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 05/08/2025 12:00 p.m. EDT, Photo, Text
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US HURRICANE RECOVERY
DESCRIPTION: U.S. Agriculture Secretary Brooke Rollins promised this week that federal Hurricane Helene aid for farmers will begin flowing "soon" as Georgia Gov. Brian Kemp signs a bill that would exempt such disaster payments from state income taxes.
UPCOMING: By 05/08/2025 3:30 p.m. EDT, Photo, Text
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NEW AND DEVELOPING
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US--TRUMP-BRITAIN-TRADE
U.S. President Donald Trump said from the White House on Thursday that his government has reached a trade agreement with the United Kingdom. The deal affirms that "reciprocity and fairness is a vital principle of international trade" and increases access for U.S. agricultural products, Trump said, though he added that the final details were still being written up.
WORDS: 788 - MOVED: 05/08/2025 10:18 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:79d55b8ade0dd8c9265ada9400d079db&mediaType=text
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AS--INDIA-PAKISTAN-AIRLINES
India suspends flight operations at several airports as Pakistan resumes flights nationwide
SUMMARY: Indian airlines have canceled hundreds of flights from more than two dozen airports until Saturday amid heightened tensions between India and Pakistan. But Pakistan resumed flights nationwide after a suspension at four airports. Some of the key airports in northern and western regions of India have been shut following the closure of airspace. Country's largest airline Indigo canceled 165 flights Wednesday while Air India and Air India Express had a similar number of cancellations. Several passengers were stranded at airports. India's Civil Aviation Ministry hasn't officially commented on the closure of airports. A spokeswoman declined to comment on Thursday.
WORDS: 317 - MOVED: 05/08/2025 10:14 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:2352695c69cb131eae5d3ab4f337b990&mediaType=text
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EU--TURKEY-IRAQ
Iraq's prime minister visits Turkey as neighbors work to strengthen cooperation
SUMMARY: Iraq's prime minister is visiting Turkey as the two neighboring countries move forward with efforts to strengthen cooperation. Thursday's talks between Iraqi Premier Mohammed Shia al-Sudani and Turkish President Recep Tayyip Erdogan are expected to focus on a new peace effort between Turkey and a Kurdish militant group that has a foothold in Iraq. The discussions will also center on water supplies to Iraq. The two are scheduled to ink a series of cooperation agreements.
WORDS: 352 - MOVED: 05/08/2025 10:01 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:6ebdab07362d4402c6ec4d01c79c192b&mediaType=text
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FINANCIAL MARKETS
Wall Street rises with hopes for trade deals that could forestall a recession
SUMMARY: U.S. stocks are rising after President Donald Trump said he was set to announce an agreement on trade with the United Kingdom. The S&P 500 climbed 0.6% Thursday. The Dow Jones Industrial Average added 253 points, and the Nasdaq composite rose 0.9%. Stocks are heading toward their 11th gain in the last 13 days, as hopes rise that Trump may reach deals with other countries that would lower his tariffs, which investors believe would cause a recession if left unchecked. Tapestry helped lead the market after the company behind the Coach and Kate Spade brands joined the parade of companies reporting better profit than expected.
WORDS: 680 - MOVED: 05/08/2025 9:54 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:8ebf3f0d6c5bb0b0d90852cca08263ef&mediaType=text
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AS--PAKISTAN-INDIA-WARS-EXPLAINER
India and Pakistan don't fight wars like other countries. Here's why
SUMMARY: India and Pakistan have fought three full-scale wars since they gained independence from British India in 1947. They've also had dozens of skirmishes and conflicts. The latest tensions follow a deadly gun attack on tourists that India blames Pakistan for. Islamabad denies any connection. But they don't fight wars like other countries. The dominant factor is their nuclear weapons arsenal. It's a distinct way of deterring major attacks and a guarantee that fighting doesn't get out of hand even when the situation is spiraling.
WORDS: 978 - MOVED: 05/08/2025 9:43 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:0708bbf29ea81126aeae0d141f5a4026&mediaType=text
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LT--CLIMATE-COP30-BRAZIL-ENVIRONMENT
The construction of a road in Brazil draws criticism before first-ever climate talks in the Amazon
WORDS: 635 - MOVED: 05/08/2025 9:33 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:d1f5d7dfe1a044e63f67506b4a563d52&mediaType=text
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EU--EUROPE-TRUMP-TARIFFS
The EU publishes a US product hit list and prepares for WTO action against Trump's tariffs
WORDS: 536 - MOVED: 05/08/2025 9:07 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:7ecab3aad84cb108c96cc6b242fcedc8&mediaType=text
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UNEMPLOYMENT BENEFITS
US applications for jobless benefits fall last week despite elevated uncertainty over Trump tariffs
SUMMARY: The number of Americans applying for unemployment benefits fell last week despite heightened uncertainty about how President Donald Trump's tariffs will impact the U.S. economy. Jobless claim applications fell by 13,000 to 228,000 for the week ending May 3, the Labor Department said Thursday. That's in line with the 229,000 new applications analysts forecast. Weekly applications for jobless benefits are considered a proxy for layoffs, and have mostly bounced around a healthy range between 200,000 and 250,000 since COVID-19 decimated the economy and wiped out millions of jobs. The total number of Americans receiving unemployment benefits for the week of April 26 fell to 1.88 million, a decrease of 29,000.
WORDS: 612 - MOVED: 05/08/2025 9:03 a.m. EDT
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EU--BRITAIN-ECONOMY
Bank of England cuts interest rates and welcomes word of US-UK trade deal
SUMMARY: The Bank of England is cutting its main interest rate by a quarter of a percentage point to 4.25% amid concerns over the potential shock to global growth emanating from the tariff policies of the Trump administration. The decision comes ahead of a trade deal between the U.S. and the U.K., which will likely lower the burden of President Donald Trump's sweeping tariffs. Trump posted on his Truth Social platform Thursday that a deal due to be announced at 10 a.m. EDT (1400 GMT) will be a "full and comprehensive one that will cement the relationship between the United States and the United Kingdom for many years to come."
WORDS: 541 - MOVED: 05/08/2025 8:43 a.m. EDT
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SOC--SALFORD-BECKHAM AND NEVILLE
Beckham and Neville part of new ownership group at English soccer club Salford
WORDS: 397 - MOVED: 05/08/2025 8:27 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:d215e9251cbd51eb0877000dc30af9d9&mediaType=text
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US--PHILANTHROPY-BILL GATES
Bill Gates pledges his remaining fortune to the Gates Foundation, which will close in 20 years
SUMMARY: Bill Gates says he will donate 99% of his remaining tech fortune to the Gates Foundation. Today, that would be worth an estimated $107 billion. He also announced the foundation will now close in 2045, earlier than previously planned. The pledge is among the largest philanthropic gifts ever. The Gates Foundation's announcement Thursday promises steady support over the next 20 years to its grantees and partners, particularly in global health and education in the U.S. But it also signals an eventual end to the foundation's immense worldwide influence.
WORDS: 1134 - MOVED: 05/08/2025 8:13 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:996819a2c13c58f0c7c658a58374f236&mediaType=text
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US--PHILANTHROPY-MELINDA FRENCH GATES
Melinda French Gates reflects on legacy of Gates Foundation as it announces it will close in 2045
SUMMARY: Melinda French Gates says she and her ex-husband, Bill Gates, always intended for the foundation they started together to spend down all of its resources rather than to exist in perpetuity. The Gates Foundation announced Thursday that it would close in 2045, sooner than had been planned. French Gates stepped down from the Gates Foundation last year. She says the decision about exactly when to close was made by Bill Gates and the foundation's trustees. She says while the foundation's goals for its next 20 years, like eradicating polio, may now be harder, "We never thought it was going to be easy."
WORDS: 961 - MOVED: 05/08/2025 8:07 a.m. EDT
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US--PHILANTHROPY-BILL GATES QUOTES
In his own words: Bill Gates on giving away the remainder of his wealth
SUMMARY: Bill Gates is pledging 99% of his remaining fortune to the Gates Foundation, which will spend it all within 20 years. The funds will be delivered over time and will allow the foundation to spend another $200 billion by the time it closes in 2045. In interviews with The Associated Press, Gates spoke about closing the foundation earlier than planned and the potential impact of health and foreign aid cuts on the foundation's goals. Gates' pledge is one of the largest commitments in the history of U.S. philanthropy. He says he'd love for others to beat that record.
WORDS: 1108 - MOVED: 05/08/2025 8:06 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:1bd7c6661b8cce092b01203d9a615374&mediaType=text
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US--PHILANTHROPY-GATES FOUNDATION 25 YEARS
The Gates Foundation's first 25 years: How it changed global health and philanthropy
SUMMARY: In its first 25 years, the Gates Foundation became one of the world's largest charitable foundations and one of the most powerful institutions in global health. The foundation was formed in 2000 by Bill Gates and Melinda French Gates. The former couple had grand ambitions but little experience in global health or philanthropy when they got started. The foundation's flagship issue is its work to reduce the number of preventable childhood deaths through vaccines and treatment for malnutrition. As its influence over global health policy has grown, researchers have questioned some of its strategies, including its support for public-private partnerships.
WORDS: 1267 - MOVED: 05/08/2025 8:04 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:fbf9165064503dc9c645dde9aecb4767&mediaType=text
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ML--EARNS-EMIRATES
Long-haul carrier Emirates reports record profit of $5.2 billion as staff get 22-weeks pay as bonus
SUMMARY: Long-haul carrier Emirates has reported it earned annual profits of $5.2 billion. That makes it one of the world's most-profitable airlines. The report came out on Thursday. Dubai-based carrier served 53.7 million passengers out of its hub of Dubai International Airport. The overall Emirates Group is owned by Dubai's sovereign wealth fund and it saw annual profits of $5.6 billion. Emirates serves as a crucial link in East-West travel and is the crown jewel of what experts and diplomats refer to as "Dubai Inc." That's the series of interconnected companies overseen by the sheikhdom's ruling Al Maktoum family.
WORDS: 680 - MOVED: 05/08/2025 8:04 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:2ec4571f18189fc039dc6db4665533ae&mediaType=text
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US--CONGRESS-TAX CUTS
GOP centrists revolt against steep cuts to Medicaid and other programs in Trump's tax breaks bill
SUMMARY: As Republican leaders draft President Donald Trump's big bill of $4.5 trillion in tax breaks and $1.5 trillion in spending cuts, dozens of more moderate Republicans from contested congressional districts have positioned themselves at the center of the negotiating table. The GOP centrists warn fellow Republicans they won't vote for steep Medicaid cuts or rollbacks to several Biden-era green energy tax breaks. Some want to revive and bump up a deduction that allows taxpayers to write-off a portion of their state and local taxes, called SALT. It comes amid growing unease over Trump's economic policies. And it's complicating Speaker Mike Johnson's efforts to pass the bill from the House by Memorial Day.
WORDS: 1147 - MOVED: 05/08/2025 7:30 a.m. EDT
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AS--JAPAN-NINTENDO-RESULTS
Nintendo promises stronger results with Switch 2 console going on sale in June
SUMMARY: Japanese video-game maker Nintendo has reported a 43% decline in profit for the fiscal year through March, but promised a turnaround as its Switch console upgrade goes on sale in June. Profit for the fiscal year through March totaled 278.8 billion yen, or $1.9 billion, down from 490 billion yen. Annual sales slipped 30% to 1.16 trillion yen, or $8 billion. Much anticipation has been building over the rollout of the so-called Switch 2. Kyoto-based Nintendo, which makes the Super Mario and Donkey Kong games, expects to sell 15 million Switch 2 consoles for the fiscal year through March 2026.
WORDS: 318 - MOVED: 05/08/2025 3:57 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:7fb2773d7119f14f6c24ecb4580f51d5&mediaType=text
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AS--NEW ZEALAND-SHEEP NUMBERS
Yes, New Zealand still has more sheep than people. But humans are catching up
SUMMARY: New Zealand is still one of a few countries in the world where sheep outnumber people. But the human population is catching up, according to official figures. With an economy driven by agricultural exports, the country is particularly known for its sheep numbers -- which have long been the subject of jokes faced by New Zealanders abroad. Tuesday's figures show the gap has narrowed. In the 1980s, there was a flock of 22 sheep for each New Zealander but that's shrunk to 4.5 sheep per person. Farmers say cratering wool prices and the conversion of grasslands to pine forests are behind the shift.
WORDS: 527 - MOVED: 05/08/2025 3:11 a.m. EDT
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AS--JAPAN-TOYOTA-RESULTS
Toyota reports booming sales but stays cautious on profit because of various costs
SUMMARY: Japan's top automaker Toyota is reporting record sales for the fiscal year through March, but its profit for the latest quarter faltered partly because of a certification scandal. Toyota reported Thursday that its January-March net profit totaled 664.6 billion yen, or $4.6 billion, down from 997.6 billion yen the same period a year ago. Toyota has been strengthening the testing system of its vehicles after acknowledging wide-ranging fraudulent testing, including the use of inadequate or outdated data in crash tests, incorrect testing of airbag inflation and engine power checks. Annual sales reached a record 48 trillion yen, or $333.6 billion.
WORDS: 397 - MOVED: 05/08/2025 2:40 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:d3d473cfd03dfd04b487771ca20d14ad&mediaType=text
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US--TRUMP-TARIFFS-GEODUCKS
How a Chinese delicacy got caught in the crossfire of Trump's trade war
SUMMARY: President Donald Trump's trade war with China is crippling an entire industry that hand-harvests geoducks. Pronounced "gooey-duck," the world's largest burrowing clam has been harvested for centuries by Pacific Northwest tribes. In recent years, it's become a lucrative American seafood export to China. Pre-tariff costs were as high as $100 per pound in restaurants but escalating tariffs are effectively shutting down the U.S. market. Washington state typically sends 90% of its geoducks to China. The sweet but briny mollusk is sliced raw for crisp sashimi out west while Chinese consumers prefer it chewy in stir-fries or hot pot soups. It is generally reserved for special occasions like Chinese New Year, or to celebrate a business gathering.
WORDS: 1333 - MOVED: 05/08/2025 12:08 a.m. EDT
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