Tentative deal on ending the Iran war sends stocks soaring while oil prices fall

BANGKOK (AP) — Shares have soared in Europe and Asia after a tentative deal was announced on ending the Iran war and reopening the Strait of Hormuz. European stocks opened higher and benchmarks in Tokyo and Seoul gained more than 5%. Oil prices fell more than $4 a barrel. U.S. President Donald Trump confirmed the deal and authorized an end to the U.S. naval blockade of Iranian ports. But it may take months for oil prices to stabilize after the disruptions from the war caused them to surge, pushing costs up gasoline and many other products. The future for the S&P 500 gained 1.2%. U.S. stocks rose Friday after oil prices fell and SpaceX soared in its highly anticipated debut on Wall Street.

Oil and gas supplies could take months to return to normal after Iran deal, energy experts say

NEW YORK (AP) — Pakistan announced that the U.S. and Iran reached an agreement to end the war and open the Strait of Hormuz. But that doesn’t mean high oil and gasoline prices and energy supply problems will be solved overnight. Energy experts say it will likely be months before energy companies can resume operations to the point where they're able to meet the world’s demand. It will take a long time for ships stranded in the Persian Gulf to reach their destinations. And companies need to be confident that peace will last before they send in ships or restart oil production.

Starmer says Britain will ban under-16s from using a range of social media apps

LONDON (AP) — Prime Minister Keir Starmer says Britain will ban under-16s from using various social media apps. Starmer says he will fight back if technology companies resist. He says he is “not prepared to compromise on the safety and happiness of our children.” The U.K. said its ban will apply to platforms including Snapchat, TikTok, YouTube, Instagram, Facebook and X, but not messaging services like WhatsApp and Signal. The move makes the U.K. part of a growing global movement to tighten online safety for children. Australia, Canada, Brazil, and Indonesia have introduced legislation or announced age-based restrictions or requirements for children’s access to social media.

Starbucks Korea to close stores early for mandatory history training after marketing row

SEOUL, South Korea (AP) — Starbucks’ South Korean operation said Monday it will close all of its stores nationwide early on June 22 for mandatory history and social sensitivity training. This is as it reels from backlash following a marketing campaign that was widely perceived as mocking victims of a brutal military crackdown on pro-democracy protesters in 1980. Shinsegae Group, which owns a 67.5% stake in Starbucks Korea, said group executives and headquarters employees will attend training led by history and sociology professors on Wednesday. All Starbucks stores nationwide will close early next Monday so employees can watch a recording of the session, Shinsegae said in a statement.

Skydiving plane crash investigations often reveal poor maintenance and weak safety oversight

Poor maintenance is often a factor when skydiving planes crash, like one did in Missouri on Sunday, and the National Transportation Safety Board has said in past investigations that weak oversight of the industry can allow problems to go unnoticed. It is far too soon to know what caused this weekend’s crash that happened shortly after a plane took off from a small airport about an hour south of Kansas City. Twelve people died in that crash. Aviation safety expert Jeff Guzzetti says that too often a skydiving crash investigation reveals lax maintenance and a weak safety culture.

Trump tried to block state AI regulations, but some states are forging ahead

HARRISBURG, Pa. (AP) — Six months after President Donald Trump warned states not to regulate artificial intelligence, they are increasingly doing just that. States are scrutinizing how chatbots interact with children, how employers use AI and what developers must do to prevent an AI-caused catastrophe. State lawmakers have stepped back from earlier, wider-ranging attempts to regulate AI that were vetoed or otherwise derailed by governors. But they are returning with legislation that is more targeted. The White House doesn’t seem to be making good on its threat to sue over state AI laws or withhold money. Rather, it says it wants to enact its policy framework through Congress. That includes preempting state laws that target AI development, although not laws regulating AI use.

You can ignore AI giants like SpaceX, but your 401(k) won't

NEW YORK (AP) — Think you can ignore all the hubbub around SpaceX, Elon Musk and IPOs? Your 401(k) won’t. Musk’s rocket company launched 19.2% higher in the first day of trading for its stock Friday, making it worth a total of $2.1 trillion. Whether or not you believe it deserves to be worth more than Exxon Mobil, Bank of America and Coca-Cola combined, the collective market does. And by virtue of having that big a value, SpaceX will soon join some high-profile stock indexes. That matters for investors and their 401(k) accounts because they’re depending more than ever on funds that simply mimic these indexes.

Why Trump and other G7 leaders meeting without China might be a mistake

PARIS (AP) — China's absence from G7 summits seems increasingly odd given its global economic influence. The G7, formed in 1975, includes only democratic nations, which excludes China under its authoritarian government. Analysts say that expanding the club to include China could disrupt the group's cohesion, although U.S. President Donald Trump has mused that it could be a good idea. The group’s past experience with Russia also could argue against involving China. Still, China’s economic might will be a priority topic when G7 leaders meet in France this week.

The world wants more high-protein products, but there's not enough whey to go around

Global consumers want more protein in every bite, but the dairy industry is struggling to give it to them. In the last few years, food companies have added whey protein concentrate into everything from Pop-Tarts to potato chips to meet growing customer demand. Market research company NielsenIQ says the average U.S. supermarket now has 38,708 products advertising their protein content. The wide assortment of protein powders and protein-enriched products is causing shortages of food-grade whey protein and pushing wholesale prices to record levels. Whey protein concentrate is a powdered byproduct of cheese-making. The U.S. has reduced its exports of the commodity due to the domestic hunger for all things high-protein.;

Tyra Banks sues Netflix over 'America's Next Top Model' documentary, alleging defamation

LOS ANGELES (AP) — Tyra Banks has filed a defamation lawsuit against Netflix and the directors of “Reality Check: Inside America's Next Top Model.” She contends in the lawsuit filed Saturday that they edited her interviews to create a false narrative. Banks says she was interviewed for over three hours, but the footage was cut to 16 minutes and misrepresented her statements. Her lawyers allege that the edits suggest Banks allowed a contestant to be assaulted and used it for ratings. Banks is seeking damages and an injunction against using her image on a related album. Emails seeking comment were sent Sunday to representatives for the defendants and for Banks.