Business News

Fired federal workers hunt for new jobs but struggle to replace their old ones

NEW YORK (AP) — Job searches can be tough for anyone, but some of the federal workers flooding the market after widespread layoffs are finding it particularly tough. Park ranger? Nuclear submarine engineer? Diplomat? Some jobs are almost exclusively the realm of government, making the search even harder. President Donald Trump and his cost-cutting czar, billionaire Elon Musk, have presided over thousands of federal job cuts touching nearly every part of the country. Those workers are now on the hunt for replacement work and are likely to be joined by others. The White House and its Musk-headed Department of Government Efficiency are telling agency leaders to plan for “large-scale reductions in force” and the freezing of trillions of dollars in federal grant funds.

These little-known bank accounts allow Americans with disabilities to save and invest

NEW YORK (AP) — If you’re an American with a disability who receives government assistance, you likely qualify for an ABLE account, or you may starting next year. These little-known accounts allow Americans with disabilities to save and invest money without the risk of losing benefits like Supplemental Security Income or Medicaid. Beginning in 2026, they’ll become available to people diagnosed with a disability before the age of 46, up from the current threshold of 26, increasing access to the accounts by 6 million people. But state treasurers and experts say raising awareness of the accounts is a challenge.

Stock market today: Wall Street slips to compound last week’s sharp losses

NEW YORK (AP) — U.S. stocks drifted lower following their sharp losses from last week. The S&P 500 fell 0.5% Monday after flipping between small gains and losses through the day. The Dow Jones Industrial Average added 0.1%, and the Nasdaq composite dropped 1.2%. Nvidia fell ahead of its profit report coming later this week and was the heaviest weight on the market. Berkshire Hathaway climbed after Warren Buffett’s company reported a jump in operating profits for the latest quarter, but it also hinted that it’s not seeing many stocks priced well enough to buy. Treasury yields fell ahead of coming updates on consumer confidence and inflation.

Apple announces $500 billion investment in US amid tariff threats that could affect the iPhone

NEW YORK (AP) — Apple announced Monday that it plans to invest more than $500 billion in the United States over the next four years, including plans to hire 20,000 people and build a new server factory in Texas. The move comes just days after President Trump said Apple CEO Tim Cook promised him that the tech giant’s manufacturing would shift from Mexico to the U.S. Trump noted the company was doing so to avoid paying tariffs.

Warren Buffett offers Donald Trump some advice while celebrating Berkshire Hathaway’s success

OMAHA, Neb. (AP) — Warren Buffett is celebrating the successes of Berkshire Hathaway’s companies last year and in the 60 years since he took over a struggling New England textile company and began converting it into a massive conglomerate. Buffett opened his annual letter to shareholders Saturday by acknowledging that he has occasionally made mistakes over the years without offering many specific examples. But he assured shareholders that the man he has chosen to one day succeed him as CEO, Greg Abel, isn’t one of them. Buffett also offered some subtle advice for President Donald Trump by urging Uncle Sam to be responsible with the $26.8 billion in income taxes Berkshire paid last year and take care of the many who get a short straw in life.

US imposes more sanctions on Iranian oil trade after Trump calls to drive exports ‘to zero’

WASHINGTON (AP) — The U.S. on Monday imposed sanctions on dozens of people and oil tankers across China, the United Arab Emirates, India and other jurisdictions for allegedly helping to finance Iran and its support for militant groups that launch attacks against the U.S. and its allies. This is the second round of sanctions imposed on Iranian oil sales since President Donald Trump issued the National Security Presidential Memorandum 2, which calls for the U.S. to “drive Iran’s export of oil to zero.” It also states that Iran “can never be allowed to acquire or develop nuclear weapons.”

FDA moves to rehire medical device, food safety and other staffers fired days earlier

WASHINGTON (AP) — The Food and Drug Administration is reinstating some of the hundreds of staffers it fired last week. That’s according to agency employees who spoke with The Associated Press on condition of anonymity. The FDA callbacks are the latest example of the chaotic fallout from President Donald Trump and Elon Musk’s sweeping cost-cutting effort. Many of the staffers getting their jobs back are responsible for reviewing medical devices and food ingredients. After last week’s terminations, lobbyists for the device industry warned that the cuts would hurt companies and patients. The FDA’s device program is heavily funded by companies that pay the agency to quickly review their products.

Trump administration in court over AP lawsuit on White House access

WASHINGTON (AP) — A judge is hearing in The Associated Press’ lawsuit against three staff members of President Donald Trump, whose administration has barred the news agency from presidential events. The AP is appearing in federal court in Washington over its emergency motion. It wants the court to undo the administration’s move to shut its journalists out of the Oval Office, Air Force One and other areas. The dispute stems from the news agency’s refusal to conform to Trump’s renaming of the Gulf of Mexico to the “Gulf of America.” The AP says it is adhering to the “Gulf of Mexico” terminology because its audience is global and the waters are not only in U.S. territory, but it is acknowledging Trump’s rechristening as well.

Patients struggle with lack of consistent coverage for popular weight-loss drugs

Supplies of high-demand obesity treatments are improving, but that doesn’t mean they’re easier to get. Many employers and health insurers are scaling back coverage of Wegovy or Zepbound and a key government program, Medicare, doesn’t cover the drugs for obesity. Clouding the picture even further, some big employers are adding coverage. But their commitment isn’t guaranteed. Treatment prices that can top hundreds of dollars monthly even after discounts make it hard for many to afford these drugs on their own. That makes the life-changing weight-loss that patients seek largely dependent on the coverage they have and how long it lasts.

Fabric and craft retailer Joann to go out of business and close all of its stores

NEW YORK (AP) — Fabric and crafts retailer Joann Inc., which has been a destination for generations of quilters, knitters and other lovers of crafts for more than 80 years, is going out of business and shuttering all its stores. The announcement Sunday comes after the Hudson, Ohio-based retailer filed for Chapter 11 bankruptcy protection in January, the second time in a year. It then vowed it would keep all of its stores open. But earlier this month, Joann said it planned to close 500 stores _ or more than half of its nationwide footprint. The company said on Sunday that after a recent auction, financial services company GA Group, together with Joann’s term lenders, were selected as the winning bidder to “acquire substantially all of Joann’s assets” and would begin winding down the company’s operations.