The global business travel sector is expected to take a revenue hit of about $820 billion, with China accounting for nearly half of the losses, as corporates curb travel plans in the wake of the coronavirus epidemic, an industry body said http://bit.ly/38HSMrG on Tuesday.
Saudi Aramco has been directed by the Ministry of Energy to raise its oil production capacity to 13 million barrels per day (bpd) from 12 million bpd now, the company's Chief Executive Amin Nasser said in a statement on Wednesday.
Asian shares and Wall Street futures fell on Wednesday, as growing scepticism about Washington's stimulus package to fight the coronavirus outbreak knocked the steam out of an earlier rally.
Uber Technologies Inc is considering temporarily suspending the accounts of riders and drivers who have tested positive for the coronavirus or have been exposed to it, CNN reported on Wednesday.
The Bank of England cut its key interest rate to 0.25 percent on Wednesday and announced a raft of other measures to bolster Britain's economy against disruption caused by the coronavirus outbreak.
The Bank of England told banks on Wednesday they can tap one of their capital buffers to maintain lending during the coronavirus epidemic, but warned they must not use the cash for bumping up bonuses or dividends.
Fiat Chrysler is temporarily halting operations at some plants in Italy and will reduce production rates in response to the coronavirus outbreak in the country, the largest in Europe, a spokesman for the automaker said on Wednesday.
European stocks rose on Wednesday after the Bank of England joined other central banks in cutting interest rates, raising hopes for more co-ordinated monetary and fiscal stimulus to counter the economic shock from the coronavirus outbreak.
The Bank of England slashed interest rates by half a percentage point on Wednesday and announced support for bank lending just hours before the unveiling of a budget splurge designed to stave off a recession triggered by the coronavirus outbreak.
The Bank of England governor Mark Carney and his successor, Andrew Bailey, spoke at a press conference after the central bank unexpectedly cut interest rates by half a percentage point to 0.25% on Wednesday.
Governor Mark Carney said on Wednesday the Bank of England was coordinating with Britain's finance minister to ensure its surprise interest rate cut and other measures announced on Wednesday would have maximum impact.
Saudi Arabia said on Wednesday it plans to boost oil production capacity for the first time in more than a decade, a day after it announced a record high hike in crude supply in a battle for market share that has hammered global prices this week.
German sportswear makers Adidas and Puma warned on Wednesday of a major decline in sales in China due to the coronavirus and said while there were early signs of improvement there the impact had spread to other markets.
Uber Technologies Inc notified riders and drivers that it may temporarily suspend the accounts of anyone who has tested positive for the coronavirus or have been exposed to it, the ride-hailing company said on Wednesday.
Oil prices fell on Wednesday, giving up earlier gains, after Saudi Aramco said it had been directed by the energy ministry to raise its production capacity by a million barrels per day.