Iran-US vessel disputes in the Gulf of Oman, a ceasefire extension amidst peace talks impasse, and warnings of global food shocks from Hormuz disruptions are driving volatile oil prices, soaring jet fuel costs leading to airline capacity cuts, and increased global demand for defense equipment.

• Iran accuses US of violating international law over vessel seizure in Gulf of Oman — Financial Times -
• Hormuz disruption raises risk of global food shock, traders warn — Financial Times -
• Trump extends Iran ceasefire as peace talks hit impasse — Financial Times -

• United Airlines slashes profit forecast as price of jet fuel surges — Financial Times -
• FirstFT: Donald Trump extends Iran ceasefire amid peace talk uncertainty — Financial Times -
• Iran Cease-Fire Extended Indefinitely — Wall Street Journal -
• United Airlines to Reduce Capacity as Fuel Costs Soar — Wall Street Journal -
• Oil Prices Climb and Stocks Wobble as Investors Assess Peace Prospects — The New York Times Business -
• U.S. Considers Financial Support for Oil-Rich U.A.E. — The New York Times Business -
• Trading disruption — Financial Times -
• Iranian tankers bypass US blockade — Financial Times -
• Lufthansa cuts 20,000 flights to save fuel as prices soar — Financial Times -
• Opinion | The Price Beijing Pays for Backing Tehran — Wall Street Journal -
• Deutsche Lufthansa to Cancel 20,000 Short-Haul Flights to Save Jet Fuel — Wall Street Journal -
• Oil market has lost a billion barrels due to Iran war, Vitol boss warns — Financial Times -
• Ukraine to restart flows via Russian oil pipeline — Financial Times -
• Hawaii and Alaska Are Feeling the Brunt of the Energy Shock — Wall Street Journal -
• Strait of Hormuz May Not Return to Normal, Whether It’s Open or Closed — The New York Times Business -
• Higher Gasoline Prices Lifted March Retail Sales — Wall Street Journal -
• How the energy shock has reshaped jet fuel economics — Financial Times -
• Iran war spurs global demand for defence equipment, says Thales — Financial Times -
• China links tough new trade rules to Iran war and Panama port dispute — Financial Times -
• EU countries struggle to replenish gas reserves for winter — Financial Times -
• France’s Thales Logs Surge in Defense Orders — Wall Street Journal -
• Baggage Fees Are Up. Here’s How to Avoid Them. — The New York Times Business -
• UK labour market stable before Gulf war — Financial Times -
• UK wage growth slowed on eve of Iran war — Financial Times -
• Tackling energy security can no longer be put off — Financial Times -

**SpaceX's option to acquire AI startup Cursor for $60 billion and Amazon's $100 billion AI infrastructure deal with Anthropic highlight the booming investment in artificial intelligence, alongside discussions on AI's impact on Wall Street jobs and Europe's strategy for reliable AI development**.

• SpaceX Secures Option to Buy AI Startup Cursor for $60 Billion — Wall Street Journal -
• SpaceX Strikes Deal With Cursor for $60 Billion — The New York Times Business -
• Opinion | The Biggest AI Risk Is Foolish, Fear-Driven Policies — Wall Street Journal -

• A.I. Is Eliminating Jobs on Wall Street — The New York Times Business -
• Chip-Equipment Supplier ASM International Logs Higher Sales on Booming AI Demand — Wall Street Journal -
• Even Without Internet Access, Prisoners Are Trying to Benefit From A.I. — The New York Times Business -
• Europe’s AI endgame? Bet on reliability — Financial Times -
• In the age of AI, recruiters need to rethink their jobs — Financial Times -
• Bezos’s AI lab nears $38bn valuation in funding deal — Financial Times -
• Anthropic and Amazon agree $100bn AI infrastructure deal — Financial Times -

Kevin Warsh's nomination for Fed Chair faces skepticism over independence amid a Justice Department investigation into the current chair, while the Labor Secretary's departure signals a shift in President Trump's agenda focus and the administration moves to **refund $166 billion in tariffs**.

• Labor Secretary’s Departure Gives Trump an Opening to Focus on His Agenda — The New York Times Business -
• Kevin Warsh, Trump’s Fed Chair Pick, Faces Skepticism Over Claim of Independence — The New York Times Business -
• Warsh sidesteps questions over Trump’s influence on Fed rate policy — Financial Times -

• Warsh signals evolution, not revolution at the Fed — Financial Times -
• Supreme Court Appears to Back F.C.C. Fines Against AT&T and Verizon — The New York Times Business -
• New York Sues Coinbase, Gemini Over Crypto Exchanges’ Prediction Markets — Wall Street Journal -
• Here’s the latest. — The New York Times Business -
• Federal Reserve hearing as it happened: Senators grill Federal Reserve chair nominee Kevin Warsh on independence from Donald Trump and personal wealth — Financial Times -
• A criminal inquiry into the Fed looms large over the Warsh hearing. — The New York Times Business -
• Kevin Warsh, Trump’s Pick to Lead Fed, Faces Senate at Tricky Moment — The New York Times Business -
• Trump Administration Takes Steps to Refund $166 Billion in Tariffs — The New York Times Business -
• Kevin Warsh’s closely watched pitch to become next Fed chair — Financial Times -
• What we need to know from Warsh — Financial Times -
• Bank of England will only raise rates amid a severe supply shortage — Financial Times -
• Thom Tillis: the Republican blocking Donald Trump’s pick for Fed chair — Financial Times -
• Top US insurance regulator warns of risks from push into private markets — Financial Times -
• Maga Inc builds nearly $350mn war chest ahead of midterm elections — Financial Times -
• The Rival Groups Waging an Expensive Battle Over America’s 250th — Wall Street Journal -

Tim Cook's planned succession by John Ternus as Apple CEO in September marks a pivotal corporate transition, with focus on Cook's legacy of financial growth and Ternus's role in guiding the company through the evolving AI era.

• John Ternus Has Big Shoes to Fill at Apple. Luckily, Tim Cook Has a Playbook for That. — Wall Street Journal -
• Tim Cook Was Very, Very Good at Making Money — The New York Times Business -
• Apple’s smooth CEO swap is the ultimate corporate status symbol — Financial Times -

• Apple chief Tim Cook to hand over to John Ternus in September — Financial Times -
• What to Expect in Apple’s New Era — The New York Times Business -
• FirstFT: Apple picks Tim Cook’s successor — Financial Times -
• Tim Cook Told Me His Advice for Apple’s Next CEO — Wall Street Journal -
• Is Ternus the leader Apple needs for the AI era? — Financial Times -
• Tim Cook to Step Down as Apple Names New CEO — Wall Street Journal -

Deutsche Telekom is examining a merger with T-Mobile US, while various companies report first-quarter earnings with mixed results, from Capital One's revenue fall to UnitedHealth's flat profits but boosted guidance, and defense contractors like Northrop Grumman and RTX see profit jumps amid unprecedented demand.

• Deutsche Telekom examines merger with T-Mobile US — Financial Times -
• Basic Materials Roundup: Market Talk — Wall Street Journal -
• Auto & Transport Roundup: Market Talk — Wall Street Journal -

• T-Mobile and Germany’s Deutsche Telekom Weigh Combination — Wall Street Journal -
• Capital One Financial First-Quarter Revenue Rises — Wall Street Journal -
• UnitedHealth Group Reports Flat Earnings in the First Quarter — The New York Times Business -
• Casey Wasserman’s Talent Agency Draws Takeover Interest — Wall Street Journal -
• ‘Wagyu’ Used to Guarantee Quality Beef. What Are You Paying for Today? — The New York Times Business -
• Luxury-Jacket Brand Moncler Starts Year Strongly as Asian Demand Makes Up for Hit to European Tourism — Wall Street Journal -
• UnitedHealth boosts 2026 earnings guidance after increasing prices — Financial Times -
• Why It Takes Years of Training to Make This $1,200 Montblanc Pen — Wall Street Journal -
• Suddenly Everyone Wants a Tailor. They’re in Short Supply. — Wall Street Journal -
• UPS Doesn’t Want to Deliver Every Package, but It Really Likes Returning Them — Wall Street Journal -
• 3M Reaffirms Forecast as Macro Uncertainty Lingers — Wall Street Journal -
• D.R. Horton Posts Lower Profit — Wall Street Journal -
• VW to export more China-made EVs in global sales drive — Financial Times -
• Puig Shares Gain as Suitor Estee Lauder Said to Be Shaping Funding Package — Wall Street Journal -
• Danaher Lifts Full-Year Forecast on Biotech, Life Sciences Gains — Wall Street Journal -
• Halliburton Profit Rises on Steady Demand for Services — Wall Street Journal -
• GE Aerospace Revenue Rises as Orders Surge — Wall Street Journal -
• Northrop Grumman Profit Jumps on Unprecedented Demand — Wall Street Journal -
• RTX Boosts Guidance on Defense Business Strength — Wall Street Journal -
• Home Depot courts contractors as US economy weighs on the DIY set — Financial Times -
• UnitedHealth Shows Signs of Turnaround With Strong Quarterly Results — Wall Street Journal -
• Inside the Nasty Fight Between Two of the World’s Most Storied Gun Makers — Wall Street Journal -
• A Little Pressure Helped Pepsi. Can the Rest of the Food Industry Follow? — Wall Street Journal -
• AB Foods to Spin Off Primark — Wall Street Journal -
• Airbus to Buy French Cybersecurity Company Quarkslab — Wall Street Journal -
• MSCI boots Indonesian tycoon-owned stocks from indices — Financial Times -
• Mukesh Ambani loses his crown — Financial Times -

The Gates Foundation faces an external review over Epstein ties and plans staff reductions, US lawmakers pressure JetBlue over suspected surveillance pricing, and President Trump intervenes in airline mergers, while broader discussions cover a UK smartphone ban in schools and social media addiction risks.

• Gates Foundation Is Conducting an External Review of Its Epstein Ties — The New York Times Business -
• Gates Foundation to Cut 20% of Staff, Review Epstein Ties — Wall Street Journal -
• JetBlue pressed by US lawmakers over suspected surveillance pricing — Financial Times -

• Trump Seeks Suitors for Spirit Airlines While Dismissing Another Merger — The New York Times Business -
• Opinion | Seizing Property Can’t Be ‘Business as Usual’ — Wall Street Journal -
• Struggling Spirit Airlines in Talks With Trump Administration on Government Investment — Wall Street Journal -
• Trump to United and American: Don’t Merge — Wall Street Journal -
• A Year After U.S.A.I.D.’s Death, Fired Workers Find Few Jobs and Much Loss — The New York Times Business -
• The Onion Signs New Deal to Take Over Infowars — The New York Times Business -
• Ofcom to investigate Telegram over child sexual abuse material allegations — Financial Times -
• Smartphones to be banned in schools in England — Financial Times -
• Novel approach needed for UK’s sick and unemployed — Financial Times -
• Will social media addiction go the way of cigarettes? — Financial Times -
• UK school meal providers warn against push into ‘the world of lentils’ — Financial Times -
• ‘Kiss of death’: How the US killed a Swiss merchant bank — Financial Times -
• Americans Living Abroad for Lower Costs Now Say Returning Home Is Too Expensive — The New York Times Business -

Prime Minister Starmer faces deepening political woes from the Mandelson scandal, with MPs chastising him over vetting failures, while London commuters are impacted by Tube strikes and the UK labor market shows stability despite wage growth slowing on the eve of the Iran war.

• Starmer’s political woes deepen as Mandelson scandal saps his authority — Financial Times -
• Robbins says Downing St pressured him to approve Mandelson appointment — Financial Times -
• Britain’s prime minister is in power without purpose — Financial Times -

• City firms relax office-working policies as Tube strikes hit London — Financial Times -
• Downing Street discussed diplomatic role for Starmer aide, says ex-Foreign Office head — Financial Times -
• Mandelson scandal as it happened: Opposition leaders say Robbins’ evidence is ‘devastating’ and ‘damning’ for Starmer — Financial Times -
• Too late to turn to Europe? — Financial Times -
• Babcock’s cheaper warships offer the Royal Navy hope — Financial Times -
• Ed Davey tells frustrated Lib Dem MPs the party will ‘keep winning’ — Financial Times -
• MPs chastise Starmer over Mandelson scandal — Financial Times -

Peru's election chief resigns amidst a protracted vote count, Taiwan's president cancels an Africa trip due to Chinese pressure, and Japan lifts its ban on lethal arms exports, reflecting evolving geopolitical tensions and shifts in international alliances.

• Peru elections chief resigns as vote count continues nine days after poll — Financial Times -
• Taiwan says Chinese pressure forces scrapping of president’s Africa trip — Financial Times -
• Why America is falling out of love with Israel — Financial Times -

• How Orbán’s loss paves way for EU to reopen talks on Israel sanctions — Financial Times -
• Will China get richer before it gets much, much smaller? — Financial Times -
• Selling Poland’s gold reserves to buy arms is a ‘mirage’, minister warns — Financial Times -
• Trump’s ‘Board of Peace’ held talks with DP World over Gaza reconstruction — Financial Times -
• Marine Le Pen’s niece seeks rightwing alliance for 2027 French election — Financial Times -
• Japan lifts ban on lethal arms exports — Financial Times -

Private credit funds are experiencing strain as borrowing costs edge higher, leading to increased premiums on new financing, while **JPMorgan plans a $1.5 trillion security initiative to support key sectors and Sotheby's secures a $100 million debt deal**.

• Bonds are not buying it — Financial Times -
• Private credit funds strained as borrowing costs edge higher — Financial Times -
• The big short meets private credit — Financial Times -

• JPMorgan to invest in Europe and UK in expanded $1.5tn security initiative — Financial Times -
• Sotheby’s strikes $100mn debt deal with KKR backed by auction fees — Financial Times -

Global clean power growth points to a permanent shift away from fossil fuels, with consumers increasingly considering solar power to combat rising energy costs, alongside lifestyle features on luxury travel and burgeoning wine pub scenes.

• Reader callout: are you going solar to avoid the energy crunch? — Financial Times -
• Global clean power growth points to permanent shift, analysts say — Financial Times -
• Les Sources de Vougeot: a vintage stay among Burgundy’s grandest crus — Financial Times -

• Melbourne’s hottest new hangouts? Wine pubs — Financial Times -