___
Ukraine war imperils wheat, but farmers in no rush to pivot
DUBAI, United Arab Emirates (AP) — Farmers worldwide are weighing whether to change their planting patterns and grow more wheat this spring as Russia’s war in Ukraine has choked off or thrown into question grain supplies from a region known as “the breadbasket of the world.” Countries in the Middle East, Asia and Africa rely on those supplies to feed millions of people who subsist on subsidized bread and bargain noodles. Major grain producers like the United States, Canada, France, Australia and Argentina are being closely watched to see if they can quickly ramp up production. But farmers there are facing the prospect of another year of drought, climbing fuel and fertilizer costs, and supply chain disruptions.
___
Tesla opens ‘Gigafactory’ near Berlin, its 1st in Europe
BERLIN (AP) — Electric car manufacturer Tesla opened its first European factory on the outskirts of Berlin in an effort to challenge German automakers on their home turf. The company says its new “Gigafactory” will employ 12,000 people and produce 500,000 vehicles a year. Initial production will focus on Tesla’s Model Y compact sport utility vehicle. German Chancellor Olaf Scholz and Economy Minister Robert Habeck attended the opening ceremony Tuesday in Gruenheide, southeast of the German capital, with Tesla boss Elon Musk.
___
Disney in balancing act as some workers walk out in protest
ORLANDO, Fla. (AP) — With some workers across the U.S. staging a walkout, The Walt Disney Co. finds itself performing a high-wire act of balancing the expectations of a diverse workforce against demands from an increasingly polarized and politicized marketplace. On the one side are LGBTQ supporters and Disney employees who planned to walk off their jobs Tuesday to protest CEO Bob Chapek’s slow response in publicly opposing what critics call Florida’s “Don’t Say Gay” bill. On the other side are politicians like Florida Gov. Ron DeSantis who accuse the entertainment conglomerate of being “woke.” It was unclear how many employees would walk out or what might happen to those who do.
___
MacKenzie Scott donates $436 million to Habitat for Humanity
MacKenzie Scott donated $436 million to Habitat for Humanity International and 84 of its U.S. affiliates – the largest publicly disclosed donation from the billionaire philanthropist since she pledged to give away the majority of her wealth in 2019. The international group received $25 million from Scott and her husband, Dan Jewett, while the remaining $411 million will be distributed in varying amounts among Habitat’s local affiliates. Jonathan Reckford, Habitat for Humanity International’s CEO, said Habitat for Humanity will use Scott’s timely donation of unrestricted funds to increase the supply of affordable housing, especially in communities of color.
___
EU moves toward joint natural gas purchase to curb shortages
BRUSSELS (AP) — The European Union is moving toward the joint purchase of natural gas and ensuring its storage facilities are nearly full to try to avoid another crisis tied to its dependency on Russian energy. The 27-nation bloc acknowledges it has been far too reliant on Russia for natural gas and oil and has been struggling to find the right mix of sanctions to punish the Kremlin for invading Ukraine while still requiring Russian fossil fuels. The European Commission vice president says low levels of natural gas storage “brought us to big difficulties in January where we have been kind of scrambling for additional gas for European consumption.”
___
Elizabeth Holmes looms over trial of former lover, partner
SAN JOSE, Calif. (AP) — Although not in the courtroom, Theranos CEO Elizabeth Holmes loomed over the opening day of a trial that will determine whether her jilted lover and former business partner Ramesh “Sunny” Balwani was her partner in crime. In opening statements Tuesday, a federal prosecutor depicted Balwani as an instrumental accomplice who helped Holmes pull off a huge scam tied to Theranos’ blood-testing technology. Balwani’s lawyer countered by casting Balwani as a savvy and well-meaning executive who poured millions of his own dollars into Theranos because he so fervently believed the Silicon Valley company would revolutionize health care.
___
BuzzFeed cutting jobs, top editors leaving news division
NEW YORK (AP) — BuzzFeed is shrinking and shifting the focus of its Pulitzer prize-winning news division. The digital media company best known for its lighthearted lists and quizzes says it is striving to increase its profitability. It is offering voluntary buyouts in its high-profile, 100-person newsroom. Its news division is unprofitable but has won awards, including its first Pulitzer last year. Top editors leaving include Mark Schoofs, the editor in chief of BuzzFeed News, and deputy editor in chief Tom Namako, who announced a move to NBC News Digital on Tuesday.
___
Stocks gain ground on Wall Street, oil prices ease lower
NEW YORK (AP) — Stocks closed higher on Wall Street Tuesday and oil prices eased as investors remained focused on the outlook for inflation. The S&P 500 rose 1.1%, the Dow Jones Industrial Average rose 0.7% and the Nasdaq rose 2%. Banks helped drive the gains, along with technology and retailer stocks. Energy stocks slipped as oil prices fell. Bond yields continued to rise a day after Federal Reserve Chair Jerome Powell said the central bank was prepared to move more aggressively in raising interest rates in its fight against inflation, if it needed to. The yield on the 10-year Treasury rose to 2.38%.
___
SEC claims authority to subpoena Elon Musk about tweets
DETROIT (AP) — U.S. securities regulators say they have legal authority to subpoena Tesla and CEO Elon Musk about his tweets. The Securities and Exchange Commission also says in court documents that Musk’s move to throw out a 2018 agreement that his tweets be pre-approved is not valid. The SEC disclosed publicly in documents filed Tuesday that it is investigating Musk’s Nov. 6, 2021 tweets that asked followers whether he should sell 10% of his Tesla stake. The commission confirmed that it issued administrative subpoenas while investigating whether Musk and Tesla are complying with controls in the 2018 agreement.
___
FBI sees growing Russian hacker interest in US energy firms
WASHINGTON (AP) — The FBI is warning that it has seen increased interest by Russian hackers in energy companies since the start of Russia’s war against Ukraine, though it is offering no indication that a specific cyberattack is planned. An FBI advisory obtained by The Associated Press on Tuesday says Russian hackers have scanned at least five energy companies for vulnerabilities and at least 18 other companies in sectors including the defense industrial base and financial services. The advisory does not identify any of the companies.
___
The S&P 500 rose 50.43 points, or 1.1%, to 4,511.61. The Dow Jones Industrial Average gained 254.47 points, or 0.7%, to 34,807.46. The Nasdaq jumped 270.36 points, or 2%, to 14,108.82. The Russell 2000 index of smaller companies advanced 22.41 points, or 1.1%, to 2,088.34.
