12:50 a.m. Nov. 9, 2020
- By Steve Goldstein
Fitch lowers Saudi Arabia outlook to negativeFitch Ratings on Monday lowered its long-term foreign-currency issuer default rating on Saudi Arabia to negative from stable while affirming the rating at A. Fitch cited the continued weakening of its fiscal and external balance sheets, which has been accelerated by the coronavirus pandemic and lower oil prices . Fitch expects the Saudi government budget deficit to widen to 12.8% of GDP in 2020 from 4.5% of GDP in 2019, due to a 33% drop in oil revenue, a 5% drop in non-oil revenue and 1% higher spending.
2:11 p.m. May 4, 2020
- By Ciara Linnane
Coronavirus update: Global case tally passes 3.5 million; Trump and senior officials continue to lash out at China J. Crew files for bankruptcy and GE announces permanent job cuts at its aviation unit; global deaths top 250,000The number of cases of the coronavirus that causes COVID-19 climbed above 3.54 million on Monday, as President Donald Trump and senior members of his administration continued to lash out at China, where the virus was first reported late last year.