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Updated: 15 hours 43 min ago

Factbox: The economic remedies for the coronavirus

Mon, 03/16/2020 - 14:25
Policymakers and government leaders have taken a range of approaches to deal with the economic fallout from the coronavirus. Here is a list of how some of the world's biggest economies and economic blocs have reacted.

Factbox: The economic remedies for the coronavirus

Mon, 03/16/2020 - 14:13
Policymakers and government leaders have taken a range of approaches to deal with the economic fallout from the coronavirus. Here is a list of how some of the world's biggest economies and economic blocs have reacted.

Fed's failure to fix credit plumbing leaves markets scrambling for dollars

Mon, 03/16/2020 - 14:05
A global scramble for U.S. dollar financing worsened on Monday as the Federal Reserve's aggressive move to flood markets with cash failed to temper borrowing costs and unclog funding for companies and banks hit by the coronavirus outbreak.

BA-owner, easyJet make drastic cuts to try to survive coronavirus

Mon, 03/16/2020 - 13:50
The owner of British Airways and easyJet, Europe's no.3 and no.4 airlines, said they would ground aircraft on an unprecedented scale in a battle to survive the travel restrictions and European lockdowns now convulsing the industry.

Gold rises after Fed rate cut, but pares gains on cash hunt

Mon, 03/16/2020 - 13:44
Gold prices jumped in early trade on Monday after another emergency rate cut by the U.S. Federal Reserve, before paring gains as some investors sold the metal for cash amid a sell-off in equities.

China's economy skids as virus immobilises factory, consumer sectors

Mon, 03/16/2020 - 13:32
China's factory production plunged at the sharpest pace in three decades in the first two months of the year as the fast-spreading coronavirus and strict containment severely disrupted the world's second-largest economy.

Airlines slash schedules, jobs and pay after new travel restrictions

Mon, 03/16/2020 - 13:29
Airlines around the world said they would make more drastic cuts to their flying schedules, shed jobs and seek government aid after countries further tightened border restrictions because of the fast spreading coronavirus.

Vodafone Idea settles principal portion of government dues

Mon, 03/16/2020 - 13:27
Indian mobile carrier Vodafone Idea Ltd said it had settled the entire principal portion of the dues it owed to the government after paying an additional 33.54 billion rupees ($451.34 million) on Monday.

Fed slashes rates, global central banks coordinate to cushion coronavirus blow

Mon, 03/16/2020 - 13:17
The U.S. Federal Reserve and global central banks moved aggressively on Sunday to buttress a world economy unraveling rapidly amid the coronavirus pandemic, with the Fed slashing interest rates to near zero, pledging hundreds of billions of dollars in asset purchases and backstopping foreign authorities with the offer of cheap dollar financing.

Fed brings out big guns, investors fear the worst

Mon, 03/16/2020 - 13:17
A massive rollout of easing measures by the Federal Reserve served to deepen some investors' anxiety over how effectively policymakers will be able to mitigate the economic damage from a spreading coronavirus pandemic.

Fed slashes rates again to shore up economy as coronavirus spreads

Mon, 03/16/2020 - 13:17
The Federal Reserve unexpectedly cut interest rates on Sunday for the second time in less than two weeks, an emergency move to help shore up the U.S. economy as a coronavirus pandemic spreads worldwide.

Oil slumps again as coronavirus hits demand and price war bites

Mon, 03/16/2020 - 13:11
Oil fell on Monday as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus, while a price war between top producers added to a growing supply glut.

SBI Cards makes tepid debut amid virus worries

Mon, 03/16/2020 - 13:05
Shares in the credit-card arm of State Bank of India fell in their market debut on Monday, as coronavirus worries dampened enthusiasm for one of the country's largest public listings in recent times.

Germany tries to stop U.S. from luring away firm seeking coronavirus vaccine

Sun, 03/15/2020 - 18:02
Berlin is trying to stop Washington from persuading a German company seeking a coronavirus vaccine to move its research to the United States, prompting German politicians to insist no country should have a monopoly on any future vaccine.

Nike to close all stores in U.S., several other countries - CNBC

Sun, 03/15/2020 - 17:29
Nike Inc is closing all of its stores in the United States and several other countries in a move to curb the spread of coronavirus, CNBC reported on Sunday.

Saudi central bank to intervene if liquidity affected - governor to Al Arabiya

Sun, 03/15/2020 - 17:12
Saudi Arabia's central bank will intervene to support the kingdom's economy if liquidity is tight or credit is affected, its governor told state-owned Al Arabiya TV on Sunday, reiterating the commitment to the riyal's peg to the dollar.

Gulf states extend coronavirus precautions to bourses, shipping, arcades

Sun, 03/15/2020 - 16:08
Gulf Arab states expanded measures to contain the spread of coronavirus on Sunday with Oman banning open ship-to-ship transfers with Iranian vessels, Abu Dhabi's bourse closing trading halls and Dubai shuttering cinemas, gyms and arcades.

Factbox: Aramco 2019 profit drops, a week after shares fell below IPO

Sun, 03/15/2020 - 16:05
Saudi Arabia's state-run oil giant Saudi Aramco announced a drop in its 2019 profit of nearly 21% on Sunday, falling well below analysts' expectations just three months after selling shares to the public in a record-setting IPO.

Crisis-fighter Bailey returns to Bank of England just as coronavirus storm hits

Sun, 03/15/2020 - 15:50
Andrew Bailey will go straight back into crisis mode when he returns to the Bank of England as its new governor on Monday, this time facing the threat of a global recession caused by the coronavirus pandemic.

Troubled lender Yes Bank reports wider-than-expected loss

Sun, 03/15/2020 - 15:41
Troubled Indian lender Yes Bank reported a wider-than-expected quarterly loss of 185.6 billion rupees ($2.5 billion), and said it was continuing to analyse the allegations of wrongdoing by former Managing Director Rana Kapoor.