Apple's significant CEO transition with John Ternus succeeding Tim Cook and Netflix leadership discussions highlight major corporate governance shifts, while **multibillion-dollar M&A activities** involving Berkshire Hathaway, QXO's $17 billion acquisition of TopBuild, and critical rare earth acquisitions reshape the business landscape. Additionally, UniCredit's push for a Commerzbank revamp and bipartisan concerns over airline mergers signal active deal-making and regulatory scrutiny in the financial and aviation sectors.

• Tim Cook to Step Down as Apple Names New CEO — Wall Street Journal -
• FirstFT: Apple CEO Tim Cook will step down in September — Financial Times -
• Apple Hardware Exec to Succeed Tim Cook as CEO — Wall Street Journal -

• Apple CEO Tim Cook to hand over to John Ternus in September — Financial Times -
• The M&A strategy behind Berkshire Hathaway’s latest Japan tie-up — Financial Times -
• The Onion Signs New Deal to Take Over Infowars — The New York Times Business -
• Merz and Commerzbank attack Orcel’s ‘hostile tactics’ as takeover battle escalates — Financial Times -
• Brad Jacobs’ QXO takes a high-speed approach to permanent capital — Financial Times -
• Revamping EU merger rules is not a cure-all — Financial Times -
• Bipartisan Senators Warn United and American Airlines on Potential Merger — Wall Street Journal -
• Blackstone-Backed Jersey Mike’s Subs Files Confidentially for IPO — Wall Street Journal -
• Washington-backed rare earth group to buy Brazilian miner for $2.8bn — Financial Times -
• McKesson to Sell Stake of Medical-Surgical Unit to Apollo — Wall Street Journal -
• Sila Realty Bought by Blue Owl for $2.4 Billion — Wall Street Journal -
• UniCredit Pushes For Revamp at Commerzbank — Wall Street Journal -
• Honeywell to Sell Productivity Unit for $1.4 Billion — Wall Street Journal -
• USA Rare Earth to Acquire Serra Verde in $2.8 Billion Deal — Wall Street Journal -
• Netflix’s Reed Hastings: an icon of good leadership and bad governance — Financial Times -
• C.E.O.s Are the Heads of Companies. Should They Also Be the Face? — The New York Times Business -
• QXO to Buy Insulation Company TopBuild for $17 Billion — Wall Street Journal -

Rising oil and gas prices reflect renewed Iran conflict, with a US Navy seizure of an Iranian ship and stalled ceasefire talks underscoring heightened regional tensions, while **Gaza reconstruction costs are estimated over $70 billion. In other developments, France and Germany outline symbolic EU benefits for Ukraine, China sends warships to the Pacific as Japan tensions grow, and Big Oil companies redirect investments** to escape Iran turmoil.

• Oil Prices Jump and Stocks Waver on Renewed Iran Conflict — The New York Times Business -
• US Export-Import Bank boosts energy lending during Iran conflict — Financial Times -
• Gaza reconstruction to cost more than $70bn, officials say — Financial Times -

• The Peace Rally Gets Derailed — The New York Times Business -
• The Iran crisis has not yet peaked — Financial Times -
• The trade resilience that’s doing Trump a favour — Financial Times -
• France and Germany plan ‘symbolic’ EU membership benefits for Ukraine — Financial Times -
• FirstFT: Hopes for peace up in the air — Financial Times -
• China sends warships to Pacific as Japan tensions grow — Financial Times -
• European Gas Prices Gain Amid Conflicting Signals on Hormuz — Wall Street Journal -
• ‘Highly unlikely’ Iran ceasefire will be extended if no deal reached, Trump says — Financial Times -
• US navy seizes Iranian ship after it breaches blockade — Financial Times -
• Russian economy is faltering despite oil windfall, Sweden warns — Financial Times -
• How the Iran war could hurt Wall Street — Financial Times -
• Defence spending is ‘magnet’ for criminals, warns EU fraud chief — Financial Times -
• Ukraine’s drone pilots hit Russian targets from 500km away — Financial Times -
• Brussels’ plan to ease the energy crisis — Financial Times -
• Big Oil Plows Billions Into Far-Flung Drilling Sites to Escape Iran Turmoil — Wall Street Journal -

The **Trump administration is taking steps to refund $166 billion in tariffs and has launched a criminal antitrust probe into beef companies, signaling active economic intervention, while Kevin Warsh prepares to defend Fed independence amidst political scrutiny. Furthermore, Donald Trump's labor secretary resigns, Spirit Airlines seeks government investment, and FBI Director Kash Patel files a defamation lawsuit**, adding to a dynamic political landscape.

• Struggling Spirit Airlines in Talks With Trump Administration on Government Investment — Wall Street Journal -
• Donald Trump’s labour secretary resigns in latest US cabinet departure — Financial Times -
• Trump’s call to deregulate psychedelics boosts drugmakers’ shares — Financial Times -

• Kevin Warsh to say Fed independence not threatened by political pressure — Financial Times -
• Kevin Warsh, Trump’s Fed Pick, to Defend Bank’s Ability to Set Rates Independently — The New York Times Business -
• Justice Department Presses Criminal Antitrust Probe of Beef Companies — Wall Street Journal -
• Trump Administration Takes Steps to Refund $166 Billion in Tariffs — The New York Times Business -
• The President Is Coming to the White House Correspondents’ Dinner — The New York Times Business -
• The European right is pivoting away from America — Financial Times -
• FBI Director Kash Patel Sues the Atlantic for Defamation — Wall Street Journal -
• The Night the Government Closed the Skies Over El Paso — The New York Times Business -
• The Night the Government Closed the Skies Over El Paso — The New York Times Business -
• The pope vs Trump — Financial Times -
• Trump Administration to Begin Refunding $166 Billion in Tariffs — The New York Times Business -
• Kevin Warsh: Trump’s next fall guy at the Fed? — Financial Times -
• The looming battle over the Fed’s balance sheet — Financial Times -
• US stablecoins pose danger to emerging markets, say central bankers — Financial Times -

An **enormous $100 billion AI infrastructure deal between Anthropic and Amazon signals massive investment in artificial intelligence, though Amazon's space ambitions face setbacks with a Blue Origin rocket grounding, and Tesla's self-driving promises spark an international revolt among car owners. Meanwhile, a Chinese robot surprisingly beat a human in a half-marathon, highlighting rapid progress in robotics, and Elon Musk ignores French prosecutors**, widening a tech rift with Europe.

• Amazon’s ambition to rival Starlink set back after Blue Origin rocket grounded — Financial Times -
• Anthropic and Amazon agree $100bn AI infrastructure deal — Financial Times -
• Elon Musk Ignores French Prosecutors, Widening Tech Rift With Europe — The New York Times Business -

• America’s coming revolt is in the ‘wired belt’ — Financial Times -
• Shares in data centre hopeful Fermi plunge as top executives quit — Financial Times -
• Chinese Robot Beats Human Best Time in Half-Marathon, After a Stumble — Wall Street Journal -
• The $400 Million Machine That Spawned the World’s Most Coveted Toy — Wall Street Journal -
• Car Owners Are Revolting Over Tesla’s Self-Driving Promises — Wall Street Journal -
• AI boom poised to be ‘massively disinflationary’, Northern Trust says — Financial Times -
• A retro rally is coming from e-merging markets — Financial Times -
• Geopolitical shocks highlight the need for diversity in cloud providers — Financial Times -

The Mandelson vetting scandal continues to engulf Prime Minister Starmer, prompting accusations from the ex-Foreign Office head of pressure over the appointment and fury among MPs over his judgment. This political fallout is juxtaposed with Reform UK's vow to deport hundreds of thousands of refugees, highlighting a polarizing immigration debate.

• Ex-Foreign Office head to accuse Number 10 of pressuring him over Mandelson appointment — Financial Times -
• Starmer accused of scapegoating officials over Mandelson scandal — Financial Times -
• The Mandelson fiasco reveals the true nature of Starmerism — Financial Times -

• Starmer feels MPs’ fury as Mandelson fallout widens — Financial Times -
• Reform UK vows to deport hundreds of thousands of refugees — Financial Times -
• Mandelson scandal as it happened: Starmer says ‘deliberate decision’ made to withhold vetting information from him — Financial Times -
• Starmer was told to vet Mandelson before appointing him — Financial Times -
• The Mandelson affair is about the government’s judgment, not process — Financial Times -
• Starmer battles for Downing Street future amid Mandelson vetting scandal — Financial Times -

Concerns over shrinking paychecks and fluctuating gas prices affect consumers, as Argentina's president takes action to tame inflation and college graduates find a brighter job market this spring. Broader financial discussions include a transatlantic divide over ESG investment approaches and the tight race for the next ECB chief, with some experts pondering what could trigger the next financial crisis.

• Why Your Paycheck Feels Smaller — The New York Times Business -
• Why Gas Prices Go Up Fast and Take So Long to Fall — The New York Times Business -
• Americans Living Abroad for Lower Costs Now Say Returning Home Is Too Expensive — The New York Times Business -

• College Graduates Are Finally Catching a Break in This Job Market — Wall Street Journal -
• Introducing a tweet-based measure of inflation expectations — Financial Times -
• Javier Milei Tamed Argentina’s Inflation. Now He Wants to Reshape Its Values. — The New York Times Business -
• Life and annuity industry is moving into riskier assets — Financial Times -
• Transatlantic divide widens over investment approaches to ESG — Financial Times -
• Risk management must evolve to remain fit for purpose — Financial Times -
• What will drag the financial system into another crisis? — Financial Times -
• ECB frontrunner Hernández de Cos is most qualified candidate for top job, economists say — Financial Times -
• China does have one powerful lever to boost consumption — Financial Times -

The UN's proposed emissions regulations threaten to increase ocean cruise costs, while Red Lobster revives its Endless Shrimp promotion with new conditions after bankruptcy. In aviation, Heathrow gains approval to raise airline fees to fund a third runway bid, and Wheels Up aims to make private flying more accessible for high-end travelers.

• Opinion | The U.N. May Make Ocean Cruises More Expensive — Wall Street Journal -
• Red Lobster’s Endless Shrimp Is Back—With a Few Strings Attached — Wall Street Journal -
• Heathrow can raise airline fees to pay for third runway bid, regulator says — Financial Times -

• Mississippi Liquor Stores Run Dry Amid State Distribution Delays — The New York Times Business -
• Wheels Up Wants High-End Travelers to See Flying Private as ‘Not So Far Out of Reach’ — Wall Street Journal -

Zions Bancorp and Steel Dynamics both report higher first-quarter profits, driven by increased demand and prices, while Alaska Air Group suspends its full-year guidance due to fuel cost uncertainty. A basic materials roundup further covers market insights on commodity prices and specific companies like Arkema and Newmont.

• Zions Bancorp Reports Higher First-Quarter Profit — Wall Street Journal -
• Alaska Air Group Suspends Guidance, Citing Fuel Cost Uncertainty — Wall Street Journal -
• Steel Dynamics Posts Higher First-Quarter Profit, Sales Amid Growth in Steel Shipments — Wall Street Journal -

• Basic Materials Roundup: Market Talk — Wall Street Journal -

Uber faces a second jury finding of responsibility for sexual assault by a driver, highlighting ongoing legal challenges for ride-hailing companies, while Bayer's Roundup settlement encounters hurdles with thousands of pending cancer victim lawsuits. Separately, stolen rare books are returned to the Whitney heirs for charity auction, and Italy's proposed migrant 'repatriation bonus' sparks backlash.

• Second Jury Finds Uber Responsible for Sexual Assault by a Driver — The New York Times Business -
• Stolen rare books returned to Whitney heirs decades after theft — Financial Times -
• The Cancer Victims Who Could Sink Bayer’s Roundup Settlement — Wall Street Journal -

• Meloni hit by backlash over migrant ‘repatriation bonus’ for lawyers — Financial Times -
• Landlords need to wise up about the Renters’ Rights Act — Financial Times -

Japan downgrades a tsunami warning after a significant earthquake, while Paris grapples with questions about dogs in public spaces and Milan Design Week showcases aesthetic dining experiences. Elsewhere, Bulgaria's political dynamics are analyzed, and a look at Paris's chicest crash pads offers a glimpse into high-end travel accommodations.

• Do dogs belong in Paris? — Financial Times -
• Japan downgrades tsunami warning after strong earthquake — Financial Times -
• Is this Paris’s chicest crash pad? — Financial Times -

• Why Moscow-friendly Radev is unlikely to become Bulgaria’s Orbán — Financial Times -
• Where to dine during Milan Design Week — Financial Times -