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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FEDERAL RESERVE-MINUTES

DESCRIPTION: The Federal Reserve releases minutes from its mid-March meeting when it decided to cut rates to zero and launched several programs to keep credit flowing to businesses. By Christopher Rugaber. UPCOMING: Developing from release of minutes at 2 p.m.

UPCOMING: By 05/28/2025 2:00 p.m. EDT, Text, Photo

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US--ICE-IMMIGRATION COURTS

DESCRIPTION: San Francisco -- Immigrant rights advocates hold presser and rally in response to ICE arrests at immigration courts across the country. On Merits.

ON MERITS: By 05/28/2025 4:00 p.m. EDT, Video, Text

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CRYPTO CONFERENCE

DESCRIPTION: Vice President JD Vance delivers a keynote speech and Eric and Donald Trump Jr. appear on a panel at a bitcoin conference in Las Vegas. On merits.

UPCOMING: By 05/28/2025 5:00 p.m. EDT, Text, Photo

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NEW AND DEVELOPING

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US--MUSK-TRUMP

Elon Musk criticizes Trump's 'big beautiful bill,' a fracture in a key relationship

SUMMARY: Elon Musk is criticizing the centerpiece of President Donald Trump's legislative agenda, saying he's "disappointed" in what the president calls his "big beautiful bill." It's a significant fracture in a partnership that was forged during last year's campaign and was poised to reshape American politics and the federal government. Musk made his comments in an interview with CBS that came out Tuesday night. He said the legislation "undermines the work" of his Department of Government Efficiency, known as DOGE. Republicans recently pushed the legislation through the House and are debating it in the Senate.

WORDS: 551 - MOVED: 05/28/2025 10:22 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:aa2bc70b0ebdb219b5dd3e9f8fae03af&mediaType=text

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FINANCIAL MARKETS

Wall Street holds steady as the countdown ticks toward Nvidia's earnings report

SUMMARY: U.S. stocks are holding steadier a day after leaping back within a few good days' worth of gains from their all-time high. The S&P 500 rose 0.2% Wednesday. The Dow Jones Industrial Average added 60 points, and the Nasdaq composite rose 0.2%. Abercrombie & Fitch soared after its profit and revenue beat analysts' expectations, while Macy's swung from a gain to a loss despite likewise delivering better results than expected. The market's main event will come after trading ends for the day, when tech heavyweight Nvidia will report its latest results. Stocks were also mostly muted across Europe and Asia.

WORDS: 536 - MOVED: 05/28/2025 9:46 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:c377ae381e6839a45a0bde8b4bab3183&mediaType=text

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US--MACY'S-RESULTS

Macy's profit and sales slip and it cuts profit forecast for 2025, but tops Q1 expectations

SUMMARY: Macy's sales and profit slipped in its first quarter and the department store, citing more cautious customers and the impact that the U.S. trade war will have on the company and its shoppers, trimmed its profit forecast for 2025. However, the New York retailer which also owns upscale Bloomingdale's and the Bluemercury cosmetics chain, topped most performance expectations for the first three months of the year and maintained its sales forecast for the year on Wednesday.

WORDS: 865 - MOVED: 05/28/2025 9:07 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:4ca4e672fb72f7aff2b1bf75df8c0187&mediaType=text

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CLIMATE-AGRITOPIA AGRICULTURAL COMMUNITY

A little bit of farm, a little bit of suburbia: That's the recipe for Agritopia

SUMMARY: Outside of Phoenix in suburban Gilbert, one farming family decided over 10 years ago to get ahead of development and urban sprawl by developing their way. They designed and built a community around a plot of agricultural land and called it Agritopia. Its staff now grows fruits and vegetables that go into farm boxes purchased by a few homeowners in the surrounding area as well as to local farmers' markets. These "agrihoods" are in at least 27 U.S. states and Canadian provinces as developers see them as another amenity that can attract buyers. Experts say agrihoods cater to buyers interested in sustainability, access to healthy food and a mix of urban and rural life.

WORDS: 1191 - MOVED: 05/28/2025 9:03 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:a749ddd6ae3a08d8bb7d37bebda1c163&mediaType=text

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EU-GERMANY-PERU-CLIMATE-CASE

Peruvian farmer's decade-long climate battle against RWE ends in German court

SUMMARY: A German court has ruled against a Peruvian farmer in a landmark climate lawsuit, but activists say the decision has opened the door for major greenhouse gas emitters to be held financially liable in Germany. The court ruled Wednesday. Farmer and mountain guide Saúl Luciano Lliuya said glaciers above his hometown of Huaraz are melting, increasing the risk of catastrophic flooding. RWE, which has never operated in Peru, denied legal responsibility, arguing that climate change is a global issue caused by many contributors. The court says the distance between Peru and RWE's operations was not, on its own, "sufficient reason to declare the lawsuit unfounded."

WORDS: 396 - MOVED: 05/28/2025 8:57 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:e0905276c5ad1b44f3685bce9e7bc57b&mediaType=text

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CLIMATE CHANGE-LAWSUITS

Lawsuits aim to hold fossil fuel companies responsible for climate change. Here's a look at some

WORDS: 684 - MOVED: 05/28/2025 8:43 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:0c88498ea700708f66d4120e48243fca&mediaType=text

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US--PHILANTHROPY-DISTRUST-INSTITUTIONS

Philanthropy wants to build Gen Z's confidence in institutions. Will youth empowerment foster trust?

SUMMARY: Gen Z tends to lack trust in the major institutions that previous generations expected to safeguard their futures. The philanthropic sector is working to reverse that disillusionment by empowering Gen Z to make the structural change they so often seek. Born out of the idea that young people distrust institutions because they don't feel served by the status quo, several initiatives are underway with hopes that more responsive institutions will be seen as more legitimate. For example, DoSomething has been boosting youth volunteering since 1993 and the nonprofit is now providing opportunities to make more lasting community change. Summer Dean, 27, says: "Young people -- we're not just victims of these systems. We have agency and we have power."

WORDS: 1159 - MOVED: 05/28/2025 8:35 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:74f5b2a084bdcde7a1dc11ca432afebc&mediaType=text

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IRAN-US

UN nuclear watchdog chief says 'jury is still out' on Iran-US talks, but calls them a good sign

SUMMARY: The head of the United Nations' atomic watchdog says that "the jury is still out" on negotiations between Iran and the U.S. over Tehran's rapidly advancing nuclear program. But Rafael Mariano Grossi described the continuing negotiations a good sign. Grossi is the director-general of the International Atomic Energy Agency. He made the comment on Wednesday to journalists attending a weeklong seminar at the agency in Vienna. Grossi acknowledged one of his deputies was in Tehran on Wednesday. Iranian officials identified the official as Massimo Aparo. He is the head of the IAEA's safeguards arm.

WORDS: 742 - MOVED: 05/28/2025 8:25 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:0613bd70b6a47ed2f583177e54473a21&mediaType=text

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WEDDINGS-TARIFFS

Planning a wedding is stressful. Couples and vendors now have to factor in tariffs

SUMMARY: Wedding cakes, decor, attire, flowers, party favors, Champagne. There isn't much in the wedding industry that isn't affected by new tariffs imposed by President Donald Trump. How much gets passed down to consumers is up to the vendors and the many middlemen often involved. Some wedding couples and their vendors are already feeling the sting. Wedding professionals say some sectors of the industry in the U.S. are underdeveloped and incapable of absorbing the load from tariff-heavy nations. That includes China, but also Latin American countries that provide the U.S. with the bulk of its cut flowers. Some bridal couples will go without.

WORDS: 1369 - MOVED: 05/28/2025 7:51 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:3cde4ec2e077c835e3c6b6522ae8427d&mediaType=text

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WEDDINGS-TARIFFS-HOW TO PIVOT

Tips for planning a wedding at a time of new tariffs

SUMMARY: Photo booths to florals, dresses to fancy cakes. The wedding industry is heavily dependent on goods that come from countres hit with new tariffs imposed by the United States. Vendors and bridal couples are navigating higher prices just weeks after President Donald Trump went to war over trade around the globe. What can couples planning a wedding do? Insiders have some tips. Buy local. Swap out pricey flowers for still-beautiful but less expensive ones. Pack your paper goods and other items to take with you rather than ship them to a destination away from home.

WORDS: 724 - MOVED: 05/28/2025 7:39 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:ddeed2ff8d5fb64105b97279e5979364&mediaType=text

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BEHIND THE WHEEL-SUVS-NEW PARENTS

Edmunds recommends these under-$40,000 SUVs for new parents

SUMMARY: New parents are often in need of a larger vehicle. Edmunds' car experts have come up with five great SUVs of different sizes and price points under $40,000. They focused on three qualities: 1) lots of space between the first and second-row seatbacks for bulky rear-facing infant safety seats; 2) big rear door openings to make it easy to get your newborn in and out; and 3) a roomy cargo area for all of your baby gear.

WORDS: 827 - MOVED: 05/28/2025 6:19 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:9805bababb2f85e7dbe1fde2829a6ff2&mediaType=text

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EU--TURKEY-AIRLINE-FINES

Turkey will fine airline passengers who unbuckle before the plane stops

SUMMARY: Turkish authorities say airline passengers who unbuckle their seat belts, access overhead compartments, or occupy the aisle before their plane has fully stopped now face fines under new regulations. The Turkish aviation authority issued the updated rules following passenger complaints and flight inspections indicated a growing number of safety violations during taxiing, leading to chaotic disembarkation. Revised in-flight announcements are now warning passengers that safety violations will be reported to the aviation authority. The authority did not say how much rulebreakers could be fined, but Turkish media reports have said fines of up to $70 will be imposed.

WORDS: 283 - MOVED: 05/28/2025 5:38 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:768810fad6419fc24846c21c735c1426&mediaType=text

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EU--ITALY-STELLANTIS-CEO

Stellantis names Italian car executive Antonio Filosa its new CEO

SUMMARY: Stellantis, the world's fourth-largest carmaker, named Italian auto executive Antonio Filosa as its new chief executive officer, replacing Carlos Tavares, who resigned under pressure last year. Filosa is currently Stellantis' chief operating officer for the Americas and chief quality officer. He takes the top post effective June 23, when he is expected to announce his leadership team. The move returns the operations of Stellantis, created from the 2021 merger of France's PSA Peugeot with Italian-US carmaker Fiat Chrysler Automobiles, to Italian hands after three years under Tavares, who previously served as Peugeot's top executive. John Elkann, heir to the Fiat-founding Agnelli family, remains chairman.

WORDS: 282 - MOVED: 05/28/2025 4:52 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:b4622fc28b0f475e7e03883ff1c5fcb0&mediaType=text

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US-SCI--SPACEX-STARSHIP LAUNCH

SpaceX launches another Starship rocket after back-to-back explosions, but it tumbles out of control

SUMMARY: SpaceX has launched its Starship mega rocket again after back-to-back explosions. It made it through the entire test flight Tuesday evening, but fell short of its main objectives when the spacecraft tumbled out of control. SpaceX had hoped to release a series of mock satellites following liftoff from Texas, but that got nixed because the door failed to open all the way. Then the spacecraft began spinning as it skimmed space toward an entry in the Indian Ocean. The first-stage booster ended up in the Gulf of Mexico in pieces. There were no plans to catch the booster this time.

WORDS: 550 - MOVED: 05/28/2025 4:48 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:5f02ab8e4b794e518fe99905adaa7471&mediaType=text

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EU--BRITAIN-THAMES WATER

Britain's biggest water firm hit with record fine over sewage and dividends

SUMMARY: Britain's biggest water company has been fined almost 123 million pounds or $166 million for releasing sewage into rivers and streams while paying dividends to its shareholders. Industry regulator Ofwat said Wednesday that Thames Water must pay 104.5 million pounds for failing to protect the environment and 18.2 million pounds for breaking rules related to dividend payments. It's the biggest-ever penalty levied by the water watchdog. Thames Water is at the center of nationwide anger over sewage spills that have fouled lakes, rivers and beaches. The company argues that regulators kept bills too low for too long and that has starved it of vital cash to fund improvements.

WORDS: 355 - MOVED: 05/28/2025 4:12 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:ecd82855d3b1309993ba03386060f4ae&mediaType=text

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AS--CHINA-EU CHAMBER

European companies cut costs, scale back investments in China as its economy slows

SUMMARY: European companies are cutting costs and scaling back investment plans in China as the economy slows and fierce competition drives down prices. An annual business confidence survey released Wednesday by the European Union Chamber of Commerce in China said that "the picture has deteriorated across many key metrics." The challenges faced by its members reflect broader ones for a Chinese economy hobbled by a prolonged real estate crisis that has dampened consumer spending. Companies are caught in the middle as China faces pushback from Europe and the United States over its growing exports.

WORDS: 322 - MOVED: 05/28/2025 2:18 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:1303ba48e49cbaf6524d3d578e3bd007&mediaType=text

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LT--BRAZIL-BYD

Brazilian prosecutors sue China's BYD over allegations of slave-like labor conditions

WORDS: 260 - MOVED: 05/28/2025 2:04 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:95974dd85ce95edac339ba316be4c2de&mediaType=text

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ML--TURKEY-SAUDI ARABIA-SYRIA

Assad's fall in Syria turned Turkey and Saudi Arabia from rivals to partners. Will it last?

WORDS: 970 - MOVED: 05/28/2025 1:04 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:cb93fb608dab2864bc7deb6407e88d4c&mediaType=text

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