Daily business briefing

Russia's Gazprom tells European customers it can't maintain gas supplies, Delta plans to buy 100 Boeing MAX 10 jets, and more [Try 6 risk free issues of The Week magazine. Order now.]( [The Week Logo]( [Subscribe to The Week magazine]( [Subscribe to The Week magazine]( Daily business briefing 1. [Gazprom tells European customers it can't guarantee gas supplies]( Russia's Gazprom has told European customers it can't guarantee it will maintain their regular gas supplies under their current contracts, Reuters reported Monday, citing a copy of a letter it reviewed that was sent by the Russian state gas monopoly. Gazprom said the potential cutoff of gas was due to "extraordinary" circumstances, signaling a potential escalation of tensions between Europe and Moscow over Russia's invasion of Ukraine. In its July 14 letter, Gazprom said it was invoking a force majeure or "act of God" clause, a standard element of business contracts describing extreme circumstances that release a party in the contract from their legal obligations. [[Reuters]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Gazprom+tells+European+customers+it+can't+guarantee+gas+supplies&body=Read the story here: utm_campaign=business_briefing_newsletter_20220719&utm_source=business_briefing_newsletter) 2. [Delta to buy 100 Boeing 737 MAX 10 jets]( Delta confirmed Monday it was ordering 100 Boeing 737 MAX 10 jets, its first major order with the aircraft maker in a decade. Delta has an option to buy 30 more of the planes. Mahendra Nair, the senior vice president at Delta responsible for its aircraft fleet, said at Britain's Farnborough Air Show that the commonality of the MAX 10 cockpit systems with other 737s was "the biggest factor that drove the decision" to make the purchase. Deliveries are scheduled to start in 2025. The order at list prices would be worth $13.5 billion, but airlines typically get discounts, particularly on such a large order. Delta said the deal would help it modernize its narrow-body fleet and capitalize on a rebound in travel after the coronavirus pandemic slump. [[The Seattle Times]( [CNBC]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Delta+to+buy+100+Boeing+737+MAX+10+jets&body=Read the story here: utm_campaign=business_briefing_newsletter_20220719&utm_source=business_briefing_newsletter) 3. [Goldman Sachs revenue falls but profits beat expectations]( Goldman Sachs said Monday that quarterly investment banking revenue fell 41 percent compared to a year earlier, but trading revenue rose 32 percent to $6.5 billion as investors placed trades across different asset classes. JPMorgan Chase & Co., Morgan Stanley, Citigroup, and Bank of America Corp. reported larger banking revenue declines, but also brought in more trading revenue. Goldman Sachs posted a second-quarter profit of $2.9 billion, or $7.73 a share, during the three months ending in June. That was down from $5.5 billion a year ago, but exceeded analysts' expectations of $6.61 a share. Goldman shares rose 2 percent in Monday afternoon trading. [[The Wall Street Journal]( [CNN]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Goldman+Sachs+revenue+falls+but+profits+beat+expectations&body=Read the story here: utm_campaign=business_briefing_newsletter_20220719&utm_source=business_briefing_newsletter) 4. [Stock futures edge higher as earnings season continues]( Stock futures rose early Tuesday as earnings season continued. Futures tied to the Dow Jones Industrial Average were up 0.6 percent at 6 a.m. ET. S&P 500 and Nasdaq futures were up 0.7 percent. IBM shares fell more than 4 percent in after-hours trading after the tech company reported earnings and revenue that beat expectations but lowered its forecast for cash flow. The three main U.S. stock indexes rallied early Monday but reversed course and closed lower after Bloomberg News reported that Apple would cut hiring and spending on growth in 2023 as it braced for a possible recession. Apple shares fell 2.1 percent. The Dow fell 0.7 percent on Monday. The S&P and the tech-heavy Nasdaq dropped 0.8 percent. [[CNBC]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Stock+futures+edge+higher+as+earnings+season+continues&body=Read the story here: utm_campaign=business_briefing_newsletter_20220719&utm_source=business_briefing_newsletter) 5. [India's rupee hits a low against the dollar]( The Indian rupee fell as low as 80.06 per dollar on Tuesday, touching a record low before rebounding slightly and rising 0.1 percent. The rupee has descended 7 percent this year as foreign investors pulled out of India's equities. They have sold nearly $30 billion so far this year. The record outflows reflect investor concerns about high oil and commodity prices, and India's deteriorating current-account deficit. India policymakers are trying to support the rupee and halt its fall, as the weakening of the country's currency adds to import costs and inflation pressures. [[Bloomberg]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=India's+rupee+hits+a+low+against+the+dollar&body=Read the story here: utm_campaign=business_briefing_newsletter_20220719&utm_source=business_briefing_newsletter) [Read more business stories at theweek.com]( MOST POPULAR [Related image]( [What to watch for in Tuesday's Maryland primaries]( Brigid Kennedy [Related image]( [Emilia Clarke says she's missing parts of her brain after aneurysms: 'It's remarkable that I am able to speak']( Brendan Morrow [Related image]( [Steve Bannon faces up to a year in prison as contempt of Congress trial begins]( Grayson Quay [Related image]( [Craig Robinson evacuates comedy club after gunman opens fire]( Brendan Morrow [Related image]( [A history of Trump's alleged witness tampering]( Joel Mathis [Speed reads banner] [Article image]( [Rand Paul, Mitch McConnell blame each other for Biden dropping nomination of anti-abortion judge]( July 18, 2022 [Article image]( [At least 1,100 people have died in Spain and Portugal from heat-related causes]( July 18, 2022 [Article image]( [2 Trump White House aides expected to testify in Jan. 6 committee's 2nd prime-time hearings]( July 18, 2022 [Article image]( [Federal prosecutors decline to charge Colbert crew, Triumph the Insult Comic Dog over Capitol bit]( July 18, 2022 [Read more of today's best articles at theweek.com]( [Try 6 risk-free issues of The Week magazine]( [Unsubscribe from this list]( | [Privacy Policy]( © Future US LLC. 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