Update on the latest in business:

FINANCIAL MARKETS

Asia shares rise as investors look ahead to Fed meeting

TOKYO (AP) — Asian shares rose today, despite the roller-coaster ride that Wall Street ended with last week.

Japan’s Nikkei 225 gained 0.6% in afternoon trading. Australia’s S&P/ASX 200 added 0.7%. South Korea’s Kospi jumped 1.2%. Hong Kong’s Hang Seng gained 0.6%, while the Shanghai Composite inched up less than 0.1%.

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Last Friday on Wall Street, the S&P 500 rose 1.78, or 0.1%, to 3,340.97 after a day of the lightning-quick shifts in momentum that have rocked Wall Street recently.

The Nasdaq composite, which includes many of the superstar tech stocks that have been the focus of the market’s recent selling, lost 0.6% to 10,853.55 after also flip-flopping between gains and losses. The Dow Jones Industrial Average rose 0.5%, to 27,665.64.

TIKTOK-MICROSOFT

TikTok picks Oracle over Microsoft in Trump-forced sales bid

UNDATED (AP) — TikTok’s owner has chosen Oracle over Microsoft as its preferred suitor to buy the popular video-sharing app, according to a source familiar with the deal. The choice came a week before President Donald Trump’s deadline to ban it in the U.S.

Microsoft said in a Sunday statement that TikTok’s parent company, Bytedance, let them know Sunday that they would not be selling TikTok’s US operations to Microsoft.

The Trump administration has threatened to ban TikTok by mid-September and ordered ByteDance to sell its U.S. business, claiming national-security risks due to its Chinese ownership.

The government worries about user data being funneled to Chinese authorities. TikTok denies it is a national-security risk and is suing to stop the administration from the threatened ban.

AMAZON-HIRING

Amazon to hire 100,000 to keep up with online shopping surge

NEW YORK (AP) — Amazon says it will be hiring another 100,000 people to keep up with a surge of online orders.

The company says the new hires will help pack, ship or sort orders, working in part-time and full-time roles. Amazon says the jobs are not related to its typical holiday hiring.

Business has been booming at the Seattle-based online behemoth. It made record profit and revenue between April and June, as more people turned to it during the pandemic to buy groceries and supplies.

Amazon said it needs the people at the 100 new warehouses, package sorting centers and other facilities it’s opening this month.

FILM-BOX OFFICE

North American box office muted; ‘Mulan’ fizzles in China

UNDATED (AP) — Audiences in North America are not rushing back to the theater just yet and “Mulan” is also faltering in its China release as the global box office comes back online in the COVID-19 era.

In the second major weekend for U.S. and Canadian movie theaters, Christopher Nolan’s “Tenet” earned only $6.7 million from 2,910 locations according to studio estimates Sunday. Warner Bros’ sci-fi thriller was viewed as the major litmus test for whether audiences were ready to embrace the theatrical experience again, after nearly six months of shuttered theaters.

In China, The Walt Disney Co.’s “Mulan” had a disappointing debut of only $23.2 million.

Roughly two-thirds of the domestic market is open and theaters are operating at limited capacity and with limited showtimes. Two of the country’s biggest markets, New York and Los Angeles, remain closed. Other still-closed markets include North Carolina, Michigan, New Mexico and the cities of Seattle and Portland.

NVIDIA-ARM HOLDINGS

Nvidia to buy rival chipmaker Arm from Softbank for $40B

UNDATED (AP) — Computer graphics chip company Nvidia said it plans to buy Britain’s Arm Holdings for $40 billion, in a merger of two leading chipmakers.

Santa Clara, California-based Nvidia and Arm’s parent company, Japanese technology giant SoftBank, announced the deal Sunday.

Nvidia is best known for its graphics processing chips, while Arm is renowned as an innovator in the “Internet of Things” — its technology is used in the vast majority of smartphones, for example. Arm centers its business on intellectual property, especially in mobile computing, rather than chip manufacturing, for which it relies on partners.

SoftBank bought Arm for about $32 billion in 2016 in a move aimed at the Japanese company’s ambitions in advancing how various devices, including security cameras and household appliances, connect online and work together.

GAS PRICES

Gas prices edge up

CAMARILLO, Calif. (AP) — The average U.S. price of regular-grade gasoline edged up about 2 cents over the past three weeks to $2.26 per gallon. That’s 37 cents below the average pump price from a year ago.

Industry analyst Trilby Lundberg of the Lundberg Survey says Sunday that slipping crude oil prices could mean gas prices will start to fall in coming weeks.

Nationwide, the highest average price for regular-grade gas is in San Francisco at $3.38 per gallon.

The lowest average is in Baton Rouge, Louisiana, at $1.80 per gallon.

The average price of diesel in the survey was essentially unchanged, at $2.52 a gallon.

JO MALONE-JOHN BOYEGA-CHINESE AD

Perfume brand says cutting Black actor from ad was misstep

NEW YORK (AP) — British perfume brand Jo Malone has apologized to Black actor John Boyega of “Star Wars” fame after cutting him out of the Chinese version of a cologne commercial he directed and starred in.

Jo Malone London says in a statement to The Hollywood Reporter that the ad designed for Chinese audiences was a misstep and has been removed. The recreated ad replaced Boyega with a Chinese star.

Jo Malone’s parent company is Estée Lauder.

The original ad starring Boyega aired last year and was called “The London Gent.” It features the London-born actor and Jo Malone brand ambassador walking around the neighborhood where he grew up and riding a horse in a park. And it makes reference to Boyega’s Nigerian heritage in a scene featuring West African attire.

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