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Raising prices on consumers to cover the costs of President Donald Trump’s tariffs will be Target’s ‘very last resort,’ CEO Brian Cornell said Wednesday.

The remarks came as Target reported weaker-than-expected sales in its first quarter and cut its full-year forecast. The retailer, whose business hasn’t fared as well against rivals better known for bargain prices, has “many levers to use in mitigating the impact of tariffs,” Cornell said.

Major retailers appear to be treading cautiously around the question of price hikes after Trump slammed Walmart last weekend for warning that shoppers could pay more due to tariffs. In the days since, Target, Lowe’s and Home Depot have each made carefully worded remarks about the potential for higher prices or minimized discussion of tariffs altogether.

Walmart said last week that it customers would likely start seeing some prices climb as soon as this month because tariffs have created a more “challenging environment to operate in.” While presidents typically avoid appearing to dictate individual companies’ strategies, Trump castigated Walmart on his social media platform, demanding that it “EAT THE TARIFFS” and adding, “I’ll be watching, and so will your customers!!!”

“We’ll keep prices as low as we can for as long as we can given the reality of small retail margins,” Walmart told NBC News Saturday in response to Trump’s post. Days later, Home Depot all but ruled out near-term price hikes, citing its scale and supply-chain arrangements. Lowe’s barely mentioned tariffs when it reported earnings Wednesday but said just 20% of what its shoppers buy now comes from China, after years of diversifying its sourcing.

For Target, Cornell emphasized that tariffs were just one factor in a series of “massive potential costs” the company is grappling with. He pointed to consumer uncertainty over the direction of the economy and a high-profile backlash over Target’s watering down of its diversity, equity and inclusion policies. The retailer had expanded those initiatives after police murdered George Floyd in its hometown, Minneapolis, five years ago this weekend.

Target has rolled out discounts over the past year to lure inflation-weary shoppers and touted plans to expand its third-party marketplace to offer a broader range of items. To deal with new trade policy challenges, it’s negotiating with vendors, reassessing its product lineup and adjusting its foreign supply chain, Chief Commercial Officer Rick Gomez told investors Wednesday.

‘Half of what we sell comes from the U.S.,’ he said, adding that Target is expanding production in the United States and in other countries outside of China, whose exports currently face a 30% import tax.

Target’s stock fell more than 5% Wednesday during a broader market sell-off.

Some major companies that sell products at leading retailers have raised prices or said they’re considering doing so, including toolmaker Stanley Black & Decker, consumer products giant Procter & Gamble, sportswear brand Adidas and toy maker Mattel.

Mattel, the maker of Barbie dolls, has also come under fire from Trump, who threatened to hit it with 100% tariffs this month, after it signaled price hikes were on the table.

Big companies generally have more latitude to handle cost increases and other economic headwinds than their smaller counterparts. The U.S. Chamber of Commerce and independent business owners have warned that tariffs threaten to snuff out many small operators, chipping away at the competition for already large corporate rivals.

The National Retail Federation, which represents some of the biggest retailers in the country, has emphasized that risk in lobbying against new levies. “Small and medium-sized businesses will be disproportionately affected by the tariffs, with many saying they will have to raise prices or shut down,” it says on its website.

So far, “consumers are still spending despite widespread pessimism fueled by rising tariffs,” NRF Chief Economist Jack Kleinhenz said in a statement last week after retail sales eked out a modest 0.1% rise in April.

But even the largest multinational companies aren’t insulated from tariff-driven uncertainty, the NFR and industry analysts say. Like Target, several large firms have revised or scrapped their financial outlooks in recent weeks, unsure how the White House’s trade agenda will affect them. Nike plans to increase prices on several items between now and June 1, a person familiar with the matter told NBC News on Wednesday.

Not every retailer is voicing tariff jitters. The parent company of T.J. Maxx and Marshalls beat sales estimates Wednesday and maintained its full-year forecast. The discounter, which buys unsold merchandise from other brands that have already paid tariffs on much of it, said it expects to be able to handle the pressure from higher import taxes.

Sportswear brand Canada Goose, which makes popular winter jackets, also exceeded Wall Street expectations. But it joined the slew of companies pulling their forecasts for the rest of the year, citing an “unpredictable global trade environment.”

This post appeared first on NBC NEWS

Here’s a quick recap of the crypto landscape for Wednesday (May 21) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$108,452 as markets closed, up 1.5 percent in 24 hours. The day’s range for the cryptocurrency brought a low of US$106,490 and a new all-time high of US$109,400.

Bitcoin performance, May 21, 2025.

Chart via TradingView.

Bitcoin surpassed its previous record of US$109,228, set on January 20. Following this peak, the price quickly declined to approximately US$106,000 within an hour, but subsequently stabilized around US$107,000.

Ethereum (ETH) finished the trading day at US$2,507.94, a 0.5 percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$2,473.89 and saw a daily high of US$2,597.51.

Altcoin price update

  • Solana (SOL) closed at US$170.94, up 2 percent over 24 hours. SOL experienced a low of US$167.29 and a high of US$174.24.
  • XRP is trading at US$2.39, reflecting a 0.5 percent increase over 24 hours. The cryptocurrency reached a daily low of US$2.35 and a high of US$2.42.
  • Sui (SUI) is priced at US$3.91, showing an increaseof 0.9 percent over the past 24 hours. It achieved a daily low of US$3.86 and a high of US$4.04.
  • Cardano (ADA) is trading at US$0.7606, up 3 percent over the past 24 hours. Its lowest price of the day was US$0.7487, and it reached a high of US$0.7797.

Today’s crypto news to know

US$300,000 Bitcoin bet gains attention, but remains a long shot

A bold options trade is betting Bitcoin could hit US$300,000 by the end of June.

According to market data, call options at that stratospheric strike price were the second most traded on Deribit on Tuesday (May 20), hinting at a mix of speculative enthusiasm and hedging behavior among traders.

While some analysts remain optimistic — Standard Chartered (LSE:STAN,OTC Pink:SCBFF), for instance, sees Bitcoin possibly reaching US$120,000 by Q2 — no major forecast comes close to US$300,000.

On Tuesday, Bitcoin hovered near US$107,000, not far from its record high of US$109,241 in January.

Still, market experts caution that without a strong catalyst, the current rally may not sustain its upward trajectory. Betting markets like Polymarket place only a 9 percent chance of Bitcoin hitting even US$250,000 this year, underscoring how isolated this US$300,000 wager truly is.

Bitget becomes world’s third top crypto exchange by trading volume

Bitget has officially surged into third place among global crypto exchanges, reporting US$757.6 billion in futures trading volume and US$68.6 billion in spot volume for April of this year.

The Seychelles-based platform has made a name for itself through features like copy trading, which allows users to mimic high-performing traders in real time. Bitget’s April performance stood out despite a broader market correction, expanding its market share to 7.2 percent and pushing its user base above 120 million. The exchange’s rise signals increasing demand for advanced crypto trading products beyond the traditional buy-and-hold strategy.

CME’s XRP futures launch with US$19 million volume

XRP joined the roster of cryptocurrencies traded on CME Group’s (NASDAQ:CME) derivatives exchange as the firm launched futures contracts that pulled in over US$19 million in notional volume on Sunday (May 18).

The first day’s tally easily eclipsed Solana’s March debut of US$12.3 million, putting XRP alongside BTC, ETH and SOL in CME’s crypto futures lineup. Offered in both micro (2,500 XRP) and standard (50,000 XRP) sizes, the cash-settled contracts allow investors to speculate on XRP’s price without owning the token.

The timing is noteworthy, as the US Securities and Exchange Commission (SEC) continues to drag its feet on pending exchange-traded fund applications for XRP and SOL, leaving futures as the most viable institutional gateway.

XRP futures could see broader uptake if regulatory clarity around token classification progresses. The SEC’s recent legal moves against other issuers may also increase demand for regulated products like these.

Crypto.com and Kraken secure MiFID licenses for European expansion

Crypto.com and Kraken have both secured Markets in Financial Instruments Directive (MiFID) licenses to offer crypto derivatives in Europe. Crypto.com secured its license through the acquisition of A.N. Allnew Investments, a Cyprus-based financial firm. Kraken acquired an unnamed Cypriot investment firm to gain its MiFID license.

A MiFID license allows entities to offer crypto derivatives in the EU. Platforms must meet strict regulations, enabling them to provide complex crypto financial products to more European investors under harmonized EU rules.

The moves underscore the increasing maturity of the cryptocurrency market and the proactive steps exchanges are taking to operate within established legal and financial frameworks in key global jurisdictions.

SEC accuses Unicoin of US$100 million fraud

The SEC has charged crypto firm Unicoin and four top executives with running what it calls a US$100 million securities fraud scheme, alleging the company lied about its assets and sales performance.

According to the complaint, Unicoin misled investors by falsely claiming to own prime real estate in locations like Thailand and Argentina, inflating the value of these assets by over US$1 billion. The company also allegedly exaggerated the sales of its ‘rights certificates,’ stating it had raised US$3 billion when the real figure was just US$110 million.

The SEC is seeking disgorgement and civil penalties, and notes that Unicoin rejected a prior attempt to settle the matter.

CEO Alexander Konanykhin told investors last month that the company had “declined to show up” for an SEC settlement meeting, labeling it an “ultimatum.”

Robinhood proposes tokenized RWA framework

Robinhood Markets (NASDAQ:HOOD) has proposed a 42 page framework to the SEC for national regulation of tokenized real-world assets (RWAs), as reported by Forbes on Tuesday.

The proposal also outlines the creation of the Real World Asset Exchange (RRE), a trading platform that would offer off-chain trade matching and on-chain settlement. To ensure efficiency, transparency and global compliance, the RRE would integrate KYC and AML tools through partnerships with Jumio and Chainalysis.

A central aspect of Robinhood’s proposal is the concept of token-asset equivalence. This would classify tokens representing assets like US Treasury bonds as the underlying asset itself, rather than a derivative.

This approach aims to enable institutions and broker-dealers to manage tokenized RWAs within the current regulatory structure, potentially simplifying custody, trading and settlement procedures.

New Bitcoin accumulation metric

As enterprises continue to build BTC holdings, a new analytical metric, days to cover mNAV, is being used to estimate how long it would take a company to acquire enough BTC to match its market capitalization.

The calculation uses the company’s current multiple of net asset value (mNAV) and its daily BTC yield, incorporating compounding to provide a forward-looking, growth-adjusted valuation.

The formula is: Days to Cover = ln(mNAV) / ln(1 + BTC Yield)

Data from significant Bitcoin-acquiring companies like Strategy (NASDAQ:MSTR), Metaplanet (TSE:3350,OTCQX:MTPLF) and Semler Scientific (NASDAQ:SMLR) between October 2024 and May 2025 indicates an increasingly efficient market that facilitates Bitcoin accumulation for large entities.

The formula was proposed by Adam Back on May 9, and gained traction after being reposted by X user @ActuallyClimber on May 14. CoinDesk reported on its increasing adoption within crypto circles on Wednesday.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

In this video, Frank dives into some of his favorite features on StockCharts.com. He then dissects the S&P 500 and Bitcoin price action, before exploring the the XLK Technology ETF’s explosive move off the lows. He also highlights a few recent trade ideas and setups worth watching. Get trade ideas and chart setups worth watching in today’s technical review.

This video originally premiered on May 20, 2025.

You can view previously recorded videos from Frank and other industry experts at this link.

South Africa’s President Cyril Ramaphosa will hold crucial talks at the White House with US President Donald Trump on Wednesday in a high-stakes meeting that could improve or deteriorate already frosty relations between the nations.

Ramaphosa is hopeful his visit could end a diplomatic feud that sparked aid cancellations by Trump and fueled the expulsion of his nation’s ambassador to the US.

There are also fears that the African nation could now potentially lose some of its US trade privileges as relations between the two countries sour.

Ramaphosa’s trip comes just over a week after a group of 59 White South Africans arrived in the US after being granted refugee status.

Trump and his ally Elon Musk, who was born and raised in the country, claimed the South Africans were being persecuted back home. On Tuesday, US Secretary of State Marco Rubio said it was in the US national interest to prioritize White South Africans for refugee resettlement, telling a hearing that they’re “a small subset” who “are easier to vet.”

The Trump administration has sharply criticized an expropriation law, which was enacted in South Africa earlier this year. The law empowers South Africa’s government to take land and redistribute it with no obligation to pay compensation in some instances.

Trump claimed that lands belonging to South Africa’s minority Whites, who own 72% of the nation’s agricultural land, were being targeted for confiscation, and cited unverified claims that “a genocide is taking place” in South Africa. He added that “White farmers are being brutally killed” amid reports of farm attacks.

Trump also disapproves of South Africa’s genocide case before the International Court of Justice against the US ally Israel.

Ramaphosa’s office said he would “discuss bilateral, regional and global issues of interest” with the US president at the White House. Analysts say the meeting could pose a tipping point for their fraught ties.

The US is South Africa’s second-largest trading partner, and the African nation benefits the most from a US trade agreement that provides preferential duty-free access to US markets for eligible sub-Saharan African nations.

Under that agreement, South Africa is the main agricultural exporter and exports two-thirds of its agricultural goods to the US, tariff-free. But some US lawmakers want those benefits withdrawn when the trade agreement is reviewed this year.

‘A tricky place to be’

South African researcher Neo Letswalo describes the anticipated meeting as “make-or-break” and one that requires “supreme negotiation tactics” by Ramaphosa.

The South African leader is set for a tight rope walk at the White House, he added, reminiscing about a shouting match that broke out in the Oval Office between Trump, his Vice President JD Vance, and Ukrainian President Volodymyr Zelensky in late February.

He believes that “Ramaphosa would maintain his composure to iron out some of the misunderstandings that Trump’s administration officials have about South Africa.”

Other analysts, such as Christopher Afoke Isike, who is a professor of African politics and international relations at the University of Pretoria, believe that Ramaphosa can pull through, “considering the fact that he’s a businessman president like President Trump.”

Ramaphosa plans to soften the ground with a potential licensing deal for Starlink, a satellite internet service owned by Musk, Ramaphosa’s spokesman Vincent Magwenya told Reuters Monday.

What could go wrong?

For Letswalo, the crucial talks between Trump and Ramaphosa could hit a brick wall if the White House makes costly demands.

“A dealbreaker would be a request by Washington for Pretoria to retrieve the Land Expropriation Act or Gaza Case in order to continue the US-SA relationship,” he said, adding, “it would be interesting to see how President Ramaphosa maintains the sovereignty and his statement of ‘not going to be bullied by America’, without compromising the pre-existing relationship with the US.”

That task could be one of Ramaphosa’s most challenging, according to André Duvenhage, a politics professor at South Africa’s Northwest University.

“This may be his single biggest challenge in terms of anything he had to deal with in his term as president of the Republic of South Africa.”

This post appeared first on cnn.com

Russian President Vladimir Putin visited Kursk for the first time since Moscow claimed to have completely recaptured the region following a surprise incursion by Ukrainian forces last year, Russian state news agency TASS reported on Wednesday.

Putin met with municipal leaders in the city of Kurchatov and visited the Kursk nuclear power plant, which is currently under construction, the Kremlin said, according to TASS.

Video footage posted by Russian state media showed Putin dressed in a suit speaking with what appeared to be local volunteers.

The news agency did not report when the visit took place.

Last August Ukraine launched a shock incursion into Kursk, swiftly capturing territory in what was the first ground invasion of Russia by a foreign power since World War II.

Since then, Russia, with support from North Korean soldiers, has been fighting to oust Ukraine’s forces from its borders, while Kyiv poured precious resources into holding onto its territory there, with the view of using it as a key bargaining chip in any peace talks.

Putin claimed last month that Russian forces had recaptured Kursk and said North Korean soldiers took part in the fighting to recover territory in the region.

Kyiv has insisted its troops are fiercely battling to preserve their foothold in the territory.

Last week Ukraine said it is still pursuing the ground war inside Russia.

“We are continuing our active operations in the Kursk and Belgorod regions – we are proactively defending Ukraine’s border areas,” President Zelensky said in his nightly address last Wednesday.

This post appeared first on cnn.com

An off-the-cuff remark about never paying for rice has cost Japan’s agriculture minister his job, as pressure mounts on the government to solve the nation’s rice crisis.

Taku Eto resigned on Wednesday, telling reporters that he had concluded he was “not the right person for this role” after sparking a public backlash by saying that he had “so much rice at home that (he) could sell it.”

The cost of rice – Japan’s prime staple food – has become a major political issue, with prices surging to record highs this year and the government taking the rare steps of releasing emergency reserves and importing foreign rice.

Eto’s gaffe could not have come at a worse time for Prime Minister Shigeru Ishiba’s government, which was already suffering from low approval ratings due to spiraling cost of living, weeks ahead of an election.

“I have never bought rice myself. Frankly, my supporters give me quite a lot of rice. I have so much rice at home that I could sell it,” Eto said in a speech over the weekend, drawing the ire of the public.

He later clarified he did buy his own rice and said he “deeply regretted” his comments.

“I made an extremely inappropriate remark as the minister responsible. For that, I apologize once again to the people of Japan,” Eto said Wednesday after tendering his resignation.

He added that he “fully recognized” the hardship people are facing due to soaring rice prices.

A major threat

Frustrations over the rising cost of living in Japan is shaping up to be a major threat for Prime Minister Ishiba and his Liberal Democratic Party as the country heads to the polls for upper house elections in July.

The latest approval ratings for Ishiba’s cabinet slipped to 27.4%, a record low, according to a poll by Japanese news agency Kyodo released on Sunday. Almost one in nine of the households surveyed said the government’s efforts to rein in rice prices had been insufficient.

Ishiba’s party, which has ruled Japan for almost all of its post-war history, suffered a crushing defeat in last year’s lower house election, but he held on to power by seeking support from minor parties.

Further defeat in the coming elections could threaten his coalition’s rule and spark calls for a new leader.

Rice price stubbornly high

Despite the government’s attempts to bring them down, rice prices in Japan have remained stubbornly high – almost twice what they were a year ago.

The average retail price of rice rose to 4,268 yen ($29.4 US) per five kilograms in the second week of May, reversing a brief decline in 18 weeks recorded in the previous month, according to the Ministry of Agriculture, Forestry and Fisheries.

Earlier this year, it took the rare step of putting hundreds of thousands of tons of rice from its emergency reserves up for auction, in a bid to drive down prices. Multiple auctions have since been scheduled until July, with hundreds of thousands of tons of rice being released.

Japan, which takes deep pride in its homegrown rice, has also scaled up imports of rice from overseas, mainly from the US. In April, it also imported South Korean rice for the first time since 1999.

Dealing with the rice crisis is now the job of Shinjiro Koizumi, a former environment minister and son of a former Japanese Prime Minister, who Ishiba has appointed to head the Ministry of Agriculture, Forestry and Fisheries.

“I have instructed Mr. Koizumi to make strong efforts to supply rice to consumers at a stable price, especially in light of the current high rice prices,” Ishiba said.

This post appeared first on cnn.com