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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FRANCE OECD MEETING
DESCRIPTION: OECD Trade ministers' hold day two of their summit at the OECD in Paris in the wake the latest figures showing global growth will be hit hard due to US Tariffs and the uncertainties they've wrought.
UPCOMING: By 06/04/2025 11:21 a.m. EDT, Text, Video, Photo
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NEW AND DEVELOPING
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FINANCIAL MARKETS
Wall Street's rally eases off the accelerator following discouraging updates on the economy
SUMMARY: Wall Street's big rally is losing some momentum following potentially discouraging updates on the U.S. economy. The S&P 500 was edging up by 0.1% Wednesday after it had rallied back within 2.8% of its all-time high the prior day. The Dow Jones Industrial Average added 33 points, and the Nasdaq composite rose 0.1%. The action was stronger in the bond market. Treasury yields fell as traders upped expectations for cuts to interest rates by the Federal Reserve following weaker-than-expected reports on activity for U.S. services businesses and on the U.S .job market. Stocks rose across Europe and Asia.
WORDS: 900 - MOVED: 06/04/2025 10:26 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:cfaa9c8adc0658ae9a2759c56dc2bde2&mediaType=text
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US--STEEL-ALUMINUM TARIFFS EXPLAINER
Trump's promised steel and aluminum tariffs go into effect
SUMMARY: U.S. President Donald Trump hiked nearly all of his tariffs on steel and aluminum imports to a punishing 50% on Wednesday in a move that's set to hammer businesses from automakers to home builders, and likely push up prices for consumers even further. Foreign-made steel and aluminum is used in household products like soup cans and paper clips, as well as big-ticket items like a stainless-steel refrigerators and cars. Economists warn that such heightened levies could significantly squeeze the wallets of both companies and shoppers alike. But Trump argues that his latest import taxes are necessary to protect U.S. industries.
WORDS: 1354 - MOVED: 06/04/2025 10:26 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:240dbc3823ecd66d3dd05a66883f9277&mediaType=text
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EU--CZECH-NUCLEAR
Czechs sign a deal with South Korea to build nuclear reactors after a court clears the way
SUMMARY: The Czech government has signed a deal with the state-run South Korea's KHNP power utility to build at least two nuclear reactors in the country. The contract between the dominant power company CEZ and KHNP was signed on Wednesday just a few hours after an appeals court dismissed a lower court ruling that blocked the government from signing the contract. The Czech state has a majority stake in CEZ. KHNP won a lucrative public tender last year. It beat a competing bid from France's EDF. The two new reactors are part of Czech efforts to wean the country off fossil fuels.
WORDS: 379 - MOVED: 06/04/2025 9:15 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:3e411cd3693ee4f0c4ecf4fe1d0f799f&mediaType=text
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US--CALIFORNIA WILDFIRES-CLEAN ENERGY
Napa Valley town that once rode out emergencies with diesel gets a clean-power backup
SUMMARY: When the threat of wildfires has forced power to be cut in the tourist town of Calistoga, California, on the edge of Napa Valley, it's meant firing up a bank of noisy, polluting diesel generators. But no longer. Calistoga is about to finish installing a first-of-its-kind system that combines hydrogen fuel cells and batteries for backup power. Experts say the technology has potential beyond simply delivering clean backup power in emergencies. They say it's a steppingstone to supporting the electric grid any day of the year. As the system was undergoing its final tests recently, some residents of Calistoga said they were excited to have a clean and reliable energy solution that doesn't rely on fossil fuels.
WORDS: 1072 - MOVED: 06/04/2025 9:03 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:2949e405ac9ce5e52eff835d2fbd4c10&mediaType=text
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EURO MEMBERSHIP-BULGARIA
The euro is about to get a new member, Bulgaria. What's the eurozone and how do countries join?
SUMMARY: Bulgaria has the green light to join the euro next year and become the 21st member of the European Union's currency union. The European Commission and European Central Bank say the Balkan country of 6.4 million people has checked all the boxes by keeping inflation, deficits and debt under control. Here's how joining the euro works.
WORDS: 1095 - MOVED: 06/04/2025 8:10 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:aa7941f156d49b9554c5e7ee6c05b56f&mediaType=text
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AS--VIETNAM-POPULATION
Vietnam scraps 2-child policy as aging threatens economic growth
SUMMARY: Vietnam has scrapped its long-standing two-child policy as birth rates fall and its population ages. Lawmakers approved changes Tuesday that now let couples decide how many children to have. The country's birth rate dropped from 2.11 children per woman in 2021 to 1.91 in 2024 -- below the level needed to maintain population size. Officials warn that a shrinking, aging population could lead to labor shortages, slower economic growth and rising welfare costs in the years ahead.
WORDS: 507 - MOVED: 06/04/2025 7:39 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:bdcf2b08404d5fcada05d4f3ccc6fa5e&mediaType=text
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EUROPE-US-TARIFFS
US and Europe trade negotiators discuss tariffs in Paris
SUMMARY: Europe and the United States are meeting in Paris to negotiate a settlement of a tense tariff spat with global economic ramifications between two global economic powerhouses. European Union top trade negotiator Maro? ?ef?ovi? met Wednesday with U.S. Trade Representative Jamieson Greer on the sidelines of a meeting of the Organization for Economic Cooperation and Development. ?ef?ovi? says in a post on X that the sides are "advancing in the right direction at pace" and staying in close contact. Brussels and Washington are unlikely to reach a substantive trade agreement in Paris. The issues dividing them are too difficult to resolve quickly.
WORDS: 664 - MOVED: 06/04/2025 7:23 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:b03672b645df0d63765484391a3d2631&mediaType=text
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US--POP MART-LABUBU
Part toy, part fashion, the arrival of the viral Labubu was a long time in the making
SUMMARY: Labubu, the plush toy from China's Pop Mart is a social media darling, but the toothy little monsters are not an overnight success. Having appeared a decade ago in books, Labubus are now looking to cement themselves in the collectible toy market for years to come. Labubu has been a bonanza for Pop Mart. Its revenue more than doubled in 2024 to 13.04 billion yuan ($1.81 billion), thanks in part to its elvish monster. Revenue from Pop Mart's plush toys soared more than 1,200% in 2024, nearly 22% of its overall revenue, according to the company's annual report.
WORDS: 782 - MOVED: 06/04/2025 6:59 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:2de46ecf0b2101a16ef6df4e46f4bc48&mediaType=text
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BEHIND THE WHEEL: MAVERICK V SANTA CRUZ
Which compact pickup is better? Edmunds compares the Ford Maverick and Hyundai Santa Cruz
SUMMARY: A decade ago, the midsize truck market clung to life. Today the rejuvenated segment offers a half-dozen models and has even spun off a burgeoning compact pickup class led by the Ford Maverick and Hyundai Santa Cruz. The Maverick offers impressive towing and hauling capability, and even a fuel-efficient hybrid version, while the Santa Cruz offers a nicer interior, more comfortable ride and even higher towing limits. Each offers different strengths, and the best choice depends on what you expect from a truck.
WORDS: 845 - MOVED: 06/04/2025 6:33 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:41edee0d63f258862caae29dc9f63813&mediaType=text
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EU--GERMANY-ECONOMY
Germany's new government launches a program to encourage investment and boost the economy
SUMMARY: Germany's new government has launched a package of tax breaks and eventual tax cuts for companies. It is moving to encourage investment as it tries to give new momentum to an economy that has shrunk for the past two years and is expected to stagnate this year. Chancellor Friedrich Merz's Cabinet on Wednesday approved the so-called growth booster program. It must still be passed by lawmakers. The program's central component is a hefty tax write-off on investments in machinery and other equipment over the next three years. That would be followed by a gradual reduction of the corporate tax rate from 15% to 10% between 2028 and 2032.
WORDS: 233 - MOVED: 06/04/2025 6:22 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:648aceb18b7c6c2bfa0a90f66a21a24c&mediaType=text
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EU--RUSSIA-UKRAINE-WAR-SUPPORT
Ukraine's backers meet to drum up arms and ammo. The Pentagon chief is absent for the first time
SUMMARY: Ukraine's Western backers are gathering to drum up more weapons and ammunition for the country's efforts to repel Russia's all-out war. But the Pentagon chief will be absent for the first time since the group organizing military aid for Ukraine was set up three years ago. Wednesday's Ukraine Defense Contact Group meeting at NATO headquarters is being chaired by the U.K. and Germany. U.S. Defense Secretary Pete Hegseth would only arrive in Brussels after it's over. His absence is the latest in a series of steps that the U.S. has taken to distance itself from Ukraine's war efforts. The U.K. said before the meeting that it plans a tenfold increase in drone production to help Ukraine.
WORDS: 341 - MOVED: 06/04/2025 5:07 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:3323b6a9378d6e52fe8c90531de37837&mediaType=text
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