cuts of at least 20% to their budgets in a fresh austerity drive to cope with a sharp drop in oil prices, four sources familiar with the matter said.

Saudi Aramco has been directed by the Ministry of Energy to raise its oil production capacity to 13 million barrels per day (bpd) from 12 million bpd now, the company's Chief Executive Amin Nasser said in a statement on Wednesday.

The global business travel sector is expected to take a revenue hit of about $820 billion, with China accounting for nearly half of the losses, as corporates curb travel plans in the face of the coronavirus epidemic, an industry body said http://bit.ly/38HSMrG on Tuesday.

Asian shares and Wall Street futures fell on Wednesday, as growing scepticism about Washington's stimulus package to fight the coronavirus outbreak knocked the steam out of an earlier rally.

Uber Technologies Inc is considering temporarily suspending the accounts of riders and drivers who have tested positive for the coronavirus or have been exposed to it, CNN reported on Wednesday.

Major banks are at risk of losing billions of dollars of fee-based retail revenue as they face increased regulatory pressure and growing competition from new entrants offering no-fee services, Accenture Plc said on Wednesday.

China's construction activities were stalled in February as the government extended Lunar New Year holidays and advised people to stay indoors as a precaution against a coronavirus outbreak.

Air freight rates are skyrocketing after the grounding of many passenger flights in Asia has left shippers scrambling to book limited spots on cargo planes as Chinese industrial production restarts, according to industry insiders.

Oil prices climbed for a second day on Wednesday as hopes U.S. producers would cut output lent support, but gains were capped by growing doubts about Washington's stimulus package to fight the coronavirus, which continues to spread globally.

Citigroup has hired Loretta Ko to return to the investment bank and head its financial institutions group (FIG) for Hong Kong, the bank said on Wednesday.

President Donald Trump met with fellow Republicans in the U.S. Senate on Tuesday to discuss a fiscal stimulus plan to bolster the nation's economy in the face of the coronavirus outbreak.

U.S. President Donald Trump said he will ask Congress for a payroll tax cut and other "very major" stimulus moves on Tuesday to ease the economic pain of the coronavirus, but the details remain unclear.

Telefonica Brasil SA and TIM Participações SA have expressed interest in negotiating a joint offer to buy bankrupt Brazilian carrier Grupo Oi SA , the two companies said on Tuesday in securities filings.

Here is a list of international sports events hit by the coronavirus outbreak:

Oil prices climbed for a second day on Wednesday, lifted by hopes that U.S. producers will cut output, but gains were limited compared with Monday's crash after Saudi Arabia and Russia triggered a price war.

Asian shares and Wall Street futures fell on Wednesday as growing scepticism about Washington's stimulus package to fight the coronavirus outbreak knocked the steam out of an earlier rally.

Two U.S. lawmakers expressed serious concern on Tuesday about the effect of a planned merger of college textbook publishers Cengage Learning Holdings II and McGraw-Hill Education Inc, saying the deal would create a new industry leader with nearly half the market.

New Wells Fargo & Co Chief Executive Charlie Scharf testified on Tuesday that substantial change was underway at the bank as lawmakers grilled him on the status of its remediation efforts and contingency plans related to coronavirus.

A senior Democratic senator on Tuesday raised concerns that a federal regulator probing allegations that Fifth Third Bancorp employees created phony accounts may be conflicted because one of its staffers previously worked at the bank.

Tesla Inc Chief Executive Officer Elon Musk said on Tuesday he was looking for locations in the central United States to build a new factory for the company's electric pickup truck.