"The Covid-19 crisis is unlike anything the world has experienced in recent history and we are adapting to a highly complex and rapidly changing business environment," Aramco President and CEO Amin Nasser said.
The kingdom will triple VAT from 5% to 15% in July, suspend its cost of living allowance for public sector workers, and cut and delay projects part of Vision 2030.
The insurer had last month flagged the drop when it published preliminary figures, and it abandoned its profit target for the full year, blaming economic uncertainty amid the pandemic.
The stability of the euro zone is once again under scrutiny after the German Constitutional Court issued a decision last week that surprised financial markets and policymakers in Europe.
China announced on Tuesday a new list of 79 U.S. products eligible for waivers from retaliatory tariffs imposed at the height of the bilateral trade war, amid continued pressure on Beijing to boost imports from the United States.
Tencent is likely to show growth when it reports first quarter 2020 earnings on Wednesday as people in China turned to smartphone-based entertainment while locked down at home during the coronavirus outbreak.
The producer price index (PPI) fell 3.1% from a year earlier, the National Bureau of Statistics said in a statement on Tuesday, compared with a 2.6% drop tipped by a Reuters poll of analysts and a 1.5% decline in March.
With half of humanity stuck at home at one point of the coronavirus pandemic, the social restrictions have been tough. CNBC Make It's Karen Gilchrist speaks to three entrepreneurs who have made it their business to tackle isolation during the outbreak.
The pandemic has reinforced expectations Japan will slip into deep recession amid a plunge in global demand and a local state of emergency that has been extended through to the end of May.
While the month of May could become the crucial period to assess the quality and quantum of this economic rebound, analysts warn there are still a few red flags to watch out for.
The pandemic has wreaked havoc on two of the country's most lucrative sectors — tourism and education — with the Reserve Bank of Australia (RBA) warning economic output could contract by 10% over the first half of the year.
Thousands of visitors streamed into Shanghai Disneyland on Monday for the first time in three months as the Chinese park became the first reopened by Walt Disney after the coronavirus pandemic brought the Magic Kingdom to a standstill.
Workplace dynamics will likely be transformed by the time everyone returns to the office again after coronavirus lockdown measures are lifted or eased, experts said.