Business
S&P 500, Nasdaq hit record highs as U.S.-Iran escalation fears fade
The S&P 500 and the Nasdaq hit record highs on Wednesday after President Donald Trump said there were no American casualties in the Iranian missile strikes and that Tehran appeared to be standing down, sparking a relief rally in markets.Iranian forces fired missiles overnight at military bases h
American Airlines reaches compensation settlement with Boeing for 737 MAX grounding
American Airlines Group Inc. said on Monday it had reached a confidential agreement with Boeing Co. to address damages the airline incurred in 2019 due to the ongoing grounding of its fleet of Boeing 737 MAX aircraft.American, the largest US airline, said the compensation will be received over sever
Synergy Group submits fresh EOI for Jet Airways
Jet Airways, India’s oldest private airline, stopped operating on April 17 after running out of cash to stay afloat. On June 20, India’s bankruptcy court admitted Jet under the Insolvency and Bankruptcy Code.Synergy Group, a South American conglomerate that owns majority shares in airlin
FOREX-Yen, Swiss franc rise on U.S.-Iran tensions
The moves extended a flight to safety that began on Friday after Iranian Major-General Qassem Soleimani was killed in a U.S. drone strike on his convoy at Baghdad airport. U.S. President Donald Trump warned of a “major retaliation” if Iran hit back, while Iran’s replacement comman
Airline stocks tumble as oil prices soar on US airstrike that killed Iran’s top general
A U.S. airstrike that killed Iran’s top military leader drove up oil prices more than 3% on Friday and sent shares in airline stocks tumbling. After labor, fuel is generally airlines’ second largest expense, and carriers are particularly sensitive to volatility in the market. All U.S.
Oil prices rise $3 after US kills Iran's Soleimani
London - prices jumped more than $3 on Friday after a US air strike in Baghdad ordered by President Donald Trump killed the head of Iran’s elite Quds Force, sparking concerns for an escalation of regional tensions and disruption to crude supplies. Brent crude LCOc1 rose as high as $69.50 a ba
Stocks surge as rally enters year, dollar rebounds
The dollar snapped a four-day losing streak on Thursday and global equity markets jumped at the start of 2020 with a shot of Chinese stimulus, ensuring last year’s record-breaking rally remained intact.Gold climbed to a three-month peak while yields on U.S. Treasuries and Germany’s 10-ye
Turkish Airlines says Boeing agrees to compensation over Max
Turkish Airlines said Tuesday that it has reached a partial agreement with Boeing over compensation for damages caused by the grounding of the airline’s Boeing 737 Max jets. The airline did not disclose financial terms of the agreement. Between 2013 and 2015, Turkish Airlines ordered 75 Max
Regulators take aim at 'Big Tech' over users' financial data
Google, Alibaba and other "Big Tech" companies could be forced to share data on financial services customers with banks and financial technology firms to prevent unfair competition, an international financial watchdog said. As Facebook's plan for its Libra "stablecoin" faces scrutiny, a global body
Muslim nations consider gold, barter trade to beat sanctions
KUALA LUMPUR - Iran, Malaysia, Turkey and Qatar are considering trading among themselves in gold and through a barter system as a hedge against any future economic sanctions on them, Malaysian Prime Minister Mahathir Mohamad said on Saturday. At the end of an Islamic summit in Malaysia, Mahathir pr
6 major factors that shaped the global economy in 2019
Reem Abdellatif and Matthew Amlôt As global markets begin to snap out of their trade war-induced slumber, optimism is slowly returning among investors and economists. Trade tensions, particularly between the United States and China, undermined growth in 2019. Against a backdrop of financial v
China to lower import tariffs on frozen pork, avocados from January 1
China will lower tariffs on products ranging from frozen pork and avocado to some types of semiconductors next year as Beijing looks to boost imports amid a slowing economy and a trade war with the United States. Next year, China will implement temporary import tariffs, which are lower than the mos
Lebanon’s food importers face challenges paying for goods
Given the current restrictive monetary policies in Lebanon and the shortage of dollars, both food importers and local agro-industrialists are under pressure. Historically, Lebanon’s productivity sectors, mainly agriculture and industry, have been severely under-developed at the expense of the
EU agrees to start British trade talks after Brexit deal approved: Sources
The European Union’s 27 national leaders agreed at a summit on Friday to move to trade talks with Britain after the “ratification and effective implementation” of the Brexit deal, diplomatic sources said. A French official said the EU would stress that so-called level playing fiel
Pound jumps as exit poll shows Conservative majority in UK elections
The pound sterling jumped higher on Thursday after exit polls showed Prime Minister Boris Johnson’s ruling Conservative Party on track to win a wide parliamentary majority, a result seen as hastening Brexit. Shortly after 2200 GMT, a pound rose about two percent against the dollar $1.3416 and
Aramco moves towards $2 trillion valuation after first day trading
Matthew Amlôt, John Benny Saudi Aramco’s shares closed at 35.2 riyals ($9.39) per share, with the company reaching a valuation of $1.88 trillion, bringing it closer to the $2 trillion valuation initially targeted by Saudi Arabian authorities. The company’s shares shot up to hit
China exports fall in November, imports recover
BEIJING - China’s exports declined for the fourth consecutive month in November as a trade war with Washington rumbles on, official data showed today, although imports rebounded. Exports were down by 1.1 per cent in the last month of the year, after a drop of 0.9 per cent in October on slowin
World Bank to reduce lending to China
Washington - The World Bank said on Saturday its lending to China has fallen sharply and will continue to be pared back, after US President Donald Trump demanded it stop altogether. “Why is the World Bank loaning money to China? Can this be possible? China has plenty of money, and if they don
