Business News Digest

DAVE SKRETTA

May 21, 2025

AP Business Digest

Here are the AP's top business stories that have moved or are planned to move today. All times U.S. Eastern. For up-to-the minute information on AP's coverage, visit AP Newsroom's Coverage Plan.

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NEW AND DEVELOPING

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FINANCIAL MARKETS

US stocks drift lower following mixed profit reports from Target, Lowe's and others

SUMMARY: U.S. stocks are drifting lower after several retailers gave mixed forecasts for where they see their profits heading under the uncertainty caused by President Donald Trump's trade war. The S&P 500 fell 0.6% Wednesday and is on track for a second straight drop after breaking a six-day winning streak. The Dow Jones Industrial Average lost 338 points, and the Nasdaq composite fell 0.6%. Stocks were also feeling pressure from another rise for Treasury yields in the bond market. Target slumped to one of the market's sharper losses after cutting its forecast for profit this upcoming year.

WORDS: 739 - MOVED: 05/21/2025 10:20 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:8f9b85dc446a9d795806d82467747691&mediaType=text

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US--TARGET-RESULTS

Target sales drop in 1st quarter and retailer warns they will slip for all of 2025

SUMMARY: Target's challenge to revive sales and its status as a cheap chic retailer just got more complicated. The discounter said Wednesday that sales fell more than expected in the first quarter, and the retailer warned they will slip for all of 2025 year as its customers, worried over the impact of tariffs and the economy, pull back on spending. Target also said that customer boycotts have done some damage during the latest quarter

WORDS: 1032 - MOVED: 05/21/2025 10:15 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:ed5765bac92257a0bab3815ece31f5c1&mediaType=text

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US-SACRAMENTO-SEMICONDUCTOR-INDUSTRY

Potential US semiconductor manufacturing boom complicated by Trump's economic policies

SUMMARY: Before 'America First' became the Trump administration's mandate for foreign policy and trade, one sector was already working to bring business back to the United States: the semiconductor industry. Aided by government incentives, American and foreign tech companies alike have invested hundreds of millions in bolstering semiconductor operations across the country in recent years. But President Donald Trump's tariff policies have complicated that growth as the administration takes its next steps toward imposing more tariffs on key imports.

WORDS: 1192 - MOVED: 05/21/2025 10:14 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:712ebb9b266fb2266215cc1c9345db2c&mediaType=text

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EU--BRITAIN-POLITICS

UK's Starmer suggests that a policy which denied retirees fuel subsidies will be changed

WORDS: 422 - MOVED: 05/21/2025 8:21 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:af6f5ab3cead13dc233676655b41dd96&mediaType=text

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US--PHILANTHROPY-CIVIC COURAGE

A new award for 'civic bravery' recognizes everyday people who step up

SUMMARY: A group of foundations are recognizing nonprofits and individuals with a new award for "civic bravery," that includes grants of up to $50,000. United Way Worldwide has partnered with funders like the Freedom Together Foundation to launch The Courage Project on Tuesday. The inaugural round of recipients included educators in an upstate New York town, who helped win the release of three students and their mother from Immigration and Customs Enforcement custody earlier this year. The Courage Project will accept nominations from the public for future recipients. The funders have pledged $5 million to give out through civic bravery awards over the next year.

WORDS: 906 - MOVED: 05/21/2025 8:17 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:3a756789df732a97d39bcd065ec8d8bb&mediaType=text

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BEHIND THE WHEEL-MEMORIAL DAY SHOPPING

Edmunds: How to get the best auto deals this Memorial Day weekend

SUMMARY: Memorial Day is a popular time to buy a car. But this Memorial Day is fraught with tariff uncertainty, manufacturer discounts, and the very real question of whether to buy now or wait. Here are five tips from Edmunds experts that will help you decide and then get the best deal.

WORDS: 779 - MOVED: 05/21/2025 8:16 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:e61546d8146ccb89c4a66713318baedc&mediaType=text

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AS--TAIWAN-CHINA

Taiwan alleges China is using cash to win developing nations to its stand on the island

WORDS: 501 - MOVED: 05/21/2025 7:50 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:2e72f774a2fc008b88d95fe9600596e8&mediaType=text

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EU--BRITAIN-RETAILERS-HACKED

UK retailer Marks & Spencer puts cyberattack cost at $400 million with disruptions ongoing

WORDS: 222 - MOVED: 05/21/2025 7:39 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:fef28bc0947576903cf83c3f42afc1e8&mediaType=text

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AS--JAPAN-RICE

Japan's agriculture minister resigns after a rice gaffe causes political fallout

SUMMARY: Japan's agriculture minister has resigned because of political fallout over his comment that he "never had to buy rice" because he got it from supporters as gifts. Many Japanese saw his remark as a sign he was out of touch with economic reality while prices of the country's traditional staple food are setting records. Taku Eto's gaffe could be further trouble for Prime Minister Shigeru Ishiba's already struggling minority government, which faces a crucial national election in July. The government has released tons of rice from its emergency stockpile, but the latest agricultural ministry statistics show it hasn't helped much.

WORDS: 705 - MOVED: 05/21/2025 7:07 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:a01060f60874ec7fa8a24edf7917d779&mediaType=text

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US--CONGRESS-TAX CUTS

House GOP grinding ahead with Trump's big tax cuts bill, but new report says it will add to deficit

SUMMARY: House Republicans are preparing to vote on their multi-trillion-dollar package of tax breaks and program cuts as soon as Wednesday. They have been grinding out last-minute deal-making and an all-night committee hearing to shore up support and deliver on President Donald Trump's top legislative priority. Trump himself had instructed the Republican majority to quit arguing and get it done. But GOP leaders worked late into the night to convince skeptical Republicans who have problems on several fronts, including worries that it will pile onto the nation's $36 trillion debt. A new analysis from the nonpartisan Congressional Budget Office said the tax provisions would add $3.8 trillion to federal deficits.

WORDS: 1054 - MOVED: 05/21/2025 6:40 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:2baff1acf9bdf6060fd584c93c97a88b&mediaType=text

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EU--CRITICAL MINERALS-REPORT

Report: World's supply of critical minerals for clean energy is concentrated in fewer countries

SUMMARY: The world's supplies of critical minerals are increasingly concentrated in just a few countries, most notably China, leaving the global economy vulnerable to supply cutoffs. That is the conclusion of the International Energy Agency in a report on the availability of minerals and metals that may be small in quantity but large in impact when it comes to making next-generation batteries and electric autos. China is the leading refiner for 19 out of 20 strategic minerals studied in the report, and has an average share of around 75%. Indonesia showed strong growth in nickel, a key component in making steel and batteries for electric vehicles.

WORDS: 614 - MOVED: 05/21/2025 6:28 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:3dbee35f17823656b75939305bbd0512&mediaType=text

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EU--BRITAIN-ECONOMY

UK inflation rises to its highest level since January 2024 after domestic bills spike

SUMMARY: Inflation in the U.K. spiked to its highest level for more than a year in April amid higher domestic bills such as energy and water. The Office for National Statistics said Wednesday that its key measure of inflation as measured by the consumer prices index rose by 3.5% in the year to April. That's up from 2.6% in March. April's rate was the highest since January 2024 and above expectations for a more modest increase to 3.3%. The scale of the rise was also the largest since October 2022 at the height of the energy crisis in the wake of Russia's full-scale invasion of Ukraine.

WORDS: 502 - MOVED: 05/21/2025 5:43 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:1af22dee1c88043be8cb43049f55a255&mediaType=text

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EU--GERMANY-ECONOMY

Germany's economy will stagnate this year as tariffs cast a shadow, advisers say

WORDS: 288 - MOVED: 05/21/2025 5:14 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:2d67e6b886b4f663d5d2fa653a6e0664&mediaType=text

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AF--MALI-EDUCATION-USAID

In Mali, USAID funding cuts hit a local language learning program that empowered thousands

WORDS: 919 - MOVED: 05/21/2025 1:04 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:b2bf965fd853de7f02b5a043ff7f4e48&mediaType=text

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AS--JAPAN-TRADE

Japan's exports slow in April as Trump's tariffs dent shipments to the U.S.

WORDS: 320 - MOVED: 05/21/2025 12:33 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:39795125a9ac7862b09d13b5b3b51b8b&mediaType=text

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US--TRUMP-BUSINESS

Trump drafts America's business titans to burnish his image at home and abroad

SUMMARY: President Donald Trump isn't the only one who wrapped up a Middle East tour in recent days. American CEOs and other executives dropped everything to tail along with Trump on his travels and bolster the image he tried to sell on his first major foreign trip. Corporate titans are spending more time than ever working to curry favor with the current administration as part of their effort to score relief from tariffs and government regulations. Trump, in turn, is happy to use them as supporting cast members in his efforts to project the economy as booming at a time when growth is slowing.

WORDS: 1165 - MOVED: 05/21/2025 12:07 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:53ae4ca86f3d5c5f683a775e8c37123c&mediaType=text

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US--G7 SUMMIT-FINANCE

Trump's tariffs will test unity among allies at G7 finance ministers' summit

WORDS: 907 - MOVED: 05/21/2025 12:01 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:ff7c84b5bc349a898615dafd2563e844&mediaType=text

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