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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CLIMATE POLLUTERS HEAT WAVE
DESCRIPTION: (asterisk)(asterisk)(asterisk) 11 a.m. ET Embargo (asterisk)(asterisk)(asterisk) A study published in Nature reports 180 major polluters, mainly fossil fuel and cement producers, contributed to more than 200 heat waves between 2000 to 2023. Heat waves are becoming more intense and frequent, and a quarter of these events were virtually impossible without climate change.
UPCOMING: By 09/10/2025 11:00 a.m. EDT, Text, Video, Photo
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NEW AND DEVELOPING
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US-FEDERAL-RESERVE-MIRAN
Trump's Federal Reserve board nominee is approved by Senate committee
SUMMARY: A Senate committee approved the nomination of White House economic adviser Stephen Miran to the Fed's board of governors, setting up a likely approval by the full Senate, which would make Miran the third Trump appointee to the seven-member board. The White House has pushed for an expedited Senate approval of Miran, who was nominated by President Donald Trump to replace former Fed governor Adriana Kugler, who stepped down Aug. 1. The committee voted to approve Miran on partisan lines, 13-11, with all Democrats voting against confirmation Wednesday.
WORDS: 500- MOVED: 09/10/2025 10:39 a.m. EDT
https://apnews.com/article/federal-reserve-trump-miran-ab949527f5e3996a260397221d9449fc
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US--POTBELLY-RACETRAC
Potbelly is being acquired by gas station and convenience chain RaceTrac for $566 million
SUMMARY: Sandwich maker Potbelly is being acquired by the gas station and convenience story chain RaceTrac for $566 million. Potbelly, which was founded in Chicago in 1977, has 445 restaurants across the U.S. The company said the deal with RaceTrac will help it reach its goal of quadrupling in size to 2,000 stores. Potbelly shares jumped 32% Wednesday. RaceTrac, which is based in Atlanta, operates more than 800 convenience stores in 14 states. RaceTrac was founded in 1934 and is family owned. The Atlanta company operates more than 800 locations in 14 states. RaceTrac said it will acquire all of Potbelly's shares for $17.12 per share in an all-cash deal.
WORDS: 171 - MOVED: 09/10/2025 10:07 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:8d6e8be23040ef88ed4121a30eb55950&mediaType=text
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FINANCIAL MARKETS
Wall Street ticks toward more records as inflation slows and Oracle soars
SUMMARY: Wall Street is heading for more records. The S&P 500 rose 0.6% Wednesday and was on track to set an all-time high for a second straight day. The Dow Jones Industrial Average slipped 49 points, and the Nasdaq composite rose 0.5% after both likewise set records the day before. Oracle helped lead the way after giving a stunning forecast for revenue growth in upcoming years. Stocks overall got a boost from a surprisingly encouraging report on inflation at the wholesale level. That backed investors' expectation that the Federal Reserve will cut interest rates for the first time this year next week.
WORDS: 688 - MOVED: 09/10/2025 9:51 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:502814f43e8a63d01a8f01eec81ba133&mediaType=text
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US-PRODUCER-PRICES
US supply chain prices unexpectedly fell 0.1% in August
SUMMARY: U.S. producer prices fell unexpectedly last month, dropping 0.1% from July. The Labor Department reported Wednesday that its producer price index -- which captures inflation before it hits consumers -- showed that wholesale inflation decelerated in August after advancing 0.7% in July. Wholesale services prices fell on smaller profit margins at retailers and wholesalers, which might be a sign that those companies are absorbing the cost of President Donald Trump's sweeping taxes on imports. Compared to a year earlier, producer prices were up 2.6%. Excluding volatile food and energy prices, so-called core producer prices also fell 0.1% from July and were up 2.8% from a year earlier. The numbers were lower than economists had forecast.
WORDS: 500 - MOVED: 09/10/2025 9:37 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:2ae00c79d925b20e8fdc603066ac575f&mediaType=text
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US--KLARNA-IPO
Buy now, pay later company Klarna is set to make its debut on Wall Street
SUMMARY: Swedish buy now, pay later company Klarna is making its highly anticipated public debut on the New York Stock Exchange Wednesday, the latest in a run of high-profile initial public offerings this year. The offering priced at $40 Tuesday, above the forecasted range of $35 to $37 a share, valuing the company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Other popular IPOs so far this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin..
WORDS: 653 - MOVED: 09/10/2025 9:33 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:5d62ad1d9617d4bdc780b07eb3db482e&mediaType=text
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US--IMMIGRATION-RAID-HYUNDAI-PLANT
South Korea sends plane to US to bring back workers detained in immigration raid
SUMMARY: South Korean media reports a charter plane has left for the U.S. to bring back Korean workers detained in an immigration raid in Georgia. A total of 475 workers, more than 300 of them South Koreans, were rounded up in the Sept. 4 raid at the battery factory under construction at Hyundai's sprawling auto plant west of Savannah. Some were shown being shackled with chains around their hands, ankles and waists in video released by U.S. authorities. South Korea's government later said it reached an agreement with the U.S. for the release of the workers.
WORDS: 945 - MOVED: 09/10/2025 9:28 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:69c55c9b9e635d0d5413f972d634a9a1&mediaType=text
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EU--LITHUANIA-EXPLOSIONS
Explosions heard in Lithuania's capital after railcars loaded with liquefied gas catch fire
SUMMARY: Lithuanian authorities say powerful explosions have been heard in the suburbs of the capital, Vilnius, after several rail cars loaded with liquefied gas caught fire. One person was injured, according to the fire and rescue department. Columns of smoke were visible across Vilnius on Wednesday morning and residents in the area were warned to stay indoors. Lithuania's interior minister said initial information suggests that the fire was likely caused by "a violation of occupational safety conditions" but authorities are investigating all possibilities. Police say the carriages that caught fire belong to Polish company Orlen.
WORDS: 185 - MOVED: 09/10/2025 9:10 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:712e15cd3759437ce6977cbd465b901d&mediaType=text
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ML--MIDEAST WARS-GAZA
Yemen's Houthi rebels say Israel is striking the capital, Sanaa
SUMMARY: Houthi rebels in Yemen say Israel is conducting heavy airstrikes on Sanaa, the capital. It's unclear what the targets are or if there are casualties. Houthi officials confirmed the strikes on Wednesday, but Israel hasn't commented. Israel has previously launched airstrikes in response to Houthi missile and drone attacks. The Houthis, backed by Iran, claim they are supporting Hamas and Palestinians in Gaza. Meanwhile, the European Commission president plans to seek sanctions and a partial trade suspension against Israel over the Gaza conflict, adding to Israel's global isolation.
WORDS: 851 - MOVED: 09/10/2025 10:12 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:6cf0f208f2e1e30d29b7deabaa05197e&mediaType=text
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US-AMAZON-ROBOTAXIS-LAS VEGAS
Amazon's Zoox launches its robotaxi service in Las Vegas
SUMMARY: Amazon's Zoox on Wednesday launched its robotaxi service in Las Vegas, offering free rides through parts of the entertainment mecca for anyone willing to gamble on the safety of a driverless vehicle. The Las Vegas debut of Zoox's long-planned ride-hailing service reflects Amazon-owned robotaxi maker's confidence in the safety of its boxy vehicles after two years of testing them in the city. Zoox's robotaxis will pick up and drop off passengers at five designated locations, and the rides will be free for a few months.
WORDS: 428 - MOVED: 09/10/2025 9:08 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:bd5cb24602fb16243efcba05c7fe518f&mediaType=text
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EU--FRANCE-BLOCK EVERYTHING
French police arrest 250 during clashes with protesters while Macron installs a new PM
SUMMARY: Protesters have blocked roads and set fires in Paris and across France, clashing with police in a bid to pressure President Emmanuel Macron. The protests on Wednesday are challenging Macron's new prime minister, Sébastien Lecornu. The interior ministry reported 250 arrests during the nationwide demonstrations. The "Block Everything" movement, which started online over the summer, aims to disrupt the country. It opposes budget cuts and other grievances. Despite exceptional police deployments, the protests caused hotspots of widespread disruption. The unrest follows a government collapse on Monday and reflects ongoing instability in France.
WORDS: 929 - MOVED: 09/10/2025 9:07 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:208295b789e06106f408acf56148b6c6&mediaType=text
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US--HARRIS-BOOK
Harris says leaving reelection decision to Biden was 'recklessness,' but she defends his abilities
SUMMARY: Ex-Vice President Kamala Harris says it was reckless for Democrats to let President Joe Biden decide whether to seek reelection last year. But in an excerpt of Harris' new book she defends Biden's ability to do the job. In an excerpt of "107 Days" published Wednesday in The Atlantic, Harris writes it was "recklessness" that she and others left the decision about Biden continuing his campaign up to him and first lady Jill Biden. It's the first time Harris has been publicly critical of Biden's decision to run again. Biden eventually dropped out after a disastrous debate performance and was replaced by Harris, who lost to Republican Donald Trump. Biden's office hasn't commented.
WORDS: 650 - MOVED: 09/10/2025 8:34 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:473ca75fb9fb5fa157a788bcf3ecc941&mediaType=text
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US--TRUMP-CHINA
Trump is upsetting the US allies needed to counter China
SUMMARY: President Donald Trump's trade and immigration policies are straining key international relationships, especially with South Korea and India. Recently, South Korean workers were detained at a Hyundai plant in Georgia, causing tension. The U.S. relationship with India has also cooled due to tariffs imposed by Trump as punishment for India's Russian oil purchases. Despite Trump's friendship with Indian Prime Minister Narendra Modi, recent actions have caused friction. Experts warn these issues could have lasting effects on U.S. alliances, as countries may seek stronger ties with China. The situation highlights growing concerns about America's diplomatic standing. Still, Trump calls Modi his "very good friend." And Modi says the U.S. and India are "close friends and natural partners."
WORDS: 1014 - MOVED: 09/10/2025 7:42 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:2aedfee65fabdf5f1e0337fc0f228fde&mediaType=text
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AS--SRI LANKA-PRESIDENTIAL PERKS
Sri Lanka's Parliament withdraws perks for former presidents
SUMMARY: Sri Lanka's lawmakers have voted to abolish perks for former presidents. The decision follows public protests demanding the change. The vote passed 151-1, with some members absent. The measure removes state funding for housing, allowances, pensions, transport, and office facilities for former presidents and their widows. This was an election promise by President Anura Kumara Dissanayake, who took office last year. His campaign focused on public anger over politicians blamed for the country's economic crisis in 2022. The crisis led to severe shortages and protests that forced then-President Gotabaya Rajapaksa to resign.
WORDS: 162 - MOVED: 09/10/2025 7:39 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:1808d8cc640b9b5a4631dd5fe89e5af6&mediaType=text
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US--FEDERAL RESERVE-COOK
Court rules Lisa Cook can remain a Fed governor while fighting Trump's attempt to fire her
SUMMARY: The White House insists President Donald Trump "lawfully removed" Federal Reserve Gov. Lisa Cook despite a court ruling she can remain in her position while she fights efforts to fire her. Tuesday's ruling is a blow to the Trump administration's efforts to assert more control over the Fed and will almost certainly be appealed. The Republican president said he was firing Cook over allegations she committed mortgage fraud related to properties she bought in Michigan and Georgia before she joined the Fed. Cook's lawyers argue firing her was unlawful. U.S. District Judge Jia Cobb granted Cook's request for a preliminary injunction blocking her firing while the dispute makes its way through the courts.
WORDS: 998 - MOVED: 09/10/2025 7:32 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:651fcf0637cf14901bbd559df00c856b&mediaType=text
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RAC--BRITAIN-STRIKE
British horse racing goes ahead with strike action in tax protest
SUMMARY: British horse racing has gone ahead with its unprecedented one-day strike to protest a feared rise in taxes on race betting. A top official in the sport urged the industry to "stand together." Scheduled meetings at Carlisle, Uttoxeter, Lingfield and Kempton have been canceled and rescheduled after agreements between course owners and the British Horseracing Authority. It's the first time the sport in Britain has voluntarily refused to race in modern history. The BHA set up the "Axe the Racing Tax" campaign in response to proposals to replace the existing three-tax structure of online gambling duties with a single tax, with fears the current 15% duty on racing could be increased to the 21% levied on games of chance.
WORDS: 462 - MOVED: 09/10/2025 7:29 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:99fd2c706cbb35664a548c56048bdb95&mediaType=text
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EU--EUROPE-STATE-OF-THE-UNION
EU chief says it's time for Europe's 'independence moment' faced with war and major power tensions
SUMMARY: European Commission President Ursula von der Leyen says that Europe must stake claim to its independence in the face of challenges from Russia, new and hostile trade realities and other major powers. Von der Leyen made a wide-ranging State of the Union speech on Wednesday. She announced to European Union lawmakers new measures to help Ukraine fight off Russia. Von der Leyen called for trade restrictions and sanctions on Israel over the war in Gaza. She also defended the deal she reached with U.S. President Donald Trump to limit the impact of his global tariff war. She agreed to a 15% duty rate for most European exports to the United States.
WORDS: 785 - MOVED: 09/10/2025 7:17 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:747c1ca639f29e545bbd571296307d0e&mediaType=text
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BEHIND THE WHEEL-ELECTRIC SUV STANDOUTS
These four electric SUVs provide hot-rod thrills without the need for gas
SUMMARY: Many EVs deliver responsive acceleration, but a well-rounded performance vehicle offers more than just straight-line speed. It should have the handling, stopping power and style factor to match. With that in mind, Edmunds' auto experts have rounded up four performance-tuned electric SUVs that tick all the boxes while offering the kind of practicality that we expect from the latest sport-utility vehicles. They are the Chevrolet Blazer EV SS, Ford Mustang Mach-E GT, Hyundai Ioniq 5 N and Kia EV6 GT.
WORDS: 885 - MOVED: 09/10/2025 6:23 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:abd0147d7f3a12c2c0a6fca0f5f41f9c&mediaType=text
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NOVO NORDISK-JOBS
Novo Nordisk, maker of obesity drug Wegovy, to cut 9,000 jobs to sharpen focus, meet competition
SUMMARY: Danish pharmaceutical company Novo Nordisk, maker of weight-loss drug Wegovy, said Wednesday it would cut 9,000 jobs, 5,000 of them in Denmark, in order to strengthen the company's focus on growth opportunities in obesity and diabetes medications. The streamlining would save 8 billion Danish krone ($1.25 billion) by the end of 2026, savings that are to be redirected to diabetes and obesity, including research and development, the company said. Novo Nordisk also makes Ozempic, a diabetes drug that also can result in weight loss.
WORDS: 309 - MOVED: 09/10/2025 3:40 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:357fd9cbef29b324dfb059f35dc5ff6a&mediaType=text
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EU--RUSSIA-UKRAINE-WAR
Russian glide bomb attack in eastern Ukraine kills 24 people collecting their pensions
SUMMARY: Officials say a Russian glide bomb has struck a village in eastern Ukraine as people stood in line in the open air to collect their monthly pension. Authorities say the blast Tuesday killed at least 24 people and injured 19 others. The bomb hit the Donetsk region village of Yarova at around 11 a.m. The village is less than 6 miles from the front line. It was the latest Russian attack to kill civilians. Poland's armed forces said the country's air defenses were placed on high alert after reports of more airstrikes overnight into Wednesday.
WORDS: 1155 - MOVED: 09/10/2025 12:24 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:3b34663d83da2b2cd2152630e93ccc73&mediaType=text
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