Asian benchmarks jump after oil prices sink in response to the Iran ceasefire
TOKYO (AP) — Asian shares are surging as oil prices plunged after the U.S. and Iran agreed to a two-week ceasefire that includes the reopening of the Strait of Hormuz. Benchmarks rose in early Wednesday trading in Japan, Australia, South Korea and China. Oil prices plunged below $100 a barrel. That came as a reaction to the ceasefire as the recent spike in their prices was directly in response to the war, which had effectively blocked passage through the Strait of Hormuz. Much of the world’s oil supply is transported through the strait, including oil headed to resource-poor Japan.
Stopgap measures aren't enough to halt rising prices as the world scrambles for more oil
NEW YORK (AP) — Global leaders have been scrambling to contain the rising cost of oil and gasoline since the start of the Iran war. President Donald Trump and other heads of state have been pulling on various levers while hoping to ease pain for consumers. They coordinated to launch 400 million barrels of oil onto the market. And Trump lifted sanctions on Russian and Iranian crude. Experts say the maneuvers are adding some oil to the market but it's not enough to halt the steep climb in gas prices that consumers are experiencing.
JPMorgan CEO Dimon: Iran war could reignite inflation and keep Fed rates higher for longer
NEW YORK (AP) — JPMorgan Chase CEO Jamie Dimon warns that a resilient U.S. economy could face renewed inflation pressures if the war in Iran disrupts global energy markets. In his annual shareholder letter, Dimon describes inflation as the potential “skunk at the party” this year. He cautions that turmoil in oil and commodity markets could affect everything from gasoline prices to manufacturing costs. Dimon also warns that sustained inflation could force the Federal Reserve to keep interest rates higher for longer. Despite these risks, he remains generally optimistic about the current economy, noting its resilience amid challenges.
AP says it will offer buyouts as part of pivot away from newspaper-focused history
The Associated Press says it will offer buyouts to an unspecified number of its U.S.-based journalists as part of an acceleration away from the focus on newspapers and their print journalism that sustained the company for more than 1½ centuries. The news organization is becoming more focused on visual journalism and developing new revenue sources, particularly through companies investing in artificial intelligence. That's to cope with the economic collapse of many legacy news outlets. Once the lion’s share of AP’s revenue, big newspaper companies now account for 10% of its income. Julie Pace, AP's executive editor, says that “we’re not a newspaper company and we haven’t been for quite some time.
Delta joins the growing list of US airlines raising checked bag fees as jet fuel costs soar
Delta Air lines is joining a growing list of U.S. carriers raising checked bag fees. The move announced Tuesday comes as higher fuel costs ripple through the airline industry. Most Delta passengers on domestic and short-haul international routes will now pay $45 for the first checked bag and $55 for the second starting on Wednesday. That's $10 more than before the Iran war started and disrupted global oil supplies. Delta says a third bag will now cost $200 — a $50 increase. United Airlines and JetBlue also raised fees last week. Jet fuel is refined from crude oil and typically ranks as the second-largest expense for airlines after labor.
Deere & Co agrees to pay $99 million to settle 'right to repair' lawsuit
NEW YORK (AP) — Deere & Co. has agreed to pay $99 million as part of a settlement that would resolve a class action lawsuit accusing the farm equipment giant of monopolizing repair services. The Moline, Illinois-based manufacturer, which does business under the John Deere brand, has faced a handful of “right to repair” complaints over the years. The deal announced Monday — which still needs final approval from the court — would settle a 2022 lawsuit that accused the company of withholding repair software and conspiring with authorized dealers to force farmers to use their services for repairs, when they could otherwise fix tractors and other equipment themselves or use independent alternatives.
Black-led nonprofits didn't see the lasting funding boosts promised after 2020's racial reckoning
NEW YORK (AP) — New research reveals that financial gains for many Black-led nonprofits after George Floyd’s murder were short-lived. According to a study by Candid and ABFE, only a subset of large, Black-led nonprofits saw temporary funding increases. Smaller organizations saw no change. New funders tended to finance Black-led nonprofits only for one year, foregoing more transformational relationships that sustain grant recipients’ longer-term goals. The pattern of disinvestment put many community groups at even more of a disadvantage when President Donald Trump’s policies curtailed funding for diversity, equity and inclusion. In light of the report, ABFE CEO Susan Taylor Batten is calling on foundations to build more relational, trust-based connections with Black-led nonprofits.
Ackman's Pershing Square makes $64B bid for Taylor Swift label Universal Music Group
Activist investor Bill Ackman’s Pershing Square Capital Management is offering to purchase Taylor Swift and Bad Bunny’s music label, Universal Music Group, in a cash-and-stock transaction valued at approximately $64 billion. The proposed deal would involve Universal Music merging with Pershing Square SPARC Holdings, an acquisition company approved by the Securities and Exchange Commission in 2023. Plans would include the new company being based in Nevada and moving its stock listing from Amsterdam to the New York Stock Exchange.
Sarkozy says he owes France 'the truth' as he challenges conviction over alleged Libya funding
PARIS (AP) — Former French President Nicolas Sarkozy has maintained his innocence on conspiracy charges in an appeal hearing in Paris. Sarkozy said on Tuesday that no Libyan funds supported his 2007 presidential campaign. Sarkozy was convicted in September of criminal conspiracy for allegedly obtaining funds from then Libyan leader Moammar Gadhafi in exchange for favors. Sarkozy was sentenced to five years in prison but was released pending appeal. The 12-week trial began last month and it's reviewing evidence and testimony related to him and nine co-defendants. Sarkozy denies wrongdoing and says the allegations are politically motivated. The trial is scheduled to last until June 3.
Travelers will face limits on how many chargers they can carry as airlines try to reduce fire risks
Travelers will soon face restrictions on how many portable chargers they can carry on a flight as airlines continue to try to reduce the risk of another lithium battery fire aboard their jets. Southwest Airlines announced Tuesday that starting April 20 passengers will only be able to carry one charger on their planes, and they won’t be allowed to put it in the overhead bin or in their checked luggage. The airline says it will educate travelers about the risks but won't be confiscating chargers. But Jeff Marootian, who is CEO of UL Standards & Engagement, said that rule alone might be a big help because most people don’t seem to be aware of the danger.
