FT News Briefing Friday, July 19
Jul 19, 2019
Tensions escalate as the U.S. Navy takes action against an Iranian drone, raising the stakes in regional conflicts. Boeing faces a massive $4.9 billion charge linked to its troubled 737 MAX. Meanwhile, Microsoft thrives with remarkable growth powered by its cloud business. In the world of finance, private equity is set for a record-breaking year. Additionally, WeWork's founder makes headlines with his share sales as the company preps for its IPO.
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US-Iran Drone Incident
- The US Navy shot down an Iranian drone in the Strait of Hormuz.
- Iran's foreign minister denied losing a drone, escalating tensions in a crucial oil shipping route.
Boeing 737 MAX Grounding Costs
- Boeing's 737 MAX grounding will cost the company $4.9 billion after taxes in Q2 2019.
- This charge includes compensation to airlines and delays but might increase over several years.
Interest Rate Cut Speculation
- New York Fed chief John Williams suggested an aggressive interest rate cut, comparing it to a necessary vaccination.
- His comments caused bond yields to fall, but the New York Fed later downplayed his remarks.