Business News Digest

PAN PYLAS

July 11, 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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UPCOMING

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US-OFFSHORE-WIND-NORTHEAST

DESCRIPTION: The maker of a massive wind turbine blade that broke apart off Nantucket Island and washed up on the beaches for months has agreed to pay local businesses $10.5 million to pay for economic losses.

UPCOMING: By 07/11/2025 12:00 p.m. EDT, Photo, Text

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NEW AND DEVELOPING

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EU--BRITAIN-SALT PATH-CONTROVERSY

'The Salt Path:' A book that captured the hearts of millions, but now mired in controversy

SUMMARY: "The Salt Path" is a memoir of resilience and courage that captured the hearts of millions and which was subsequently adapted for the big screen with actors Gillian Anderson and Jason Isaacs taking the lead roles. But now the book and the film are mired in controversy. A report in last Sunday's The Observer newspaper said that there was more to the 2018 book than met the eye. It said that key elements of the story had been fabricated. Author Raynor Winn accepts "mistakes" were made but that the overarching allegations were "highly misleading." She has sought legal counsel. The Bookseller magazine said that publisher Penguin Michael Joseph on Friday agreed with Winn to delay the publication of her next book.

WORDS: 855 - MOVED: 07/11/2025 10:24 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:202a7afe0226f9771fe4ea34d371e730&mediaType=text

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FINANCIAL-MARKETS

US stocks move lower and pull S&P 500 back from its record

SUMMARY: Stocks are moving lower on Wall Street, pulling the S&P 500 and the Nasdaq composite below the records they set a day earlier. The S&P 500 was down 0.4% in the first few minutes of trading Friday. The Dow Jones Industrial Average was down 257 points, or 0.6%. The Nasdaq composite slipped 0.2%. Levi Strauss jumped 7% after the jeans maker easily beat Wall Street's sales and profit targets and raised its full-year forecast, despite expecting higher costs from tariffs. European markets were broadly lower, and Asian markets closed mixed. The yield on the 10-year Treasury rose to 4.40%.

WORDS: 620 - MOVED: 07/11/2025 10:16 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:fd74377af3bc0d4617fe7263e053ffc0&mediaType=text

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US--TRUMP-TARIFFS-CANADA

Trump plans to hike tariffs on Canadian goods to 35%

SUMMARY: Canadian Prime Minister Mark Carney says Canada will keep working toward a new trade framework with the United States despite U.S. President Donald Trump saying he'll raise taxes on many imported goods from Canada to 35%. Trump's move deepens a rift between two North American countries that have suffered a debilitating blow to their decades-old alliance. Trump's letter Thursday to Carney is an aggressive increase to the top 25% tariff rates the Republican president first imposed in March after months of threats. Carney says through the current trade negotiations with the U.S., Canada has defended its workers and business. Stock market futures are down Friday, a sign Trump's tariff letters may be concerning investors.

WORDS: 981 - MOVED: 07/11/2025 10:11 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:572b7a2ac58145153443663cf818d598&mediaType=text

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AS--US-ASEAN-RUBIO

Rubio and Wang stress cooperation after talks in Malaysia as US-China tensions simmer

SUMMARY: U.S. Secretary of State Marco Rubio says there are "areas of potential cooperation" between Washington and Beijing. Rubio also stressed the importance of managing differences following his first in-person meeting with his Chinese counterpart. Rubio and Chinese Foreign Minister Wang Yi met Friday at the end of a two-day regional security forum in Kuala Lumpur. Tensions between the two global powers continue to rise over trade, security and China's support for Russia's war in Ukraine. Rubio described the meeting as "constructive" and that the two nations can learn to manage their differences while exploring areas of cooperation. Rubio also indicated that a potential visit to China by U.S. President Donald Trump to meet with Chinese President Xi Jinping was likely.

WORDS: 969 - MOVED: 07/11/2025 9:59 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:82467600bcf2b97b5729f34676ceeb2a&mediaType=text

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LT--MEXICO-EXTORTION

He closed his store after years of threats. Why Mexico's extortion problem is getting worse

SUMMARY: Extortion is crippling businesses across Mexico, forcing many to shut down. A Mexico City shop owner shared his ordeal, which began in 2019 with threatening calls demanding payments. Over the years, he faced escalating threats, robberies, and violence, eventually closing his family's decades-old store in 2023. Extortion cases in Mexico City nearly doubled in early 2025, with national cases up 6% this year. Experts say organized crime, including major cartels, fuels the rise. Authorities admit most cases go unreported due to fear and distrust. Efforts like a new special prosecutor's office in Mexico City aim to address the issue, but progress remains slow.

WORDS: 930 - MOVED: 07/11/2025 9:13 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:53ece497efb7b5509e7ba9fb91e465a3&mediaType=text

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BBO--MLB JERSEY SALES

Aaron Judge moves into to second in MLB jersey sales, behind Shohei Ohtani

WORDS: 221 - MOVED: 07/11/2025 9:07 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:0777225549f4eb93d46ae98f0513ffc3&mediaType=text

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US--BITCOIN-RECORD HIGHS

Bitcoin tops $118,000 for the first time, and keeps on going

WORDS: 191 - MOVED: 07/11/2025 8:37 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:65a06629b5426a6849bb64055f23b3ea&mediaType=text

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US--WYOMING COAL MINE-RARE EARTHS

Wyoming's first new coal mine in decades to extract rare earths

SUMMARY: Wyoming's first new coal mine in 50 years is said to be opening soon but it won't rely on the fossil fuel to make money. Ramaco Resources plans to process the coal to extract rare earth elements it says are present in profitable quantities. Rare earths are a family of 17 metallic elements used in technologies like wind turbines, electric car batteries, and military targeting hardware. Energy Secretary Chris Wright and others are set to attend a groundbreaking ceremony Friday for the Brook Mine in northern Wyoming. China supplies almost 90% of the world's rare earth elements, and the Trump administration is seeking to encourage more U.S. production.

WORDS: 485 - MOVED: 07/11/2025 6:12 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:e4a3eff0b20039491df2dac99fa8ef0f&mediaType=text

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TRUMP TARIFFS-COUNTRIES

A look at the countries that received Trump's tariff letters

SUMMARY: President Donald Trump has been sending letters to countries outlining higher tariffs they'll face if they don't make trade deals with the U.S. by Aug. 1. The letters were posted on Truth Social. Trump warned countries that they would face even higher tariffs if they retaliated by increasing their own import taxes. Brazil is facing a 50% tariff and Canada 35% if they don't reach deals. South Korea and Japan both had their tariffs set at 25%.

WORDS: 1329 - MOVED: 07/11/2025 5:12 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:166230b4fa2be33ece1825322b34ff6a&mediaType=text

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LT--BRAZIL-TRUMP-TARIFFS

Brazil vows retaliatory tariffs against US if Trump follows through on 50% import taxes

SUMMARY: Brazilian President Luiz Inácio Lula da Silva says he will impose retaliatory tariffs on the United States if President Donald Trump follows through on a pledge to boost import taxes by 50%. Lula's comments raise the risk of a tariffs war erupting between the two countries, similar to what has happened between the U.S. and China. Trump has vowed to respond forcefully if countries seek to punish the U.S. The letter that Trump sent to Brazil on Wednesday railing against the "witch hunt" trial against former President Jair Bolsonaro opened up a new front in his trade wars.

WORDS: 1224 - MOVED: 07/11/2025 2:17 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:d45722a041324a732fe0435000360745&mediaType=text

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ML--MIDEAST WARS-GAZA-CASH CRISIS

To get their own cash, people in Gaza must pay middlemen a 40% cut

WORDS: 1159 - MOVED: 07/11/2025 2:00 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:67e1cff55e2c042dd89e831c4f22b0ee&mediaType=text

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