Asian shares are mixed ahead of Trump's deadline for Iran to reopen oil route
TOKYO (AP) — Asian shares are trading mixed as oil prices continued to surge ahead of a deadline that U.S. President Donald Trump set for Iran to fully reopen the Strait of Hormuz or risk its power plants and bridges being bombed. Tokyo's benchmark fell early Tuesday, while shares rose in Sydney and Shanghai, and those in South Korea were little changed. The U.S. stock market drifted higher. The S&P 500 rose 0.4%, the Dow added 0.4%, and the Nasdaq climbed 0.5%. Brent crude was above $111 a barrel. Oil prices have been seesawing amid uncertainty about what will happen in the war and how long it will slow the global flow of oil and natural gas.
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.
Samsung is discontinuing its texting app, tells impacted users to switch to Google Messages
NEW YORK (AP) — Samsung is saying goodbye its namesake texting app. According to an end of service announcement published on the tech giant’s U.S. support website, Samsung Messages will be discontinued in July. Impacted owners of Samsung smartphones and other gadgets are being asked to switch to Google Messages as their default in the meantime. The company says this will help maintain a consistent messaging experience on Android. All Samsung Galaxy phones run on Google’s Android operating system. Users of older Android operating systems (dating back to Android 11 or older) will not be impacted.
Key Fed official sees possible rate hike amid higher gas prices, inflation concerns
WASHINGTON (AP) — A top Federal Reserve official said Monday that an interest rate hike could be appropriate if inflation remains persistently above the central bank’s 2% target, the latest sign that some policymakers are moving away from a bias toward reducing borrowing costs. The comments by Beth Hammack, president of the Federal Reserve Bank of Cleveland, suggest a growing concern among at least some policymakers that inflation, which was elevated before the Iran war, may require rate hikes to tame further. Rate increases by the Fed would be a sharp shift from late last year, when the central bank cut its key rate three times.
From digging coal to selling noodles? China’s mining workers face change
DATONG, China (AP) — As China runs away from the rest of the world in developing renewable energy, its coal mining industry is facing the prospect of major change. That includes the northern province of Shanxi, which turns out nearly one-third of China's coal and would be the world's largest producer if it was its own country. Officials in Shanxi and the city of Datong don't want miners to be left behind. They're pinning some of their hopes for new jobs on growing tourism to sites like the Yungang Grottoes, an ancient and significant area of caves and Buddhist carvings. Some miners are making the transition while others are fearful of leaving good jobs. And few think that Shanxi will leave coal behind entirely because it's an important safety net for energy security.
Tailors age out of the workforce even as demand for their skills grows
NEW YORK (AP) — The ranks of tailors, dressmakers and custom sewers are shrinking in the U.S. even as their skills and services are finding fresh demand. Fashion industry experts say younger shoppers are enlisting tailors and seamstresses to give off-the-rack purchases a custom fit, to revive secondhand finds or to extend the lives of their wardrobes. A veteran tailor in New York says weight-loss drugs like Zepbound and Wegovy have more Americans wanting their clothes resized. But there are fewer professionals doing alternations as skilled sewers age out of the workforce. The Fashion Institute of Technology in New York has teamed with Nordstrom to launch a training program to help address the growing labor shortage.
Menopause products are having a hot minute. But doctors urge women to be wary of the marketing surge
DALLAS (AP) — Women suffering through the hot flashes, night sweats, mood changes and sleep problems that can come with menopause — all while looking in the mirror and noticing signs of aging — are being bombarded with products. More open conversations about menopause and the period leading up to it — called perimenopause — are happening just as marketing has been supercharged by social media. Doctors say that before spending money on products that make big promises, it’s important for women to talk to their doctors about what has actually been proven to help — and what could be harmful.
Workers plan to halt strike at major US meatpacking plant and resume negotiations
Workers at one of the nation’s largest meatpacking plants plan to return to work next week and halt a three-week strike in order to resume negotiations with the plant's owner. The strike by thousands of workers at the Swift Beef Co. plant in Greeley, Colorado, began on March 16 in coordination with the United Food and Commercial Workers Local 7 union. A JBS representative said the company is preparing to ramp up the Greeley plant without yet reaching a new labor agreement. It was the first major strike at a U.S. slaughterhouse since 1985. Surging beef prices have added to economic anxiety in the U.S..
Meloni hails arrest of top crime family suspect after raid at an Italian resort
ROME, Italy (AP) — Italian Prime Minister Giorgia Meloni has praised police after the arrest of alleged organized crime boss Roberto Mazzarella. He is one of Italy’s most wanted fugitives. Authorities captured the 48-year-old Mazzarella during a raid on a luxury villa on the Amalfi Coast where he allegedly used false documents to stay. Mazzarella is wanted in connection with a 2000 fatal shooting in Naples. Meloni called the arrest “an important blow" against Naples-based crime syndicate Camorra.
