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Citigroup Inc reported a 46% plunge in quarterly profit on Wednesday as the bank set aside nearly $5 billion to prepare for an expected flood of defaults on loans due to a virtual halt in economic activity caused by the coronavirus pandemic.

The board of South America's largest carrier, LATAM Airlines Group , plans to suspend a $57 million dividend payment tied to the company's 2019 profits to preserve cash to weather the new coronavirus crisis, it said on Tuesday night.

Proxy adviser ISS has backed Credit Suisse's proposals for its annual general meeting on April 30, recommending shareholders vote in favour of the group's pay proposals and approve the performance of its leadership.

British fashion brand Barbour has turned over its production line to making protective gowns for frontline healthcare workers battling the coronavirus outbreak, reviving memories of its patriotic efforts in both world wars.

Global accounting and consulting company Deloitte said partners at its UK arm would have their pay cut by a fifth this year to protect jobs during the pandemic.

U.S. retail sales suffered a record drop in March as mandatory business closures to control the spread of the novel coronavirus outbreak depressed demand for a range of goods, setting up consumer spending for its worst decline in decades.

Toyota Motor Corp on Wednesday said it will cut production of finished vehicles by 40 percent in Japan in May as demand shrinks around the world because of the coronavirus pandemic.

U.S. stock index futures retreated on Wednesday as another batch of dismal first-quarter earnings reports and a slide in oil prices lent credence to forecasts for the biggest economic slump since the 1930s.

Global stocks fell on Wednesday as oil prices dropped and warnings of the worst global recession since the 1930s underscored the economic damage done by the coronavirus pandemic.

Toshiba Corp on Wednesday said it will temporarily close factories and offices in Japan from May 6 to May 15, allowing as many as 76,000 to stay at home as the coronavirus spreads, Kyodo newswire reported.

Goldman Sachs Group Inc reported a 49% drop in quarterly profit on Wednesday, as it set aside significantly higher provisions related to corporate loans due to the impact of COVID-19 and booked heavy losses on its debt and equity investments.

Uber Technologies Inc on Wednesday said customers in New York City and the Miami area could now order restaurant meal deliveries over the phone, instead of through its app, as it aims to expand its service to older Americans.

Amazon said on Wednesday it may temporarily close its warehouses in France after a court ordered the e-commerce giant to limit deliveries in the country to essential goods like food and medical supplies.

Goldman Sachs Group Inc reported a 49% fall in quarterly profit on Wednesday, as the bank put aside nearly $1 billion to meet future loan defaults and booked heavy losses on its debt and equity investments.

Abu Dhabi Commercial Bank has filed a criminal complaint against individuals linked to hospital operator NMC Health , the lender said.

Federated Hermes has written an open letter to company executives and chairpersons setting out how COVID 19 has changed its engagement priorities and how the pandemic should change global businesses for the better.

Ukraine, one of world's top grain exporters, is ready to ban wheat exports if sales exceed limits agreed with traders, the deputy economy minister in charge of agriculture told Reuters on Wednesday.

Brazilian airline Azul SA has hired restructuring firm Galeazzi & Associados to renegotiate its financial and suppliers' debt, Brazilian newspaper O Estado de S. Paulo reported on Wednesday.

Argentina is braced for the first case of coronavirus to be confirmed among the thousands of port workers and grains handlers involved in the country's key agricultural export sector, local industry officials said.

An Apple collaboration with Google will make it quicker to get systems for tracing coronavirus infections up and running, the prime mover behind a European effort to support the smartphone technology says.