Finance

Saudi Arabia says the government will cut spending by 5%, or about $13.3 billion, to offset the impact of plunging oil prices and the effects of the coronavirus on its economic outlook By AYA BATRAWY Associated Press March 19, 2020, 7:58 AM 2 min read DUBAI, United Arab Emirates — Saudi Arabia said the government […]

WASHINGTON — Over a frenetic two weeks, as the coronavirus has upended American capitalism and changed every aspect of life, the Federal Reserve has taken drastic steps to keep money flowing throughout the financial system. It has cut interest rates to near-zero, introduced a huge bond-buying program, revamped a crisis-era emergency lending program to calm

BANGKOK — Shares in Asia failed to hold onto opening gains on Thursday, skidding further after the latest selloff on Wall Street. Stocks fell in Tokyo, and all other Asian markets on Thursday. Share prices have been sinking as investors shift to cash as fears of a prolonged coronavirus-induced recession take hold. Japan’s Nikkei 225

BEIJING, March 19 (Reuters) – The central Chinese city of Wuhan, the epicentre of the country’s coronavirus outbreak, reported no new infections for the first time, while imported cases surged by a record, led by new infections in the capital of Beijing. The new imported infections also accounted for all of the new confirmed cases

The rapidly deteriorating health of the financial markets is being driven by a contagion of fear and uncertainty about a global pandemic that’s infecting the economy in ways that seemed unfathomable just a month ago By MICHAEL LIEDTKE AP Business Writer March 19, 2020, 4:18 AM 5 min read The rapidly deteriorating health of the

BEIJING — Factories in China, struggling to reopen after the coronavirus shut down the economy, face a new threat from U.S. anti-disease controls that might disrupt the flow of microchips and other components they need. The shock threatens to set back the ruling Communist Party’s efforts to revive the world’s second-largest economy after it declared

With fear of infection rising among factory workers, and few customers shopping for cars, several automakers on Wednesday decided to idle their plants in the United States, Canada and Mexico for at least a week. The decisions will put tens of thousands of people out of work and add to the coronavirus outbreak’s growing economic

MINNEAPOLIS — President Donald Trump on Wednesday invoked emergency authority to marshal industry to fight the coronavirus, as the economic fallout from the crisis mounted with word that nearly the entire U.S. auto industry is shutting down its North American factories to protect workers. On a day of head-spinning developments: — Stocks tumbled again on

Anticipating a wave of late payments, Jason Hill, chief executive of R.G. Hill & Company, which owns and manages about 1,000 apartments in Northern California, said his company was already preparing to waive late fees and halt evictions for lack of payment. For now, he said, it’s not clear what the extent of the damage

JEFFERSON CITY, Mo. — In Ohio, more than 48,000 people applied for jobless benefits during the first two days of this week. The tally during the same period the prior week: just 1,825. In neighboring Pennsylvania, about 70,000 people sought unemployment aid in a single day — six times the total for the entire previous