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 07/24/2025 12:00 p.m. EDT, Text, Photo
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NEW AND DEVELOPING
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US--TESLA-STOCK
Tesla shares sink as Musk says it could face some 'rough quarters' ahead
SUMMARY: Tesla shares are falling after CEO Elon Musk warned of "a few rough quarters" as the company shifts focus to offering a self-driving taxi service. On Wednesday, Tesla reported a 12% revenue drop and a 16% profit decline. Musk's political involvement and increased competition in Europe and China have affected sales. Tesla also faces losing a $7,500 EV tax credit and reduced income from selling regulatory credits. Tariffs on China and Mexico will further increase costs. Musk emphasized future plans for robotaxis and automation, though these won't impact profits soon. Tesla's robotaxi service began last month in Austin, Texas, with plans to expand.
WORDS: 334 - MOVED: 07/24/2025 10:22 a.m. EDT
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EU--EUROPE-CHINA
Europe and China agree to take action on climate change during a tense summit in Beijing
WORDS: 1115 - MOVED: 07/24/2025 10:22 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:0f2f0b67435b88a78adef3aa001d0099&mediaType=text
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FINANCIAL-MARKETS
Tesla tumbles and Alphabet rises to keep Wall Street near its records
SUMMARY: Wall Street is hanging near its records, but the market's calm surface is hiding roiling moves underneath. The S&P 500 rose 0.2% Thursday after setting an all-time high the day before. The Dow Jones Industrial Average dropped 204 points, and the Nasdaq composite gained 0.2%. Alphabet climbed after the company behind Google and YouTube delivered a fatter profit than analysts expected. Tesla sank on worries about how much damage its brand has taken because of Elon Musk's foray into politics. IBM and Chipotle Mexican Grill sank as analysts pointed to concerns underneath the surface after both topped Wall Street's profit expectations.
WORDS: 825 - MOVED: 07/24/2025 10:20 a.m. EDT
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UNITEDHEALTH-FEDERAL INVESTIGATION
UnitedHealth says it is under a federal investigation and cooperating
SUMMARY: Shares of UnitedHealth Group slipped Thursday after the health care giant said it was under a Department of Justice investigation. The company said it has started complying with both criminal and civil requests from federal investigators and it was working cooperatively with them. Earlier this year, The Wall Street Journal said federal officials had launched a civil fraud investigation into how the company records diagnoses that lead to extra payments for its Medicare Advantage plans. The company said Thursday that it reached out to the Justice Department after reviewing media reports about investigations.
WORDS: 404 - MOVED: 07/24/2025 10:11 a.m. EDT
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EU--EUROPE-ECONOMY
European Central Bank leaves interest rates unchanged as it assesses impact of Trump tariffs
SUMMARY: The European Central Bank is leaving interest rates unchanged as it waits to see how big a blow U.S. President Donald Trump's tariffs will inflict on the economy before deciding whether to cut rates again. The bank's governing council announced Thursday at its skyscraper headquarters in Frankfurt that it would leave its benchmark deposit rate at 2%. The bank said the economy was so far "resilient" partly due to a series of rate cuts by the bank. But it added that the economic environment remains "exceptionally uncertain" due to trade disputes that the U.S. has begun with Europe and other trading partners.
WORDS: 558 - MOVED: 07/24/2025 10:10 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:0d86b95b1d1de3a2400ecebaa6ff00e1&mediaType=text
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UNION PACIFIC-RESULTS
Union Pacific and Norfolk Southern confirm merger talks to create coast to coast railroad
SUMMARY: Union Pacific and Norfolk Southern are confirming they're in merger talks that would create North America's largest railroad, stretching service from East to West Coasts. The Associated Press reported last week that the companies were discussing a tie-up but neither company confirmed until Thursday morning. The potential merger would combine the largest and smallest of the country's six major freight railroads. There's widespread debate over whether such a merger would be approved by U.S. regulators, which have established a high bar for consolidation in the crucial industry.
WORDS: 431 - MOVED: 07/24/2025 9:53 a.m. EDT
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EU--RUSSIA-UKRAINE-WAR
Zelenskyy announces new anti-graft bill in Ukraine after public outcry and EU criticism
SUMMARY: Ukrainian President Volodymyr Zelenskyy has announced a new anti-corruption bill for Parliament. This comes after he approved changes earlier this week to graft laws. The move sparked a public outcry and criticism from the European Union. Opponents said the legal changes had reduced the independence of anti-corruption watchdogs. Zelenskyy unexpectedly revealed a draft bill on Thursday aimed at addressing those concerns. The announcement seems to respond to pressure and protests. They are the first major demonstrations since the war began. A Russian glide bomb attack on Ukraine's second-largest city wounded 37 people.
WORDS: 689 - MOVED: 07/24/2025 9:41 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:6766134c963f0423d88c2ac1749f8c11&mediaType=text
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US--TRUMP-FEDERAL RESERVE
Trump will visit Federal Reserve in escalation of campaign to pressure Powell to cut interest rates
SUMMARY: President Donald Trump plans to visit the Federal Reserve as his allies scrutinize its expensive building renovations. It's a highly personal and confrontational escalation of Trump's campaign to pressure the central bank to slash interest rates. Trump administration officials have used concerns about the Washington building overhaul to cast doubt on Fed Chairman Jerome Powell's decision making. The Trump administration officials are scheduled to inspect the site Thursday. The White House says the Republican president will also be visiting. Trump has criticized Powell for months because the chair has kept the short-term interest rate the Fed controls at 4.3%. Powell says the Fed wants to see how the economy responds to Trump's tariffs.
WORDS: 516 - MOVED: 07/24/2025 9:31 a.m. EDT
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EU--ITALY-BANKSY RESTORATION
Banksy work 'The Migrant Child' removed from Venetian palazzo for restoration and future display
SUMMARY: Art restorers have removed a deteriorating piece of graffiti by the street artist Banksy titled "The Migrant Child" from the side of a building overlooking a Venetian canal. It's a project to preserve the work for future public display. The removal and restoration is being financed by the Venice-based Banca Ifis carried out in consultation with people close to the secretive British street artist. The artwork depicting a shipwrecked child holding a pink smoke bomb and wearing a lifejacket appeared along Rio di San Pantalon in Venice in May 2019. It was acknowledged by Banksy. The artwork is marked on online maps and it has become a tourist destination. But six years of neglect had caused deterioration to about a third of the work.
WORDS: 217 - MOVED: 07/24/2025 8:55 a.m. EDT
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UNEMPLOYMENT BENEFITS
US applications for jobless benefits fall for sixth straight week, remain at historically low level
SUMMARY: The number of Americans filing for jobless aid fell for the sixth straight week, hitting the lowest level since mid-April. The Labor Department reported Thursday that jobless claims for the week ending July 19 fell by 4,000 to 217,000. That's fewer than the 227,000 new applications analysts were expecting. Applications for unemployment aid are viewed as representative of layoffs. The total number of Americans collecting unemployment benefits for the week of July 12 remained stable, rising by just 4,000 to 1.96 million.
WORDS: 320 - MOVED: 07/24/2025 8:47 a.m. EDT
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US--PHILANTHROPY-WENDY-SCHMIDT
Philanthropist Wendy Schmidt insists science and immersive media can inspire action for the planet
SUMMARY: Philanthropist Wendy Schmidt and her husband, former Google CEO Eric Schmidt, have long insisted that the scientific advancements they fund be shared widely and for the planet's protection. The Silicon Valley veterans' philanthropies are among the growing ranks focused on marine conservation. And they're embracing their role even as the Trump administration cuts billions in federal funding for research. Wendy's latest venture is Agog, an immersive media institute that attempts to spark social change by fostering new connections with the natural world through extended reality technologies. She says: "We work really hard to make sure science holds its place in our society."
WORDS: 1036 - MOVED: 07/24/2025 8:23 a.m. EDT
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EU--HUNGARY-TRUMP-TARIFFS
Trump tariffs would hit Hungary hard despite warm relations with MAGA-friendly Orbán
SUMMARY: Hungary's Prime Minister Viktor Orbán has built a close relationship with Donald Trump, aligning with the MAGA movement. Despite this, Hungary faces challenges from Trump's tariffs on the European Union. Earlier this month, Trump announced 30% tariffs on Mexico and the EU, effective August 1st. Hungary, with its export-oriented economy with major car making, pharmaceutical and wine industries, will be hit hard. Outgoing trade to the United States represents around 15% of all Hungarian exports to countries outside the EU. Analysts express doubt that political ties will mitigate the economic damage. Hungary's government blames the EU for not securing a trade deal with the U.S.
WORDS: 859 - MOVED: 07/24/2025 8:10 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:d87a55bed071e5f20df197de1e63e9ba&mediaType=text
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US--BE WELL-WORKING WELL-TUITION REIMBURSEMENT
For some employees, education benefits such as tuition assistance prove life-changing
SUMMARY: As higher education costs have grown to heights many U.S. residents find unattainable or illogical, some adults are looking to their employers for help. According to the Society for Human Resource Management, nearly half of public and private employers have a tuition reimbursement program as part of their benefits packages. Some companies cover tuition costs up front instead of requiring to pay out-of-pocket for college or professional credentials. And some workplaces even offer to help repay their workers' past student loans. Experts say if you work somewhere without education benefits, it's worth trying to make an individual case for help paying for a course or training that would help you do your job more effectively.
WORDS: 1274 - MOVED: 07/24/2025 7:17 a.m. EDT
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EU--BRITAIN-INDIA
Leaders Starmer and Modi hail long-sought India-UK trade deal as historic
WORDS: 511 - MOVED: 07/24/2025 7:03 a.m. EDT
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ML-SYRIA-SAUDI INVESTMENT
Syria and Saudi Arabia sign more than $6 billion in investment deals
SUMMARY: Syria and Saudi Arabia have signed 47 investment agreements valued at over $6 billion. The deals, announced Thursday, aim to rebuild Syria's economy and cover sectors including real estate, telecommunications and finance. Planned projects include housing, reconstruction, and development of touristic, medical, and entertainment sites. Syrian Minister of Information Hamza al-Mustafa says these agreements could create 50,000 direct and 150,000 indirect jobs. The deals come as a political boost amid recent sectarian violence in Syria. Clashes in Sweida have displaced over 130,000 people, and tensions remain high despite a ceasefire.
WORDS: 351 - MOVED: 07/24/2025 6:10 a.m. EDT
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ENT--BUCKINGHAM NICKS REISSUE-RECORD STORES
'Buckingham Nicks' was a record store holy grail for decades. It's finally getting reissued
SUMMARY: Warner Music Group has announced that it's reissuing the lone album recorded by Stevie Nicks and Lindsey Buckingham when they were just a duo. The couple later joined Fleetwood Mac for its most successful lineup. "Buckingham Nicks" bombed when it came out in 1973. But its cult status only grew over the decades. The album cover shows Nicks and Buckingham posing nude like a Laurel Canyon Adam and Eve. Their relationship famously ended later that decade. Record store owners say the album holds a special status, with a copy often selling immediately. It'll be available for the first time on CD and streaming Sept. 19, along with new vinyl of course.
WORDS: 1136 - MOVED: 07/24/2025 5:41 a.m. EDT
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AS--AUSTRALIA-US-TARIFFS
Australia to reduce US beef import restrictions denounced by Trump as a ban
SUMMARY: Australia plans to ease restrictions on U.S. beef imports in a move U.S. President Donald Trump's administration claims as a major victory over "non-scientific trade barriers. Agriculture Minister Julie Collins says the move aims to maintain biosecurity while allowing imports from cattle traced back to Mexico and Canada. U.S. Secretary of Agriculture Brooke L. Rollins has responded to Australia's annoucement by congratulating Trump on a "major trade breakthrough that gives greater access to U.S. beef producers selling to Australia." Collins says the U.S. has introduced new controls to manage disease risks. Trump has criticized Australia's restrictions, claiming they unfairly impact American beef exporters.
WORDS: 891 - MOVED: 07/24/2025 3:59 a.m. EDT
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LT--BRAZIL-US-COFFEE PRODUCERS
Small Brazilian coffee producers fear for the future after Trump's 50% tariff
WORDS: 895 - MOVED: 07/24/2025 12:19 a.m. EDT
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US--PAXTON-MORTGAGES-ABRIDGED
Texas AG claimed three homes as primary residence. Democrats are being probed for similar issue
SUMMARY: Texas Attorney General Ken Paxton and his wife, Angela, are longtime owners of a $1.5 million home in a Dallas suburb. In 2015, they snapped up a second house in Austin. Then another. The problem: Mortgage documents signed by the Paxtons that contained inaccurate statements declared that each of those three houses was a primary residence, enabling the now-estranged couple to lock in low interest rates and save tens of thousands of dollars in mortgage payments, according to an Associated Press review of public records.
WORDS: 1128 - MOVED: 07/24/2025 12:09 a.m. EDT
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