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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TRUMP-MUSK-BUSINESS
DESCRIPTION: A look at all of the various ways Musk's businesses are entangled with Trump and the federal government and what the stakes are for both of them.
UPCOMING: By 06/06/2025 3:00 p.m. EDT
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AI-FILM FEST
DESCRIPTION: The third-annual AI Film Festival organized by Runway, an artificial intelligence company that specializes in generative video, kicks off this week with its New York screening Thursday night. Organizers say the festival showcases how filmmakers can use this kind of technology today -- and point to rapid growth seen since the fest's 2023 debut.
UPCOMING: By 06/06/2025 12:00 p.m. EDT, Text
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US--PHILANTHROPY-VOLUNTEERING
DESCRIPTION: The nonprofit Points of Light will lead an effort to double the number of people who volunteer with U.S. charitable organizations from 75 million annually to 150 million in 10 years.
UPCOMING: By 06/06/2025 1:30 p.m. EDT, Text, Photo
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NEW AND DEVELOPING
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US-ECONOMY-JOBS-REPORT
Hiring in the US slows, though employers still added a solid 139,000 jobs in May
SUMMARY: U.S. employers slowed hiring last month, but still added a solid 139,000 jobs amid uncertainty over Trump's trade wars. The Department of Labor said Friday that hiring fell from a revised 147,000 in April. The unemployment rate stayed at 4.2%. Trump's aggressive and unpredictable policies - especially his sweeping taxes on imports - have muddied the outlook for the economy and the job market and raised fears that the American economy could be headed toward recession. But so far the damage hasn't shown up clearly in government economic data.
WORDS: 972 - MOVED: 06/06/2025 10:29 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:fdd4d1075b2b4490993a863ccb6950c1&mediaType=text
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FINANCIAL MARKETS
Wall Street gains ground following a solid jobs report
SUMMARY: Stocks rose on Wall Street following a better-than-expected report on the U.S. job market. The S&P 500 index rose 1.2% in morning trading Friday. The Dow Jones Industrial Average added 555 points, or 1.3%, and the Nasdaq composite rose 1.3%. U.S. employers slowed their hiring last month, but still added a solid 139,000 jobs amid uncertainty over President Donald Trump's trade wars. Lululemon Athletica sank after lowering its profit forecast for the full year. Treasury yields rose in the bond market. The yield on the 10-year Treasury note climbed to 4.47%. Markets in Asia were mixed, while markets in Europe rose.
WORDS: 407 - MOVED: 06/06/2025 10:17 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:61087505f58835e3c2e59ff51204f437&mediaType=text
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US--HEGSETH-SIGNAL CHAT
Pentagon watchdog investigates if staffers were asked to delete Hegseth's Signal messages
SUMMARY: The Pentagon watchdog is looking into whether any of Defense Secretary Pete Hegseth's staffers were asked to delete Signal messages that may have shared sensitive military information with a reporter. The investigation is asking some past and current staffers who were with Hegseth on the day of the airstrikes on Houthi targets in Yemen who posted the information and who had access to his phone. That's according to two people familiar with the investigation and documents reviewed by The Associated Press. The Pentagon had no comment Friday, citing the pending investigation. Hegseth has said none of the information was classified.
WORDS: 705 - MOVED: 06/06/2025 10:09 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:3cf7e90fe58f1ee10a07f386bd33c201&mediaType=text
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US--TRUMP-MUSK-SPACEX
Elon Musk pulls back on threat to withdraw Dragon spacecraft
SUMMARY: Elon Musk is dialing back his threat to decommission a capsule used to take astronauts and supplies to the International Space Station for NASA. The threat came as President Donald Trump and Musk argued on social media on Thursday. Trump said he could cut government contracts given to Musk's rocket company, SpaceX. Musk responded by saying SpaceX will begin decommissioning its Dragon spacecraft. It was unclear how serious he was, but he later posted he wouldn't withdraw the capsule. SpaceX is the only U.S. company capable right now of transporting crews to and from the space station, using its four-person Dragon capsules.
WORDS: 568 - MOVED: 06/06/2025 10:00 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:e1fa0607a8e69bc2ad1677f5920b5f56&mediaType=text
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US--ALASKA-CARGO SHIP FIRE
Salvage crew bound for the site of a cargo ship fire off the coast of Alaska
SUMMARY: A salvage team is expected to arrive early next week at the scene of a cargo ship that was carrying about 3,000 vehicles to Mexico when it caught fire in waters off Alaska's Aleutian island chain. The ship's management company, London-based Zodiac Maritime, says a tug carrying salvage specialists and special equipment is expected to arrive at the location of the Morning Midas around Monday. A separate tug with firefighting and ocean towage capabilities also was being arranged. The company said the Morning Midas remained afloat as of Thursday morning. The 22-person crew was rescued, with no injuries reported.
WORDS: 366 - MOVED: 06/06/2025 9:47 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:7a1e24ef95e3d5ad65b508daab509753&mediaType=text
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AS--INDIA-STARLINK
Musk's Starlink gets key license to launch satellite internet services in India
SUMMARY: Elon Musk's Starlink has received a key license in India for launching its satellite internet services in the country. The company would still need a separate clearance from India's space regulator and secure airwaves for telecommunications from the government. The process could take at least a couple of months. In March, Starlink signed agreements with India's top two telecom service providers, Reliance Jio and Bharti Airtel, to launch its services. The biggest challenge for Musk's company in India would be pricing as mobile data here is among the world's cheapest.
WORDS: 351 - MOVED: 06/06/2025 9:22 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:6d6c924fa5ca1c1dd9e97dfedcf6420d&mediaType=text
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US--EEOC-DISPARATE IMPACT
Government moves to drop Sheetz discrimination case as Trump targets key civil rights tool
SUMMARY: Federal authorities are moving to drop a racial discrimination lawsuit against the Sheetz convenience store chain, part of a broader effort by the Trump administration to halt the use of a key tool for enforcing the country's civil rights laws. The Equal Employment Opportunity Commission confirmed it has begun notifying potential claimants of its intention to toss the lawsuit, citing Trump's executive order directing federal agencies to deprioritize the use of "disparate impact liability" in civil rights enforcement. Disparate impact liability holds that employment policies that are neutral on their face could violate civil rights laws if they unfairly disadvantage different demographic groups.
WORDS: 1358 - MOVED: 06/06/2025 9:14 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:e1c5bc79f7cc08b561acc6bb568e1735&mediaType=text
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US-CAKE DECORATORS-WALMART
Walmart's army of bakery decorators take the cake when it comes to hourly store pay
SUMMARY: The school graduation season is the busiest time of year for the Walmart workers who hand-decorate cakes per customers' orders. The cakes and optional fillings come pre-baked and frozen from suppliers, but the nation's largest retailer holds a big slice of the American custom cake market. The company says one out of four cakes sold in the U.S. comes from Walmart, and that its workers will collectively decorate more than 1 million cakes during May and June. The discount retail chain's 6,200-strong army of icing artisans are Walmart's highest paid hourly workers, excluding store managers. Detractors on social media have accused the decorators of stealing ideas and undercutting professional cake artists with inexpensive products.
WORDS: 1085 - MOVED: 06/06/2025 9:11 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:2830911124567394d4dfb1d10ec2c4c9&mediaType=text
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US--CLIMATE-EPA ROLLBACKS-MONITORING
Planet-warming emissions dropped when companies had to report them. EPA wants to end that
SUMMARY: The Trump administration's Environmental Protection Agency is taking aim at dozens of rules aimed at protecting the environment, including one that requires big polluters to report greenhouse gas emissions. The emissions are a concern because they can be dangerous to human health and they contribute to Earth's warming. They have fallen sharply nationwide since the reporting rule was put in place more than a decade ago. Some of that decline is due to coal being crowded out by less-polluting and cheaper natural gas. But experts say the reporting requirement helps by making companies accountable, and they fear emissions will rise if the rule is spiked. The EPA says the rule is among many that are costly and burdensome to industry.
WORDS: 1027 - MOVED: 06/06/2025 9:00 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:f950d8bb3a33582a7d8b6fd5ce2ab2b7&mediaType=text
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US--TRUMP-HARVARD
Judge puts temporary hold on Trump's latest ban on Harvard's foreign students
SUMMARY: A federal judge has temporarily blocked a proclamation by President Donald Trump that banned foreign students from entering the U.S. to attend Harvard University. Trump's proclamation marked his Republican administration's latest attempt to cut off Harvard from a quarter of its student body, which accounts for much of the elite university's research and scholarship. Harvard had filed a legal challenge asking the federal judge to block Trump's order, calling it illegal retaliation for Harvard's rejection of White House demands. In an amended lawsuit filed Thursday, Harvard says Trump was attempting an end-run around a previous court order.
WORDS: 586 - MOVED: 06/06/2025 8:56 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:bb3cf204111567927cf37b63e5927582&mediaType=text
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EU--BRITAIN-FAKE REVIEWS
Amazon commits to stepping up fake-review fight after UK watchdog's investigation
SUMMARY: Britain's competition regulator says Amazon has pledged to beef up its systems to combat fake online reviews. It comes after the watchdog's investigation into whether big online platforms are doing enough to crack down on phony ratings for products and services. The Competition and Markets Authority said it secured the "undertakings" from Amazon, after getting a similar agreement earlier this year from Google to clamp down on rogue reviews plaguing the internet. The company promised to strengthen its existing systems for fighting fake reviews. It will also tackle catalog abuse, in which involves sellers boost star ratings for a product by hijacking good reviews from a completely different one.
WORDS: 354 - MOVED: 06/06/2025 8:19 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:6cbee3df2e4425343c3de398e6ba2235&mediaType=text
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US--MIDEA-RECALL
Midea recalling 1.7 million of its popular air conditioners due to mold concern
SUMMARY: Midea is voluntarily recalling about 1.7 million of its popular U and U+ Smart air conditioners because pooled water in the units may not drain fast enough, leading to mold growth. The news comes as temperatures are rising across the U.S. and the official start of summer rapidly approaches. The U.S. Consumer Product Safety Commission said that the recall also includes approximately 45,900 units sold in Canada. There's been at least 152 reports of mold in the air conditioners. This includes 17 reports of consumers experiencing symptoms such as respiratory infections, allergic reactions, coughing, sneezing and sore throats from mold exposure.
WORDS: 374 - MOVED: 06/06/2025 8:03 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:59e18fb2ecce43711d794c2ca7802ce8&mediaType=text
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US--TRUMP-MUSK-TESLA STOCK
Goodbye Mr. Nice Guy? Investors dump Tesla on bet Trump may lash out at Musk through his car company
SUMMARY: Shares of Elon Musk's electric vehicle maker fell sharply Thursday as investors fear his dispute with President Donald Trump could end up hurting the company. Tesla closed down more than 14% as a disagreement over the U.S. president's budget bill turned nasty. After Musk said that Trump wouldn't haven't gotten elected without his help, Trump implied that he may turn the federal government against his his companies, including Tesla and SpaceX. The drop on Thursday wiped out more than $150 billion from Tesla's market value, partially reversing a big runup in the eight weeks since Musk confirmed that Tesla would be testing an autonomous, driverless "robotaxi" service in Austin, Texas. In after-hours trading, Tesla shares rose 0.8%.
WORDS: 719 - MOVED: 06/06/2025 7:24 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:359f8ddd3739793b3c5e8ab92d191879&mediaType=text
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US--TRUMP-MUSK-IN THEIR OWN WORDS
The implosion of a powerful political alliance: Trump and Musk in their own words
SUMMARY: Last Friday, President Donald Trump heaped praise on Elon Musk as the tech billionaire prepared to leave his unorthodox White House job. Less than a week later, their potent political alliance met a dramatic end Thursday when the men attacked each other with blistering epithets. Trump threatened to go after Musk's business interests. Musk called for Trump's impeachment.
WORDS: 856 - MOVED: 06/06/2025 7:14 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:c0108037881469f0b5bdd8df87eba6b4&mediaType=text
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US--TRUMP-MUSK
Trump and Musk break up, and Washington holds its breath
SUMMARY: Insiders have speculated about a potential falling-out between Donald Trump and Elon Musk for months. It never seemed to happen -- until Thursday. The world's most powerful man and its wealthiest began attacking each other in a spectacle that left Washington breathless. The feud began with Musk's criticism of Trump's legislative agenda, which would increase the deficit while eliminating tax incentives that have helped his electric automaker Tesla. Trump responded by threatening to cut government subsidies and contracts for Musk's companies, and things only escalated from there.
WORDS: 1411 - MOVED: 06/06/2025 6:57 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:28263ffbfc191602b3657618138ee585&mediaType=text
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EU--GERMANY-TRUMP
Germany's Merz says he found Trump open to dialogue and committed to NATO
SUMMARY: German Chancellor Friedrich Merz says he found President Donald Trump open to discussion and is convinced that Washington remains committed to the NATO alliance. Merz spoke in Berlin on Friday, a day after visiting Trump at the White House. Thursday's White House meeting marked the first time the two sat down in person. Merz avoided the kind of confrontations in the Oval Office that have tripped up other world leaders. He described his Oval Office meeting and extended lunch with Trump as constructive but also candid, noting that the two leaders expressed different views on Ukraine.
WORDS: 515 - MOVED: 06/06/2025 6:44 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:05776176d6359ae3139086107b56ab2b&mediaType=text
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US--TRUMP-HARVARD-FOREIGN STUDENTS
Top US universities raced to become global campuses. Under Trump, it's becoming a liability
SUMMARY: Three decades ago, foreign students at Harvard University accounted for just 11% of the total student body. Today they account for 26%. Like other prestigious U.S. universities, Harvard has admitted booming numbers of foreign students in recent decades. The college has been cashing in on its global cache to recruit the world's best students. Yet universities' race to the top of global rankings has made them vulnerable to a new line of attack. President Donald Trump is using his control over the nation's borders as leverage in his quest to reshape American higher education. On Wednesday, Trump barred nearly all foreigners from entering the country to attend Harvard.
WORDS: 1194 - MOVED: 06/06/2025 2:27 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:cb330dbf66d4b035e66ea160e4ede856&mediaType=text
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AS--JAPAN-NUCLEAR-FUKUSHIMA
Japanese court rejects damage claims against utility executives over Fukushima disaster
SUMMARY: A Japanese court has ruled former executives at the utility managing the tsunami-wrecked Fukushima Daiichi nuclear power plant were not accountable for the 2011 meltdown crisis and do not need to pay damages to the company. The Tokyo High Court ruling on Friday reverses a lower court's 2022 decision ordering four former executives of the Tokyo Electric Power Company Holdings to pay 13 trillion yen to the company, saying they had failed to take the utmost safety precautions. A magitude 9.0 earthquake and tsunami in March 2011 destroyed key cooling systems at the Fukushima Daiichi plant, causing its three reactors to melt down and spread large amounts of radiation.
WORDS: 406 - MOVED: 06/06/2025 1:52 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:87b56c42c1c2ead5fd2f3ecac44d25d2&mediaType=text
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US--TRUMP-SURGEON GENERAL-TAKEAWAYS
Takeaways from AP's report on the business interests of Trump's surgeon general pick
SUMMARY: President Donald Trump's pick to be the next U.S. surgeon general has repeatedly said the nation's medical and food systems are corrupted by special interests and people out to make a profit at the expense of Americans' health. Yet as Dr. Casey Means has criticized scientists, medical schools and regulators for taking money from the food and pharmaceutical industries, she has promoted dozens of products in ways that put money in her own pocket. The Associated Press found Means set up deals with an array of businesses. In some cases, she promoted companies in which she was an investor or adviser without consistently disclosing the connection.
WORDS: 1010 - MOVED: 06/06/2025 12:16 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:b0b774dbbb6ea0b5b4bdd0f9f78fbfd5&mediaType=text
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US--TRUMP-SURGEON GENERAL
Trump's surgeon general pick criticizes others' conflicts but profits from wellness product sales
SUMMARY: President Donald Trump's pick to be U.S. surgeon general has said the nation's medical and food systems are corrupted by special interests and people out to make a profit at the expense of Americans' health. Yet as Dr. Casey Means has criticized scientists and regulators for taking money from the food and pharmaceutical industries, she has promoted dozens of products in ways that put money in her own pocket. The Associated Press found Means set up deals with an array of businesses and, in some cases, promoted companies in which she was an investor or adviser without consistently disclosing the connection.
WORDS: 2035 - MOVED: 06/06/2025 12:01 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:8d8cb29defa07028dbd97fc24a72c474&mediaType=text
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