US bombing of Iran expands as American troops killed and Tehran retaliates against the Gulf states
DUBAI, United Arab Emirates (AP) — The United States has conducted a new round of airstrikes targeting Iran after announcing the death of another American service member. Iran has responded Monday by launching an attack targeting Bahrain, the home of the U.S. Navy’s 5th Fleet. The latest attacks again show how, step by step, the U.S. and Iran have inched closer to all-out war as last month’s interim deal meant to permanently end the fighting has crumbled and shipping traffic in the Strait of Hormuz has largely stalled. Benchmark Brent crude rose Monday above $90 a barrel, further fueling a global energy crisis sparked by the conflict.
Nolan’s 'The Odyssey' storms the box office with a $264.1 million global debut
NEW YORK (AP) — Christopher Nolan’s “The Odyssey” launched with an estimated $124.5 million in domestic ticket sales and another $139.6 million from overseas, even better than the filmmaker's “Oppenheimer” debut. The weekend tally marked Nolan's best opening since “The Dark Knight Rises” in 2012. Few filmmakers alive could pull off such a starry, big-budget adaptation of Homer’s epic poem. But in a Hollywood where intellectual property rights rule most hits, Nolan turned one of the world’s oldest works of literature into an unlikely summer blockbuster. By comparison, The Walt Disney Co.’s “Moana” landed in a distant second place with $19 million in its third box office weekend.
Taylor Farms recalls lettuce shipped to 27 states over cyclospora risk
Taylor Farms has expanded a voluntary recall of its iceberg lettuce products sourced from central Mexico because of a potential link to the multistate cyclospora outbreak that has sickened people across the U.S. The California-based company said products with the potential to be contaminated with the diarrhea-causing parasite were shipped to 27 states including Texas, Florida, Pennsylvania and Illinois. Cyclospora is a microscopic parasite that infects food that has come into contact with human feces, most commonly when produce is irrigated or washed with contaminated water. U.S. health officials earlier this week identified lettuce from a supplier in Mexico as a source of cyclospora contamination in food served at Taco Bell restaurants in five Midwestern states.
Former China Development Bank president is under anti-corruption probe
BEIJING (AP) — China's top anti-graft watchdog has announced an investigation into a former president of China Development Bank. The Central Commission for Discipline Inspection said Sunday that Ouyang Weimin is under investigation for serious violations of party discipline and the law. Details are scarce, but state media reports Ouyang joined the Chinese Communist Party in 1986 and spent much of his earlier career at the People’s Bank of China. He became president of the China Development Bank in 2019, stepping down in 2023. Under President Xi Jinping, China has run an anti-corruption campaign for years. Critics argue that part of it targets Xi's political rivals.
Chinese company demands compensation from the UK over British Steel nationalization
BEIJING (AP) — Jingye Group, the former owner of British Steel, has demanded compensation from the U.K. government for investment losses after the company's nationalization last week. The British government took control last year after Jingye considered closing the blast furnaces at the Scunthorpe plant. Jingye said Sunday the move damaged the U.K.'s credibility and spooked investors. The company has already started negotiations under bilateral investment agreements and reserves the right to international arbitration. An independent evaluation will determine if compensation is owed, according to British officials. The U.K. Department for Business and Trade says the nationalization saves jobs and ensures a domestic steel supply for key industries.
Paying for early access to Trump's Truth Social could raise big money - and major ethical issues
NEW YORK (AP) — In yet another unprecedented move by America's first billionaire president, Donald Trump may soon be profiting from a new line of business tied to his office: charging access for a first peek at certain posts on his Truth Social platform. His struggling media company plans to sell Wall Street traders the chance to see posts from “highest-ranking” accounts — including possibly his own — milliseconds before others. That could mean big money for them, and Trump. His posts are often important enough to rattle financial markets. Until this moment, presidential policy announcements were considered sort of public property that should be free and available to all at the same time. The White House and Trump's companies all had no comment.
US oil firms sign deals with Iraq to develop alternative shipping routes
WASHINGTON (AP) — U.S. companies have signed roughly $60 billion in agreements and partnerships with the Iraqi government, including deals intended to create alternative routes for shipping oil out of the Persian Gulf. It’s not clear when the oil deals signed Friday will be able to create viable alternatives to the Strait of Hormuz, through which about a fifth of the world’s oil flows. Goldman Sachs estimates that pipelines in just one country take at least two and a half years to build, and these pipelines would travel through two or more nations.
FAA says Boeing can resume self-certifying its jets as airworthy
The Federal Aviation Administration says Boeing will be allowed to take responsibility for certifying all of its 737 Max and 787 planes starting next week. The FAA took over 737 Max approvals in 2019, after two crashes were blamed on a new software system Boeing installed. The FAA also ended the company’s right to self-certify 787 Dreamliners in 2022, citing ongoing production quality issues. The FAA said Friday that the agency determined after months of review that Boeing’s final safety checks are adequate to ensure its planes are airworthy. Government oversight will continue with inspectors monitoring production at Boeing factories.
China's Xi calls for more global efforts to guide AI, chides US for its curbs on tech sharing
SHANGHAI (AP) — Chinese President Xi Jinping has called for more global cooperation in the development and governance of artificial intelligence, while promising support for other countries. Speaking at a conference in Shanghai, he reiterated China's objections to what he called the “overstretching” of national security concerns. Xi said AI should not be dominated by any single nation. American-led restrictions have blocked China from accessing some of the world's most advanced technologies, intensifying the rivalry between the world's two biggest economies. China plans to provide 5,000 AI training opportunities to developing countries over the next five years. Xi also announced the establishment of AI cooperation centers with various organizations in the developing world.
The sell-off for AI stars worsens, while oil prices keep jumping
NEW YORK (AP) — The sell-off for AI winners deepened and yanked stock markets lower worldwide. The S&P 500 fell 1% Friday to finish its first losing week in the last three and only its third since March. The Dow Jones Industrial Average dropped 0.8%, and the Nasdaq composite sank 1.4%. Nvidia was the heaviest weight on the market and briefly gave up its status as the most valuable stock on Wall Street. The worries about whether AI stocks have shot too high dragged down Asian markets even more sharply. Oil prices jumped again on worries about the war with Iran, but longer-term Treasury yields eased.
