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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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 08/07/2025 12:00 p.m. EDT, Photo, Text
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NEW AND DEVELOPING
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US--TRUMP-TARIFFS-THE-LATEST
The Latest: Wall Street and US trading partners worldwide react to Trump's latest tariffs
SUMMARY: The U.S. has begun officially levying higher taxes on imports from dozens of countries Thursday, four months after President Donald Trump first announced plans to impose tariffs on most of the world while seeking new trade agreements across the board. The White House said that starting just after midnight goods from more than 60 countries and the European Union would face tariff rates of 10% or higher. Products from the European Union, Japan and South Korea will be taxed at 15%, while imports from Taiwan, Vietnam and Bangladesh will be taxed at 20%. Trump also expects places such as the EU, Japan and South Korea to invest hundreds of billions of dollars in the U.S.
WORDS: 2247 - MOVED: 08/07/2025 10:18 a.m. EDT
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FINANCIAL MARKETS
Wall Street rises as stock markets worldwide take Trump's new tariffs in stride
SUMMARY: Stocks are rising on Wall Street, even as President Donald Trump's latest tariffs take effect on dozens of countries. The S&P 500 added 0.6% Thursday and is flirting with its record, which was set late last month. The Dow Jones Industrial Average rose 182 points, and the Nasdaq composite gained 1.1%. Worries are still high that Trump's tariffs are damaging the economy, particularly after last week's U.S. jobs report. But hopes for coming cuts to interest rates and a torrent of stronger-than-expected profit reports have helped overshadow the concerns, at least for now. Stocks also rose across much of Asia and Europe.
WORDS: 779 - MOVED: 08/07/2025 10:10 a.m. EDT
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US--UNITED AIRLINES FLIGHTS GROUNDED
United Airlines tech issue that impacted more than 1,000 flights resolved, residual delays expected
SUMMARY: A disruption to a system housing United Airlines' flight information that caused more than 1,000 delays has been resolved. However, delays continued into Thursday. United says the underlying issue has been resolved, but residual delays were expected as the airline works to restore normal operations. FlightAware, a website that tracks flight disruptions, says about 35% of all the airline's flights were delayed Wednesday and another 7% were canceled. By midmorning Thursday, 5% of United flights for the day were delayed and 4% were canceled. The airline's travel alert page notes that a technology disruption may impact flights to or from 14 airports including Newark, Washington, Los Angeles, Orlando, Chicago, London and Frankfurt.
WORDS: 500 - MOVED: 08/07/2025 10:05 a.m. EDT
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US--PHILANTHROPY-CLINTON GLOBAL INITIATIVE
Bill Clinton plans big changes for Clinton Global Initiative annual meeting
SUMMARY: President Bill Clinton plans significant changes for this year's Clinton Global Initiative annual meeting to address global development challenges. In a letter released Thursday, Clinton emphasized the need to redefine approaches and connect issues. The meeting, held during United Nations General Assembly week, will focus on economic, health, climate, and humanitarian solutions. Guests like Barbados Prime Minister Mia Mottley and Kosovo President Vjosa Osmani are expected. CGI hopes to close gaps left by reduced U.S. aid with "Leaders Stage Sessions" that bring together representatives from various organizations to brainstorm new solutions.
WORDS: 552 - MOVED: 08/07/2025 10:00 a.m. EDT
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US-BE WELL-WORKING WELL-DISCONNECTING ON VACATION
Keeping work from spoiling a vacation takes planning and the right phone settings
SUMMARY: The summer vacation season is in full swing in the Northern Hemisphere, but navigating the line between work time and personal time is tricky for a lot of people. With laptop computers and smartphones making it possible to log in anytime to do work from anywhere, many find it hard to disconnect even when they take vacations. Others feel so compelled to keep working that they feign illness instead of going on family outings. Experts say planning ahead and setting up your smartphone to reduce email requests and office notifications can help keep work from intruding on your time off.
WORDS: 1203 - MOVED: 08/07/2025 9:56 a.m. EDT
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US-MED--VACCINE INJURIES-RFK
RFK Jr.'s vow to overhaul vaccine injury program echoes grievances of anti-vaccine movement
SUMMARY: Health Secretary Robert F. Kennedy Jr. says he wants to rework the U.S. program for compensating Americans injured by vaccines. The plan has long been a target of anti-vaccine groups and changing it could have far-reaching consequences for vaccine availability. Government officials set up the program in the 1980s to limit the legal risks for vaccine makers. At the time many companies were leaving the business due to class action lawsuits. Kennedy and other critics have complained that the program shields vaccine makers from litigation and is too stingy in compensating injured patients.
WORDS: 1200 - MOVED: 08/07/2025 9:48 a.m. EDT
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UNEMPLOYMENT BENEFITS
US applications for jobless benefits up modestly but remain at a healthy level
SUMMARY: The number of Americans filing for jobless benefits rose modestly last week, a sign that employers still retaining workers despite economic uncertainty related to U.S. trade policy. The Labor Department reported Thursday that jobless claims for the week ending Aug. 2 rose by 7,000 to 226,000, slightly more than the 219,000 new applications analysts forecast. The report is the first government labor market data release since Friday's grim July jobs report sent financial markets spiraling downward, spurring President Donald Trump to fire the head of the agency that tallies the monthly jobs numbers. Applications for jobless benefits serve as a proxy for layoffs.
WORDS: 627 - MOVED: 08/07/2025 9:15 a.m. EDT
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US-MED--ULTRA-PROCESSED FOODS
Americans get more than half their calories from ultra-processed foods, CDC report says
SUMMARY: A new federal report finds that most Americans get more than half their calories from ultra-processed foods. Overall, about 55% of calories consumed by Americans older than age 1 came from ultra-processed foods during August 2021 to August 2023. The top sources include burgers and sandwiches, sweet baked goods, savory snacks, pizza and sweetened drinks. Ultra-processed foods have been linked to chronic health problems. One surprising finding: Consumption of ultra-processed foods appeared to dip slightly over the past decade. One nutritionist says there may be greater awareness of the foods' potential harms.
WORDS: 736 - MOVED: 08/07/2025 9:00 a.m. EDT
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EU--BRITAIN-BANK OF ENGLAND
The Bank of England cuts its main interest rate to 4%, the lowest level since March 2023
SUMMARY: The Bank of England has cut its main interest rate by a quarter percentage point to 4%, as policy makers seek to bolster the sluggish U.K. economy. The decision was widely anticipated in financial markets. The bank's Monetary Policy Committee is balancing its responsibility to control inflation against concern that rising taxes and U.S. President Donald Trump's global trade war may slow economic growth. The committee voted 5-4 in favor of the cut, the bank's fifth since last August. The rate is now at its lowest level since March 2023.
WORDS: 557 - MOVED: 08/07/2025 8:46 a.m. EDT
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US--TRUMP-TARIFFS
Trump's broad tariffs go into effect just as US economic pain is surfacing
SUMMARY: Global financial markets have taken President Donald Trump's tariff adjustments in stride. Shares in Asia and Europe, as well as U.S. futures, are mostly higher Thursday after Trump started imposing higher import taxes on goods from more than 60 countries, including the European Union, Japan and South Korea. The higher import taxes are part of his strategy to reduce the U.S. trade deficit and encourage foreign investment in America. But there are signs of stalled hiring, rising inflation and declining home values. Trump is optimistic about economic growth. But many experts warn of potential long-term damage.
WORDS: 980 - MOVED: 08/07/2025 8:16 a.m. EDT
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US--ROBLOX-AI SAFEGUARDS
Roblox rolls out open-source AI system to protect kids from predators in chats
SUMMARY: Roblox, the online gaming platform wildly popular with children and teenagers, is rolling out an open-source version of an artificial intelligence system it says can help preemptively detect predatory language in game chats. The move comes as the company faces lawsuits and criticism it doesn't do enough to protect children from predators. The AI system, called Sentinel, helps detect early signs of possible child endangerment such as grooming. Roblox says it submitted 1,200 reports of potential attempts at child exploitation to the National Center for Missing and Exploited Children in the first half of 2025.
WORDS: 678 - MOVED: 08/07/2025 8:16 a.m. EDT
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JAPAN-EARNS-TOYOTA
Toyota reports a 37% drop in profit, cuts its forecast due to Trump's tariffs
WORDS: 484 - MOVED: 08/07/2025 7:19 a.m. EDT
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EU--BRITAIN-MONTY PYTHON-STAMPS
Britain's Royal Mail celebrates Monty Python with stamps featuring iconic sketches and characters
SUMMARY: Britain's Royal Mail has issued stamps celebrating Monty Python's comedy. The 10-stamp series, announced Thursday, highlights iconic characters and catchphrases like "Nudge, nudge" and "The Lumberjack Song." Six stamps feature scenes from "Monty Python's Flying Circus," including "the Spanish Inquisition" and "the Ministry of Silly Walks." Four stamps mark the 50th anniversary of the film "Monty Python and the Holy Grail." The stamps can be pre-ordered and go on sale August 14. David Gold from Royal Mail says the collection honors Monty Python's influence on comedy over nearly six decades.
WORDS: 269 - MOVED: 08/07/2025 7:04 a.m. EDT
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CHINA-TRADE
China's exports and imports picked up in July, helped by the pause in Trump's higher tariffs
WORDS: 516 - MOVED: 08/07/2025 6:20 a.m. EDT
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US--ESPN-MEDIA LANDSCAPE-EXPLAINER
Here's what you need to know about ESPN's new steaming service and its deals with the NFL and WWE
SUMMARY: ESPN has announced its new streaming service will launch Aug. 21. This move comes as streaming surpasses cable and broadcast in U.S. TV usage. ESPN hopes to attract cord-cutters with a $29.95 monthly plan offering all ESPN networks and NFL content. The service will start with around 25 million subscribers, migrating from ESPN+. Recent deals with the NFL and WWE aim to expand ESPN's offerings and market footprint. However, ESPN faces financial challenges, with increased rights fees impacting profits. The company is launching this direct-to-consumer product to boost revenue beyond traditional cable and satellite fees.
WORDS: 744 - MOVED: 08/07/2025 6:00 a.m. EDT
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JAPAN-EARNS-SOFTBANK
Japan tech giant SoftBank Group sees better fortunes on surging AI stocks
SUMMARY: Japanese technology conglomerate SoftBank Group has reported a $2.9 billion profit for the April-June quarter, rebounding from a loss a year earlier, as its investments benefited from the craze for artificial intelligence. Tokyo-based SoftBank Group said Thursday that its quarterly sales rose 7%. The company invests heavily in AI companies like Nvidia and Open AI, Arm Holdings and Taiwan Semiconductor Manufacturing Co. Such companies are among makers of computer chips that are benefiting from the growth in the AI market. SoftBank's fortunes tend to fluctuate because it invests in a range of ventures through its Vision Funds.
WORDS: 303 - MOVED: 08/07/2025 5:34 a.m. EDT
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US--TARIFFS-ASIA
New US tariffs cloud outlook for exporters in Asia and beyond
SUMMARY: President Donald Trump's new tariff rates on U.S. imports from dozens of countries have taken effect, the latest chapter in his effort to reshape global trade. Many questions remain. Trump has threatened tariffs of up to 200% on imports of pharmaceuticals. He slapped 100% tariffs on computer chips and the materials used to make them. India's exports may be subject to a 50% import tax. There's still no agreement on what tariffs might apply to products shipped from China. Whatever the details, factory and trade data shows the uncertainty is clouding the outlook for the world's economy as a rush to beat the tariffs tapers off.
WORDS: 1169 - MOVED: 08/07/2025 4:32 a.m. EDT
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EU--GERMANY-KEBAB STRIKE
Germans worry their beloved kebab may get more pricy or even scarce because of factory strike
SUMMARY: Germans worry that their beloved kebab in a pita sandwich may get more expensive. Or that there may even be a shortage because of a bitter and ongoing labor dispute at one of the country's biggest kebab producers. Factory workers at Birtat Meat World SE in southwestern Germany have repeatedly stopped production for weeks by walking off their jobs in "warning strikes." They demand a wage increase of 375 euros or $434. The workers are also trying to organize a collective contract agreement for all employees with the help of a union. But German local media report that so far the employer hasn't yielded to their demands.
WORDS: 852 - MOVED: 08/07/2025 3:40 a.m. EDT
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EU--CZECH-CEZ
Czech power company CEZ reports net profit of $779 million in the first half of 2025
WORDS: 159 - MOVED: 08/07/2025 2:55 a.m. EDT
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AS--INDIA-US-TARIFFS-TIMELINE
How India ended up facing steep US tariffs despite its strategic partnership
WORDS: 495 - MOVED: 08/07/2025 2:41 a.m. EDT
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JAPAN-EARNS-SONY
Sony raises its profit forecast after saying it expects less damage from Trump's tariffs
WORDS: 254 - MOVED: 08/07/2025 1:21 a.m. EDT
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