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.
--------------------
UPCOMING
--------------------
US--HOMELESS SHELTER-ARRESTS
DESCRIPTION: Homeless people in the heart of Silicon Valley could be arrested if they reject offers of shelter three times within an 18-month period under a proposal to be voted on by the San Jose City Council on Tuesday. Advocates for homeless people say criminalization will worsen homelessness but Mayor Matt Mahan says unhoused residents have a responsibility to accept shelter and help.
UPCOMING: By 06/10/2025 5:00 p.m. EDT, Text
--------------------
NEW AND DEVELOPING
--------------------
US--EDUCATION-AI ENROLLMENT FRAUD
How scammers are using AI to steal college financial aid
SUMMARY: Financial aid fraud is exploding, thanks to the rise of artificial intelligence. Crime rings are deploying "ghost students" -- chatbots who enroll in online college classes and stay just long enough to collect a financial aid check. In some cases, professors have discovered almost no one enrolled in their class is real. Victims of identity theft who discover loans fraudulently taken out in their names must go through months of calling colleges, the federal government and loan servicers to get the debt erased. To fight fraud, the U.S. Education Department has introduced a temporary rule requiring new financial aid applicants to show colleges a government-issued ID to prove their identity.
WORDS: 1186 - MOVED: 06/10/2025 10:29 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:aa1bc8bcb4c368ee6bafcf6a523c5fb2&mediaType=text
___
FINANCIAL MARKETS
US stocks are stuck in limbo as Wall Street waits to hear what US-China trade talks will bear
SUMMARY: Stock markets around the world are generally holding in place as the wait continues to hear what will come of trade talks underway between the United States and China. The S&P 500 edged up by 0.2% Tuesday as talks between the world's two largest economies carried into a second day. The Dow Jones Industrial Average was virtually unchanged, and the Nasdaq composite rose 0.3%. The hope is that President Donald Trump will lower his tariffs on China and other countries after reaching trade deals with them, and stocks have already rallied strongly on such expectations. Treasury yields eased in the bond market.
WORDS: 609 - MOVED: 06/10/2025 10:11 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:3df25fc373fabbdf9c874d39dcd5bea0&mediaType=text
___
US--DISNEY-HULU
Disney to pay almost $439 million to take full control of streaming service Hulu
SUMMARY: Disney will pay Comcast's NBCUniversal nearly $439 million for its stake in Hulu, taking full control of the streaming service. Disney said in 2023 that it was acquiring a 33% stake in Hulu from Comcast for at least $8.6 billion. That amount reflected Hulu's guaranteed floor value of $27.5 billion, according to a regulatory filing. Disney said in the filing on Monday that its appraiser arrived at a valuation below the guaranteed floor value during the initial phase of the appraisal process, while NBCUniversal's appraiser arrived at a valuation substantially in excess of the guaranteed floor value. A third appraiser was brought in and concluded that The Walt Disney Co. will pay $438.7 million for the Hulu stake.
WORDS: 323 - MOVED: 06/10/2025 9:51 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:876a9d6f00ffa6c037e9527bb8532682&mediaType=text
___
US--APPLE-SHOWCASE
Apple unveils iOS 26 and a new 'liquid glass' design
SUMMARY: After stumbling out of the starting gate in Big Tech's pivotal race to capitalize on artificial intelligence, Apple tried to regain its footing Monday during a developers conference that focused mostly on incremental advances and cosmetic changes in its technology. The presummer rite was more subdued than the feverish anticipation that surrounded the event in 2023 when Apple unveiled a mixed-reality headset and last year when the company hyped AI features that didn't pan out as envisioned. Although Apple announced helpful AI tools and the biggest redesign of its iPhone software in a decade, it's still facing questions about its ability to innovate and navigate a gauntlet of other challenges.
WORDS: 1188 - MOVED: 06/10/2025 9:46 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:ba918c2091e0d49a8b3f164e4f980b6e&mediaType=text
___
GLOBAL ECONOMY-WORLD BANK
Citing trade wars, the World Bank sharply downgrades global economic growth forecast to 2.3%
SUMMARY: President Donald Trump's trade wars are expected to slash economic growth this year in the United States and around the world, the World Bank forecast Tuesday. Citing "a substantial rise in trade barriers'' but without mentioning Trump by name, the 189-country lender predicted that the U.S. economy - the world's largest - would grow half as fast (1.4%) this year as it did in 2024 (2.8%). That marked a downgrade from the 2.3% U.S. growth it had forecast back for 2025 back in January. The bank also lopped 0.4 percentage points off its forecast for global growth this year. It now expects the world economy to expand just 2.3% in 2025, down from 2.8% in 2024.
WORDS: 492 - MOVED: 06/10/2025 9:42 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:5a56591be1373cf34a5ba4bbe8ab6661&mediaType=text
___
AS--JAPAN-TRUCKS
Truck units of Toyota and Daimler reach merger deal, first announced two years ago
SUMMARY: The truck divisions of Japan's Toyota and Daimler of Germany have agreed to merge to work together in vehicle development, procurement and production. Details, including the scope and specifics of the collaboration, were still undecided. Hino Motors and Mitsubishi Fuso said they plan to form a listed holding company by April 2026. A tentative such deal was announced two years ago. Under the integration, Daimler Truck and Toyota will each own 25% of the holding company. The Tokyo-based holding company will own 100% of Mitsubishi Fuso and Hino, and will list on the Tokyo Stock Exchange.
WORDS: 345 - MOVED: 06/10/2025 9:32 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:6442da9d518fbea4f3b46046dc6964b3&mediaType=text
___
AS--INDONESIA-NICKEL MINING
Indonesia stops nickel mining operations at top tourist diving destination
WORDS: 590 - MOVED: 06/10/2025 8:58 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:a73cccb78485f7c8e3e785193d0bbede&mediaType=text
___
US--SAGAFTRA-INTERACTIVE-STRIKE
Video game performers on strike for almost a year over AI issues reach a tentative deal
SUMMARY: The Screen Actors Guild-American Federation of Television and Radio Artists has reached a tentative contract deal with several video game companies that may bring an end to an almost year-long strike tied to the use of artificial intelligence. SAG-AFTRA said that it anticipates that the terms of a strike suspension agreement will be finalized with the companies soon. Union members will remain on strike until such an agreement is reached. The tentative contract deal still needs approval by the National Board and ratification by union membership.
WORDS: 340 - MOVED: 06/10/2025 7:40 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:2b833f126fca725c8872f1ff8fbf89a9&mediaType=text
___
EU--US-CHINA-TRADE
US-China trade talks in London enter their second day
SUMMARY: The U.S. and China are holding a second day of talks in London aimed at easing their trade dispute. It comes after President Donald Trump said China is "not easy" but the U.S. was "doing well" at the negotiations. A Chinese delegation led by Vice Premier He Lifeng met Monday with U.S. Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer at Lancaster House. The talks follow negotiations in Geneva last month that brought a temporary respite in the trade war. The two countries announced May 12 they had agreed to a 90-day suspension of most of the 100%-plus tariffs they had imposed on each other
WORDS: 372 - MOVED: 06/10/2025 6:49 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:bf991a07e374050ae85c7187f1366ab7&mediaType=text
___
US--MEDIA-TRUST-ISSUES
Study finds little agreement between Republicans and Democrats on media sources they trust
SUMMARY: A new survey by the Pew Research Center finds little agreement between Republicans and Democrats in the media sources they trust. Researchers say that's further indication of both political polarization and the different media silos that supporters of the parties often find themselves in. Of 30 news sources tested, there were only two that both Democrats and Republicans said they were likely to trust -- the business publications Forbes and The Wall Street Journal. Pew finds only two news sources that more than three in 10 Republicans said they trust as a news source -- Fox News and Joe Rogan's podcast.
WORDS: 546 - MOVED: 06/10/2025 6:21 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:0e34352c2355ae5084b1ffc09838d825&mediaType=text
___
US-CRYPTO-BITCOIN TREASURY COMPANIES
Crypto's hottest new trend: publicly traded companies buying bunches of bitcoin
SUMMARY: It's one of crypto's hottest trends: publicly traded companies buying bitcoin and then buying even more. The companies buy bitcoin for different reasons: Some hold it as a hedge against inflation or to signal support for the cryptocurrency industry, while some firms have made using debt and stock sales to buy bitcoin their primary business strategy. MicroStrategy is the undisputed goliath of bitcoin treasury companies, holding nearly 3% of the total bitcoin supply. Even President Donald Trump's media company has gotten in on the action by purchasing $2.5 billion worth of bitcoin.
WORDS: 725 - MOVED: 06/10/2025 6:14 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:2a767b92cd1cd83038bdd675c4ef26d6&mediaType=text
___
EU--CZECH-POLITICS-CRYPTO SCANDAL
Czech president appoints a new justice minister amid a bitcoin scandal
SUMMARY: Czech President Petr Pavel has sworn in a new justice minister amid a political crisis caused by a bitcoin-related scandal. Pavel has appointed Eva Decroix after her predecessor Pavel Bla?ek resigned from the post on May 30. He was under fire because his ministry accepted a donation of bitcoins and sold them for almost 1 billion Czech koruna ($46 million). The bitcoins were donated by a person who was previously convicted of drug dealing and other crimes and it wasn't clear where the bitcoins came from. The opposition demands the resignation of the entire government. Police are investigating.
WORDS: 300 - MOVED: 06/10/2025 6:00 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:aed9b7f0c671cebfca6d256baeea7e31&mediaType=text
___
