The United States recorded its steepest job losses in history over the coronavirus pandemic as Europe moved to keep its borders shut for another month.

The head of the International Monetary Fund (IMF) said Friday that previous estimates for the world economy to contract by three percent this year were too optimistic. 

Oil prices rose in Asian trade Friday and were set to end the week with strong gains on signs demand is returning as some governments ease tough coronavirus lockdowns.

Chinese and US trade representatives agreed Friday to "create favourable conditions" for the phase one trade deal signed in January, officials said, despite recent tensions over the coronavirus pandemic.

Britain's economic output is set to crash by 14 percent this year owing to the coronavirus, the Bank of England said Thursday as it left its interest rate at 0.1 percent.

Industrial production in Germany fell by 9.2 percent month-on-month in March, official data showed Thursday, as Europe's top economy began to feel the effects of the coronavirus crisis.

Bitcoin miners, whose computer processors enable the running of the world's most popular virtual currency, will soon face an event that takes place every four years and alters the profitability of the hi-tech industry.

The U.N. aviation agency on Wednesday warned of possible pilot fatigue and lapsed licenses as airlines get ready to fly again once travel restrictions to slow the spread of the coronavirus are lifted.

The world's main stock markets brushed off on Wednesday data showing the extent of the economic damage wrought by measures to slow the spread of the new coronavirus.

The European Commission said Wednesday the eurozone economy would contract by a staggering 7.7 percent in 2020, as the catastrophic consequences of the coronavirus outbreak sweep through the continent.