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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RETAIL CYBERATTACKS

DESCRIPTION: A string of cybersecurity breaches hitting well-known retailers, grocery chains and other consumer-facing businesses have made headlines recently. And experts note it's all part of an uptick in cyberattacks seen across industries. Still, disrupting consumer-facing operations brings its own set of implications. Just this week, grocery distributor United Natural Foods said a recent breach impacted its ability to fulfill orders -- leaving some shelves emptier for its customers, which includes Whole Foods. Cyberattacks hitting U.K. retail giants like Marks & Spencer and Co-op similarly disrupted supply chains in recent weeks. And last month, a breach impacting Victoria's Secret caused the lingerie brand to take its U.S. site offline for nearly four days.

UPCOMING: By 06/11/2025 3:00 P.m. EDT, Text, Photo

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US--SENATE-FAA ADMINISTRATOR

DESCRIPTION: President Donald Trump's nominee to lead the Federal Aviation Administration will get a confirmation hearing Wednesday morning. Bryan Bedford will likely face tough questions about the deadly midair collision in January as well as the technical failings that disrupted the Newark airport this spring and the administration's expensive plan to overhaul the nation's air traffic control system. By Leah Askarinam and Josh Funk. With AP photos.

UPCOMING: By 06/11/2025 11:00 a.m. EDT, Text, Photo

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US CRYPTO-KIDNAPPING

DESCRIPTION: Two crypto investors charged in the kidnapping and torture of an Italian man for his Bitcoin are expected to be arraigned Wednesday in Manhattan criminal court.

UPCOMING: By 06/11/2025 12:00 p.m. EDT, Text, Photo

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BRAZIL INTERNET REGULATION

DESCRIPTION: The Supreme Federal Court is resuming a trial that could redefine the responsibility of major tech platforms for illegal content posted by users. The case has far-reaching implications for internet regulation and comes just days after U.S. Secretary of State Marco Rubio warned of possible visa restrictions against foreign officials allegedly involved in censoring U.S. citizens.

ON MERITS: By 06/11/2025 7:00 p.m. EDT, Text, Video

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CHINA-CRITICAL MINERALS

DESCRIPTION: U.S. President Donald Trump is trying to convince China to lift restrictions on exporting rare earths and other critical minerals that Beijing imposed as part of a yearslong trade war. The U.S., and in fact the world, depend on China for the materials. Between 2020 and 2023, the U.S. imported at least 70% of all rare earth compounds from China, according to the U.S. Geological Survey. China has told exporters of certain key rare earths and other critical minerals to obtain licenses for every shipment abroad. Approvals can take weeks, leading to supply chain disruptions in the U.S. and other countries. China has spent decades building a full industrial chain for mining and processing critical minerals.

UPCOMING: By 06/11/2025 10:00 p.m. EDT, Text, Photo

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NEW AND DEVELOPING

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US--CHINA-CRITICAL MINERALS

Trump says US gets rare earth minerals from China and tariffs on Chinese goods will total 55%

SUMMARY: President Donald Trump says the United States will get magnets and rare earth minerals from China under a new trade framework and tariffs on Chinese goods will total 55%. Trump said Wednesday in return the U.S. will allow Chinese students to attend American colleges and universities. Trump says the framework is subject to final approval by him and Chinese President Xi Jinping. Senior U.S. and Chinese negotiators announced late Tuesday in London they had agreed on a framework to get their trade negotiations back on track after disputes that threatened to derail them. A Chinese statement on the talks does not reveal any details or concrete steps.

WORDS: 903 - MOVED: 06/11/2025 10:18 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:eac368889c299fd304a3b7beefc7469a&mediaType=text

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US--CONSUMER PRICES

Inflation barely rose last month as cheaper gas and cars offset some costlier imports

SUMMARY: U.S. inflation picked up a bit last month as food costs rose, though overall inflation remained mostly tame. Consumer prices increased 2.4% last month compared to a year ago, according to a Labor Department report released Wednesday. That is up from a 2.3% yearly increase in April. Excluding the volatile food and energy categories, core prices rose 2.8% for the third straight month. The figures suggest inflation remains stubbornly above the Federal Reserve's 2% target, which makes it less likely that the central bank will cut its key short-term interest rate.

WORDS: 1074 - MOVED: 06/11/2025 10:18 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:b0f098351a1f3f850a4c20b215556027&mediaType=text

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FINANCIAL MARKETS

US stocks drift near their record following an encouraging inflation update

SUMMARY: U.S. stocks are drifting after a report suggested President Donald Trump's tariffs are not pushing inflation much higher, at least not yet. The S&P 500 edged up by 0.1% Wednesday. The Dow Jones Industrial Average added 73 points, and the Nasdaq composite rose 0.2%. The action was a bit stronger in the bond market, where Treasury yields eased after a report showed inflation ticked up by less last month than economists expected. That raised expectations for the Federal Reserve to cut interest rates later this year. Markets didn't react much to the conclusion of two days of trade talks between the U.S. and China.

WORDS: 746 - MOVED: 06/11/2025 10:15 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:74076b65c39f8f7ddc145a7b63d314f9&mediaType=text

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EU--BRITAIN-ECONOMY

UK's health, defense and housing are big winners as Treasury chief delivers spending review

WORDS: 684 - MOVED: 06/11/2025 9:55 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:81cc3654afc7f25148c9077a6681805c&mediaType=text

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US--TRUMP-MUSK

Elon Musk backs off from feud with Trump, saying he regrets social media posts that 'went too far'

SUMMARY: Elon Musk stepped back from his explosive feud with U.S. President Donald Trump, writing on X that he regrets some of his posts about his onetime ally and that they went "too far." Musk earlier deleted a post in which he claimed without evidence that the government was concealing information about the president's association with infamous pedophile Jeffrey Epstein. Trump has said he has no desire to repair their relationship. Musk also posted that his electric vehicle company Tesla will begin robotaxi service in Austin, Texas, "tentatively" on June 22. Wall Street sees the robotaxis as vital to Tesla's future.

WORDS: 297 - MOVED: 06/11/2025 9:55 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:4bd9ba2eef03a4eef8ae45057e53fd98&mediaType=text

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US--GOOGLE-LAYOFFS

Google offers buyouts to staff in latest round of cost cutting

SUMMARY: Google has offered buyouts to staff in several divisions in a fresh round of cost cutting, according to a company statement and reports from several news outlets. It's not clear how many employees are affected, but the offers were made to staff in Google's search, advertising, research and engineering units, according to The Wall Street Journal. The tech company started trimming its headcount in 2023, when it announced that it was laying off 12,000 staff as the economic boom that fueled demand for online services during the COVID-19 pandemic started to fade.

WORDS: 170 - MOVED: 06/11/2025 8:48 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:869f86eb6b53044de2cf22a932b0213f&mediaType=text

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US--GENERAL MOTORS-US PLANTS

GM to invest $4 billion to shift some production from Mexico to the US

SUMMARY: Shares of General Motors are up before the opening bell after announcing plans to invest $4 billion to shift some production from Mexico to U.S. manufacturing plants as the automaker navigates tariffs that could drive prices higher. GM said that the investment will be made over the next two years and is for its gas and electric vehicles. The company will add production of the gas-powered Chevrolet Blazer and Chevrolet Equinox, which are made in Mexico, to two American plants starting in 2027. The Blazer will be produced at GM's Spring Hill, Tennessee plant, while the Equinox will be made at its Kansas City, Kansas facility.

WORDS: 387 - MOVED: 06/11/2025 8:14 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:e0b91973a5d2d5816d8bacd49859623b&mediaType=text

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US--TRUMP-TARIFFS-LAWSUITS

Trump hails favorable federal appeals court ruling on his sweeping tariff policy as a 'great' win

SUMMARY: President Donald Trump is hailing a favorable decision by a federal appeals court over his sweeping tariff policy as a "great" win for the United States. Trump said Wednesday on his social media site the court's decision means the U.S. "can use TARIFFS to protect itself against other countries." Trump calls it "A great and important win for the U.S." The Tuesday court ruling allows the government to continue collecting the sweeping import taxes the Republican president has imposed on other countries while challenges to his signature trade policy continue on appeal. Several lawsuits argue Trump's tariffs exceed his authority and leave U.S. trade policy dependent on his whims.

WORDS: 307 - MOVED: 06/11/2025 8:11 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:d5503936aa905453e977a8ff9ed96a9a&mediaType=text

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BEHIND THE WHEEL-HIDDEN ROAD GEMS

Edmunds: These five vehicles are hidden automotive gems

SUMMARY: Hidden gems are excellent vehicles that have a lot to offer but are often overlooked by shoppers. These slow-selling vehicles have a distinct set of qualities that can make them superb cars to own. They also stand out from the crowd of conventional choices. Regardless of the various reasons why these less appreciated cars aren't popular, we recommend considering them. So before you make your next car purchase, check out these five hidden gems that the experts at Edmunds rounded up for you.

WORDS: 857 - MOVED: 06/11/2025 8:03 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:ea40048eb4ded5aaa32cf7e977661186&mediaType=text

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US-PHILANTHROPY-FEMA-NONPROFITS

Aid groups weigh how much more they can help if FEMA reduces its disaster response

SUMMARY: With concern and confusion over how the federal government will respond to disasters this summer, aid groups are readying to expand the ways they help communities after hurricanes, fires and other storms. President Donald Trump has repeatedly expressed his intent to overhaul FEMA, if not totally dismantle it. Nonprofits are preparing to take on more tasks and respond in new regions if FEMA is absent or weakened by staff cuts. But they also say their own capacities are diminished, due to the frequency of disasters and the loss of other federal grants, and donors warn they can't fill all gaps.

WORDS: 1116 - MOVED: 06/11/2025 8:02 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:1cdd11a3f36fb7cfd37a9ea2655e99f0&mediaType=text

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US--CONGRESS-BUDGET CUTS-EXPLAINER

What's targeted in Trump's request for $9.4 billion in budget cuts from Congress

SUMMARY: President Donald Trump is looking to cancel $9.4 billion in spending already approved by Congress. That's just a sliver of the $1.7 trillion that lawmakers OK'd for the current budget year ending Sept. 30. The package of rescissions will have to be approved by Congress for the cuts to take place, beginning with a House vote expected Thursday. The cuts would mostly affect international aid programs designed to reduce extreme poverty and strengthen democratic institutions. The Republican president's proposal also targets public media outlets in the U.S. Democrats call the cuts inhumane and say they'd rip lifesaving support from hungry and sick people worldwide.

WORDS: 1159 - MOVED: 06/11/2025 7:28 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:6a0a09a295c7a9c318cca344e828c84d&mediaType=text

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EU--TURKEY-INDONESIA-COMBAT-JETS

Turkey to export 48 of its nationally produced fighter jets to Indonesia

SUMMARY: Turkish President Recep Tayyip Erdogan says Turkey will export 48 of its nationally-produced KAAN fighter jets to Indonesia. Erdogan's announcement on Wednesday marks the first export deal for the advanced aircraft that is still in the development phase. The Turkish leader didn't elaborate on the agreement or disclose its financial details. The KAAN successfully completed its maiden flight in 2024. Its first units are expected to be delivered in 2028. The agreement comes amid growing economic and defense ties between Turkey and Indonesia. Turkish media reports said the deal was reached on the sidelines of a defense industry exposition in Jakarta.

WORDS: 218 - MOVED: 06/11/2025 6:51 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:cd61ce4ed30c0b5def2311ead95e0a10&mediaType=text

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AS--KOREAS-TENSIONS

South Korea halts propaganda broadcasts along border with rival North in a move to ease tensions

SUMMARY: South Korea's military has shut down loudspeakers broadcasting anti-North Korean propaganda along the inter-Korean border. It's a move aimed at easing tensions. The South resumed the loudspeaker broadcasts in June last year following a yearslong pause in retaliation for North Korea flying trash-laden balloons toward the South in a psychological warfare campaign. South Korea's Defense Ministry said Wednesday the move was part of efforts to "to restore trust in inter-Korean relations and promote peace on the Korean Peninsula."

WORDS: 865 - MOVED: 06/11/2025 6:48 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:2ba545996b3daf1a9f81e23685792c11&mediaType=text

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EU--US-CHINA-TRADE

The US and China say they have agreed on a framework to resolve their trade disputes

SUMMARY: Chinese state media say that the U.S. and China have agreed in principle on a framework to carry out an agreement they reached on resolving their trade disputes last month. The announcement came at the end of two days of talks Monday and Tuesday in London. The agreement had been shaken by a series of disputes in the ensuing weeks, leading to a phone call last week between President Donald Trump and Chinese leader Xi Jinping to try to calm the waters. The two countries announced May 12 they had agreed to a 90-day suspension of most of the 100%-plus tariffs they had imposed on each other.

WORDS: 697 - MOVED: 06/11/2025 1:42 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:bf991a07e374050ae85c7187f1366ab7&mediaType=text

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EU--SPAIN-ECONOMY MINISTER

Spain's economy minister says 'overtourism' challenges need to be addressed

WORDS: 606 - MOVED: 06/11/2025 12:04 a.m. EDT

https://newsroom.ap.org/home/search?query=itemid:4ce1f2d2d5fc3c7f4f23af0677f902ce&mediaType=text

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