CNBC World News

General Electric is planning to furlough half of its aviation unit's engine manufacturing staff as the coronavirus roils the industry, the company told CNBC.

Stocks rose in volatile trading as oil prices jumped on expectations Saudi Arabia and Russia will ease the pressure off the oil market.

President Trump told CNBC he expects Vladimir Putin and Crown Prince Mohammed Bin Salman to announce a deal on an oil production cut.

Worsening economic data due to the coronavirus shutdown has led the Congressional Budget Office to downgrade its expectations for U.S. economic growth.

Kashkari was an architect of the 2008 Troubled Asset Relief Program that aided banks through the Great Recession.

"We'll enter hopefully phase 2 trials, we expect that to happen in the spring, perhaps early summer," Moderna Chairman Noubar Afeyan told CNBC.

Oil prices skyrocketed after President Donald Trump told CNBC Saudis and Russia will ease pressure on oil, ending a price war that has contributed to crude's massive plunge.

The big question is what prices will look like when the market starts to recover — either in summer or fall.

U.S. health officials have been fast-tracking work with biotech company Moderna to develop a vaccine to prevent COVID-19.

"You have to avoid these Chinese companies like the plague," Chanos said. "How many times do investors have to be burned?"

British Airways has reached an agreement with the U.K. trade union Unite to furlough staff without anyone being made redundant.

The Bank of England said on Thursday it will double the size of its corporate bond purchase program to at least 20 billion pounds ($24.7 billion).

Luckin Coffee disclosed that an internal investigation has found that its chief operating officer fabricated 2019 sales by about 2.2 billion yuan.

The world's top paid soccer star, Lionel Messi, said earlier this week that he and his fellow FC Barcelona players had agreed to take a 70% pay cut to help the club manage costs amid the coronavirus crisis.

To date, more than 938,000 people worldwide have contracted the coronavirus, with 47,273 deaths, according to Johns Hopkins University.

First-time claims for unemployment insurance had been expected to total 3.1 million, according to economists surveyed by Dow Jones.

The sector faces what may well be a bloodbath as companies slash spending and jobs, with crude prices roughly half that of many companies' production costs.

Treasury yields fell on Thursday after data showed unemployment claims in the U.S. surged for a second week amid the coronavirus crisis.

SoftBank said in a statement it is pulling out of the offer agreed as part of last year's bailout plan of the floundering shared-office operator.

As of Thursday morning, there were around 6,400 confirmed cases of the coronavirus in the whole of Africa, and governments across the continent are implementing robust measures in an effort to get out ahead of the pandemic.