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Updated: 4 years 27 weeks ago
Fed slashes rates in emergency move to combat coronavirus risks
The U.S. Federal Reserve cut interest rates on Tuesday in an emergency move designed to shield the world's largest economy from the impact of the coronavirus.
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OPEC and allies to consider significant oil output cuts as coronavirus hits demand
OPEC and its allies will consider making substantial oil production cuts to lift prices that have been battered by the coronavirus outbreak, Algeria's oil minister said on Tuesday, as ministers began arriving for talks in Vienna this week.
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BMW says coronavirus hit China sales but sticks to 2020 global target
BMW on Tuesday said its China sales have taken a hit this year because of the new coronavirus, but stuck to its target for growing passenger car sales for the year, and said its global supply chain has not been disrupted.
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Daimler says cost cut plans may see entire platforms eliminated
Mercedes-Benz is embarking on a sweeping cost cutting plan to free up cash to build electric and self-driving cars, a step which could see entire engine families and platforms eliminated, Daimler board member Markus Schaefer said on Tuesday.
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Hudson's Bay Co Chairman Richard Baker to take over as CEO: source
Hudson's Bay Co Chairman Richard Baker will take over as chief executive officer, a source familiar with the matter told Reuters on Tuesday, after his bid to take the owner of Saks Fifth Avenue private was approved by shareholders.
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Instant View: Fed announces surprise rate cut to counter coronavirus impact
The U.S. Federal Reserve cut interest rates on Tuesday in an emergency move designed to shield the world's largest economy from the impact of the coronavirus.
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Powell says coronavirus outbreak poses material risk to outlook
Federal Reserve Chair Jerome Powell on Tuesday said the coronavirus poses a material risk to the economic outlook, and that change to the balance of risks drove the U.S. central bank to deliver its first emergency interest rate cut since the financial crisis.
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Fed slashes rates in emergency move to thwart coronavirus outbreak risks
The U.S. Federal Reserve cut interest rates on Tuesday in an emergency move designed to shield the world's largest economy from the impact of the coronavirus.
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World Bank plans financial and technical aid package to help with coronavirus
The World Bank said it would announce a package of financial and technical support later on Tuesday to assist with the health and economic impacts of the global coronavirus outbreak.
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Airlines face worsening coronavirus impact, European bosses warn
The worst is still to come for the airline industry in terms of economic damage from the coronavirus outbreak, European bosses warned on Tuesday, but they predicted that travel demand could stabilise in the coming weeks.
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Emirates airline asks staff to take one month unpaid leave over coronavirus
Major international airline Emirates is asking staff to take unpaid leave for up to a month at a time due to the rapidly spreading coronavirus that has led to flight cancellations around the world.
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Mnuchin says supports Fed on rate cut move, says it's 'non-political'
U.S. Treasury Secretary Steven Mnuchin on Tuesday said he supports the Federal Reserve's decision to cut interest rates in response to the fast-spreading coronavirus, its first emergency rate cut since 2008 at the height of the financial crisis.
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Trump calls on Fed to cut rates further after emergency move
U.S. President Donald Trump called for further cut rates after the Federal Reserve earlier on Tuesday slashed rates by half percentage point in an emergency move designed to insulate the nation's economy from the impact of the coronavirus.
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Wall Street unconvinced by Fed emergency rate cut
The main U.S. stock market indexes inched lower in volatile trading on Tuesday, as investors worried even a shock emergency half-point cut in interest rates might not be enough to shield the world's largest economy from the impact of the coronavirus epidemic.
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Oil jumps after Fed cuts U.S. interest rates, then pares gains
Oil prices rose on Tuesday but remained below session highs reached after the U.S. Federal Reserve cut interest rates in an emergency move designed to shield the world's largest economy from the impact of the coronavirus.
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Gold jumps, world stocks trade erratically after Fed's rate cut
Global equity markets seesawed in volatile trade and gold prices rose more than 2% on Tuesday after the Federal Reserve cut interest rates in an emergency move to shield the U.S. economy from the impact of the coronavirus.
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Virus to dent Foxconn's consumer electronics revenue in first-quarter
Apple supplier Foxconn warned revenue would drop 15% in businesses including consumer electronics and enterprise products in the first quarter, but that it would recover thereafter as production returns to normal in virus-hit China.
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Too early for U.S. dollar sell-off despite Fed rate cuts: Reuters poll
The U.S. dollar's strength will remain in place and for longer than expected just a month ago, despite Federal Reserve interest rate cuts intended to limit the economic damage from the spreading coronavirus, a Reuters poll showed.
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U.S. not considering suspending tariffs on China in response to coronavirus: Mnuchin
U.S. Treasury Secretary Steven Mnuchin on Tuesday said the United States was not considering lowering tariffs on goods from China in response to the fast-spreading coronavirus, but would look at all options as the situation evolved.
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Futures traders greet Fed rate cut with bets on more to come
Traders of futures contracts tied to the Federal Reserve's policy rate reacted to a sooner-than-expected reduction in borrowing costs Tuesday with bets on more to come as the central bank moves to try to shield the U.S. economy from the effects of the new coronavirus.
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