A historic rout in oil markets sent U.S. crude prices plummeting to as much as minus $40 a barrel as traders rushed to get rid of unwanted stocks with storage capacity already overflowing amid a coronavirus-induced demand collapse.
The oil price will stay low for some time as supply exceeds demand and the current situation on global oil markets is reminiscent of the 1980s oil glut, former BP boss John Browne said on Tuesday.
Swedish truck maker Volvo said on Tuesday it had signed a deal with German rival Daimler to set up a joint venture to develop and produce fuel cell systems for heavy-duty vehicles.
South Korea's two state-owned banks said on Tuesday they had together decided to provide up to 1.7 trillion won ($1.38 billion) in fresh liquidity to Asiana Airlines which is struggling with the impact of the coronavirus.
U.S. oil futures traded in negative territory on Tuesday, after sinking nearly $40 the previous session in their first ever dive below zero, as concern grew the sector will run out of storage for a glut caused by the coronavirus lockdown.
Huawei Technologies' revenue growth slowed sharply in the first quarter but the world's top telecoms equipment supplier labeled the performance as "resilient" in light of pressure from the United States and the impact of the COVID-19 pandemic.
A California regulator has asked PG&E Corp for governance and oversight changes in its reorganization plan, while also proposing penalties of about $2 billion on the San-Francisco based utility for its role in causing the devastating 2017 and 2018 wildfires in California.
Global stocks fell on Tuesday, a day after U.S. crude oil prices turned negative for the first time, as dismal company earnings reports underlined worries about economic damage from the coronavirus pandemic.
U.S. oil futures continued to trade in negative territory on Tuesday, after closing down nearly $40 on Monday in their first ever sub-zero dive, as concerns grew the United States will run out of storage for a glut caused by the coronavirus lockdown.
The website of Japanese electronics firm Sharp crashed on Tuesday after the company started selling face masks online, as Japan's tally of coronavirus infections passed 11,000.
Coca-Cola Co on Tuesday forecast a significant hit to current-quarter results as restaurants, theaters and other venues that represent about half of the company's revenue remain closed because of the coronavirus pandemic.
U.S. stock index futures resumed their slide on Tuesday as gloomy quarterly earnings reports and a historic plunge in U.S. crude prices to below zero raised the specter of a deep global recession in the coming months.
The London Stock Exchange said it has no plans to change its targets for synergies from its planned $27 billion takeover of data and analytics company Refinitiv.
The London Stock Exchange said on Tuesday it was committed to completing its $27 billion takeover of data company Refinitiv in the second half of the year, with no plans to revise its savings targets for the deal as a deep recession beckons.
South Korea's two state-owned banks said on Tuesday they will provide up to 1.7 trillion won ($1.4 billion) in fresh liquidity to Asiana Airlines , the country's second-largest carrier, as the industry struggles with the coronavirus crisis.