Business News

Warren Buffett’s Berkshire Hathaway Inc said on Friday it has sold some of its stake in Delta Air Lines Inc .

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Fiat Chrysler said on Friday it decided to postpone to late June its shareholders’ meeting scheduled for April 16, as a consequence of the continuing coronavirus emergency.

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Bank of America Corp and JPMorgan Chase & Co are now accepting applications for federally backed small-business loans, a sign that big U.S. banks have warmed up to the relief program after initially resisting participation.

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A union official said on Friday Exxon Mobil Corp is playing on economic uncertainty caused by the coronavirus pandemic in negotiations with workers at its Baytown, Texas, refinery.

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

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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.

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U.S. employment numbers will get worse amid the ongoing coronavirus outbreak before getting better, Richmond Federal Reserve President Thomas Barkin said in an interview with Bloomberg News.

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U.S. passenger and cargo carriers and airport contractors faced a deadline of 5 p.m. EDT (2100 GMT) on Friday to tap the federal government for up to $32 billion in payroll grants to keep workers employed while they ride out the economic toll of the coronavirus on their business.

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Wall Street’s main indexes fell on Friday as the coronavirus abruptly ended a record U.S. job growth streak of 113 months, leaving little doubt that the economy is in a recession.

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American Airlines, the largest U.S. airline, confirmed Friday it has applied to the U.S. Treasury for a chunk of the $25 billion payroll assistance grants approved by Congress last week.

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Global currency fund managers racked up gains in the first quarter as they benefited from the extreme volatility that the coronavirus pandemic has stoked across financial markets.

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Federal Reserve Chair Jerome Powell had two previously undisclosed phone calls with U.S. President Trump in February, calendars released on Friday show, including a brief call during the last week of the month when it was becoming clearer that the coronavirus would likely have more than a transitory effect on the U.S. economy.

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OPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of global supply, an OPEC source said, after the U.S. president called on producers to stop the market rout caused by the coronavirus pandemic.

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Constellation Brands Inc , the U.S. distributor of Corona beer, said on Friday its Mexican breweries were still operational and supply to the United States was intact even as rivals suspended production due to the coronavirus pandemic.

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Crude futures surged for a second day on Friday, with benchmark Brent up 11% on hopes that a global deal to cut crude supply worldwide will emerge early next week.

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