Dozens of flights were delayed or canceled at Istanbul's main Ataturk airport on Friday as a ferocious summer storm hit the city for the second day in a row.

Hundreds of passengers were stranded in the domestic terminal of the airport after their flights were canceled while international passengers were suffering delays of several hours, according to the airport.

Oil prices rose in Asia Friday after U.S. President Barack Obama said he had authorised air strikes against Sunni extremist militants in key crude producer Iraq. 

U.S. benchmark West Texas Intermediate for September delivery rose 71 cents to $98.05 while Brent for September gained 96 cents to $106.40 in afternoon trade.

General Motors' troubles with safety recalls have surfaced in another case, this time with the company recalling a group of SUVs for a third time to fix power window switches that can catch fire.

The problem, revealed in documents posted by federal safety regulators this week, is so serious that GM is telling customers to park the SUVs outdoors until they are repaired because they could catch fire when left unattended.

Australia on Friday called Russia's decision to ban food imports over the crisis in Ukraine disappointing, but said efforts would be made to minimise the impact on producers.

The World Trade Organization on Thursday upheld its ruling that China had violated global trade rules by restricting exports of rare earths, used in hi-tech goods like mobile phones and televisions.

Malaysia Airlines will be taken over by a state investment fund under plans announced Friday, ahead of a "complete overhaul" aimed at saving the company from oblivion.

President Barack Obama says that U.S. sanctions levied against Russia over its actions in Ukraine are working but that Washington would face a much different set of questions about how to respond if Moscow invaded eastern Ukraine.

Western officials warn that a Russian military buildup on Ukraine's border could herald a major incursion to protect the pro-Moscow separatists fighting Ukrainian forces. Despite bipartisan pressure from lawmakers to send U.S. military aid to Ukraine, however, the Obama administration thus far has said it doesn't believe U.S. military assistance is needed.

The crisis in Ukraine and a hesitant recovery in Europe are casting shadows over the European Central Bank's meeting.

Economists say the monetary authority for the 18 countries that use the euro will look to reassure markets later Thursday that it is ready to back further stimulus measures if the economy takes a serious turn for the worse.

Bank of America has tentatively agreed to pay a record $16 to $17 billion settlement to resolve allegations it misled investors on mortgage-linked securities, a person familiar with the matter said Wednesday.

The Justice Department settlement -- covering securities allegedly mis-sold ahead of the housing bust -- is expected to be revealed by next week, according to the source, who spoke on the condition of anonymity and confirmed reports in U.S. media.

As populations age around the world, economies will be held back and growth trends will slow sharply in the next 20 years, a report forecast on Thursday.

The mismatch of old people to the numbers of people at work is no longer a shadow only over advanced economies; it now extends to emerging markets as well, a report by rating agency Moody's said.