Apple is closing all of its stores outside China until March 27 in a bid to slow the spread of the coronavirus outbreak, CEO Tim Cook said. Cook said the firm had learned from steps taken in China, where the tech giant has just reopened its retail stores. "One of those lessons...

Saudi Aramco is expected to announce a drop in profits as it unveils Monday its first annual results since its listing, as the energy giant grapples with sinking oil prices. The 2019 financial results follow an initial public offering on the domestic stock exchange in December, which raised...

The Dow Jones Industrials index was on course for its worst day since 1987 as President Donald Trump's sweeping move to restrict travel from Europe added to growing signs of corporate distress in the face of the coronavirus pandemic. Airline stocks tanked 14.4 percent, while cruise liners...

Stocks are tumbling again Wednesday, and indexes lost 5 percent as Wall Street keeps reeling on worries about the coronavirus. The losses deepened after health authorities declared the crisis a pandemic, and the U.S. stock market came to the brink of ending one of its greatest-ever runs....

Behind a black gate in an upscale Beirut suburb, the head of Lebanon’s banking lobby implored the government to hold firm against the latest crisis, pay the country’s debts and safeguard its financial industry. “A stable economy is largely dependent on a strong banking sector,” said Salim...

Russian Energy Minister Alexander Novak said on Wednesday that Saudi Arabia’s plans to hike oil production and discount its crude prices was “probably not the best option” as disagreements over output policy between the two suppliers intensified. Riyadh said on Wednesday it planned to boost...

Saudi Arabia’s energy ministry has directed oil producer Saudi Aramco  to raise its output capacity to 13 million from 12 million barrels per day , CEO Amin Nasser said in a statement on Wednesday. “The company is exerting its maximum efforts to implement this directive as soon as...

Saudi Arabia’s energy minister said on Tuesday he does not see a need to hold an OPEC+ meeting in May-June if there was no agreement on what measures should be taken to deal with the impact of the coronavirus on oil demand and prices. “I fail to see the wisdom for holding meetings in...

A bounce in the price of oil provided some support to under-pressure stocks in early Asian trade on Tuesday, a day after global equities suffered their biggest losses in more than a decade. Global stock markets had capitulated on what has become known as "Black Monday", with the Dow on Wall...

Plunging oil prices have increased the urgency for Algeria to reform its economy, politicians and business leaders said Monday. Energy Minister Mohamed Arkab said the country had been in "permanent consultations" with other oil producers after the collapse on Friday of an OPEC supply deal,...

Trading on Wall Street was temporarily halted early Monday as U.S. stocks joined a global rout on crashing oil prices and mounting worries over the coronavirus. The suspension was triggered after the S&P 500's losses hit seven percent, with trading resuming after 15 minutes. After...

Stock markets in the energy-rich Gulf states nosedived at the start of trading Monday after oil prices crashed amid a price war after oil producers failed to reach agreement. Kuwait's Premier index tumbled 9.5 percent and trading was temporarily suspended, while the All-Shares Index lost...

LONDON (Reuters) - Lebanon’s banks are ready to talk with the country’s foreign creditors as the government seeks to restructure its debt, a source familiar with the matter said on Saturday. Houlihan Lokey has been appointed financial adviser by the Association of Banks in Lebanon to...

 Iran’s Oil Minister Bijan Zanganeh said on Wednesday that the oil market was facing a surplus and needed to be balanced, SHANA, the news site of the Iranian oil ministry, reported. “There is no doubt that there is an imbalance in the supply and demand of oil. Right now, the supply in...

Stock markets in the energy-rich Gulf states rebounded Monday, after huge losses in the previous session driven by fears over the impact of the coronavirus which has sent oil prices below $50 a barrel. Kuwait Boursa, which suspended trading Sunday after shedding over 10 percent, led the...

Stock markets in the oil-rich Gulf states plunged on Sunday over fears of the impact of the coronavirus, which also battered global bourses last week. All of the seven exchanges in the Gulf Cooperation Council (GCC), which were closed Friday and Saturday for the Muslim weekend, were hit as...

Saudi Arabia, the biggest producer in OPEC, and some other members are considering agreeing an output cut of 1 million barrels per day (bpd) for the second quarter of 2020, more than an initially proposed cut of 600,000 bpd, the sources said. The Financial Times newspaper was first to...

Asian stock markets plunged further Friday on spreading virus fears, deepening a global rout after Wall Street endured its biggest one-day drop in nine years. The Tokyo and Shanghai benchmarks sank by an unusually wide margin of 3.7%. Seoul and Sydney dropped by more than 3% and Hong Kong...

Saudi Aramco is launching the biggest shale gas development outside of the United States to boost domestic gas supply and end the burning of oil at its power generation plants, Chief Executive Officer Amin Nasser told Reuters Monday. The world's top crude oil exporter has for years battled...

The top diplomat in eastern Libya says the shutdown of vital oil facilities in the country would come to an end "when Libyans are guaranteed of the fair distribution of their resources." The closures came about when powerful tribal groups loyal to Libyan military commander Khalifa Hifter in...