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Tim Cook has announced he will step down as Apple chief executive after nearly 15 years in the role, moving to executive chairman in September 2026. The company's current head of hardware engineering John Ternus is set to succeed him. Mr Cook’s tenure marks one of the most successful leadership periods in corporate history, during which Apple’s annual profits grew to over $110bn and its market value expanded more than tenfold to around $4tn, driven largely by the sustained success of the iPhone and growth in services. Mr Cook, who joined Apple in 1998 and became CEO in 2011 following Steve Jobs’ death, was widely credited with building a highly efficient global supply chain and scaling Apple into a dominant consumer technology company. His leadership also saw the expansion of products and services including Apple Watch, AirPods and Apple TV+. In a statement, he said: “I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world". Apple also said Monday that senior vice president of hardware technologies Johny Srouji will become chief hardware officer, succeeding Mr Ternus.

 

CNBC

Financial Times

Los Angeles Times

New York Times

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UnitedHealth Group has reported largely flat first-quarter earnings, with operating income of $9bn on revenue of $112bn, as rising medical costs, regulatory scrutiny, and ongoing industry pressures continue to weigh on performance. Although results slightly exceeded analyst expectations and the company raised its 2026 profit outlook to above $17.35 per share, earnings showed little year-on-year growth, reflecting continued challenges in its Medicare Advantage business and broader healthcare cost inflation. The company has lost nearly 1m Medicare Advantage customers and expects a $6bn revenue impact from changes in U.S. government reimbursement policies. UnitedHealth is undertaking restructuring efforts, including exiting certain international operations, cutting costs, and overhauling leadership, as it seeks to restore growth following last year’s sharp profit decline and share price fall.

 

Bloomberg

New York Times

Major U.S. low-cost airlines are lobbying for temporary tax relief to offset rising jet fuel costs driven by the Iran conflict, warning that higher expenses could lead to increased fares and reduced service. Executives from carriers including Spirit, Frontier, and Allegiant are urging Congress to suspend the 7.5% federal ticket tax and a $5.30 per-segment fee, a move they say could offset roughly one-third of fuel cost increases. The industry has already responded to higher costs by raising baggage fees, cutting flights, and scaling back capacity growth. The pressure comes as Spirit Airlines faces renewed financial strain, with rising fuel prices threatening its restructuring plans following a recent bankruptcy exit, underscoring broader challenges across the low-cost airline sector.

 

Reuters

The refund system set up by U.S. Customs and Border Protection to enable companies to recover illegally collected tariffs from ​the U.S. government went live on Monday. U.S. importers, including Target and Walmart, are due more than $160bn in refunds following the Supreme Court's decision ruling the tariffs unlawful in February. CNBC nevertheless notes that trade lawyers are warning of bureaucratic hurdles, legal vulnerabilities, and the possibility of a last-minute appeal by the Trump administration. ″[Importers] are pessimistic that the government is going to make this easy. They’re anticipating that the government is going to make it as difficult as possible to get their money back,” said trade attorney Matthew Seligman, principal at Grayhawk Law. 

 

CNBC

Reuters

The Supreme Court has declined to hear a bid by eight major financial institutions to prevent American cities, including Baltimore, Philadelphia and San Diego, from progressing a $12bn class action accusing them of artificially inflating interest rates on a popular municipal bond. The justices turned away an appeal by the ​banks - Bank of America, ​Barclays, Citigroup, Goldman Sachs, JPMorgan Chase, Royal Bank of Canada, Wells Fargo and Morgan Stanley - that was brought after a lower court upheld a judge's decision to certify the lawsuit brought by ​the cities as a class action. The Supreme ⁠Court's action paves the way for the suit to proceed as a class action.

 

Reuters

A judge is set to sentence Purdue Pharma, the maker of OxyContin, to forfeit $225m to the U.S. government. This penalty is part of a 2020 agreement to resolve federal investigations into the company's role in the opioid crisis. If approved, Purdue will avoid additional penalties in exchange for settling thousands of lawsuits. The Sackler family, owners of Purdue, will contribute up to $7bn over 15 years to combat the opioid epidemic. Victims' advocates continue to push for further accountability, arguing the settlement does not provide adequate justice for those affected by the crisis.

 

US News and World Report

Oil and gas companies fighting lawsuits over coastal land loss and environmental degradation in Louisiana have been handed a win by the Supreme Court. The companies have been given a new day in federal court after a state jury ordered Chevron to pay upward of $740m to clean up damage to the state's coastline, one of multiple similar lawsuits. They deny responsibility for land loss in Louisiana and argue  that it is wrong to sue them for what they did before state environmental regulations were in place. The companies commenced oil production and refining during World War II as U.S. contractors. 

 

The Baltimore Sun

Estée Lauder is reportedly working with JPMorgan to arrange a €5bn financing package to support a potential merger with Spanish beauty group Puig, as discussions between the two companies progress. The proposed transaction, expected to be largely structured as a cash-and-stock deal, could create one of the world’s largest luxury beauty groups and a significant competitor to L’Oréal, although terms have not yet been finalized.

 

Bloomberg

Reuters

Eli Lilly is acquiring Kelonia Therapeutics for $3.25bn. The deal price could reach as much as $7bn if Kelonia reaches certain clinical, regulatory and commercial milestones, the companies said. Privately held Kelonia is developing a next-generation CAR-T therapy which delivers genes, or genetically altered cells, to help a patient’s immune system fight cancer.  “We have something that is truly transformative to the space,” Kelonia Chief Executive Kevin Friedman said earlier this year.

 

Wall Street Journal

Canadian Prime Minister Mark Carney said in a recent video address that Canada's strong economic ties to the U.S. have become a liability. He noted that rising tariffs under President Donald Trump have created uncertainty, affecting investments in key industries including auto and steel. Mr. Carney emphasized the need for Canada to diversify its economy and reduce reliance on the U.S. He said: "Hope isn't a plan and nostalgia is not a strategy," as he urged Canadians to take control of their economic future.

 

Los Angeles Times

A leading insurance regulator has warned that insurers’ growing shift into private market investments, driven by private equity ownership, is increasing exposure to riskier and less suitable assets for retirement products. Iowa Insurance Commissioner Doug Ommen said insurers have moved away from traditional bonds toward higher-yielding private credit and complex structured securities, while also transferring over $1tn of liabilities to offshore reinsurance hubs such as Bermuda and the Cayman Islands. While these strategies can enhance returns and diversification, Ommen cautioned that some lower-quality assets may be inappropriate for backing long-term retirement obligations. The shift, led by firms such as Apollo, KKR, and Blackstone, has added complexity to insurers’ balance sheets and increased the burden on regulators, who are expanding oversight and updating capital rules. Ommen also raised concerns about transparency in certain offshore jurisdictions, noting that the true resilience of these investments may only become clear during an economic downturn.

 

Benzinga

Financial Times

Adobe has launched a suite of artificial intelligence (AI)-driven tools, including agentic AI systems and a virtual coworker, aimed at automating and enhancing marketing workflows across the customer lifecycle. The new Adobe CX Enterprise platform integrates AI agents, skills, and data connections to help businesses manage customer acquisition, engagement, conversion, and loyalty, while the CX Enterprise Coworker provides real-time insights and embeds AI into day-to-day marketing activities. Adobe has also expanded partnerships with major AI platforms, including AWS, Google Cloud, Microsoft, Anthropic, and OpenAI, enabling businesses to deploy and scale AI-powered marketing tools across multiple environments, as the company pushes to move clients from experimentation to measurable outcomes.

 

PYMNTS

Wall Street Journal

Alfred Kammer, director of the International Monetary Fund’s European department, has said the European Union must not pause its emissions trading system, warning that such a move would come with “huge” risks that might jeopardize investment. “Investors trusted that the Green Deal is going to be implemented . . . and they make the investment decisions over a 10-15 year period,” Kammer said. “If you are taking that basis away, investors will be very worried that any future investment may be uncertain in terms of generating the returns they would expect, and you will have a huge setback in terms of private investment on moving forward.” 

 

Bloomberg

China has introduced new regulations to combat the extraterritorial application of foreign laws, effective from April 13. The Regulations on Countering Unjustified Extraterritorial Application of Foreign Legislation aim to block foreign measures deemed improper by Beijing. Analysts see the move as a shift from diplomatic protests to “legal warfare.” The European Chamber of Commerce in China has voiced concern that the “broad scope, vague language and wide discretion” of the rules go far beyond similar statutes in the West. The move added to uncertainty around global supply chains amid the U.S. blockade of the Strait of Hormuz, the chamber said.

 

South China Morning Post