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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TRUMP-TARIFFS-ROBOTS
DESCRIPTION: A push to make the U.S., not China, the leader in developing the next generation of robots is hitting some snags as tariffs and geopolitics affect the supply of parts needed for advanced robotics. Robotics developers from Amazon, Boston Dynamics, China's Unitree and hundreds of other companies are gathering in Boston this week, where tariffs are not on the agenda but expected to be a topic of concern on the sidelines.
UPCOMING: By 05/01/2025 12:00 p.m. EDT, Photo, Video, Text
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MORTGAGE RATES
DESCRIPTION: Freddie Mac reports on this week's average U.S. mortgage rates. By Alex Veiga. UPCOMING: 250 words after noon release.
UPCOMING: By 05/01/2025 12:00 p.m. EDT, Photo, Text
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VANCE
DESCRIPTION: Vice President JD Vance will tour a steel manufacturing plant in South Carolina on Thursday to highlight the administration's manufacturing agenda in the first 100 days.
UPCOMING: By 05/01/2025 2:24 p.m. EDT, Text
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NEW AND DEVELOPING
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US--KOHL'S-CEO
Kohl's ousts CEO Buchanan after investigation into some vendor transactions
SUMMARY: Kohl's has terminated CEO Ashley Buchanan after an investigation determined that he directed the retailer to engage in vendor transactions that involved undisclosed conflicts of interest. Kohl's named Chairman Michael Bender as interim CEO, effective immediately. The company said Thursday that Buchanan's firing is unrelated to its performance, financial reporting, results of operations and did not involve any of its other employees.
WORDS: 335 - MOVED: 05/01/2025 10:26 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:e8bdc2d13673c36a0c8ba1a07a434fae&mediaType=text
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CVS HEALTH-RESULTS
CVS Health rides improving Medicare business to better-than-expected first quarter
SUMMARY: CVS Health hiked its 2025 forecast above Wall Street's expectations after improving Medicare benefits contributed to a better-than-expected first quarter. The health care giant said Thursday that it also got a boost from better star ratings for its Medicare Advantage plans, which are privately run versions of the federal government coverage program. CVS Health and other health insurance providers have been struggling for several quarters now with rising costs from their Medicare Advantage customers. The company's report Thursday comes a few weeks after rival UnitedHealth slashed its 2025 forecast after dealing with a spike in care use.
WORDS: 403 - MOVED: 05/01/2025 10:13 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:20ca85f02992a5371beb2ab56deeffec&mediaType=text
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MAY DAY-LABOR
From Tokyo to Turin to LA, Trump's policies loom over May Day marches
SUMMARY: French union leaders have condemned the "Trumpization" of world politics while in Italy, May Day protesters paraded a puppet of the American president through the streets of Turin. Across multiple countries, hundreds of thousands marched in rallies marking International Workers' Day or Labor Day, citing President Donald Trump's agenda as a source of concern. In the United States, organizers said their message this year focused on fighting Trump's approach targeting immigrants, federal workers and diversity initiatives. In Germany, union leaders warned that extended workdays and rising anti-immigrant sentiment were dismantling labor protections. In Bern, thousands marched behind banners denouncing fascism and war.
WORDS: 907 - MOVED: 05/01/2025 9:54 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:46de8196d7f01d7458c3d77ccd5e0e54&mediaType=text
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FINANCIAL MARKETS
Microsoft and Meta Platforms lead Wall Street higher
SUMMARY: Microsoft and Meta Platforms are driving Wall Street higher after they delivered profits for the start of the year that were even bigger than analysts expected. The S&P 500 rose 0.8% Thursday and was heading for an eighth straight gain, which would be its longest winning streak since August. The Dow Jones Industrial Average added 124 points, and the Nasdaq composite jumped 1.9%. CVS Health and other companies also joined the stream of strong profit reports that have helped steady Wall Street over the last week. But another report also arrived to show that the U.S. job market may be weaker than expected.
WORDS: 625 - MOVED: 05/01/2025 9:43 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:ed03cfc78cd7d7d988573ef72301d11a&mediaType=text
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US--MAY DAY-LABOR-THINGS TO KNOW
What to know about May Day and how it has grown over the years
SUMMARY: Activists around the globe are kicking off May Day demonstrations with workers rights rallies and marches for social justice causes. In some countries, it's a public holiday honoring labor. Activists planning marches in the United States say much of their message this year is about fighting back against President Donald Trump's policies. Thousands are expected at demonstrations from Tokyo to Chicago for the holiday that's also International Workers Day. May Day is also a traditional spring celebration that's observed in ways that don't involve marching in the streets or civil disobedience.
WORDS: 756 - MOVED: 05/01/2025 9:29 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:78ceb3f1165990c9f45ac09f17534288&mediaType=text
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UNEMPLOYMENT BENEFITS
The number of Americans filing for jobless claims jumps last week, but remains at healthy levels
SUMMARY: U.S. applications for jobless benefits jumped to their highest level in two months, but layoffs remain in a historically healthy range. Jobless claim applications jumped by 18,000 to 241,000 for the week ending April 26, the Labor Department said Thursday. That's more than the 225,000 new applications analysts forecast and the most since late February. Weekly applications for jobless benefits are considered a proxy for layoffs, and have mostly stayed in a healthy range between 200,000 and 250,000 for the past few years. The total number of Americans receiving unemployment benefits for the week of April 19 climbed to 1.92 million, the most since November of 2021.
WORDS: 463 - MOVED: 05/01/2025 8:50 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:bfac62e6ed38b60169465cd6982e5bb6&mediaType=text
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US--TRUMP-TARIFFS-ENDING-EXEMPTION
Cheap parcels from China will no longer be duty-free. Here's what it means for buyers and sellers
SUMMARY: The Trump administration is ending a duty-free exemption on low-value imports from China Friday. For consumers, that will mean higher prices and delivery delays when the government starts collecting tariffs on every single shipment. The expiration of the de minimis rule that has allowed as many as 4 million low-value parcels to come into the U.S. every day -- mostly from China -- is also forcing businesses that have built their models on sourcing production in China to rethink their practices in order to keep their costs down. But for those that make their goods in the U.S., the end of the exemption means a relief from cheap Chinese imports and spells hope that their sales could enjoy a resurgence.
WORDS: 1221 - MOVED: 05/01/2025 8:49 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:1b52319a85572331baf31cb6287ecddf&mediaType=text
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US--PHILANTHROPY-FOOD-BANKS
Funding cuts threaten to deepen hunger crisis as rising costs send more families to food banks
SUMMARY: Food banks say income stagnation and rising living costs are increasing demand at their organizations across the country -- all as the federal government shuts off funding streams that provide millions with healthier, harder-to-get groceries. The country's largest hunger-relief network is also feeling the strain. Feeding America consists of more than 200 members ranging from food banks to meal programs. Houston Food Bank CEO Brian Greene said most Feeding America food banks are running deficits. He expects his nonprofit, which operates the largest distribution among Feeding America partners, will lose somewhere around $4 million this year.
WORDS: 1274 - MOVED: 05/01/2025 8:38 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:665c19251b5d83bbed45a29958f79609&mediaType=text
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US--GM-OUTLOOK
General Motors trims 2025 guidance, anticipating potential $5 billion tariff impact
SUMMARY: General Motors is lowering one of its full-year financial forecasts as the company braces for the potential impact of auto tariffs. On Thursday the automaker said that it now foresees full-year adjusted earnings before interest and taxes in a range of $10 billion to $12.5 billion. The guidance includes a current tariff exposure of $4 billion to $5 billion. GM previously predicted 2025 adjusted EBIT between $13.7 billion and $15.7 billion.
WORDS: 324 - MOVED: 05/01/2025 8:21 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:721e481b45903a39870fe6d84b3e4bbf&mediaType=text
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BE WELL-WORKING WELL-DECLUTTERING
Do you really need that extra ChapStick? Here are tips to reduce and tame workplace clutter
SUMMARY: It's easy to accumulate clutter at work. That's true in home offices and traditional workspaces alike. And those jumbles of misplaced belongings can drain our mental resources and distract us from work. Clutter can also impact our mood. As households and workplaces embark on spring cleaning, it's possible to reduce clutter and find more mental peace. First, regularly set aside time for decluttering, even if it's just 15 minutes. Set a timer. Sort items in the same category together first so you can see where there are extras. With piles of papers, think about whether you really need to hold on to each item. Reduce and get rid of duplicates. Do the same with digital files.
WORDS: 1221 - MOVED: 05/01/2025 7:46 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:08511dd01a3766751598b0b0e32192fe&mediaType=text
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EU--RUSSIA-UKRAINE WAR-MINERALS DEAL-EXPLAINER
Ukraine and the US have finally signed a minerals deal. What does it include?
SUMMARY: After months of tense negotiations, the U.S. and Ukraine have signed a deal that is expected to give Washington access to the country's critical minerals and other natural resources. Kyiv hopes the agreement will secure long-term support for its defense against Russia. According to Ukrainian officials, the version of the deal signed Wednesday is far more beneficial to Ukraine than previous versions. They said other versions reduced Kyiv to a junior partner and gave Washington unprecedented rights to the country's resources. The agreement must still be ratified by the Ukrainian parliament. It would establish a reconstruction fund for Ukraine that Ukrainian officials hope will be a vehicle to ensure future American military assistance.
WORDS: 962 - MOVED: 05/01/2025 7:33 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:8566241ea0e121a30437d845357055d8&mediaType=text
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MCDONALD'S-RESULTS
McDonald's store traffic falls unexpectedly as diners grow uneasy about economy
SUMMARY: McDonald's store traffic fell unexpectedly in the first quarter as economic uncertainty weighed on diners. The burger giant said Thursday that it's same-store sales, or sales at locations open at least a year, fell 1% globally in the January-March period. Wall Street had been expecting an increase of nearly 2%. The trouble was particularly acute in the U.S., where same-store sales were down 3.6%. That was their worst performance since 2020. McDonald's has responded by expanding its U.S. value menu. It's also offering its $5 Meal Deal through this summer. That deal was introduced last June and extended several times.
WORDS: 279 - MOVED: 05/01/2025 7:23 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:dbfdc5ab9be9a36ea5a20026280e8cf9&mediaType=text
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US--MUSK-DOGE
Musk defends his work as he prepares to wind down at DOGE but gives hazy answers on future
SUMMARY: Elon Musk is defending the work of the Department of Government Efficiency as he prepares to scale back from his government role and spend more time at his businesses. But in an interview Wednesday with reporters at the White House, he gave hazy answers about the work he'd been doing and DOGE's future and seemed taken aback by the intense backlash he'd encountered. Musk estimates he's cut $160 billion so far and acknowledged it would be hard to get anywhere close to his original stated goal of $1 trillion. He said, "It's sort of, how much pain is the Cabinet and the Congress willing to take?"
WORDS: 1156 - MOVED: 05/01/2025 5:30 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:962778979dd35ea79d6092df9cb2cb56&mediaType=text
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AS--AUSTRALIA-ELECTION-ISSUES-EXPLAINER
What are the major issues in Australia's election Saturday?
SUMMARY: Australians are voting Saturday in a general election that will be dominated by the soaring cost of living, the economy, energy and China. Affordable housing is in short supply, interest rates remain high and the major parties are starkly divided on how to wean the nation off fossil fuel-generated electricity. The major parties also differ on how to deal with China, which is at once Australia's largest trading partner and its greatest strategic threat.
WORDS: 875 - MOVED: 05/01/2025 3:39 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:558d99ec389a9331fd722ef5482ecbe5&mediaType=text
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ML--IMF-MIDDLE EAST
Tariffs, oil prices and other uncertainties weighing down Mideast economies, IMF says
SUMMARY: The International Monetary Fund says that countries across the Middle East and North Africa face significant challenges to economic growth as the region faces economic uncertainty due to tariff measures, lower-than-recent oil prices and cuts to financial aid. The IMF's regional outlook report for the MENA region says that Brent crude oil prices -- which are down from highs above $120 a barrel in 2022 -- are likely to be $65 to $69 per barrel in 2025 and 2026. Bank official Jihad Azour says growth in the MENA region is expected to be 2.6% this year, as compared to 1.8% last year. But he says economic uncertainty that could negatively affect the outlook.
WORDS: 391 - MOVED: 05/01/2025 2:37 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:ecdbfc49dd0fcd284ec454adc527ea73&mediaType=text
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EU--RUSSIA-UKRAINE-WAR
US and Ukraine sign deal giving US access to country's valuable mineral wealth
SUMMARY: The U.S. and Ukraine have signed an agreement that will give the U.S. access to Ukraine's vast critical mineral resources. The deal on reconstruction and investment could enable continued military aid to Kyiv amid concerns that President Donald Trump might scale back support during ongoing peace talks with Russia. It comes after a weekslong press by Trump on Ukraine to compensate Washington for billions of dollars in military and economic assistance to help Ukraine repel the Russian invasion. Trump has grown increasingly frustrated with the leaders of Russia and Ukraine. Treasury Scott Bessent said the "agreement signals clearly to Russia that the Trump administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine over the long term."
WORDS: 1301 - MOVED: 05/01/2025 2:35 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:ce025ba11929ceff0c90f94c25a47624&mediaType=text
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US--SANTA CRUZ-SODA TAX
Northern California town's sugary soda tax is first to defy state ban
SUMMARY: A voter-approved tax on sugary drinks has taken effect in the beachside community of Santa Cruz on the California coast. City officials placed the tax on the November ballot despite a 2018 state law that banned local taxes on sweetened drinks. They are prepared to be sued. The American Beverage Association says it's assessing next steps. The trade association spent $2.8 million to defeat the measure, vastly outspending the opposing side. Tax supporters say sugary sodas and drinks increase the risk of obesity, heart disease and stroke. Opponents say a tax disproportionately impacts low-income families and hurts small businesses.
WORDS: 715 - MOVED: 05/01/2025 12:02 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:69d5937528a341404ab3d5e7bd8b9767&mediaType=text
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