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A technical committee of OPEC and its allies considered a cut in oil production of 600,000 to 1 million barrels per day (bpd), and recommended a reduction in output of at least 600,000 bpd, two sources said.

Fidelity Investments said on Tuesday operating profit in 2019 climbed 10% to $6.9 billion as investors pushed their cash into money-market and passively managed products while pulling billions of dollars from actively managed stock funds.

Wall Street tumbled in a volatile session on Tuesday after the Federal Reserve's surprise half percentage-point cut in interest rates raised alarm over the magnitude of the coronavirus impact on the economy.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty)

Hudson's Bay Co Chairman Richard Baker will take over as chief executive officer, the company said on Tuesday, after his bid to take the owner of Saks Fifth Avenue private was approved by shareholders.

Chemical giant Saudi Basic Industries Corporation (SABIC) said on Tuesday that it had raised its stake in Swiss chemicals maker Clariant to 31.5% from 25%.

Thermo Fisher Scientific Inc said on Tuesday it agreed to acquire German genetic testing company Qiagen NV in an $11.5 billion deal as the U.S.-based company looks to bolster its health diagnostic business.

The U.S. government said on Tuesday it filed a lawsuit accusing a unit of the drugmaker Mallinckrodt Plc of improperly avoiding the payment of hundreds of millions of dollars in Medicaid rebates as a result of large drug price increases.

The European Central Bank is ready to support the economy in the face of the coronavirus outbreak, but governments with budget leeway also need to help, ECB policymaker Francois Villeroy de Galhau said in a Dutch newspaper interview released on Tuesday.

U.S. stock markets fell sharply on Tuesday on worries that even a half percentage-point cut in interest rates might not be enough to stave off the economic impact of the coronavirus outbreak and halt the worst sell-off in more than a decade.

Exxon Mobil on Tuesday called for tighter regulation of the greenhouse gas methane and offered up its own in-house rules as a model for companies and lawmakers worldwide.

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.

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.

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.

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.

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.

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.

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.

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.

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.