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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MEME STOCKS

DESCRIPTION: Meme stocks are defined as stocks that are rising more due to hype on Wall Street or social media than any positive developments in the company's financial performance. This week, Opendoor Technologies and Kohl's Corp. fit the profile as investors hunt for quick scores.

UPCOMING: By 07/22/2025 1:00 p.m. EDT, Photo, Text

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FED-ALTMAN

DESCRIPTION: OpenAI CEO Sam Altman will be the featured speaker at a Federal Reserve conference for large banks and their executives.

UPCOMING: By 07/22/2025 2:30 p.m. EDT, LiveVideo, Text

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US BEEF PRICES REACTION

DESCRIPTION: As beef prices continue to climb, a Mississippi farmer explains how drought, increased costs of cattle feed and high demand are some of the contributing factors.

UPCOMING: By 07/22/2025 3:00 p.m. EDT, Photo, Text, Video

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NEW AND DEVELOPING

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MED--DUCHENNE'S THERAPY-DEATH

Sarepta shares slide again as drugmaker bows to FDA pressure to pause gene therapy

SUMMARY: Sarepta Therapeutics is pausing shipments of its gene therapy for muscular dystrophy following several patient deaths that have attracted attention from regulators. The company said late Monday it would comply with a Food and Drug Administration request to halt distribution of Elevidys. The decision comes just days after the company rebuffed FDA regulators in an extremely unusual decision. Elevidys is the first gene therapy approved in the U.S. for Duchenne's muscular dystrophy. The fatal muscle-wasting disease affects boys and young men, resulting in early death. Company shares continued to slide in early trading Tuesday morning.

WORDS: 412 - MOVED: 07/22/2025 10:15 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:829aa1013ce91b668e28ec42c513d20a&mediaType=text

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US--PHILANTHROPY-PUBLIC-FUNDING-BRONX

In the nation's poorest Congressional district, federal funding cuts create perfect storm

SUMMARY: Nonprofits in the Bronx are facing severe challenges as federal grant cuts disrupt essential services. The Bronx River Greenway, a symbol of environmental justice, was revitalized with federal funds but now struggles after losing $1.5 million promised for water quality projects. Over 84% of Bronx nonprofits rely on federal grants, which are now at risk, forcing layoffs and reduced services. Groups like the Osborne Association and Safe Horizon have already cut programs aiding vulnerable residents. Leaders warn these cuts hit hardest in impoverished areas like the Bronx, where finding alternative funding is difficult, leaving critical community needs unmet.

WORDS: 1312 - MOVED: 07/22/2025 9:49 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:1743d9860b53ef2b6fed0d896948a7eb&mediaType=text

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FINANCIAL-MARKETS

US stocks hang around their records as GM and others show how tariffs are impacting them

SUMMARY: Wall Street is hanging around its records following some mixed profit reports, as General Motors and other big U.S. companies give updates on how much President Donald Trump's tariffs are hurting or helping them. The S&P 500 was virtually unchanged Tuesday, a day after inching to its latest all-time high. The Dow Jones Industrial Average added 28 points, and the Nasdaq composite slipped 0.1% from its own record. General Motors fell despite reporting a stronger profit than expected, as it still sees a $4 billion to $5 billion hit this year because of tariffs. Homebuilders soared following their better-than-forecast reports.

WORDS: 678 - MOVED: 07/22/2025 9:47 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:41443e3b17bb389ecac11508640084ab&mediaType=text

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US--GENERAL MOTORS-RESULTS

GM quarterly profit slumps 35%, but it sticks by full year outlook that was lowered in May

SUMMARY: General Motors' profit and revenue declined in its second-quarter but the automaker's results managed to easily top Wall Street's expectations and the company stuck by its full-year financial outlook that it lowered in May. For the three months ended June 30, GM earned $1.89 billion, or $1.91 per share. A year earlier the company earned $2.93 billion, or $2.55 per share. Stripping out certain items, earnings were $2.53 per share. That handily beat the $2.34 per share analysts polled by FactSet were calling for.

WORDS: 875 - MOVED: 07/22/2025 9:37 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:6b82523319408e03ae2729ab2ebb33b8&mediaType=text

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AS--JAPAN-SANSEITO-EXPLAINER

Why a far-right party in Japan made big gains

SUMMARY: A fringe far-right populist party in Japan was one of the biggest winners in the weekend's upper house election. Sanseito attracted many voters with its "Japanese First" platform that called for tougher restrictions on foreigners and the curtailment of gender equality and diversity policies. Sanseito added 14 seats in Sunday's upper house election to the one it previously held. The 248-member upper house is the less powerful of Japan's two chamber parliament. It came against the backdrop of a historic loss by Prime Minister Shigeru Ishiba's long-governing conservative coalition, Sanseito attracted frustrated voters struggling with economic woes.

WORDS: 827 - MOVED: 07/22/2025 9:22 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:f1bb2244164db57c75c4086e274c2b98&mediaType=text

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US--COCA-COLA-RESULTS

Coca-Cola confirms a cane-sugar version of its trademark cola is coming to the US this fall

SUMMARY: Coca-Cola said Tuesday it will add a cane-sugar version of its trademark cola to its U.S. lineup this fall, confirming a recent announcement by President Donald Trump. Trump said in a social media post last week that Coca-Cola had agreed to use real cane sugar in its flagship product in the U.S. instead of high-fructose corn syrup. Coke didn't immediately confirm the change, but on Tuesday it said it will sell a Coke sweetened with cane sugar. Coca-Cola reported better-than-expected earnings in the second quarter as higher prices overcame weaker sales volumes. Case volumes fell 1% globally and 1% in North America, but Coke said pricing was up 6% for the April-June period.

WORDS: 403 - MOVED: 07/22/2025 9:05 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:a95e4c1f25eaab05de7da5df30ff66ed&mediaType=text

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EU--ITALY-CLIMATE RULING

Greenpeace hails Italy court ruling allowing climate lawsuit against energy company ENI to go ahead

SUMMARY: Italy's highest court has ruled that a lawsuit brought by climate activists against Italian energy company ENI and its government shareholders can go ahead. The Court of Cassation rejected ENI's motions to dismiss the lawsuit on jurisdictional grounds in an ordinance released Monday. It ordered the case to be heard on its merits by a Rome tribunal. Greenpeace said Tuesday that the ruling was a victory for efforts to pursue climate justice in Italy. ENI said that it was greatly satisfied with the decision and said it expected the Rome court would ultimately "dismantle" the climate activists' claims of responsibility for climate change.

WORDS: 535 - MOVED: 07/22/2025 9:02 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:0b4366463112d3ae1847481d599e6667&mediaType=text

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US-MONEY MATTERS-RETIREMENT CHECKLIST

Ready to retire in 5 years? Here's your checklist

SUMMARY: Christine Benz, Morningstar's director of personal finance and retirement planning, recommends taking a preemptive approach as you get closer to retirement. The key is to visualize what you want your retirement to look like while you have enough time to make any adjustments you might need to get you there. Here are five steps to take now if you plan to retire in the next five years.

WORDS: 457 - MOVED: 07/22/2025 9:00 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:08bf4c4f838e30820192a2b54afa016c&mediaType=text

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US--LABOR DEPARTMENT-DEREGULATION

Trump's Labor Department proposes more than 60 rule changes in a push to deregulate workplaces

SUMMARY: The U.S. Department of Labor is aiming to rewrite or repeal more than 60 "obsolete" workplace regulations adopted under previous presidential administrations. The wide-ranging rollbacks range from minimum wage requirements for home health care workers and people with disabilities to standards governing exposure to harmful substances to working conditions at constructions sites and in mines. The Labor Department says the goal is to deliver on President Donald Trump's commitment to restore American prosperity through deregulation. Critics say the proposals would put workers at greater risk of harm, with women and members of minority groups bearing a disproportionate impact.

WORDS: 1255 - MOVED: 07/22/2025 8:57 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:223309692fecb3721ef377154e7689ed&mediaType=text

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EU--BRITAIN-LYNCH

UK court says HPE owed more than $940 million in fraud case against late tech tycoon Mike Lynch

SUMMARY: A U.K. High Court has ruled that Hewlett Packard Enterprise is owed over 700 million pounds from the estate of British tech tycoon Mike Lynch and his former finance director. The decision on Tuesday follows a fraud case involving Lynch's software company, Autonomy Corp, which HPE acquired for $11 billion. Lynch died last year when his yacht sank off Sicily. HPE welcomed the ruling, while a statement from Lynch's estate criticized HPE's handling of the case. A further hearing is scheduled for November to finalize damages.

WORDS: 450 - MOVED: 07/22/2025 8:41 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:d39f326550c260de73db9e78f7a449e2&mediaType=text

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US--PAY PHONES-VERMONT

Vermont engineer revives pay phones for free calls in areas with poor cell service

SUMMARY: An electrical engineer in rural Vermont is reviving old pay phones to give people a free option for making calls in areas where cell service is unreliable or nonexistent. Patrick Schlott has put up three of them, including at the North Tunbridge General Store, a library in Thetford and an informational booth in Randolph. He buys the phones at flea markets, from internet listings or at auction, then fixes them up in his basement workshop. He says one has been used for 370 calls over the first five months, often for students to call their parents for after-school pickups.

WORDS: 614 - MOVED: 07/22/2025 8:24 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:c386f61a094d5fe5b868402bffddfc62&mediaType=text

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US--PHILANTHROPY-GLOBAL-CITIZEN

The Weeknd and Shakira will headline Global Citizen Festival supporting energy access and the Amazon

SUMMARY: Two of the biggest touring artists right now are headlining this fall's Global Citizen Festival in New York's Central Park. The anti-poverty nonprofit says The Weeknd and Shakira are set to perform on Sept. 27. Other acts include Tyla, Ayra Starr and Mariah the Scientist. The concert is rallying support for improving energy access across Africa, defending the Amazon against deforestation and improving literacy rates. Fans can earn tickets by taking actions through the Global Citizen app. The billing of The Weeknd and Shakira reunites Global Citizen with two previous artistic supporters at a time when they are filling seats on successful stadium tours.

WORDS: 487 - MOVED: 07/22/2025 8:00 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:d373409552b46c0fda8a0d5427644d0e&mediaType=text

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CB--HAITI-US-ARREST

Federal agents in Miami arrest a prominent Haitian businessman and once presidential hopeful

SUMMARY: Federal agents in Miami have arrested Pierre Réginald Boulos, a well-known Haitian businessman, physician and former presidential hopeful. A person familiar with the arrest said on Monday that the arrest occurred at Boulos' home in South Florida late last week. Boulos was born in the United States but renounced his citizenship to run for president of Haiti in recent years. He obtained his U.S. residency last year under the administration of President Joe Biden. Boulos, who previously has denied a flurry of corruption allegations, is the most well-known Haitian arrested to date as part of an immigration crackdown by the Trump administration.

WORDS: 617 - MOVED: 07/22/2025 7:57 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:62a8fdaf44df21541a9eaac333462f51&mediaType=text

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AS--INDIA-AIR INDIA-INSPECTION

Air India says no issues in locking mechanism of fuel control switches in Boeing fleet

SUMMARY: Air India says it has completed precautionary inspections on the locking mechanism of fuel control switches for select Boeing aircrafts. The airline said Tuesday that "no issues" were found. A preliminary investigation into last month's Air India plane crash stated days earlier that the switches shifted and flipped within seconds to starve both engines of fuel. Air India operates a fleet of Boeing 787 Dreamliners for long-haul operations. Subsidiary and low-cost unit Air India Express operates Boeing 737 jets for short distance flights. The airline said that the inspections showed that "no issues were found with the said locking mechanism."

WORDS: 433 - MOVED: 07/22/2025 6:44 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:e12fa8c2f4e175f21c3f01aeecc97877&mediaType=text

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US--PHILANTHROPY-PUBLIC FUNDING-WV

McDowell County, West Virginia, birthplace of food stamps, faces a disappearing safety net

SUMMARY: Nonprofits in McDowell County, West Virginia, face severe challenges due to federal funding cuts. Once a thriving coal hub, the county now struggles with poverty, with over one-third of residents living below the poverty line. Many rely on federal programs like Medicaid, SNAP, and housing assistance, which are being reduced under recent policies. Nonprofits, already operating on slim margins, are laying off staff or dipping into reserves to survive. Cuts to rural water and internet programs further strain the community, leaving basic needs unmet. Advocates warn these reductions could devastate the region, where federal support is a critical lifeline.

WORDS: 1273 - MOVED: 07/22/2025 6:08 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:bd131eb660e9cba0dc8c5878fab48d3c&mediaType=text

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US--PHILANTHROPY-PUBLIC FUNDING-TAKEAWAYS

Takeaways from AP's report about cuts to government grants for nonprofits

SUMMARY: In his second term, President Donald Trump has cut a huge range of grants that fund social services. These policy changes are poised to upend decades of partnerships the federal government has built with nonprofits to help people in their communities. An analysis by the Urban Institute gives a sense of the scale of the historic relationship between the public sector and nonprofits. In 2021, the data shows some $267 billion was granted to nonprofits from all levels of government. The data shows that more than half of nonprofits in every state received government grants and in most places, the typical nonprofit would run a deficit without government funding.

WORDS: 819 - MOVED: 07/22/2025 6:06 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:7a1229c0124f6a8476d7881b76e36c1f&mediaType=text

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US-PHILANTHROPY-PUBLIC FUNDING

The government was once a steady partner for nonprofits. That's changing

SUMMARY: In his second term, President Donald Trump has cut a huge range of federal grants that fund social services. The cuts are disrupting the decades-long partnerships between the government and nonprofits. An Urban Institute analysis shows the scale and breadth of that relationship. In 2021, nonprofits received $267 billion in grants from all levels of government grants. More than half of nonprofits would face budget deficits without this funding. Nonprofits across the U.S. are struggling to adapt, with some forced to restructure or reduce services. Leaders warn that private donations cannot replace the scale of government support.

WORDS: 1546 - MOVED: 07/22/2025 6:02 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:ed2e5b30445c9ffdb07346e42c0abfa3&mediaType=text

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US--COLDPLAY-JUMBOTRON-PRIVACY IN PUBLIC?

Can you ever expect privacy in public? Coldplay kiss camera saga tells us a lot about the answer

SUMMARY: When the KissCam at a Coldplay concert last week landed on a couple who suspiciously escaped their embrace and tried (but failed) to duck out of the spotlight, the internet immediately got to work. Online sleuths quickly rushed to identify who was on camera, uncovering an apparent romantic affair between a tech company's CEO and its head of human resources. Beyond the fallout of this specific incident, experts point more broadly to the state of "social media surveillance" today. It's increasingly common for moments that may have been intended to be private, or at least reserved to a physical venue, to make their way online -- and often lead to an internet search to find the people involved. That's eroded what privacy expectations we can have in today's modern world.

WORDS: 1061 - MOVED: 07/22/2025 4:49 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:e768214f389bc788dcc539a00bf066da&mediaType=text

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