07292016Fri
Last update: Fri, 29 Jul 2016 05pm

Business & Finance - Industries & Sectors

Malaysia Airlines to buy 50 Boeing jets KUALA LUMPUR: Struggling Malaysia Airlines on Wednesday announced plans to purchase 50 Boeing aircraft for $5.5 billion as it continues efforts to recover from devastating twin disasters in 2014.Malaysia's national flag carrier said it had placed firm orders for 25 Boeing 737 MAX jets and had purchase rights for another 25. Deliveries are to commence in 2019.New CEO Peter Bellew said the purchase of the aircraft, which are known for their fuel efficiency, would aid the airline's recovery."This deal is a game-changer for Malaysia Airlines with much lower costs and greater efficiency which we will pass on to our loyal customers with lower fares," Bellew said in announcing the deal.Malaysia Airlines currently operates 56 Boeing 737-800s as well as smaller numbers of Airbus aircraft.The devastating MH370 and MH17 disasters in 2014 pushed the perennially loss-making airline to the brink of bankruptcy as bookings dried up.MH370 disappeared on March 8 of ...


Business & Finance - Banking & Finance

Australia court rules ANZ credit card fees fair SYDNEY: A long-running class action over credit card fees at one of Australia's biggest banks was dismissed Wednesday by the nation's highest court, dealing a blow to customers who hoped to recoup millions of dollars.The decision culminated a six-year fight which argued that ANZ Bank's late payment fee of up to Aus$35 (US$26) was unfair as it far exceeded the true costs of dealing with the issue.A 2014 ruling by Justice Michelle Gordon of the ...

Business & Finance - Banking & Finance

BoJ leaning toward standing pat on policy, yen moves may complicate call TOKYO: The Bank of Japan is leaning toward holding off on monetary easing on Friday, as an expected government spending package takes some pressure off policymakers to expand an already massive and increasingly controversial stimulus programme. But moves in the yen and political considerations could easily tilt the nine-member board in favour of expanding stimulus, making the policy decision too close to call, say sources familiar with the central bank's thinking. If the BOJ were ...

Business & Finance - Industries & Sectors

Apple quarterly profit slides 27 pct to $7.8bn SAN FRANCISCO: Apple said Tuesday its quarterly profit slumped 27 percent from a year ago to $7.8 billion on a sharp drop in iPhone sales.Apple sold 40.4 million iPhones in the quarter ending June 25, down from more than 51 million a year earlier, highlighting concerns over growth for the company's iconic smartphone and key profit driver.It was the second straight quarter of slumping iPhone sales for the company, which until then had been seeing ...

Business & Finance - Banking & Finance

Monte dei Paschi working on 5bn euro cash call MILAN: Banca Monte dei Paschi di Siena is working on a five billion euro ($5.5 billion) capital increase as part of plans to fix its balance sheet, a source said on Tuesday. Italy's No 3 lender is seeking to pull together a banking consortium to guarantee the cash call by Friday, the source with knowledge of the matter said. The bank is waiting for the European Central Bank to give its blessing to the proposal ...

Business & Finance - Banking & Finance

World Bank raises 2016 oil price forecast on supply outages, robust demand NEW YORK: The World Bank raised its crude oil forecast for 2016 to $43 a barrel on Tuesday, from $41 a barrel, citing supply outages and robust demand in the second quarter. Disruptions in oil supply during the second quarter, including from militant attacks in Nigeria and wildfires in Canada, helped oil prices rebound from 12-year lows hit early in the year. However, since peaking at about $51 a barrel early in June, a growing ...

Business & Finance - Banking & Finance

Fed seen holding rates steady as inflation watch continues SAN FRANCISCO: The US Federal Reserve is expected to keep interest rates unchanged this week, deferring any possible increase until September or December, as policymakers hold out for more evidence of a pickup in inflation. Central to the debate at the Fed's July 26-27 policy meeting will be how to reconcile upbeat US economic data, highlighted by strong job gains in June, with a global growth slowdown and other headwinds threatening the inflation trajectory. For ...