Bloomberg Businessweek

Apple named hardware chief John Ternus as the iPhone maker’s next leader, with Chief Executive Officer Tim Cook shifting to the role of executive chairman.

Ternus, 50, will become CEO on Sept. 1, the company said in a statement Monday. The Apple veteran was head of hardware engineering since 2021 and has spent 25 years focused on product development at the iPhone maker. Bloomberg News previously reported that Ternus was Cook’s heir apparent.

Ternus’s hardware engineering division will be taken over by longtime deputy Tom Marieb, according to a person with knowledge of the matter. He will report to newly named Chief Hardware Officer Johny Srouji. In that role, Srouji is gaining oversight of a newly combined hardware engineering and hardware technologies group.

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US President Donald Trump said he’s not likely to extend the two-week ceasefire with Iran, increasing the urgency for negotiators to conclude a deal to end the war.
Trump said in a Monday phone interview that the truce, which he announced April 7, expires on “Wednesday evening Washington time” — possibly buying more time for negotiations. But the president also said it’s “highly unlikely that I’d extend it” if no deal is reached before then.
“I’m not going to be rushed into making a bad deal. We’ve got all the time in the world,” the president said.In the interview, Trump reiterated that the Strait of Hormuz would stay blockaded for now, saying “the Iranians desperately want it opened. I’m not opening it until a deal is signed.” Iran previously said it would open the critical waterway for energy supplies to international shipping, but reversed that decision in light of Trump’s refusal to follow suit.
Details about the next negotiating session, expected to take place in Pakistan, started to came into focus on Monday. Iran is also sending a team, according to people familiar with the plans who declined to be identified, although it is not clear who would lead the delegation. Earlier, Tehran said it was hesitant to participate in further peace talks with the US.
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Jeff Mason, Bloomberg News Washington and White Correspondent on his conversation with President Trump & Stuart Paul, Bloomberg Economics US and Canada Economist to Preview Kevin Warsh Hearing
Rich Weiss, American Century Investments Chief Investment Officer of Multi-Asset Strategies
Dina Bass, Bloomberg News AI Infrastructure Reporter on Google Bets on New AI Chips
Kabir Nath, CEO at Compass Pathways, on President Trump Signs EO to Ease Psychedelic-tied Therapies Access
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The consumer price index has risen quickly since early 2020, with some categories seeing steeper price increases, making it hard for consumers to avoid feeling swindled. Quince, an online retailer, has found success by selling low-cost "luxury" goods, cutting out middlemen, and using data analysis and close relationships with manufacturers to keep prices low.

Amanda Mull, Bloomberg Businessweek Senior Reporter writes how Quince's approach to logistics, shipping merchandise directly from manufacturers to customers, has enabled the company to undercut competitors' prices and achieve efficiency unheard of among large apparel retailers.
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President Donald Trump said Iran agreed to suspend its nuclear program indefinitely, and will not receive any frozen funds from the US.Trump said in a phone interview on Friday that a deal to end the war, which the US and Israel began with Iran in late February, is mostly complete. Talks over a lasting agreement will “probably” be held this weekend, the president said.

“Most of the main points are finalized. It’ll go pretty quickly,” Trump said.Iran has yet to comment on any deal beyond the Strait of Hormuz opening, nor on claims made by Trump on Thursday that Tehran had offered concessions — including over the key issue of its nuclear program.
Oil, fuel and natural gas prices plunged on hopes that the latest developments would mean more energy supplies can finally transit safely through the strait.

Brent crude fell more than 10% to trade below $89 a barrel by 12:41 p.m. in New York and wiped out most of its gains since the onset of the war. Diesel prices in Europe and the US led the move lower in the energy complex.

Trump said he hasn’t decided who would lead a US delegation for talks with Iranian officials to sign an agreement. Asked if he would travel to Pakistan, which hosted the last round of negotiations, the president said, “I may.”

JD Vance led discussions with Iranian officials last weekend, and Trump said the vice president, his son-in-law Jared Kushner, and envoy Steve Witkoff were candidates to attend additional talks.

Today's show features:
Spencer Faragasso, Institute for Science and International Security Senior Fellow
on Trump Says Iran Agrees to Suspend Nuclear Program
Felix Gillette, Bloomberg News Media and Entertainment Editor on continued Netflix earnings reaction, Reed Hastings departure
David Busch, Trajan Wealth CEO & CIO on the macro shift and oil shock
Nick Wadhams, Bloomberg News National Security Team Leader on Trump’s $1.5 Trillion Pentagon Budget Raises Some GOP Eyebrows
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