AP Business SummaryBrief at 3:16 p.m. EDT

Global shares are mixed as chipmaker shares rally in Tokyo and Seoul TOKYO (AP) — Global shares are mixed, with benchmarks in Tokyo and Seoul leading gains thanks to buying of computer chipmakers. Benchmarks fell in early Monday trading in Germany and Britain, while being little changed in France. Brent crude oil inched closer to $100 a barrel as the U.S. military denied Iran had struck an uncrewed American military vessel in the Strait of Hormuz, which remains effectively closed. U.S. stock markets will be closed Monday for the Labor Day holiday. In Asia, shares finished higher in Japan and South Korea. They rose moderately in Australia and Shanghai, while falling in Hong Kong. Fuel prices at record Labor Day high in US thanks to Iran war and refinery issues Gas prices in the U.S. have hit a record high for Labor Day weekend, averaging $4.14 per gallon. This is nearly a dollar more than last year and surpasses the previous record of $3.82 from 2012. Prices surged after the U.S. and Israel attacked Iran in February, affecting crude oil traffic through the Strait of Hormuz. Diesel prices are at their own all-time record of $5.85 per gallon. Experts say geopolitical tensions and refinery issues are driving the increases. Drivers can use apps to find cheaper fuel, but broader economic factors make future prices unpredictable. Jaguar Land Rover will cut 4,000 jobs to reduce costs and compete with China LONDON (AP) — Jaguar Land Rover has announced plans to cut 4,000 jobs globally to reduce costs and compete with Chinese electric carmakers. The company aims to achieve $2.3 billion in savings over the next two years. Chief Executive PB Balaji stated the automotive industry faces challenges with technological changes and geopolitical uncertainty. The savings will support investments in electrification and digital technologies. Jaguar Land Rover, owned by Tata Motors, faces intense competition from cheaper Chinese EVs and the impact of U.S. tariffs. Most job cuts are expected in the U.K., where the company employs around 34,000 people. Federal investigators probe Amazon cargo jet's fiery runway crash that killed 5 in Miami MIAMI (AP) — Federal investigators examining why an Amazon cargo jet barreled off a runway at Miami International Airport and into vehicles, killing at least five people, are likely to focus on a crucial moment in the landing: whether the plane touched down too late to stop safely. Investigators will also examine the plane's speed and braking, weather and wind conditions, the aircraft's mechanical condition and other factors that could have contributed to the deadly overrun. The National Transportation Safety Board has sent a team led by Chairwoman Jennifer Homendy to Miami, where she is expected to give the agency's first briefing on the investigation on Monday. Party's over for crypto scammers who went on a spending spree after a $240 million bitcoin theft WASHINGTON (AP) — A 22-year-old man from Singapore is expected to plead guilty this week in Washington to orchestrating one of the largest cryptocurrency thefts in U.S. history, duping a stranger out of bitcoin worth over $240 million. Malone Lam's conviction would be a major milestone in a case that already has led to guilty pleas by several co-conspirators. The scammers who duped a man into turning over the virtual keys to his crypto holdings celebrated the August 2024 heist by embarking on a wild spending spree. The case is an extreme example of an increasingly common form of cybercrime at a time when the Trump administration is relaxing industry regulation. The poorest in the US can't find housing even as low-income units sit empty PORTLAND, Ore. (AP) — The poorest people in the U.S. face the most acute shortage of affordable homes. That's partly because the majority of low-income housing financed in recent years has been for those earning at least 50% of an area's median income. Now, some cities are seeing an uptick in vacancies in these units as their rents approach those of market-rate apartments. As a result, some people who qualify are opting for market-rate apartments with less income-verification requirements and a faster chance of approval. It's creating a paradoxical situation where some affordable units sit empty because the poorest people still can't afford to rent them. Experts say more federal funding for housing vouchers is needed to bridge this gap. 'Spider-Man: Brand New Day' makes it 6 weeks in a row at No. 1 as Hollywood wraps a banner summer NEW YORK (AP) — 'Spider-Man: Brand New Day' remained the No. 1 movie in theaters over the weekend, becoming just the second film this decade to top the box office for six straight weeks. The last release to enjoy such a long stretch leading the box office was 2022's 'Avatar: The Way of Water.' 'Brand New Day,' the fourth standalone Spider-Man starring Tom Holland, collected $18 million over the weekend, according to studio estimates Sunday. Universal Pictures' 'The Odyssey,' as it has for much of the 'Spider-Man' run, remained in second place. Christopher Nolan's epic added $13 million. Both blockbusters helped lead Hollywood to its best summer since before the pandemic. First female administrator in the Panama Canal's history takes the helm PANAMA CITY (AP) — Naval engineer Ilya Espino de Marotta takes the helm on Monday as the first woman to lead the Panama Canal administration, stepping into the role at a challenging time for the vital maritime route. Buoyed by her leadership of the multi-billion-dollar expansion project last decade, Espino moves up from deputy administrator to take full command of the canal. Only three other Panamanians have held the position since the United States handed over the interoceanic waterway in late 1999. The 64-year-old engineer's appointment to the canal's top post is already seen as a symbol of women's capability for executive leadership roles in the industry. Documentarian Alex Gibney on the power and influence of Elon Musk VENICE, Italy (AP) — Alex Gibney's new documentary 'Musk' premieres this week at the Venice Film Festival. The nearly four-hour film explores the power and influence of Elon Musk. Gibney says that Musk's power stems from his ability to speak confidently about the future, often without evidence. He describes Musk as a master of stock pumping rather than invention. Gibney also explores Musk's political shift toward Trump, linking it to federal investigations into his companies and says that many people were afraid to speak on record for the film. 'Musk' is one of the most anticipated releases of the year. Carbon credit financing emerges as Africa's biggest bet for expanding clean cooking NAIROBI, Kenya (AP) — Carbon credit financing is helping to drive Africa's clean cooking transition by making cleaner stoves affordable for millions of low-income households. As governments introduce new policies, securing $900 million in fresh financing commitments, companies such as Kenya's BURN are using carbon credits to subsidize electric and efficient biomass cookstoves across the continent. As such devices replace charcoal stoves and open fires, supporters say the approach could accelerate access to clean cooking, help to reduce deforestation and cut hazardous household air pollution. Still, its long-term success depends on sustained demand for high-integrity carbon credits.