Q&A: Anna Gomez is the sole Democrat on the FCC. She has a warning for big media companies
WASHINGTON (AP) — Anna Gomez, the sole Democrat on the Federal Communications Commission, is urging media companies to resist what she sees as the Trump administration's crackdown on free speech. Her focus is Disney, the parent company of ABC, which is under investigation by the FCC. Gomez sent a letter to Disney CEO Josh D'Amaro, accusing the FCC of censorship and intimidation. She criticized Disney's decision to settle a defamation case, arguing it set a bad precedent. Gomez's term ends June 30, but she may remain if not replaced.
PayPal’s online checkout empire is under siege as rivals squeeze its core business
NEW YORK (AP) — PayPal, a pioneer in online payments, is facing significant challenges nearly three decades after its inception. The company is struggling to maintain its dominance amid fierce competition from Apple, Shopify, and buy now, pay later services like Affirm and Klarna. PayPal's stock has plummeted nearly 40% in the past 12 months and about 80% over five years. Recently, the company replaced its CEO and reorganized into three business units. Analysts express concern that PayPal missed opportunities to leverage its brand, allowing competitors to gain market share. The company plans to update investors on its turnaround strategy soon.
Asian shares are mostly higher, tracking Wall Street's fresh records, and oil prices fall
Asian shares are mostly higher and oil prices have fallen after the U.S. stock market rose to records. South Korea's Kospi jumped nearly 5% and Taiwan's benchmark also surged as the boom in artificial intelligence drove heavy buying of computer chipmakers and other technology companies. On Tuesday, the S&P 500 climbed 0.6% after trading resumed following Monday’s holiday, setting another all-time high. The Nasdaq composite rallied 1.2% to its own record, while the Dow Jones Industrial Average dipped 0.2% from its all-time high. Micron Technology led the way, and its stock has more than tripled so far this year. Treasury yields eased.
Massachusetts Uber, Lyft drivers certify first statewide ride-hailing union amid automation fears
BOSTON (AP) — Drivers in Massachusetts for ride-hailing apps such as Uber and Lyft have become the first in the nation to certify a union. The move is a milestone in the growing effort to organize gig-economy workers. Labor leaders described the victory as the largest private-sector organizing win since Ford autoworkers unionized in 1941. Drivers say rising gas, insurance and maintenance costs, along with sudden app deactivations, have left many struggling financially. Organizers also say the effort comes as workers worry about the expansion of self-driving vehicle technology. The victory could become a model for similar organizing campaigns gaining traction in states including California and Illinois.
Newspaper publisher and former AP board chairman Donald Newhouse dies at 96
NEW YORK (AP) — Donald E. Newhouse has died at 96. He was president of one of the largest family-controlled publishing companies in the nation and a former board chairman of The Associated Press. His family says he died at his home in New Jersey. During his career, Newhouse served as president of the Star-Ledger in Newark, New Jersey and head of Advance Publications’ newspaper group. Newhouse, who lived in New York, spent nearly 50 years overseeing the 35 newspapers of Advance Publications, the media business started by his late father, Samuel Irving Newhouse Sr., in 1922.
Canada and Germany make liquefied natural gas deal as Carney looks to diversify from US
TORONTO (AP) — A person familiar with the matter says Canada has reached a deal to export liquefied natural gas to Germany from a planned Pacific Coast terminal. The official confirmed Canada will sign the agreement with Germany’s SEFE, which stands for Securing Energy for Europe, from the proposed KSI Lisims export facility on the coast of British Columbia. The official spoke on condition of anonymity as they were not authorized to speak ahead of Wednesday’s announcement. The official said up to million metric tons of liquefied natural gas per year will be exported. Prime Minister Mark Carney has set a goal to double non-U.S. trade in a decade.
Ferrari's first electric vehicle met with market skepticism
Ferrari on Tuesday presented its first-ever fully electric car to Italy’s President and Pope Leo XIV, as the rollout received a mixed response from auto critics and the markets. The Italian automaker’s all-new Luce EV was unveiled this week at a time when other luxury competitors dial back ambitious electrification plans amid waning demand in some markets around the world. The Luce offers 1,000 horsepower, can hit 100 kilometers per hour in 2.5 seconds and has a range of more than 530 kilometers. It also has four electric motors — one for each wheel.
Oil giant BP ousts new chairman over 'conduct' and shares slide
BP has ousted its chairman over what it called serious concerns related to “important governance standards, oversight and conduct.” The departure was abrupt and unexpected, with Albert Manifold having been appointed to the position just last year. BP’s board named board member Ian Tyler as interim chair on Tuesday, effective immediately. The company said that it will begin the process of finding a permanent chair. Manifold became chair in October. He succeeded Helge Lund. Manifold served as CEO of CRH plc from January 2014 until December 2024. BP, based in London, is a “supermajor,” one of the five largest oil production and exploration companies in the world by when measured by revenue and profit.
As US stock market hits new highs, 2 of 3 Americans are cutting back on spending, survey shows
WASHINGTON (AP) — U.S. consumer confidence declined slightly this month as gas prices stayed high and inflation remained elevated, a sharp contrast to soaring stock prices that have neared record levels. The Conference Board’s consumer confidence index on Tuesday slipped 0.7 points to 93.1 in May, the first decline after three months of gains. Americans have soured on President Trump’s economic policies, polls show, potentially creating problems for Republicans heading into the midterm elections. Gas prices have soared to a nationwide average of $4.49 a gallon from $2.98 just before the war began at the end of February, and have been at or above $4.50 a gallon for nearly all of May.
Another surge for Micron, Wall Street's latest $1 trillion company, sends US stocks to records
NEW YORK (AP) — The U.S. stock market rose to records as it caught up with climbs for others around the world from the day before, when President Donald Trump said negotiations were “proceeding nicely” with Iran on ending their war. The S&P 500 climbed 0.6% Tuesday after trading resumed following Monday’s holiday and set an all-time high. The Nasdaq composite rallied 1.2% to set its own record, while the Dow Jones Industrial Average dipped 0.2% from its all-time high. Micron Technology led the way, and its stock has more than tripled so far this year. Treasury yields eased in the bond market.
