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In the United States and many other countries, the government guarantees a certain amount of each customer's deposits in the event of a bank failure, to protect both consumers and the broader financial system.

Most companies in Britain don't have insurance cover for closures caused by the coronavirus outbreak, the Association of British Insurers said on Tuesday.

The Bank of England and Britain's finance ministry launched a scheme on Tuesday to purchase debt known as commercial paper issued by companies hit by the coronavirus.

In the United States and many other countries, the government guarantees a certain amount of each customer's deposits in the event of a bank failure, to protect both consumers and the broader financial system.

Airlines across the globe are feeling the pain as travel demand withers because of the coronavirus outbreak. Several have scrapped flights and ditched financial forecasts.

Boeing and other U.S. aviation companies are seeking billions of dollars in aid as they battle to survive a plunge in demand caused by the coronavirus pandemic, while Airbus is pausing production at two sites to bolster health and safety measures.

European airlines demanded urgent tax relief to avoid multiple bankruptcies as coronavirus disruption continued its spread across the global industry on Tuesday.

Brazilian airline Gol said in a statement on Tuesday that it is suspending all international flights from March 23 to June 30.

The head of the United Auto Workers on Tuesday turned up pressure on Detroit automakers to shutter U.S. factories for two weeks due to the fast-moving coronavirus, and warned that the union could take strong unilateral action if the companies fail to act immediately.

Airbus announced plans to halt operations at its plants in France and Spain for four days as the coronavirus crisis spread from battered airlines to the manufacturing sector.

HSBC said on Tuesday it has appointed Noel Quinn as its chief executive officer, effective immediately.

A gauge of global equity markets and gold rose on Tuesday after the U.S. Federal Reserve said it would buy short-term corporate debt directly from companies to help relieve credit markets under strain by the impact of coronavirus epidemic.

Luxury jeweler Tiffany & Co said on Tuesday it would temporarily close several stores, including its Fifth Avenue flagship store in New York, and reduce working hours at other outlets, in an effort to contain the spread of coronavirus.

Wells Fargo & Co said on Tuesday it is implementing work-from-home policies for most of its employees who don't interact with customers and can effectively work remotely, in response to the quickly-spreading coronavirus outbreak.

Boeing Co shares tumbled as much as 22% to a more-than-six-year low on Tuesday following a rating downgrade that reflected its worsening cash flow due to the extended grounding of its 737 MAX jet and the blow from the coronavirus pandemic.

U.S. President Donald Trump said the government would provide financial assistance to Boeing Co as the entire aviation sector faces economic turmoil over the coronavirus pandemic.

Some European telecoms operators reported connectivity problems on Tuesday as millions of people logged on for work at home due to the coronavirus pandemic, driving up data traffic by as much as 30% and testing networks.

Britain's biggest automaker Jaguar Land Rover plans to keep making vehicles at its domestic factories until at least the end of the week despite the impact from coronavirus which has shut many other car plants.

The United Auto Workers said Tuesday it had asked Detroit's Big Three workers to shutdown all U.S. plants for two weeks in the wake of the coronavirus outbreak.

U.S. retail sales fell by the most in more than a year in February and the coronavirus pandemic is expected to depress sales in the months ahead, which could strengthen economists' expectations of a consumer-led recession by the second quarter.