Business Briefs - June 17, 2025
G7 leaders gather in Canada for a summit overshadowed by Israel-Iran crisis and trade wars
KANANASKIS, Alberta (AP) — Leaders of some of the world's biggest economic powers arrive in the Canadian Rockies for a Group of Seven summit that's been shadowed by an escalating conflict between Israel and Iran and U.S. President Donald Trump's unresolved trade war. Israel's strikes on Iran and Tehran's retaliation appeared to catch many world leaders unawares. Canadian Prime Minister Mark Carney has decided to abandon the annual practice of issuing a joint statement. With other leaders wanting to talk to Trump in an effort to talk him out of slapping tariffs, the summit risks being a series of bilateral conversations rather than a show of unity.
Smaller amusement parks hope for a strong summer under the shadow of tariffs
NEW YORK (AP) — The tariffs wars involving global economic powerhouses such as the U.S. and China are being felt even in such distinctly local places as your regional amusement park. Families who balk at the cost of a vacation at big amusement parks like Disney World favor trips to regional parks. But if tariffs lead to economic uncertainty, they may stay home. The Trump administration's import taxes on foreign goods also could subject park owners to costs that their customers might not think about. Parts of the rides are made of imported steel that's currently subject to tariffs. And prizes and toys people win playing games often come from China.
Credit scores decline for millions as US student loan collections restart
NEW YORK (AP) — Millions of Americans are seeing their credit scores suffer now that the U.S. government has resumed referring missed student loan payments for debt collection. After 90 days of non-payment, student loan servicers report delinquent accounts to major credit bureaus, which use the information to recalculate the borrower's score. Falling behind on loan payments therefore can affect an individual's credit rating as severely as filing for personal bankruptcy. According to the Federal Reserve Bank of New York, about 1 in 4 people with student loan accounts were more than 90 days behind on payments at the end of March. It said borrowers ages 40 and older were most likely to be delinquent on their loans.
ICE is using no-bid contracts, boosting big firms, to get more detention beds
LEAVENWORTH, Kan. (AP) — No-bid contracts with politically connected companies have become crucial to the Republican Trump administration's push for more space to hold immigrants for deportation. Those contracts include one for a now-shuttered private prison in Kansas. An agreement with Tennessee-based private prison firm CoreCivic for reopening a 1,033-bed prison in Leavenworth, Kansas, is part of a surge of contracts issued by U.S. Immigration and Customs Enforcement without seeking competitive bids first. ICE cites a "compelling urgency" for more detention beds for immigrants in the U.S. illegally. ICE's moves have delighted industry analysts on company earnings calls and promised bigger profits but have also drawn criticism. Skeptical city officials argue CoreCivic needs a special use permit.