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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US HAWAII TOURIST TAX

DESCRIPTION: Hawaii's House and Senate are scheduled to vote on legislation that would raise the state's tax on hotel room stays and other short-term rentals by 0.75% and put the new revenue toward measures to help the islands cope with global warming. Both chambers were initially scheduled to vote on Wednesday but the final votes were moved to Friday.

UPCOMING: By 05/02/2025 6:00 p.m. EDT, Photo, Text

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NEW AND DEVELOPING

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HOUSING AFFORDABILITY

Home ownership further out of reach as rising prices, high mortgage rates widen affordability gap

SUMMARY: Home ownership is receding further out of reach for most Americans as elevated mortgage rates and rising prices stretch the limits of what buyers can afford. A homebuyer now needs to earn at least $114,000 a year to afford a $431,250 home -- the national median listing price in April, according to data from Realtor.com. That's $47,000 more than they would have needed just six years ago, when the median U.S. home was listed for $314,950. The annual income required to afford a median-priced U.S. home first crossed into the six figures in May 2022 and hasn't dropped below that level since.

WORDS: 581 - MOVED: 05/02/2025 10:29 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:f17aa54776a04e4622d0c5afa9f09ff8&mediaType=text

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US--XBOX-PRICE HIKES

Microsoft hikes Xbox prices worldwide as gaming industry faces tariff uncertainty

SUMMARY: As new tariffs continue to strain global supply chains, some gamers are already feeling price hikes. Microsoft raised recommended retailer pricing for its Xbox consoles and controllers around the world this week. Its Xbox Series S, for example, now starts at $379.99 in the U.S. -- up $80 from the $299.99 price tag that debuted in 2020. And its more powerful Xbox Series X will be $599.99 going forward, a $100 jump from its previous $499.99 listing. The tech giant didn't mention tariffs specifically, but cited wider "market conditions and the rising cost of development." Beyond the U.S., Microsoft also laid out Xbox price adjustments for Europe, the U.K. and Australia. The company said all other countries would also receive updates locally.

WORDS: 489 - MOVED: 05/02/2025 10:23 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:cd746a5aed59f3f5403ab262d6e149f0&mediaType=text

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US--RADIO FREE EUROPE-R.E.M.

Worlds collide: R.E.M. rereleases 'Radio Free Europe' single to benefit the threatened news service

SUMMARY: The rock band R.E.M. is putting out a special pressing of its first single, "Radio Free Europe," to benefit the real Radio Free Europe. Radio Free Europe/Radio Liberty is among the U.S. government-funded services that broadcast news to foreign markets that have been targeted by President Donald Trump's administration, which claims they promote a liberal viewpoint. A judge this week ordered the Republican administration to restore $12 million in funding appropriated by Congress after the station's lawyers said it would shut down in June without it. R.E.M. singer Michael Stipe says the Athens, Georgia-based band wants to send a shout-out to RFE/RL journalists. Sales of the band's five-song EP will benefit the service.

WORDS: 431 - MOVED: 05/02/2025 10:22 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:55f2525dc2061db80773449288ae2c3e&mediaType=text

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FINANCIAL MARKETS

Wall Street gains ground following a stronger-than-expected report on the US job market

SUMMARY: Stocks are rising on Wall Street following a stronger-than-expected report on the U.S. job market. The S&P 500 climbed 0.8% in morning trading Friday, putting the index on track for a ninth straight day of gains. The Dow Jones Industrial Average added 316 points, or 0.8%, and the Nasdaq composite was up 0.8%. Employers added 177,000 jobs in April, more than forecast. However the latest job figures don't yet reflect the effects on the economy of President Donald Trump's across-the-board tariffs against America's trading partners. Treasury yields rose in the bond market.

WORDS: 490 - MOVED: 05/02/2025 10:12 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:7849168ab82e0abfb26c6b6ed18267f9&mediaType=text

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US--EXXON MOBIL-RESULTS

Profits at American oil giants Exxon Mobil and Chevron fall in tandem with waning energy demand

SUMMARY: Exxon Mobil's profit declined in the first quarter, stung partly by weaker crude prices and higher costs. Its earnings performance still managed to beat Wall Street's expectations, but revenue missed estimates. The oil and gas company earned $7.71 billion, or $1.76 per share, for the three months ended March 31. It earned $8.22 billion, or $2.06 per share, in the year-ago period. The results topped Wall Street's view, but Exxon does not adjust its reported results based on one-time events such as asset sales. Analysts polled by Zacks Investment Research expected earnings of $1.74 per share.

WORDS: 603 - MOVED: 05/02/2025 10:06 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:8fc6bfd4de13db80b62be1df6c0fb23c&mediaType=text

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US-ECONOMY-JOBS-REPORT

Employers added a surprising 177,000 jobs as job market shows resilience. Unemployment stays at 4.2%

SUMMARY: American employers added a better-than-expected 177,000 jobs in April as the job market showed resilience in the face of President Donald Trump's trade wars. Hiring was down slightly from a revised 185,000 in March and came in above economists' expectations for a modest 135,000. The unemployment rate stayed at 4.2%. President Donald Trump's aggressive and unpredictable policies - including massive import taxes - have clouded the outlook for the economy and the job market and raised fears that the American economy is headed toward recession.

WORDS: 831 - MOVED: 05/02/2025 9:56 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:5f06fd466b4e05da30d1d6e5ce222790&mediaType=text

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US--MISUNDERSTOOD DISNEY VILLAINS

When did Disney villains stop being so villainous? New show suggests they may just be misunderstood

SUMMARY: Cruella de Vil wanted to turn Dalmatian puppies into fur coats. Captain Hook tried to bomb Peter Pan, and Maleficent issued a curse of early death for Aurora. But wait, maybe these Disney villains were just misunderstood? That's the premise of a new musical show at Walt Disney World that has some people wondering: When did Disney's villains stop wanting to be so ... villainous? The live show "Disney Villains: Unfairly Ever After" opens May 27 at the Hollywood Studios park at the Orlando, Florida, resort. Other veins of pop culture have rethought villains, too, perhaps none more famously than the book, theatrical musical and movie versions of "Wicked."

WORDS: 773 - MOVED: 05/02/2025 9:52 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:d7fa2e03df2b0a50e0012254520fa93b&mediaType=text

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US--TRUMP-TARIFFS-ROBOTS

US robot makers hope to beat China in humanoid race. Tariffs could affect their ambitions

SUMMARY: Tariffs weren't on the official agenda of this week's Robotics Summit in Boston. But it was hard to ignore the shadow of President Donald Trump's far-reaching global tariffs and retaliatory measures from Trump's biggest target, China. Tech industry workers mingled with a Chinese company's humanoid and other robot varieties and talked about how to build and sell a new generation of increasingly autonomous machines. Many also expressed concerns on the sidelines about how geopolitical uncertainty with affect the complicated array of parts that go into a humanoid and other advanced robots.

WORDS: 906 - MOVED: 05/02/2025 9:45 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:cbb16a14376e34c48733618616c5afe2&mediaType=text

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EU--EUROPE-TIKTOK-PRIVACY FINE

TikTok fined $600 million for China data transfers that broke EU privacy rules

SUMMARY: European Union privacy watchdogs have fined TikTok 530 million euros ($600 million). They say a four-year investigation found that the video sharing app's data transfers to China breached strict data privacy rules. Ireland's Data Protection Commission also sanctioned TikTok for not being transparent with users about where their personal data was being sent and ordered the company to comply with the rules within six months. TikTok, whose parent company ByteDance is based in China, has been under scrutiny in Europe over how it handles personal information of its users. TikTok said it disagreed with the decision and plans to appeal.

WORDS: 622 - MOVED: 05/02/2025 8:37 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:d386ec74becc716905d7f686d6a448e2&mediaType=text

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EU--BRITAIN-RETAILERS HACKED

Harrods becomes latest UK retailer to face cyber threat as M&S' struggles persist

SUMMARY: British retailer Marks & Spencer says it's "working day and night" to resolve a cyberattack nearly two weeks ago that has left it unable to process any online orders. M&S' statement on Friday came a day after luxury London department store Harrods confirmed it had become the latest target. Co-op has also shut down some of its informationa technology systems as a precaution following a hack. There were growing concerns Friday within the retail sector that hackers are taking calculated risks by trying to replicate the actions of others to cause as much disruption as they can. It remains unclear if the three attacks are linked.

WORDS: 474 - MOVED: 05/02/2025 8:25 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:7d3c01faa7380775598a517df4db1250&mediaType=text

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US--TRUMP-BUDGET

White House will unveil Trump's 2026 budget, his first since returning to power

SUMMARY: The White House plans to unveil President Donald Trump's 2026 budget, his first since returning to power. The budget revealed Friday is expected to be a sweeping statement of values proposing steep reductions to various federal programs. Budgets do not become law but serve as a touchstone defining the upcoming fiscal year debates. This budget is engineered by Trump budget director Russell Vought, a chief architect of Project 2025. The budget carries the added weight of defining Trump's second-term pursuits. The budget comes as Congress is already deep into drafting the Republican president's big bill of tax breaks, spending cuts and bolstered money for deportations and border security.

WORDS: 724 - MOVED: 05/02/2025 8:04 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:4549eb165410186da001c8cdce462492&mediaType=text

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AS--JAPAN-TRUMP TARIFFS

Japan's finance minister calls US Treasury holdings 'a card' in tariff talks with Trump

WORDS: 338 - MOVED: 05/02/2025 5:23 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:44b9b37bf7a290701201322f69bade2e&mediaType=text

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CHINA-US-TARIFFS

China says it's evaluating US overtures for trade talks, but tariffs remain an obstacle

SUMMARY: China's Commerce Ministry says Beijing is evaluating multiple approaches by the Trump administration for trade talks. However, in a ministry statement it said one-sided tariffs of up to 145% imposed by President Donald Trump remain an obstacle and undermine trust. The statement reiterated China's stance that is open to talks, but also that Beijing is determined to fight if it must. The statement cited an unnamed ministry spokesperson as saying that Beijing had taken note of various statements by senior U.S. officials indicating a willingness to negotiate over tariffs. But it emphasized that China would regard overtures without a change in President Donald Trump's sharp tariff hikes as insincere.

WORDS: 632 - MOVED: 05/02/2025 12:20 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:8637f1b88cf6801c9b9d2b3481389bee&mediaType=text

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US--CALIFORNIA WILDFIRES-REBUILDING

Los Angeles homeowners begin to rebuild after devastating wildfires

SUMMARY: Nearly four months after wildfires reduced thousands of Los Angeles-area homes to rubble and ash, some residents are starting to rebuild. In the seaside city of Pacific Palisades and the foothills neighborhood of Altadena, construction workers are clearing lots of debris and preparing for new projects. The blazes in early January destroyed nearly 17,000 homes, businesses and other properties. Hundreds of homeowners have sought city or county approval for new home designs and other permits to eventually rebuild or repair damaged homes, though few have received the green light to break ground.

WORDS: 1042 - MOVED: 05/02/2025 12:04 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:00b7bb360581616c2e6415f32db13e45&mediaType=text

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