Reuters Business News

Tesla Inc is cutting contractors from its U.S. car and battery plants, CNBC reported on Friday, citing workers and a contract staffing agency.

Investors are parsing a broad range of signals, from infection counts to more traditional indicators, for clues on the trajectory markets may take in coming weeks as the pandemic caused by the novel coronavirus continues to spread.

The Saudi energy minister on Saturday rejected Russia's remarks that the kingdom withdrew last month from a deal to cut output.

By Rania El Gamal, Alex Lawler, Vladimir Soldatkin and Laila Kearney

The Saudi foreign minister said early on Saturday that a statement attributed to Russia's President Vladimir Putin about the kingdom's withdrawal from the OPEC+ deal is not correct, and that Russia is the one that withdrew, state agency (SPA) reported.

Major U.S. airlines applied on Friday for payroll grants from the U.S. Treasury meant to keep workers employed during a sharp downturn resulting from the coronavirus outbreak, but while talks over the terms were expected to continue in coming days some warned the funds would not be enough to help them through their toughest crisis ever.

The U.S. Securities and Exchange Commission's lone Democratic commissioner on Friday called for a delay in pending rule changes due to the coronavirus outbreak, while cautioning against excessive regulatory relief in the rush to assist companies struggling with fallout from the pandemic.

The generous U.S. unemployment benefits rolled out to blunt the economic harm caused by the coronavirus could have an unintended effect: it may actually be an incentive for companies to choose layoffs rather than keep staff on their books.

It is illegal for oil producers to meet to discuss pushing up oil prices under U.S. antitrust law, but perfectly legal if state regulators or the federal government set lower production levels for them, U.S. antitrust experts said on Friday.

The U.S. Transportation Department on Friday issued a notice to airlines reminding them they are obligated to refund tickets when they cancel a flight or make a significant flight schedule change that passengers opt not to accept, but will not take any immediate action against airlines.

A union official accused Exxon Mobil Corp on Friday of using "scare" tactics and exploiting economic uncertainty caused by the coronavirus pandemic in negotiations with workers at its Baytown, Texas, refinery, allegations the company denied.

U.S. President Donald Trump on Friday signed an order directing his administration to stop N-95 face masks and other personal protective equipment needed in the fight against the coronavirus pandemic from being exported to other countries.

Warren Buffett's Berkshire Hathaway Inc said on Friday it sold about 18% of its stake in Delta Air Lines Inc and 4% of its holdings in Southwest Airlines Co this week, as the coronavirus pandemic drives the airline industry into perhaps its biggest crisis ever.

NEW YORK (LPC) - General Motors Co (GM) will seek to extend maturities on US$6bn in revolving loans rather than refinance a US$16.5bn credit facility following discussions with its bank group during an unprecedented health crisis in the US.

Like many small business owners, New York City restaurateur Dan Kluger spent his Friday scrambling to apply for a loan under the U.S. government's $349 billion small business bailout fund, which officially launched in the morning.

Mexicans fretted about beer supplies on Friday after Dutch brewer Heineken said it will suspend production at its seven plants in Mexico to comply with coronavirus containment measures, following a similar announcement by rival Modelo.

U.S. President Donald Trump has directed his cabinet to find ways to ease a cash crunch in the drilling industry after oil company executives told him in a Friday meeting it was among their top concerns, according to three sources briefed on the matter.

Southwest Airlines Co said on Friday it has applied for U.S. payroll grants but cannot disclose details as the next several days could involve conversations on the terms of any agreement.

Kraft Heinz Co said on Friday it has moved to significantly reduce production at three plants providing restaurant supplies amid the new coronavirus outbreak, but its CEO noted the company has added shifts at others to meet demand for packaged foods like macaroni and cheese.

Wall Street's main indexes fell more than 1.5% on Friday as the coronavirus abruptly ended a record U.S. job growth streak of 113 months, intensifying fears of a deep economic slowdown.