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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CONGRESS-BUDGET CUTS
FORMATS: Photo, Text
1. WITH: CONGRESS-BUDGET-CUTS-EXPLAINER
2. DESCRIPTION: What's in the $9 billion spending cuts package Republicans are muscling through Congress.
3. UPCOMING: By 07/17/2025 2:00 p.m. EDT
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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 07/17/2025 12:00 p.m. EDT, Photo, Text
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US META-ZUCKERBERG COURT
DESCRIPTION: A Delaware court hears testimony in an $8 billion-dollar class action investors' lawsuit against Meta CEO Mark Zuckerberg and company leaders, with claims stemming from the privacy scandal involving the Cambridge Analytica political consulting firm.
ON MERITS: By 07/17/2025 5:00 p.m. EDT, Photo, Text, Video, LiveVideo
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ASIA--US-TRADE-LNG
DESCRIPTION: Asian countries are offering to buy more U.S. liquefied natural gas to ease trade tensions with the Trump administration, but experts warn such deals might hinder Asia's shift to renewable energy.
UPCOMING: By 07/17/2025 11:00 p.m. EDT, Photo, Text
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NEW AND DEVELOPING
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US-RETAIL SALES
US retail sales bounce around in a whipsaw trade environment
SUMMARY: After an earlier pullback, consumers picked up their spending in June showing resilience despite anxiety high over tariffs and the U.S. economy. Retail sales rose 0.6% in June after declining a 0.9% in May, the Commerce Department said Thursday. Sales in April were down 0.1%, pulled down by a steep drop in auto sales, after Americans ramped up their car-buying in March to get ahead of President Donald Trump's 25% duty on imported cars and car parts.Excluding autos andautomotive parts, sales rose 0.5%.
WORDS: 973 - MOVED: 07/17/2025 10:29 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:22178ab1457693a21d6822ec12c9b0d9&mediaType=text
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EU--BRITAIN-GERMANY
UK signs treaty on defense, trade and migration with Germany as Europe bolsters security
SUMMARY: U.K. Prime Minister Keir Starmer and German Chancellor Friedrich Merz have signed a treaty that pledges to tighten defense ties. It comes as European nations try to protect Ukraine, and themselves, from an aggressive Russia in the face of wavering support from President Donald Trump's U.S.-focused administration. It includes a promise to come to the other's support in the event of military attack. The deal was signed Thursday during Merz's first official visit to London since taking office in May. It also pledges to strengthen combat migrant smuggling across the English Channel. The U.K.-Germany treaty reflects Starmer's efforts to improve relations strained by Brexit.
WORDS: 747 - MOVED: 07/17/2025 10:22 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:ce3262ca8a2dba4b7472465ee6d87514&mediaType=text
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ONE TECH TIP-CLEANING YOUR DEVICES
How to clean keyboard grunge, earwax in earphones and screen smudges
SUMMARY: Cleaning your electronic devices is essential for hygiene and performance. Regular cleaning not only keeps gadgets looking good but also extends their lifespan and prevents health issues. Check manufacturer guidelines and always power off devices first. Use tools like microfiber cloths, cotton swabs, and isopropyl alcohol for safe cleaning. For keyboards, compressed air or a hair dryer on a cold setting helps remove debris. Earbuds need extra care to avoid buildup, with different brands recommending specific methods. Smartphones should be wiped with a lint-free cloth, avoiding harsh chemicals. Regular maintenance ensures your devices stay clean and functional.
WORDS: 1026 - MOVED: 07/17/2025 10:12 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:48a98c0de897e5280a5fd83b072e6284&mediaType=text
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US--PEPSICO-RESULTS
PepsiCo overcomes lagging US sales in a strong second quarter
SUMMARY: PepsiCo reported better-than-expected earnings and revenue in the second quarter and expressed confidence that new and revamped products can boost its lagging North American sales in the second half of this year. The company said it plans protein-enhanced versions of some snacks and beverages. PepsiCo said sales of Frito-Lay and other snacks fell 1% in North America during the April-June period, while beverage sales were down 2% in the region. The company said its revenue rose less than 1% to $22.7 billion in the April-June period. That was higher than Wall Street forecast. PepsiCo's net income fell 59% to $1.3 billion.
WORDS: 548 - MOVED: 07/17/2025 10:02 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:9ea510cec97fb44a49048e3292a447f2&mediaType=text
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FINANCIAL-MARKETS
Wall Street hangs near its record as PepsiCo and United Airlines offset drops for health care stocks
SUMMARY: Wall Street is hanging near its records following some better-than-expected updates on the economy and a mixed set of profit reports from big U.S. companies. The S&P 500 was virtually unchanged in early Thursday trading. The Dow Jones Industrial Average rose 105 points, and the Nasdaq composite added 0.1% to its record set the day before. PepsiCo jumped after the beverage and snack giant's second-quarter sales and profit topped Wall Street projections. That helped offset drops for some big health care companies following their latest profit reports. Treasury yields were mixed after better-than-expected reports on retail sales and unemployment claims.
WORDS: 818 - MOVED: 07/17/2025 9:52 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:ee3ff3ef24f5054fb0550605a922df83&mediaType=text
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US--AI-AT-WORK
ChatGPT helps write this mayor's speeches. Now he wants a thousand city workers using AI
SUMMARY: San Jose's mayor is using AI tools like ChatGPT to streamline city operations and improve services for its 1 million residents. The city has trained workers to use AI for tasks like responding to pothole complaints and drafting grant proposals. San Francisco is also adopting AI, providing Microsoft's Copilot chatbot to nearly 30,000 city employees. While AI has saved time and improved efficiency, officials stress the need for human oversight to avoid errors. Some cities, like Stockton, have paused AI projects due to high costs. Experts predict many AI initiatives may fail without clear value or risk management.
WORDS: 1069 - MOVED: 07/17/2025 9:36 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:8afd14818c3213953c68fc0abae418e9&mediaType=text
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US--PHILANTHROPY-HAMILTON-FUNDRAISER
Lin-Manuel Miranda will turn 'Hamilton' 10th anniversary into a fundraiser for immigration services
SUMMARY: Lin-Manuel Miranda is using the 10th anniversary Broadway performance of (asterisk)Hamilton(asterisk) to support nonprofits providing immigration services. The special show on Aug. 6 at the Richard Rodgers Theatre aims to raise $3 million for the Immigrants: We Get the Job Done Coalition, which includes 14 nonprofits like the Hispanic Federation and National Immigration Law Center. Miranda says the event honors Alexander Hamilton's immigrant-like journey. Nonprofits say the funds are crucial for their legal aid and advocacy work, which they say is a needed check against the Trump administration's policies promoting mass deportation.
WORDS: 1122 - MOVED: 07/17/2025 9:21 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:3f945a46833c2b18841708a460a75af1&mediaType=text
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UNEMPLOYMENT BENEFITS
US applications for jobless benefits fall for fifth straight week, hitting lowest level since April
SUMMARY: The number of Americans filing for unemployment benefits fell last week to the lowest level in three months, a sign that the U.S. labor market remains sturdy despite fears over the impact of widespread U.S. tariffs. The Labor Department reported Thursday that jobless claims for the week ending July 12 fell by 7,000 to 221,000, the fifth straight weekly decline and the fewest since mid-April. It was also less than the 232,000 that analysts forecast. Applications for unemployment aid are a proxy for layoffs. The total number of Americans collecting unemployment benefits for the week of July 5 ticked up by just 2,000 to 1.96 million.
WORDS: 364 - MOVED: 07/17/2025 9:16 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:4e99a3614f01c8f850d651d99a36dbae&mediaType=text
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HOUSING-HUD-TIME LIMITS-TAKEAWAYS
Families, kids most at risk of losing HUD housing with Trump's proposed time limits
SUMMARY: A Trump administration proposal could put more than a million low-income households at risk of losing their government-subsidized housing. That's according to new research from New York University, obtained by The Associated Press. The study suggests a proposed two-year time limit on federal housing subsidies could affect as many as 1.4 million households in public housing and Section 8 programs. White House officials argue that the U.S. Housing and Urban Development's rental assistance programs are broken and wasteful, because federal subsidies were never meant to be permanent. Researchers say limiting the time people get help would disproportionally impact working families with children, which could affect more than 1 million kids.
WORDS: 995 - MOVED: 07/17/2025 9:08 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:1947bef65f4d47e28584f03a051455e7&mediaType=text
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HOUSING-HUD-TIME LIMITS
1.4M of the nation's poorest renters risk losing their homes with Trump's proposed HUD time limit
SUMMARY: A Trump administration proposal could put more than a million low-income households at risk of losing their government-subsidized housing. That's according to new research from New York University, obtained by The Associated Press. The study suggests a proposed two-year time limit on federal housing subsidies could affect as many as 1.4 million households in public housing and Section 8 programs. White House officials argue that the U.S. Housing and Urban Development's rental assistance programs are broken and wasteful, because federal subsidies were never meant to be permanent. Researchers say limiting the time people get help would disproportionally impact working families with children, which could affect more than 1 million kids.
WORDS: 2049 - MOVED: 07/17/2025 8:53 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:1e1896d3e1335ec7552bf3faf5edcefa&mediaType=text
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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: 785 - MOVED: 07/17/2025 8:01 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:5c84fa707ba8275a7afb2bc5245c286d&mediaType=text
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AS--CHINA-AUSTRALIA
Australian prime minister indulges in panda diplomacy as state visit in China nears end
SUMMARY: Australian Prime Minister Anthony Albanese has toured a panda breeding facility in the final stages of an extended state visit that has cast China as a fellow champion of a global fair trade system under threat from the United States. The panda diplomacy stop in the central Chinese city of Chengdu highlights Australia's special status as the only Southern Hemisphere country to host a pair of the rare Chinese native animals. Albanese's China trip, which began Saturday and ends on Friday, is extraordinarily long compared with Australian state visits in the past decade and marks a normalization of bilateral relations that plumbed new depths under the previous Australian government.
WORDS: 861 - MOVED: 07/17/2025 4:27 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:3548d7d85a4f7dafd0411729d39d70c8&mediaType=text
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US--CONGRESS-BUDGET CUTS
Senate passes $9 billion in spending cuts to public broadcasting, foreign aid requested by Trump
SUMMARY: The Senate has passed Donald Trump's request to cancel about $9 billion in foreign aid and public broadcasting spending, moving forward on one of the president's top priorities despite concerns from several Republican senators. The legislation now goes to the House. It would have a tiny impact on the nation's rising debt but could have major ramifications for the spending that is targeted, from the Corporation for Public Broadcasting to U.S. food aid programs abroad. It could also complicate efforts to pass additional spending bills this year, as Democrats and some Republicans have argued that they are ceding spending powers to Trump.
WORDS: 1247 - MOVED: 07/17/2025 2:55 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:486f0f5871068f14d97eb4c4d7f9bb88&mediaType=text
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AS--SOUTH KOREA-SAMSUNG-LEE
South Korea's top court upholds acquittal of Samsung's Lee over contentious 2015 merger
WORDS: 293 - MOVED: 07/17/2025 12:24 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:ec012d7d7d171971810e27bd76528d86&mediaType=text
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US-CHINA-BUSINESS SURVEY
Daunted by geopolitics and trade war, US companies in China report record-low new investment plans
SUMMARY: American companies in China are reporting record-low investment plans and declining confidence in profits this year. A survey by the U.S.-China Business Council released Wednesday highlights concerns over U.S.-China relations, tariffs, and export controls. Conducted between March and May, it shows over half of surveyed companies have no new investment plans in China. Many cite challenges like weak demand, overcapacity, and U.S. export restrictions on high-tech products. While 82% reported profits in their China operations in 2024, fewer than half feel optimistic about the future. A record number of businesses are considering relocating operations outside China due to ongoing uncertainties.
WORDS: 592 - MOVED: 07/17/2025 12:12 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:244684174cf192e666310a7b5df669a8&mediaType=text
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US--CONGRESS-FEDERAL RESERVE
Republican senators caution Trump against firing Fed chair Jerome Powell
SUMMARY: Federal Reserve Chair Jerome Powell is gaining some key backing on Capitol Hill from Republican senators. They fear the repercussions if President Donald Trump follows through with threats to try and remove the politically independent central banker. As Trump seemingly waffled back and forth between moving to dismiss the Fed chair this week, some Republicans in Congress began to speak up to warn that such a move would be a mistake. Still, plenty of other Republicans think that dismissing Powell is a fine idea.
WORDS: 824 - MOVED: 07/17/2025 12:09 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:2b6f104028489d8051d7ac27492298eb&mediaType=text
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US--CASINOS-NYC PROPOSALS
Inside the high-stakes battle to win a New York City casino license
SUMMARY: Eight projects are vying for a state license to operate a casino in the lucrative New York City market. Each has dangled the prospect of generational investment in America's largest metropolitan region, including thousands of new jobs and billions of dollars of taxable gambling revenues for the state. Among the notable proposals are a Caesars Palace casino in Times Square, a gambling hall along Coney Island's boardwalk, and a Hard Rock casino and hotel next to the home stadium of baseball's New York Mets. The state Gaming Commission has said it plans to pick up to three proposals by December.
WORDS: 994 - MOVED: 07/17/2025 12:02 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:a804d9bf7a83c90cbbd2226d38ab102d&mediaType=text
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