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NEW YORK (AP) — Media mogul Ted Turner, the bold television innovator who created CNN and revolutionized round-the-clock news broadcasting, passed away Wednesday at his home surrounded by family members. He was 87 years old.

Turner Enterprises, which manages his extensive business holdings and investments, confirmed his death.

The Atlanta-based businessman built a media empire that included yacht racing, vast land ownership across the American West, and the launch of the first 24-hour news network that forever changed how people consume information. Turner owned multiple Atlanta sports franchises, successfully defended yachting’s America’s Cup in 1977, and made headlines with a remarkable $1 billion contribution to United Nations charitable organizations.

His personal life attracted equal attention through three marriages, most notably to actress Jane Fonda, earning him colorful monikers including “Captain Outrageous” and “The Mouth of the South.”

“If only I had a little humility, I’d be perfect,” he once boasted.

In his final years, Turner battled Lewy body dementia and stepped away from television operations to focus on charitable work and managing his extensive property holdings spanning over 2 million acres, home to the country’s largest buffalo population.

Despite his flamboyant public persona, Turner possessed sharp business instincts and an appetite for calculated risks. When he sold Turner Broadcasting System to Time Warner Inc. in 1996’s massive media merger, he had transformed his deceased father’s advertising company into an international powerhouse encompassing seven major cable channels, three professional sports organizations, and two successful film studios.

Former President Donald Trump honored Turner’s passing, describing him as “one of the Greats of All Time.”

“Whenever I needed him, he was there, always willing to fight for a good cause!” Trump wrote on social media.

Turner’s most significant contribution was establishing CNN, America’s first continuous news television channel in 1980. In today’s era of instant digital information access, it’s difficult to imagine how groundbreaking the concept of viewer-controlled news consumption once was.

Turner’s personal frustration with traditional news schedules partly inspired the venture. His work often extended beyond 8 p.m., after major network evening broadcasts concluded, and he retired before local 11 p.m. newscasts began.

He gambled on launching what critics initially mocked as the “chicken noodle network” during cable television’s infancy, even living in an apartment above CNN’s Atlanta headquarters.

“I was going to have to hit hard and move incredibly fast and that’s what we did — move so fast that the (broadcast) networks wouldn’t have the time to respond, because they should have done this, not me,” Turner explained in a 2016 Academy of Achievement interview. “But they didn’t have the imagination.”

CNN’s defining moment arrived during 1991’s Gulf War with Iraq. While most television reporters evacuated Baghdad ahead of anticipated American strikes, CNN remained, broadcasting compelling footage of warfare’s beginning, including anti-aircraft fire streaking across nighttime skies and correspondents reacting to nearby bomb explosions.

Although Turner received assurances of continued CNN involvement following his company’s $7.3 billion stock sale to Time Warner, he was eventually sidelined, causing lasting disappointment.

“I made a mistake,” he later reflected. “The mistake I made was losing control of the company.”

That same year witnessed Fox News Channel’s debut and Rupert Murdoch’s emergence as cable news’s new dominant figure. Political commentary became the primary focus for networks like Fox News and MSNBC.

Robert Edward Turner III entered the world November 19, 1938, in Cincinnati. His family relocated to Savannah, Georgia, when he was nine. After Brown University expelled him for bringing a female student to his dormitory, Turner moved to Atlanta to work as an account representative for his demanding father’s billboard business, Turner Advertising.

Following his father’s 1963 suicide, Turner assumed company leadership. In 1970, he purchased an independent UHF television station with poor signal strength that barely reached Atlanta.

On December 17, 1976, he began satellite transmission of the station to cable systems nationwide, creating the TBS SuperStation. “It was the start of something bigger than we ever imagined,” Turner said in 1996.

TBS’s eclectic programming of vintage films and “The Andy Griffith Show” reruns gained strength through Turner’s acquisition of baseball’s Atlanta Braves. The historically unsuccessful team gradually built a national following through superstation exposure and began calling themselves “America’s Team” during the 1980s.

Turner, who once wore a uniform and managed a single game, helped initiate baseball’s free-agent spending escalation by signing pitcher Andy Messersmith.

During the 1980s, Turner accumulated substantial debt purchasing MGM, another decision that faced widespread doubt.

However, the acquisition provided his company with an extensive collection of classic films that eventually became the foundation for TNT and Turner Classic Movies networks. His dedication to older cinema earned Turner a Hollywood Walk of Fame star in 2004. He faced criticism for colorizing classic films like “Casablanca,” which he defended as making them more attractive to younger viewers.

TBS also obtained the Hanna-Barbera animation collection, leading to Cartoon Network’s creation.

“He sees the obvious before most people do,” Bob Wright, former NBC president and CEO, told The New Yorker in 2001. “We all look at the same picture, but Ted sees what you don’t see. And after he sees it, it becomes obvious to everybody.”

He shared his youthful aspirations: “I used to tell people I wanted to become the world’s greatest sailor, businessman and lover all at the same time.”

When asked about his success formula, he replied: “Early to bed, early to rise, work like hell and advertise.”

Throughout much of his life a charismatic socialite who attracted beautiful women with roguish appeal, the slim, mustached sportsman married three times. His union with Fonda lasted from 1991 to 2001. She abandoned acting during their marriage but grew weary of his infidelity and divorced him, though they maintained friendship.

“He was sexy. He was brilliant. He had 2 million acres by the time I left. It would have been easy to stay,” Fonda said about her relationship with Turner.

Turner developed an unlikely friendship with Cuban leader Fidel Castro, connecting through hunting expeditions and political debates over rum and cigars. Once a fierce adversary who compared Fox’s Murdoch to Adolf Hitler, they later reconciled over shared environmental concerns.

Turner constructed a sports empire, simultaneously owning professional baseball, basketball and hockey franchises in Atlanta. He gained particular recognition leading the Atlanta Braves, transforming the struggling team into playoff contenders by the 1990s. Their stadium, constructed for the 1996 Olympics, bore the name Ted Turner Field. The Braves moved to a newer facility north of Atlanta in 2016.

Perhaps Turner’s greatest passion involved land ownership. He accumulated millions of acres in ranches populated with roaming buffalo and became Nebraska’s largest private landowner. He frequently discussed restoring the West’s bison populations, and in 2002 launched a restaurant chain featuring bison burgers, Ted’s Montana Grill. Texas A&M University researchers credited his 2005 donation of several bulls with enhancing the genetic diversity of the final southern Plains bison herd.

His net worth reached $2.5 billion in 2023, though he disappeared from Forbes magazine’s 400 wealthiest Americans list in 2021.

During a stock market collapse, Turner’s wealth plummeted from nearly $10 billion to approximately $2 billion over two-and-a-half years.

“To put this in perspective, I lost nearly $8 billion in 30 months,” he wrote in his 2008 autobiography, “Call Me Ted.” “That means that, on average, my net worth dropped by about $67 million per week, or nearly $10 million per day, every day, for two and a half years.”

He retained sufficient time and resources to pursue ambitious objectives like advancing world peace and environmental protection.

“See, my life is more an adventure than a quest to make money. Adventure is going out and doing something for the pure hell of it,” Turner once explained. “You just want to see if you can do it, period. There’s no thought of gain other than your own satisfaction.”

Over the years, Turner’s controversial behavior occasionally overshadowed his business achievements.

Following his yacht “Courageous” to America’s Cup victory in 1977, television cameras captured an extremely intoxicated Turner sprawled on the floor during celebration festivities.

Turner frequently offended people with his unfiltered speaking style. An atheist since his sister’s death from lupus at age 17, he labeled Christians “losers” and “Jesus-freaks,” later apologizing for both statements.

He once proposed during a speech that unemployed Black people transport mobile missiles with ropes “like the Egyptians building the pyramids.” Following demands for an apology from civil rights leaders, he claimed he was joking.

Other times, his wit rescued him from potentially uncomfortable situations, such as addressing a Berlin audience in 1999. “You know, you Germans had a bad century,” Turner said, according to The New Yorker. “You were on the wrong side of two wars. You were the losers. I know what that’s like. When I bought the Atlanta Braves, we couldn’t win, either. You guys can turn it around. You can start making the right choices. If the Atlanta Braves could do it, then Germany can do it.”

Turner, father of five children, assumed a leadership position in American philanthropy with his September 18, 1997, commitment to donate $1 billion, or $100 million annually for 10 years, to United Nations charities. Even as Turner’s fortune decreased following the AOL Time Warner merger, he continued supporting the U.N., describing it as humanity’s best hope for peace.

He championed various humanitarian initiatives. Turner partnered with former U.S. Senator Sam Nunn to establish the Nuclear Threat Initiative, an American nonprofit organization dedicated to reducing nuclear, biological and chemical weapon dangers. Turner publicly expressed concern about global challenges.

“If I had to predict, the way things are going, I’d say the chances are about 50-50 that humanity will be extinct in 50 years,” Turner said in 2003. “Weapons of mass destruction, disease, I mean this global warming is scaring the living daylights out of me.”

While investing millions in international nonprofits, Turner also enjoyed sharing his wealth through smaller gestures. He once contributed $500 to a volunteer fire department that helped extinguish a blaze on one of his ranches. Another time he loaned personal artwork for a Bozeman, Montana, museum exhibition.

BENGALURU, India – Digital payment company Paytm announced Wednesday that it achieved profitability during the fourth quarter, driven by strong performance in its financial services distribution operations and payment processing divisions.

The Indian fintech company recorded consolidated net earnings of 1.84 billion rupees (equivalent to $19.45 million) for the three-month period ending March 31. This represents a dramatic turnaround from the same quarter last year, when the company reported losses of 5.4 billion rupees.

The previous year’s financial results were impacted by a one-time cost related to CEO Vijay Shekhar Sharma’s decision to relinquish his employee stock options.

The U.S. Treasury Department announced Wednesday that bond and note auction amounts will remain at current levels for multiple upcoming quarters, meeting market predictions as officials outlined a $125 billion refinancing strategy spanning May through July 2026.

The financing plan will generate $41.7 billion in fresh capital from private investors.

Treasury officials stated they will maintain existing coupon and floating rate note auction amounts for at least the “next several quarters.”

Documentation from the Treasury Borrowing Advisory Committee (TBAC), also released Wednesday, revealed that primary dealers broadly anticipate nominal coupon auction increases to begin early next year. These dealers expect Treasury officials to modify their forward guidance multiple quarters before implementing the anticipated changes.

Next week’s auction schedule includes $58 billion in three-year U.S. notes, $42 billion in 10-year notes, and $25 billion in 30-year bonds, maintaining the same amounts established during February’s refinancing.

Zachary Griffiths, who leads investment grade and macro strategy at CreditSights in Charlotte, North Carolina, stated that Treasury’s choice to preserve its forward guidance — indicating that coupon issuance will stay consistent for at least multiple upcoming quarters — “matched our expectations…to tread lightly given the recent selloff in nominal Treasuries and widening of inflation expectations.”

Griffiths noted that the department continues showing willingness to depend significantly on Treasury bills, especially given ongoing Federal Reserve purchase support.

Treasury officials indicated they plan to expand auction amounts for shorter-term benchmark bills during late May weeks, and expect to release a short-term cash management bill to address anticipated peak liquidity requirements at May’s end related to maturing coupon securities.

Due to projected revenue from mid-month corporate and non-withheld tax collections, Treasury expects to slightly decrease short-term bill auction amounts in June.

For July, Treasury projects minor bill auction size increases across all timeframes.

“As always, Treasury will continue to evaluate near-term borrowing needs and assess additional adjustments to bill auction sizes as appropriate,” officials stated.

Treasury is projecting a $900 billion cash balance at June’s end, according to financing estimates released Monday. Current refunding quarter projections show the Treasury General Account (TGA) — the department’s cash balance maintained at the Fed — could reach $1 trillion, plus or minus $50 billion, in late July.

This amount, Treasury explained, aligns with established cash balance policies and reflects substantial outflows expected during that period.

In a separate announcement, Treasury revealed modifications to settlement timing for 20-year bond reopening auctions. Starting with the June 16 reopening, these auctions will settle on auction week Fridays, while new issues will continue settling at month-end.

Typically, U.S. 20-year bond reopenings settle at month-end rather than the week following the auction like other coupon auctions.

The modification reflects “feedback provided by a variety of market participants, including the primary dealers,” according to Treasury officials.

Global supply chain disruptions reached their most severe level in nearly two years during April, according to new data released Wednesday by the Federal Reserve Bank of New York.

The bank’s Global Supply Chain Pressures index jumped dramatically to 1.82 in April, up from 0.68 in March. This represents the highest reading since July 2022, when the index reached 1.86. The month-to-month increase was the steepest recorded since March 2020, when the coronavirus pandemic first disrupted the world economy.

While the New York Fed didn’t elaborate on specific causes behind the surge, the escalation comes amid ongoing Middle East conflicts that have severely hampered global shipping routes. The war has particularly affected trade through the Strait of Hormuz, bringing commerce through this critical waterway nearly to a halt and pushing energy costs higher worldwide.

The trade disruptions continue without resolution, keeping shipping lanes blocked and commerce restricted.

New York Fed President John Williams addressed the situation Monday, describing “notable” supply chain pressures that have started to intensify. Recent information, he noted, “echoes the severe shortages and supply disruptions that the world economy experienced in 2021 as it emerged from the pandemic.”

Those earlier supply chain problems, combined with pandemic-related government policies, ultimately triggered the worst inflation surge in decades. Even today, with the health crisis behind us, inflation remains above the Federal Reserve’s 2% goal.

Current inflation data already reflects mounting price pressures from increased import taxes and elevated energy costs related to the conflict. Economic experts warn that inflation could worsen significantly unless war-related disruptions end soon.

This situation creates a challenging position for Federal Reserve policymakers. Officials have stepped back from earlier expectations of interest rate cuts this year and are increasingly anticipating stable rates for the near term, with potential rate increases if high inflation continues.

Economists at Evercore ISI project that core inflation, measured by the personal consumption expenditures index, will likely approach 3% in the fourth quarter. They estimate that “roughly 50 basis points of that comes from tariffs, oil and supply chain disruptions, plus another 20 basis points from AI cost spillovers.”

Media pioneer Ted Turner, whose death was reported by CNN on Wednesday, built a reputation for bold statements that earned him the moniker “The Mouth of the South.” The outspoken businessman left behind a collection of memorable quotes that captured his unconventional approach to life and business.

Turner was known for his self-deprecating humor, once declaring, “If I only had a little humility, I’d be perfect.”

His patriotic yet critical view of America came through in contrasting statements: “This is America. You can do anything here,” he said, while also noting, “The United States has got some of the dumbest people in the world.”

When launching CNN, Turner made a bold promise about the network’s commitment: “We won’t be signing off until the world ends. We’ll be on and we will cover the end of the world, live, and that will be our last event.”

During his CNN years, Turner expressed conflicted feelings about profiting from conflict coverage: “War has been good to me from a financial standpoint but I don’t want to make money that way. I don’t want blood money.”

The media mogul had a unique perspective on wealth, stating, “Life is a game. Money is how we keep score.” He also spoke about his philanthropy: “Over a three-year period, I gave away half of what I had. To be honest, my hands shook as I signed it away.”

Turner wasn’t afraid to admit his mistakes, particularly regarding controversial religious comments: “That was probably my most unfortunate comment. I apologized for it. I apologized for a lot of things that I’ve said,” he said after calling Christianity a “religion for losers.”

His views on gender and leadership were equally provocative: “Men should be barred from public office for 100 years in every part of the world… It would be a much kinder, gentler, more intelligently run world. The men have had millions of years where we’ve been running things. We’ve screwed it up hopelessly. Let’s give it to the women.”

Even in considering his own mortality, Turner maintained his characteristic wit: “I know what I’m having ’em put on my tombstone: ‘I have nothing more to say.’”

Ted Turner, the bold entrepreneur who revolutionized television news by creating CNN, has passed away at age 87, according to a statement from Turner Enterprises released Wednesday.

Officials did not specify what caused Turner’s death. The media mogul had publicly disclosed in September 2018 that he was battling Lewy body dementia, a progressive neurological condition.

Turner earned several colorful monikers throughout his career, including “Mouth of the South,” “Captain Outrageous,” and “Terrible Ted” – nicknames that reflected his larger-than-life personality and willingness to speak his mind.

Born Robert Edward Turner III in Cincinnati on November 19, 1938, he transformed his father’s billboard advertising company into a media dynasty worth billions. His journey began when he took control of the family business at just 24 years old following his father’s suicide.

Turner’s media ventures started in 1970 when he purchased a struggling Atlanta UHF station for $2.5 million, despite advisors urging against the deal. That station, now known as WTBS, became profitable through innovative 24-hour programming and eventually became America’s first “superstation” when satellite technology allowed cable systems nationwide to carry its signal.

His most significant achievement came in 1980 with the launch of CNN from Atlanta. Turner positioned the network as an alternative to what he called “sleazy” coverage by established networks CBS, NBC, and ABC. Despite initial mockery and the derisive nickname “Chicken Noodle Network,” CNN became the world’s first 24-hour news service and set new standards for global news coverage.

“Barring satellite problems, we won’t be signing off until the world ends,” Turner stated in a 2013 CNN interview. However, by 2018, he admitted he rarely watched the network anymore, feeling it had become too focused on politics during President Trump’s administration.

Time magazine recognized Turner as “Man of the Year” in 1991, calling him a “televisionary” for “influencing the dynamic of events and turning viewers in 150 countries into instant witnesses of history.”

Turner’s business empire expanded to include sports teams, with ownership of the Atlanta Braves baseball team and Atlanta Hawks basketball franchise. In a memorable moment in 1977, he appointed himself manager of the Braves for one game, resulting in a 2-1 loss to Pittsburgh before baseball officials forced him to step down.

The entrepreneur also made his mark in sailing, captaining the yacht Courageous to victory in the America’s Cup during the 1970s. His personal life drew attention as well, particularly his decade-long marriage to Academy Award-winning actress Jane Fonda, which ended in 2001.

In 1996, Turner sold his Turner Broadcasting System to Time Warner for $7.5 billion, creating what was then the world’s largest communications company. However, he struggled to adapt to corporate structure after years of independent operation and eventually lost control of his networks following Time Warner’s merger with AOL in 2001.

Beyond media, Turner became a prominent environmental advocate and philanthropist. His most notable charitable act was a historic $1 billion pledge to the United Nations in 1997, which he later called “the best investment I’ve ever made” upon completing the final payment in 2017.

Turner accumulated vast land holdings, becoming one of America’s largest private landowners with more than 1.9 million acres across six states, primarily in Montana. He maintained a herd of approximately 50,000 bison, which supplied his restaurant chain Ted’s Montana Grill, founded in 2002.

Known for his unfiltered comments, Turner once told The New Yorker: “I don’t have any idea what I’m going to say. I say what comes to my mind.” This approach sometimes created controversy, including conflicts with the Catholic Church and a long-standing feud with media rival Rupert Murdoch that began with a yacht collision in 1983 and escalated when Murdoch launched Fox News as a conservative competitor to CNN.

Turner also demonstrated self-awareness about his personality, once remarking: “If I only had a little humility, I’d be perfect.”

According to Forbes, Turner’s wealth was estimated at $2.8 billion. He was married three times and had five children. Throughout his later years, he battled depression and, according to his biographer, frequently discussed thoughts of suicide.

Turner’s legacy includes transforming how the world receives news, pioneering satellite television, and demonstrating how media can shape global events while maintaining a commitment to environmental causes and international cooperation.

A financial advisory organization representing union pension funds has called on federal securities regulators to carefully examine SpaceX’s financial disclosures as the space exploration company prepares for what could become the largest stock market debut ever recorded.

The SOC Investment Group sent a letter Wednesday to Securities and Exchange Commission officials, including Chairman Paul Atkins and Commissioners Hester Peirce and Mark Uyeda, expressing concerns about the rocket manufacturer’s upcoming public offering.

SpaceX plans to go public this year with an estimated company worth of $1.75 trillion and expects to raise approximately $75 billion through the stock sale. If successful, this would break all previous records for initial public offerings and could potentially make CEO Elon Musk the world’s first trillionaire.

The investment group’s letter highlighted worries about potential regulatory conflicts stemming from Musk’s recent position within President Donald Trump’s Department of Government Efficiency.

“We are specifically concerned that SpaceX’s IPO will expose numerous investors – many unwillingly – to a company whose value may decline once its financial disclosures can be independently assessed and verified,” the organization stated in their correspondence.

SOC Investment Group represents affiliates with pension plan assets exceeding $250 billion and has previously challenged corporate governance at various companies, including Musk’s electric vehicle manufacturer Tesla. The group currently holds no ownership stake in SpaceX.

Their specific concerns regarding the space company include questions about auditor independence, financial dealings between Musk’s various business enterprises, revenue recognition practices, and goodwill impairment issues.

The organization also questioned whether former Department of Government Efficiency personnel continue to have contact with SEC staff or if any ex-DOGE employees now work at the securities agency. They requested information about safeguards ensuring staff can review SpaceX’s documents independently and “without fear of political retribution.”

The group urged the SEC to “ensure that review of SpaceX’s registration statement does not involve members of staff with ties to SpaceX control persons.”

An SEC representative declined to provide comments about any specific company. SpaceX and Musk have not yet responded to requests for comment regarding the letter.

The SOC Investment Group indicated they are awaiting the public release of SpaceX’s registration statement, which remains confidential at this time, though Reuters has reviewed portions of the document.

The New York Times has reached a milestone of 13.1 million subscribers during the first quarter, as Americans increasingly turn to trusted news sources amid ongoing global conflicts and domestic political uncertainty.

The media giant gained 310,000 new digital subscribers between January and March, surpassing Wall Street predictions of approximately 270,500 new sign-ups, according to data from Visible Alpha. This growth puts the publication on track toward its ambitious target of 15 million subscribers by 2027’s end.

International conflicts and changing domestic policies have sparked increased appetite for news consumption, with more Americans flocking to The Times’ online platforms for coverage and analysis.

In recent years, the newspaper has expanded beyond traditional reporting by offering subscribers access to puzzles, athletic coverage, and lifestyle articles as part of subscription packages designed to attract diverse audiences and keep readers engaged longer.

The subscriber milestone follows The Times’ recent recognition with three Pulitzer Prize awards, including honors for investigative reporting on the previous Trump administration.

Media organizations worldwide face challenges as search engines increasingly provide AI-generated answers to user questions, reducing traffic to news websites that traditionally relied on search referrals.

However, The Times has countered this trend by expanding video content on its main mobile application. CEO Meredith Kopit Levien noted the company’s progress, stating: “We’re continuing to scale output here and more than doubled production of reporter video.”

Revenue per digital subscriber increased 2.4% to $9.77, reflecting customers moving from promotional pricing to standard rates, along with recent subscription price adjustments, according to Chief Financial Officer William Bardeen.

Digital subscription income rose 16.1% during the quarter, exceeding Visible Alpha projections of 15% growth.

Online advertising revenue experienced significant growth, climbing 31.6% to reach $93.3 million.

The company reported total quarterly revenue of $712.2 million, beating analyst expectations of $699.9 million from LSEG data. Adjusted earnings reached 61 cents per share, well above the predicted 47 cents.

Looking ahead to the second quarter, The Times anticipates digital subscription revenue growth between 14% and 17%, while analysts had projected 13.8% according to Visible Alpha forecasts.

WASHINGTON – April brought the strongest private sector job growth the nation has seen in more than a year, with companies adding 109,000 positions according to a new employment report released Wednesday.

The monthly job gains represent the most robust hiring activity since January 2023, surpassing economist predictions of 99,000 new positions. March’s employment figures were also revised downward to show 61,000 jobs added, compared to the initially reported 62,000.

Economic experts describe the current employment landscape as maintaining a “low-hire, low-fire” pattern, where companies aren’t aggressively expanding their workforce but also aren’t conducting significant layoffs.

“The labor market has been on solid but precarious footing for some time, not exactly growing but also not significantly deteriorating,” explained Elizabeth Renter, who serves as senior economist at NerdWallet. “Amid ongoing global conflict, the fallout of a continuing oil shock and continued economic policy uncertainty, it would take more than one strong report on the labor market to signal we’re facing a different labor environment.”

Education and healthcare sectors drove much of April’s employment expansion, contributing 61,000 new positions. Construction companies also showed growth with 10,000 additional jobs, while professional business services contracted by 8,000 positions.

The employment data comes from ADP’s national jobs report, created in partnership with Stanford Digital Economy Lab. However, analysts caution that ADP’s figures don’t always align with official government statistics.

“Actual private payrolls figures have generally been lower than what ADP predicts,” noted Carl Weinberg, chief economist at High Frequency Economics.

Despite ongoing Middle East conflicts disrupting shipping routes and driving up commodity costs, mass layoffs haven’t materialized. Recent government data indicates job availability remains steady, with 0.95 openings available for each unemployed person in March, up from 0.91 in February.

Looking ahead to Friday’s comprehensive employment report from the Bureau of Labor Statistics, economists anticipate overall nonfarm payrolls will show 62,000 new jobs in April, following March’s rebound of 178,000 positions. Private sector growth is projected at 75,000 jobs, while unemployment rates are expected to hold at 4.3%.

Consumer sentiment about job availability also improved in April, with fewer people describing employment as “hard to get” while the percentage viewing jobs as “plentiful” remained relatively unchanged, according to a recent Conference Board survey.

The Federal Reserve maintained its benchmark interest rate between 3.50% and 3.75% last week, citing concerns about rising inflation pressures. Financial markets interpret the stable employment data as supporting expectations that interest rates will remain unchanged through 2027.

Technology services firm Kyndryl announced Wednesday it will eliminate positions as part of a comprehensive cost-reduction strategy, while projecting annual earnings that fall short of Wall Street expectations.

The company’s stock price dropped more than 12% during early market hours following the announcement.

Since becoming independent from IBM in 2021, Kyndryl has been working to overhaul numerous unprofitable contracts it took over from the technology giant in an effort to boost its financial performance.

The workforce reduction initiative is designed to slash yearly operational expenses by approximately $400 million to $500 million by fiscal year 2028, according to company officials.

Kyndryl anticipates recording roughly $200 million in associated costs, primarily for employee severance packages and benefit payments.

These job eliminations follow a series of corporate challenges, including a delayed quarterly filing for the October-December period, several executive leadership changes, and an internal accounting investigation into potential control system weaknesses.

As of March 31, 2025, the company employed approximately 73,000 workers worldwide. Company representatives did not reveal the specific number of positions that will be eliminated.

For fiscal 2027, Kyndryl projects adjusted earnings before taxes ranging from $600 million to $700 million, factoring in workforce restructuring expenses. The middle point of this projection falls below the analyst consensus of $672.7 million compiled by LSEG.

However, the company continues to see strong market demand for its services. Businesses have maintained spending on critical software and information technology services despite economic uncertainties related to President Donald Trump’s international trade policy discussions.

This market trend has provided protection for companies like Kyndryl, whose offerings support essential daily business functions and help organizations implement artificial intelligence solutions throughout their technology infrastructure.

The company’s fourth-quarter revenue reached $3.77 billion, surpassing analyst projections of $3.75 billion. However, adjusted earnings per share dropped significantly to 18 cents, well below the anticipated 45 cents.

Major U.S. stock markets began trading Wednesday with solid gains, building on recent positive performance driven by diplomatic optimism and continued investor excitement about artificial intelligence technologies.

At the opening bell, the Dow Jones Industrial Average climbed 143.9 points, representing a 0.29% increase to reach 49,442.19. The broader S&P 500 index gained 34.9 points, up 0.48% to 7,294.14, while the technology-heavy Nasdaq Composite jumped 169.0 points, rising 0.67% to 25,495.166.

Market analysts point to two key factors driving investor confidence: emerging possibilities for a peace deal between the United States and Iran in the Middle East, and persistent bullish sentiment surrounding artificial intelligence sector investments.

Navigation technology company Trimble announced Wednesday it has increased its full-year financial projections after delivering better-than-expected first-quarter results, driven by robust demand for its integrated software and hardware solutions in construction and transportation markets.

The Westminster, Colorado-based firm has successfully combined its traditional navigation hardware with advanced software platforms that collect and analyze data, offering customers valuable insights to improve their operational efficiency.

Trimble now projects total revenue between $3.84 billion and $3.92 billion for 2026, up from its earlier estimate of $3.81 billion to $3.91 billion. The company also increased its annual adjusted earnings per share forecast to a range of $3.47 to $3.64, compared to the previous projection of $3.42 to $3.62.

The technology company has been transforming its business model, moving away from primarily hardware sales toward a service-oriented software approach.

For the quarter ending March 31, Trimble reported revenue of $939.9 million, surpassing Wall Street analysts’ average prediction of $905.6 million according to LSEG data. The company’s adjusted earnings reached $0.79 per share, beating analyst estimates of $0.72 per share.

Trimble has capitalized on what it calls a “connect-to-scale” business approach, which integrates hardware devices, software applications, and cloud-based solutions across construction, geospatial, and transportation industries.

Looking ahead to the second quarter, the company anticipates revenue ranging from $938 million to $963 million, with the midpoint exceeding analysts’ projections of approximately $946 million. Trimble expects adjusted earnings per share between $0.78 and $0.82 for the upcoming quarter, with the midpoint matching analyst estimates of $0.80.

The Walt Disney Company surpassed analyst predictions for its second quarter, with robust streaming services and domestic theme park performance helping to balance out a decrease in international tourist visits.

Back in February, Disney had warned investors that its Experiences segment, encompassing theme parks and resorts, would likely experience only modest profit increases during the second quarter, partly due to declining international visitor numbers to American destinations.

The reduction in foreign tourism to the United States has been linked to multiple factors, including Donald Trump’s presidency, trade tariffs, stricter immigration policies, and his controversial statements about potentially acquiring Canada and Greenland.

Disney’s Experiences segment, covering its six worldwide theme parks, cruise operations, merchandise sales, and video game licensing deals, saw operating profits increase 5% to $2.62 billion with revenues reaching $9.49 billion for the quarter. Domestic park operations saw a 5% boost in operating income, while international parks and experiences showed a more modest 1% increase.

Despite strong financial performance, U.S. park attendance dropped 1% compared to the previous year, primarily due to reduced international visitor numbers.

Company officials stated Wednesday that domestic parks and resort facilities continue performing well, though they acknowledge customers are dealing with inflation pressures and rising energy costs. Disney anticipates improved year-over-year attendance at its American parks during the current quarter.

For the quarter ending March 28, Disney reported earnings of $2.25 billion, equivalent to $1.27 per share. This compared to $3.28 billion, or $1.81 per share, during the same period last year.

When accounting for one-time items, adjusted earnings reached $1.57 per share, surpassing Wall Street’s anticipated $1.49 according to Zacks Investment Research analyst surveys.

The Burbank, California-based entertainment giant posted revenues of $25.17 billion, slightly exceeding market projections.

Disney Entertainment, encompassing film studios and streaming platforms, saw revenue grow 10%, while the Experiences division achieved 7% revenue growth.

The company is gearing up for upcoming film releases including “The Mandalorian & Grogu,” “Toy Story 5,” and a live-action “Moana” adaptation.

“Franchise films like these strengthen our most strategic asset – our intellectual property – and help fuel our streaming, consumer products, experiences, and games businesses over years and generations,” CEO Josh D’Amaro and Chief Financial Officer Hugh Johnston said in a statement.

D’Amaro was selected to replace Bob Iger as Disney’s chief executive in February, becoming the company’s ninth CEO in its century-plus history. Since 2020, he has managed the corporation’s theme park, cruise, and resort operations.

Disney continues to project double-digit growth for adjusted earnings per share in fiscal 2027, not including the impact of an additional week in that reporting period.

Disney stock prices climbed more than 4% in pre-market trading.

A coalition of shareholders has delivered sharp criticism to Magnum Ice Cream Company regarding its management of the Ben & Jerry’s brand and its commitment to social causes, according to a shareholder letter obtained by Reuters.

The investment group, which controls approximately 1.3% of Magnum shares while overseeing billions in assets, is demanding the company clarify its plans for preserving Ben & Jerry’s board autonomy and release separate financial performance data for the brand.

This shareholder pushback highlights the ongoing difficulties Magnum faces with Ben & Jerry’s, a brand known for its outspoken political positions. The ice cream company became independent when it separated from consumer products conglomerate Unilever and went public in December.

Throughout its history under Unilever ownership, Ben & Jerry’s leadership and founders frequently disagreed with corporate executives over the brand’s political and social positions. Since the spinoff, Magnum has moved to diminish the authority of Ben & Jerry’s autonomous board, shrinking it to only two people. Previous board members are now fighting back against these changes.

The May 1st correspondence, delivered to Magnum’s leadership before their May 7th shareholder meeting, was spearheaded by NorthStar Asset Management and voiced serious worries about Magnum’s stewardship of Ben & Jerry’s, warning it could harm both business performance and company worth.

“They’ve dismantled the brand’s social mission which, for us as investors, is the brand equity,” Whitney Nguyen, director of impact research at NorthStar, told Reuters.

When Unilever purchased Ben & Jerry’s in 2000, the acquisition terms provided the Vermont-based brand with unusual independence, including its own governing board, while protecting its social activism and philanthropic activities. Unilever maintains a 19.9% ownership stake in Magnum today.

“While we respectfully disagree with the characterisation presented by NorthStar, we are always happy to engage with shareholders and look forward to doing so,” Magnum, which also owns brands like Wall’s and Cornetto, said in a statement.

“We remain committed to having a Board, led by an Independent Director, to continue its role of helping guide the social mission and brand integrity, alongside the CEO.”

Unilever representatives chose not to provide comment on the matter.

The tensions between Ben & Jerry’s and its corporate parent escalated in 2021 when the Vermont company, known for flavors ranging from Caramel Chew Chew to Bohemian Raspberry, announced it would cease sales in Israeli-occupied West Bank territories.

As the corporate separation neared completion, Magnum declared that the chairperson of Ben & Jerry’s independent board was unsuitable for the position, subsequently alleging serious professional misconduct.

The investor coalition is seeking detailed explanations of how Magnum intends to respect the Ben & Jerry’s independent board arrangement, requesting complete disclosure of legal obligations and pending court cases.

“We are concerned that this independent board agreement has been consistently and systematically disregarded,” stated the investor correspondence, which also received backing from the influential Dutch Association of Investors for Sustainable Development (VBDO).

NorthStar, which focuses on socially conscious investments, warned that Magnum’s approach to Ben & Jerry’s could make other brands hesitant about potential acquisitions by either Magnum or Unilever.

“The acquisition agreement has been systematically violated — from overriding board decisions, firing the chair and members who disagreed, to censoring the very social mission they were contractually obligated to protect,” Nguyen said.

“This is a significant governance failure that erodes shareholder trust and sets a deeply concerning precedent for every brand within the Magnum and Unilever portfolio.”

iPhone users across the country are set to receive cash payments ranging from $25 to $95 each after Apple agreed Tuesday to pay $250 million to settle a major class-action lawsuit over misleading artificial intelligence advertising.

The legal dispute centers on Apple’s promotion of enhanced AI capabilities for Siri when the tech giant launched the iPhone 16 in 2024, marketing these features as part of new software called “Apple Intelligence.”

However, the California-based company has struggled to deliver on its AI promises while competing with other technology companies during the current artificial intelligence surge, and the promised Siri improvements remain unavailable two years after the initial announcement.

The federal lawsuit, filed in San Francisco’s Northern District of California court on behalf of American consumers, accused Apple of misleading customers through marketing campaigns that highlighted non-existent features, convincing people to purchase devices under false pretenses.

Legal representatives for iPhone purchasers have submitted the proposed $250 million settlement agreement to the court for preliminary approval, which would rank among Apple’s largest settlements if a judge gives the green light.

The agreement encompasses approximately 37 million devices sold in the United States from June 10, 2024, through March 29, 2025, covering all iPhone 16 versions plus the iPhone 15 Pro and iPhone 15 Pro Max models.

Device owners qualify for a minimum $25 payment per phone, with potential increases up to $95 based on the total number of submitted claims “and other factors,” according to court documents.

Eligible customers will receive email or postal notifications with instructions for submitting claims through a designated settlement website.

The Cupertino-based technology company reportedly underestimated consumer enthusiasm for the Siri AI enhancements. Purchasers expressed frustration upon learning the advertised features would arrive much later than anticipated, court filings revealed.

Customers “would not have purchased the Eligible Devices or would have paid significantly less, had they known Enhanced Siri features were not available,” the legal filing stated.

While competitors Google and Samsung continue expanding AI technology across their product lines, Apple’s artificial intelligence features remain under development. Industry observers expect the company to reveal its Siri upgrade sometime this year, likely during its annual developer conference scheduled for next month.

Motor vehicle accidents represent the primary cause of fatalities and injuries among teenagers between 13 and 19 years old, according to data from the Centers for Disease Control and Prevention. Young drivers face challenges including lack of experience, tendency toward risky behavior, and susceptibility to distractions while operating vehicles.

Families can reduce these dangers through professional driver education, demonstrating responsible driving habits, and selecting the most secure vehicle within their price range. To assist budget-conscious parents in identifying the safest options, Edmunds has researched and identified five top-rated used SUVs available for under $20,000.

The recommended vehicles featured below have all received Top Safety Pick recognition from the Insurance Institute for Highway Safety along with five-star overall ratings from the National Highway Traffic Safety Administration. Buyers can locate well-maintained examples with fewer than 60,000 miles within the $20,000 budget. While these crossovers vary in size and features, they share excellent crash test performance. The selections are presented alphabetically.

Chevrolet’s newest Trailblazer offers compact dimensions paired with distinctive character. Despite its smaller footprint, the vehicle provides unexpected interior space and practicality, while delivering reasonable fuel economy. The recommended model years lack standard blind-spot monitoring with rear cross-traffic alert, which Edmunds considers valuable for young drivers, so buyers should seek examples equipped with this optional feature. All Trailblazer models include Teen Driver technology, allowing parents to track their child’s driving behavior remotely.

Hyundai completely revamped its midsize SUV beginning with the 2019 model year, incorporating extensive standard driver assistance technologies designed to enhance teen driver safety. Additionally, active subscribers to Hyundai’s Bluelink communication system can establish alerts for vehicle speed limits, curfew violations, and travel outside predetermined geographic boundaries. The standard four-cylinder engine provides adequate performance without the optional turbocharged powerplant that might encourage aggressive driving.

Mazda introduced a redesigned CX-5 compact crossover SUV for 2017, but 2018 marked the addition of standard blind-spot monitoring and rear cross-traffic alert systems. That model year also achieved the first perfect ratings from both IIHS and NHTSA testing. Regardless of the chosen model year, buyers should verify the CX-5 includes the i-Activsense package, which became standard equipment in 2020 and provides comprehensive driver assistance features. Parents will appreciate the infotainment system’s automatic 911 emergency assistance capability that alerts first responders during collisions.

For families seeking a compact SUV with excellent visibility, standard all-wheel drive, and elevated ground clearance suitable for outdoor activities, the Subaru Forester represents an ideal choice. This small crossover underwent redesign in 2019, gaining numerous standard driver assistance features, including alerts when stopped traffic begins moving. However, blind-spot monitoring and rear cross-traffic alert were not available on base trim levels, so buyers should locate used Foresters with these safety features within their budget.

Families considering electric vehicles should examine the Volkswagen ID.4 as a secure option for teen drivers. This compact crossover offers rear-wheel or all-wheel drive configurations and achieves EPA-estimated ranges between 209-275 miles per charge depending on the selected version. Active Car-Net Safe & Secure subscriptions provide emergency assistance and automatic crash notification services, while the electric Volkswagen includes comprehensive standard safety equipment. The Emergency Assist feature can safely stop the ID.4 if it detects an unresponsive driver.

A $20,000 budget allows families to secure safe, well-maintained used SUVs for teenage drivers. These recommended models offer collision protection while incorporating modern technologies designed to prevent accidents. However, these represent only a sample of suitable options. Families should prioritize crash test ratings during their research, along with standard and available driver assistance features.

Online grocery delivery platform Instacart surpassed Wall Street projections for its latest quarterly performance and issued an upbeat outlook for the coming months, driven by robust consumer demand across income levels.

The delivery service, officially called Maplebear, reported that customer demand has remained consistent from both cost-conscious shoppers and affluent households looking for affordable essentials and rapid delivery options.

Chief Executive Chris Rogers told Reuters the company was “seeing strength with the consumer” and hasn’t observed anything “materially change” in consumer spending habits despite ongoing economic uncertainties, including international conflicts.

“Things like higher oil prices can flow through the system, whether that’s transportation, packaging, or eventually food costs,” Rogers explained, noting this reinforces the company’s emphasis on keeping prices affordable.

Looking ahead to the second quarter, Instacart projected its gross transaction value—a critical measure representing the total worth of merchandise sold through its platform—will reach between $10.10 billion and $10.25 billion. This outlook exceeds the average analyst prediction of $10.07 billion compiled by LSEG.

The company also anticipated adjusted earnings before interest, taxes, depreciation and amortization will fall between $290 million and $300 million, which aligns closely with analyst expectations of $298.8 million.

During the first quarter, gross transaction value jumped 13% to reach $10.29 billion, surpassing projections of $10.2 billion. Meanwhile, adjusted core earnings increased 23% to $300 million, exceeding analyst forecasts of $287.4 million.

The company’s advertising division experienced 16% growth, generating $286 million in the quarter that concluded March 31, an improvement from the 14% growth recorded in the same period last year.

However, total orders increased by 10%, representing a slowdown compared to the 16% growth seen in the previous year.

Elon Musk’s space exploration company has submitted documentation for a massive $55 billion semiconductor production plant in Texas, according to public filings released Wednesday.

The proposed manufacturing complex, dubbed Terafab, represents a partnership between SpaceX and Tesla as Musk works to establish internal control over advanced microchip supply chains. Industry experts suggest the ambitious scope outlined would likely demand significantly higher investment levels than initially proposed.

SpaceX is simultaneously preparing for a June public stock offering that could establish the company’s worth at approximately $1.75 trillion.

Musk has been consolidating artificial intelligence operations throughout his business empire, with SpaceX purchasing his xAI startup earlier this year in a transaction focused on developing orbital data processing centers. The merged organization received a $1.25 trillion valuation.

The Terafab initiative would create a multi-stage semiconductor production and computing hub designed to strengthen America’s domestic chip manufacturing capabilities. SpaceX projects total spending could reach $119 billion should all planned construction phases move forward.

The manufacturing site is proposed for Grimes County within a recently established reinvestment district, where local leaders are scheduled to review a property tax reduction agreement during their June session.

The planned complex could decrease dependence on outside vendors including Samsung and Taiwan Semiconductor Manufacturing Co.

SpaceX outlined intentions to “manufacture our own GPUs” within “substantial capital expenditures” detailed in its S-1 registration documents, according to portions examined by Reuters.

The documentation also noted supply chain vulnerabilities, acknowledging the company currently operates without long-term agreements with numerous direct chip vendors and will maintain significant reliance on external partners. SpaceX cautioned there are no guarantees it will achieve Terafab goals within projected timeframes, if at all.

The strategy supports broader American initiatives to expand domestic semiconductor production amid international tensions and supply chain vulnerabilities.

Demonstrating efforts to attract outside manufacturing knowledge, Musk announced during Tesla’s first-quarter earnings presentation last month that Terafab will utilize Intel’s 14A manufacturing process for chip production.

The complex is designed to provide semiconductors for Tesla’s autonomous driving technology, robotic systems and artificial intelligence processing centers, illustrating the extensive computing requirements across Musk’s various enterprises as he increases investment in comprehensive computing infrastructure.

Uber Technologies announced Wednesday that it anticipates second-quarter bookings will surpass Wall Street projections, powered by robust demand for ride-sharing and delivery services, despite ongoing Middle East conflicts impacting growth.

The San Francisco-based company’s stock climbed approximately 8% during premarket trading following the announcement.

The positive projections indicate that Uber’s approach of maintaining stable pricing while expanding into more profitable sectors like business platform services is succeeding, allowing the company to weather elevated fuel costs and global political instability.

Robust delivery demand across international markets, particularly in Australia, along with expansion into new territories like Denmark, has contributed to driving growth forward.

The ride-sharing giant projects gross bookings between $56.25 billion and $57.75 billion for the June quarter, surpassing analysts’ average projection of $56.07 billion, based on LSEG data.

The company accounts for approximately 60 basis points of negative impact from Middle East conflicts in its calculations.

Uber also anticipates second-quarter adjusted earnings per share ranging from 78 cents to 82 cents, marginally higher than analyst estimates of 79 cents.

The company’s first-quarter gross bookings reached $53.7 billion, beating expectations of $52.84 billion.

According to Uber, increased implementation of artificial intelligence technology is helping control hiring rates by enhancing productivity throughout its operations.

The company continues expanding beyond ride-sharing into a comprehensive platform covering food delivery, grocery services, travel and local commerce, including recent ventures into hotel reservation services.

Uber has concentrated on developing its Uber One membership service, which has exceeded 50 million subscribers and now represents approximately half of total gross bookings.

March quarter revenue totaled $13.2 billion, falling short of $13.62 billion estimates due to harsh winter weather across the United States, Middle East conflicts and increased gasoline costs.

However, adjusted earnings per share of 72 cents for the first quarter exceeded estimates of 70 cents.

First-quarter ride-hailing segment revenue of $6.8 billion missed projections of $7.11 billion. Nevertheless, delivery and freight segment sales exceeded expectations, with the freight division achieving growth for the first time in almost two years.

The company is pursuing collaborative partnerships for autonomous vehicle development, collaborating with over 20 companies to incorporate robotaxis into its platform instead of developing the technology independently.

Uber expects to enable autonomous vehicle rides in up to 15 cities worldwide by late 2026 as it expands partnerships with autonomous vehicle developers.

Robust corporate earnings are fueling the US stock market’s climb to unprecedented levels, offering encouraging signals for investors as long as the underlying profit drivers remain intact.

With more than two-thirds of first-quarter earnings reports complete, companies in the S&P 500 are positioned to achieve their strongest quarterly profit growth in over four years. Forward-looking projections have also brightened considerably, with analyst forecasts for the next 12 months climbing more than 10% since January, based on LSEG Datastream data.

As worst-case economic concerns related to Middle East conflicts have diminished, market participants say Wall Street has been able to concentrate on earnings momentum, bolstered by substantial artificial intelligence technology investments and an overall stable economic environment.

“Because things have not gotten worse and the ceasefire has been in place for some time now, it’s been earnings that have driven the move higher,” said Chris Fasciano, chief market strategist at Commonwealth Financial Network.

The S&P 500 benchmark has gained 6% year-to-date, adding to three consecutive years of strong double-digit percentage increases. The index has jumped over 14% since March 30, recovering from a decline triggered by the beginning of the US-Israeli conflict with Iran.

POTENTIALLY STRONGEST QUARTER IN TWO DECADES

While investors anticipated generally positive results when earnings season began last month, actual performance has significantly exceeded forecasts. First-quarter S&P 500 profits are projected to have increased 28.2% compared to the same period last year, incorporating results from 350 index companies that have already reported plus analyst projections for remaining companies, according to Tuesday data from Tajinder Dhillon, head of earnings and equity research at LSEG Data & Analytics.

This growth rate would represent the highest increase since the fourth quarter of 2021, when companies were rebounding from pandemic-related shutdowns.

“Excluding special factors like favorable base effects and corporate tax cuts, earnings growth is arguably the strongest in two decades,” Binky Chadha, chief U.S. equity strategist at Deutsche Bank, said in a note.

Outlook for the remainder of 2026 continues improving as well. Full-year 2026 S&P 500 earnings are anticipated to surge 22.6%, with estimates for each of the next three quarters higher than they were on April 1, according to LSEG IBES.

Major companies yet to report include semiconductor leader Nvidia, retail giants Walmart and Home Depot, and software firm Salesforce.

BEYOND ARTIFICIAL INTELLIGENCE GAINS

Enormous technology company investments in AI applications represent a crucial factor supporting American corporate profits. Five AI hyperscalers are projected to spend $751 billion on capital expenditures in 2026, Goldman Sachs strategists report, as these firms channel resources into data centers and related infrastructure.

Businesses and sectors benefiting from AI have boosted first-quarter earnings by 50%, Deutsche Bank reported Monday, encompassing semiconductor firms and other technology hardware companies, plus electrical equipment and construction businesses.

AI has been “a tree that spreads a lot of limbs out,” said Chuck Carlson, CEO at Horizon Investment Services. “That spending that is going on in that space is really a pretty significant driver.”

Investors also highlight widespread solid earnings amid a steady economic foundation. Median company profit growth reached 12.2%, Deutsche Bank notes, while Morgan Stanley strategists observe the median S&P 500 company earnings surprise is the strongest seen in four years. Nine of 11 S&P 500 sectors are tracking toward higher first-quarter earnings, with eight each up at least 10%, LSEG IBES reports.

Businesses are demonstrating resilience against war-related energy price increases that have pushed oil costs above $100 per barrel, said Keith Lerner, chief investment officer at Truist Advisory Services.

“It’s definitely hurting some businesses, but companies have gone through so many shocks, they are more equipped to just be able to be agile when these things happen,” Lerner said.

MARKET VALUATIONS MODERATE AMID RISING EARNINGS

Strong earnings performance has enabled stock gains even as market valuations have become more reasonable. Though still considerably above its historical average of 16, the S&P 500’s price-to-earnings ratio stood at 21.2 times anticipated 12-month earnings, LSEG Datastream shows. This marks a decline from the 23.5 level reached in late October.

Markets no longer anticipate equity-favorable interest rate reductions this year, given energy-driven inflation increases, creating pressure on stock valuations and heightening the importance of robust earnings growth.

As investors assess whether earnings strength will continue, they will monitor the AI trend and any indication of retreat from industry leaders.

The Middle East conflict remains prominent for investors, who fear more substantial consequences for businesses and consumers as the conflict persists and keeps energy and other costs elevated.

“For the moment, I think investors are willing to sort of ride the wave of strong earnings and generally decent economic news,” said Robert Pavlik, senior portfolio manager at Dakota Wealth Management. “Eventually, $4.50-a-gallon gasoline is going to catch up to the economy, you would imagine.”

WASHINGTON – The incoming Federal Reserve chairman believes that recording fewer policy discussions would lead to better monetary decisions, according to comments he made in an upcoming book that highlight his plans to reform the central bank.

Kevin Warsh, who is expected to receive Senate confirmation this month as the next Fed chief, told New York University Professor Simon Bowmaker that the current practice of recording and eventually releasing complete meeting transcripts hampers honest debate among policymakers.

In the interview for Bowmaker’s book “Fed Reckoning: Conversations on America’s Central Bank,” set for publication early next year, Warsh suggested recording only the final decision-making discussions where officials explain their vote rationale.

“Policymakers do not want to appear wrong with the benefit of hindsight, and so they instinctively tend to hedge their bets” when their comments are taped for release, Warsh explained to Bowmaker.

The 56-year-old lawyer and former Fed governor from 2006 to 2011 pointed to his work with the Bank of England, where he recommended changes in 2014. “As a result of the work I did in 2014, the recording device has been turned off” for initial policy discussions there, he said, while transcripts of final decision meetings are still released for transparency.

Warsh emphasized his desire for more vigorous internal debates: “The tape recorder, however, still looms large at the Federal Reserve… If we want that deliberation to be robust, we need a family fight. If people think the decision is 60–40 one way, I would prefer them to argue as if it were 95–5. I want to hear the best arguments.”

Since the early 1990s, the Fed has published complete transcripts of its policy meetings with a five-year delay, a compromise designed to balance public accountability with concerns that immediate release would discourage frank discussion.

While current Fed Chair Jerome Powell conducts extensive private consultations with colleagues before meetings, Warsh believes broader group discussions would improve policy outcomes. “It would be preferable if the fierce deliberation happened among a larger group. So, if you want sound policy decisions, you have to create an environment in which sound policy fights can happen,” he said.

Warsh supports maintaining recordings of final decision sessions, stating the second day of discussions “should be recorded” and “the transcript should be made available because it is a judgment of what each member believes and his rationale. The historical record should ensure accountability for the decisions.”

The potential changes would reverse decades of increasing Fed transparency that began controversially in the 1990s when Congress discovered the central bank had been secretly keeping meeting transcripts since 1976, drawing comparisons to President Nixon’s White House recordings.

Former Fed Vice Chair Donald Kohn, who participated in the original transcript policy discussions, acknowledged Warsh’s concerns while noting benefits of the current system. “Did it impede discussion? Yes, to some extent,” Kohn said, but added that the recording requirement also increased policymakers’ preparation levels.

Warsh may also modify other Fed communication practices, potentially reducing the frequency of press conferences that Powell holds after each policy meeting or eliminating quarterly economic projections that he views as constraining “forward guidance.” During his April 20 confirmation hearing, he didn’t rule out reducing the number of annual meetings from the current eight.

Michael Arone, chief investment strategist at State Street Investment Management, predicted communication changes under Warsh’s leadership. “Fed communications are not a light switch, on and off, it’s a dial. Powell was incredibly transparent… Should Warsh be confirmed, it will be turned down a few notches,” Arone said. “As a consumer of information, more is better than less. It would increase the risk of misinterpretation.”

The Fed’s transparency evolution has included more detailed policy statements, regular press conferences, and frequent public speeches by officials, based on the theory that clearer communication makes monetary policy more effective.

Sarah Binder, a George Washington University political science professor who studies Fed history, warned that reducing transparency could revive old suspicions about the central bank, particularly as President Trump seeks greater influence over Fed operations.

“Changes on disclosure are hard to take back… The big, broad movement at the Fed is from very little transparency to a pretty broadly transparent institution,” Binder said. “The moment it becomes known that they are turning off the tape recorder, suspicions grow. How did they reach that decision? People’s minds can go pretty conspiratorial.”

Elon Musk is preparing to take SpaceX public with a corporate structure that will grant him nearly unlimited executive control while significantly reducing traditional shareholder protections, according to documents reviewed by Reuters.

The rocket manufacturer has implemented policies that combine multiple control mechanisms – including supervoting shares, forced arbitration requirements, tighter restrictions on shareholder proposals, and incorporation under Texas law – to ensure Musk and company insiders maintain broad authority over business decisions.

Under this arrangement, Musk becomes the only individual with the power to remove himself from his leadership position, as he will control a majority stake through special voting shares.

“It closes the voting door, the courthouse door and the proposal door simultaneously. It’s unprecedented in terms of creating a total lack of accountability,” said Bruce Herbert, CEO of Seattle-based sustainability-focused wealth management firm Newground Social Investment, which challenged Musk at his electric-vehicle company, Tesla, with a shareholder proposal that won 49% of the vote in November.

Despite Musk’s controversial public persona, many investors view him as an innovative leader capable of achieving extraordinary results. Tesla’s board recently approved a decade-long compensation package for him valued at nearly $1 trillion, stating the company would suffer substantial losses “without Elon.” His SpaceX compensation is linked to ambitious goals like establishing massive orbital data centers and Mars colonization.

SpaceX declined to provide comment on the governance structure.

The restrictive policies may not deter investment interest in what is anticipated to become the largest initial public offering in market history. SpaceX is targeting up to $75 billion in proceeds with a potential $1.75 trillion company valuation.

Many investors view accepting reduced rights as an acceptable trade-off for participating in the historic offering, particularly given Musk’s track record with Tesla. The electric vehicle manufacturer’s stock price has climbed to approximately $389 from its 2012 debut price of $17.

“SpaceX is going to be such a huge part of the market that for most portfolio managers it’s very difficult not to buy, because it’s going to be driving the price of everything,” said Ann Lipton, a professor of law at the University of Colorado Law School. “And if SpaceX soars, and you don’t have a piece of it, then you’re going to look like you’re underperforming the market by comparison.”

Corporate governance specialists believe Musk is designing SpaceX’s structure to shield the company from the type of shareholder challenges Tesla has faced. Tesla investors have previously contested various decisions, including Musk’s compensation arrangements and the acquisition of his solar energy business, SolarCity.

Experts warn that Musk’s approach could establish a template for other prominent founder-led companies planning public offerings, including artificial intelligence firms Anthropic and OpenAI.

“They are all complicated, potentially controversial figures that are also creating history in real time,” Dishmi Capital co-founder Shang Chou said of Musk, OpenAI founder Sam Altman and other founders. “You focus less on valuation and more on the fact that you’ve been offered a seat on a rocket ship.”

When SpaceX begins public trading later this year, Musk will continue serving as CEO, chief technical officer and chairman of the company’s nine-person board. According to a May 4 regulatory filing, he currently holds 42.5% of company equity and controls 83.8% of voting power.

The company plans to implement a dual-class share system where Class B shareholders receive 10 votes per share compared to one vote for Class A shares available to public investors. This structure concentrates decision-making authority with Musk and select insiders who possess the special voting shares.

Musk’s Class B holdings, which will remain unavailable to public purchasers, will maintain his majority voting control after the public offering. This arrangement grants him and other insiders the authority to select most board members and gives Musk the ability to “elect, remove or fill any vacancy” among directors.

The voting control also extends to other matters requiring shareholder approval, including merger and acquisition decisions, potentially facilitating a future combination with Tesla if desired.

When supervoting shares are sold, they automatically convert to regular Class A shares, further concentrating power among remaining Class B holders. While the company retains the option to issue additional Class B shares, only Musk, his family members and “certain entities” are eligible to receive them.

Musk’s voting dominance will classify SpaceX as a “controlled company” under securities regulations. This designation, also used by founder-led companies like Mark Zuckerberg’s Meta Platforms and Rupert Murdoch’s News Corp, allows companies to bypass certain governance requirements for faster decision-making.

Unlike typical public companies that must have independent directors comprise a majority of their nominating and compensation committees, controlled companies face no such requirement, and SpaceX has indicated it will not voluntarily comply.

“You will not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements,” the company warned in a list of potential risk factors for investors.

SpaceX has also severely restricted shareholders’ litigation rights. Company bylaws require anyone owning shares to “irrevocably and unconditionally” surrender all rights to jury trials. Shareholders are also banned from filing class action lawsuits against the company, its leadership, controlling shareholders or investment banks involved in the public offering.

Instead, disputes will be handled through mandatory arbitration – private proceedings overseen by arbitrators. This practice was previously prohibited in the United States until the Securities and Exchange Commission reversed its position in September, permitting companies to adopt mandatory arbitration policies.

SpaceX is maximizing benefits from its 2024 decision to reincorporate from Delaware to business-friendly Texas and its largely untested governance laws. Texas adopted amendments to its Business Organizations Code last year that substantially reduce investor protections. Musk moved away from Delaware after a judge there invalidated his 2018 Tesla compensation package worth $56 billion, though that ruling was later overturned.

The Texas incorporation provides additional defenses against activist investors and hostile takeover attempts. State securities laws also create higher barriers for challengers attempting unsolicited tender offers, proxy contests or management removal.

Shareholder proposal requirements are also more stringent. Under new Texas rules, shareholders must own at least $1 million in stock or 3% of the company to force a vote on proposals.

“It’s definitely one of the most restrictive IPOs. He (Musk) is taking advantage of this ownership structure and the Texas provisions,” University of Pennsylvania law professor Jill Fisch said.

However, some investors support the restrictive approach. Joel Shulman, founder and chief investment officer of ERShares, which manages the $993 million Private/Public Crossover ETF, expressed no concerns about the limitations as a SpaceX investor.

“I would rather have him making these decisions and be in control,” he said. “He may be controversial and polarizing and he does some crazy, bizarre things sometimes, but he’s a brilliant guy when it comes to building something completely new and building wealth” for himself and shareholders.

Stock market futures posted gains Wednesday morning as investors showed renewed confidence in potential Middle East peace negotiations and sustained enthusiasm for artificial intelligence developments.

Wednesday’s upward movement follows Tuesday’s session that pushed both the S&P 500 and Nasdaq Composite to new record territory. The momentum continued after Advanced Micro Devices reported projected second-quarter earnings that exceeded analyst expectations, driven by strong sales of data center processors.

“Wall Street continues to double down on its bet that the war in the Middle East will not re-escalate and disrupt the market’s earnings-driven surge to all-time highs,” said Kyle Rodda, senior financial market analyst at Capital.com.

“The signals sent from the United States appear to offer reassurance that it’s not interested in renewing hostilities.”

President Donald Trump indicated that “great progress” had been achieved in working toward a peace deal with Iran, while Iranian officials stated they would only consider “a fair and comprehensive agreement.”

Energy markets responded to the diplomatic developments, with oil prices declining for the second straight session. Brent crude futures dropped 3.3%.

The market advances demonstrate increased investor willingness to take risks, contingent on continued solid corporate performance and ongoing diplomatic progress.

However, analysts warn that the higher stock prices climb, the more vulnerable they become to sharp reversals if peace negotiations collapse.

Early Wednesday trading showed Dow E-minis climbing 126 points or 0.25%, while S&P 500 E-minis advanced 23.25 points or 0.32%. Nasdaq 100 E-minis posted the strongest gains, rising 228 points or 0.81%.

Technology stocks led the pre-market activity, with AMD surging 18.1% while competitor Intel gained 6.1%. Super Micro Computer also jumped 17.7% after announcing fourth-quarter revenue and profit projections that beat expectations.

Alphabet shares climbed 1.4%, closing the market capitalization gap with Nvidia in the competition to become the world’s most valuable company. Nvidia stock rose 0.44%.

Arm Holdings increased 11.3% ahead of its upcoming quarterly earnings announcement.

A major international grocery company that operates several well-known U.S. supermarket chains exceeded financial expectations for the first quarter, though investor confidence wavered following leadership transition news announced Wednesday.

Ahold Delhaize, the Dutch corporation behind American grocery stores Stop & Shop, Giant, Food Lion and Hannaford, as well as Albert Heijn and Delhaize chains in Europe, delivered stronger-than-predicted quarterly results driven by robust performance from its U.S. operations.

However, company stock values declined 3.4% after officials revealed that current CEO Frans Muller will step down in April 2027 following nine years of leadership, with Kingfisher CEO Thierry Garnier selected as his replacement.

KBC Securities analyst Michiel Declercq explained that Muller’s planned departure primarily drove the stock decline, noting the outgoing executive was “well liked by the investor community, had a strong track record and did an excellent job integrating the Ahold and Delhaize merger” completed in 2016.

The company’s underlying quarterly operating income reached 896 million euros ($1.05 billion), a slight increase that surpassed analyst predictions of 858 million euros. When accounting for unfavorable U.S. dollar exchange rates, core earnings actually jumped 8.1% compared to the previous year.

This strong performance occurred despite declining American consumer confidence, with Ahold Delhaize generating more than half its total revenue from U.S. markets. The company joined numerous other European businesses in reporting negative impacts from currency fluctuations.

American consumer sentiment hit record lows in April as ongoing inflation pressures from the U.S.-Israeli conflict with Iran continued affecting household budgets.

“Consumers are under pressure, and that impacts the market and in the end also impacts … our sales,” Chief Financial Officer Jolanda Poots-Bijl explained to Reuters.

The Middle East conflict has disrupted shipping through the Strait of Hormuz, pushing up oil prices and subsequently increasing gasoline and diesel costs. Commodity prices for fertilizers, petrochemicals and aluminum have also risen sharply, with consumer impacts expected to follow.

“These impacts play out often with a delay in our industry, and could impact us somewhat mid- to longer term,” Poots-Bijl added.

South Korea’s primary stock market achieved a historic milestone Wednesday, with the KOSPI index climbing above 7,000 points for the first time as artificial intelligence enthusiasm propelled semiconductor companies to record heights.

Samsung Electronics reached the coveted trillion-dollar market capitalization threshold, becoming just the second Asian corporation to achieve this status after Taiwan Semiconductor Manufacturing Co (TSMC).

The remarkable surge demonstrates how worldwide appetite for AI technology has emerged as the primary driver transforming global stock markets, elevating South Korea’s semiconductor-focused index among the planet’s top-performing major exchanges.

Wednesday’s trading session saw the KOSPI finish 6.45% higher at 7,384.56 points, after momentarily triggering an uncommon “sidecar” trading halt and reaching a peak gain of 7.06% at an all-time record of 7,426.60. The rally followed overnight gains in American chip stocks that pushed the Philadelphia Semiconductor Index up 4.2%.

Samsung Electronics and SK Hynix both soared to unprecedented levels, climbing 14.4% and 10.6% respectively. These two technology giants now represent 44% of the KOSPI’s entire market value.

Samsung’s achievement places it among only four Asian companies worth more than $500 billion, alongside TSMC, SK Hynix, and China’s Tencent.

The day’s impressive performance followed a 5.1% surge on Monday, when domestic economic data revealed strong manufacturing activity and trade driven by semiconductor demand amid global AI investment. Markets were closed Tuesday for a national holiday.

Year-to-date, the KOSPI has skyrocketed 75%, building on a remarkable 76% increase in 2025 that marked the best annual performance since 1999, supported by government market reform initiatives.

“Despite high oil prices and bond yields sparked by Iran war noises, foreign flow conditions are improving on a jump in the Philadelphia Semiconductor Index and AMD shares,” said Han Ji-young, an analyst at Kiwoom Securities.

Advanced Micro Devices shares jumped 12% in after-hours trading Tuesday following the company’s forecast of second-quarter revenue exceeding market projections, fueled by strong demand for data-center processors as cloud computing firms increase AI infrastructure spending.

Currency markets also responded positively, with the won gaining as much as 1.7% to 1,451.5 per dollar on domestic trading platforms, reaching its strongest position since February 27.

Market confidence received an additional boost when U.S. President Donald Trump announced a temporary pause in operations escorting ships through the Strait of Hormuz, citing “great progress” toward a comprehensive Iran agreement, which sent oil prices tumbling during Asian trading hours.

Beyond technology stocks, securities companies jumped 13.5% and financial groups rallied 4.2% Wednesday on expectations that the stock market boom would boost profits. However, gainers were outnumbered, with 200 advancing stocks among 893 traded shares, while 679 declined.

“South Korea’s stock market is still undervalued compared with historical valuations in terms of earnings per share, trading at about nine times this year’s earnings forecasts,” said Seo Sang-young, an analyst at Mirae Asset Securities.

“If the demand for AI chips continues at this level, the KOSPI could reach 10,000 points by the end of this year – but if the demand collapses with worries over inflation and weak growth due to the Iran war, it could plummet to as low as 4,500 points,” Seo said.

The index, which traded around 2,000 when President Lee Jae Myung assumed office in early June 2025, crossed 3,000 within a month and powered through 6,000 in late February just before the Iran conflict began.

“I believe the KOSPI’s jump is due to the recovery of capital market confidence in South Korea, which had been undervalued,” Jung Cheong-rae, the leader of the ruling Democratic Party, said, crediting various government policies for the achievement.

International investors drove Wednesday’s rally with their largest-ever single-day purchase of Korean shares, totaling 3.1 trillion won ($2.13 billion).

German automotive supplier Continental is bracing for significant financial impact after President Trump announced increased tariffs on European imports last week, with potential costs reaching tens of millions of euros if the measures extend to tire products.

The company’s Chief Financial Officer Roland Welzbacher revealed Wednesday that Continental could face additional expenses in the “mid to high double-digit million euro” range should the new tariff structure include tires in its scope.

European automotive component manufacturers are experiencing heightened uncertainty following Trump’s decision to raise import duties on vehicles and trucks from the European Union to 25 percent, up from the previously established 15 percent rate. The administration justified the increase by claiming the EU failed to meet obligations under existing trade agreements.

Welzbacher informed Reuters that Continental’s current financial projections do not account for these potential tariff increases, as the company awaits specific details before determining its response strategy.

“Would require again to think about measures to offset this cost like we did last year. So we need to focus on cost savings, and obviously we also need to think about commercial measures,” Welzbacher explained when discussing how the company might address the additional financial burden.

Electric vehicle manufacturer Tesla is pulling back 218,868 cars across the United States following concerns about malfunctioning backup camera systems, federal transportation safety officials announced Wednesday.

According to the National Highway Traffic Safety Administration, the backup camera screens in the affected vehicles may experience delays when drivers shift into reverse gear, potentially compromising visibility and raising collision risks.

The safety recall affects multiple Tesla models, including the Model 3, Model Y, Model S, and Model X vehicles, NHTSA officials confirmed.

Tesla has already deployed a wireless software update to fix the technical problem affecting the backup camera systems.

This latest recall follows NHTSA’s recent decision last month to close an investigation into approximately 2.6 million Tesla vehicles concerning a remote movement feature. The agency determined that function was only connected to minor, slow-speed accidents.

FRANKFURT – German officials are weighing an emergency strategy to prevent Italy’s UniCredit from acquiring Commerzbank by significantly expanding the government’s ownership through state development bank KfW, according to sources familiar with the discussions.

Currently, Germany holds a 12% ownership position in Commerzbank following a rescue package implemented during the financial crisis twenty years ago. Now, some Berlin officials are exploring whether KfW could purchase additional shares to create a substantial enough ownership block to prevent a complete acquisition, two sources with direct involvement told Reuters anonymously.

While this approach would encounter multiple obstacles, including securing several billion euros in funding, officials argue it could be warranted given Commerzbank’s importance in financing Germany’s Mittelstand companies that serve as the foundation of Europe’s biggest economy.

Armand Zorn, a prominent Social Democratic Party member whose party currently oversees Germany’s finance ministry, expressed support for exploring a KfW investment. “A potential KfW stake should certainly be considered,” Zorn stated.

The vice chair of the SPD’s parliamentary group emphasized the significance of such action: “It should be viewed as a last resort if all other options fail… The impact would go far beyond the symbolic.”

Both government officials and Commerzbank leadership are becoming increasingly frustrated as efforts to deter UniCredit CEO Andrea Orcel’s 37 billion euro international acquisition attempt continue to fail.

Since 2024, Orcel has been targeting Commerzbank, accumulating close to 30% ownership while German Chancellor Friedrich Merz and bank CEO Bettina Orlopp have raised concerns about the takeover.

“The government should continue to signal that a hostile takeover of Commerzbank is not in the interests of Germany’s financial centre,” Zorn explained. “Commerzbank plays a central role for the… economic resilience of Germany.”

Representatives from KfW, the finance ministry, and Commerzbank refused to provide statements on the matter.

Given Germany’s current budget constraints, implementing such a strategy would prove challenging, and it remains uncertain whether the free-market oriented Christian Democrats, who share power in an unstable coalition with the more progressive SPD, would support the initiative.

Nevertheless, the Commerzbank situation has become a measure of the German government’s determination, following repeated warnings from ministers and the chancellor against UniCredit’s pursuit of the acquisition.

Failing to act could further undermine Berlin’s credibility, particularly after disagreeing ministers have struggled to implement promised economic reforms while Germany’s economy has essentially stagnated.

Losing control of Commerzbank would represent another setback for Germany, which confronts potential tariffs on exports to the United States, its largest trading partner for products ranging from automobiles to machinery. Adding to the challenge of accelerating job losses in Germany, China has evolved from a low-cost manufacturer to a competitor in some of the country’s most valuable industries.

The contentious ownership dispute reached a turning point when Orcel officially initiated a takeover bid at an undervalued price on Tuesday. Orcel contends that Commerzbank has failed to reach its full potential and that Europe would benefit from larger banking institutions in an era of unstable global politics.

This Friday, Commerzbank plans to release a revised business plan that management hopes will demonstrate to investors the benefits of remaining independent. The bank will announce expense reductions that will probably include workforce reductions, according to two additional sources, marking the third round of cuts this decade.

During a presentation to investors last month, Orcel warned that Commerzbank’s “current trajectory will put at risk its survival in the medium term” and initiated a critical advertising campaign on social media platforms.

Germany’s financial oversight authority responded by directing UniCredit to cease advertisements attacking Commerzbank, while over 3,000 individuals are participating in a WhatsApp group organized by Commerzbank’s workers’ council to oppose the merger.

A recent post featured a cartoon depicting a Trojan horse containing UniCredit warriors armed with spears and shields, accompanied by text stating: “Andrea Orcel can’t be trusted.”

Commerzbank eliminated 10,000 positions, representing one-third of its German workforce, earlier this decade and revealed plans to reduce another 3,900 jobs last year. Orcel has indicated he would significantly reduce the Frankfurt-based headquarters.

Several established Commerzbank business clients are also voicing opposition to the transaction and threatening to switch banks if UniCredit’s bid succeeds.

“I see a takeover very critically and don’t see any benefits,” stated Juergen Lindhorst, chairman of Lindhorst Group, which employs 4,000 people and converts farmland into solar installations while developing real estate projects.

Prior to 2024, Germany maintained an even larger ownership position in Commerzbank, but a mishandled effort to reduce its holdings resulted in shares going to UniCredit instead of a diverse group of institutional investors.

The government’s present ownership is valued at over 4.5 billion euros. Increasing that amount by more than double to achieve a 25% blocking minority through market purchases could cost at least that amount and might not prevent Orcel’s plans.

KfW was created in 1948 to fund Germany’s post-World War Two reconstruction efforts. In recent years, it assisted in rescuing Lufthansa during the COVID-19 crisis.

Michael Wisser, CEO of WISAG, a facilities management company with 60,000 employees and a client of both banks who opposes the transaction, believes the federal government’s position will largely determine whether the takeover proceeds.

“There will be no deal if the federal government takes a very clear stance,” Wisser declared.

Global spirits and beer giant Diageo exceeded Wall Street expectations this week, reporting a modest 0.3% increase in quarterly sales when analysts had predicted a 2.3% drop for the three-month period ending in March.

The company behind popular brands like Guinness beer and Johnnie Walker whisky credited the unexpected positive results to robust Guinness sales in Britain and Ireland, along with retailers in Latin America and the Caribbean building up inventory ahead of the soccer World Cup.

Despite the overall positive news, Diageo acknowledged ongoing struggles in the United States, which represents its biggest market. North American sales fell 9.4% during the quarter, though this decline was less severe than industry experts had anticipated.

“North America remains our biggest challenge, where market conditions are soft and our offer needs to be more competitive. Actions are already underway to address this,” stated CEO Dave Lewis, who assumed leadership of the company in January.

The beverage manufacturer kept its financial projections for 2026 unchanged while noting concerns about how Middle East conflicts might affect energy costs, supply chains, and distribution networks.

Lewis, who previously earned the nickname “Drastic Dave” for implementing aggressive cost-reduction strategies at retail giant Tesco and consumer goods company Unilever, has moved quickly since taking the helm at Diageo. In February, he reduced the company’s sales outlook and cut dividend payments in half.

The company had previously warned investors in February that 2026 sales could drop between 2% and 3%.

Lewis faces the challenge of reducing company debt while reinvigorating growth at the world’s largest spirits producer, as consumer demand for alcoholic beverages faces pressure from rising living costs, the popularity of weight-loss medications, and shifting drinking habits among younger generations.

German pharmaceutical giant Bayer announced Wednesday its plans to acquire Perfuse Therapeutics, a biopharmaceutical company, in a transaction that could reach $2.45 billion in total value.

According to the company’s announcement, the acquisition is intended to strengthen Bayer’s eye care treatment development portfolio. The financial structure includes an initial payment of $300 million, with additional payments tied to achieving specific development, regulatory approval, and sales milestones.

The deal represents Bayer’s continued investment in expanding its medical treatment capabilities, particularly in the field of ophthalmology.