Glacier FarmMedia COVID-19 & the Farm

Global Markets: Boeing losses mount with 737 MAX grounding

By MarketsFarm

WINNIPEG, July 24 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Aircraft manufacturer Boeing lost US$2.94 billion in the second quarter due to the grounding of its 737 MAX passenger jet. All 737 MAX jets were grounded followed two tragic crashes in Indonesia and Ethiopia that killed nearly 350 people. The loss of future 737 MAX sales and sales of other Boeing aircraft amounted to US$15.75 billion.

– Former United States Special Counsel Robert Mueller testifies before Congress today. The former director of the Federal Bureau of Investigation spent almost two years investigating Russian influence in the 2016 U.S. election and Trump’s actions. The Mueller report stated there was insufficient evidence to establish there was a criminal conspiracy between Donald Trump’s campaign and Russia. President Trump accused Mueller’s investigation as a ‘witch hunt.’

– The 23-member crew of the British-flagged oil tanker seized by Iran on July 20 is said to be doing well, according to vessel’s owner Stena Bulk. The United Kingdom government sent a mediator to Iran to negotiate for the release of the crew. As well, the U.K. called for a European-led naval task force to protect oil tankers passing through the Strait of Hormuz.

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