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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NIKOLA-MILTON-TRUMP-PARDON

DESCRIPTION: The founder of an electric car start-up sentenced to prison for exaggerating the potential of his technology has been pardoned by President Donald Trump, potentially wiping out hundreds of millions of dollars in settlements that a judge said bamboozled investors deserve. Nikola founder Trevor Milton was sentenced last year to four years in prison, though he had not been incarcerated pending an appeal.

UPCOMING: By 03/28/2025 1:00 p.m. EDT, Text, Photo

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GERMANY CANADA TRADE

DESCRIPTION: On very strong merits from 1600GMT opening event/speech.

UPCOMING: By 03/28/2025 11:00 a.m. EDT, Text, Photo

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GERMANY WILDFIRES DRONES

DESCRIPTION: 1000GMT - 350 words with AP photos.

UPCOMING: By 03/28/2025 1:10 p.m. EDT, Video, Text, Photo

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NEW AND DEVELOPING

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FINANCIAL MARKETS

Stock market today: Wall Street drops following discouraging updates on US shoppers and inflation

SUMMARY: U.S. stocks are falling following discouraging updates on inflation and how much U.S. households may be willing to spend. The S&P 500 fell 1% Friday. The Dow Jones Industrial Average dropped 388 points, and the Nasdaq composite fell 1.4%. Lululemon Athletica tumbled after warning that its revenue growth may slow, in part because shoppers are spending less because of concerns about inflation and the economy. It became the latest in a line of retailers to make similar warnings. Markets could remain shaky worldwide as an April 2 deadline approaches for more tariffs. Treasury yields fell in the bond market.

WORDS: 816 - MOVED: 03/28/2025 10:27 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:91a5088aa36966aaf5e0971147a66930&mediaType=text

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US--CONSUMER SPENDING

US consumers remained cautious about spending last month as inflation ticked higher

SUMMARY: An inflation gauge closely watched by the Federal Reserve remained high last month even before the impact of most tariffs has been felt. Americans’ spending rebounded in February after a fall last month and incomes increased. Friday’s report from the Commerce Department showed that consumer prices increased 2.5% in February from a year earlier, matching January’s annual pace. Excluding the volatile food and energy categories, prices rose 2.8% compared with a year ago, higher than January’s figure of 2.7%. Inflation remains a top economic concern for most Americans, even as it has fallen sharply from its 2022 peak.

WORDS: 716 - MOVED: 03/28/2025 10:02 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:c8be092ecf06a81ad79c4c8f921c7cbe&mediaType=text

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US--CHATGPT-STUDIO GHIBLI

ChatGPT’s viral Studio Ghibli-style images highlight AI copyright concerns

SUMMARY: Fans of Studio Ghibli, the famed Japanese animation studio behind “Spirited Away” and other beloved movies, were delighted this week when a new version of ChatGPT let them transform popular internet memes or personal photos into the distinct style of Ghibli founder Hayao Miyazaki. But the trend also highlighted ethical concerns about artificial intelligence tools trained on copyrighted creative works and what that means for the future livelihoods of human artists. Miyazaki, 84, known for his hand-drawn approach and whimsical storytelling, has expressed skepticism about AI’s role in animation.

WORDS: 1016 - MOVED: 03/28/2025 9:50 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:0f4cb487ec3042dd5b43ad47879b91f4&mediaType=text

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US--TRUMP-LAW FIRM

Law firm Jenner & Block sues over Trump executive order, becoming second firm to do so

SUMMARY: A prominent Washington law firm targeted by President Donald Trump has sued to block an executive order that threatens its federal contracts and the security clearances of its employees. Jenner & Block says the executive order is unconstitutional and that it expects to “prevail quickly.” The order is one in a series of White House decrees over the last month meant to punish the legal community. The firm said it had no interest in “capitulating to unconstitutional government coercion,” a perhaps veiled reference to a deal struck last week with the White House by another targeted firm.

WORDS: 255 - MOVED: 03/28/2025 9:37 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:fc64fcda098b52756294c3d6a3b3d998&mediaType=text

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EU--BRITAIN-SHIP COLLISION

Cargo ship that collided with US tanker in North Sea towed to Scottish port of Aberdeen

SUMMARY: A cargo ship which collided with a U.S. tanker in the North Sea earlier this month has been towed to the Scottish port of Aberdeen. Following a tug-assisted journey that lasted a few days, the Portugal-flagged Solong arrived in Aberdeen Friday for “safe berthing” and damage assessment. The damage to the ship following its collision on March 10 with the anchored tanker, the MV Stena Immaculate, and the near-long ensuing fire, was clearly visible from the shore. The tanker was transporting jet fuel for the U.S. military in the North Sea. Investigations about the collision are ongoing.

WORDS: 323 - MOVED: 03/28/2025 7:48 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:c3d40a320db7857978de12daad0ad52a&mediaType=text

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US--FINANCIAL WELLNESS-TAXES-DELINQUENCY

What to do if you can’t pay the taxes you owe

SUMMARY: If you know or suspect you can’t pay the taxes you owe this tax season, you should still file a return with that information, or file for an extension. That’s the top piece of advice that tax professionals want you to know. “The IRS wants to work with you,” said Tom O’Saben, director of tax content and government relations at the National Association of Tax Professionals. If you don’t file a return or ask for an extension, then interest and penalties begin to accrue immediately. But those costs are avoidable if you share the information of your circumstances with the IRS in a timely way.

WORDS: 845 - MOVED: 03/28/2025 6:38 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:3da8f57a67c911fa67f18252a1be671e&mediaType=text

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EU--FRANCE-LIBYA-SARKOZY

Trial of former President Sarkozy sheds light on France’s back-channel talks with Libya’s Gadhafi

SUMMARY: The trial of former French President Nicolas Sarkozy over the alleged illegal financing of his 2007 presidential campaign is shedding light on France’s back-channel talks with the government of then-Libyan leader Moammar Gadhafi. French prosecutors are requesting a seven-year prison sentence for the 70-year-old former leader who was president from 2007 to 2012. Sarkozy has denied wrongdoing. Some key moments in the trial focused on talks between France and Libya in the 2000s, when Gadhafi was seeking to restore diplomatic ties with the West. Before that, Libya was considered a pariah state for having sponsored attacks.

WORDS: 1227 - MOVED: 03/28/2025 5:16 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:20ceae65a89f5ef243fe7e5a00db931d&mediaType=text

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AS--CHINA-XI-BUSINESS

China’s Xi makes strong push for greater foreign investment as economy continues to lag

SUMMARY: Chinese President Xi Jinping has urged foreign investors to have faith in China’s business prospects in an address to major global business leaders. It is the latest move to revive the world’s second-largest economy. Xi told executives that China has always been and will remain a safe and promising investment destination for foreign investors. His audience included the chairmen of Toyota, Samsung Electronics and investment firm Blackstone. China remains a major exporter of products to countries around the world and boasts a domestic market of 1.4 billion people. A property crisis has sapped business confidence, depriving the economy of its vitality, while a tariff war unleashed by the U.S. is compounding those problems.

WORDS: 581 - MOVED: 03/28/2025 3:51 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:4c65118536089f361f1ecd060e0dca96&mediaType=text

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EU--EUROPE-US-EGG HUNT

The US is on an egg hunt in Europe to ease prices at home

SUMMARY: The U.S. government is on a global egg hunt. It’s seeking exports from countries in Europe and elsewhere to ease a severe shortage that has caused egg prices at grocery stores to hit record highs. European industry groups say Denmark, Germany, Italy and Poland are among the nations the U.S. Department of Agriculture approached. Many officials in Europe say the import tariffs President Donald Trump has imposed or threatened to impose on his nation’s top trading partners wouldn’t preclude their sharing eggs. A bigger obstacle is U.S. food safety regulations that require fresh eggs to be sanitized before they reach shoppers. In the European Union, the standards call for Grade A eggs to be sold unwashed.

WORDS: 1274 - MOVED: 03/28/2025 2:49 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:1b61adf77056da7a0bbae2c50de8b6bf&mediaType=text

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ML--SYRIA-ELECTRICITY CRISIS

Syrians left in the dark as the interim government struggles to restore electricity

SUMMARY: Rana Al-Ahmad opens her fridge after breaking fast at sundown with her family during the Islamic holy month of Ramadan. Apart from eggs, potatoes and some bread, it’s empty because state electricity in Syria only comes two hours a day. “We can’t leave our food in the fridge because it will spoil,” she said. Months after a lightning insurgency ended over half a century of the Assad dynasty’s rule in Syria, the country’s new Islamist interim government has been struggling to fix battered infrastructure. Private generators and solar panels are too costly for most Syrians. The interim government’s efforts to fix the power crisis have yielded patchwork solutions

WORDS: 1065 - MOVED: 03/28/2025 1:25 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:df43a6ad40014885b2f85e7c85fd0271&mediaType=text

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