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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X-CEO-QUITS

DESCRIPTION: X CEO Linda Yaccarino said she's stepping down after two years running Elon Musk's social media platform.

UPCOMING: By 07/09/2025 12:00 p.m. EDT, Photo, Text

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FEDERAL RESERVE-MINUTES

DESCRIPTION: The Federal Reserve releases minutes from its most recent policy meeting, when it left its benchmark rate alone for the fourth straight time. By Christopher Rugaber. UPCOMING: Developing from release of minutes at 2 p.m.

UPCOMING: By 07/09/2025 2:00 p.m. EDT, Photo, Text

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CONGRESS-FAA

DESCRIPTION: The Senate is set to confirm Bryan Bedford as administrator of the Federal Aviation Administration over the objections of Democrats, who question his commitment to maintaining the 1,500-hour training rule for pilots. Vote expected around 2:15 ET.

UPCOMING: By 07/09/2025 3:30 p.m. EDT, Text

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NEW AND DEVELOPING

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EU--RUSSIA-UKRAINE-WAR

Russia batters Ukraine with more than 700 drones, the largest barrage of the war, officials say

SUMMARY: Ukrainian officials say Russia has fired more than 700 attack and decoy drones at Ukraine overnight. That tops previous nightly barrages for the third time in two weeks. It's part of Moscow's intensifying aerial and ground assault in the three-year war. Russia has recently sought to overwhelm Ukraine's air defenses by launching major attacks that include increasing numbers of decoy drones. The most recent one appeared aimed at disrupting Ukraine's vital supply of Western weapons. According to Ukrainian President Volodymyr Zelenskyy, the city of Lutsk was the hardest hit. It lies near the border with Poland in western Ukraine, a region that is a crucial hub for receiving foreign military aid.

WORDS: 862 - MOVED: 07/09/2025 10:28 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:fe3d23673b9b5696bb5097def9ed0775&mediaType=text

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EU--FASHION-FRANCK SORBIER

Franck Sorbier fuses Andean splendor with Parisian pageantry on couture runway

WORDS: 237 - MOVED: 07/09/2025 10:28 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:8f9bd4b6f9368369be7214a02ac7113d&mediaType=text

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US--TRUMP-WEATHER-CONFLICTS-ABRIDGED

Trump appointees have ties to companies that stand to benefit from privatizing weather forecasts

SUMMARY: Downsizing at the National Weather Service appears to be part of an effort by Republicans to privatize such agencies. In some cases, companies poised to step into the void have ties to those tapped by President Donald Trump to run agencies that collect weather data and publish forecasts. The firm Commerce Secretary Howard Lutnick ran has an interest in a government contractor that's a satellite company. The Commerce Department says Lutnick has complied with his ethics agreement. Other officials served as lobbyists and consultants for private weather and space companies. Deadly flooding in Texas has drawn a spotlight to staff reductions at the National Weather Service, which provides the public with free weather data.

WORDS: 1056 - MOVED: 07/09/2025 10:25 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:10abd37de81fe72e0c67f5e396ea0282&mediaType=text

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NVIDIA-$4 TRILLLION

Chipmaker Nvidia becomes most valuable company in the world at $4 trillion

SUMMARY: Chipmaker Nvidia became the first public company to top $4 trillion in value on Wednesday after two-year investor frenzy. Nvidia shares rose 2.5%, or $3.97, in early trading Wednesday, topping $164 each. At the beginning of 2023, Nvidia shares were around $14 each.

WORDS: 175 - MOVED: 07/09/2025 10:25 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:7947e86a7ee9a994b9f16c3c0779b74f&mediaType=text

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FINANCIAL-MARKETS

Stocks open higher on Wall Street as trade talks press ahead

SUMMARY: Stocks are higher on Wall Street as the Trump administration seeks to win more deals with global trading partners. The S&P 500 index was up 0.7% in early trading Wednesday. The Dow Jones Industrial Average was up 224 points, or 0.5%, and the Nasdaq composite rose 1.1%. Treasury yields slipped in the bond market. Crude oil and other energy prices were lower. Copper prices eased after spiking a day earlier as President Donald Trump said he would impose 50% tariffs on imports of the metal. European markets were higher and Asian markets closed mixed.

WORDS: 581 - MOVED: 07/09/2025 10:18 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:b51a81fa0ad373b0c6c9280d9b397af8&mediaType=text

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US--TRUMP-WEATHER CONFLICTS

Trump appointees have ties to companies that stand to benefit from privatizing weather forecasts

SUMMARY: Downsizing at the National Weather Service appears to be part of an effort by Republicans to privatize such agencies. In some cases, companies poised to step into the void have ties to those tapped by President Donald Trump to run agencies that collect weather data and publish forecasts. The firm Commerce Secretary Howard Lutnick ran has an interest in a government contractor that's a satellite company. The Commerce Department says Lutnick has complied with his ethics agreement. Other officials served as lobbyists and consultants for private weather and space companies. Deadly flooding in Texas has drawn a spotlight to staff reductions at the National Weather Service, which provides the public with free weather data.

WORDS: 1427 - MOVED: 07/09/2025 10:17 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:9892de853c283468e6fb970cfd898d96&mediaType=text

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ML--MIDEAST-WARS-YEMEN

Rescuers search for survivors after Houthi attack on cargo ship in the Red Sea

SUMMARY: Rescuers are searching for survivors after Yemen's Houthi rebels attacked a Liberian-flagged cargo ship in the Red Sea. Authorities say at least three mariners were killed and two injured. The attack on the Greek-owned Eternity C occurred Monday night as it traveled toward the Suez Canal. The ship sustained significant damage, lost propulsion and is now drifting. Five crew members have been rescued so far. Houthis on Sunday attacked another vessel in their first assaults on shipping since 2024. The U.S. and EU have condemned the attacks, citing threats to maritime security.

WORDS: 563 - MOVED: 07/09/2025 10:12 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:0ada222883158dd248b0d844543736c7&mediaType=text

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US--FTC-CLICK TO CANCEL

A 'click-to-cancel' rule, intended to make canceling subscriptions easier, is blocked

SUMMARY: A "click-to-cancel" rule, which would have required businesses to make it easy for consumers to cancel unwanted subscriptions and memberships, has been blocked by a court days before it was set to go into effect. The Federal Trade Commission's changes required businesses to disclose when free trials or other promotional offers will end and let customers cancel recurring subscriptions as easily as they started them. The rule was set to go into effect on Monday, but the U.S. Court of Appeals for the Eighth Circuit said the FTC made a procedural error in its related cost analysis.

WORDS: 356 - MOVED: 07/09/2025 9:48 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:30db2be07fdcb8aefd0d4835abdb116a&mediaType=text

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AS--CHINA-VISA FREE

China extends visa-free entry to more than 70 countries to draw tourists

SUMMARY: China now allows citizens from 74 countries to enter visa-free for up to 30 days. This policy aims to boost tourism, the economy, and China's global influence. The government has expanded the program significantly in recent months, adding many European, Latin American, and Middle Eastern countries. In 2024, over 20 million foreign visitors entered without visas, more than double the previous year. However, major African nations remain excluded. A separate transit policy permits travelers from 10 other countries, including the U.S. and U.K., to stay for 10 days under specific conditions. Tourism companies report significant growth due to these relaxed entry rules.

WORDS: 800 - MOVED: 07/09/2025 8:58 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:48ff1727c87e11becd18e6d1a113f49d&mediaType=text

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GROK-CHATBOT

Musk's AI company scrubs inappropriate posts after Grok chatbot makes antisemitic comments

SUMMARY: Elon Musk's artificial intelligence company is taking down antisemitic comments and other "inappropriate posts" made by its Grok chatbot, including some praising Adolf Hitler. Grok was developed by Musk's artificial intelligence company xAI and pitched as an alternative to what he called "woke AI" rivals like Google's Gemini or OpenAI's ChatGPT. It has been stoking controversy with its responses since Musk announced it was being improved significantly. It shared several antisemitic posts, including the trope that Jews dominate Hollywood. It also appeared to praise Adolf Hitler, according to screenshots of another post that has now apparently been deleted.

WORDS: 567 - MOVED: 07/09/2025 8:44 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:d745a7e3d0a7339a1159dc6c42475e29&mediaType=text

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US-FINANCIAL WELLNESS-JOB SCAMS

Job scams are on the rise and more people are falling for them. Protect yourself with these tips

SUMMARY: As job-seekers look for work in an challenging environment, an increasing number are falling victim to scams that promise good pay for completing easy online tasks. The Federal Trade Commission says the scams start innocuously, often with a tailor-made text or WhatsApp message. The tasks seem legitimate, but victims are then told they need to pay money to access their earnings. To avoid falling victim to these scams, ignore unexpected messages, never pay to access your pay, and avoid accepting positions where you rate, like, or leave phony reviews for products or services.

WORDS: 651 - MOVED: 07/09/2025 8:28 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:bfbbf95e12513c595fe3da998dcffad3&mediaType=text

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US--MERCK-VERONA

Merck spends $10 billion for Verona, gaining access to its COPD medication

SUMMARY: Pharmaceutical giant Merck is buying Verona Pharma, a company that concentrates its efforts on respiratory diseases, in an approximately $10 billion deal. Merck said Wednesday that one of its subsidiaries will acquire Verona Pharma for $107 per American depositary share. Each ADS represents eight Verona Pharma ordinary shares. The transaction will give Merck access to Verona Pharma's chronic obstructive pulmonary disease medication Ohtuvayre. The Food and Drug Administration approved Ohtuvayre in June 2024 for the maintenance treatment of COPD in adults.

WORDS: 295 - MOVED: 07/09/2025 8:19 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:adcb220a202e33de8f93441dbd0eb8df&mediaType=text

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EU--FRANCE-NATIONAL RALLY-RAID

French police raid far-right National Rally headquarters in finance probe

WORDS: 524 - MOVED: 07/09/2025 8:07 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:381d54ef3ac7a742473f044b47f21b0b&mediaType=text

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US--PHILADELPHIA LABOR STRIKE

Philadelphia workers and city reach a deal to end strike that halted residential trash pickup

SUMMARY: Officials say a union representing thousands of city workers in Philadelphia and the city have reached a deal to end a more than weeklong strike that halted residential curbside trash pickup and affected other services. Word of the tentative agreement came early Wednesday, on what would have been the ninth day of the strike. Nearly 10,000 blue-collar employees from District Council 33 of the American Federation of State, County and Municipal Employees had walked off the job July 1, seeking better pay and benefits after failing to agree with the city on a new contract. District Council 33 is the largest of four major unions representing city workers. Its membership includes 911 dispatchers, trash collectors, water department workers and many others.

WORDS: 372 - MOVED: 07/09/2025 8:07 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:4f0687603189776d89b241f59e6e66f2&mediaType=text

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BEHIND THE WHEEL-VEHICLES FOR CAMPERS

The 5 best vehicles for campers, according to Edmunds

SUMMARY: For many people, summer means the start of camping season. And when it comes time to enjoy campfires, fishing holes and scenic hikes, you need a car that can get you out to nature and offer convenience and utility once you're there. It's also nice if you can bring some comforts from home. Today's best camping cars are not only rugged and capable on dirt roads, but they offer thoughtful technology such as multiple electrical outlets and USB recharging ports and clever storage solutions.

WORDS: 872 - MOVED: 07/09/2025 7:56 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:033f385e540e2424797a3affd8938fe7&mediaType=text

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US--DEFENSE CONTRACTOR-OHIO

Ohio awards $310 million to US defense contractor for 4,000-worker advanced manufacturing facility

SUMMARY: Ohio's job creation office has awarded a $310 million grant to Anduril Industries. The California-based defense contractor is building a massive advanced manufacturing facility near Columbus. JobsOhio announced execution of the 30-year agreement Wednesday. The deal calls for Anduril to create 4,008 jobs and more than $530 million in payroll and to make at least $910.5 million in capital investment within the next 10 years in order to receive the funds, then to maintain those commitments over the ensuing two decades. Anduril's "Arsenal 1" will produce military drones and autonomous air vehicles. It is set to open in July 2026.

WORDS: 175 - MOVED: 07/09/2025 6:57 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:568cbdef81dc2a4437ff83776fec71ee&mediaType=text

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US--TRUMP-TRADE TALKS

Trump's trade blitz produces few deals but lots of uncertainty

SUMMARY: President Donald Trump and his advisers promised a lightning round of global trade negotiations with dozens of countries back in April. White House trade adviser Peter Navarro predicted "90 deals in 90 days.'' Administration officials declared that other countries were desperate to make concessions to avoid the massive tariffs that Trump was threatening to plaster on their products starting July 9. But the 90 days have come and gone. And the tally of trade deals stands at two - one with the United Kingdom and one with Vietnam. Trump has now extended the deadline for negotiations to Aug. 1 and tinkered with his threatened tariffs, adding to global uncertainty.

WORDS: 1198 - MOVED: 07/09/2025 6:00 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:7ea94de216329a9b011a3d3951ae5963&mediaType=text

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AS--CHINA-TAIWAN-EXPORT-BAN

China imposes export ban on companies tied to Taiwan's military

WORDS: 287 - MOVED: 07/09/2025 4:10 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:2e6bbd2a3b9a89c01a044bc8a1988a96&mediaType=text

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ENT--SAGAFTRA-INTERACTIVE-STRIKE-VOTE

Video game performers vote on contract that could end nearly 3-year battle over AI

SUMMARY: Union members have until July 9 at 5 p.m. Pacific to vote on a tentative contract between video game performers and their employers. If the agreement is ratified, it would formally end a nearly three-year-long effort between the union and major video companies to settle on artificial intelligence protections. A spokesperson for the video game producers involved in the deal said the new contract secured "industry-leading" AI protections. Union leaders say the 11-month strike was a "grueling and excruciating" process, but necessary to ensure safe working conditions for the nearly 3,000 union members covered under the contract.

WORDS: 507 - MOVED: 07/09/2025 2:18 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:048576144e7a0fa9b4827520dd269a3f&mediaType=text

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