Business News

U.S. Federal Reserve officials have slashed interest rates half a percentage point because of the coronavirus.

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A panel of OPEC and its allies recommended cutting oil output by an extra 1 million barrels per day (bpd) on Tuesday signaling that Russia and Saudi Arabia were moving closer to a deal to prop up prices which have been hit by the coronavirus outbreak.

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U.S. Supreme Court justices on Tuesday appeared inclined to back the Securities and Exchange Commission’s power to use federal courts to force defendants to surrender profits obtained through fraud as part of enforcement of investor-protection laws.

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U.S. package delivery companies United Parcel Service Inc and FedEx Corp warned on Tuesday that the coronavirus outbreak could disrupt shipment of goods in affected countries and possibly weigh on their first-quarter results.

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Finnish network equipment maker Nokia will cut up to 148 jobs in Finland in 2020 excluding its 5G development operations, it said on Tuesday evening.

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The U.S. Federal Reserve cut interest rates on Tuesday in a bid to shield the world’s largest economy from the impact of the coronavirus, though Fed Chair Jerome Powell suggested the threat to the economy would not soon abate.

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Fidelity Investments said on Tuesday operating profit in 2019 climbed 10% to $6.9 billion as investors pushed their cash into money-market and passively managed products while pulling billions of dollars from actively managed stock funds.

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General Motors Co executives on Wednesday will tackle one of their toughest tasks: Persuading investors that a Detroit automaker can catch up with Elon Musk and Tesla Inc as vehicles go electric.

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Wall Street tumbled in a volatile session on Tuesday after the Federal Reserve’s surprise half percentage-point cut in interest rates raised alarm over the magnitude of the coronavirus impact on the economy.

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(Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty)

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Hudson’s Bay Co Chairman Richard Baker will take over as chief executive officer, the company said on Tuesday, after his bid to take the owner of Saks Fifth Avenue private was approved by shareholders.

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Chemical giant Saudi Basic Industries Corporation (SABIC) said on Tuesday that it had raised its stake in Swiss chemicals maker Clariant to 31.5% from 25%.

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Thermo Fisher Scientific Inc said on Tuesday it agreed to acquire German genetic testing company Qiagen NV in an $11.5 billion deal as the U.S.-based company looks to bolster its health diagnostic business.

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The U.S. government said on Tuesday it filed a lawsuit accusing a unit of the drugmaker Mallinckrodt Plc of improperly avoiding the payment of hundreds of millions of dollars in Medicaid rebates as a result of large drug price increases.

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The European Central Bank is ready to support the economy in the face of the coronavirus outbreak, but governments with budget leeway also need to help, ECB policymaker Francois Villeroy de Galhau said in a Dutch newspaper interview released on Tuesday.

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