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 07/31/2025 12:00 p.m. EDT, Text, Photo
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TESLA-MIAMI TRIAL
DESCRIPTION: Closing arguments are scheduled in a court case in Miami where plaintiffs say Tesla should share blame in the death of a stargazing university student struck by a runaway Tesla. The company says the driver is fully at fault. ON MERITS
UPCOMING: By 07/31/2025 4:00 p.m. EDT, Text, Photo
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APPLE-RESULTS
DESCRIPTION: Apple will release its results for the latest quarter caught in the crossfire of the Trump administration's trade war at the same time it struggles to overcome a botched entry into the potentially transformative field of artificial intelligence.
UPCOMING: By 07/31/2025 5:00 p.m. EDT, Text
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AMAZON-RESULTS
DESCRIPTION: Amazon will release its results for the latest quarter after the market close.
UPCOMING: By 07/31/2025 5:00 p.m. EDT, Text
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NEW AND DEVELOPING
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CAR--INDYCAR-PENSKE-FOX
Roger Penske sells a third of Indianapolis Motor Speedway and IndyCar to Fox
SUMMARY: Penske Entertainment has sold a one-third interest in the company to FOX. The deal is described as a strategic investment to boost IndyCar's growth. It includes a multi-year contract extension for Fox Sports' media rights. Penske expects this move to lead to innovative racing events and enhanced promotion for IndyCar drivers. Roger Penske says the partnership is based on trust and a shared vision. FOX Sports CEO Eric Shanks, an IndyCar fan, is excited about the investment. IndyCar viewership has increased significantly this season. The sale that was announced on Thursday also provides some clarity on Penske's succession plans.
WORDS: 495 - MOVED: 07/31/2025 10:25 a.m. EDT
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FINANCIAL MARKETS
Rallies for Microsoft and Meta send Wall Street higher
SUMMARY: Big rallies for Microsoft and Facebook's parent company are helping lead stocks back toward more record highs. The S&P 500 rose 0.8% in morning trading Thursday. The Dow Jones Industrial Average rose 122 points. The tech gains pushed the Nasdaq composite up 1.2%. Meta Platforms surged 12% after the parent company of Facebook and Instagram crushed Wall Street's sales and profit targets even as the company continues to pour billions of dollars into artificial intelligence. Microsoft jumped 4% after it also posted better results than analysts were expecting. Apple and Amazon report their results after the closing bell.
WORDS: 391 - MOVED: 07/31/2025 10:17 a.m. EDT
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EU--LITHUANIA-PRIME MINISTER
Lithuania's prime minister steps down after investigations and protests
SUMMARY: Lithuania Prime Minister Gintautas Paluckas has stepped down following investigations into his business dealings. The scandal prompted protests in the Baltic country's capital calling for his resignation. President Gitanas Naus?da announced Paluckas' resignation to the media on Thursday morning. Paluckas is a Social Democrat and he ascended to the role late last year after a three-party coalition formed following a parliamentary election in October. He wrote in a letter to Social Democratic party members to say that he's stepping down "seeing how the scandals are hindering the work of the government." New coalition talks are expected to start shortly to form a new Cabinet.
WORDS: 422 - MOVED: 07/31/2025 10:12 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:a85c94bd8f0188dd3b8dc2476291bb41&mediaType=text
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US-ENT--BOOKS-KAMALA HARRIS
Kamala Harris will release '107 Days,? a behind-the-scenes look at her historic presidential run
SUMMARY: Former Vice President Kamala Harris has announced a new memoir called "107 Days," detailing her historic Democratic presidential run last year. The book will be published Sept. 23 by Simon & Schuster. Harris shared in a video announcement Thursday the book offers a behind-the-scenes account of her campaign, the shortest presidential campaign in modern history at just 107 days. New York-based Simon & Schuster declines to provide specifics on the content but assures Harris addresses key topics. Harris would've been the first woman and first woman of color to become president but lost to Republican Donald Trump last November. Harris says she believes there's value in sharing "what it will take to move forward."
WORDS: 347 - MOVED: 07/31/2025 10:10 a.m. EDT
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US--ARKANSAS GOVERNOR-ISRAEL
Arkansas Gov. Sarah Huckabee Sanders to take first trip to Israel since her father became ambassador
SUMMARY: Arkansas Governor Sarah Huckabee Sanders is traveling to Israel next week on a trade mission. This marks her first visit since her father, Mike Huckabee, became the U.S. ambassador there. Sanders will also visit the United Arab Emirates. Her office says she will leave Saturday and return Aug. 9. The Senate confirmed Mike Huckabee as ambassador to Israel in April. During her trip, Sanders plans to meet with senior Israeli government officials and with Israeli companies, including those with investments in Arkansas. She also plans to meet with companies in the UAE. Sanders is considered a potential Republican presidential candidate for 2028.
WORDS: 183 - MOVED: 07/31/2025 10:00 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:17baf337326e1a747c3392b45e14d308&mediaType=text
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CVS HEALTH-RESULTS
CVS Health hikes 2025 forecast again, boosted by insurance, pharmacy businesses
SUMMARY: CVS Health topped Wall Street expectations for the second quarter and it's hiking its full-year forecast again, as the health care giant continued to rally under new management from a forgettable 2024. The company said Thursday that it filled more prescriptions at its drugstores, and an improving health insurance business fueled its quarterly performance. CVS Health now expects adjusted earnings of between $6.30 and $6.40 this year, a range that falls well above analyst forecasts. CVS Health sells health insurance and runs one of the nation's largest drugstore chains and a huge pharmacy benefit management business.
WORDS: 400 - MOVED: 07/31/2025 9:50 a.m. EDT
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EU--RUSSIA-UKRAINE-WAR-CORRUPTION
Ukraine's Parliament approves law restoring independence of anti-graft watchdogs following backlash
SUMMARY: Ukraine's Parliament has approved a bill tabled by President Volodymyr Zelenskyy that restores the independence of two of the country's key anti-corruption watchdogs. The move on Thursday reversed his contentious move last week that curbed their power and brought an outcry. Lawmakers approved Zelenskyy's new proposal with 331 votes and nine abstentions Thursday. Last week's measure by Zelenskyy to place the watchdogs under the oversight of the prosecutor general prompted an outcry from Ukrainians, the European Union and international rights groups. It raised fears that the government could meddle in investigations and potentially shield its supporters from scrutiny.
WORDS: 666 - MOVED: 07/31/2025 9:41 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:2abf1e53a71ed0fff726c256c55aefb8&mediaType=text
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US--TRUMP-WIND-ENERGY
Trump administration cancels plans to develop new offshore wind projects
SUMMARY: The Trump administration is canceling plans to use large areas of federal waters for new offshore wind development. It's the latest step to suppress the industry in the United States. More than 3.5 million acres had been designated wind energy areas. Those are the offshore locations deemed most suitable for wind energy development. Now, the Bureau of Ocean Energy Management is rescinding all designated wind energy areas in federal waters. The agency is citing what it calls "speculative wind development." Offshore wind lease sales were anticipated off the coasts of Texas, Louisiana, Maine, New York, California and Oregon, as well as in the central Atlantic.
WORDS: 381 - MOVED: 07/31/2025 9:40 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:7a05dff77ba92e4a7761604583a6d208&mediaType=text
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ONE TECH TIP-AI MUSIC
One Tech Tip: Can you tell if that song AI-generated? Here are some things to check
SUMMARY: A fictitious rock group with AI-generated music, lyrics, and album art sparked debate about how the new technology is blurring the line between real and synthetic in the music world. AI tools like Suno and Udio allow anyone to create songs with a few prompts. Some listeners don't mind AI music, while others want to know its origins. To identify AI-generated songs, listeners can check for social media presence, concert listings, and record label releases. Deezer flags AI-generated tracks, and third-party services can analyze songs for AI patterns. However, AI technology is advancing, making it harder to distinguish between human and AI-created music.
WORDS: 939 - MOVED: 07/31/2025 9:39 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:528899c4864ad536de23be0a8dec0cbc&mediaType=text
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EU--BRITAIN-AIR TRAFFIC DELAYS
UK authorities and airlines demand answers from air traffic control operator after radar issue
WORDS: 493 - MOVED: 07/31/2025 9:38 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:a630becb86a2d1c0a2db6605baad0adc&mediaType=text
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US--CONSUMER SPENDING
A key US inflation gauge rose last month as Trump's tariffs lifted goods prices
SUMMARY: The Federal Reserve's preferred inflation gauge ticked higher last month in a sign that President Donald Trump's broad-based tariffs are starting to lift prices for many goods. Prices rose 2.6% in June compared with a year ago, the Commerce Department said Thursday, up from an annual pace of 2.4% in May. Excluding the volatile food and energy categories, prices rose 2.8% in the past year, the same as the previous month, which was revised higher. The figures are above the Fed's 2% goal.
WORDS: 580 - MOVED: 07/31/2025 9:28 a.m. EDT
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US--AIRCRAFT-DOWN-INVESTIGATION
Day 2 of federal investigation into fatal midair crash of Army chopper, commercial plane opens
SUMMARY: The National Transportation Safety Board enters a second day of public hearings on the January midair collision between an Army Black Hawk helicopter and a passenger plane. The crash resulted in the deaths of all 67 people aboard. Investigators found the helicopter was flying above the 200-foot altitude limit over the Potomac River in Washington D.C. before colliding with the plane. Its altitude readings were also not accurate. The NTSB conducted tests on other helicopters and found similar discrepancies in their altimeters. The second day of investigative hearings will focus on air traffic control.
WORDS: 1026 - MOVED: 07/31/2025 9:26 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:e9f7b69fe01ff39dc8629d2999104683&mediaType=text
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US--TRUMP-TARIFFS-PALESTINIANS
Trump seeks to use Canada's recognition of Palestinian state as leverage in trade talks
SUMMARY: President Donald Trump says Canada's announcement it'll recognize a Palestinian state "will make it very hard" for the U.S. to reach a trade agreement with it. Trump's threat posted early Thursday on his social media network is the latest way he's sought to use his trade war to coerce countries on unrelated issues and a swing from the ambivalence he has expressed about other countries making such a move. The Republican president said this week he didn't mind British Prime Minister Keir Starmer taking a position on the issue of formally recognizing Palestinian statehood. And last week, Trump said French President Emmanuel Macron's similar move was "not going to change anything."
WORDS: 446 - MOVED: 07/31/2025 9:25 a.m. EDT
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UNEMPLOYMENT BENEFITS
US applications for jobless benefits inch up for the first time in 7 weeks, but layoffs remain low
SUMMARY: The number of Americans filing for jobless benefits inched up modestly last week as business continue to retain staff despite economic uncertainty around U.S. trade policy. The Labor Department reported Thursday that jobless claims for the week ending July 26 ticked up by 1,000 to 218,000, less than the 225,000 new applications analysts forecast. Applications for unemployment aid are viewed as representative of layoffs. It was the first time in seven weeks that benefit applications rose, although layoffs remain at historically low levels. The total number of Americans collecting unemployment benefits for the previous week of July 19 was unchanged at 1.95 million.
WORDS: 449 - MOVED: 07/31/2025 8:51 a.m. EDT
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US--DELTA TURBULENCE
Turbulence forces Delta flight to land and sends 25 passengers to hospitals, airline says
SUMMARY: Delta Air Lines says a flight from Salt Lake City to Amsterdam was hit by serious turbulence, injuring passengers and forcing the flight to divert to Minneapolis-St. Paul International Airport. The airline says that first responders met the flight Wednesday evening and 25 passengers were taken to hospitals for evaluation and treatment. One passenger said people who weren't wearing seat belts were thrown about the cabin. Serious injuries from in-flight turbulence are rare, but scientists say they may be becoming more common as climate change alters the jet stream.
WORDS: 202 - MOVED: 07/31/2025 7:29 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:f93bc14c4c6f27d0be137483938fddfe&mediaType=text
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AS--PAKISTAN-US-TRADE DEAL
Pakistan and US reach a trade agreement to develop oil reserves and reduce tariffs
SUMMARY: The United States and Pakistan say they have reached a trade agreement that is expected to allow Washington to help develop Pakistan's largely untapped oil reserves and lower tariffs for the South Asian country. Pakistani officials did not specify where the exploration would take place, but most of Pakistan's reserves are believed to be in the insurgency-hit southwestern province of Balochistan, where separatists oppose any foreign investment. Early Thursday, U.S. President Trump wrote on his Truth Social platform: "We have just concluded a deal with the country of Pakistan, whereby Pakistan and the United States will work together on developing their massive oil reserves." Pakistan's premier also hailed the agreement.
WORDS: 511 - MOVED: 07/31/2025 6:14 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:b891d26a9047cba4c13f098be7e068d1&mediaType=text
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US--TRUMP-TARIFFS
Trump announces 25% tariff on India and unspecified penalties for buying Russian oil
SUMMARY: President Donald Trump says the United States and India are still negotiating on trade despite new tariffs slated to begin in a few days. Trump told reporters Wednesday he'll "see what happens." India's government says it's studying the implications of Trump's announcement he'll impose a 25% tariff on goods from India, plus an additional import tax because of its purchasing of Russian oil. Trump intends to charge an additional "penalty" starting Friday as part of the launch of his administration's revised tariffs on multiple countries. India's Trade Ministry says it remains committed to negotiating a "fair, balanced and mutually beneficial" bilateral trade agreement.
WORDS: 1060 - MOVED: 07/31/2025 1:51 a.m. EDT
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AS--AUSTRALIA-X CORP
Australian court rejects X Corp.'s appeal in child safety case, orders legal costs
SUMMARY: An Australian appeals court has ruled against X Corp. in a legal battle with an online safety watchdog. The court on Thursday rejected X's appeal against a decision requiring it to disclose its response to child sexual exploitation material on its platform. The judges also ordered X to pay the watchdog's legal costs. The case began in early 2023 when the eSafety commissioner asked major tech companies including Twitter Inc. to report on the platform's handling of child abuse material. X argued it wasn't responsible due to a merger with Twitter. Twitter no longer exists as a legal entity. The watchdog welcomed the ruling, saying tech companies have to be held accountable.
WORDS: 435 - MOVED: 07/31/2025 1:47 a.m. EDT
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EU--CHINA-STARLINK
Chinese researchers suggest lasers and sabotage to counter Musk's Starlink satellites
SUMMARY: Chinese scientists have been developing strategies to counter Elon Musk's Starlink satellites, which they see as a threat. Starlink's potential use in military confrontations and for spying has led government-linked researchers to publish dozens of papers in public journals that explore ways to neutralize the satellites. Concerns have grown since Russia's 2022 full-scale invasion of Ukraine, where Starlink provided battlefield advantages. Some U.S. allies also question the wisdom of handing strategic infrastructure to a foreign businessman whose allegiances aren't always clear. Starlink's dominance in space communications has sparked global efforts to find alternatives, but no other country or company is close to catching up.
WORDS: 1598 - MOVED: 07/31/2025 12:02 a.m. EDT
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US-TRUMP-TARIFFS-LAWSUITS
Triumphant in trade talks, Trump and his tariffs still face a challenge in federal court
SUMMARY: President Donald Trump may have gotten his way with tariffs on some countries, but his overhaul of American trade policy has not gone unchallenged. In May, a three-judge panel of the U.S. Court of International Trade agreed that Trump exceeded his powers when he declared a national emergency to plaster tariffs on imports from almost every country in the world. On Thursday, the U.S. Court of Appeals for the Federal Circuit in Washington will hear oral arguments in the case, which is likely headed to the Supreme Court. Trump is facing at least seven lawsuits charging that he's overstepped his authority. The plaintiffs want his biggest, boldest tariffs thrown out.
WORDS: 873 - MOVED: 07/31/2025 12:01 a.m. EDT
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