Update on the latest in business:

FINANCIAL MARKETS

Stocks continue gains into a new week

NEW YORK (AP) — Wall Street’s rally is spilling into a new week as most stocks continue to ride the high supplied by Friday’s surprisingly encouraging report on the U.S. jobs market.

The S&P 500 was up 0.5% in midday trading on Monday, bringing it back within 5.3% of its record set in February. Optimism is strengthening that the worst of the coronavirus-induced recession may have already passed.

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Stocks that would benefit most from an economy that’s growing again were making the biggest gains, but pullbacks for a handful of big tech stalwarts were keeping the market’s overall gains in check.  

ECONOMY-RECESSION

Recession hit US in February, ending record-long expansion

WASHINGTON (AP) — A group of economists says the U.S. economy entered a recession in February, ending more than a decade of steady if slow growth.

The economists said employment peaked in February and fell sharply afterward, marking the beginning of the downturn.

WORLD BANK-GLOBAL FORECAST

World Bank: world will suffer largest downturn since 1940s

WASHINGTON (AP) — The World Bank says he world is facing an unprecedented health and economic crisis that has spread with astonishing speed and will result in the largest shock the global economy has witnessed in more than seven decades. Millions of people are expected to be pushed into extreme poverty.

The organization said Monday that global economic activity will shrink by 5.2% this year, the deepest recession since a 13.8% global contraction in 1945-46 at the end of World War II.

The 5.2% downturn this year will be the fourth worst global downturn over the past 150 years, exceeded only by the Great Depression of the 1930s and the periods after World War I and World War II.

BRITAIN-BP

BP cutting 10,000 jobs worldwide

LONDON (AP) — Energy company BP says it will cut its global workforce by 10,000 jobs amid the ongoing impact of the COVID-19 pandemic.

The CEO said Monday that the cuts will affect office-based and come mostly this year. The company’s current global  workforce is 70,000.

The job cuts come at a time of tremendous change for BP, which said it wants to eliminate or offset all carbon emissions from its operations and the oil and gas it sells to customers by 2050. The pandemic, meanwhile, has caused huge turmoil for the industry by causing demand for energy to plummet.

CROSSFIT-REEBOK

CrossFit founder, dropped by Reebok, apologizes about tweet

SILVER SPRING, Md. (AP) — Reebok says it has cut ties with CrossFit after the fitness training company’s CEO invoked George Floyd’s name in a Twitter post chastising a health group for saying that racism was a public health problem.

On Saturday, the Institute of Health Metrics and Evaluation tweeted: “Racism is a Public Health Issue.” CrossFit chief executive and founder Greg Glassman replied: “It’s Floyd-19,” a reference to COVID-19, the disease caused by coronavirus. Floyd died two weeks ago after a white Minneapolis officer pressed a knee on his neck for several minutes.

Reebok had been in negotiations to extend its contract with CrossFit.

Glassman, through his company’s Twitter account, apologized, saying that he and CrossFit “will not stand for racism.” He said, “I made a mistake by the words I chose yesterday.”

VIRUS OUTBREAK-CLEAN HOTELS

As business trickles back, hotels compete on cleanliness

UNDATED (AP) — Marriott, Hilton and other big hotel companies are used to competing on price or perks. Now, they’re competing on cleanliness.

Hotels are making visible changes in the wake of the pandemic, from masked clerks to prepackaged breakfasts at their buffets. They’re hiring medical and cleaning experts and sharing details of their new regimens.

Hotels are hoping to soothe jittery travelers and also win back some business from rivals like home-sharing giant Airbnb.

Airbnb has its own cleaning plan, and says guests may prefer its homes to crowded hotels. But some experts say guests may go with hotel chains at first, since Airbnb could have a harder time making sure hosts comply with cleaning guidelines.  

GERMANY-AUDI-DIESEL EMISSIONS

Former Audi boss faces trial in September in diesel scandal

BERLIN (AP) — The former head of Volkswagen’s luxury division, Audi, is set to go on trial at the end of September on fraud charges related to the company’s diesel emissions scandal.

The state court in Munich said Monday that the trial of Rupert Stadler and three others is to open on Sept. 30.

Prosecutors last year charged Stadler and the other suspects with fraud, false certification and criminal advertising. The other suspects are accused of having developed engines used in Audi, Volkswagen and Porsche models that had software that made the emissions controls work better on the test stand than on the road.

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