___
Oil producers’ cuts could boost gasoline prices, help Russia
FRANKFURT, Germany (AP) — Some of the globe’s biggest oil producers are cutting back. Saudi Arabia, the United Arab Emirates, Kuwait and others are saying they’ll dial back supplies of crude to the global economy by a million barrels a day. That could send prices higher — or at least keep them from sliding to where they hurt the budgets of oil-producing countries. Russia is extending its own cuts, too. Higher prices could help Moscow weather Western sanctions over Ukraine. But much depends on the global economy and whether demand for oil rebounds strongly in coming months. Combined with a cut of 2 million barrels per day announced in October, producers have axed about 3% of the world’s oil supply.
___
WWE no longer just a family affair as it joins with UFC
NEW YORK (AP) — WWE is saying goodbye to existing as a family-run business as it joins with the company that runs Ultimate Fighting Championship to create a $21.4 billion sports entertainment company. The deal announced Monday between Endeavor and World Wrestling Entertainment catapults WWE into a new era after spending decades under the control of the McMahon family. Vince McMahon purchased Capitol Wrestling from his father in 1982, and took the regional wrestling business to a national audience with wrestling stars such as Andre the Giant, Hulk Hogan, “Stone Cold” Steve Austin, John Cena and Dwayne “The Rock” Johnson. McMahon called the agreement an evolution for WWE.
___
Prosecutors urge no bail for Chinese man in $1B fraud case
NEW YORK (AP) — Prosecutors are asking a judge to reject bail for a wealthy self-exiled Chinese businessman charged in a $1 billion fraud, saying he’s already breaking jail rules, and can flee or do harm even if freed on the most stringent bail conditions. The government has submitted a letter Monday in advance of a bail hearing Tuesday for Guo Wengui. Guo was arrested last month on charges including securities, wire and bank fraud. Last week, his lawyers proposed a $25 million bail package to include location monitoring, home detention and the use of an armed guard to ensure he shows up for court.
___
What’s happening with Twitter blue check marks?
SAN FRANCISCO (AP) — Elon Musk had promised to take away all of Twitter’s blue check marks doled out to Hollywood stars, professional athletes, business leaders, authors and journalists unless they start buying a monthly subscription to the social media service. Musk’s goal was to shove the advertising-dependent platform he bought for $44 billion last year into a pay-to-play model — and maybe antagonize some enemies and fellow elites in the process. But the Saturday deadline passed and the blue checks are still there, many with a new disclaimer explaining they might have been paid for or they might not have been paid for — nobody but Twitter really knows. The company didn’t return a request to clarify its changing policies Monday.
___
McDonald’s temporarily closes US offices ahead of layoffs
CHICAGO (AP) — McDonald’s has closed its U.S. offices through Wednesday and told its corporate staff to work remotely as it prepares to announce a round of layoffs. In a memo to workers posted on the website TheLayoff.com, the Chicago-based burger giant said it wanted to “ensure the comfort and confidentiality of our people during the notification period” and would hold all notification meetings virtually. The company said the layoffs are intended to make McDonald’s faster and more efficient. McDonald’s declined to comment on the memo or the layoffs on Monday. The memo was first reported by the Wall Street Journal.
___
Stocks end mixed as jump in oil prices fans inflation fears
NEW YORK (AP) — Stocks closed mixed on Wall Street Monday as big gains for energy stocks offset losses for some big technology stocks. The S&P 500 rose 0.4% and the Nasdaq lost 0.3% on the first day of the second quarter. Exxon Mobil had its biggest gain of the year so far and other oil producers also leaped after Saudi Arabia and other producers said they’ll cut production by 1.15 million barrels per day from May until the end of the year. That sent oil up 6.3%. Oil’s jump raises fears about inflation and dents one of the hopes that has helped steady stocks recently, that sharp hikes to interest rates may soon end.
___
Disney-DeSantis war of words heats up at annual meeting
ORLANDO, Fla. (AP) — Disney CEO Bob Iger has said any retaliatory actions by Florida Gov. Ron DeSantis and the Republican-controlled Florida Legislature against the company that threaten jobs or expansion at its Florida resort is not only “anti-business … but anti-Florida.” Iger spoke Monday in a response to a question during an online shareholders’ meeting. Iger says that the Republican governor and lawmakers appeared to retaliate against the company for exercising its constitutional rights when Disney last year criticized Florida’s nicknamed “Don’t Say Gay” legislation. The measure bars instruction on sexual orientation and gender identity in kindergarten through third grade, as well as lessons deemed not age-appropriate.
___
Union Pacific sued after firing rail worker on medical leave
OMAHA, Neb. (AP) — A lawsuit says Union Pacific routinely hires private investigators to check out employees’ medical leave claims and then fires anyone who happens to leave their house while they are off. The lawyer who filed the Texas lawsuit says this practice is another example of how the railroads keep the pressure on train crews to remain on call 24-7. Attorney Nick Thompson says Union Pacific’s actions make other employees afraid to use the time off they’re entitled to. This whole situation might be less of a problem if employees had paid sick time, but the railroads have only started to address that concern in recent months. UP says it follows the federal rules for medical leave and managers acted properly in the Texas case because they suspected abuse.
___
The S&P 500 rose 15.20 points, or 0.4%, to 4,124.51. The Dow Jones Industrial Average gained 327 points, or 1%, to 33,601.15. The Nasdaq composite fell 32.45 points, or 0.3% to 12,189.45. The Russell 2000 index of smaller companies dropped 0.17 points, or less than 0.1%, to 1,802.31.
Copyright © 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
