US will need years to replenish stockpiles of advanced weapons used in Iran war, new analysis finds
WASHINGTON (AP) — U.S. military contractors will need at least three years to replenish stockpiles of three key weapons systems used in the Iran war. That's according to the Center for Strategic and International Studies. The findings released Wednesday by the Washington think tank add to concerns American forces would have limited firepower in any future conflict with China. The weapons are Tomahawk cruise missiles and Patriot and THAAD interceptors that defend against incoming missiles and drones. President Donald Trump's Republican administration is ramping up defense spending and manufacturing. But it could still take years to rebuild inventories because contractors aren't used to producing the advanced weapons on such a large scale.
Median pay for CEOs rose nearly 6% in 2025, but some compensation packages were eye-popping
NEW YORK (AP) — The typical CEO compensation package rose nearly 6% in 2025 to $17.7 million, as company boards rewarded their top executives for bigger profits and higher stock prices, and gave them incentives to stick around and make even more money for shareholders in the years ahead. The median employee at these companies earned $89,744, reflecting a 4.7% increase year over year. While that gain outpaced inflation in 2025, many workers were still feeling pinched by the accumulation of higher prices over the past few years. Tesla CEO Elon Musk topped the survey with a pay package valued at $132 billion.
Asian shares decline and oil prices up more than $1 after US strikes on Iran
Shares are mostly lower in Asia after the U.S. conducted what the military said were defensive strikes against Iran. Oil prices gained more than $1 a barrel and U.S. futures inched lower. U.S. officials said Central Command forces shot down four Iranian one-way attack drones near the Strait of Hormuz. The U.S. military also hit an Iranian ground control station in Bandar Abbas that was about to launch a fifth drone. On Wednesday, U.S. stocks inched to more records after oil prices declined more than 4%. The S&P 500 edged up by less than 0.1% and the Dow Jones Industrial Average rose 0.4%. The Nasdaq composite gained 0.1%. All three indexes set all-time highs.
Fair housing groups file lawsuit arguing a federal rule change removes protections
Fair housing groups have filed a lawsuit over a rule change by the Trump administration that they allege reverses decades of lending protections and opens the door to discrimination against Black people, Latinos and other minorities. The federal lawsuit was filed Wednesday in Washington, D.C. It takes aim at a change made by the Consumer Financial Protection Bureau to the Equal Credit Opportunity Act, which bars lenders from discriminating against credit applicants. Plaintiffs are challenging a change that wouldn't require lenders to consider “disparate impact” — policies that appear neutral but tend to cause disproportionate harm to certain groups.
Q&A: Anna Gomez is the sole Democrat on the FCC. She has a warning for big media companies
WASHINGTON (AP) — Anna Gomez, the sole Democrat on the Federal Communications Commission, is urging media companies to resist what she sees as the Trump administration's crackdown on free speech. Her focus is Disney, the parent company of ABC, which is under investigation by the FCC. Gomez sent a letter to Disney CEO Josh D'Amaro, accusing the FCC of censorship and intimidation. She criticized Disney's decision to settle a defamation case, arguing it set a bad precedent. Gomez's term ends June 30, but she may remain if not replaced.
PayPal’s online checkout empire is under siege as rivals squeeze its core business
NEW YORK (AP) — PayPal, a pioneer in online payments, is facing significant challenges nearly three decades after its inception. The company is struggling to maintain its dominance amid fierce competition from Apple, Shopify, and buy now, pay later services like Affirm and Klarna. PayPal's stock has plummeted nearly 40% in the past 12 months and about 80% over five years. Recently, the company replaced its CEO and reorganized into three business units. Analysts express concern that PayPal missed opportunities to leverage its brand, allowing competitors to gain market share. The company plans to update investors on its turnaround strategy soon.
Iran expands restrictions on distribution of news content by international media outlets
Iran is expanding restrictions on the distribution of news content from the country. In a directive, it instructed international news outlets based in the Iranian capital — including The Associated Press — to restrict the use of their content by Israeli media and also Farsi-language news stations broadcasting from outside the country. It said the news organizations must include mandatory language on all content — videos, photos and other reports. The new restrictions come three months after the United States and Israel launched attacks on Iran that grew into a continuing, occasionally flaring war in the region.
Carney says Canada will buy European surveillance planes over two American options
TORONTO (AP) — Canada plans to buy early warning radar planes from Sweden’s Saab and Canada’s Bombardier, Prime Minister Mark Carney announced Wednesday. The decision moves away from two American options. Carney said the Saab planes, built on Bombardier’s Global 6500 aircraft, will support domestic production and contain 20% U.S. content. Canada is in the market for six radar aircraft. Carney emphasized diversifying military spending away from the U.S. The Saab planes provide situational awareness for hundreds of miles and can direct fighter jets. NATO is also considering the Saab option. The Canadian government is reviewing the planned purchase of U.S. F-35 fighter jets.
US stocks inch to more records after oil prices drop
NEW YORK (AP) — U.S. stocks inched to more records after oil prices fell back to where they were in mid-April. The S&P 500 edged up by less than 0.1% Wednesday. The Dow Jones Industrial Average rose 0.4%, and the Nasdaq composite gained 0.1%. All three indexes set all-time highs. Bath & Body Works and Abercrombie & Fitch both rallied after becoming the latest companies to deliver stronger profit reports for the start of 2026 than analysts expected. That’s even though U.S. consumers have been getting discouraged about inflation. Stocks of oil-and-gas companies fell after crude prices dropped more than 4%. Treasury yields eased.
LEGO Foundation donates $97 million to bring play-based learning to children impacted by conflicts
NEW YORK (AP) — The LEGO Foundation has committed $97 million to expand the International Rescue Committee's programs that use play to aid learning and recovery for children in conflict zones. Announced Wednesday, the five-year initiative aims to reach 5 million children across East Africa and the Middle East. LEGO Foundation CEO Sidsel Marie Kristensen says they'll focus on “the most dire contexts.” The partnership is designed to be agile, funding an education strategy that can be implemented anywhere as opposed to individual place-based grants that might become outdated as conflicts evolve. IRC President David Miliband says ‘what’s remarkable about children is that if you give them a bit of their childhood back, they make the most it.'
