Even with a deal to reopen the Strait of Hormuz, it could take weeks or months for oil to fully flow
FRANKFURT, Germany (AP) — The tentative agreement to end the war in Iran and reopen the Strait of Hormuz would be good news for the global economy. But oil won't simply start flowing through the key shipping artery the way it did before the war. Then, it carried a fifth of the world's crude. Now, it will take time for hundreds of ships trapped in the Persian Gulf to exit through the narrow strait. And Gulf oil producers that throttled back production will need time to get oil moving again. And ship captains may take their time deciding it's safe and that the threat of attack from Iran has truly receded.
Stocks leap worldwide, and oil prices drop after the US and Iran reach a tentative deal on their war
NEW YORK (AP) — Stock markets rallied worldwide, and oil prices eased after the United States and Iran reached a tentative deal to get the global flow of crude going again. The S&P 500 rose 1.7% Monday on hopes that this time, the announcement of an Iran-U.S. agreement will mean a long-term fix to a conflict that has worsened inflation around the world. The Dow Jones Industrial Average climbed 0.9% to a record, and the Nasdaq composite jumped 3.1%. Brent crude’s price fell 4.8%, helping stocks of companies with big fuel bills to jump. AI stocks also rallied following their sharp swings over the last couple weeks.
UK bans under-16s from using social media apps including TikTok and YouTube
LONDON (AP) — Prime Minister Keir Starmer said Britain will ban children under 16 from using social media apps like Snapchat, TikTok, and YouTube from early next year. The announcement on Monday aims to protect young people from harmful content and excessive screen time. Starmer acknowledges that some teens might bypass the ban but emphasizes the importance of children's safety and happiness. YouTube and Meta, the parent company of Facebook and Instagram, warned that a blanket social media restriction could push kids into unregulated online spaces. The ban aligns with global efforts to enhance online safety for children.
Cybersecurity executives urge the Trump administration to ease restrictions on Anthropic AI models
SAN FRANCISCO (AP) — A group of cybersecurity executives and experts is asking the Trump administration to lift its directive preventing the use of Anthropic’s latest artificial intelligence models by foreign nationals, saying the move could help U.S. adversaries more than it hurts them. Anthropic said Friday it has taken its latest artificial intelligence models, known as Fable 5 and Mythos 5, offline to comply with the directive. The AI giant said it did not believe the steps taken by the government were warranted by the concern it flagged about a potential security issue. In the letter Sunday, more than 100 cybersecurity experts and company leaders asked the government to lift the export control directives.
Fox to buy streaming pioneer Roku in a $22 billion deal
NEW Y0RK (AP) — Fox Corp. is buying streaming platform Roku in a cash-and-stock deal valued at approximately $22 billion. The deal will give Fox access to the Roku Channel, first-party data and more than 100 million global streaming households. Fox is a media giant that includes sports, news and entertainment content as well as Tubi.
Online portal used to send US deliveries to Cuba stops taking orders
MIAMI (AP) — A key platform that Cubans in the U.S. use to send money and goods to relatives in Cuba has stopped operations. This move by envioscuba.com comes as Trump administration sanctions aim to choke off international support for Cuba's government and people. The latest sanctions target the state-owned oil and gas company, Cuban President Miguel Diaz-Canel and GAESA, a business conglomerate run by the Revolutionary Armed Forces of Cuba that owns a wide range of businesses, from car rentals to retail stores. Many vulnerable Cubans rely on help from family in Miami for essentials like food and clothing.
Hong Kong seeks input on its first 5-year plan in an echo of mainland China's playbook
HONG KONG (AP) — Hong Kong has launched a public consultation for its first five-year plan in a politically symbolic step that brings it closer to mainland China’s development approach. The city has traditionally favored minimal government intervention in the economy. Secretary for Constitutional and Mainland Affairs Janice Tse says the city's blueprint will help Hong Kong align with Beijing’s national development plan. But she says that doesn't mean replacing the free market. The finalized plan is expected in the third quarter. Hong Kong has strengthened ties with mainland China in many aspects since returning to Chinese rule in 1997.
Starbucks Korea to close stores early for mandatory history training after marketing row
SEOUL, South Korea (AP) — Starbucks’ South Korean operation said Monday it will close all of its stores nationwide early on June 22 for mandatory history and social sensitivity training. This is as it reels from backlash following a marketing campaign that was widely perceived as mocking victims of a brutal military crackdown on pro-democracy protesters in 1980. Shinsegae Group, which owns a 67.5% stake in Starbucks Korea, said group executives and headquarters employees will attend training led by history and sociology professors on Wednesday. All Starbucks stores nationwide will close early next Monday so employees can watch a recording of the session, Shinsegae said in a statement.
Foundations are emphasizing their community services to counter narratives of fraud and partisanship
NEW YORK (AP) — A nationwide network of charitable foundations is encouraging its members to emphasize their positive contributions to American life. The 250th anniversary campaign is aimed at quelling what the Council on Foundation calls the “greater intensity” of scrutiny felt from the federal government and populist movements. The advocacy group believes most Americans don't recognize their reliance on the charitable sector. Kathleen Enright, its CEO, says that “perception gap” allows for popular notions of philanthropy as merely a game for the ultrawealthy to fund partisan projects and commit fraud. She wants to emphasize that most donors “have just a little bit more than they need and therefore want to give back."
A rare first edition of 'Wuthering Heights' complete with spelling mistakes is up for auction
LONDON (AP) — A rare first-edition copy of Emily Brontë’s novel "Wuthering Heights" is up for auction for the first time in over a century. Christie's auction house announced Monday that this is the first copy in the publisher’s original cloth binding to be auctioned since 1908. Only about 250 copies of the first edition were printed, and this one has been in a private library since shortly after its publication in 1847. The book, along with a copy of Anne Brontë’s "Agnes Grey," is expected to sell for between 400,000 and 600,000 pounds at a June 30 sale in London.
