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.
--------------------
NEW AND DEVELOPING
--------------------
US--CONGRESS-BUDGET CUTS
Congress approves Trump's $9 billion cut to public broadcasting and foreign aid
SUMMARY: The House has approved President Donald Trump's request to claw back about $9 billion for public broadcasting and foreign aid. Democrats argued that the Republican administration's animus toward foreign aid programs would hurt America's standing in the world and create a vacuum for China to fill. The White House argued that the cuts best served the taxpayer and would incentivize other nations to do more to address humanitarian crises. The cancellation of $1.1 billion for the Corporation for Public Broadcast represents the full amount it is due to receive during the next two budget years. Some lawmakers voiced concern about what the cuts could mean for local public stations in their state.
WORDS: 1112 - MOVED: 07/18/2025 9:46 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:b0044285659ab708e23eb2dc2f3eabfa&mediaType=text
___
FINANCIAL-MARKETS
Wall Street drifts near records as it heads for the finish of a winning week
SUMMARY: Wall Street is drifting toward the finish of its third winning week in the last four. The S&P 500 rose 0.2% Friday after setting its all-time high the day before. The Dow Jones Industrial Average slipped 25 points, and the Nasdaq composite gained 0.4% after coming off its own record. Charles Schwab, Comerica and other stocks rallied following stronger-than-expected profit reports. Chevron climbed after completing its buyout of Hess following a favorable arbitration ruling. But Netflix gave back some of its stellar gains for the year despite topping analysts' expectations. Treasury yields eased in the bond market.
WORDS: 613 - MOVED: 07/18/2025 9:44 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:43b87b3786fdd2971f3b8c52ffedc20a&mediaType=text
___
US--PHILANTHROPY-AI
Funders commit $1B toward developing AI tools for frontline workers
SUMMARY: A coalition of philanthropic funders will spend $1 billion over 15 years to help develop artificial intelligence tools to help spur economic mobility. The funders announced Thursday that they will create a new entity, NextLadder Ventures, to offer grants and investments to nonprofits and for-profits that develop tools to help frontline case workers manage often huge caseloads. The group includes the Gates Foundation, Ballmer Group, Stand Together, Valhalla Foundation and hedge fund founder John Overdeck. The AI company Anthropic will offer technical expertise and access to its technologies to the nonprofits and companies NextLadder invests in.
WORDS: 1034 - MOVED: 07/18/2025 9:31 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:5c84fa707ba8275a7afb2bc5245c286d&mediaType=text
___
US--CHEVRON-GUYANA
Chevron gets go ahead for $53B Hess deal, and access to one of the biggest oil finds this decade
SUMMARY: Chevron has scored a critical ruling in Paris that has given it the go-ahead for a $53 billion acquisition of Hess and access to one of the biggest oil finds of the decade. Chevron said Friday that it completed its acquisition of Hess shortly after the ruling from the International Chamber of Commerce in Paris. Exxon had challenged Chevron's bid for Hess, one of three companies with access to the massive Stabroek Block oil field off the coast of Guyana. Guyana is a country of 791,000 people that is poised to become the world's fourth-largest offshore oil producer, placing it ahead of Qatar, the United States, Mexico and Norway. It has become a major producer in recent years.
WORDS: 454 - MOVED: 07/18/2025 9:10 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:a578562fd3ca7312348f8f9503ad01ef&mediaType=text
___
US-MONEY MATTERS-RETIREMENT
Retirees, here's how to tweak the 4% rule to protect your nest egg
SUMMARY: New retirees might enter a different environment than their predecessors -- the economy or market might have changed slightly or dramatically. Morningstar researchers have investigated and identified their latest starting safe withdrawal rate. Hint: it's slightly lower than last year. Here to discuss this research is Amy Arnott, a portfolio strategist with Morningstar. The interview has been edited for length and clarity.
WORDS: 690 - MOVED: 07/18/2025 9:00 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:0dc97c05edae3a6f5c86e26811c5b65b&mediaType=text
___
US--PHILANTHROPY-GIANTS-OF-AFRICA
Ex-Raptors exec Masai Ujiri remains focused on humanitarian work as Giants of Africa Festival nears
SUMMARY: Masai Ujiri is staying focused on his upcoming Giants of Africa Festival even as the longtime NBA executive navigates his recent departure from the Toronto Raptors. Ujiri says "the focus will always be" Giants of Africa, the foundation he started in 2003 to host youth basketball clinics, teach life skills and build basketball courts across the continent. Its second ever festival returns to Kigali, Rwanda on July 26 with appearances from Nigerian pop singer Ayra Starr, WNBA great Candace Parker and two-time NBA Finals MVP Kawhi Leonard. In a Q&A with The Associated Press, Ujiri says "I owe it to the youth of the continent."
WORDS: 1069 - MOVED: 07/18/2025 8:31 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:9417250b051ee971445ce4e7e7303759&mediaType=text
___
EU--EUROPE-RUSSIA-SANCTIONS
The EU and UK hit Russia with new sanctions. Moscow's energy revenue and spies are targeted.
SUMMARY: The European Union and Britain are ramping up pressure on Russia over its war on Ukraine. The EU has introduced new sanctions to deprive Moscow of energy revenue through a lower oil price cap and a ban on transactions with Nord Stream gas pipelines. In parallel, the U.K. has targeted Russia's military intelligence service, the GRU. More ships in Russia's sanction-busting shadow fleet were also listed in Friday's EU sanctions agreement. Banks have been targeted, too. EU foreign policy chief Kaja Kallas says the bloc will keep raising the pressure until Russia ends its war. Ukrainian President Volodymyr Zelenskyy says the new measures are a "timely and necessary" step amid intensified Russian attacks.
WORDS: 833 - MOVED: 07/18/2025 8:15 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:ce7b2fa3ebb4e07cc3251b456a5e99af&mediaType=text
___
CHINA-US-TRADE
China pledges to crack down on illicit exports of rare earths, urges US to lift more trade controls
SUMMARY: China's Ministry of State Security says it is cracking down on alleged smuggling of rare earths materials that it says threaten national security. In a report published Friday in the state-run Global Times, it said foreign "espionage and intelligence agencies" were colluding to steal rare earths-related goods by repackaging and relabeling rare metals to hide their Chinese origin. It said investigations found Chinese criminals were involved, exploiting shipping and delivery channels to evade controls on exports of such materials, which are used in many high-tech applications including electric vehicles. The crackdown followed a report by Reuters earlier this month detailing how rare earths were being transshipped to the U.S. via Thailand and Mexico.
WORDS: 624 - MOVED: 07/18/2025 7:41 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:68c2a90bd448521343a8d9207d88341f&mediaType=text
___
US--TRUMP-BUSINESS VENTURES-TAKEAWAYS
Takeaways from the AP's reporting on Trump's business deals
SUMMARY: From crypto coins to bibles, overseas development deals to an upcoming line of cellphones, President Donald Trump's family businesses have raked in hundreds of millions of dollars since his election. That flood of money -- from billionaires, foreign governments and cryptocurrency tycoons, often with interests before the federal government -- has permitted the president to leverage the power of his office for personal gain unlike any of his predecessors. The sums collected are far greater than those made by the family during Trump's first term, when patronage of his hotels and other properties was de rigueur to curry favor with the famously transactional commander-in-chief.
WORDS: 1007 - MOVED: 07/18/2025 7:15 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:b7b853a34bde366c30d3b22e8ae08f09&mediaType=text
___
US--AP POLL-TAX BILL
Most US adults think the GOP tax bill will help the wealthy and harm the poor, AP-NORC poll finds
SUMMARY: A new AP-NORC poll shows that while Republican elected officials are promoting their recently passed tax and spending bill as a win for working Americans, everyday Americans broadly see it as a win for the wealthy. About two-thirds of U.S. adults expect the new tax law will help the wealthy, according to the survey. Most -- about 6 in 10 -- think it will do more to hurt than help low-income people. About half say it will do more harm than good for middle-class people and people like them. Republicans have already begun airing advertisements framing the legislation as a tax cut for all Americans, but the new poll indicates that they have some persuading to do.
WORDS: 969 - MOVED: 07/18/2025 7:08 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:79e6a1bd795e7f82ca39986a407ddbef&mediaType=text
___
US--IRS COMMISSIONER
Billy Long will be sworn in as IRS commissioner, taking over an agency he once sought to close
SUMMARY: Former Missouri congressman Billy Long is set to be ceremonially sworn in as IRS commissioner on Friday. Long, who once advocated for abolishing the IRS, takes over an agency struggling with staffing cuts and leadership turnover. He was confirmed by the Senate last month despite Democratic concerns over his ties to a tax credit scheme and campaign contributions linked to his nomination by then President-elect Donald Trump. Long, who lacks tax administration experience, has pledged to improve the agency's culture. His appointment follows a trend of Trump appointees leading agencies they previously criticized or sought to dismantle.
WORDS: 576 - MOVED: 07/18/2025 7:06 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:ed7aa83d9b0ced76fa6ce21daf635280&mediaType=text
___
AS--ASIA--US-TRADE-LNG
Trump's tariff pressure pushes Asia toward American LNG, but at the cost of climate goals
SUMMARY: Asian countries are offering to buy more U.S. liquefied natural gas to ease trade tensions with the Trump administration. Countries like Vietnam, Japan, and South Korea are mulling long-term LNG deals that might help reduce American trade deficits and forestall higher tariffs. However, experts warn these agreements could hinder Asia's shift to renewable energy. Long-term LNG contracts lock countries into fossil fuels infrastructure, making it harder to adopt cleaner energy sources. Analysts also question the feasibility of these deals, citing high costs, global gas oversupply, and energy security risks. Renewables, they argue, offer a more stable and sustainable energy future.
WORDS: 1151 - MOVED: 07/18/2025 1:27 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:7e62714fd13bba4000d34466230cac87&mediaType=text
___
US--CONGRESS-BUDGET CUTS-EXPLAINER
What's in the Republican bill cutting $9 billion from public broadcasting and foreign aid
SUMMARY: The Republican-led Congress had passed President Donald Trump's request to claw back about $9 billion in public broadcasting and foreign aid spending. Democrats tried to kill the measure but needed more Republicans uncomfortable with the president's effort to join them. The Senate approved the vast majority of Trump's request in the early morning hours Thursday. The House followed suit early Friday. The measure now goes to Trump for his signature. The bill would rescind nearly $1.1 billion from the Corporation for Public Broadcasting and about $7.9 billion from foreign aid programs.
WORDS: 653 - MOVED: 07/18/2025 12:06 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:0c71c2e1edba7be8bfdecabb86119cce&mediaType=text
___
