Update on the latest in business:

FINANCIAL MARKETS

Asian shares mixed after stocks retreat on Wall Street

UNDATED (AP) — Shares are mixed in Asia after a wobbly day on Wall Street closed out a month buffeted by worries about a possible recession, inflation and rising interest rates.

Tokyo and Sydney rose today while Hong Kong and Shanghai declined. Oil prices were little changed.

FINANCIAL MARKETS

Asian shares mixed after stocks retreat on Wall Street

UNDATED (AP) — Shares are mixed in Asia after a wobbly day on Wall Street closed out a month buffeted by worries about a possible recession, inflation and rising interest rates.

Tokyo and Sydney rose today while Hong Kong and Shanghai declined. Oil prices were little changed.

On Tuesday, the S&P 500 fell 0.6%. It managed to eke out a tiny 0.1% gain for May after several abrupt swings. Trading has been turbulent in recent weeks amid worries about a possible recession, inflation and rising interest rates. Last week Wall Street’s benchmark index had its biggest weekly gain since late 2020, breaking a seven-week losing streak that nearly brought it into a bear market.

RUSSIA-UKRAINE WAR-CHINA AIRLINES

Report: China bars Russian airlines with foreign planes

BEIJING (AP) — A Russian news outlet says China is barring Russia’s airlines from flying foreign-owned jetliners into its airspace. That comes after President Vladimir Putin threw their ownership into doubt by allowing planes to be re-registered in Russia to avoid seizure under sanctions over Moscow’s attack on Ukraine.

The European Union, home to major aircraft leasing companies, banned the sale or lease of aircraft to Russian carriers in February. The news outlet RBK said China asked all foreign carriers last month to update ownership information and other details. It said Russian airlines that couldn’t provide documents showing their aircraft were “de-registered abroad” were barred from Chinese airspace.

SPIRIT-FRONTIER-JETBLUE

Advisers tell Spirit shareholders to reject Frontier bid

NEW YORK (AP) — Score one for JetBlue in the dogfight over who gets to buy Spirit Airlines.

A firm that advises investors on proxy voting says that Spirit shareholders should oppose Frontier Airlines’ bid to buy Spirit, saying that JetBlue has made a financially superior offer.

Institutional Shareholder Services said Tuesday that both bids carry the risk of being rejected by regulators, but JetBlue offers a $200 million breakup fee if that happens, and Frontier does not. The advisory firm says Spirit shareholders should reject the Frontier offer to signal its board to negotiate further with JetBlue. Shareholders of Florida-based Spirit are scheduled to vote June 10 on whether to approve Frontier’s stock-and-cash offer.

FAA-BOEING

Federal regulators say they will keep closer eye on Boeing

WASHINGTON (AP ) — The Federal Aviation Administration says it is going to keep Boeing on a shorter leash when it comes to performing safety-related work on aircraft.

The FAA said Tuesday that for three more years, it will still let some Boeing employees perform some safety analysis on planes, but not for the full five-year extension Boeing requested.

The move comes after more scrutiny of the FAA’s oversight of Boeing following two deadly crashes involving Boeing 737 Max aircraft. The FAA says it wants to track whether Boeing makes safety improvements over the next three years, including making sure that employees performing safety analysis are protected from pressure by company managers.

SUBWAY SHOOTING-LAWSUIT

Victim in Brooklyn subway shooting sues gun maker Glock

NEW YORK (AP) — A woman wounded in last month’s New York City subway shooting has filed a lawsuit against gun manufacturer Glock.

In her lawsuit filed Tuesday, Ilene Steur says Glock “endangered the public health and safety” with the marketing, distribution and sales of its guns.

In the April 12 attack, 10 people were shot and wounded as a man fired dozens of bullets in a subway train full of morning commuters. A Glock was allegedly used in the attack. The man charged in the attack has pleaded not guilty to terrorism and other counts.

MEXICO-UNION COMPLAINT

Mexico agrees to review US workers’ rights complaint

MEXICO CITY (AP) — The Mexican government says it has agreed to review a labor complaint filed by the United States under the U.S.-Mexico-Canada free trade pact.

The complaint filed earlier this month says workers’ rights to freely join a union have been violated at a Panasonic Automotive Systems factory in Reynosa, across the border from McAllen, Texas. Mexico’s Economy Department said Tuesday it will meet with the parties in the dispute to determine if there were any violations of labor codes. Activists say that even though employees at the plant voted in April to join an independent union, the company continues to work with the old union.

VIRUS OUTBREAK-CHINA

Shanghai starts coming back to life as COVID lockdown eases

SHANGHAI (AP) — Shanghai is starting to come back to life as a severe two-month COVID-19 lockdown is being eased.

The lockdown set back the national economy and its ruthless enforcement prompted protests seldom seen in authoritarian China. Full bus and subway service is being restored today, as are basic rail connections with the rest of China.

People walking outdoors this morning said their two months under lockdown was a depressing experience and it’s a joy to see “many happy people” on the streets. China has stuck to its “zero-COVID” strategy even as the rest of the world opens up.

SEATTLE-APP-GIG-WORKERS

Seattle passes measures to address gig worker pay, rights

SEATTLE (AP) — The Seattle City Council has unanimously approved a measure that pushes app-based companies like food delivery services to improve wages and other working conditions for gig workers.

Among other things, the legislation approved Tuesday would ensure app-based workers are paid minimum wage plus expenses and tips. The rates for workers at companies such as DoorDash, Uber Eats and Grubhub would begin when drivers accept an order, in an effort to help the drivers — who are contract workers, not employees — earn the city’s $17.27 minimum hourly wage.

In a statement, DoorDash criticized the council’s plans, and said the proposals would lead to higher costs for customers and reduced earnings for workers.

VEGAS CHAPELS-NO ELVIS

Company to Las Vegas chapels: No more Elvis-themed weddings

LAS VEGAS (AP) — Las Vegas chapels of love that use Elvis Presley’s likeness could find themselves becoming Heartbreak Hotels.

The licensing company that controls the name and image of Elvis is ordering some Sin City chapel operators to stop using Elvis in themed wedding ceremonies. The Las Vegas Review-Journal reports that Authentic Brands Group sent cease-and-desist letters in early May to multiple chapels. Wedding operators are expected to be compliant by now.

With Elvis closely tied to the Las Vegas wedding industry, some chapel owners say the move could decimate their businesses. Clark County Clerk Lynn Goya says this could not have come at a worse time.

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