Update on the latest in business:

FINANCIAL MARKETS

Asian shares gain on hopes for recovery, despite outbreaks

TOKYO (AP) —Shares rose in Asia today, cheered by upbeat projections for a global economic rebound that were tempered by worries over expanding coronavirus outbreaks.

Japan’s benchmark Nikkei 225 finished 2.2% higher. South Korea’s Kospi gained 1.8%. Hong Kong’s Hang Seng rose 0.7%, while the Shanghai Composite was up 1.3%.

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Shares also rose in India, Taiwan and Southeast Asia, apart from Singapore.

Friday on Wall Street, stocks rallied at the end of a week of volatile trading amid worries that rising coronavirus counts may halt the recent upswing in share prices.

The Dow Jones Industrial Average rose 1.4% to 26,075.30 while the Nasdaq composite added 0.7% to 10,617.44, a new high.

The S&P 500 rose 1.1% to 3,185.04. It logged a 1.8% rise for the week, its second straight weekly gain.

MCCLATCHY-BANRUPTCY-CHATHAM

Chatham announces plan to buy newspaper publisher McClatchy

NEW YORK (AP) — Hedge fund Chatham Asset Management says it plans to buy newspaper publisher McClatchy out of bankruptcy, ending 163 years of family control.

The hedge fund did not put a price on the deal in an announcement Sunday.

The agreement still needs the approval of a bankruptcy judge.

McClatchy is one of the largest newspaper companies in the U.S.; it owns 30 papers including the Miami Herald, the Charlotte Observer and the Sacramento Bee. It filed for bankruptcy protection because of a heavy debt load stemming from its $4.5 billion purchase of the Knight-Ridder newspaper chain in 2006, just as the newspaper industry went into steep decline.

GAS PRICES

Gas prices increase 2 cents

CAMARILLO, Calif. (AP) — The average U.S. price of regular-grade gasoline increased by 2 cents over the past two weeks, to $2.24 per gallon. That’s 59 cents below the average pump price from a year ago. Industry analyst Trilby Lundberg of the Lundberg Survey says the increase comes as crude oil prices rise.

The highest average price in the nation for regular-grade gas is $3.20 per gallon in the San Francisco Bay Area.

The lowest average is $1.79 in Houston.

The average price of diesel is $2.54, down a penny from two weeks ago.

VIRUS OUTBREAK-FOREIGN WORKERS

As beach towns open, businesses are short foreign workers

BOSTON (AP) — Businesses in beach communities and mountain getaways up and down the East Coast are fretting about a shortage of workers as the summer season picks up steam. .

The Trump administration announced last month that it was extending a ban on green cards and adding many temporary visas to the freeze, including J-1 cultural exchange visas and H-2B visas. Businesses from forestry to fisheries to hospitality depend on these visas, though there are exceptions for the food processing sector.

The move was billed as a chance to free up 525,000 jobs to Americans hard hit by the economic downturn. Supporters of immigration reform have hailed the move and insisted it should be easy to find Americans to bus tables and sell souvenirs at popular tourist destinations.

Businesses said they would like to hire Americans but that labor pools in their communities are too small. Challenges include high housing prices as well as a lack of child care along with the challenge of convincing unemployed workers, many who are still collecting federal benefits, to take a job in the hospitality industry amid a pandemic.

HYUNDAI-AMERICAS

Hyundai exec: Online sales will help with virus resurgence

DETROIT (AP) — The past five years have been rough for Hyundai in the U.S. as it scrambled to catch up with a shift in consumer preferences from cars to trucks and SUVs. The South Korean auto company ran through multiple leaders as it added utility vehicles to a car-heavy lineup. But sales fell after peaking in 2016.

Early last year, Jose Munoz left Nissan to become the latest CEO of Hyundai’s operations in the Americas. Sales rose in 2019 as the new SUVs took hold. Then the coronavirus hit.

Munoz says Hyundai was doing well before the virus, so it fared better than others since the pandemic hit. And he says Hyundai is ready if stay-home orders return.

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