Asian shares decline as oil prices soar amid the war in Iran, echoing last week's Wall Street drop
TOKYO (AP) — Asian shares are mostly declining, as worries continue about soaring oil prices and the potential for further escalation in the U.S. war with Iran. Benchmarks slipped in early Monday trading in Tokyo, Sydney, Seoul, Hong Kong and Shanghai. The drops follow the deep declines on Wall Street last Friday that finished off a fifth straight losing week, its longest such streak in nearly four years. Worries have been great in Japan and the rest of Asia about the effective lack of access to the Strait of Hormuz because of the war in Iran, as the region relies greatly on such access for oil shipments. Oil prices climbed.
Worries about global economic pain deepen as the war in Iran drags on
WASHINGTON (AP) — U.S. and Israeli attacks on Iran have darkened the outlook for the world economy. The conflict has driven up oil, natural gas and fertilizer prices and sent global stock markets reeling. Developing countries have been forced to ration fuel and subsidize energy costs to protect their poorest. Ongoing strikes and counterstrikes on Persian Gulf refineries, pipelines, gas fields and tanker terminals threaten to the prolong the global economic pain for months, even years. There previously was optimism the world economy could shrug off damage from the Iran war. But those hopes are fading as threats to the Gulf’s energy infrastructure continue.
TSA pay may be coming, but airport delays could persist and ICE agents may not leave soon
Heading into the weekend, President Donald Trump signed an executive order to pay the tens of thousands of TSA officers who have been working without pay for over a month during a partial government shutdown. It's unclear whether the move will translate into shorter wait times for passengers at airport security lines as the budget impasse continues. White House border czar Tom Homan said Sunday that federal immigration officers deployed to assist airports could remain in place until TSA operations return to normal. Major U.S. airports continued to recommend Sunday that passengers arrive several hours early.
Bills to pay FAA and TSA workers during shutdowns get introduced but keep stalling in Congress
Members of Congress have repeatedly introduced bills to ensure the federal employees who control air traffic and conduct airport security screenings get paid during government shutdowns. The Keep America Flying Act. The Keep Air Travel Safe Act. The Aviation Funding Stability Act. None passed in time to keep essential aviation workers from missing paychecks. President Donald Trump on Friday offered a short-term fix for the empty pockets of TSA agents who have gone unpaid since funding lapsed for the Department of Homeland Security in mid-February. Labor unions, airline executives and industry groups are urging Congress to provide a permanent solution by acting on any of the pending pay-protection bills with bipartisan support on paper.
French police thwart a suspected bombing outside a Bank of America building in Paris
PARIS (AP) — French authorities say that police have stopped a suspected bombing outside a Bank of America building in Paris. An investigation has been opened, and investigators have placed one person in custody. RTL radio said Saturday that officers spotted two suspects near the building overnight. One suspect tried to light a device. RTL said that the second suspect got away. Interior Minister Laurent Nuñez praised the rapid police response. He said that security forces have stayed on high alert amid international tensions.
Disney's new CEO opens World of Frozen in Paris as he showcases the empire that made him
CHESSY, France (AP) — Disneyland Paris has opened a huge new “Frozen” land as the centerpiece of a major park makeover. Disney unveiled World of Frozen on Sunday and renamed Walt Disney Studios Park as Disney Adventure World. The opening gives new CEO Josh D’Amaro his first big international moment since taking the top job in March. The expansion is the biggest in the resort’s 34-year history. In the park, guests ride Frozen Ever After, meet Anna and Elsa, see new attractions, dining and a lagoon show.
A Houthi missile attack on Israel stokes fears of renewed Red Sea shipping strikes
CAIRO (AP) — Iranian-backed Houthi rebels in Yemen have launch missiles toward Israel and raised fears of new attacks on Red Sea shipping. The group is a key part of Iran’s regional network. Analysts warn the Houthis could restart strikes on commercial vessels. That adds risk as the Strait of Hormuz stays effectively closed. The Red Sea route is vital for oil, container cargo and liquefied natural gas. Past Houthi attacks had sunk ships and killed sailors, before a U.S. deal paused them.
Navy shipyard workers approve a contract deal with Bath Iron Works, ending weeklong strike
PORTLAND, Maine (AP) — Hundreds of employees at one of the U.S. Navy’s biggest shipbuilding contractors have voted to approve a deal with Bath Iron Works, ending a weeklong strike. The shipyard says members of the Bath Marine Draftsmen’s Association ratified a new four-year collective bargaining agreement Saturday that goes into effect immediately. Approval followed an hourslong union meeting at a high school in Maine. The shipyard and the union had negotiated for weeks without resolving differences before the strike began. The company has not responded to questions about whether the strike slowed production.
Oil spill deals economic blow to fishermen in the Gulf of Mexico
VERACRUZ, Mexico (AP) — A major oil spill off the Gulf of Mexico has spread more than 373 miles or 600 kilometers across the ocean and seeped into seven nature reserves. Mexicans who have worked in Veracruz’s booming fishing industry for years say they’ve been dealt a blow on one of their busiest weeks of the year. Fisherwoman Norma González Pérez said that "this year has been very disastrous for us because in all my years of life we had never experienced something of this magnitude.”
When stock markets are rattled, even by war, it usually pays for investors to be patient
NEW YORK (AP) — When stock markets are falling, it’s natural to want to do something quickly to protect your retirement savings. Historically, though, staying calm has been best when it comes to investing. The U.S. stock market has a track record of recovering from every steep drop it’s taken. Whether it’s an oil shock or a military war, the S&P 500 has always recouped its losses to push on toward more records. Of course, that has sometimes taken years or even a decade, but anyone who sold their stocks after getting spooked by a steep decline missed out on the eventual recovery.
