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Facebook will downgrade video streaming quality on its platform and on Instagram in Europe, the latest U.S. tech giant to respond to an EU call to stave off internet gridlock as thousands work from home due to the coronavirus outbreak.

Emirates, one of the world's biggest long-haul airlines, said on Sunday it would stop nearly all passenger flights this week and cut staff wages by as much as half because of the coronavirus impact on travel demand.

U.S. President Donald Trump said on Sunday that U.S. automakers Ford Motor Co, General Motors Co and Tesla Inc had been given the green light to produce ventilators and other items needed during the coronavirus outbreak.

The coronavirus economic relief bill being finalized by the U.S. Congress will include a one-time $3,000 payment for families and allow the Federal Reserve to leverage up to $4 trillion of liquidity to support the nation's economy, U.S. Treasury Secretary Steven Mnuchin said on Sunday.

In normal times massive unemployment and a collapse in economic output would be tragic.

Coronavirus cases ballooned in Europe, prompting more lockdown measures to try to slow the spread. New Jersey's governor followed four other U.S. states that have imposed unprecedented restrictions. Australia announced it was shutting a large array of businesses from Monday.

The world's richest nations poured unprecedented aid into the global economy on Thursday as coronavirus cases ballooned in the new epicentre Europe, with the number of deaths in Italy outstripping those in mainland China, where the virus originated.

In order to put recession-fighting checks into the hands of millions of Americans, President Donald Trump will rely on a tax agency that has fewer workers, a smaller budget, and the same 1960s-era computer systems it had the last time it was asked to do so.

Netflix Inc said it will cut traffic by 25% on networks across Europe in a relief measure for internet service providers (ISPs) experiencing a surge in usage due to government "shelter in place" orders aimed at slowing the coronavirus outbreak.

A last-ditch effort by the chief executives of major U.S. airlines to try to win cash grants to weather the coronavirus crisis looked to be unsuccessful, four congressional aides and airline officials said late Saturday.

Republicans and Democrats in the U.S. Senate on Saturday scrambled to complete a deal on a $1 trillion-plus bill aimed at stemming the coronavirus pandemic's economic fallout for workers, industries and small businesses.

Amazon.com Inc said on Saturday it is raising overtime pay for associates working in its U.S. warehouses as the world's largest online retailer tries to meet the rapidly growing demand for online shopping from consumers stuck at home during the coronavirus outbreak.

As coronavirus cases ballooned in Europe, several countries imposed or planned new restrictions to try to curb the spread. Britain told panic-buyers to calm down. California and three other U.S. states directed tens of millions of people to stay at home.

As the United States is combating a shortage of ventilators and respirators amid the coronavirus outbreak, Tesla Chief Executive Officer Elon Musk said he has had a discussion about ventilators with medical device maker Medtronic.

Britain's listed companies should not publish preliminary financial statements for at least two weeks to better assess how the coronavirus epidemic is affecting their business, the Financial Conduct Authority said on Saturday.

Volkswagen AG CEO Herbert Diess on Saturday warned that the coronavirus crisis may force the company to keep its factories shut for longer than initially planned.

Britain on Saturday told people who were panic-buying and hoarding food due to the coronavirus outbreak to calm down, pointing to a video on social media showing an exhausted nurse driven to tears by finding shelves bare after her shift.

Amazon.com will stop shipping non-essential products to consumers in Italy and France, the company said on Saturday, representing an escalation in the e-commerce giant's response in regions hard hit by the coronavirus outbreak.

Goldman Sachs Group Inc poured more than $1 billion into two of its prime money-market portfolios this week due to heavy investor withdrawals, according to a filing with the U.S. securities regulator.

Chief executives of major U.S. airlines were reaching out to key members of Congress on Saturday in a last-ditch uphill effort to try to win cash grants to weather the coronavirus crisis, warning that the consequences if they did not receive help could be dire, two people briefed on the calls said.