German output will suffer a record slump this year over the coronavirus crisis, the government warned Wednesday, pushing Europe's top economy into a painful recession.

LAU has received a considerable donation from Antoun Nabil Sehnaoui, chairman of the Board of Directors of the Société Générale de Banque au Liban (SGBL), toward the LAU Medical Center-Rizk Hospital’s fight against the COVID-19 pandemic, LAU said in a statement released Wednesday.

Commending the university’s endeavors, Sehnaoui remarked that its most recent initiatives, since the COVID-19 outbreak, underscored its “commitment in equal measure to help the community and to raise the bar in higher education in Lebanon and the Middle East.”

Boeing announced sweeping cost-cutting measures Wednesday after reporting a first-quarter loss of $641 million following the hit to the airline business from the coronavirus pandemic.

U.S. oil prices rebounded above $14 a barrel Wednesday, a day after a sell-off sparked by a major fund selling its short-term holdings of the commodity amid virus-triggered storage concerns.

European countries are working to find a balance in how far to ease coronavirus lockdowns, with Germany enforcing mandatory masks in all shops from Wednesday, as the crushing global economic cost of the pandemic becomes clearer.

US oil nosedived below $11 a barrel Tuesday after a major exchange-traded fund started selling its short-term contracts of the commodity, and storage concerns mounted as the coronavirus strangles demand.

HSBC on Tuesday said first quarter pre-tax profits almost halved as the banking giant was battered by the global coronavirus pandemic while it embarked on a major restructuring.

US oil prices fell heavily on Monday and slipped below $15 a barrel on renewed storage concerns as the coronavirus throttles demand, even as producers start slashing output to boost markets.

Ratings agency Standard & Poor's has downgraded its outlook for Greece on forecasts the economy will plunge into recession on the fallout of the coronavirus pandemic, while maintaining the country's credit rating.

EU Brexit negotiator Michel Barnier deplored a lack of progress in the latest round of post-Brexit trade talks on Friday, accusing Britain of stalling negotiations.

Barnier reported his concern at the end of a week of negotiations, which came amid the added urgency of the coronavirus pandemic that has shattered the economy in Europe.