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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FINANCIAL WELLNESS-FICO-BUY NOW PAY LATER
DESCRIPTION: Hundreds of millions of 'Buy Now, Pay Later' loans will soon affect credit scores for millions of Americans who use the loans to buy clothing, furniture, concert tickets and takeout. Scoring company FICO said they're rolling out a new scoring model that factors the short-term loans into their consumer scores. Previously, the loans had been excluded, though Buy Now, Pay Later company Affirm began voluntarily reporting new pay-in-four loans to Experian, a separate credit bureau, in April.
UPCOMING: By 06/26/2025 11:00 a.m. EDT, Alternate Headlines, Photo, 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 06/26/2025 12:00 p.m. EDT, Photo, Text
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AS-ASIA-OIL-DEPENDENCE
DESCRIPTION: Asia's dependence on Middle East oil and gas -- and its slow shift to clean energy -- leave it vulnerable to disruptions in shipments through the Strait of Hormuz. The war between Israel and Iran has highlighted that strategic weakness.
UPCOMING: By 06/26/2025 11:00 p.m. EDT, Alternate Headlines, Photo, Text
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NEW AND DEVELOPING
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FINANCIAL MARKETS
US stocks drift toward their record after erasing almost all their 20% springtime drop
SUMMARY: U.S. stocks are drifting closer to their record. The S&P 500 rose 0.4% Thursday and is just 0.5% below its all-time high, which was set in February. The Dow Jones Industrial Average added 207 points, and the Nasdaq composite gained 0.4%. McCormick helped lead the market after the seller of cooking spices delivered a better-than-expected profit report. Treasury yields held relatively steady in the bond market following a couple of better-than-expected reports on the U.S. economy, including on jobless claims and orders for long-lasting manufactured goods. Stock indexes were mixed across much of Europe and Asia.
WORDS: 791 - MOVED: 06/26/2025 10:29 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:caaca074740d9f61a494f426bdc41de0&mediaType=text
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US--PHILANTHROPY-CLIMATE-CHAMPIONS
Young leaders advancing potential climate solutions could win $1 million grants
WORDS: 580 - MOVED: 06/26/2025 10:26 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:fb62dbb9cfc31832841014b700be49ef&mediaType=text
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US--CONGRESS-TAX CUTS
Key Medicaid provision in Trump's big tax cut and spending bill is found to violate Senate rules
SUMMARY: The Senate parliamentarian has advised a key Medicaid provider tax overhaul that's central to President Donald Trump's big tax cut and spending bill does not adhere to procedural rules. It's a blow to Republicans rushing to finish the package this week. The guidance from the parliamentarian is rarely ignored and forces GOP leaders to consider options. Republicans could try to revise or strip it from the package. Otherwise, the provision could be challenged during floor votes, requiring a 60-vote threshold to keep it in the package, a tall order in the narrowly split Senate. Democrats are unified against the Republican president's bill. And even GOP senators warn the tax change would hurt rural hospitals.
WORDS: 214 - MOVED: 06/26/2025 10:21 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:f6f4343bbc9c9a279bd7861c2e5c1b7b&mediaType=text
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US--SUPREME COURT-PLANNED PARENTHOOD
States can cut off Medicaid funding to Planned Parenthood, the Supreme Court rules
SUMMARY: A divided Supreme Court is allowing states to cut off Medicaid money for Planned Parenthood amid a wider Republican-backed push to defund the organization, the country's largest abortion provider. The 6-3 ruling was handed down Thursday. The case centers on funding for other health care services Planned Parenthood provides in South Carolina, but the ruling could have broader implications for Medicaid patients. South Carolina argued no public money should go to the high-profile abortion provider, even if it it's not paying for abortions. Planned Parenthood says patients go there for things like contraception and cancer screenings, in part because it can be hard to find a doctor who takes the publicly funded insurance.
WORDS: 419 - MOVED: 06/26/2025 10:18 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:e056395b9e5646d13539e76605027a1f&mediaType=text
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US--FORTNITE-REFUNDS
More refunds are being sent to Fortnite players 'tricked' into unwanted purchases. How you can apply
SUMMARY: The Federal Trade Commission is issuing more refunds to Fortnite players who it says were charged for unwanted purchases. The U.S. regulator says it's sending more than 969,000 payments amounting to over $126 million this week. This is part of a $520 million settlement Epic Games agreed to in 2022, addressing complaints about deceptive practices and children's privacy. The settlement included $245 million for customer refunds. Between this week's payments and a first round of refunds in December, $198 million of that has been distributed. Eligible players who haven't received compensation can still file claims until July 9.
WORDS: 500 - MOVED: 06/26/2025 10:08 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:436a0f730aa5aa2f6ab5b49ea2ca71a1&mediaType=text
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US--TRUMP'S TARIFFS-YOUTH SPORTS
Families and businesses are concerned about the effect of tariffs on youth sports
SUMMARY: Youth sports are a big part of Karli Casamento's life. Her 15-year-old son, Jax, golfs and plays on three baseball teams. Her 7-year-old son, Colt, plays baseball and basketball. The costs add up in a hurry. That's why Casamento and her husband, Michael, are watching closely for the ramifications of tariffs on their rising youth sports budget. Karli Casamento, a second-grade teacher in suburban Philadelphia, says it's a concern. For families like the Casamentos and businesses in the marketplace, there is continued uncertainty surrounding the possible effects of President Donald Trump's tariffs on youth sports.
WORDS: 1243 - MOVED: 06/26/2025 9:53 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:0a7aa7e06165e336583bbb00137e1810&mediaType=text
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ECONOMY-GDP
US economy shrank 0.5% between January and March, worse than 2 earlier estimates had revealed
SUMMARY: The U.S. economy shrank at a 0.5% annual pace from January through March as President Donald Trump's import taxes at least temporarily disrupted business, the Commerce Department reported Thursday in a a downgrade from its previous estimate. First-quarter growth sank under a surge of imports as companies in the United States rushed to bring in foreign goods before Trump could impose tariffs on them. The Commerce Department previously estimated that the economy fell 0.2% in the first quarter. The January-March drop in gross domestic product -- the nation's output of goods and services -- reversed a 2.4% increase in the last three months of 2024 and marked the first time in three years that the economy contracted.
WORDS: 435 - MOVED: 06/26/2025 9:40 a.m. EDT
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EU--BRITAIN-BARCLAYS-STALEY-EPSTEIN
Ex-Barclays boss Staley loses bid to overturn UK ban over Epstein ties
SUMMARY: Former CEO of Barclays Bank Jes Staley has lost his legal challenge against a U.K. financial regulator's decision to ban him from senior financial roles. The Financial Conduct Authority ruled in 2023 that Staley misled them about his relationship with Jeffrey Epstein. The case involved a 2019 letter claiming Staley had no close ties with Epstein, which the regulator found misleading. On Thursday, a tribunal upheld the ban, citing Staley's "serious failure of judgment" and lack of remorse. Staley has also been fined 1.1 million pounds. Barclays has revoked bonuses worth 17.8 million pounds during the investigation.
WORDS: 462 - MOVED: 06/26/2025 9:19 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:76bca2ac912ceb22d7080d4a44a5968a&mediaType=text
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US--UNEMPLOYMENT BENEFITS
Fewer Americans sought unemployment benefits last week as layoffs remain low
SUMMARY: The number of Americans applying for unemployment benefits dropped last week, the Labor Department said Thursday, a sign that companies aren't cutting many jobs. The unemployment rate remains low, though there are some signs of cooling. So far this year, employers have added a solid but unspectacular 124,000 jobs a month, down from an average 168,000 last year. Most of the hiring has been concentrated in a few industries, specifically health care, restaurants and hotels, and government. Layoffs have mostly remained low, but hiring has also been weak.
WORDS: 392 - MOVED: 06/26/2025 9:15 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:69f4fda3dc0c7a6053c799f70fc4522e&mediaType=text
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US--CLIMATE-CARBON CAPTURE-EXPLAINER
How carbon capture works and the debate about whether it's a future climate solution
SUMMARY: Power plants and industrial facilities that emit planet-warming carbon dioxide are hopeful that Congress will keep tax credits for capturing the gas and storing it deep underground. The process, called carbon capture and sequestration, is seen by many as a way to reduce pollution during a transition to renewable energy. Equipment can be installed to separate carbon dioxide from other gases before it leaves the smokestack. The carbon then is concentrated and shipped -- usually through a pipeline -- to a location where it's injected deep underground for long-term storage. It also can be captured directly from the atmosphere.
WORDS: 902 - MOVED: 06/26/2025 9:04 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:248e526b2c58b3817c7813d2533e67f5&mediaType=text
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EU--EUROPE-CHINA-ENGAGEMENT
Reeling from Trump rebukes, Europe weighs deeper ties with China
SUMMARY: The European Union is reassessing its ties with China strained relations with the United States. Tensions with the U.S., including trade wars and shifting alliances, have pushed EU leaders to explore reducing reliance on Washington. China sees this as an opportunity to strengthen its relationship with Europe, especially as both face economic challenges. EU-China trade is significant, but concerns over trade deficits, human rights, and geopolitical tensions complicate deeper cooperation. An upcoming summit in July may signal future collaboration, though major agreements seem unlikely. Meanwhile, the U.S. warns Europe against closer ties with Beijing, fearing weakened Western unity.
WORDS: 1239 - MOVED: 06/26/2025 8:52 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:93e5f748cf868155853e6776639eaf24&mediaType=text
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US--PHILANTHROPY-GREAT IMMIGRANTS
Carnegie honors 20 'Great Immigrants,' including composer Tania León, for 20th anniversary
SUMMARY: Carnegie Corp. of New York's 2025 class of Great Immigrants, Great Americans include composer and conductor Tania León, last year's Nobel Prize winner in economics Simon Johnson, and Voto Latino CEO Maria Teresa Kumar. The 20 members of this year's class of Great Immigrants, This year's honorees are named as immigration becomes an increasingly contentious issue. Great Americans represent a wide range of immigration journeys, but they share a desire to give back to the country that has become their home. What the Carnegie initiative celebrates is also how American immigrants have improved their country.
WORDS: 1227 - MOVED: 06/26/2025 8:30 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:fde162cd204af3d998575a6fa39fccea&mediaType=text
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AS--NORTH KOREA-TOURISM
North Korea will open its biggest tour site next week, though it still largely blocks foreigners
SUMMARY: North Korea will open a tourist site on its east coast next week that it calls a prelude to a new era in its tourism industry, though the country still mostly blocks foreign visitors. The Wonsan-Kalma coastal tourist zone has hotels and other accommodations for nearly 20,000 guests who can bathe in the sea, play sports and games and eat at restaurants and cafeterias on site. State media said North Korean leader Kim Jong Un cut the inaugural tape for the site Tuesday. The Wonsan-Kalma zone has been one of Kim's most talked-about projects to make the country a tourism hub.
WORDS: 873 - MOVED: 06/26/2025 7:40 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:c26f24ea0f149b7153ddcf98397c07b5&mediaType=text
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AS--CAMBODIA-THAILAND
Cambodia ex-leader Hun Sen and Thailand's prime minister make separate visits to tense border areas
SUMMARY: Cambodia's powerful former leader Hun Sen and Thailand's prime minister have made separate visits to border areas. The two countries remain locked in an ongoing dispute that has resulted in strict land crossing restrictions and several economic boycotts. Hun Sun and Thai Prime Minister Paetongtarn Shinawatra didn't meet during their visits on Thursday. Relations between the neighboring nations have deteriorated following an armed confrontation on May 28 in which one Cambodian soldier was killed in contested territory along their border. The two sides have agreed to de-escalate their dispute. But they have continued to implement or threaten measures that have kept tensions high.
WORDS: 703 - MOVED: 06/26/2025 7:34 a.m. EDT
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EU--ITALY-VENICE-BEZOS WEDDING-CELEBRITIES
These are the celebs who are attending Jeff Bezos' Venice wedding
SUMMARY: Oprah Winfrey has arrived in Venice before Amazon founder Jeff Bezos and Lauren Sánchez's star-studded weekend wedding. Winfrey's private jet landed at Venice's Marco Polo airport on Thursday morning. Former American footballer Tom Brady arrived shortly afterwards. The bride and groom pulled into the Aman Hotel on the Grand Canal on Wednesday. Other guests include Ivanka Trump and her husband Jared Kushner, Mick Jagger Katy Perry and Leonardo DiCaprio. Italian media has also reported the arrivals of Microsoft founder Bill Gates, Kim Kardashian and Diane von Furstenberg.
WORDS: 416 - MOVED: 06/26/2025 7:31 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:03cfa41cbb38929e016f412236cbc213&mediaType=text
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AS--INDIA-PLANE CRASH-BLACK-BOX
Investigators begin analyzing data from black boxes of Air India flight that crashed
SUMMARY: Investigators have started analyzing data from the black boxes of the Air India Boeing 787 that crashed two weeks ago, killing at least 270 people. The June 12 crash occurred in Ahmedabad when the plane struck a residential area shortly after takeoff. The black boxes, vital for understanding the cause, were recovered days after the crash and flown to New Delhi for analysis. India's Aircraft Accident Investigation Bureau is leading the probe with U.S. support. Authorities have also ordered inspections of Air India's Dreamliner fleet and set up a high-level committee to improve safety and prevent future disasters.
WORDS: 415 - MOVED: 06/26/2025 6:49 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:3bce3c721472747811afae4d4841d24a&mediaType=text
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US--COLLEGE GRADS-UNEMPLOYMENT
College graduates face toughest job market in more than a decade as hiring slows
SUMMARY: Young people graduating from college this spring and summer are facing one of the toughest job markets in more than a decade. The unemployment rate for degree holders ages 22 to 27 has reached its highest level in a dozen years, excluding the coronavirus pandemic. Joblessness among that group is higher than the overall unemployment rate, and the gap is larger than it's been in more than three decades. That worries many economists as well as officials at the Federal Reserve because it could be an early sign of trouble for the economy. It suggests businesses are holding off on hiring new workers because of rampant uncertainty stemming from the Trump administration's tariff increases
WORDS: 1225 - MOVED: 06/26/2025 5:05 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:c5e881d0a5c069de08085a47fa58f90f&mediaType=text
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SOC--GREENLAND-SOCCER
In Greenland, the 24-hour summer sun means it's soccer season
SUMMARY: Greenland is covered in ice and snow, and its locals retreat indoors for most of the year. But everyone heads outside for three short months for the highly anticipated soccer season. The Arctic island is in the headlines because of U.S. President Donald Trump's fascination with the semiautonomous Danish territory. But its inhabitants are more concerned this summer with getting on the field to take advantage of the 24-hour sunlight. The island's population is roughly 56,000 people. Nearly 10% of them are registered soccer players. It was a crushing blow in early June when CONCACAF rejected the national team's application to become a member.
WORDS: 828 - MOVED: 06/26/2025 3:29 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:8924b8d3fe4493762fa6cba1db361af5&mediaType=text
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EU--BRITAIN-SHELL-BP
Shell denies reports that the energy giant is in talks to take over BP
SUMMARY: British oil giant Shell is denying reports that it is in talks to buy rival BP. The Wall Street Journal on Wednesday said Shell was holding "early stage talks," to acquire its smaller rival, citing people familiar with the matter. Shell has repeatedly denied speculation that it was considering a takeover, saying it is focused on streamlining and simplifying its own business.
WORDS: 193 - MOVED: 06/26/2025 3:10 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:c8e4431d6ebe5fa974a4155af3dbdea6&mediaType=text
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LT--COLOMBIA-LABOR REFORM
Colombia's president signs a labor overhaul into law after 2 failed attempts
SUMMARY: Colombian President Gustavo Petro has signed a controversial labor reform into law, delivering a significant increase in worker protections. The law increases overtime pay, limits short-term contracts and mandates benefits for gig workers. Signed on Wednesday at the historic home of Simón Bolívar, the law faced strong opposition in Congress that forced Petro to scale back some provisions. Critics argue the law could hurt small businesses and fail to address Colombia's large informal workforce. Supporters, however, see it as a victory for workers in one of Latin America's most unequal nations.
WORDS: 581 - MOVED: 06/26/2025 1:30 a.m. EDT
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