U.S. banks made more than $60 billion in profits last quarter

U.S. banks set a record by making more than $60 billion in profits in the second quarter, federal regulators said, up more than 25 percent from a year earlier. The Federal Deposit Insurance Corp. said the profit boost came because banks have been able to charge more interest on loans in recent months, and received a substantial lift from the tax law enacted last year that lowered corporate income tax rates.

Jo-Ann Fabric creates online petition over tariffs

The national retail chain Jo-Ann Fabric wants its customers to sign an online petition and send letters to members of Congress and to the White House urging exemptions from tariffs on hundreds of products the company imports from China. A company official said without the exemptions, customers would “immediately suffer the consequences of these goods being taxed” when the company is forced to raise prices.

Australia bans Huawei from next generation wireless network

The Chinese telecom giant Huawei has been barred from supplying equipment to Australia’s next generation wireless network, the company said, a move that aligns the Australian government with the United States’ ban against the firm. Huawei said on Twitter that Australia had banned the company from providing 5G technology. According to the same tweet, ZTE, another Chinese technology company, was also banned.

Huawei and ZTE did not immediately respond to requests for comment.