Trump insists US-China relations are in a good place despite differences as he wraps up Beijing trip
BEIJING (AP) — President Donald Trump is insistent that U.S.-China relations are good and getting better despite deep differences on key issues. Trump started his last day of his whirlwind trip to Beijing by boasting on social media that Chinese leader Xi Jinping had “congratulated me on so many tremendous successes.” But Trump’s rosy outlook collides with some difficult truths, including China's limited involvement in resolving the Iran conflict. Xi privately warned Trump that their differences on the self-ruled island of Taiwan, if handled poorly, could hurtle the world’s dominant powers toward an “extremely dangerous situation.” Trump and Xi are meeting again Friday for more talks before Trump returns to Washington.
The Latest: Trump wraps up China visit and holds private meeting with Chinese leader Xi Jinping
U.S. President Donald Trump wraps up his visit to Beijing with a private meeting at Chinese leader Xi Jinping’s official residence before he departs for Washington. During a series of meetings and events on Thursday the two discussed divisive issues such as the Iran war, trade, technology and Taiwan.
Retail sales growth slowed in April from March as higher gas cost leaves less room for nonessentials
NEW YORK (AP) — Shoppers tempered their spending in April as higher gas prices fueled by the Iran war meant less money left over for some nonessentials like clothing and furniture. But they’re still buying, thanks to more generous tax refunds. Still, economists worry that spending will fall off more dramatically in the coming months as benefits from the refunds dissipate, and shoppers continue to grapple with the cumulative impact of rising gas prices at the pump. Retail sales rose 0.5% in April, a slowdown from the revised growth level of 1.6% in March, according to Commerce Department data released Thursday. March marked the largest one-month increase in retail spending in more than three years, largely because gas prices spiked higher rapidly.
Cisco leads Wall Street to more records and the Dow back to 50,000
NEW YORK (AP) — The U.S. stock market rose to more records after Cisco Systems joined the parade of companies reporting fatter profits for the start of 2026 than analysts expected. The S&P 500 climbed 0.8% Thursday to set an all-time high for a second straight day. The Dow Jones Industrial Average rose 0.7% and finished a day above the 50,000 level for the first time since the war with Iran began. The Nasdaq composite added 0.9% to its own record. Cisco led the way after talking up demand it's seeing from AI and other customers, while oil prices held relatively steady.
From Cisco to Block, more companies are pointing to AI when unveiling job cuts
NEW YORK (AP) — Layoffs have been piling up recently, especially in the tech world. And the words “artificial intelligence” are accompanying more and more notices about the cuts. That’s unnerving workers across sectors, with many fearing what the rapid adoption of AI will mean for their job prospects. Even if AI isn’t replacing people directly, some businesses have announced reductions as they redirect money to the technology or tout new ways to streamline operations. But corporate explanations are often very vague. It’s hard to know if AI is the real driver or just the message a business wants to tell Wall Street.
Iran war energy shock drives interest in ethanol and other biofuels across hard-hit Asia
BENGALURU, India (AP) — Nations across Asia are pushing for the use of more biofuels in transportation in order to slash dependence on imported fossil fuels, which have been disrupted by the Iran war. Asia is hardest hit by the ongoing energy shock since most of the fossil fuel shipments through the now-closed Strait of Hormuz were Asia-bound. India is considering allowing vehicles to run on 85%, or even 100% ethanol. Meanwhile, Indonesia and Malaysia are both racing to increase fuel blending with similar ambitions of cutting back on imported fuels. Experts are split on the climate benefit of these fuels, with some stressing that other forms of renewable energy would likely be more efficient.
Trump administration aims to roll back limits on toxic wastewater from coal-fired power plants
HARRISBURG, Pa. (AP) — The U.S. Environmental Protection Agency wants to relax limits that require coal-fired power plants to prevent the release of toxic heavy metals into streams and rivers. The EPA said Thursday that a three-year-old rule was unduly costly for the energy industry at a time when energy demand is spiking, and that its new rule will lower the cost of power generation. It's the latest step that President Donald Trump’s administration has taken to pull back regulations on coal mining and coal-fired power. Coal and power industry trade associations cheered the EPA’s proposal. Environmental groups slammed it as a public health danger and giveaway to the coal-power industry.
Antipoverty advocate Global Citizen hopes the World Cup halftime show drives money for education
NEW YORK (AP) — Global Citizen is gearing up for its biggest event yet: the first-ever FIFA World Cup halftime show. The show, curated with help from Coldplay's Chris Martin, will feature performances by Madonna, Shakira, and BTS. Shakira also released the official World Cup song “Dai Dai” featuring Burna Boy. The event aims to draw attention to a new humanitarian initiative, the FIFA Global Citizen Education Fund. The fund seeks to raise $100 million to provide underserved children with education and sports access. A dollar from every World Cup ticket sale will contribute to the fund, despite high ticket costs.
Canada aims to double its electric grid by 2050 with clean energy and lower costs for users
Canadian Prime Minister Mark Carney unveils a clean electricity strategy aimed at doubling Canada’s electricity grid by 2050. He says Thursday this will lower energy costs for most Canadian households. The plan includes regulations to expand natural gas use and partnerships with Indigenous people. It also involves using diverse energy sources like hydro, nuclear, wind, solar and geothermal. Carney emphasizes the need for electrification to achieve affordability, competitiveness and net-zero goals. The strategy marks a shift from previous regulations and highlights the complexity of achieving the right power mix. The Canadian Climate Institute says the strategy is promising but lacks details.
Honda records its first-ever annual loss on a costly EV strategy
TOKYO (AP) — Honda says it racked up a full-year loss for the first time ever, losing $2.7 billion in the last fiscal year due to a costly electric-vehicle strategy. The Japanese automaker abandoned many of its plans for EV models, including those in the works in a joint venture with Sony. Analysts say the company might have been too ambitious too fast, when many markets still weren’t ready. Losses related to Honda's EV operations are estimated to total $16 billion, mostly from the last and current fiscal years. Honda’s bottom line got a lift from its motorcycle business. And the company forecast a return to profit for the current fiscal year in its report Thursday.
