In brief: Oil prices build on Thursday’s big gain
NEW YORK – Oil prices surged again Friday, a day after recording their biggest gain in more than six years.
U.S. crude rose 6.3 percent to finish at $45.22 per barrel after climbing 10.3 percent Thursday. That was the biggest one-day jump for U.S. oil since March 2009. The gains ease some concerns about the economic impact of falling oil prices on oil-producing regions and the economy at large.
Brent crude, a benchmark for international oils imported by U.S. refineries, rose 5.2 percent to $50.05 a barrel. Brent rose 10.3 percent Thursday.
The price of U.S. crude has been trading at six-year lows because of a global supply glut and worries about the health of China’s economy. Oil prices started tumbling about a year ago because of rising supplies and sluggish growth in the world economy.
Key executive leaves Apple’s music service
SAN FRANCISCO – Apple’s online music subscription service is losing a key player as millions of listeners near the end of a free three-month trial period that has drawn mixed reviews.
Ian Rogers, part of a team acquired last year, is leaving Apple to take a job at an unidentified company in Europe. Apple confirmed Rogers’ departure Friday without providing additional details.
Apple’s $3 billion acquisition of Beats last year was driven in large part by the iPhone maker’s desire to draw upon the musical chops of Rogers, longtime recording executive Jimmy Iovine and hip hop artist Dr. Dre. Both Iovine and Dr. Dre, whose real name is Andre Young, remain with Apple.
Rogers got his start running a fan website for the Beastie Boys in the 1990s and later became involved in various musical endeavors that tried to blend tunes with the latest in technology. He had been CEO of Beats Music at the time of the Apple acquisition.
Apple Inc. says 11 million people have tried its music service during its trial period. In contrast, Spotify boasts 75 million users, including 20 million subscribers to a more sophisticated, ad-free version of its service.
Ashley Madison CEO quits post after hack
NEW YORK – The CEO of adultery website Ashley Madison is stepping down in the wake of the massive breach of the company’s computer systems and outing of millions of its members.
Avid Life Media Inc., Ashley Madison’s parent company, said Noel Biderman’s departure is effective immediately and was a mutual decision.
“This change is in the best interest of the company and allows us to continue to provide support to our members and dedicated employees,” Avid Life’s statement reads.
Toronto-based Avid Life’s statement went on to say that it’s “actively adjusting” to the fallout from the hacking and continues to provide access to its services.
Japan requires goals for hiring of females
TOKYO – Japanese lawmakers have approved a law requiring large companies to set and publicize targets for hiring or promoting women as managers.
The law approved Friday by a vote of 230-1 in the House of Councillors is intended to promote greater gender equality and counter labor shortages that are arising as Japan’s population ages and declines.
The decision coincided with an international conference showcasing Prime Minister Shinzo Abe’s commitment to increasing the share of women in leadership positions to 30 percent. Japan now lags most other industrial countries in this respect.