Carney unveils $18 billion Canadian government-owned investment fund
TORONTO (AP) — Canada's prime minister says the country is developing a government-owned investment fund. The fund will invest in major Canadian industrial projects in areas like energy, infrastructure, mining, agriculture and technology. It will start at $18 billion. Prime Minister Mark Carney said Monday that the federal government will provide funds alongside private investors. The money will help fund projects that Carney's government is focused on building as Canada seeks to diversify away from the United States. Carney is a former two-time central banker in England and Canada as well as the ex-chair of Bloomberg's board of directors.
Iran offers to reopen Strait of Hormuz if US lifts its blockade and the war ends, officials say
CAIRO (AP) — Iran has offered to end its control over the Strait of Hormuz if the U.S. lifts its blockade and ends the war. That's according to regional officials. The proposal that emerged Monday would delay discussions on Iran’s nuclear program. U.S. President Donald Trump seems unlikely to accept the offer, and Secretary of State Marco Rubio appeared to rule out any deal that excludes Iran's nuclear program. The blockade prevents Iran from selling oil, affecting global prices and economies. Trump extended a ceasefire with Iran, but a permanent settlement remains elusive. In other developments, Iranian Foreign Minister Abbas Araghchi met with Russian President Vladimir Putin to discuss the situation.
Supreme Court grapples with multibillion-dollar wave of lawsuits over Roundup cancer claims
WASHINGTON (AP) — The Supreme Court seems divided over whether to block thousands of lawsuits alleging the maker of the weedkiller Roundup failed to warn people it could cause cancer. The case came before the justices Monday after a tidal wave of litigation that included some multibillion-dollar verdicts against the global agrochemical manufacturer Bayer, which owns Roundup maker Monsanto. Several justices seemed sympathetic to the company’s argument that it can't be sued under state law because federal regulators have found Roundup likely doesn't cause cancer. Others, though, grilled attorneys about whether that wrongly stops states from responding to new research pointing to possible links.
Venezuela's leader visits Barbados seeking oil and gas investments
PORT-OF-SPAIN, Trinidad (AP) — Venezuela’s acting president, Delcy Rodríguez, has met with Barbados’ Prime Minister Mia Mottley and invited her administration to invest in energy production in the South American country. Rodríguez arrived in Barbados late Sunday, marking her second official visit to a Caribbean island in recent weeks after visiting Grenada on April 9. Mottley and Rodríguez met Monday in the capital of Bridgetown for bilateral talks that centered on topics including energy sector cooperation.
United Airlines CEO confirms he approached American about potential merger, but was rebuffed
United Airlines CEO Scott Kirby on Monday outlined why he thinks a merger between his airline and rival American would benefit travelers, despite American’s refusal to engage in negotiations. The stocks of both airlines soared two weeks ago when reports surfaced that Kirby had floated the idea of combining two of the biggest U.S. airlines to the White House. Kirby said Monday that he had approached American directly about a tie-up, but it’s unclear whether that was before or after the White House meeting. Days after the meeting in Washington, American shot down the idea of a merger.
Trump administration to pay 2 more companies to walk away from US offshore wind leases
WASHINGTON (AP) — The Trump administration has announced two more payouts for energy companies to walk away from U.S. offshore wind projects under development. Bluepoint Wind and Golden State Wind have agreed to end their offshore wind leases in exchange for reimbursements totaling nearly $900 million. Bluepoint Wind is an offshore wind project in early stages of development off the coasts of New Jersey and New York, while Golden State Wind is a floating offshore wind project proposed off California’s central coast. The Interior Department said Monday it’s following the model of its recent deal with the French energy company TotalEnergies, which is getting a $1 billion payout to walk away from projects off the coasts of North Carolina and New York.
Tired and worried, seafarers have been stranded in the Persian Gulf for weeks
NEW DELHI (AP) — Around 20,000 seafarers on hundreds of vessels are stuck in the Persian Gulf, unable to cross the Strait of Hormuz that remains effectively shut by Iran. Indian Capt. Rahul Dhar and his crew have been stranded on their tanker for about eight weeks. They have witnessed drones and missile interceptions as they try to keep in touch with their families. Some other crews have faced shortages of food and water. A ceasefire between the U.S. and Iran has brought some hope, but anxiety over uncertainty has taken its toll. The International Maritime Organization has called for a safe corridor, but most ships remain stranded.
Congo creates a paramilitary mining guard backed by US and UAE funding
KINSHASA, Congo (AP) — Congo has announced the creation of a paramilitary guard to secure its mining operations, backed by U.S. and Emirati investments. It aims to boost investor confidence and strengthen oversight of mineral production. The new unit is expected to have 2,500 to 3,000 personnel operational by December, with plans to expand to over 20,000 by 2028. Congo is a major supplier of coltan, essential for electronics. The country struggles with illicit mineral trafficking and insecurity, especially in the east. This initiative is part of U.S. efforts to reduce China's dominance over critical mineral supply chains.
US stocks inch to more records as oil prices rise ahead of a blockbuster week for Wall Street
NEW YORK (AP) — The U.S. stock market’s record-breaking rally slowed after uncertainty rose about what will happen next in the Iran war. The S&P 500 inched 0.1% higher Monday to its latest all-time high, a downshift following weeks of big gains. The Dow Jones Industrial Average dipped 0.1%, while the Nasdaq composite rose 0.2% to its own record. The moves were stronger in the oil market, where prices climbed more than 2.5% as tankers find the Strait of Hormuz still effectively closed. This upcoming week is packed with profit reports from Wall Street's biggest companies and interest-rate announcements from the world's most influential central banks.
Microsoft cuts OpenAI revenue share in a fresh step to loosen their AI alliance
SAN FRANCISCO (AP) — Microsoft said Monday it will no longer pay a share of its revenue to ChatGPT maker OpenAI, the latest move to untether a close partnership that helped unleash an artificial intelligence boom. OpenAI relied exclusively on Microsoft’s huge investments in cloud computing services to build the technology that helped make ChatGPT a household name. Microsoft, in turn, relied on OpenAI’s technology to build its own AI assistant Copilot. But the partnership has evolved as San Francisco-based OpenAI, founded as a nonprofit, has shifted to a capitalistic enterprise on a path toward an initial public offering on Wall Street and has balanced its reliance on Microsoft with other cloud partners like Amazon, Google and Oracle.
