Associated Press news.
WASHINGTON (AP) — A key inflation gauge moved higher in May in the latest sign that prices remain elevated while Americans also cut back on their spending last month. Prices rose 2.3 percent in May compared with a year ago, up from 2.1 percent in April, the Commerce Department said late last week. Excluding the [...]
Nike has announced that the company is shifting some production away from China, but it also said that tariffs imposed by the Trump administration will cost it about $1 billion before it makes internal changes, which include “surgical” price increases in the United States this fall. Nike is shifting production to avert looming tariffs in [...]
College sports leaders seeking antitrust and other protections from Congress have a potential bargaining chip: school assurances that they will provide funding for their increasingly imperiled Olympic programs, the biggest pipeline of talent for Team USA. Four people familiar with the talks told The Associated Press that lawmakers, mostly from the Democratic side that will [...]
CINCINNATI (AP) — The Cincinnati Bengals and local officials have reached a tentative deal to make $470 million in renovations to Paycor Stadium and keep the team there through at least 2036. The preliminary agreement still needs final approval from the team and Hamilton County commissioners. The two sides had until Monday to agree to [...]
PHILADELPHIA (AP) — Online dating platform Bumble plans to lay off about 240 employees, or roughly 30 percent of its global workforce. In a securities filing, Bumble disclosed that its board approved the cuts last week as it “realigns its operating structure to optimize execution on its strategic priorities.” The Austin, Texas-based company expects to [...]
LOUISVILLE, Ky. (AP) — GE Appliances announced a nearly half-billion-dollar project last week that it says will create 800 new jobs and shift production of clothes washers from China to its massive manufacturing complex in Kentucky. The $490 million investment positions the Kentucky home appliances company to rank as the biggest American manufacturer of washing [...]
WASHINGTON (AP) — Legislation introduced last week in Congress would block Chinese artificial intelligence systems from federal agencies as a bipartisan group of lawmakers pledged to ensure that the United States would prevail against China in the global competition over AI. “We are in a new Cold War and AI is the strategic technology at [...]
The U.S. Federal Trade Commission announced last week that after nearly a year of investigation, it determined that a merger between snack maker Kellanova and Mars Inc. would not threaten competition in the market. McLean, Va.-based Mars makes sweet snacks such as M&M’s, Snickers and Skittles, as well as Ben’s Original rice and pet food. [...]
WASHINGTON (AP) — Congressional Republicans agreed to remove the so-called revenge tax provision from President Donald Trump’s big bill last week after a request by Treasury Secretary Scott Bessent. The Section 899 provision that was nixed would have allowed the federal government to impose taxes on companies with foreign owners, as well as investors from [...]
WASHINGTON (AP) — The nation’s economy shrank at a 0.5 percent annual pace from January, according to a new report from the Commerce Department. First-quarter growth was weighed down by a surge of imports as American companies, and households, rushed to buy foreign goods before President Donald Trump could impose tariffs on them, the report [...]