The palm oil industry, long accused of large-scale deforestation, is bracing for another hit to its business: machine lubricants seeping into the world's most consumed edible oil during processing.

HSBC Holdings PLC on Tuesday unveiled plans to cut $100bn in assets, slash its investment bank and restructure in the United States and Europe, as it launched its biggest overhaul in years in a bid to improve returns.

Japan's economy shrank at the fastest pace in almost six years in the December quarter as last year's sales tax increase hit consumer and business spending, highlighting a fragile outlook made worse by growing coronavirus risks.

Singapore cut its 2020 growth and exports forecasts on Monday due to the expected economic blow from the new coronavirus outbreak, flagging the chance of a recession this year.