BUSINESS SUMMARY

Fight for control of Yemen’s banks between rebels, government threatens to further wreck economy

SANAA, Yemen (AP) — Yemen’s Houthi rebels and its internationally recognized government are locked in a fight for control of the country’s banks that experts warn is threatening to further wreck an economy already crippled by nearly a decade of war. The rivalry over the banks is throwing Yemen’s financial system into deeper turmoil. The Houthis already control the north and center of the country and the government running the south uses different currency notes with different exchange rates. They also run rival central banks. They launched punitive measures against banks in each other’s territory over the past week.

How Elon Musk’s $44.9B Tesla pay package compares with the most generous plans for other U.S. CEOs

Even though the median U.S. CEO pay package last year was nearly 200 times more than a worker in the middle of their company pay scales, Elon Musk’s record-setting Tesla compensation dwarfs them by comparison. Tesla shareholders on Thursday voted for restoring Musk’s 10-year all-stock pay plan, valued by the company in April at $44.9 billion. It had been tossed out by a Delaware judge in January who said the process for approving it was “deeply flawed.” The court ruled that Musk controlled the company’s board, and shareholders weren’t fully informed. The judge still has to decide if Musk will get the pay. It would be about 275 times greater than the median U.S. CEO pay package of $16.3 million.

Kansas lawmakers poised to lure Kansas City Chiefs from Missouri, despite economists’ concerns

TOPEKA, Kan. (AP) — A rivalry is flaring up as Kansas lawmakers try to snatch the Super Bowl champion Kansas City Chiefs away from Missouri. The Kansas Legislature expects to consider a plan to help both the Chiefs and professional baseball’s Kansas City Royals finance new stadiums even though economists long ago concluded that subsidizing pro sports isn’t worth the cost. Kansas legislators are set to convene a special session Tuesday and review a plan to authorize state bonds for stadium construction. Decades of research concluded having a pro sports team doesn’t boost a local economy much. But for Kansas lawmakers, one-upping Missouri may be important.

Some hawking stem cells say they can treat almost anything. They can’t

Attorneys general across the U.S. have a new fight on their hands: protecting Americans from unproven and expensive stem cell treatments that salespeople claim can cure almost anything. Iowa is among the states suing companies raking in millions by injecting people with stem cells that the Federal Drug Administration says have little to no benefits and can be associated with serious side effects. One expert told The Associated Press many stem cells injected into people are already dead when they are used. The FDA has issued some 30 warning letters to consumers since 2017. The Iowa case is scheduled for trial next year.

Britain’s July 4 election is fast approaching. Rishi Sunak is running out of time to change the tune

LONDON (AP) — With less than three weeks to go until Britain’s election day, Prime Minister Rishi Sunak is running out of time to change the tune. Polls continue to give the left-of-center opposition Labour Party under Keir Starmer a double-digit lead over Sunak’s Conservatives. University of Strathclyde politics professor John Curtice said Sunday Conservative support is at its lowest point in U.K. polling history. The Conservatives’ electoral prospects worsened when populist firebrand Nigel Farage entered the race at the helm of the right-wing party Reform U.K. In recent days, the Conservative message has shifted from aiming at victory to warning that voting Reform could help Labour win a landslide. Labour, meanwhile, is warning supporters not to be complacent about victory.

An emotional win for theaters, Hollywood: ‘Inside Out 2’ scores massive $155 million opening

Hollywood’s summer movie anxieties gave way to joy this weekend with the massive debut of Disney and Pixar’s “Inside Out 2.” The animated sequel earned $155 million in ticket sales from 4,440 theaters in the U.S. and Canada. That is according to studio estimates Sunday. Not only is it the second-highest opening weekend in Pixar’s nearly 29 years of making films and the second-biggest animated opening ever. It’s also the biggest of 2024 which had not had any films debut over $100 million. With an estimated $140 million from international showings, “Inside Out 2” had a staggering, and record-breaking, $295 million global debut.

Judge dismisses lawsuit challenging federal rules to accommodate abortions for workers

CHICAGO (AP) — A lawsuit challenging federal rules entitling workers to time off and other accommodations for abortions lacks standing, a federal judge in Arkansas ruled on Friday. Republican attorneys general from 17 states, led by Arkansas and Tennessee, sued the Equal Employment Opportunity Commission in April, days after the agency published guidance for employers and workers on how to implement the Pregnant Workers Fairness Act. Eastern District of Arkansas U.S. District Judge D.P. Marshall, Jr. denied the states’ request for a nationwide preliminary injunction on the federal rules, which are scheduled to go into effect on Tuesday. Another lawsuit in Louisiana awaiting a ruling could still prove a threat to the regulations.

Florida A&M, a dubious donor and $237M: The transformative HBCU gift that wasn’t what it seemed

NEW YORK (AP) — It would have been the largest-ever private gift to a historically Black college or university: $237 million — far beyond Florida A&M University’s endowment. The money was promised by Gregory Gerami, a 30-year-old who called himself Texas’ “youngest African American industrial hemp producer.” But everything was not what it seemed and the donation is now in limbo. Questions abound about whether university officials properly vetted Gerami or his gift. He maintains that everything will work out, but other small universities he approached with proposals for major donations never received any money and the state has stepped in to oversee an outside investigation into what happened.

Milan Fashion Week: Prada projects youthful optimism, not escapism, in a turbulent world

MILAN (AP) — Milan designers have expressed their concern over the global turbulence through their collections without making overt statements. Miuccia Prada said that she wanted to project optimism at Sunday’s Prada show and isn’t promoting escapism. The designers behind the Simon Cracker upcycled brand said that not using their platform to comment would be “irresponsible.” They dedicated their collection titled “A Matter of Principle” to “the children victims of matters of principle.”