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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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 05/15/2025 12:00 p.m. EDT, Text, Photo

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NEW AND DEVELOPING

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US--NEW JERSEY TRANSIT-ENGINEERS

New Jersey Transit issues warning for riders ahead of potential rail strike

SUMMARY: New Jersey Transit is urging riders to reach their destinations or risk being stranded before the end of the day. The warning comes as talks continued Thursday in a bid to avert a rail strike by train engineers that would affect some 350,000 commuters who work in New Jersey and New York City. The advisory provided riders with details on contingency plans that would take effect if engineers walk off the job Friday. The agency plans to increase bus service, saying it would add "very limited" capacity to existing New York commuter bus routes in close proximity to rail stations and will contract with private carriers to operate bus service from key regional park-and-ride locations during weekday peak periods.

WORDS: 404 - MOVED: 05/15/2025 10:27 a.m. EDT

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AS--CHINA-LATIN AMERICA-VISAS

China allows visa-free entry for 5 Latin American nations to boost ties

WORDS: 179 - MOVED: 05/15/2025 10:04 a.m. EDT

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US-SACRAMENTO-SEMICONDUCTOR-INDUSTRY

Potential US semiconductor manufacturing boom complicated by Trump's economic policies

SUMMARY: Before 'America First' became the Trump administration's mandate for foreign policy and trade, one sector was already working to bring business back to the United States: the semiconductor industry. Aided by government incentives, American and foreign tech companies alike have invested hundreds of millions in bolstering semiconductor operations across the country in recent years. But President Donald Trump's tariff policies have complicated that growth as the administration takes its next steps toward imposing more tariffs on key imports.

WORDS: 1177 - MOVED: 05/15/2025 10:03 a.m. EDT

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US-WALMART-RESULTS

Walmart says it will raise prices due to tariff costs after posting solid first quarter sales

SUMMARY: Walmart's first quarter profit slipped and it said it must raise prices due to higher costs from tariffs implemented by President Donald Trump. The nation's largest retailers posted strong quarterly sales Thursday and said it expects sales growth of 3.5% to 4.5% in the second quarter. Like many other U.S. companies, however, it did not issue a profit outlook for the quarter because of the chaotic environment, with stated U.S. tariff policies changing constantly. The company maintained its full year guidance issued in February. Walmart earned $4.45 billion, or 56 cents per share, in the quarter, down from $5.10 billion, or 63 cents per share, in the same period last year.

WORDS: 739 - MOVED: 05/15/2025 9:51 a.m. EDT

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FINANCIAL MARKETS

Wall Street drifts lower as S&P 500 flirts with its first loss of the week

SUMMARY: U.S. stocks are drifting lower following a jumble of mixed reports that shed little clarity on how the U.S. economy is managing through President Donald Trump's trade war. The S&P 500 slipped 0.2% Thursday and was on track for its first drop of the week. The Dow Jones Industrial Average fell 179 points, and the Nasdaq composite sank 0.4%. Treasury yields also fell following the reports, which altogether suggested the Federal Reserve may have more room to cut interest rates later this year to bolster the U.S. economy if it weakens under the weight of high tariffs. Oil prices fell.

WORDS: 714 - MOVED: 05/15/2025 9:49 a.m. EDT

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US--RETAIL SALES

Retail sales slow in April after a spending splurge as Americans sought to front-run tariffs

SUMMARY: U.S. consumers spent slightly more at retail stores last month after ramping up their shopping in March to get ahead of tariffs. Government data showed Thursdasy that sales at retail stores and restaurants rose just 0.1% in April from March, a sharp slowdown from a 1.7% gain in the previous month. The big increase from February to March was fueled by a surge in car sales that reflected an effort by consumers to get ahead of the new auto tariffs that went into effect this month.

WORDS: 787 - MOVED: 05/15/2025 9:38 a.m. EDT

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BE WELL-WORKING WELL-TOXIC WORKPLACE

Workers are saying 'no' to toxic environments. Here's how to set limits or know it's time to leave

SUMMARY: As mental health awareness increases, so are conversations about about what constitutes toxic behavior at work and the kinds of treatment people won't tolerate for a steady paycheck. Conflicts and difficult relationships may be inevitable in any work environment. But there's a difference occasional disagreements and persistent abuse. A professor of organizational behavior says potentially toxic workplaces or situations at work are more deeply entrenched and don't respond to reasonable attempts to improve things. After identifying a toxic work environment, experts recommend talking about it with trusted friends, keeping written records and filing a complaint. If the unhealthy behavior persists, it's time to think about getting out and looking for a new job.

WORDS: 1298 - MOVED: 05/15/2025 9:13 a.m. EDT

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UNEMPLOYMENT BENEFITS

US applications for jobless benefits hold firm as layoffs remain low despite tariff uncertainty

SUMMARY: U.S. applications for jobless benefits held steady last week as layoffs remain low despite uncertainty over how President Donald Trump's tariffs will impact the economy. The number of Americans applying for unemployment aid was unchanged at 229,000 for the week ending May 10, the Labor Department said Thursday. That's in line with the 230,000 new applications analysts forecast. Weekly applications for jobless benefits are seen as representative of U.S. layoffs and have mostly bounced around a healthy range between 200,000 and 250,000 since COVID-19 ravaged the economy and wiped out millions of jobs five years ago.

WORDS: 665 - MOVED: 05/15/2025 9:05 a.m. EDT

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US--PRODUCER-PRICES

US wholesale prices dropped 0.5% last month despite President Trump's tariffs

SUMMARY: U.S. wholesale prices dropped unexpectedly in April for the first time in more than a year despite President Donald Trump's sweeping taxes on imports. The producer price index -- which tracks inflation before it hits consumers -- fell 0.5% last month from March and rose 2.4% from April 2024, the U.S. Labor Department reported Thursday. Excluding volatile food and energy prices, so-called core wholesale prices dipped 0.4% from March and rose 3.1% from a year earlier.

WORDS: 319 - MOVED: 05/15/2025 9:03 a.m. EDT

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CHINA-US-TRADE

China blasts new US rule banning use of Huawei's Ascend advanced computer chips

SUMMARY: China has taken aim at a new U.S. rule against use anywhere in the world of Ascend computer chips made by Huawei Technologies. A Chinese Commerce Ministry official also lashed out against U.S. tariffs on imports of Chinese steel and aluminum, which have not gotten a reprieve after Beijing and Washington agreed to a 90-day pause in many tariff increases imposed since President Donald Trump escalated his trade war. Earlier this week, the U.S. Commerce Department's Bureau of Industry and Security issued guidance saying that Huawei's Ascend semiconductors are subject to U.S. export controls, on the basis that they are thought to employ U.S. technology.

WORDS: 501 - MOVED: 05/15/2025 8:16 a.m. EDT

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DICK'S-FOOT LOCKER

Dick's Sporting Goods to buy struggling shoe chain Foot Locker for $2.4 billion

SUMMARY: Dick's Sporting Goods is buying the struggling footwear chain Foot Locker for about $2.4 billion, the second buyout of a major footwear company this year as business leaders struggle with U.S. President Donald Trump's threatened tariffs. Dick's said Thursday that it expects to run Foot Locker as a standalone unit and keep the Foot Locker brands, which includes Kids Foot Locker, Champs Sports, WSS, atmos and its namesake. Earlier this month Skechers announced that it was being taken private by the investment firm by 3G Capital in a transaction worth more than $9 billion.

WORDS: 626 - MOVED: 05/15/2025 8:12 a.m. EDT

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EU--EUROPE-TIKTOK

European Union accuses TikTok of breaching digital rules with lack of transparency on ads

SUMMARY: European Union regulators are accusing TikTok of breaching digital safety rules because of because it's not being transparent enough about ads shown to users of the video sharing app. TikTok's ad repository isn't up to the standards required by the bloc's Digital Services Act, known as the DSA. That's according to preliminary findings from the 27-nation EU's executive Commission. The Commission said ad databases are vital for researchers to detect scam ads as well as so-called hybrid threat campaigns, coordinated information operations and fake ads. The DSA is a wide-ranging rulebook that aims to clean up social media platforms and protect users from risks including election-related disinformation. TikTok did not respond immediately to a request for comment.

WORDS: 410 - MOVED: 05/15/2025 7:48 a.m. EDT

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NATO-RUSSIA-SHADOW-FLEET

Estonia warns Russia may use military force to defend its shadow tanker fleet

SUMMARY: Estonia is warning that Russia appears willing to defend with military force its shadow fleet of aging tankers dodging international sanctions to keep oil revenue flowing. Estonian Foreign Minister Margus Tsahkna said Thursday that a Russian fighter jet entered NATO airspace in recent days after Estonia's navy intercepted a suspected shadow fleet ship in its waters. He said the Russian warplane violated NATO territory for one minute which was "something very new." He said NATO aircraft scrambled to intercept the Russian fighter. The European Union has been targeting the ships with sanctions. EU foreign ministers are expected next week to take steps against dozens more.

WORDS: 305 - MOVED: 05/15/2025 7:28 a.m. EDT

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EU--SPAIN-MADRID-AIRPORT HOMELESS

Spain will limit access to Madrid's airport for nontravelers because of homeless encampment problem

SUMMARY: Spain's airport authority will begin limiting access to Madrid's airport during some parts of the day as a preventive measure to stop more homeless people from sleeping in terminals. Spain's airport authority said late Wednesday night that only travelers with boarding passes, airport employees and those accompanying passengers with tickets will be allowed inside during hours with few departing and arriving flights. It said the limits would be implemented sometime in the the next few days but did not specify exactly when or during what hours of the day. The Spanish capital's airport has for months has been dealing with homeless encampments in some of its terminals.

WORDS: 229 - MOVED: 05/15/2025 6:46 a.m. EDT

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NATO-CORRUPTION-INVESTIGATION

NATO's procurement agency under investigation for alleged corruption linked to military contracts

SUMMARY: NATO Secretary-General Mark Rutte says the organization's procurement agency is cooperating with police investigating corruption and fraud allegations involving the purchase of military equipment. The NATO Support and Procurement Agency helps the 32 members and their partners to buy equipment and security systems. Belgian prosecutors say a suspect has been arrested. They say the probe focuses on "irregularities" in the awarding of contracts to defense companies to buy military equipment like ammunition and drones. The investigation stretches to Spain and Luxembourg, where the NATO agency is based. Rutte said Thursday that the alliance is "working very closely" will authorities and that "we want to get to the root of this."

WORDS: 391 - MOVED: 05/15/2025 6:34 a.m. EDT

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US--STUDENT LOANS-OLDER DEBTORS

Older people in crosshairs as government restarts Social Security garnishment on student loans

SUMMARY: As the Trump administration resumes collections on defaulted student loans, hundreds of thousands of older Americans with decades-old debts are now at risk of having their Social Security checks garnished. People with student loans had their payments and interest paused five years ago when the pandemic thrust many into financial hardship. But all extensions and grace periods are over and the federal government said this month it would restart the garnishment of paychecks, tax refunds and Social Security benefits. Student loan debt among older people has grown at a staggering rate. The Consumer Financial Protection Bureau says the number of Social Security beneficiaries who have had their payments garnished has ballooned by 3,000% over the past two decades.

WORDS: 1219 - MOVED: 05/15/2025 6:02 a.m. EDT

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AS--INDONESIA-AUSTRALIA-ALBANESE VISIT

Australian leader visits Indonesia seeking deeper economic and defense ties

WORDS: 419 - MOVED: 05/15/2025 5:07 a.m. EDT

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EU--BRITAIN-ECONOMY

UK becomes fastest-growing G7 economy after strong first quarter

SUMMARY: The British economy grew at its fastest rate in a year during the first quarter of 2025, in a welcome boost to the Labour government, which has made lifting the country's growth its number one priority. The Office for National Statistics said Thursday that the economy expanded by 0.7% in the first quarter of the year from the final three months of 2024, with the country's dominant services sector doing particularly well. The first quarter increase makes the British economy the fastest-growing among the Group of Seven leading industrial economies. Growth was modestly ahead of market expectations for a 0.6% increase. It was also the biggest increase since the first quarter of 2024, when the economy expanded by 0.9%.

WORDS: 439 - MOVED: 05/15/2025 5:05 a.m. EDT

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LT--COLOMBIA-LABOR REFORM-REFERENDUM

Colombian lawmakers reject president's labor reform referendum

SUMMARY: Colombian lawmakers have once again blocked President Gustavo Petro's efforts to overhaul labor laws. After a tense debate, lawmakers Wednesday rejected a referendum that would have asked voters whether workdays should be limited to eight hours and whether workers should receive double pay if they work during holidays. Petro asked Congress earlier this month to approve the 12-question referendum to give voters a chance to decide on the changes that lawmakers themselves had already rejected twice. Petro characterized Wednesday's vote as fraudulent. He has repeatedly accused lawmakers of blocking his social initiatives and ignoring the demands of Colombians.

WORDS: 263 - MOVED: 05/15/2025 3:00 a.m. EDT

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