U.S. President Donald Trump said he will ask Congress for a payroll tax cut and other "very major" stimulus moves on Tuesday to ease the economic pain of the coronavirus, but the details remain unclear.
Wall Street rebounded on Tuesday as investors pinned their hopes on policy easing by major central banks after global markets plummeted in the previous session on fears of a coronavirus-driven recession.
The rapid spread of coronavirus has wiped almost a third - or $70 billion - off the world's top 20 listed airlines and reshuffled global rankings, elevating Air China into third place behind U.S. rivals, an analysis by Reuters shows.
More U.S. companies are moving their annual shareholder meetings online to help contain the spread of coronavirus, raising concerns among corporate democracy advocates about investors losing access to top executives and board directors.
Airline SAS has invited unions to discuss a 20% work and pay cut for all employees as it fights to mitigate the effects of a slump in demand due to the coronavirus outbreak, it said on Tuesday.
While OPEC's de facto leader Saudi Arabia trades blows in a war for market share with Russia after their three-year pact to cut oil supplies collapsed last week, other OPEC states are already sounding the alarm over plunging oil prices.
President Donald Trump on Tuesday lashed into the U.S. Federal Reserve and its chairman Jerome Powell, calling the institution "pathetic, slow moving" and saying it should bring U.S. interest rates down to the level of "competitor nations."
China's industry ministry said on Tuesday it has urged Tesla Inc to keep its China-made vehicles consistent after some Chinese customers complained the U.S. electric vehicle maker put less advanced computer chips in their cars.
The European Union will suspend a rule requiring airlines to run most of their scheduled services or else forfeit landing slots, to give carriers some breathing space as the coronavirus crisis deepens, EU chief Ursula von der Leyen said on Tuesday.
A worker at Apple's European headquarters in Cork in Ireland has tested positive for coronavirus, one of 24 cases reported so far in the country where its oldest university, Trinity College, has been forced to move all lectures online.
The European Commission has proposed temporarily dropping the rule that airlines operate 80% of scheduled services to retain landing slots as the coronavirus outbreak pummels the global aviation industry.
The aid would likely be in the form of low-interest government loans, The Washington Post said.
Airlines around the world sank deeper into crisis on Tuesday as the worsening coronavirus epidemic and Italy's lockdown hammered passenger numbers, forced the cancellation of thousands of flights and led to the delaying of plane orders.
Barclays Plc has told employees that a member of its trading staff in its Manhattan office has tested positive for the coronavirus, the company said on Tuesday.
Hourly wage workers at McDonald's Corp on Tuesday sought paid sick leave for those working at its U.S. restaurants and an update to the safety protocols as coronavirus cases in the United States rise.