Business

Qatar confirms Boeing MAX order lapsed, may buy more 777x

The head of Qatar Airways confirmed on Monday that a provisional deal to buy at least 25 Boeing (BA.N) 737 MAX planes had lapsed but added the airline could expand a separate order for larger 777x jets. Chief Executive Akbar Al Baker told reporters at the Farnborough Airshow that the memorandum of understanding for 25 […]

Business

Stocks edge up, dollar dips as Fed hike expectations lessened

A gauge of global stocks edged higher on Monday as a late-session sell-off in U.S. equities trimmed earlier gains while the dollar slipped as investors tamped down expectations that the Federal Reserve will take a more aggressive approach in hiking interest rates next week. Expectations for a 100 basis points rate hike by the Fed […]

Business

Oil gains $5 on weaker dollar, tight supplies

Oil prices rose more than $5 on Monday, boosted by dollar weakness and expectations that the U.S. Federal Reserve won’t raise interest rates by a full percentage point at its next meeting to combat inflation. Brent crude futures for September settlement gained $5.11, or 5.1%, to settle at $106.27 a barrel, after rising 2.1% on […]

Business

U.S. equity funds’ net assets shrank by $2 trillion in second quarter

U.S. equity funds witnessed a record erosion in their net assets in the second quarter of this year, as stocks slumped due to soaring inflation and rising expectations of aggressive rate hikes by major central banks. Data from Refinitiv Lipper showed U.S. equity funds’ net assets shrank by $2.1 trillion to $9.2 trillion in the […]

Business

U.S. panel rejects duties on fertilizers from Russia, Trinidad and Tobago

The U.S. International Trade Commission revoked hefty anti-dumping and anti-subsidy duties on urea ammonium nitrate fertilizers from Russia and Trinidad and Tobago on Monday, concluding that those imports did not hurt American producers. The panel’s vote may help ease shortages and price increases for fertilizers brought on by Russia’s invasion of Ukraine, both major fertilizer […]

Business

U.S. banks boost outlook for net interest income amid Fed rate rises

Big U.S. banks say net interest income, a key source of revenue, will continue to grow this year as interest rates rise, helping to buffer their bottom lines against declines in other key areas of the business. Investors and analysts have been closely tracking banks’ net interest income, or NII, money banks earn from loans […]

Business

Lawsuit accuses Apple of antitrust violations over Apple Pay

Apple Inc (AAPL.O) was sued on Monday in a proposed class action by payment card issuers accusing the iPhone maker of abusing its market power in mobile devices to thwart competition for its Apple Pay mobile wallet. According to a complaint filed in San Francisco federal court, Apple “coerces” consumers who use its smartphones, smart […]