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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ECONOMY-MIDDLE EAST CONFLICT
Israel and Iran trade fire, potentially adding fuel to inflationary pressures for consumers
SUMMARY: Israel's attack on Iran Friday has catapulted their long-running shadow war into open conflict in a way that could spiral into a wider, more dangerous regional war and present a number of potential barriers for consumers already fed up with high prices. Oil and gold surged Friday, while broader equities market retreated, signaling investors' flee toward safer investments. The dollar also climbed.
WORDS: 500. UPCOMING: 06/13/2025 By 1 p.m. EDT
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NEW AND DEVELOPING
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FINANCIAL MARKETS
Oil prices leap 6% and stocks fall on worries about what will happen to the crude market
SUMMARY: Oil prices are leaping, and stocks are falling on worries that Israel's attack on Iranian nuclear and military targets could escalate further and damage the flow of crude around the world, along with the global economy. The S&P 500 fell 0.9% in morning trading Friday. The Dow Jones Industrial Average dropped 601 points, and the Nasdaq composite sank 0.9%. The strongest action was in the oil market, where crude prices jumped more than 6% and returned to where they were early this year. Iran is one of the world's major producers of oil, and escalating fighting could limit its flow.
WORDS: 802 - MOVED: 06/13/2025 10:25 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:fe6d0aed826aec5f041ed492f19ea12d&mediaType=text
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US--SHAQ-FTX
Shaquille O'Neal to pay $1.8 million to settle FTX class action lawsuit
SUMMARY: Former NBA player Shaquille O'Neal will pay $1.8 million to settle a class action lawsuit related to the demise of cryptocurrency exchange FTX. O'Neal, and other celebrities like Tom Brady and Stephen Curry, were named in the lawsuit in 2022. They had been accused of touting FTX as a reputable and trustworthy investment option via paid endorsements. The proposed settlement only pertains to O'Neal.
WORDS: 345 - MOVED: 06/13/2025 10:22 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:b4d389dcf6010e484785e73266d7db75&mediaType=text
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US--CONSUMER SENTIMENT
Consumer sentiment rose in June for 1st time this year as inflation remains stayed tame
SUMMARY: Consumer sentiment increased in June for the first time in six months, the latest sign that Americans' views of the economy have improved as inflation has stayed tame and the Trump administration has reached a truce in its trade fight with China. The preliminary reading of the University of Michigan's closely watched consumer sentiment index, released Friday, jumped 16% to 60.5. The large increase followed steady drops that left the preliminary number last month at the second-lowest level in the nearly 75-year history of the survey. Consumer sentiment is still down 20% compared with December 2024.
WORDS: 238 - MOVED: 06/13/2025 10:18 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:ca04e5772deaeecdae9b61b7b257afd3&mediaType=text
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EU--NATO-DEFENSE SPENDING
Sweden and the Netherlands say before NATO summit they will spend 5% of GDP on defense
SUMMARY: Sweden and the Netherlands say they intend to increase defense spending to 5% of their gross domestic product in line with U.S. President Donald Trump's demands. Trump and his NATO counterparts meet for a summit in the Netherlands on June 24-25. They're due to agree a new defense spending target. He insists that Europe must look after its own security while Washington focuses on China and its own borders. Swedish Prime Minister Ulf Kristersson said Friday that "Sweden will reach a new NATO spending target to 5% of GDP where at least 3.5% of GDP will be allocated towards core defense requirements." He said that the threat posed by Russia has prompted the spending hike.
WORDS: 495 - MOVED: 06/13/2025 10:16 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:d172336d35a458ffc57e45913d3aac75&mediaType=text
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AF--SOUTH AFRICA-FLOODING
South Africa's president visits flood sites with death toll at 78 and expected to climb
SUMMARY: South African President Cyril Ramaphosa has visited the sites of devastating floods that have left at least 78 people dead in the southeast of the country. Ramaphosa traveled to the Eastern Cape province Friday as search and rescue operations continue and authorities say they expect the death toll to rise. Ramaphosa's visit comes after a local official said rescue efforts were "paralyzed" in the first few hours of the floods because of a lack of resources. The floods hit in the predawn hours of Tuesday and caught many unaware despite weather warnings issued last week. Ramaphosa defended authorities' response to the disaster.
WORDS: 590 - MOVED: 06/13/2025 10:08 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:77c415129c8da4e481b54e2aaec3fef1&mediaType=text
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US--JBS-STOCK LISTING
Shares of meatpacking giant JBS begin trading on the NYSE
SUMMARY: Shares of Brazilian meat giant JBS began trading Friday on the New York Stock Exchange, falling 6% in the first half hour. Trading in New York is a long-held goal for JBS, which was founded 72 years ago and is now one of the world's largest meat companies. Half its annual revenue comes from the U.S., where it has more than 72,000 employees. JBS's minority shareholders voted last month to approve the company's plan to list its shares both in Sao Paulo and New York, casting aside opposition from environmental groups, U.S. lawmakers and others who have noted JBS' record of corruption, monopolistic behavior and environmental destruction.
WORDS: 333 - MOVED: 06/13/2025 9:54 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:6bd3076253b3f1daaca3f140690e23f7&mediaType=text
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AS--INDIA-PLANE-CRASH
Air India black box recovered after crash that killed 241 onboard and several others on the ground
SUMMARY: Indian investigators have recovered the digital flight data recorder or the black box of the Air India flight that crashed a day earlier. The crash on Thursday killed 241 people on board and several people on the ground. Civil Aviation Minister Ram Mohan Naidu said that the black box recovery Friday marks an important step forward in the investigation. Prime Minister Narendra Modi has met with the lone surviving passenger of the London-bound Boeing 787 that struck a medical college hostel when it crashed into a residential area of the northwestern city of Ahmedabad minutes after takeoff. DNA testing was being conducted to identify the victims. More bodies are expected to be found in the search at the crash site.
WORDS: 1083 - MOVED: 06/13/2025 9:45 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:18a1e45cb65bd716d6529b8922cc94b7&mediaType=text
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CLIMATE-DESERT-FISH FARMS
In the Arizona desert, a farm raising fish raises questions about water use
SUMMARY: In landlocked Arizona, where the Colorado River crisis has put water use under a microscope, a new inland desert fish farm is growing barramundi -- a tropical species native to Australia. Mainstream, the company behind the operation, pitches it as a sustainable alternative to ocean-caught seafood, cutting down on international shipping emissions. As seafood demand grows and U.S. retailers seek more domestic solutions in light of recent tariffs, "climate-conscious" protein is becoming a growing priority. But sustainability experts question whether growing fish in an arid region, which uses energy-intensive systems and draws on scarce water, can truly scale without environmental costs. Arizona could become a testing ground for how green land-based aquaculture really is.
WORDS: 1243 - MOVED: 06/13/2025 9:02 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:5d2ef591ae967756f4d7476cbd633c8e&mediaType=text
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US--AP POLL-ELON MUSK
Republican enthusiasm for Musk cools after his feud with Trump, a new AP-NORC poll finds
SUMMARY: A new poll finds Elon Musk has lost some of his luster with Republicans since his public falling-out with President Donald Trump. The Associated Press-NORC Center for Public Affairs Research poll finds fewer Republicans view Trump's onetime government efficiency bulldog "very favorably" now than they did in April. Though most Republicans continue to hold a positive view of Musk, their diminished fervor suggests his vocal opposition to the Republican president's signature tax cut legislation may have cost him GOP goodwill. Musk called the GOP tax and budget policy bill "a disgusting abomination." But Musk's overall favorability hasn't shifted: Musk remains less popular than his electric vehicle company, Tesla.
WORDS: 1161 - MOVED: 06/13/2025 7:02 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:e95e9b4d26f66838e13d0d5169e402b8&mediaType=text
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AS--INDIA-PLANE-CRASH-THINGS TO KNOW
What to know about the Air India plane crash that killed more than 240 people
SUMMARY: The Air India plane crash this week was one of India's worst aviation disasters, killing 241 people on board and several people on the ground. The Air India plane crashed after takeoff Thursday in the northwestern city of Ahmedabad. The crash was the first of a Boeing 787, which began service in 2009. Investigators were searching the crash site Friday, and the investigation is expected to include experts from the plane's maker Boeing and U.S. aviation regulators. There was no word on the cause or if the flight data and cockpit voice recorders had been recovered.
WORDS: 646 - MOVED: 06/13/2025 2:45 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:4e99be1a0ed106d2f57b92f4cc398a6c&mediaType=text
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CN--G7 SUMMIT-WHAT-TO-KNOW
What to know about the Group of Seven summit in Canada that Trump will attend
SUMMARY: Canada is hosting a Group of Seven meeting that will include U.S. President Donald Trump, who is waging a trade war against America's allies. Leaders from the world's largest economies are set to gather in the idyllic resort town of Kananaskis, Alberta in the Canadian Rockies for three days of talks that begin Sunday. Trump's calls to make Canada the 51st U.S. state have infuriated Canadians, and G7 host Mark Carney won the job of prime minister after promising to confront the increased aggression shown by Trump.
WORDS: 1119 - MOVED: 06/13/2025 1:30 a.m. EDT
https://newsroom.ap.org/home/search?query=itemid:78d15f2ac5e59059ec538ec8de04a547&mediaType=text
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