Escalating global tensions are reflected in King Charles' defense of transatlantic relations in a speech to Congress, the US ambassador to Ukraine leaving due to differences with Trump, and the US Treasury's sanctions on Iranian oil exports, which coincide with US gas prices hitting their highest levels and **oil prices climbing above $110**; this climate is further shaped by the UAE's decision to leave OPEC, and how China is poised to restart exporting jet fuel.

• King Charles defends transatlantic relationship in speech to Congress — Financial Times -
• US ambassador to Ukraine to leave over differences with Trump — Financial Times -
• U.S. Gas Prices Hit Highest Level Since Beginning of War in Iran — The New York Times Business -

• Treasury Issues More Sanctions on Iranian Oil Exports — The New York Times Business -
• Oil price climbs above $110 for first time in three weeks — Financial Times -
• What Is OPEC, and How Does the Oil Cartel Influence Petroleum Prices? — The New York Times Business -
• America’s special relationship is ‘probably Israel’, says UK ambassador to US — Financial Times -
• Germany to accelerate defence spending well ahead of Nato deadline — Financial Times -
• DR Congo creates $100mn ‘Mining Guard’ to protect critical minerals — Financial Times -
• British army to restart trials of troubled Ajax armoured vehicle — Financial Times -
• First Fully Loaded L.N.G. Tanker Since War Began Appears to Have Crossed the Strait — The New York Times Business -
• GM Says Iran War, High Gas Prices Aren’t Denting Sales — Wall Street Journal -
• China poised to restart exporting jet fuel, diesel and gasoline — Financial Times -
• UAE to leave Opec in blow to oil cartel — Financial Times -
• U.A.E. to Leave OPEC in Blow to Group — Wall Street Journal -
• Why Donald Trump has an inflation problem — Financial Times -
• Downing Street rules out temporary rent freeze — Financial Times -
• Russia’s loss is Ukraine’s gain in the Middle East — Financial Times -
• The World Needs Natural Gas Now, but the U.S. Is Exporting All It Can — The New York Times Business -
• BP warns against windfall taxes as Iran war helps profits hit 3-year high — Financial Times -
• Get used to the long Iran war — Financial Times -
• Argentina’s energy economy booms amid Iran shock — Financial Times -
• FirstFT: Oil price rises as US-Iran talks stall — Financial Times -
• Export restrictions on critical materials up fivefold since 2009, says OECD — Financial Times -
• Bank of Japan holds rates and raises inflation forecast on Iran war turmoil — Financial Times -
• World’s biggest battery maker CATL to raise $5bn — Financial Times -
• BP Profits Double as Iran War Boosts Oil Traders — Wall Street Journal -
• Wall Street is getting twitchy on oil prices — Financial Times -
• EU to bless state aid surge as capitals plough cash into energy handouts — Financial Times -
• Iran’s hardliners clash over talks with US — Financial Times -
• Abu Dhabi state energy group to invest ‘tens of billions’ in US push — Financial Times -
• Iran war shows Latin America has left its original sin behind — Financial Times -
• Middle East war boosts ship-tracking app as millions follow maritime traffic — Financial Times -
• Pothole crisis deepens as Iran war bitumen shortage bites — Financial Times -
• Energy tax cuts spread to 39 economies as fuel prices jump — Financial Times -
• After conquering nickel, Indonesia sets its sights on aluminium — Financial Times -
• Chinese Battery Giant CATL Aims to Raise $5 Billion via Share Placement — Wall Street Journal -

Diverse corporate results include Starbucks reporting strong store traffic and a rise in quarterly sales, while Booking Holdings cut its outlook due to Middle East conflict impacting travel demand, and Mondelez saw growth in developing markets offsetting weakness in the US and Europe; Spotify's subscriber outlook disappoints, and BYD's quarterly profit slumped on slowing Chinese EV sales.

• Starbucks Reports Strong Store Traffic and Rise in Quarterly Sales — The New York Times Business -
• Starbucks reports sharp sales rise despite weak US consumer sentiment — Financial Times -
• Booking Holdings Cuts Outlook as Middle East Conflict Weighs on Travel Demand — Wall Street Journal -

• Mondelez Reports Developing Market Growth Offsetting U.S., Europe Weakness — Wall Street Journal -
• Starbucks Says Its Sales Rebound Is Gaining Momentum — Wall Street Journal -
• Robinhood Profit Rises on Boost From Prediction Markets, Gold Subscriptions — Wall Street Journal -
• T-Mobile First-Quarter Revenue Rises on Postpaid Account Growth — Wall Street Journal -
• Bloom Energy Raises Full-Year Guidance as Profit Climbs on Digital Power Demand — Wall Street Journal -
• Spotify Adds Subscribers, but Outlook Disappoints — Wall Street Journal -
• G.M.’s Profit Bolstered by a $500 Million Tariff Refund — The New York Times Business -
• Caesars Entertainment Posts Narrower Loss as Revenue Rises — Wall Street Journal -
• Airbus Sticks to Plane Delivery Goal Despite Pratt & Whitney Engine Shortage — Wall Street Journal -
• UPS Nears End of Restructuring as Outlook Faces Headwinds — Wall Street Journal -
• Kimberly-Clark Posts Higher Profit and Revenue — Wall Street Journal -
• Barclays Retreats From Riskier Lending as Bad Loan Charge Tops $1.1 Billion — Wall Street Journal -
• BYD’s Quarterly Profit Slumps 55% as Revenue Falls — Wall Street Journal -
• Corning Profit, Core Revenue Rises — Wall Street Journal -
• Sherwin-Williams Posts Higher Profit But Warns on Weak DIY Market — Wall Street Journal -
• JetBlue Cuts Capacity to Offset Rising Fuel Costs — Wall Street Journal -
• Coca-Cola Profit Rises on Concentrate Sales Growth — Wall Street Journal -
• BYD profits drop by more than half as Chinese sales slow — Financial Times -
• Hilton Boosts Adjusted Earnings Per Share Target — Wall Street Journal -
• Telenor Cuts Outlook as Growth in Nordics Slows — Wall Street Journal -
• WPP Key Metric Slides as Main Segments Decline — Wall Street Journal -
• Air Liquide Revenue Rises on Gas, Services Business Strength — Wall Street Journal -
• Reliance’s profit growth dented by global oil upheaval — Financial Times -

Domestic political tensions are high with **former FBI head James Comey charged with threatening Trump’s life over a seashell photograph, the FCC ordering a review of ABC’s licenses amidst the Trump-Kimmel feud, and a proposal for the US to put Donald Trump’s face on passports, alongside House lawmakers urging Trump to prohibit Chinese automakers** from building cars in the US.

• Ex-FBI head Comey charged with threatening Trump’s life — Financial Times -
• FCC Orders a Review of ABC’s Licenses Amid Feud Between Trump and Kimmel — The New York Times Business -
• Seashell Photo Gets Comey Charged With Threatening Trump — Wall Street Journal -

• Opinion | From ‘Fine People’ to Assassinations — Wall Street Journal -
• US to put Donald Trump’s face on passports — Financial Times -
• How an Influencer’s Tweet About the D.C. Gunman Started a Firestorm — Wall Street Journal -
• Trump administration launches Disney probe after Jimmy Kimmel’s Melania joke — Financial Times -
• Trump steps up White House ballroom campaign after shooting — Financial Times -
• Supreme Court Appears Skeptical of Falun Gong Lawsuit Against Cisco — The New York Times Business -
• Starmer wins Commons vote to avert probe into Mandelson scandal — Financial Times -
• EU’s top trade official leaves after clashing over Trump deal — Financial Times -
• US soldier pleads not guilty over prediction trades on Maduro capture — Financial Times -
• Crypto Venture Linked to Men Sanctioned in Scam-Ring Probe Partnered With Trump Firm — Wall Street Journal -
• House Lawmakers Urge Trump to Prohibit China’s Automakers From Building Cars in the U.S. — Wall Street Journal -
• Despite Trump’s Demands, His Fed Pick Is Unlikely to Get a Quick Rate Cut — The New York Times Business -
• An optimistic outlook for Warsh at the Fed — Financial Times -
• Kimmel Pushes Back on Trump’s Calls for Disney to Fire Him After Melania Joke — Wall Street Journal -
• Mandelson scandal is chance for Badenoch to impress in parliament — Financial Times -
• Foreign Office not consulted ahead of Mandelson appointment — Financial Times -
• The real lesson of Reform’s war on the history curriculum — Financial Times -
• Heathrow’s third runway at risk if Reeves is removed after May elections — Financial Times -
• Will voters trust Labour to clean up Croydon? — Financial Times -
• Paramount Requests FCC Approval for Hefty Middle East Ownership — Wall Street Journal -

The AI sector is marked by Elon Musk's claims against Sam Altman in the OpenAI trial, Goldman Sachs stopping bankers from using Anthropic's Claude in Hong Kong, and OpenAI expanding its Amazon deal after Microsoft loosened exclusivity terms, even as OpenAI reportedly misses user and revenue targets, and China blocks Meta's acquisition of AI group Manus.

• Musk claims Altman ‘stole a charity’ in OpenAI trial testimony — Financial Times -
• Goldman stops bankers using Anthropic’s Claude in Hong Kong — Financial Times -
• OpenAI expands Amazon deal after Microsoft loosens exclusivity terms — Financial Times -

• Beijing’s blunt message to its tech sector — Financial Times -
• If OpenAI Is Missing User and Revenue Targets, Are They Falling Behind the AI Race? — The New York Times Business -
• Chip Startup Aims to Shatter AI’s Dreaded Memory Wall — Wall Street Journal -
• What Elon Musk’s Clash With Sam Altman of OpenAI Is Really About — The New York Times Business -
• China blocks Meta’s $2bn purchase of AI group Manus — Financial Times -

Significant corporate restructuring and deal-making include **lift maker Kone nearing a €29bn deal to acquire TK Elevator, Pernod Ricard ending deal talks with Jack Daniel’s maker Brown-Forman, and music groups BMG and Concord merging in a $14bn deal, while Kendall Jenner’s 818 Tequila gets investment from Sazerac and Barry Diller’s IAC is set to change its name** and cut staff.

• Lift maker Kone close to finalising €29bn deal to buy TK Elevator — Financial Times -
• Pernod Ricard and Brown-Forman End Deal Talks — Wall Street Journal -
• Pernod Ricard ends pursuit of Jack Daniel’s maker Brown-Forman — Financial Times -

• Deal Talks Between Pernod and Maker of Jack Daniel’s Falter — The New York Times Business -
• Kendall Jenner’s 818 Tequila Gets Investment From Fireball Maker Sazerac — Wall Street Journal -
• Ametek Near Deal for Part of CD&R-Owned Industrials Company — Wall Street Journal -
• CVC weighs €9bn bid for Italian payments group Nexi — Financial Times -
• Barry Diller’s IAC to Change Name, Cut Staff — Wall Street Journal -
• Penguin Random House owner Bertelsmann Combines Music Arm With Concord — Wall Street Journal -
• Music groups BMG and Concord to merge in $14bn deal — Financial Times -
• Grant Thornton US to buy Australian sister firm as part of global spree — Financial Times -
• Anglo American Continues Portfolio Optimization, Backs Guidance — Wall Street Journal -
• Japan’s Mitsui O.S.K. Planning REIT to Boost Property Gains — Wall Street Journal -

Economic indicators show Canadian Prime Minister Mark Carney forecasting economic growth and a falling deficit, Bill Ackman's IPO push hitting the lowest end of its target, and the Bank of Japan holding rates with hawkish guidance, alongside Spirit Airlines facing dismal prospects that could prompt a bailout, and Germany's falling birth rate highlighting demographic challenges.

• Prime Minister Mark Carney Says Canada’s Economy Is Expected to Grow and Deficit to Fall — The New York Times Business -
• Bill Ackman hits lowest end of target in second IPO push — Financial Times -
• Opinion | There’s No Spirit Bailout Without Congress — Wall Street Journal -

• RAC pumps the brakes on £5bn London IPO — Financial Times -
• Spirit Airlines’ dismal prospects could soon be everyone’s problem — Financial Times -
• Small shareholders keep up pressure on UK bank climate policies — Financial Times -
• UK population growth downgraded as migration slows — Financial Times -
• German births fall to lowest since postwar records began in 1946 — Financial Times -
• Bank of Japan holds rates with hawkish guidance — Financial Times -
• Monetary Policy Radar preview: BoE’s April meeting — Financial Times -
• Bank of England expected to hold rates steady despite inflation risk — Financial Times -
• Milken family office alumni raise $4bn to target private capital upheaval — Financial Times -
• Wall Street dealers boost Treasury holdings to highest level since 2007 — Financial Times -
• A troubling plan to revive the frozen US property market — Financial Times -

Key issues include **Purdue Pharma agreeing to pay over $8bn to resolve the US opioid case, Boise Cascade pleading guilty in a plywood smuggling ring, and an investigation tracing US government gold to a drug cartel, while pro athletes face post-career financial worries, a Chinese factory labourer's memoir depicts grim conditions, and the Rivian CEO's $403mn pay package dwarfs those of top US car bosses**.

• Purdue Pharma to pay more than $8bn to end US opioid case — Financial Times -
• The Plywood Smuggling Ring That Ensnared a Building-Products Giant — Wall Street Journal -
• Dean Buntrock, Co-Founder of Waste Management Who Turned Trash Into a Multibillion-Dollar Empire, Dies at 94 — Wall Street Journal -

• How We Traced U.S. Government Gold to a Drug Cartel — The New York Times Business -
• For Many Pro Athletes, Post-Career Financial Worries Loom Large — The New York Times Business -
• PR executive tried to ‘get rid’ of documents despite legal warning — Financial Times -
• What the Grasset affair tells us about modern elites — Financial Times -
• Targeted Hunts Were Supposed to Curb ‘Zombie Deer Disease.’ Now What? — The New York Times Business -
• Graduates Reset Ambitions in Pursuit of First Jobs — The New York Times Business -
• Adrift in the South — the stark memoir of a Chinese factory labourer — Financial Times -
• Mexico arrests potential successor to drug kingpin ‘El Mencho’ — Financial Times -
• Rivian CEO’s $403mn pay package dwarfs those of top US car bosses — Financial Times -