Markets

The key factor in assessing the economic impact of the coronavirus will not be the outbreak's range or severity, but rather its duration, says an observer.

Global stock markets rose slightly on Friday as investors bet on a lull in proliferation of the coronavirus, while oil prices registered their first weekly gain since early January.

US stocks posted mixed results on Friday (Feb 14), capping a week that saw all indices hit records then recede before bounding back amid fears over the new coronavirus outbreak.

Citigroup Inc said on Friday its Chief Executive Michael Corbat will US$24 million as total compensation for 2019, unchanged from 2018.

While 2003’s severe acute respiratory syndrome (SARS) epidemic can serve as a guide on what to prescribe for businesses affected by the new COVID-19 outbreak, Trade and Industry Minister Chan Chun Sing said “each crisis is different”.

Investors are edging back into emerging markets, even though worries about the coronavirus' impact on global economic growth have clouded prospects for the boom-and-bust asset class.

Luxury department store operator Saks Fifth Avenue, owned by Canada's Hudson's Bay Co , is expanding into bankrupt fashion chain Barneys' Beverly Hills shop, people familiar with the matter said on Friday.

Facebook Inc said on Friday it had cancelled its global marketing summit scheduled for next month in San Francisco due to coronavirus-related risks.

Billionaire Ray Dalio's Bridgewater Associates, Viking Global Investors, and Granite Point Capital were among prominent hedge funds placing new bets on electric carmaker Tesla Inc in the fourth quarter, positioning them to gain from its nearly 100per cent rally over the first six weeks of the year.

Google on Friday called on Europe's second-top court to throw out what it called an eye-catching 2.4 billion euros (US$2.6 billion) EU antitrust fine, saying there was no factual or legal basis to the inflated amount.