AP Business Digest
Here are the AP's top business stories that have moved or are planned to move today. All times U.S. Eastern. For up-to-the minute information on AP's coverage, visit AP Newsroom's Coverage Plan.
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UPCOMING
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US AIRCRAFT DOWN-INVESTIGATION
DESCRIPTION: The National Transportation Safety Board plans to hold three days of investigative hearings focused on the deadly midair collision that killed 67 people in January when an American Airlines jet crashed with an Army Black Hawk helicopter. The hearings on from July 30-Aug. 1 will help investigators learn more about what caused the crash over Washington D.C. By Josh Funk. With AP photos. Story on merits of testimony.
UPCOMING: By 08/01/2025 11:30 a.m. EDT, Video, Text, Photo, LiveVideo
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GENDER AFFIRMING CARE
DESCRIPTION: Several prominent U.S. hospital systems have announced this month that they're limiting or ending gender-affirming care for transgender patients under age 19, moves that bring their policies into line with President Donald Trump's. The changes, which the hospitals are reticent to discuss, are setting off an increasingly challenging scramble for care for transgender kids and their families, many of whom have already been traveling -- or even moved to different states -- for treatment as most Republican-controlled states have banned it in recent years.
UPCOMING: By 08/01/2025 12:00 p.m. EDT, Text, Photo
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NEW AND DEVELOPING
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US-ECONOMY-JOBS-REPORT
US employers slash hiring as Trump advances a punishing trade agenda
SUMMARY: U.S. hiring is slowing sharply as President Donald Trump's erratic and radical trade policies paralyze businesses and raise doubts about the outlook for the world's largest economy. The Labor Department reported Friday that U.S. employers added just 73,000 jobs last month, well short of the 115,000 forecasters had expected. Worse, revisions shaved a stunning 258,000 jobs off May and June payrolls. And the unemployment rate ticked up to 4.2%. Scott Anderson, the chief U.S. economist at BMO Capital Markets, said that a "notable deterioration in U.S. labor market conditions appears to be underway."
WORDS: 1062 - MOVED: 08/01/2025 10:20 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:68a15f89d68793a6cf88a522ff33246c&mediaType=text
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US--TRUMP-TARIFFS-REACTION
Trump's new tariffs give some countries a break, while shares and US dollar sink
SUMMARY: U.S. President Donald Trump's new tariff rates of up to 41% on U.S. imports from dozens of countries have drawn expressions of relief from some countries that negotiated a deal or managed to whittle them down from rates announced in April. Others have expressed frustration over running out of time for talks. The new rates are due to take effect on Aug. 7. Trump announced them after hitting his Aug. 1 deadline for striking deals with America's trading partners. Financial markets fell Friday, with South Korea's Kospi dropping 3.4% after the tariff rate for the U.S. ally was set at 15%. The U.S. dollar weakened against the Japanese yen.
WORDS: 1298 - MOVED: 08/01/2025 10:18 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:3cdc3ca7c0ef3c45c401df5c6f7d778c&mediaType=text
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US--TRUMP-TARIFFS THE LATEST
The Latest: US trade partners around the world react to Trump's new tariffs
SUMMARY: U.S. trade partners reacted Friday to President Donald Trump's executive order now set to introduce new tariffs on many of them starting Aug. 7 -- as the global economy faces another test from the president's aggressive trade agenda. Trump's order, signed Thursday night, imposes a change in tariffs on 66 countries, the European Union, Taiwan and the Falkland Islands. It came after a flurry of tariff-related activity seen in recent days, as the White House announced agreements with various nations and blocs ahead of the president's self-imposed Friday deadline, when he previous threatened sweeping new levies would kick in worldwide.
WORDS: 3047 - MOVED: 08/01/2025 10:07 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:af18fb3ed13aa12a9a11f86c2eead079&mediaType=text
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US--MEDICAID CUTS-IMPACT
Debt and delayed care forecast for some who lose insurance under tax and spending law
SUMMARY: Delayed treatments, canceled doctor visits and skipped prescriptions: Researchers say all will increase because of the tax and spending bill signed into law by President Donald Trump earlier this summer. The Congressional Budget Office forecasts that the U.S. uninsured population will grow by 10 million in 2034. Researchers say that will hurt access to care several ways. They forecast that more than 2 million people may no longer have a personal doctor and more than a million will take on medical debt. They say the hits to care could lead to 22,000 deaths annually.
WORDS: 1214 - MOVED: 08/01/2025 10:04 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:26f8a24c2e495ea10b65c5bbc7b551af&mediaType=text
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EU--BRITAIN-LONDON'S OLDEST PUB
Two pubs claim to be London's oldest riverside pub. Which one is right?
SUMMARY: Two pubs in London's East End are vying for the title of the city's oldest riverside pub. The Mayflower and the Prospect of Whitby both claim this honor. The Mayflower, named after the Pilgrim Fathers' ship, features historical artifacts and a "Descendants Book" for those linked to the Pilgrims. Across the Thames River, the Prospect of Whitby boasts a long pewter bar and a history tied to the infamous "Execution Dock." Despite the rivalry, both pubs embrace their rich histories to attract visitors. The debate over the title remains unresolved due to historical complexities and lack of official certification.
WORDS: 933 - MOVED: 08/01/2025 10:04 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:7e40e0786a22ad3629ad9cb59d260864&mediaType=text
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US--TRUMP-TARIFFS-NO DEALS
Dozens of countries with no deals face new tariffs as trade deadline looms
SUMMARY: Numerous countries around the world are facing the prospect of new tariffs on their exports to the United States on Aug. 7 because they haven't yet reached a trade deal with the Trump administration. Countries without an agreement face duties ranging between 10% and 40%, according to Trump's executive order signed on Thursday. That includes large economies such as Canada, Taiwan, and India, as well as many smaller countries like South Africa, Sri Lanka, Bangladesh, and even tiny Lesotho.
WORDS: 1000 - MOVED: 08/01/2025 10:03 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:3977a3890ab7be85c0e07d5808dd2b55&mediaType=text
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FINANCIAL MARKETS
Wall Street slumps and bond yields sink following weak hiring numbers and new tariffs
SUMMARY: Stocks are opening lower on Wall Street and Treasury yields are falling sharply after the government reported a sharp slowdown in hiring last month. Markets are also reacting early Friday to the latest tariff news. The S&P 500 fell 1.5% in morning trading. The Dow Jones Industrial Average sank 599 points, or 1.4%. The Nasdaq composite was down 2%. The suprisingly weak hiring numbers led investors to step up their expectations for an interest rate cut in September. President Donald Trump issued a new set of sweeping import duties that will apply to dozens of countries as of Aug. 7.
WORDS: 364 - MOVED: 08/01/2025 9:53 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:5bf5640b85f63cf7db292d0aaf26e97a&mediaType=text
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US-GOOGLE-PLAY STORE-APPEAL
Google loses appeal in antitrust battle with Fortnite maker
SUMMARY: A federal appeals court has upheld a jury verdict condemning Google's Android app store as an illegal monopoly, clearing the way for a federal judge to enforce a potentially disruptive shakeup that's designed to give consumers more choices. The unanimous ruling issued Thursday by the Ninth Circuit Court of Appeals delivers a double-barreled legal blow for Google, which has been waylaid in three separate antitrust trials that resulted in different pillars of its internet empire being declared as domineering scofflaws monopolies since late 2023.
WORDS: 711 - MOVED: 08/01/2025 9:20 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:ceba472d6882c413967f512f2dc56067&mediaType=text
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US--TRUMP-POWELL
Trump calls on Federal Reserve board to wrest full control of central bank from Fed Chair Powell
SUMMARY: President Donald Trump is calling for the Federal Reserve's board of governors to usurp the power of Fed Chair Jerome Powell. Trump criticized the head of the U.S. central bank for not cutting short-term interest rates. Posting on Truth Social on Friday, Trump calls Powell "stubborn." The Fed chair has been subjected to vicious verbal attacks by the Republican president over several months. The Fed has the responsibility of stabilizing prices and maximizing employment. Powell has held its benchmark rate for overnight loans constant this year, saying Fed officials needed to see what impact Trump's massive tariffs had on inflation.
WORDS: 452 - MOVED: 08/01/2025 9:15 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:88fe11c20c3074bbd1445a69bbdc623e&mediaType=text
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EU--CLIMATE-CLEAN ENERGY IN MINIATURE
In a miniature world, climate change and environmental issues loom large
SUMMARY: Dedicated model builders at Miniatur Wunderland in Hamburg have been working for almost 25 years to create tiny visions of the trains, cars and cities of the real world. They have to decide how to represent real world changes. Those include climate change and energy transition. The model builders have added itty-bitty solar panels, wind turbines, a truck hauling a wind turbine blade and models of places being hit hard by climate change like Antarctica over the years. Now they're working on models of the Atacama Desert and the Amazon rainforest. And they are dedicated to making them reflect both the good and bad of the real world.
WORDS: 978 - MOVED: 08/01/2025 9:08 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:6c4603deb09c5e68182356b7c40f8eac&mediaType=text
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US--TRUMP-TARIFFS-UNCERTAINTY
Trump injects new dose of uncertainty in tariffs as he pushes start date back to Aug. 7
SUMMARY: President Donald Trump's order imposing new tariffs on scores of countries and the European Union starting in seven days has injected a new dose of uncertainty in an already uncertain process. Trump has promised these tariffs will boost the U.S. economy and create jobs. The Republican president tells NBC News the tariffs process is going "very well, very smooth." But critics warn the tariffs could harm America's global standing and increase inflation. The legality of the tariffs is being questioned in court, with judges expressing skepticism. Major companies warn of financial impacts. And there are concerns about rising inflation and job losses in manufacturing. Trump signed the order imposes new tariffs on Thursday night.
WORDS: 1283 - MOVED: 08/01/2025 8:59 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:05bc12428163b9f28ef80f952cf9dafd&mediaType=text
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US--TRUMP-TARIFFS
Trump signs order imposing new tariffs on a number of trading partners that go into effect in 7 days
SUMMARY: President Donald Trump has signed an executive order that would have new tariffs on a wide swath of U.S. trading partners to go into effect in seven days -- the next step in his trade agenda that will test the global economy and alliances. The order was issued Thursday evening, following a series of tariff-related activities as the White House reached agreements with various nations. Trump also announced a 90-day negotiating period with Mexico, keeping the current 25% tariff rates. The tariffs are set to take effect Friday, with countries notified of their rates. Trump has reached deals with South Korea, the European Union, Japan, and others. The tariffs aim to address trade imbalances and issues like fentanyl trafficking.
WORDS: 986 - MOVED: 08/01/2025 8:56 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:3b03b98296424e59c7dc19a865d21969&mediaType=text
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US--EXXON MOBIL-RESULTS
Q2 profits at Exxon Mobil and Chevron dip to lowest level in 4 years on subdued energy prices
SUMMARY: Exxon Mobil's profit dropped in the second quarter to the lowest level in four years as oil prices declined amid an increase in production by OPEC+, but the results still managed to beat Wall Street's expectations. The oil and gas giant earned $7.08 billion, or $1.64 per share, for the period ended June 30. A year earlier it earned $9.24 billion, or $2.14 per share. The performance topped Wall Street's expectations, but Exxon does not adjust its reported results based on one-time events such as asset sales. Analysts surveyed by Zacks Investment Research were calling for earnings of $1.49 per share.
WORDS: 476 - MOVED: 08/01/2025 8:34 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:6dff763ff5e048c9a7e82ebefea8c8dd&mediaType=text
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EU--BRITAIN-AUTO-FINANCE
UK lenders await top court's decision over auto finance payments
WORDS: 427 - MOVED: 08/01/2025 8:25 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:dcb6dca61ce428375589873236ec6b9d&mediaType=text
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AS--JAPAN-EARNS-NINTENDO
Japanese game maker Nintendo reports robust profits on strong Switch 2 sales
SUMMARY: Nintendo, the Japanese video game maker behind the Super Mario and Pokemon franchises, is reporting an 18.6% surge in net profit for the first fiscal quarter on the back of strong demand for its new Switch 2 console. Kyoto-based Nintendo said Friday that its April-June profit totaled 96.03 billion yen, or $640 million, up from nearly 81 billion yen. Quarterly sales more than doubled. Nintendo said 3.5 million Switch 2 game consoles were sold globally on the first four days after it hit store shelves June 5, a record pace for a Nintendo game machine. Its sales continue to be strong.
WORDS: 296 - MOVED: 08/01/2025 5:07 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:6291dd6bf544656e5b905d19c5841a22&mediaType=text
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AS--CHINA-BAIJIU
China's fiery baijiu spirit evolves to attract younger drinkers
SUMMARY: The traditional Chinese spirit baijiu is being reinvented to attract younger generations. Distilled from sorghum, this potent liquor is often used in toasts and drinking games. However, its consumption has dropped due to economic factors and changing social norms. Younger people are opting for healthier lifestyles and different drinks like whiskey or non-alcoholic options. In response, baijiu makers are innovating with products like baijiu-flavored ice cream and cocktails. Brands like Jiangxiaobai are targeting youth with fruit-infused versions, ice cream flavors and trendy packaging. Baijiu makers are quietly finding new ways to stay relevant.
WORDS: 698 - MOVED: 08/01/2025 3:44 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:a36493136c35cbe60c47d838b5e4c739&mediaType=text
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US--US-CANADA-TARIFFS
Trump orders a 35% tariff for goods from Canada, citing a lack of cooperation on illicit drugs
SUMMARY: U.S. President Donald Trump has raised the tariff rate on U.S. imports from Canada to 35% from 25%, effective Friday. The announcement from the White House late Thursday said Canada had failed to do more to stop traffickers and illicit drugs. The rate applies to goods not covered by the U.S.-Mexico-Canada Agreement. Trump earlier had threatened to impose the higher tariff on Canada if no deal was reached by Friday, his deadline for reaching trade agreements with dozens of countries. Canadian Prime Minister Mark Carney said he was disappointed by Trump's actions. He vowed to diversify Canada's exports and said his government will try to minimize the impact and protect Canadian jobs.
WORDS: 415 - MOVED: 08/01/2025 2:33 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:7d331082f313df53c9ad66271ae8a628&mediaType=text
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US-STANFORD-DONAHOE
Stanford hires former Nike CEO John Donahoe as athletic director
SUMMARY: Former Nike CEO John Donahoe has been hired as Stanford's athletic director. He will officially start on September 8th, replacing Bernard Muir. Donahoe, a Stanford Business School graduate, previously led Nike, ServiceNow, and eBay. Stanford President Jon Levin praised Donahoe's vision and strategic acumen. Donahoe expressed excitement about enhancing Stanford Athletics and supporting student-athletes. Stanford's athletic program is highly successful, with 137 NCAA team titles. However, the football and men's basketball teams have struggled recently. The school hired Andrew Luck to oversee football, aiming to improve performance.
WORDS: 516 - MOVED: 08/01/2025 1:07 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:50aa151ac5afc78e890f85d171917701&mediaType=text
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