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AP Business SummaryBrief at 7:53 a.m. EDT

Posted 9/7/26

Investigators hunt for what went wrong after cargo plane crash in Miami kills at least 5

MIAMI (AP) — Federal investigators are trying to determine what caused an Amazon cargo jet to barrel off …

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AP Business SummaryBrief at 7:53 a.m. EDT

Posted

Investigators hunt for what went wrong after cargo plane crash in Miami kills at least 5

MIAMI (AP) — Federal investigators are trying to determine what caused an Amazon cargo jet to barrel off a runway at Miami International Airport, killing at least five people and injuring five others as it struck vehicles and was engulfed in flames. The aircraft overran the runway Sunday afternoon after arriving from San Juan, Puerto Rico. It plowed across a road used by warehouse workers and other businesses that surround the airport. Five people were killed, three critically injured and two others hospitalized with less severe injuries. It wasn’t immediately clear if the pilots survived or those killed were all in vehicles when the plane struck. The National Transportation Safety Board plans to hold a news conference Monday.

Fuel prices at record Labor Day high in US thanks to Iran War and refinery issues

Gas prices in the U.S. have hit a record high for Labor Day weekend, averaging $4.14 per gallon. This is nearly a dollar more than last year and surpasses the previous record of $3.82 from 2012. Prices surged after the U.S. and Israel attacked Iran in February, affecting crude oil traffic through the Strait of Hormuz. Diesel prices are at their own all-time record of $5.85 per gallon. Experts say geopolitical tensions and refinery issues are driving the increases. Drivers can use apps to find cheaper fuel, but broader economic factors make future prices unpredictable.

Party's over for crypto scammers who went on a spending spree after a $240 million bitcoin theft

WASHINGTON (AP) — A 22-year-old man from Singapore is expected to plead guilty this week in Washington to orchestrating one of the largest cryptocurrency thefts in U.S. history, duping a stranger out of bitcoin worth over $240 million. Malone Lam's conviction would be a major milestone in a case that already has led to guilty pleas by several co-conspirators. The scammers who duped a man into turning over the virtual keys to his crypto holdings celebrated the August 2024 heist by embarking on a wild spending spree. The case is an extreme example of an increasingly common form of cybercrime at a time when the Trump administration is relaxing industry regulation.

The poorest in the US can't find housing even as low-income units sit empty

PORTLAND, Ore. (AP) — The poorest people in the U.S. face the most acute shortage of affordable homes. That’s partly because the majority of low-income housing financed in recent years has been for those earning at least 50% of an area’s median income. Now, some cities are seeing an uptick in vacancies in these units as their rents approach those of market-rate apartments. As a result, some people who qualify are opting for market-rate apartments with less income-verification requirements and a faster chance of approval. It’s creating a paradoxical situation where some affordable units sit empty because the poorest people still can’t afford to rent them. Experts say more federal funding for housing vouchers is needed to bridge this gap.

'Spider-Man: Brand New Day' makes it 6 weeks in a row at No. 1 as Hollywood wraps a banner summer

NEW YORK (AP) — “Spider-Man: Brand New Day” remained the No. 1 movie in theaters over the weekend, becoming just the second film this decade to top the box office for six straight weeks. The last release to enjoy such a long stretch leading the box office was 2022’s “Avatar: The Way of Water.” “Brand New Day,” the fourth standalone Spider-Man starring Tom Holland, collected $18 million over the weekend, according to studio estimates Sunday. Universal Pictures’ “The Odyssey,” as it has for much of the “Spider-Man” run, remained in second place. Christopher Nolan’s epic added $13 million. Both blockbusters helped lead Hollywood to its best summer since before the pandemic.

Global shares are mixed as chipmaker shares rally in Tokyo and Seoul

TOKYO (AP) — Global shares are mixed, with benchmarks in Tokyo and Seoul leading gains thanks to buying of computer chipmakers. Benchmarks fell in early Monday trading in Germany and Britain, while being little changed in France. Brent crude oil inched closer to $100 a barrel as the U.S. military denied Iran had struck an uncrewed American military vessel in the Strait of Hormuz, which remains effectively closed. U.S. stock markets will be closed Monday for the Labor Day holiday. In Asia, shares finished higher in Japan and South Korea. They rose moderately in Australia and Shanghai, while falling in Hong Kong.

Documentarian Alex Gibney on the power and influence of Elon Musk

VENICE, Italy (AP) — Alex Gibney's new documentary “Musk” premieres this week at the Venice Film Festival. The nearly four-hour film explores the power and influence of Elon Musk. Gibney says that Musk's power stems from his ability to speak confidently about the future, often without evidence. He describes Musk as a master of stock pumping rather than invention. Gibney also explores Musk's political shift toward Trump, linking it to federal investigations into his companies and says that many people were afraid to speak on record for the film. “Musk” is one of the most anticipated releases of the year.

Carbon credit financing emerges as Africa’s biggest bet for expanding clean cooking

NAIROBI, Kenya (AP) — Carbon credit financing is helping to drive Africa’s clean cooking transition by making cleaner stoves affordable for millions of low-income households. As governments introduce new policies, securing $900 million in fresh financing commitments, companies such as Kenya's BURN are using carbon credits to subsidize electric and efficient biomass cookstoves across the continent. As such devices replace charcoal stoves and open fires, supporters say the approach could accelerate access to clean cooking, help to reduce deforestation and cut hazardous household air pollution. Still, its long-term success depends on sustained demand for high-integrity carbon credits.

Indonesia keeps several airports closed though volcanic eruption is easing

JAKARTA, Indonesia (AP) — Indonesia is maintaining closures at several airports and shifting schools to remote learning though the eruption of Anak Krakatau is easing. A major eruption Sunday disrupted travel and blanketed parts of Java and Sumatra with ash. The Geological Agency said the volcano remained active Monday with elevated seismic activity and intermittent ash emissions. The eruption has halted 2,300 flights and affected more than 270,000 passengers. Authorities warn the risk of further eruptions remains high and are maintaining restrictions in affected areas. Anak Krakatau sits in the Sunda Strait and is known for a deadly 2018 eruption that triggered a tsunami.

US tourism groups want to win Canadian visitors back. A testy trade war isn't helping

LAS VEGAS (AP) — An acrimonious trade war between the United States and Canada is threatening to reinforce the resolve of Canadians who stopped visiting the U.S. last year. The number of Canadians traveling to the U.S. plunged after President Donald Trump returned to office with remarks about making Canada the 51st state. Tentative signs the informal travel boycott might be easing emerged this summer. But relations between the U.S. and Canadian governments have deteriorated sharply in recent weeks. The rift hasn't stopped state and local tourism officials and travel-related businesses from trying to win Canadian visitors back. Some Canadians say no special offers or advertising campaigns will work until someone else occupies the White House.

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