The world’s fleet of cargo aircraft will double in size over the next 20 years, the Boeing Co. projects. The company has released its latest cargo market outlook, which projects that the number of cargo planes will go to 3,530 from 1,760 over the next two decades. Boeing predicts that 2,870 new freighters will be needed during a period in which 1,100 older planes will be retired. Of the new planes, 720 will be factory-built freighters, about a quarter of the total, while the rest will be converted passenger jets.
U.S. trade deficit improves slightly
America’s deficit in the broadest measure of international trade showed a slight improvement in the April-June quarter, although it was still at the second-highest level in history. The Commerce Department reported that the deficit in the U.S. current account totaled $195.7 billion in the second quarter. That was down 1.5 percent from the deficit in the first three months of the year, $198.7 billion, which was the all-time high.
Rumors drive up McDonald’s stock
Shares in McDonald’s Corp. settled 2.3 percent higher Friday after hitting a new 52-week high on rumors that hedge fund Pershing Square Capital Management had bought a 4.9 percent stake in the fast-food company. Neither side would confirm or deny the rumors. McDonald’s stock rose 79 cents to close at $34.24 on the New York Stock Exchange after surging to $35.03.
US Airways ready to exit bankruptcy
US Airways received final approval Friday to leave bankruptcy court protection for the second time in three years and merge with America West Holdings Corp. The ruling allows the airline to be purchased by America West, the nation’s eighth-largest airline, as soon as Sept. 27.
OPEC says prices are uncontrollable
Faced with increasing international pressure to lower oil prices, OPEC ministers gathering in Vienna this weekend will attempt to convince consumers that they are doing all they can to keep the market well-supplied and prices stable. With prices about 50 percent higher than a year ago and motorists feeling the increase at the gas pump, the ministers have repeatedly said that OPEC is concerned but that factors beyond its control are to blame, something analysts agree with. At its meeting on Monday, the Organization of Petroleum Exporting Countries is widely expected to increase the production ceiling by 500,000 barrels a day, although analysts say the impact will be minimal.
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