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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LABUBU-BLOCKBUSTER TOYS
DESCRIPTION: NEW YORK -- Pop Mart has struck it rich. The Chinese company that caters to toy connoisseurs and influencers said this week that it expects profit for the first six months of this year to jump 350%, largely because of its smash hit plush toy, the Labubu. Pop Mart joins a small list of companies that have tapped into the zeitgeist, drawing in millions of buyers who, for one reason or another, simply must get their hands on a toy or gadget of the moment.
UPCOMING: By 07/16/2025 1:00 p.m. EDT, Photo, Text
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JAPAN-TRADE
DESCRIPTION: Japan reports trade data for the first half of 2025.
UPCOMING: By 07/16/2025 1:24 p.m. EDT, Photo, Text
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CONGRESS-CRYPTO
DESCRIPTION: Republicans in the House are looking to get back on track with a package of cryptocurrency legislation after a direct appeal from President Donald Trump. A look at the three bills and what they would do.
UPCOMING: By 07/16/2025 3:00 p.m. EDT, Photo, Text
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BRAZIL TRUMP TARIFFS ORANGE
DESCRIPTION: A steep 50% tariff imposed by U.S. President Donald Trump has put Brazilian orange producers on high alert. As the world's largest exporter of orange juice, Brazil relies heavily on the United States as a key market, especially for concentrated orange juice. According to the National Association of Citrus Juice Exporters (CitrusBR), in the most recent harvest, the U.S. imported over 200,000 tons of Brazilian orange juice, accounting for up to 37% of Brazil's total exports. The new tariff threatens to cause significant losses for Brazil's citrus industry, particularly in São Paulo state, which is home to the country's largest production, but it could also put upward pressure on prices in the American market.
UPCOMING: By 07/16/2025 5:00 p.m. EDT, Photo, Video, Text
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NEW AND DEVELOPING
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US--META-ZUCKERBERG-COURT
Meta CEO Mark Zuckerberg expected to testify in $8 billion Facebook privacy lawsuit
SUMMARY: A $8 billion-dollar class action investors' lawsuit against Meta CEO Mark Zuckerberg and company leaders begins, with claims stemming from the privacy scandal involving the Cambridge Analytica political consulting firm. The fallout from that case led to Facebook agreeing to pay a $5.1 billion penalty to settle FTC charges. Now shareholders want Zuckerberg and others to reimburse Meta for the fine and other legal costs, which the plaintiffs estimate total more than $8 billion.
WORDS: 196 - MOVED: 07/16/2025 10:07 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:4942257082030772915591d336c6a599&mediaType=text
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ENT--MUSIC-LUMINATE 2025 MID-YEAR
'Recession pop' and new Christian music surge in the US as streaming growth slows
SUMMARY: More music is being streamed than ever before, but the rate of growth has slowed. That's according to Luminate's 2025 Midyear Report, which was released Wednesday. Global streams reached 2.5 trillion in the first half of 2025, up from nearly 2.3 trillion last year. However, growth rates have dropped compared to 2024. In the U.S., streaming now accounts for 92% of all music consumption. Notably, Christian music and "recession pop" are seeing a resurgence. Christian music's growth is driven by younger, streaming-savvy fans, while nostalgic pop hits from the time of the Great Recession are gaining popularity, including tracks from Bruno Mars, Miley Cyrus, Lady Gaga and Rihanna.
WORDS: 484 - MOVED: 07/16/2025 9:51 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:4ae716d9a7a8a4b7a003bec3955f5664&mediaType=text
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US-PRODUCER-PRICES
US producer prices unchanged with wholesale inflation remaining under control
SUMMARY: U.S. wholesale inflation cooled last month, despite worries that President Donald Trump's tariffs would push prices higher. The Labor Department reported Wednesday that its producer price index -- which tracks inflation before it hits consumers -- was unchanged in June from May and up 2..3% from a year earlier. Both measures came in below economists' forecasts. Excluding volatile food and energy prices, so called core producer prices were also unchanged from May and up 2.6% from June 2024.
WORDS: 558 - MOVED: 07/16/2025 9:35 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:e8ddb4b639e154663e5483fccc1a0ed7&mediaType=text
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BOB--USA BOBSLED-HONDA
USA Bobsled and Skeleton signs endorsement deal with Honda through 2030 Olympics
SUMMARY: USA Bobsled and Skeleton has entered into a multi-year endorsement deal with American Honda, one that will give the sliding sports federation financial and technical support going into both next winter's Milan-Cortina Olympics and the 2030 Games in the French Alps. The deal, announced Wednesday, has been in the works for some time. Honda -- which becomes the official premier technology partner of the teams -- will give USABS, among other things, access to its wind tunnel in Ohio for research and development purposes.
WORDS: 402 - MOVED: 07/16/2025 9:06 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:120e9baa86eda53782b422d3b04a43ab&mediaType=text
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AS--CHINA-NVIDIA
Nvidia CEO downplays role in lifting US ban on chip sales to China
SUMMARY: Nvidia CEO Jensen Huang says export controls on advanced chips require companies to adapt. Speaking in Beijing on Wednesday, he addressed the recent lifting of a U.S. ban on Nvidia's H20 chip sales to China. Huang downplays his influence on the decision, stating it was up to the U.S. and Chinese governments. Nvidia had estimated the ban would cost $5.5 billion but now hopes to recover some losses, depending on demand and production speed. Huang also highlights the H20 chip's potential for Chinese AI models and introduced the RTX Pro chip, designed to advance humanoid robotics and smart factory systems.
WORDS: 461 - MOVED: 07/16/2025 8:05 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:1d17b1c8440ca51498e2a8ea9b0d85c6&mediaType=text
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US--PHILANTHROPY-TAX AND SPENDING LAW
Bipartisan support helps foundations avoid tax increase in new Trump legislation
SUMMARY: Two Republican senators and a broad coalition of funders made a big difference for private foundations during negotiations over President Donald Trump's tax and spending legislation. Sen. Todd Young of Indiana and Sen. James Lankford of Oklahoma both advocated against the increase in taxes on the earnings of foundation endowments. Young said it took some persuasion but that many in the Republican caucus appreciate the value of the investments private foundations make in their communities. The new law also allows the vast majority of tax filers to take a charitable deduction of up to $1,000 for individuals and $2,000 for married couples.
WORDS: 1093 - MOVED: 07/16/2025 8:02 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:c5b020589418425835f89849bdf7234c&mediaType=text
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AS--CHINA-JAPAN-ASTELLAS
Chinese court sentences a Japanese man to more than 3 years in prison on espionage charges
SUMMARY: A Japanese man has been sentenced to three and a half years in prison in China on espionage charges. The Japanese embassy in Beijing did not identify the man, who has been detained since March 2023. Japan's Kyodo News Agency describes him as a man in his 60s and an employee of Astellas Pharma Inc., a major Japanese pharmaceutical company. He was charged with espionage in August and his first hearing was held in November but no details were released. The Japanese government has protested a series of detentions of its citizens in China since Beijing enacted an anti-spying law. An embassy statement says the sentencing is "regrettable."
WORDS: 389 - MOVED: 07/16/2025 7:49 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:2852e3a3658c3201711e9464a9fc5b65&mediaType=text
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US--TRUMP-FEDERAL RESERVE RENOVATIONS
How Trump could use a building renovation to oust Fed Chair Powell
SUMMARY: President Donald Trump says he's finally found a way to achieve his goal of removing Federal Reserve Chair Jerome Powell, accusing him of mismanaging the U.S. central bank's $2.5 billion renovation project. The push comes after a monthslong campaign by Trump to try to rid himself of the politically independent central banker. Powell has resisted the Republican president's calls to slash interest rates out of concerns about the administration's tariffs sparking higher levels of inflation. But Trump indicated Tuesday that Powell's handling of an extensive renovation project on two Fed buildings in Washington could be grounds to take the unprecedented and possibly legally dubious step of firing him.
WORDS: 1256 - MOVED: 07/16/2025 7:33 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:70cfb70f2c09105c2a144179d5d92e69&mediaType=text
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EU--BRITAIN-ECONOMY
UK inflation rises by more than expected and may slow down rate cuts
WORDS: 252 - MOVED: 07/16/2025 6:10 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:690e1637d9ff854fedaeea488723df47&mediaType=text
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BEHIND THE WHEEL-SORENTO VS HIGHLANDER
Edmunds three-row hybrid SUV test: Kia Sorento vs Toyota Highlander
SUMMARY: The Kia Sorento Hybrid and Toyota Highlander Hybrid are two strong choices for those willing to sacrifice some interior space, especially in the third row, for exceptional fuel economy and a lower price. Edmunds compares these three-row hybrid SUVs on interior space, fuel economy and performance, and value and tech.
WORDS: 823 - MOVED: 07/16/2025 6:10 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:d87492620fa7cfcad4fffa194a1f577e&mediaType=text
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AS--PAKISTAN-UK-AIRLINES
UK lifts years-long ban on Pakistani airlines after improvement in air safety standards
WORDS: 377 - MOVED: 07/16/2025 5:23 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:cf710c2b96da57525c0a2994c193aff1&mediaType=text
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ML--IRAQ-OIL FIELD ATTACK
Drone attacks on oil fields in Iraq's Kurdish region shut down another facility
WORDS: 302 - MOVED: 07/16/2025 5:03 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:ccf0db3e1f9844b48c6e4463d83b14bb&mediaType=text
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UN--UNITED NATIONS-IRAN-NUCLEAR
France, UK and Germany would restore UN sanctions on Iran next month without progress on a deal
SUMMARY: The United Kingdom, France and Germany have agreed to restore tough U.N. sanctions on Iran by the end of August if there has been no concrete progress on a nuclear deal. That's according to two European diplomats. The three countries' ambassadors to the United Nations met Tuesday at Germany's U.N. Mission to discuss a possible Iranian deal and reimposing the sanctions. U.S. officials say the matter also came up in a phone call Monday between U.S. Secretary of State Marco Rubio and the foreign ministers of the three countries. Iran's foreign minister said recently that Tehran would accept a resumption of nuclear talks with the U.S. if there were assurances of no more attacks.
WORDS: 547 - MOVED: 07/16/2025 3:11 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:f9458505b67698935625185532fa5a0f&mediaType=text
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US--MEDIA-BROADCAST BLUES
Rough times for broadcast networks illustrate changing media landscape
SUMMARY: Two milestones revealed this week illustrated the diminishing power of broadcast television in a new media world. Nielsen said Tuesday that the number of people who watched streaming services in June exceeded those who were watching broadcast and cable television. That's only happened one time before -- in May -- but that was only by a fraction of a percentage point. The margin widened considerably in June, driven in large part by young people who got out of school and have more time to watch shows like "Ginny & Georgia" and "Squid Game" on Netflix. Fox News Channel last week eclipsed all of the broadcast networks in prime-time weeknight viewing for the third week in a row.
WORDS: 550 - MOVED: 07/16/2025 12:03 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:d0d84cadda6d604b8427071d9c1dbccf&mediaType=text
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