US shares see their biggest weekly gain in 46 years

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US stocks have just recorded their biggest weekly gain since 1974 despite the bleak economic outlook. Wall Street's S&P 500 shares index has risen 12% this week, as the US central bank announced more stimulus measures to support the economy. Financial…

Amazon builds its own testing lab for staff

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Retail giant Amazon says it will build its own coronavirus testing lab to monitor the health of its staff. Cases of Covid-19 have been reported at more than 50 Amazon facilities across the US. Some have involved multiple infected workers. The…

Calls for debt relief for world's poorest nations

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More than 100 global organisations are calling for debt payments of developing countries to be dropped this year. These countries include the world's poorest economies which are struggling with the impacts of coronavirus. Major charities…

IMF, World Bank call for suspending debt payments

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The International Monetary Fund and World Bank on Wednesday called for governments to put a hold on debt payments from the world's poorest nations so they can battle the coronavirus pandemic. "The World Bank Group and the IMF believe it is…

Stock markets suffer worst quarter since 1987

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Stock markets around the world suffered historic losses in the first three months of the year amid a massive sell-off tied to the coronavirus. The Dow Jones Industrial Average and London's FTSE 100 saw their biggest quarterly drops since…

Oil price collapses to lowest level for 18 years

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The price of oil has sunk to levels not seen since 2002 as demand for crude collapses amid the coronavirus pandemic. Brent crude fell to $22.58 (£18.19) a barrel at one point on Monday, its lowest level since November 2002. Meanwhile…

Car firms to convert factories to make ventilators

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Car firms are answering calls from governments to help make more ventilators and face masks to help out during the coronavirus pandemic. Fiat began converting one of its car plants in China to start making about one million masks a month. The…

Smartphone sales collapse amid pandemic

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Sales of new phones have collapsed in the biggest fall since the invention of the smartphone. Research firm Strategy Analytics said shipments in February fell by 38% year-on-year. The outbreak of the coronavirus in China had a huge impact,…

Oil prices fall to record low

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Oil prices fell to a record low as the coronavirus continued to affect markets across the globe on Wednesday. The WTI oil slumped by 12% on Wednesday as Brent prices also fell below 6%. WTI oil was priced at under $24 per barrel, as the…

COVID-19 could claim 25 million jobs worldwide: ILO

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(Geneva) - The economic and labour crisis created by the COVID-19 pandemic could increase global unemployment by around 25 million, according to a new assessment by the International Labour Organisation, ILO. Based on different scenarios…

Europe sets up emergency lifeline worth billions

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The European Central Bank (ECB) has launched an emergency €750bn ($820bn; £700bn) package to ease the impact of the coronavirus pandemic. It will buy government and company debt across the eurozone, including that of troubled Greece and…

Facing 'unprecedented' crisis, airlines urge governments to help

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Airlines made unprecedented cuts to flights, costs and staffing on Monday, stepping up calls for emergency aid as coronavirus lockdowns and new travel restrictions hit more important routes. Already battered shares in British Airways parent…

WTO suspends meetings until end of April

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(Geneva) - All World Trade Organisation, WTO, meetings are suspended until the end of April and Secretariat staff have been requested to work from home until the end of March. Director-General Roberto Azevedo has informed WTO members and…

Bill Gates steps down from Microsoft board

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Microsoft co-founder Bill Gates is stepping down from the company's board to spend more time on philanthropic activities. He says he wants to focus on global health and development, education and tackling climate change. One of the world's…