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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MARIJUANA LAWS WHAT TO KNOW
DESCRIPTION: The U.S. is divided when it comes to state and federal marijuana policy, but President Donald Trump has said his administration is looking at removing marijuana from the list of Schedule I controlled substances, a move that would make it significantly easier to buy and sell cannabis. Here's what to know.
UPCOMING: By 08/12/2025 2:00 p.m. EDT, Photo, Text, Graphic
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NEW AND DEVELOPING
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FINANCIAL MARKETS
Wall Street flirts with its records on hopes for coming cuts to interest rates
SUMMARY: The U.S. stock market is climbing toward records after data suggested inflation across the country was a touch better last month than economists expected. The S&P 500 rose 0.6% Tuesday and was on track to top its all-time high set two weeks ago. The Dow Jones Industrial Average added 434 points, while the Nasdaq composite climbed 0.5% and was also heading toward a record. Stocks got a lift from hopes that the better-than-expected inflation report will give the Federal Reserve leeway to cut interest rates at its next meeting in September. Lower rates can give the economy and investment prices a boost.
WORDS: 893 - MOVED: 08/12/2025 10:26 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:3b9c602e05756778028b70f97e15ccb2&mediaType=text
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US--PENNSYLVANIA PLANT EXPLOSION
Video shows steel workers scrambling into wreckage left by explosion that killed 2 in Pennsylvania
SUMMARY: After an explosion rocked a steel plant outside Pittsburgh, workers scrambled into the wreckage alongside firefighters directing streams of water. By the time the scene was secure, two people were dead and more than 10 others were injured, including one who spent hours trapped in rubble left Monday by the blast that was powerful enough to shake nearby homes. Video from Pittsburgh television station WTAE showed workers in orange jumpsuits and hardhats running toward the wreckage at the U.S. Steel coking plant in Clairton. Investigators were working Tuesday to determine the cause of the blast, which jolted a region of the state synonymous with steel for more than a century.
WORDS: 890 - MOVED: 08/12/2025 10:20 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:c0f27dce378e1f6654682c5479620196&mediaType=text
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US--INTEL-CEO
Trump says Intel CEO has an 'amazing story' days after calling for his resignation
SUMMARY: Less than a week after President Donald Trump called for the resignation of Intel's CEO, shares of the chipmaker are rising after Trump said he had a "very interesting" meeting with Lip-Bu Tan. Tan met with Trump on Monday and the President's stance on the situation appeared to be shifting. Trump said Tan's "success and rise is an amazing story." Intel shares are up more than 2% Tuesday.
WORDS: 341 - MOVED: 08/12/2025 10:16 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:4fa333fa6134d01aca85f64bcd7972fb&mediaType=text
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US--CONSUMER PRICES
US inflation held steady last month as tariff hit offset by cheaper gas, food
SUMMARY: U.S. inflation was unchanged in July as rising prices for some imported goods were balanced by falling gas and grocery prices, leaving overall prices modestly higher than a year ago. The figures suggest that slowing rent increases and cheaper gas are offsetting some impacts of President Donald Trump's sweeping tariffs. Many businesses are also absorbing much of the cost of the duties. Tuesday's figures likely include some impact from the 10% universal tariff Trump imposed in April, as well as higher duties on countries such as China and Canada.
WORDS: 1171 - MOVED: 08/12/2025 10:12 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:7956da9c097730929b12c269f8c08399&mediaType=text
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AS--HONG KONG-CHINA-EVERGRANDE-DELIST
China Evergrande to be delisted from Hong Kong stock exchange following debt woes
SUMMARY: The heavily indebted real estate developer, China Evergrande, is set to be delisted from Hong Kong's stock exchange on August 25. This comes after a liquidation order in January 2024 due to its failure to provide a viable debt restructuring plan. Evergrande owes over $300 billion to banks and bondholders. Trading of its shares has been halted since the ruling. The delisting is part of a broader crisis in China's property sector, which has been struggling since regulators cracked down on excessive borrowing in 2020. This has affected the economy and financial systems both in and outside China.
WORDS: 733 - MOVED: 08/12/2025 10:05 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:f44e046e6818f61991edc226fb8f9e6f&mediaType=text
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US--PENNSYLVANIA PLANT EXPLOSION-THINGS TO KNOW
An explosion at a US Steel plant in Pennsylvania has killed 2. Here's what to know
SUMMARY: An explosion at a U.S. Steel plant south of Pittsburgh has killed two people and injured more than 10 others. One worker was rescued from the smoldering wreckage hours after Monday's blast at Clairton Coke Works. The plant converts coal to coke, a key component in the steel-making process. Clairton is one of four major plants in Pennsylvania owned by U.S. Steel. The company has been an icon of the domestic steel industry for over a century. U.S. Steel's CEO is vowing to find out what caused the explosion. Union officials say representatives will work to ensure a thorough investigation.
WORDS: 806 - MOVED: 08/12/2025 10:03 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:ce37098c60cb106671e1b3f2e55806b6&mediaType=text
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ML--SYRIA
Jordan, Syria, and US officials discuss Syria's reconstruction after deadly clashes
SUMMARY: Officials from Jordan, Syria and the U.S. have discussed ways of supporting war-torn Syria's reconstruction on the basis of improving security after deadly clashes last month. The talks took place in Jordanian capital Amman on Tuesday. Syria still faces security challenges since the fall of Bashar Assad's government in December. The country is also enduring major economic and social challenges. The United Nations in 2017 estimated that it would cost at least $250 billion to rebuild Syria after years of civil war. Some experts now say that number could reach at least $400 billion. Syria's oil minister was in Baghdad to discuss with his Iraqi counterpart ways of boosting cooperation.
WORDS: 347 - MOVED: 08/12/2025 9:46 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:728f1f6f56f08baa293f5995017a6c49&mediaType=text
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US--KODAK-SOLVENCY
Kodak cautions there's 'substantial doubt' about its ability to stay in business
SUMMARY: The more than 130-year-old Eastman Kodak Co. is cautioning that there's "substantial doubt" about its ability to stay in business, saying it may have difficulty meeting upcoming debt obligations. The photography company wrote in a regulatory filing it doesn't have committed financing or available liquidity to meet debt coming due within 12 months based on the current terms. Kodak filed for bankruptcy protection in 2012 after struggling with increasing competition, continuing growth in digital photography and growing debt. It emerged from bankruptcy roughly a year and a half later.
WORDS: 372 - MOVED: 08/12/2025 9:43 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:876ad52ed39efb57c0c02a1042750f1f&mediaType=text
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BBO--OHTANI-LAWSUIT
Dodgers star Shohei Ohtani and agent accused of sabotaging $240M Hawaii real estate project
SUMMARY: A Hawaii real estate investor and broker are suing baseball star Shohei Ohtani. They claim the Los Angeles Dodgers two-way player and his agent got them fired from a $240 million luxury housing development on the Big Island's coveted Hapuna Coast that they brought him in to endorse. According to the lawsuit filed in Hawaii Circuit Court, Ohtani's agent, Nez Balelo, increasingly demanded concessions before ultimately demanding that their business partner drop them from the deal. The development includes 14 houses averaging $17.3 million apiece. Ohtani was advertised as the first resident.
WORDS: 724 - MOVED: 08/12/2025 9:29 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:eee60fe3a5aaa467554ee3e388f6f06a&mediaType=text
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MMA--UFC-WHITE-PARAMOUNT
A UFC fight at the White House? Dana White says it's happening as part of deal with Paramount
SUMMARY: Paramount and UFC have announced a billion-dollar rights deal, marking a significant shift for the fight company. UFC CEO Dana White is set to meet with Donald Trump to discuss a proposed Fourth of July fight card at the White House. The seven-year deal with Paramount, starting in 2026, is worth $1.1 billion annually. It will feature all UFC content on Paramount+ and select events on CBS. This deal simplifies offerings for fans and could impact fighter pay. White is optimistic about the future, aiming to elevate UFC's status in the sports world.
WORDS: 1013 - MOVED: 08/12/2025 9:25 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:49b2c5562755178e327079e99ce44e39&mediaType=text
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US--DRONE DELIVERIES
Delivery drones may soon take off in the US. Here's why
SUMMARY: Delivery drones are supposed to be fast, yet the long-promised technology has been slow to take off in the United States. More than six years after the Federal Aviation Administration approved the first commercial home deliveries with drones, the service still is confined to a handful of suburbs. That could soon change. The FAA proposed a new rule last week that would make it easier for companies to fly drones outside of an operator's line of sight. A handful of companies do that now, but they had to obtain waivers. Walmart, Amazon, DoorDash and the drone companies they work with say they are preparing to make drone-based deliveries available to millions more U.S. households.
WORDS: 1275 - MOVED: 08/12/2025 9:22 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:e1dbd3638c60e464d6533e74eb046ce6&mediaType=text
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ML--ISRAEL-LATIN AMERICA
Argentine leader Milei launches initiative to boost Israel-Latin America ties
SUMMARY: President Javier Milei of Argentina is helping to launch a $1 million initiative to improve diplomatic relations between Israel and several Latin American countries. The Isaac Accords were announced on Tuesday and aim to increase ties between Israel, Uruguay, Panama and Costa Rica. The initiative is funded by an award Milei received earlier this year in Jerusalem. It's expected to expand to Brazil, Colombia, Chile and possibly El Salvador in 2026. Milei's support for Israel stands in contrast to many Latin American countries which have severed ties or recalled ambassadors over Israel's actions in Gaza.
WORDS: 274 - MOVED: 08/12/2025 9:09 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:469d4db73045a10d550cde4fb1527dc0&mediaType=text
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US-YOUTUBE-AGE VERIFICATION
YouTube to begin testing a new AI-powered age verification system in the U.S.
SUMMARY: YouTube is ready to start testing a new age-verification system in the U.S. using artificial intelligence to distinguish between adults and minors based on their viewing habits. The tests, scheduled to being Wednesday, initially affect a small portion of YouTube's U.S. audience. If successful, the system could become more widespread. It works when viewers are logged into their accounts, regardless of the birth date entered. If flagged as under 18, users face restrictions like privacy warnings and limited video recommendations. Concerns about privacy and free speech have been raised by digital rights groups. The political pressure for better age verification has increased since a recent Supreme Court decision.
WORDS: 442 - MOVED: 08/12/2025 8:35 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:1ce99a7089b33e88dc76e49945ded186&mediaType=text
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AS--AUSTRALIA-EPIC GAMES
Epic Games wins partial victory in Australian court against Google and Apple
SUMMARY: Epic Games has won a partial victory in an Australian court against Google and Apple. The court found Tuesday that the tech giants misused their market power against app developers, breaching Australian competition laws. However, the judge rejected some of Epic's claims, including allegations of unconscionable conduct. Epic's legal battles against Google and Apple are also ongoing in the United States and Britain. The litigation began in August 2020 when Fortnite was expelled from the tech giants' app stores. Epic celebrated the ruling as a significant win. Google and Apple welcomed the rejection of some of Epic's claim
WORDS: 383 - MOVED: 08/12/2025 7:25 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:1f5134ac5cf19dfade54bc141a58de82&mediaType=text
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RGU--NEWCASTLE-RED BULL
Red Bull moves into rugby by taking full ownership of English club Newcastle
SUMMARY: Red Bull's sporting portfolio now includes a top-flight English rugby team after the energy drinks giant took full ownership of Newcastle Falcons. The club has been rebranded as Newcastle Red Bulls ahead of the new season starting next month. It says the move will embrace "the innovative approach that Red Bull has brought to its sports initiatives across the world." They include stakes in a number of soccer teams, including Leipzig, Salzburg and Leeds, as well as in Formula One. Newcastle plays in the top domestic league, newly called the Gallagher Prem, and has won five major titles including the league championship in 1998.
WORDS: 206 - MOVED: 08/12/2025 7:07 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:b2e4a0b65866261d26bcb3f031b8c96b&mediaType=text
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US-MONEY MATTERS-SAVING MONEY
3 steps to save money when you're tempted to spend
SUMMARY: Saving for the future can be difficult because of a cognitive bias known as hyperbolic discounting: our tendency to place greater weight on immediate satisfaction, even if focusing on the long term will have a greater payoff. Here are three steps to save money when you're tempted to spend.
WORDS: 622 - MOVED: 08/12/2025 6:00 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:feee1ecdb6d8a2fbb8124464e8e662d0&mediaType=text
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US--TRUMP-TARIFFS-CHINA
US and China extend trade truce another 90 days, easing tension between world's largest economies
SUMMARY: President Donald Trump extended a trade truce with China for another 90 days Monday, at least delaying once again a dangerous showdown between the world's two biggest economies. The previous deadline was set to expire at 12:01 a.m. Tuesday. Had that happened the U.S. would have ratcheted up taxes on Chinese imports from an already high 30%, and Beijing would have responded by raising retaliatory levies on U.S. exports to China. The pause buys time for the two countries to work out some of their differences, perhaps clearing the way for a summit later this year between Trump and Chinese President Xi Jinping.
WORDS: 935 - MOVED: 08/12/2025 5:57 a.m. EDT
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CAMBODIA-THAILAND-MIGRANT WORKERS
Cambodian migrant workers face an uncertain future as Thai border conflict drives them home
WORDS: 894 - MOVED: 08/12/2025 2:33 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:099622abab2aaca9c69fbd342b6b7dac&mediaType=text
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AS--AUSTRALIA-ECONOMY
Australia's central bank cuts interest rate for third time this year to 3.6%
SUMMARY: Australia's central bank has reduced its benchmark interest rate by a quarter percentage point for a third time this year to 3.6%, with inflation tamed and economic growth stalling. The Reserve Bank of Australia on Tuesday reduced its cash rate from 3.85%. The rate was cut from 4.1% in May. The reduction from 4.35% at its February board meeting was Australia's first rate cut since October 2020. The new rate is the lowest since March 2023 and the cut was widely anticipated as inflation continues to fall.
WORDS: 436 - MOVED: 08/12/2025 1:45 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:6b2f49f984e0434dccf94aaed35323f8&mediaType=text
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US-MUSK-APPLE
Musk says he plans to sue Apple for not featuring X or Grok among its top apps
SUMMARY: Billionaire SpaceX, Tesla and X owner Elon Musk says he plans to sue Apple for not featuring X and its Grok artificial intelligence chatbot app in its top recommended apps in its App Store. Musk posted the comments on X, saying, "Hey @Apple App Store, why do you refuse to put either X or Grok in your 'Must Have' section when X is the #1 news app in the world and Grok is #5 among all apps?" He added that "Apple is behaving in a manner that makes it impossible for any AI company besides OpenAI to reach #1 in the App Store, which is an unequivocal antitrust violation. xAI will take immediate legal action."
WORDS: 285 - MOVED: 08/12/2025 1:16 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:c60e3690d2e232e0cd0c41cbe86f66be&mediaType=text
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AS--SOUTH KOREA-US
South Korean President Lee will travel to Washington for Aug. 25 meeting with Trump
SUMMARY: South Korea's new President Lee Jae Myung will travel to Washington later this month to meet with U.S. President Donald Trump, Lee's office said Tuesday, for talks on trade and defense cooperation in the face of nuclear-armed North Korea and other threats. Their Aug. 25 summit will follow a July trade deal in which Washington agreed to cut its reciprocal tariff on South Korea to 15% from the initially proposed 25% and to apply the same reduced rate to South Korean cars. The leaders could use their meeting to discuss expanding cooperation in key industries such as semiconductors, batteries and shipbuilding, Lee's spokesperson Kang Yu-jung said.
WORDS: 775 - MOVED: 08/12/2025 12:37 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:128bdcdaac59f8a8778b1b6674c30124&mediaType=text
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LT--BOLIVIA-ELECTION-WHAT TO KNOW
Bolivia's election may spell the end of its long-ruling left. Here's what to know
WORDS: 1189 - MOVED: 08/12/2025 12:01 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:df3b502d552e5b995d082dbdbb226c1d&mediaType=text
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