GOP tax bill would cost poor Americans $1,600 a year and boost highest earners by $12,000, CBO says

WASHINGTON (AP) — The Republican tax bill approved by the House would cost the poorest Americans roughly $1,600 a year while increasing the income of the wealthiest households by an average of $12,000 annually. That's according to a new analysis released Thursday by the Congressional Budget Office. The analysis found that middle-income households would see a boost of roughly $500 to $1,000 per year. The cuts to the lowest-income households come from proposed cuts to social safety net programs including Medicaid and a food assistance program for lower-income people, known as Supplemental Nutrition and Assistance Program. Treasury Secretary Scott Bessent and other Republicans have sought to discredit the CBO’s analyses of the bill.

JetZero plans to build $4.7B plant in North Carolina, aims to create 14,500 jobs

GREENSBORO, N.C. (AP) — A California-based company plans to build its first manufacturing plant for a next-generation passenger jet in central North Carolina. If successful, the project announced Thursday by JetZero and elected officials would create more than 14,500 jobs in a decade. Gov. Josh Stein called it the largest job commitment in North Carolina history. JetZero is developing a fixed-wing aircraft that would change the shape of passenger jetliners in the sky. The company would build the plant at Piedmont Triad International Airport in Greensboro. JetZero already has conditional jet purchase agreements with some airlines. The announcement comes with lots of economic incentives that would extend into the 2060s.

Meta invests $14.3B in AI firm Scale and recruits its CEO for 'superintelligence' team

Meta is making a $14.3 billion investment in artificial intelligence company Scale and recruiting its CEO Alexandr Wang to join a team developing “superintelligence” at the tech giant. The move reflects a push by Meta CEO Mark Zuckerberg to revive AI efforts at the parent company of Facebook and Instagram as it faces tough competition from rivals such as Google and OpenAI. Meta announced what it called a “strategic partnership and investment” with Scale late Thursday but didn’t disclose the financial terms of the deal. Scale said the added investment puts its market value at over $29 billion.

Trump administration moves to lift Biden-era mining restrictions near Boundary Waters in Minnesota

MINNEAPOLIS (AP) — President Donald Trump’s administration is moving to lift restrictions on copper-nickel mining that the Biden administration imposed near the Boundary Waters Canoe Area Wilderness in northeastern Minnesota. The decision was announced Wednesday by Agriculture Secretary Brooke Rollins and Interior Secretary Doug Burgum. It threw a lifeline to the proposed Twin Metals Minnesota mine near Ely. Democratic administrations have tried to kill the project because of the threat of acid mine drainage into the country’s most-visited federally designated wilderness area. Trump promised during a campaign stop in Minnesota last year that he would reverse the moratorium.

Indian authorities begin probe of Air India plane crash as Modi visits the site

NEW DEHI (AP) — Authorities have begun investigating one of India’s worst aviation disasters after an Air India plane crashed a day earlier, killing all but one of the total 242 passengers and crew onboard. The Indian government has launched an investigation into the fatal crash of the London-bound Air India plane that came down in a in a residential area in the northwestern city of Ahmedabad, minutes after takeoff on Thursday. Civil Aviation Minister Ram Mohan Naidu in a statement said the Aircraft Accident Investigation Bureau has initiated the probe in line with global protocols set by the International Civil Aviation Organization. A team from the U.S. is expected in India to help with the probe.

Wall Street ticks closer to its record after Oracle rallies

NEW YORK (AP) — U.S. stocks drifted higher following another encouraging update on inflation. The S&P 500 added 0.4% Thursday and is sitting less than 2% below its record. The Dow Jones Industrial Average rose 0.2%, and the Nasdaq composite rose 0.2%. Treasury yields fell again in the bond market after an update on inflation at the wholesale level came in better than expected, while a report on joblessness was slightly worse than forecast. That raised expectations for the Federal Reserve to begin cutting interest rates later this year. Oracle helped lift the stock market following its better-than-expected profit report and forecast for upcoming growth.

A look at Boeing's recent troubles after Air India crash

The crash of a Boeing 787 passenger jet in India minutes after takeoff on Thursday is the latest incident that adds to woes at the troubled U.S. planemaker. It's the first ever crash of a 787 since it went into service in 2009. It was not immediately clear why the plane went down. Another Boeing jet, the 737 Max has been the source of persistent troubles after two crashed killed 346. Boeing lost $11.8 billion in 2024, bringing its total losses since 2019 to more than $35 billion. A cap on production of 737 jets imposed by regulators and a machinists' strike compounded Boeing's financial problems.

China grants rare earth export permits after US trade talks, offers relief but uncertainty persists

OMAHA, Neb. (AP) — China has approved “a certain number” of export permits for rare earth elements and related items, its commerce ministry spokesman said on Thursday. The move comes a day after U.S. President Donald Trump declared that Beijing would supply to the U.S. companies the minerals and rare-earth magnets following a two-day trade talk in London. Export controls of the minerals apparently eclipsed tariffs in the latest round of negotiations between Beijing and Washington, after China imposed permitting requirements on seven rare earth elements in April, threatening to halt production of cars and robots around the world. Details from the trade talks are yet to be released, but the talk is giving businesses some relief — for now.

Before crash, Air India spent years attempting a turnaround after emerging from government control

The deadly crash of an Air India flight carrying more than 240 people on Thursday arrives after years of efforts to turn around the country’s flag carrier — which had been plagued by tragedy and financial losses under prior state ownership. In 2010, an Air India flight overshot the runway and plunged over a cliff, killing 158 people. And in 2020, a flight for Air India Express skidded off a runway amid heavy rain and cracked in two — killing 18 people. Both of those incidents occurred while Air India was still under government control. Indian conglomerate Tata Sons took over Air India in 2022 and has since worked to reinvent the carrier by modernizing its operations.

Boeing's troubled era has dimmed the prospects of a preeminent American manufacturer

A London-bound Air India plane carrying more than 240 people crashed shortly after takeoff Thursday. Authorities said there were no known survivors. It was not immediately clear why Air India flight 171, a Boeing 787-8, crashed into a residential area five minutes after taking off. Boeing said it was aware of the reports of the crash and was “working to gather more information.” This is a timeline of key events for Boeing in recent years.