US stocks edge down from their record after oil prices climb 5%
NEW YORK (AP) — The U.S. stock market edged down from its all-time high, while oil prices rose on uncertainty about when the Strait of Hormuz could reopen and get the global flow of crude going again. The S&P 500 slipped 0.1% Monday. The Dow Jones Industrial Average dipped 0.1%, and the Nasdaq composite fell 0.3%. Intel weighed on the market after saying it may sell $15 billion of its stock to raise cash to take advantage of the AI frenzy. That helped offset Berkshire Hathaway's gain after it became one of the latest U.S. companies to deliver a better profit for the spring than expected. Brent crude rose 5%.
Trump media company announces a massive loss and new turnaround effort
NEW YORK (AP) — The president’s media company posted a massive loss in the latest quarter and plans to ditch new business lines and refocus as a forum for users to post their views. The company behind the Truth Social platform said Monday that it lost $238 million in the three months through June as it branched into businesses unrelated to media, including crypto. That was more than 10 times the loss from a year earlier. The new chief executive, Kevin McGurn, said a yearlong effort to expand by branching into several new industries including online betting and crypto would now be largely abandoned as he refocuses the business on its social media mission.
Taylor Farms recalls jalapeno products over salmonella concerns
Taylor Fresh Foods, parent company of Taylor Farms, is voluntarily recalling some products that include jalapenos because of worries about a possible salmonella contamination. The announcement comes a few weeks after Taylor Farms voluntarily recalled its iceberg lettuce products sourced from central Mexico because of a potential link to a multistate cyclospora outbreak that has sickened people across the U.S.
From Uniqlo to Zara, clothing brands try to win over Gen Z with a needle and thread
NEW YORK (AP) — Popular clothing retailers are offering in-store repairs and hosting sewing workshops as they try to appeal to young consumers looking to save money and the planet. Encouraging customers to mend worn clothes instead of buying new ones might seem like a self-defeating sales strategy. However, the fashion industry as a whole has come under intensifying pressure to reduce its impacts on the environment. Luxury fashion houses and select specialty retailers like Patagonia have offered product repairs for decades. The concept is catching on at the mass-market level. Levi's, casual wear chain Uniqlo and budget retailer Primark are a few of the apparel companies hoping to win over Generation Z shoppers with a needle and thread.
Chinese users of AI companions bereft after government tightens regulations
Li Linlin cried for days after losing her AI boyfriend. She exchanged about 700,000 words with him over two years and never got to say goodbye when he was eliminated by ByteDance, the developer of TikTok. Major Chinese tech companies recently shut down AI companion services to comply with new regulations that ban AI from manipulating emotions or replacing social interactions. The rules took effect on July 15. Tech companies are working on alternatives, but users of the apps say they're not the same. Some users are upset, uninstalling apps in protest or trying to train new ones.
Zuckerberg manifesto sketches out Meta's ambitions for world-changing AI technology
Meta Platforms has released a new AI model for developers, emphasizing open-source access. CEO Mark Zuckerberg warned Monday in an online essay against concentrating advanced AI under a few companies or governments. The new model, Muse Glimmer, includes a permissive open-source license, allowing broader use. Zuckerberg argues that open-source AI promotes fair development and helps keep the U.S. competitive. He cautions that AI controlled by select entities could lead to unfavorable outcomes. Zuckerberg also addressed concerns about "distillation," a method some accuse Chinese companies of using to extract technical features from U.S. AI models. He said he believes learning from observations is crucial for progress.
Trump extends Jones Act waiver 90 days for foreign ships moving energy, fertilizers
WASHINGTON (AP) — President Donald Trump has extended a waiver for 90 days, allowing foreign ships to transport goods among U.S. ports. This includes oil, fertilizers, and other fossil fuel products. The president first waived the Jones Act on March 17 to ease transportation and reduce price pressures after the war with Iran began. The latest extension takes effect on August 17. The Pentagon will consult with the Maritime Administration to decide which voyages are exempt. The waiver applies to energy sources and agricultural commodities. A White House spokeswoman says the waiver ensures uninterrupted access to critical resources.
Zuckerberg spokesperson says his yacht did not hear call for maritime assist
A yacht owned by Mark Zuckerberg didn’t respond immediately to a call for help from a skiff that ran out of fuel off the coast of Alaska, but a maritime law expert said Monday they may not have been obligated to because the Coast Guard determined the boat wasn’t in distress. Ian Ralby said the call for help that went out doesn't sound like an urgent “Mayday” emergency call. And a spokesperson for the Meta CEO said the crew didn’t immediately hear the radio call for help and by the time it did, another nearby ship had already rendered assistance. But the incident is getting attention because of a social media post where a passenger on the cruise ship suggested Zuckerberg’s yacht refused to help.
Traditional plastic forks shed harmful microplastics. Plastic created from sugar is an alternative
WOBURN, Mass. (AP) — At a Massachusetts lab, pebble-sized pellets are transformed into forks and films that won’t leave microplastics in the environment. These are bioplastic pellets. CJ Biomaterials ferments sugar to make plant-based polymers that microbes will consume. Bioplastics are an alternative to traditional plastics made of fossil fuels. Some see them as one of many solutions needed to confront the global challenge posed by plastic pollution. CJ Biomaterials makes polymers that are biobased and biodegradable. Pellets are then sold to other companies that can melt them down and mold them into products. The company is trying to replace conventional plastics that are single use or can’t be recycled when contaminated with food.
Watchdog for $46 billion tribal gambling industry can't enforce the law without a chairperson
ALBUQUERQUE, N.M. (AP) — The Iowa Tribe of Oklahoma opened its new Harrah’s-branded casino in April. But plans for Harrah’s to take over casino management are stalled because of a vacancy at a federal watchdog. The National Indian Gaming Commission hasn't had a chairperson since January and President Donald Trump has yet to nominate a replacement. That’s left the commission unable to carry out enforcement duties or management deals like the one in Oklahoma. Industry leaders say the vacancy risks delaying business deals and weakening oversight. It also deprives tribes of a key advocate as prediction markets threaten to encroach on the $46 billion tribal gambling industry.
