Trump plans to appeal order allowing all importers that paid struck-down tariffs to seek refunds
NEW YORK (AP) — Businesses big and small have started receiving refunds after the U.S. Supreme Court ruled that President Donald Trump improperly imposed some tariffs on imported goods. But the Trump administration said on Friday that it would appeal a federal judge’s order making all companies that paid the duties eligible for refunds, not just the ones that filed lawsuits. U.S. Customs and Border Protection says the first refunds reached the bank accounts of successful applicants on May 12 and that it had accepted applications worth $85 billion for processing as of last week. The amount is about half of the $166 billion that CBP estimated the government owed more than 330,000 companies that paid the invalidated tariffs.
Soaring prices during the Iran war jeopardize travel to tourism-dependent countries in Asia
BANGKOK (AP) — The war in Iran threatens to disrupt international travel to Asia, where the tourism industry has yet to fully recover from the the COVID‑19 pandemic. Airspace closures, the rerouting of flights around the Middle East and elevated jet fuel costs are driving up airfares, causing flight cancelations and lengthening travel times on key routes between Europe and Thailand, Cambodia, Vietnam and other destinations. A recent report by the United Nations Development Program says higher airfares and weaker travel confidence can quickly affect livelihoods and public revenues in economies where visitor arrivals are a major source of jobs, income and foreign currency.
US stocks gain ground, adding to their records, as Dell soars
Stock indexes closed higher on Wall Street, adding to the all-time highs they set a day earlier. The S&P 500 added 0.2% Friday. That was the seventh straight gain for the index. The S&P 500 also closed out its ninth straight winning week, the longest such streak since 2023. Tech stocks led the way, including a 32.8% gain for Dell Technologies after the company delivered profits that blew past expectations. Dell also raised its outlook, citing powerful demand for AI computing. The Dow added 0.7%, and the Nasdaq composite rose 0.2%. European and Asian markets mostly rose. Brent crude fell 1.7%.
Trump claims he's making food more affordable but his examples ignore the big picture
WASHINGTON (AP) — In a Truth Social post on Wednesday, the president proclaimed “TRUMP’S MAKING FOOD AFFORDABLE,” and cited falling prices for a range of groceries, including avocados, fresh berries, and a variety of pantry staples. Yet just two weeks earlier the Labor Department had released inflation figures showing grocery prices up nearly 3% in April from a year earlier. So where’s the reality? The graphic shared by President Donald Trump may be correct about the specific items he listed. It’s hard to know because he used data that isn’t publicly available and he didn’t specify what time frame he used. But specific grocery items go up and down all the time, and his post ignores the broader reality consumers are facing at the supermarket.
China’s factory activity slows in May, raising questions over its economy
BEIJING (AP) — China has reported that its manufacturing activity has slowed in May. An official survey released by the National Bureau of Statistics said Sunday that the manufacturing purchasing managers index moderated to 50 from 50.3 in April. A PMI reading above 50 indicates expansion, and below 50 reflects contraction. Economists say China has been relatively protected from the fallout of the three-month old Iran war, given its ample oil reserves and diversified sources for energy. Exports have been resilient, buoyed by technology-related shipments driven by the artificial intelligence boom. However, some analysts are cautioning that high oil prices could still dent China's economy later in the year.
Key inflation gauge worsens as Americans' income and spending power erodes
WASHINGTON (AP) — A key inflation gauge accelerated in April to the highest level in three years, the latest sign that spiking gas prices and higher food costs are squeezing Americans’ finances. Inflation jumped to 3.8% in April compared with a year ago, the Commerce Department said Thursday, up from 3.5% in March and the highest since May 2023. On a monthly basis, prices rose 0.4%, down from the 0.7% rise in March. The report showed that prices have risen for many items in addition to gas, a sign inflation could persist and pose problems for congressional Republicans in this year’s midterm elections.
AI helped a musician with Parkinson’s finish his new album when he could no longer play guitar
LONDON (AP) — Artificial intelligence is helping a London-based singer-songwriter continue writing and recording music after Parkinson’s disease largely took away his ability to play guitar. Samuel Smith relied on AI-powered song generators to create the demos for one track on his new album, “The Art of Letting Go.” He says the apps allowed him to convey his vision to the session musicians who recorded the song after his guitar skills deteriorated. AI music generators like Suno and and Udio use models trained on large datasets of recorded music and audio. The technology has divided the music industry and produced copyright infringement lawsuits. Smith gets it. He also thinks his experience demonstrates AI's potential to expand creative access.
Tomatoes become latest symbol of America’s affordability squeeze
NEW YORK (AP) — Prices for tomatoes are up 40% over the past year, the biggest increase tracked among products in the Consumer Price Index. Experts say the spike is the result of crop yields and two pillars of President Donald Trump's second term policies. The Iran war has spiked shipping costs. And Trump has slapped tariffs on tomatoes from Mexico, which grows most of America's supply. Outraged consumers are voicing their displeasure online, but the impact is most acute among businesses that rely on tomatoes as a key ingredient. Wayne Humphrey of Snarf’s Sandwiches, which which operates dozens of stores in Colorado, Missouri and Texas, says the price hike will cost him $1.7 million this year.
SEC moves to repeal rule that requires companies to report greenhouse gas emissions and climate risk
WASHINGTON (AP) — In the latest action to undo Biden-era regulations on climate change, the Securities and Exchange Commission has proposed repealing a rule that requires some public companies to report their greenhouse gas emissions and the risks they face from global warming. The disclosure rule has been on hold since last year, after the commission said it was pausing its legal defense after legal challenges by business groups and Republican-led states. An SEC statement Friday said the disclosure rule exceeds the scope of the agency’s statutory authority and imposes an unnecessary burden on businesses. Environmental groups said eliminating the rule would leave investors without information they need to assess financial risks related to climate change.
Google employee charged with using confidential search data to make $1.2 million on Polymarket
NEW YORK (AP) — U.S. prosecutors slapped insider trading charges against a Google employee this week, alleging the software engineer used confidential company information to pocket more than $1.2 million on prediction market platform Polymarket. Authorities say 36-year-old Michele Spagnuolo used Google's "Year in Search" data to place bets on search trends before the data was published. Google confirmed the employee has been placed on leave and is cooperating with law enforcement. Polymarket also stated it is working closely with authorities. The case underlines the latest concerns about insider trading in the growing world of speculative, 24/7 transactions now filling the internet.
