BUSINESS HEADLINES

US stocks rise and trim their losses for June

NEW YORK (AP) — U.S. stocks rose and trimmed their losses in what had been a rocky June. The S&P 500 gained 0.8% Tuesday, though it still fell to its first losing month following two fabulous ones. The Dow Jones Industrial Average added 0.3% to another record, and the Nasdaq composite climbed 1.5%. Stocks in the artificial-intelligence industry were strong following sharp swings earlier in the month on worries they’d grown too expensive. Treasury yields rose in the bond market, and oil prices eased. Stock indexes rose in much of Europe and Asia, while the Japanese yen fell near a 40-year low against the U.S. dollar.

Supreme Court says Fed’s Cook can keep her job for now, but it upholds other Trump firings

WASHINGTON (AP) — The Supreme Court says Federal Reserve governor Lisa Cook can remain in her job for now, a rebuke to President Donald Trump’s bid to wrest control of the nation’s central bank. At the same time, the justices Monday dramatically expanded presidential power, upholding the Republican president’s firings of the heads of other independent federal agencies. Trump says it’s a “Historic and Unprecedented Ruling.” But the court rejected a Trump plea to immediately remove Cook from the Fed based on allegations she committed mortgage fraud, which she denies. Cook says the case was about her refusal to bow to political pressure in setting interest rates. Cook was nominated by then-President Joe Biden, a Democrat.

Egg producers will pay $3.3M and donate 53 million eggs to settle price fixing claims

NEW YORK (AP) — The U.S. Justice Department and 17 states have reached settlement agreements with three major egg producers over allegations of that the companies illegally colluded in a multiyear scheme to raises prices. The companies — Cal-Maine Foods, Versova, and Hickman’s Egg Ranch — are accused of colluding between June 2022 and March 2025 to inflate egg prices. To resolve the states’ claims, the settlements require the companies to collectively pay $3.3 million and donate 53 million eggs. They must also adopt antitrust compliance programs and stop communicating with competitors about pricing. The settlements still require court approval. Critics criticized the terms, saying they’re too lenient.

Iran war turns Asia toward diversifying energy supplies, undermining climate goals

BANGKOK (AP) — Asian nations hit hard by the Iran war’s price shocks are rushing to diversify and strengthen their energy security, potentially undermining their commitments to curb climate change. In energy-hungry Southeast Asia, countries are exploring nuclear power and promising renewable rollouts, while continuing to burn and invest in coal. Experts say this all-of-the-above approach brought on by the Iran war is slowing efforts to phase out coal power in Asia. This may hinder progress toward reducing Asia’s carbon emissions and clearing the air in its smoggy cities, though renewables still dominate growth in regional power generation.

Board offers $3B settlement to restructure Puerto Rico power company debt

SAN JUAN, Puerto Rico (AP) — A federal control board that oversees Puerto Rico’s finances says it has offered a $3 billion settlement to bondholders in a new push to finally restructure more than $10 billion in debt held by the U.S. territory’s power company. The board is proposing paying cash and offering the issuance of new bonds to bondholders that have not settled and are seeking some $8.5 billion in claims. The proposed settlement represents $1.4 billion more than previously offered. Puerto Rico’s Electric Power Authority has been trying to restructure its debt for roughly a decade.

Job openings stayed at a surprisingly strong 7.6 million in May; U.S. labor market proves resilient

WASHINGTON (AP) — U.S. job openings stayed at a surprisingly strong 7.6 million in May as the American labor market remains resilient in the face of the economic shock from the Iran war. Forecasters had expected employers to post just 7 million openings in May. Layoffs rose, and the number of people quitting their jobs — a sign of confidence in their prospects — ticked up only slightly.

Consumer confidence ticks up as gas prices fall but Americans remain gloomy about the economy

WASHINGTON (AP) — Americans’ attitudes toward the economy improved slightly this month as gas prices declined, but their outlook is still mostly negative by historical standards. The Conference Board said Tuesday that its consumer confidence index rose 0.6 point to 91.2 in June, a figure that is still below the year-ago reading of 95.2. Consumer attitudes worsened after the Iran war caused oil and gas prices to spike, accelerating inflation and causing Americans’ inflation-adjusted incomes to decline. Before the pandemic, the index regularly topped 120.

What the Supreme Court’s ruling in the Cook case means for Federal Reserve independence

WASHINGTON (AP) — The Supreme Court on Monday said the Federal Reserve, unlike any other agency in Washington, has a measure of independence from the presidency and day-to-day politics. But the court didn’t define to what extent. The case is the latest round in an unprecedented fight between the Fed and President Donald Trump. More political interference at the Fed could upend financial markets around the world, which closely follow its interest rate moves. In a 5-4 decision, the court ruled that the president cannot fire the seven members of the Fed’s board of governors without a clear cause. The decision endorses the Fed’s independent structure even as the court eliminated such protections for leaders of other agencies, whom the president can fire at-will.

Rio bus drivers and workers throughout Brazil demand shorter work week as lawmakers examine proposal

RIO DE JANEIRO (AP) — Hundreds of bus drivers on strike protested in downtown Rio de Janeiro, demanding increased pay, better conditions and an end to the six-day working week. The protests Tuesday are part of a larger movement to guarantee Brazilians two days off a week. A proposal to limit the working week to five days is currently in the hands of the Senate. It is backed by President Luiz Inácio Lula da Silva as part of his reelection bid in October. If approved, it would transform the lives of millions of mostly poor Brazilians and likely give a boost to Lula’s campaign. About 14 million Brazilians work six days a week.

How to talk about money with your kids

NEW YORK (AP) — Talking to kids about money can be fraught, especially if parents don’t feel totally comfortable with the topic themselves. Jennifer Seitz is director of education at Greenlight, a family personal finance app. She says that’s starting to change. There are more banking products available to help parents think about their children’s financial futures, including debit cards for kids that can be used under parental supervision and apps that gamify money to make it approachable for kids. Experts say you should talk about money openly and often and try to find ways to make money talk engaging and fun for kids.

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