Two of Germany's largest banks have temporarily shut hundreds of branches, while Italian lenders have shortened opening hours as they grapple with staff shortages and the spread of coronavirus.
Markets reeled on Monday, with stocks on Wall Street and the price of Brent crude tumbling more than 10%, as the Federal Reserve's second emergency rate cut in as many weeks to blunt the economic impact of the coronavirus failed to calm fears of a prolonged recession.
Developing nations' oil and gas income will fall by 50% to 85% this year to a more than two-decade low if current market conditions persist, the International Energy Agency and OPEC said in a rare joint statement on Monday, citing recent IEA analysis.
Oil prices fell below $30 a barrel on Monday as the worldwide coronavirus outbreak worsened over the weekend, leading governments and businesses to shut down as the global economy appeared to be headed toward certain recession.
Uber Technologies Inc's food delivery business, Uber Eats, said on Monday it would waive off delivery fee for independent restaurants across the United States and Canada.
U.S. stock indexes plunged about 8% on Monday, as investors dumped risky assets for cash after the Federal Reserve's drastic move to cut interest rates to near zero amplified worries over the extent of damage from the coronavirus pandemic.
Airbus has drawn up contingency plans to slow or stop production if France is placed under a further lockdown due to coronavirus, two people familiar with the matter said.
LATAM Airlines Group, the continent's largest carrier, said on Monday it is canceling 90% of its international flights, in light of the coronavirus outbreak.
Federal Reserve Chair Jerome Powell's message in announcing a barrage of monetary policy and liquidity actions was clear: The U.S. central bank will use all the tools at its disposal to keep credit flowing through the U.S. and global financial system.
Hedge fund manager Ricky Sandler said dire headlines about the coronavirus are "helping to contain the problem."
CNBC | Steve Liesman | March 15, 2020 Key Points In an emergency move Sunday, the Federal Reserve announced it is dropping its benchmark interest rate to zero and launching a new round of quantitative easing. The QE program will entail $700 billion worth of asset purchases entailing Treasurys and mortgage-backed securities. Markets responded negatively,
Brazilian airline Azul said on Monday it will cut all international flights out of its main hub in Sao Paulo state, while the country's government is likely to roll out a relief package as the sector struggles with the coronavirus pandemic.
A prolonged slowdown could be on the horizon as the coronavirus grinds the economy to a halt. By making these moves, you can get yourself in better financial shape to weather the storm.
Britain's major supermarkets are working on plans to streamline their operations by cutting cafes, counters and other services to enable a depleted workforce to maintain basic provisions during the coronavirus outbreak, industry sources told Reuters.
Chinese airlines including Air China, China Southern Airlines and China Eastern Airlines are planning to reduce international flights in response to the coronavirus pandemic, the Global Times reported on Monday, citing unidentified sources.