Business News Digest

CHRISTOPHER RUGABER

July 01, 2025

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 GEORGIA POWER RATES

DESCRIPTION: Utility regulators are likely to approve a plan for Georgia Power Co. to hold base power rates steady through the end of 2028

UPCOMING: By 07/01/2025 12:00 p.m. EDT, Photo, Text

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NEW AND DEVELOPING

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US--TRUMP-MUSK-FEUD

Musk proposes a new political party, Trump suggests DOGE 'might have to go back and eat Elon'

SUMMARY: Elon Musk's feud with President Donald Trump has reignited, with the tech billionaire threatening to launch a new political party and Trump suggesting Musk could be punished for his opposition. The dispute has laid bare not only the differences between the Republican president and one of his most vociferous one-time advocates, but also has reignited the possibility that the world's richest man will -- along with his billions -- reenter the political spending arena. Musk, Trump's former Department Of Government Efficiency chief, lashed out multiple times at Republicans for backing Trump's tax cuts bill, calling the GOP "the PORKY PIG PARTY!!" for including a provision that would raise the nation's debt limit by $5 trillion and calling the bill "political suicide" for Republicans.

WORDS: 687 - MOVED: 07/01/2025 10:25 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:a690566ca5140ca47cb7a993d41774e4&mediaType=text

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US--FEDERAL RESERVE-POWELL

Powell stands by 'wait and see' stance with Trump ramping up attacks on the Federal Reserve

SUMMARY: Federal Reserve Chair Jerome Powell is sticking to his position that the central bank will keep its key rate on hold while it waits to see how President Donald Trump's tariffs effect the economy, defying the steady stream of criticism from the White House, which wants lower borrowing costs. Powell repeated his view Tuesday that U.S. inflation is likely to pick up later this summer, though he acknowledged that the timing and magnitude of any price increase from the duties is uncertain. But he said the Fed will stay on hold while it evaluates how the economy evolves.

WORDS: 363 - MOVED: 07/01/2025 10:15 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:4821bb5d0baa9980c4c69ab26fab3ab4&mediaType=text

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US--PHILANTHROPY-FORD-FOUNDATION

Ford Foundation selects Yale dean and democracy scholar Heather Gerken to succeed Darren Walker

SUMMARY: The Ford Foundation has announced Yale Law School Dean Heather Gerken as its next president. Gerken, a leading expert on constitutional law and democracy, will succeed Darren Walker, who has led the foundation since 2013. Her tenure begins in November. The Ford Foundation, with a $16 billion endowment, focuses on social justice initiatives. Gerken brings extensive legal experience, including work on voting rights and increasing access for underrepresented students at Yale. She called it a profound honor to continue the foundation's mission. Walker praised her dedication, saying her leadership will advance the foundation's goals of equity and justice.

WORDS: 415 - MOVED: 07/01/2025 10:13 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:1daf4476fc04e2109796e47bcfdf8911&mediaType=text

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US-JOB-OPENINGS

US job openings in May hit 7.8 million in a continuing display of labor market resilience

SUMMARY: U.S. job openings rose unexpectedly in May, a sign that the American labor market remains resilient in the face of high borrowing costs and uncertainty over U.S. economic policy. The Labor Department reported Tuesday that U.S. employers posted 7.8 million vacancies in May, up from 7.4 million in April. Economists had expected a slight decrease to 7.3 million. The number of Americans quitting their job -- a sign of confidence in their prospects -- rose modestly, and layoffs fell. Openings are high by historical standards but have come down sharply since peaking at a record 12.1 million in March 2022.

WORDS: 263 - MOVED: 07/01/2025 10:12 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:37ad7001abcea74b9cc43e43331220f6&mediaType=text

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EU--BRITAIN-STARMER'S STRUGGLES

Starmer faces down a revolt over UK welfare reform after a troubled first year in office

SUMMARY: British Prime Minister Keir Starmer marks a year in office this week, facing challenges from within his party and the public. Lawmakers are due to vote Tuesday on welfare reforms that sparked a rebellion among lawmakers in Starmer's Labour Party. Starmer softened proposed cuts to disability benefits after the backlash, but dissent remains. A year on from Starmer's landslide election victory, feeble economic growth and rising costs have hurt his approval ratings and restricted his ability to deliver on promises to improve public services. With no election required until 2029, Starmer has time to recover but faces mounting political and economic hurdles.

WORDS: 955 - MOVED: 07/01/2025 10:08 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:ec78160cfff4673978916a3f86b67a5e&mediaType=text

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US--CONGRESS-AI

Senate strikes AI provision from GOP bill after uproar from the states

SUMMARY: A proposal to deter states from regulating artificial intelligence for a decade was soundly defeated in the U.S. Senate on Tuesday, thwarting attempts to insert the measure into President Donald Trump's big bill of tax breaks and spending cuts. The Senate voted 99-1 to strike the AI provision after weeks of criticism from both Republican and Democratic governors and state officials. Originally proposed as a 10-year ban on states doing anything to regulate AI, lawmakers later tied it to federal funding so that only states that backed off on AI regulations would be able to get subsidies for broadband internet or AI infrastructure.

WORDS: 658 - MOVED: 07/01/2025 10:05 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:20beeeb6967057be5fe64678f72f6ab0&mediaType=text

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US--TRUMP-MUSK

Tesla shares take a hit as feud between Trump and Musk reaches a boil

SUMMARY: Shares of electric vehicle maker Tesla, which is headed by Elon Musk, are slumping as the war of words between billionaire and President Donald Trump over the big bill of tax breaks and spending cuts is heating up again, with Musk claiming he may form a new political party. Shares of Tesla have already tumbled more than 20% this year as sales of the company's vehicles erode amid a backlash against Musk and his association with the Trump administration. Tesla sales are plummeting in Europe and China as well. Tesla's stock fell nearly 6% in early trading Tuesday.

WORDS: 804 - MOVED: 07/01/2025 9:59 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:8a43b64f0f4508c8e74ef23572a0eece&mediaType=text

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US--CONGRESS-TAX CUTS

Senate grinds to a standstill as Republicans struggle with Trump's big bill

SUMMARY: The Senate has come to a standstill as Republicans struggle to wrap up work on President Donald Trump's big bill of tax breaks and spending cuts. Vice President JD Vance is at the Capitol if needed for a tie-breaking vote. But nothing has been set. Senators slogged through a tense overnight session as negotiations dragged. Senate Majority Leader John Thune of South Dakota is trying to satisfy Republicans worried the bill's reductions to Medicaid will leave millions more people without care and a conservative flank seeking steeper cuts to hold down deficits. Trump says he has to see the final product but doesn't like cuts.

WORDS: 1134 - MOVED: 07/01/2025 9:47 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:bf3f94471b13db3e5d50f0cd1f8fe793&mediaType=text

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ML--MIDEAST-WARS-IRAN

Iran assesses the damage and lashes out after Israeli and US strikes damage its nuclear sites

SUMMARY: Iran is assessing the damage and lashing out over the American and Israeli airstrikes that damaged its nuclear sites. But the Iranian government kept open the possibility Tuesday of resuming talks with Washington over its atomic program. The comments by government spokesperson Fatemeh Mohajerani also included another acknowledgment that key sites within Iran's program that were targeted by the American strikes had been "seriously damaged." Iran's state-run IRNA news agency quoted Mohajerani as making the remarks at a briefing for journalists.

WORDS: 760 - MOVED: 07/01/2025 9:44 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:da82442dd4d526e69a4f1e77a72f3dfd&mediaType=text

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FINANCIAL MARKETS

US stocks drift as Wall Street's momentum slows and Tesla drops

SUMMARY: U.S. stocks are drifting as Wall Street's momentum slows after setting record highs in each of the last two days. The S&P 500 dipped 0.3% Tuesday and is on track for its first loss in four days. The Dow Jones Industrial Average edged down by 21 points, and the Nasdaq composite fell 0.5%. Tesla helped pull the market lower as the relationship between its CEO, Elon Musk, and President Donald Trump soured even further. Treasury yields held relatively steady ahead of reports coming later in the morning about manufacturing and the number of job openings across the economy.

WORDS: 505 - MOVED: 07/01/2025 9:41 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:9fb4c1b60c6502a4fd2ecb6b1640e2c2&mediaType=text

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VOLKSWAGEN-DIESEL EMISSIONS-CEO TRIAL

German court suspends diesel scandal trial of former Volkswagen CEO Winterkorn

WORDS: 360 - MOVED: 07/01/2025 9:37 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:aeadad1f88a3d65884e1bc5761cad361&mediaType=text

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US--LULULEMON-COSTCO

Lululemon files lawsuit against Costco, claims company is selling 'dupes' of some of its products

SUMMARY: Lululemon has filed a lawsuit against Costco that accuses the wholesale club operator of selling lower-priced duplicates of some of its popular athleisure clothing. Lululemon Athletica claims in its lawsuit filed in the U.S. District Court for the Central District of California that Costco has "unlawfully traded" on its reputation, goodwill and sweat equity by selling unauthorized and unlicensed apparel that uses knockoff, infringing versions of its patents.

WORDS: 343 - MOVED: 07/01/2025 8:10 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:8ab1ee7e7e69a89931558d615f8fab1a&mediaType=text

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EUROPE-ECONOMY

European Central Bank head: Frequent shocks to economy make inflation more unpredictable

WORDS: 451 - MOVED: 07/01/2025 6:13 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:c7d91ed96900dcad7f08ffc6388bc42f&mediaType=text

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US-MONEY MATTERS-PORTFOLIO BUILDING

How to build a portfolio you don't have to babysit

SUMMARY: These four steps can help you craft a (mostly) hands-off portfolio.

WORDS: 681 - MOVED: 07/01/2025 6:00 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:6901181130331761de499def5506039e&mediaType=text

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EU--GREENLAND-TOURISM

Greenland has a message for the rest of the world: Come visit

SUMMARY: Greenland's tourism industry is expected to see a boom this year following the launch of a new route between the island's capital and Newark airport. The Arctic island offers whale-watching tours, excursions to an iconic puffin island and guided charters. U.S. President Donald Trump has said he wants to take over the strategic island, possibly by force. The comments have boosted Greenland's global profile, with some businesses saying the resulting diplomatic tensions have helped their trade. One executive stresses the importance of prioritizing the voices of the island's roughly 56,000 people while beefing up the tourism industry.

WORDS: 677 - MOVED: 07/01/2025 3:50 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:3310f1ae90b1350cb5d88a8ba6c1b17c&mediaType=text

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AS--NEPAL-CLIMATE CHANGE

Ancient Himalayan village relocates as climate shifts reshape daily life

SUMMARY: A Himalayan village in Nepal has vanished -- emptied by climate change. Samjung, perched in the high-altitude Upper Mustang region, was once home to a few dozen yak herders and barley farmers. But its streams dried up and snowfall disappeared. Then, a sudden flood destroyed many homes. That was the last straw. The villagers relocated and named their new settlement "New Samjung." Scientists say warming in the Himalayas is accelerating, melting glaciers and disrupting weather patterns. Some residents now grow apples or work in tourism, but many still long for the village they left behind forever as climate change transforms the mountains.

WORDS: 916 - MOVED: 07/01/2025 12:46 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:a68c96a65463b677f30af99737b7977a&mediaType=text

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