Energy stocks, one of the worst-performing sector this year, spiked on Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday.Marketsread more
The Vision EQS sits alongside an already growing array of production models from Mercedes that underscore its determination to dethrone Tesla as king of the emerging...Autosread more
It's a major comeback for Netflix after the company lost the streaming rights to shows like "Friends" and "The Office."Technologyread more
Democrats running to challenge Trump next year raced to show solidarity with the auto workers striking as they negotiate with General Motors.Politicsread more
A year after Nike's "Dream Crazy" campaign featuring former San Francisco 49ers quarterback Colin Kaepernick brought about heavy controversy, the company won the "outstanding...Mediaread more
New research by the Digital Citizens Alliance shows how easy it is to buy illegal steroids and other appearance- and performance-enhancing drugs.Cybersecurityread more
slowdown@ (Corrects para 5 and bullet point in Aug. 22 story to remove the number of cuts at Denso and adds company response)
* Toyota, Hyundai temporarily halt some production in India -memos
* Auto part makers Denso, Bellsonica cut jobs - sources
* India's car sales growth in July lowest in two decades
* About 350,000 jobs lost in the auto sector, including dealers
NEW DELHI, Aug 22 (Reuters) - With India's auto sales declining for the ninth straight month in July, more automotive manufacturers are laying off workers and temporarily halting production to keep costs in check, according to sources and documents seen by Reuters.
Japanese carmaker Toyota Motor and South Korea's Hyundai Motor are the latest in a string of companies to briefly halt some parts of production at plants to combat slumping sales, according to company memos to employees, reviewed by Reuters.
Passenger vehicle sales in July fell at the fastest pace in nearly two decades. The sales declines have triggered major job cuts in India's auto sector, with many companies forced to shut down factories for days and axe shifts.
Sources have told Reuters that even more companies have now begun to lay off temporary workers as the slowdown worsens.
Denso Corp's India unit, which makes powertrain and air-conditioning systems for cars, has cut some temporary workers at its Manesar plant in north India, four sources familiar with the matter told Reuters.
A spokeswoman for Denso said the information was incorrect and declined to elaborate further. In a separate email, another company official disputed that the firm employed temporary workers at its Manesar plant.
Bellsonica, which is part-owned by India's biggest carmaker Maruti Suzuki and makes fuel tanks and brake pads, has also let more than 350 workers go in Manesar, two sources said.
Bellsonica could not immediately be reached.
Reuters earlier this month reported automakers, component manufacturers and dealers had already cut 350,000 jobs.
In a meeting with India's finance ministry on Aug. 7, industry executives asked for tax cuts, and easier access to finance for dealers and buyers, in an effort to revive sales.
Toyota, in a notice dated Aug. 13, told its workers the company would halt production at its plants in Bengaluru in southern India on Aug. 16 and 17 "due to low market demand of vehicles" and high stock of about 7,000 vehicles.
N. Raja, deputy managing director, at Toyota's India unit, told Reuters that while the company had a flexible production system it had to resort to five no-production days in August to prevent the build up of stock.
"The industry is deeply concerned with the reality of poor customer sentiment faced by the sector," said Raja, adding he hoped the government would step in to support the industry.
Hyundai, in a memo on Aug. 9, also said it would halt production for several days in August across various departments including the body shop and paint shop as well as its engine and transmission plants.
A Hyundai Motor India spokesman said the company expected sales to pick up in the festive season starting next month and added that the company had not laid off any workers. (Writing by Aditi Shah; Editing by Euan Rocha and Mark Potter)