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Business news, market updates, and economic developments
India’s Tata Electronics and Dutch company ASML have made an agreement to build a big semiconductor factory in western India. The factory will use advanced tools from ASML to produce chips for AI, cars, and other uses, with Tata planning to invest $11 billion in the project.
Key Facts
Tata Electronics signed a deal with ASML during Prime Minister Modi’s visit to the Netherlands.
The semiconductor plant will be built in Dholera, Gujarat, Modi’s home state.
ASML makes special machines that help produce advanced microchips used in phones, cars, and more.
Tata plans to invest $11 billion in the new factory.
The chips made will support artificial intelligence and the automotive industry.
ASML wants to build long-term partnerships in India’s growing semiconductor market.
Modi met with Dutch leaders to discuss trade, defense, space, and visa arrangements.
The visit is part of Modi’s European tour and aims to strengthen economic ties between India and the Netherlands.
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Jaguar Land Rover and General Motors are competing for a £900 million UK military contract to build thousands of 4x4 trucks for the armed forces. These vehicles will replace older Land Rovers and are expected to be delivered starting in 2030 for use by the army, navy, and air force.
Key Facts
Jaguar Land Rover (JLR) and General Motors (GM) want to make new military 4x4 trucks for the UK armed forces.
The contract is worth £900 million and could involve thousands of vehicles.
The trucks will replace old Land Rovers no longer produced since 2016.
The new vehicles will be used for patrol, reconnaissance, and transport duties across the army, navy, and air force.
First deliveries are planned around the year 2030.
GM is working with British firms BAE Systems and NP Aerospace on its bid, using US-built trucks modified in the UK.
JLR has not made military vehicles since it stopped making the classic Land Rover Defender, but plans to explore partnerships with the UK Ministry of Defence.
Defence spending in Europe, including the UK, rose sharply last year, making such contracts more attractive for car companies facing other challenges.
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National BBQ Month celebrates grilling and barbecue culture in the United States. Michael Conlon, the pit boss at Virgil's Real BBQ, shared grilling tips on ABC News Live to mark this event.
Key Facts
National BBQ Month takes place in May.
It highlights grilling and barbecue traditions in America.
Michael Conlon is the pit boss at Virgil's Real BBQ.
He appeared on ABC News Live to talk about BBQ tips and techniques.
The event encourages people to celebrate by cooking outdoors.
BBQ Month is recognized by food industry and grilling enthusiasts.
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The U.S. stock market dropped after President Donald Trump’s meeting with Chinese President Xi Jinping in Beijing. Although President Trump said they made "fantastic" deals, there were no clear details about the agreements, which caused uncertainty among investors.
Key Facts
President Trump met with Chinese President Xi Jinping in Beijing.
Trade was a main topic discussed during the summit.
President Trump described the deals as "fantastic."
The U.S. stock market went down after the summit.
Investors reacted negatively due to a lack of specific deal details.
The report includes reactions from people in America's heartland.
The news was covered by CBS News with video reports available on their app.
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A young man paid £726 to driving test resellers to get earlier test dates because the official waiting list was very long. New government rules now prevent anyone but the learner driver from booking their own test to stop third parties from buying and reselling test slots at high prices.
Key Facts
Robert Kamugisha paid over £700 for driving test slots from resellers, who charged much more than the official £62 fee.
The national average wait time for a driving test in Great Britain is about 22 weeks.
Resellers use automated programs (bots) to book many test slots quickly and sell them to learners for large profits.
New government laws now allow only learner drivers to book their own driving tests, aiming to stop this resale market.
Some driving instructors charge extra fees to use their cars for the test, sometimes at short notice.
The backlog and reselling problem grew during the pandemic when many tests were postponed.
Messaging groups exist where thousands of driving tests are advertised for sale across the UK.
Robert passed his driving test on his third attempt after paying extra fees for test slots and car use.
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Fewer foreign tourists are visiting Goa, India, compared to before the COVID-19 pandemic. While overseas visitor numbers have dropped almost by half, domestic tourism in Goa has strongly increased.
Key Facts
Foreign tourist visits to Goa fell from about 900,000 in 2017 to around 500,000 in 2025.
Domestic tourist visits rose from 6.8 million in 2016 to over 10 million last year.
Factors causing fewer foreign tourists include expensive flights, complicated visa procedures, and visa fee increases.
Alternative destinations such as Sri Lanka, Vietnam, Turkey, and Egypt attract more visitors due to cheaper costs and easier travel.
The removal of a direct flight from London Gatwick to Goa has contributed to the decline in European visitors.
The growth in domestic tourists and business events has raised hotel prices, making it harder for foreign tourists to find affordable beachfront hotels.
The global political situation and rising travel costs linked to conflicts and fuel prices have affected overseas tourism.
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Walmart and Amazon are competing to deliver online orders faster in rural parts of the U.S., where many people live far from big cities. Both companies see this area as a chance to find new customers, especially since more people are moving to small towns and working remotely.
Key Facts
Walmart has many stores near rural areas, with 45% of its big Supercenters in towns under 20,000 people.
Rural America could represent up to $1 trillion in yearly sales for retailers, according to Morgan Stanley.
Amazon invested $4 billion to offer same-day or next-day deliveries to 4,000 smaller towns and rural communities.
Amazon’s CEO said the number of customers getting same-day delivery doubled in 2025 compared to the previous year.
Amazon uses artificial intelligence (AI) to predict demand and opens small delivery hubs in rural places.
Delivery services like FedEx, UPS, and the U.S. Postal Service are reducing or slowing deliveries in some rural areas to cut costs.
The average income in rural counties rose 43% from 2010 to 2022, reaching nearly $60,000 a year.
Other retailers like Dollar General are also expanding same-day delivery to many rural stores.
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Disney is closing its Star Wars-themed hotel, called Halcyon, in Florida one year after it opened. The last day for guests to stay will be September 30, and Disney has paused new reservations while helping customers with existing bookings.
Key Facts
The Halcyon hotel opened in March 2022 near Walt Disney World in Florida.
It offered a two-day immersive Star Wars experience with themed rooms and activities like lightsaber training.
Room prices were high, costing up to about $6,000 for a family stay.
Disney announced the hotel will close on September 30, 2023.
The company did not say why the hotel is closing or how much it cost to build.
Reservation bookings after the closing date are being canceled or changed.
Disney is cutting over $5 billion in costs and plans to lay off 7,000 workers this year.
The decision to close the hotel is part of larger business changes, including Disney canceling a $1 billion office project in Florida amid tensions with Governor Ron DeSantis.
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Chef and restaurant owner Scott Conant is returning to cooking traditional Italian meals at his family home. He focuses on simple, home-cooked food that reflects his culinary background.
Key Facts
Scott Conant is a chef and restaurateur.
He is revisiting his culinary roots by cooking Italian food.
The meals are home-cooked and inspired by his family traditions.
This return emphasizes simple, traditional dishes.
The story was featured by CBS News.
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CBS Mornings Deals is offering special discounts on products that could be useful daily. Customers can visit the website cbsdeals.com to access and buy these discounted items.
Key Facts
CBS Mornings Deals features products with exclusive discounts.
The deals are shown during the CBS Mornings program.
Shoppers can visit cbsdeals.com to use these discounts.
CBS earns a commission when people buy through their website.
The products are chosen to be helpful in everyday life.
The offer is promoted through CBS News and its app.
The website can be accessed using common web browsers like Chrome and Safari.
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This article shares advice for teenagers and young adults on how to make the most money from their summer jobs. A business expert discusses ways to improve earnings and job experiences during the summer work period.
Key Facts
The article focuses on young people working summer jobs.
It aims to help them increase their earnings.
Tips come from Jill Schlesinger, a business analyst.
The advice was shared on a CBS News program.
The information is available through the CBS News app and website.
The goal is to help teens and young adults improve their work experience and finances over summer.
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Straus Family Creamery is recalling certain organic ice cream products sold in 17 states because they might contain small metal pieces. No one has been hurt, and the company is working to remove these items from stores and is offering vouchers for replacements.
Key Facts
The recall involves ice cream sold in 17 states including California, Texas, Florida, and New Jersey.
The products were available on store shelves starting May 4.
The recall covers several flavors and sizes, such as vanilla bean pints, strawberry pints and quarts, cookie dough pints, dutch chocolate quarts, and mint chip quarts.
Best-by dates and manufacturing codes on the bottom of containers help identify affected products.
Straus Family Creamery is removing these products from stores and advises customers to throw away any they have.
The company will not give cash refunds but will provide vouchers for buying new products.
The Food and Drug Administration reported no injuries related to the issue.
Straus Family Creamery emphasizes that food safety and quality are their highest priorities.
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Mortgage refinancing has become more popular as rates dropped below past levels, but recent geopolitical events caused rates to rise again above 6 percent. Closing costs for refinancing vary widely by state, with New York having the highest average costs and California the lowest.
Key Facts
Mortgage refinancing applications increased 14.9% year-over-year but dropped 4.4% in one recent week.
As of May 14, the average 30-year fixed mortgage rate was 6.36%, lower than last year’s 6.81%.
The average refinance loan amount in the U.S. is $330,622.
Average total closing costs for refinancing are $2,207, or 0.67% of the loan amount.
New York has the highest refinance closing costs at 2.06% of the loan amount, averaging $10,553.
Other states with high costs include Florida (1.36%), Oklahoma (1.13%), Pennsylvania (1.01%), and Texas (0.96%).
States with the lowest closing costs include California (0.32%), South Dakota (0.35%), and Arizona (0.37%).
Closing costs include fees like transfer taxes, recording charges, settlement fees, and lender title policies.
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This article discusses the different amounts drivers pay in gas taxes depending on their state. It looks at how much states add on top of the federal gas tax, which is a fee included in the price of gasoline.
Key Facts
The federal gas tax is a set amount charged per gallon of gasoline.
Each state can add its own tax to the federal gas tax.
Some states have higher gas taxes than others, making gas more expensive there.
State gas taxes can vary due to decisions by state governments.
The total gas tax affects how much drivers pay at the pump.
There is ongoing conversation about possibly suspending the federal gas tax.
State gas taxes help fund road and transportation projects.
Understanding state gas taxes can help drivers know why gas prices differ across the country.
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Zimbabwe’s real estate and farming sectors are seeing more investment from Zimbabweans living abroad, influenced by social media content creators who share information about opportunities in the country. Two young influencers, Kundai Chitima and Kelvin Birioti, use platforms like YouTube and Instagram to show property tours, farming tips, and market trends, helping diaspora members make decisions about investing or returning home.
Key Facts
Diaspora Zimbabweans are increasing investments in real estate and farming in Zimbabwe.
Social media influencers Kundai Chitima and Kelvin Birioti share videos and posts about opportunities in these sectors.
Their content provides real-life perspectives that differ from previous narratives about Zimbabwe.
Catherine Mutisi, who lived 17 years in the UK, decided to relocate permanently after watching these online videos.
Many in the diaspora want to reconnect with Zimbabwe and contribute to its development.
Lower living costs and chances to build businesses attract diaspora investors despite economic instability.
Birioti started his platform to protect diaspora Zimbabweans from scams in real estate and rural projects.
Chitima returned to Zimbabwe after working in South Africa and now educates and trains other content creators.
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A seasoning product sold at Walmart stores across the United States is being recalled because it might contain salmonella bacteria. Federal health officials are warning customers not to use the product to prevent illness.
Key Facts
A seasoning product sold at Walmart stores nationwide is being recalled.
The recall is due to possible salmonella contamination.
Salmonella is a bacteria that can cause food poisoning.
The recall was announced by federal health officials.
Customers are advised to avoid using the seasoning.
The recall covers all stores in the United States selling this product.
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Swatch closed many of its stores in the UK and other countries after large crowds gathered to buy its new limited edition watch, called the Royal Pop. The watch, starting at £335, quickly appeared online with much higher resale prices, and safety concerns led to store closures and event cancellations.
Key Facts
Swatch closed stores in London, Birmingham, Cardiff, Glasgow, Liverpool, Manchester, and Sheffield due to safety concerns.
The new watch, Royal Pop, is a collaboration between Swatch and luxury brand Audemars Piguet.
The Royal Pop watches cost from £335 but some were resold online for up to £16,000.
People queued or camped outside stores for days, including in Liverpool and New York.
Police responded to reports of aggressive behavior outside the Liverpool store.
Swatch canceled its launch event in Dubai after a large crowd showed up.
The watch design is inspired by the Pop Art movement from the 1950s and 60s.
Swatch described the collection as combining bold design with fine watchmaking.
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Farmers in the Midwest are facing serious financial problems as diesel and fertilizer prices rise due to conflicts involving Iran. This situation is making it harder for family farms to survive and could lead to higher food prices and stress on rural communities.
Key Facts
Rising diesel and fertilizer costs are linked to the Iran conflict and the closing of the Strait of Hormuz, a key route for fuel shipments.
Many farmers are struggling because crop prices have dropped and loans are harder to get.
The current farming crisis is described as the worst since the 1980s when similar economic challenges hit agriculture.
Increases in fuel bills and fertilizer costs are affecting farmers in states like Arkansas, Ohio, Iowa, and Minnesota.
The U.S. cattle herd is at a low point due to drought, pushing beef prices up by about 19% compared to last year.
Mental health calls from farmers in Minnesota are rising, indicating increased stress within farming communities.
Agriculture Secretary Brooke Rollins announced $900 million in grants to help fertilizer companies and legislation to lower costs.
President Trump has provided $11 billion in aid to farmers facing trade and price challenges, with most of it already distributed.
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Walmart and Amazon are competing to deliver online orders faster to rural areas in the U.S. Both companies are using new technology and opening small delivery centers to serve towns that were previously hard to reach or not seen as profitable. This competition comes as major delivery services like FedEx and UPS reduce service in these locations.
Key Facts
About 90% of U.S. people live within 10 miles of a Walmart store.
Nearly half of Walmart’s Supercenters are in small towns with fewer than 20,000 residents.
Morgan Stanley estimates rural online sales could be worth up to $1 trillion each year.
Remote work is increasing populations in many small towns.
Amazon spent $4 billion to provide same-day or next-day delivery to 4,000 smaller cities and towns.
Amazon doubled the number of customers getting same-day delivery in 2025 compared to 2024.
Amazon uses artificial intelligence to predict demand and opens micro delivery hubs in rural areas.
FedEx, UPS, and the U.S. Postal Service are reducing or slowing deliveries in some rural places to save money.
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Reed Jobs, son of Apple co-founder Steve Jobs, runs a venture capital fund called Yosemite that invests in cancer care and healthcare startups. He is visiting the UK to find new opportunities and partnerships to help improve cancer diagnosis and treatment, especially using gene therapy, vaccines, and artificial intelligence.
Key Facts
Reed Jobs is motivated by his father’s death from pancreatic cancer to improve cancer outcomes.
Yosemite manages over $1 billion and invests in about 20 healthcare startups in the US and UK.
The fund focuses on gene therapy, cancer vaccines, radiopharmaceuticals, and AI applications in cancer care.
Yosemite receives investment from the UK group LifeArc, which supports rare disease research and has ties to Oxford and Cambridge universities.
Reed Jobs interned in oncology and started pre-medical studies before moving to history.
Yosemite was created in 2023 as a spin-off from Emerson Collective, founded by Reed’s mother, Laurene Powell Jobs.
Backers of Yosemite include biotech company Amgen, MIT, Memorial Sloan Kettering Cancer Center, and investor John Doerr.
Reed Jobs aims to make cancer a treatable and early-diagnosed disease, similar to progress made with HIV and heart disease.
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