Who is Kevin Warsh, Trump's pick to succeed Jerome Powell as Fed chair?President Donald Trump nominated former Federal Reserve Governor Kevin Warsh at the end of January to become chairman of the central bank.

As President Donald Trump's nominee to lead the Federal Reserve, Kevin Warsh is stepping back into the spotlight – and in the hot seat – as he faces lawmakers Tuesday in a high-stakes confirmation hearing that could shape the future of U.S. monetary policy. 

Trump announced Warsh to succeed Jerome Powell at the Fed in January, ending months of speculation over who he'd pick to head the world's most powerful central bank. Powell is set to complete his term as chairman in May.

TRUMP NOMINATES KEVIN WARSH TO SUCCEED JEROME POWELL AS FEDERAL RESERVE CHAIR

"I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best," Trump wrote on Truth Social. "On top of everything else, he is 'central casting,' and he will never let you down. Congratulations Kevin!"

Here’s what to know about Warsh and his path to the Fed’s top job:

Warsh, born in 1970, earned a bachelor's degree in public policy from Stanford University and later earned a law degree from Harvard University. Like Powell, Warsh does not have a formal economics degree (Powell earned a bachelor's degree in politics from Princeton University and a law degree from Georgetown).

Warsh spent time working in the private sector at Morgan Stanley before joining President George W. Bush’s administration in 2002, burnishing his credentials in Republican policy circles until Bush nominated him to the Fed's Board of Governors in 2006. At age 35, he became the youngest Fed governor in history.

Since leaving the Fed in 2011, Warsh has served as a Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution and a visiting scholar at Stanford's Graduate School of Business. He also serves on the board of UPS and is a trustee of the Group of Thirty and the Panel of Economic Advisers of the Congressional Budget Office.

In 2017, he was considered by Trump to replace Janet Yellen as Fed chair. The president instead chose Powell as her successor. Warsh was also in the running to serve as treasury secretary last fall before Trump nominated hedge fund manager Scott Bessent.

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Perhaps no finalist for Fed Chairman was as critical of Powell as Warsh. He has advocated for wholesale changes to the Fed’s approach to policy, calling the central bank’s economic models outdated and opaque while railing against the build-up of its balance sheet.

Despite generating a reputation as one of the Fed’s foremost inflation "hawks" during his stint on the Board of Governors, Warsh had said as recently as last fall that the Fed has room to ease borrowing costs.

"Prices can be lower," Warsh told Fox News’ "Special Report" in October, "but it’s going to require regime change at the Fed."

Though he has echoed Trump’s calls for Powell to lower interest rates throughout his candidacy for the central bank’s top job, Warsh has been notably less specific about what his preferred path for monetary policy would be. Members of the Senate Banking Committee are likely to press Warsh on those views during his confirmation hearing before the panel.

As the Fed wrestles with how to set rates and adapt to Trump’s tariffs, Warsh – once a critic of protectionist trade policies – said last summer that tariffs would not cause lasting inflation. 

Following last spring's tariff announcements, inflation trended higher over the course of the year and remains closer to 3% than the Fed's 2% target, though policymakers anticipate it trending closer to target over the course of 2026 barring further tariff announcements. Elevated inflation along with a slowing labor market has complicated the outlook for rate cuts and that dynamic may persist late into this year.

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Still, any notion that Warsh would adopt a dovish approach to handling policy would stand in contrast to his record at the Fed, where he was critical of the central bank's plan to continue buying Treasury bonds while keeping interest rates low for an extended period of time as the job market languished during the 2008 housing crisis.

Warsh’s ties to Wall Street, which reportedly remain strong today, allowed him to serve as the Fed’s chief liaison to the banking sector during that period.

https://www.foxbusiness.com/economy/who-kevin-warsh-trumps-pick-succeed-jerome-powell-fed-chair

Who is John Ternus, set to succeed Tim Cook as Apple's CEO?John Ternus, Apple's senior vice president of Hardware Engineering, will become CEO on Sept. 1 as Tim Cook transitions to executive chairman after 15 years leading the company.

Apple's senior vice president of Hardware Engineering, John Ternus, is set to take over as the tech manufacturer's CEO later this year after current chief executive Tim Cook announced on Monday that he would be stepping down.

Cook will transition to executive chairman of the company’s board of directors. The company said the transition followed a "thoughtful, long-term succession planning process" and was unanimously approved by the board of directors.

"It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company," Cook said in a statement. 

"I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world," he added.

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The leadership shakeup marks the first change in the company's chief executive in 15 years, when Cook replaced Apple co-founder Steve Jobs.

Ternus will take over as CEO on Sept. 1, leading the company into its next phase of innovation. He will also join the board of directors upon assuming the role.

"I am profoundly grateful for this opportunity to carry Apple’s mission forward," Ternus said in a statement. "Having spent almost my entire career at Apple, I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor. It has been a privilege to help shape the products and experiences that have changed so much of how we interact with the world and with one another."

He joined Apple’s product design team in 2001 and became vice president of Hardware Engineering in 2013. Eight years later, he joined the executive team as senior vice president of Hardware Engineering, where he has overseen work on many of the company’s flagship products across iPhone, Mac, iPad, AirPods and Apple Watch.

Ternus also recently led the team behind the new MacBook Neo and the redesigned iPhone 17 lineup. Apple credits his leadership with driving advancements in AirPods, including active noise cancellation and capabilities that enable them to function as an all-in-one hearing health system, including over-the-counter hearing aid features.

Additionally, he has led efforts focused on durability, materials innovation, and sustainability, including the use of recycled aluminum and new manufacturing techniques. Ternus has also played a key role in Apple's transition to in-house silicon.

"I am filled with optimism about what we can achieve in the years to come, and I am so happy to know that the most talented people on earth are here at Apple, determined to be part of something bigger than any one of us," he said. "I am humbled to step into this role, and I promise to lead with the values and vision that have come to define this special place for half a century."

Before joining Apple, Ternus worked as a mechanical engineer at Virtual Research Systems. He graduated with a bachelor’s degree in Mechanical Engineering from the University of Pennsylvania.

Cook praised Ternus as having "the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor."

"He is a visionary whose contributions to Apple over 25 years are already too numerous to count, and he is without question the right person to lead Apple into the future," Cook said. "I could not be more confident in his abilities and his character, and I look forward to working closely with him on this transition and in my new role as executive chairman."

Apple shares dipped slightly—less than 1%— in after-hours trading following the news of the leadership shakeup, which some analysts said was not surprising.

"This transition shouldn't come as a shock, as Cook is at retirement age and Ternus has long been rumored as the successor," Jacob Bourne, a technology analyst at EMARKETER, told Reuters. "Cook staying on as CEO through September before continuing as executive chairman should provide some degree of reassurance to investors even as markets react ⁠negatively to ​the near-term uncertainty."

LEADERSHIP CHANGE AT APPLE SPARKS INDUSTRY AND WALL STREET REACTIONS AS COOK TRANSITIONS ROLES

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Rick Meckler, a partner at Cherry Lane Investments, told the outlet he is "not surprised that the initial reaction is for the stock to be a little bit lower."

B. Riley Wealth chief market strategist Art Hogan also said Cook "would never leave if the numbers were ‌going to ⁠be bad, so I think that that's the important thing."

"They're about to report numbers, and you know they're going to be good," he added. "You know the guidance is going to be positive. And you know we're going to start hearing more about how they are going to use artificial intelligence to improve their products."

Ternus will take over Apple at a time when it faces antitrust scrutiny around the world. This includes a landmark case brought by the U.S. Department of Justice and more than a dozen states, alleging that Apple has maintained an illegal monopoly by using its control over the iPhone to stifle competition. European and Asian governments have also sought to penalize Apple for allegedly exploiting its dominant position in the industry.

https://www.foxbusiness.com/technology/who-john-ternus-set-succeed-tim-cook-apples-ceo

Tim Scott predicts 'near unanimous' GOP support for Trump's Fed chair pick Kevin Warsh ahead of hearingSenate Banking Chairman Tim Scott says he expects Kevin Warsh to be confirmed as Federal Reserve chair and calls him a fantastic pick for the role.

FIRST ON FOX: Senate Banking Committee Chairman Tim Scott, R-SC, said he expects Federal Reserve Chairman candidate Kevin Warsh to successfully move through the Senate confirmation process, despite opposition from Democrats in the higher chamber. 

Warsh was nominated by President Donald Trump in January to chair the Federal Reserve Board of Governors to replace outgoing Chairman Jerome Powell. 

"I think Kevin is a fantastic person and a very strong pick," Scott told Fox News Digital during a phone call. "I've known Kevin for a number of years now. He's one of my favorites in the world of economics. I think he's going to do a great job tomorrow. Frankly, every Democrat and every Republican on the committee should support him."

Warsh will sit before Scott’s committee on Tuesday for a hearing where Scott says Democrats will likely target Warsh’s financial disclosures, which has delayed the hearing.

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"With the Democrats, I would imagine you'll see a lot of hand-wringing around disclosures as opposed to hand-wringing around economic knowledge and the wisdom or understanding of the nimble nature of our economy," Scott told Fox News Digital. 

"On our side, I think you'll see a near unanimous support of a candidate. We obviously are all aware of at least one person who wants to wait until the DOJ investigation is done before we have a vote, but the truth is that even Tom Tillis supports Kevin Warsh," Scott added.

Judge Jeanine Pirro, who was appointed by Trump to lead the U.S. Attorney’s Office for the District of Columbia, authorized an investigation into sitting Fed Chairman Jerome Powell last November.

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The investigation was based on a roughly $2.5 billion renovation project to restore the Fed headquarters, with some investigators accusing Powell of lying under oath before Scott’s committee in June 2025.

Powell responded to the Trump administration’s legal pursuits, saying the move was political and in response to Powell’s reluctance to lower interest rates. 

"This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings," Powell said in a statement. "It is not about Congress’s oversight role; the Fed, through testimony and other public disclosures, made every effort to keep Congress informed about the renovation project."

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When asked about the differences between Powell and Warsh in terms of Fed independence, Scott said Powell did not remove politics from his agenda during his tenure of leading America’s central bank. 

"I think Powell did not know the definition of transitory, and I think Kevin Warsh will," Scott explained. "I would say that the fact of the matter is that Kevin understands the importance of the independence of the Fed, and Powell did not."

"As an example, we saw Powell weighing in under the Biden years on things that were very political and [it] should have been left to Congress to include the climate agenda," Scott continued.

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"I do not think you'll see that under Kevin Warsh," Scott added. "I think he'll keep his eye on the most important thing, which is money and not the climate."

Warsh, 56, joined the Federal Reserve Board in 2006 at just 35 years old, one of the youngest governors in the history of America’s central bank. 

The Albany, New York native graduated from Stanford in 1992, and graduated cum laude with a Juris Doctor from Harvard Law School in 1995.

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He worked in mergers and acquisitions at Morgan Stanley, and subsequently served in the White House as Special Assistant to the President for Economic Policy and Executive Secretary of the National Economic Council under President George W. Bush.

Following his hearing Tuesday morning, the Senate will vote on his advancement to the full Senate, where he only needs a simple majority vote to be confirmed for the role.

Powell's term ends on May 15, so it is likely Warsh will assume the Fed Chair position at or around that date. 

"Every Democrat and every Republican on the committee should support him, [but I] don't think that'll happen," Scott added. "Democrats are now afraid of supporting President Trump, even if it's in the best interest of the country, which is quite unfortunate."

https://www.foxbusiness.com/politics/tim-scott-predicts-near-unanimous-gop-support-trumps-fed-chair-pick-kevin-warsh-ahead-hearing

Bipartisan senators press United and American CEOs on reported merger of leading airlinesSens. Elizabeth Warren and Mike Lee pressed United Airlines and American Airlines CEOs over a reported merger proposal, citing antitrust and consumer concerns.

A bipartisan pair of senators sent a letter to the CEOs of United Airlines and American Airlines expressing concerns about the possibility of a proposed merger between the two air carriers and requested more information about the impact of a possible deal.

The letter was sent by Sens. Elizabeth Warren, D-Mass., and Mike Lee, R-Utah, who wrote that a merger between United and American would "combine two of the 'Big Four' U.S. airlines into an 'industry behemoth,' controlling nearly half of the U.S. market share of the airline industry and creating the largest airline on the planet by revenue."

"Any proposed merger between United Airlines and American Airlines raises serious questions under antitrust law and raises the likelihood of harm for American consumers," Warren and Lee wrote.

The letter comes after a report that United CEO Scott Kirby proposed a merger with American and asked for the blessing of President Donald Trump on the proposed deal at a late February meeting, according to Reuters. The outlet reported that a source close to the White House was skeptical about the deal's competitive impact and how it would affect consumers.

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If a potential merger between the two airlines were to move forward, it would likely invite regulatory scrutiny from federal agencies as well as antitrust panels in Congress, such as the Senate subcommittee chaired by Lee.

In their letter, Warren and Lee expressed a number of concerns surrounding the potential for the combined company to raise prices on consumers, hurt smaller airlines' ability to compete for gate access, and cut routes – particularly those out of Dallas Fort Worth International Airport and Chicago O'Hare International Airport.

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They also raised concerns about job losses at a combined airline and creating monopsony power that results in the company "potentially suppressing wages and benefits industry-wide."

Warren and Lee asked the CEOs of United and American to provide answers as to whether the companies have discussed a deal directly or with other outside parties. They also asked the airlines to justify how such a merger would be in the public interest, along with specific queries about air fares and fees, job losses and the elimination of routes under a merger.

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American Airlines said in a statement on Friday that it is "not engaged with or interested in" merger discussions with United.

"While changes in the broader airline marketplace may be necessary, a combination with United would be negative for competition and for consumers, and therefore inconsistent with our understanding of the Administration’s philosophy toward the industry and principles of antitrust law," the carrier said. "Our focus will remain on executing on our strategic objectives and positioning American to win for the long term."

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United Airlines declined to comment on Friday.

FOX Business' Robert McGreevy and Reuters contributed to this report.

https://www.foxbusiness.com/politics/bipartisan-senators-press-united-american-ceos-reported-merger-leading-airlines

Red Lobster brings back fan-favorite 'Endless Shrimp' deal in long-awaited returnRed Lobster is bringing back its "Endless Shrimp" deal for a limited time at select locations following major financial losses and a bankruptcy filing.

Red Lobster is bringing back its famous "Endless Shrimp" promotion starting Monday, marking a surprising revival of one of its most recognizable all-you-can-eat offerings.

The deal will return for a limited time at select locations, the company said. One Red Lobster location told FOX Business that the new offering will be priced at $24.99 per person, up from $20 in 2024, when it most recently appeared on menus. Other locations have reportedly priced the promotion at $29.99, according to USA Today.

Five different shrimp varieties – including a new flavor, "Marry Me Shrimp," inspired by internet culture – will be offered with a choice of side: 

RED LOBSTER CONSIDERING MORE RESTAURANT CLOSURES, CEO SAYS

The deal was discontinued in 2024 after it was widely cited as a factor in the company’s disastrous financial loss ahead of its bankruptcy filing, which led to the closure of 130 restaurants.

While the company previously signaled it would not bring the promotion back, strong customer demand and a recent surge in engagement have led Red Lobster to reconsider its long-running, two-decade "legacy," the Orlando-based chain announced Monday.

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"After thousands of social media mentions since it last appeared on menus, Red Lobster, the iconic seafood restaurant brand, is announcing the return of one of its most popular experiences, for a limited time: Endless Shrimp," it said.

The previous Endless Shrimp offering – a $20 menu item that became a permanent fixture in 2023 after being intermittently offered over 20 years – was widely seen as a marketing success that ultimately turned into a financial strain when demand overwhelmed supply costs.

It accounted for $11 million of the company’s $76 million net loss in 2023, Reuters reported.

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When Red Lobster CEO Damola Adamolekun took over in late 2024 to guide the chain out of bankruptcy, he initially ruled out bringing the promotion back, "because I know how to do math," according to Today.

However, the company now appears to be revisiting that stance, with Adamolekun signaling a renewed focus on the in-demand offering in a statement Monday.

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"This is about putting our guests first and bringing back something they truly love," he said. "Endless Shrimp has been a part of Red Lobster's legacy for 20 years and our guests have never stopped asking for it. We're excited to bring it back, for a limited time, in a way that works for our business today and honors what made it special from the beginning. Because when our fans talk, we listen."

https://www.foxbusiness.com/lifestyle/red-lobster-brings-back-fan-favorite-endless-shrimp-deal-long-awaited-return

Leadership change at Apple sparks industry and Wall Street reactions as Cook transitions rolesAnalyst Dan Ives says Tim Cook's exit as Apple CEO raises questions amid the company's major AI strategy push, calling the timing a surprise move.

Tim Cook is stepping down as Apple CEO and transitioning to executive chairman, with John Ternus set to take over on September 1, 2026, as reactions begin pouring in from across the tech industry and Wall Street.

Apple said the leadership change follows a long-planned succession process, with Ternus, a 25-year company veteran and current head of Hardware Engineering, stepping into the CEO role as the company navigates its next phase of innovation.

John Ternus joined Apple in 2001 and currently serves as senior vice president of Hardware Engineering, where he has overseen work on many of the company’s flagship products across iPhone, Mac, iPad and Apple Watch. He became a vice president in 2013 and joined Apple’s executive team in 2021.

During his tenure, Ternus has played a key role in developing new product lines like iPad and AirPods, while also helping drive advancements in Apple’s Mac lineup and its transition to in-house silicon.

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He has also led efforts focused on durability, materials innovation, and sustainability, including the use of recycled aluminum and new manufacturing techniques.

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Sam Altman reacted to the news by praising Cook’s legacy and impact on the tech industry.

"Tim Cook is a legend," Altman said. "I am very thankful for everything he has done and I am very thankful for Apple."

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Wedbush analyst Dan Ives said the transition comes at a critical moment for Apple, particularly as it pushes deeper into artificial intelligence.

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"These will be big shoes to fill and the timing of Cook exiting stage left as CEO could make sense but also creates questions," Ives said. "Apple is making a major transition on its AI strategy and longtime CEO and legendary Cook leaving now is a surprise. We agree with Ternus as the pick."

CNBC host Jim Cramer reacted to the news on X, writing, "Stunning: Tim Cook stepping down. This is tough news for those of us who have learned so much from him..."

Analysts also weighed in on what comes next for Apple. Reuters reported that Gil Luria, managing director of D.A. Davidson & Co., said the promotion of John Ternus signals the company may focus more heavily on new hardware such as folding phones, smart glasses, virtual reality devices and AI-powered products.

Bob O’Donnell, head of tech consulting firm TECHnalysis Research, said the company’s biggest challenge will likely center on artificial intelligence. "I expect his biggest challenge and efforts will be focused on getting a better AI story and offering together that relies more on Apple's own capabilities and less on third parties," he said.

Reuters contributed to this report.

https://www.foxbusiness.com/technology/leadership-change-apple-sparks-industry-wall-street-reactions-cook-transitions-roles

LARRY KUDLOW: Banking, blockading, and the final Iranian financial squeezeOperation Economic Fury puts maximum financial pressure on the hoodlums running the Islamic Revolutionary Guard Corps

Last week Treasury Man Scott Bessent unveiled Operation Economic Fury to put maximum financial pressure on the hoodlums running the Islamic Revolutionary Guard Corps. I’d like to give that economic fury some more visibility, because I think blockading Iran ports, which will keep the regime out of the money, along with a banking freeze, are two major weapons that will eventually bring the regime to an end.

We know the Iranian ports are being successfully blocked, and it won’t be long until their revenue dries up, and the IRGC, which is basically a government cartel mafioso business operation, won’t even be able to make payroll in the next couple of weeks and their retirement plans will go bust. More than $400 million of losses on a daily basis can really hurt a company. Let’s go a step further. These mob thugs all have bank accounts overseas with the money they have extorted and robbed the citizenry of Iran. Billions and billions of dollars are undoubtedly at stake.

I say these Iranian bank accounts should be seized. Places like Turkey, the UAE, Qatar, Azerbaijan, Pakistan, and I’m sure many others, should hand over the Iranian deposits, and then they could be placed in escrow in a special war account in the Treasury Department. You could say freezing the assets is enough, but I don’t think so. Actual seizure is more comprehensive. And any of these countries who refuse to comply with Operation Economic Fury will be subject to secondary sanctions and tariffs.

For example, that means any transactions by these foreign banks with America and hopefully its allies, would be removed from the international Swift payments ledger system, and would no longer be eligible to undertake financial transactions governed by the New York Fed wire in the United States. This would maximize the financial pressure on the Iranian regime. They have been stealing money and looting the Iranian treasury for decades.

I’m sure they tried to diversify their international portfolios. And for a long time they’ve been getting away with it because they own all these Iranian businesses. And that’s one reason they’re clinging to power against all odds of losing this war to America and Israel.

Here’s one of the key points Mr. Bessent made: "One of the what may prove to be fatal mistakes that the Iranians made was bombing" their "neighbors" in the Gulf Cooperation Council, "and who are now willing to be much more transparent in terms of the funds."

And it’s not just oil money, it’s the non-oil businesses the IRGC thugs have taken over throughout the years.

Mr. Bessent suggested a freeze which is okay, but frankly I think seizure is more powerful, and I think secondary sanctions are still more powerful.

Banking, blockading, and the final Iranian financial squeeze. We are coming to the end game.

https://www.foxbusiness.com/politics/larry-kudlow-banking-blockading-final-iranian-financial-squeeze

Soaring jet fuel prices threaten to drive up summer travel costsExperts advise booking summer flights now and using points as jet fuel costs nearly double, driving airfare hikes and potential airline route cuts.

Americans who will be traveling this summer could see the cost of their summer vacations jump due to the spike in jet fuel prices.

The energy market has seen increased volatility since the Iran war began and the flow of oil through the Strait of Hormuz has been severely constrained by the threat of Iranian attacks, impacting the availability of a key input in making jet fuel.

Data from the International Air Transport Association (IATA) Jet Fuel Price Index showed that the global price of jet fuel surged from nearly $100 a barrel late last year and at the outset of 2026 to more than $200 a barrel this month before easing back just below that threshold. As of last week, global jet fuel prices are up 105.1% from the prior year, while in North America they've risen 82.6% in that period, the lowest increase among regions in the report.

Those price increases have impacted air fares as airlines have looked to mitigate their increased costs through higher prices as well as other measures, such as hiking fees on checked baggage.

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Phil Flynn, senior market analyst at The PRICE Futures Group and a FOX Business contributor, said that jet fuel is the "wild card in the petroleum complex right now" and explained that "airlines are feeling the pain, especially those that have not hedged."

"Higher jet fuel costs are a direct hit to margins. Some carriers are hedging aggressively; others are passing costs through with fare hikes," Flynn said.

"Global air travel demand keeps growing structurally. Any sustained period of high jet prices risks some demand destruction in price-sensitive routes, but the baseline trend is still upward as economies normalize and international travel rebounds," he added.

AMERICAN AIRLINES JOINS WAVE OF CARRIERS HIKING CHECKED BAG FEES AS JET FUEL PRICES SKYROCKET

Clint Henderson, principal spokesperson at The Points Guy, told FOX Business that, "New data from The Points Guy and our partner Points Path shows average domestic airfare for the summer is up a whopping 10-15% and international European trips are up 20%." 

"Still, my advice remains the same – book all your trips now and then hope for a return to stability in the oil markets," Henderson said. "If the price of your trip drops, you can get a trip credit for the difference (as long as you didn't book basic economy)."

Henderson encouraged travelers to book trips with points and miles to save money when the cash price of air fares is high, saying "better safe than sorry and with most points and miles programs (at least in the U.S.) you can cancel and get your points back."

UNITED AIRLINES CHECKED BAG FEES CLIMBS $10-50 AS FUEL PRICES NEARLY DOUBLE SINCE IRAN WAR

Despite the higher prices for jet fuel and air fares, Henderson said that airlines aren't noting major drops in demand as the "consumer remains resilient at least when it comes to travel," though he cautioned that could change if inflation remains elevated.

"The other thing to watch for is more capacity cuts. This will be a much bigger story if oil prices stay high. Already we are seeing many airlines cut some routes," Henderson added.

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Flynn said that if tensions in the Middle East ease, it could lead to prices declining rapidly as jet fuel "remains one of the most geopolitically sensitive products in the barrel."

"Any de-escalation in the Middle East could ease jet fuel premiums quickly. But persistent disruptions mean refiners will keep pushing yields toward middle distillates, supporting jet and diesel at the expense of gasoline cracks," Flynn said.

https://www.foxbusiness.com/economy/soaring-jet-fuel-prices-threaten-drive-up-summer-travel-costs

Apple CEO Tim Cook to step down in major leadership shakeup, successor namedApple says Tim Cook will step down as CEO and transition to chairman as John Ternus prepares to take over in a planned leadership shakeup this summer.

Apple CEO Tim Cook is stepping down in a major leadership shakeup, the tech giant announced Monday.

He will transition to executive chairman of the company’s board of directors and will be succeeded by longtime Apple veteran John Ternus, the company’s senior vice president of Hardware Engineering, effective Sept. 1. 

"It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company," Cook said. 

"I love Apple with all of my being, and I am so grateful to have had the opportunity to work with a team of such ingenious, innovative, creative, and deeply caring people who have been unwavering in their dedication to enriching the lives of our customers and creating the best products and services in the world."

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The company said the transition followed a "thoughtful, long-term succession planning process" and was unanimously approved by the board of directors.

The announcement follows Cook downplaying retirement rumors last month, saying he "can’t imagine life without Apple" after 28 years with the company.

"Twenty-eight years ago, I walked into Apple and I've loved every day of it since," he said in an interview on ABC's "Good Morning America."

Cook joined Apple in 1998 as senior vice president of worldwide operations before eventually being named permanent CEO in 2011, weeks before the death of co-founder Steve Jobs.

In his new role as executive chairman, Cook will continue to assist with select company matters, with a particular focus on engagement with global policymakers. He will also work closely with Ternus throughout the transition period.

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Cook also expressed complete confidence in his successor, describing the longtime Apple executive, who has been with the company for nearly three decades, as a "visionary" best fit to lead Apple into its next chapter. 

"John Ternus has the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor," Cook said. 

"He is a visionary whose contributions to Apple over 25 years are already too numerous to count, and he is without question the right person to lead Apple into the future. I could not be more confident in his abilities and his character, and I look forward to working closely with him on this transition and in my new role as executive chairman." 

In reaction to the leadership shakeup, Wedbush Securities analyst Dan Ives said the firm supports Ternus as the next CEO amid the company’s major push into artificial intelligence.

"These will be big shoes to fill and the timing of Cook exiting stage left as CEO could make sense but also creates questions," Ives, a managing director and global head of technology research, said in a post on X. "Apple is making a major transition on its AI strategy and longtime CEO and legendary Cook leaving now is a surprise. We agree with Ternus as the pick."

META VOWS APPEAL OF 'LANDMARK' SOCIAL MEDIA VERDICTS, WARNS OF FREE SPEECH EROSION

Ternus, who will also join Apple's board on Sept. 1, has built an extensive legacy in hardware engineering since joining Apple’s product design team in 2001, eventually rising to senior vice president of hardware engineering in 2021.

He has made numerous contributions across Apple’s hardware ecosystem, playing a key role in the development of successive generations of the iPhone, Mac and Apple Watch, as well as the iPad and AirPods product lines.

Beyond specific devices, Ternus has also championed key innovations in product sustainability, including the use of 3D-printed titanium in the Apple Watch Ultra 3 and efforts to improve device repairability to extend overall product lifespans.

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Apple also announced on Monday additional leadership changes alongside Cook’s departure and Ternus’ promotion.

Arthur Levinson, who has served as Apple’s non-executive chairman for the past 15 years, will transition to lead independent director also on Sept. 1.

Johny Srouji, who held the role of senior vice president of hardware technologies, has been promoted to chief hardware officer, effective immediately.

https://www.foxbusiness.com/business-leaders/apple-ceo-tim-cook-steps-down

Could S&P 500 ETFs alone fund your entire retirement?Based on how the S&P 500 has performed over the past several years, it would be easy to think it's all you need in your portfolio. In reality, you probably need more.

Most investors have heard that investing in the S&P 500 is one of the best ways to create long-term wealth. It's probably the default option in their workplace retirement plan. Even a lot of self-directed investors will put their money in the Vanguard S&P 500 ETF or the iShares Core S&P 500 ETF and call it a day. There's a reason, after all, that these are the two largest ETFs in the world, with more than $1.6 trillion in assets combined.

The S&P 500 is many people's only investment. That can create some problems because it leaves a whole slew of asset classes unrepresented. Including them can enhance growth opportunities, mitigate downside risk, or create a regular income stream. Without any of that to complement it, the high-tech concentration or the growth tilt of the index could mean too much volatility.

US ETF ASSETS UNDER MANAGEMENT TO MORE THAN DOUBLE TO $25T BY 2030, CITIGROUP SAYS

It would be easy to look at the returns of the S&P 500 over the past 10 to 15 years and come to the conclusion that it's the only investment you need. Thanks to its heavy concentration in the "Magnificent Seven" stocks, it has outperformed most sectors, styles, and themes over that time.

But setting aside the performance numbers, the S&P 500 includes many of the best companies the U.S. economy has to offer. It owns companies such as Apple, Microsoft, Amazon, Walmart, JPMorgan Chase, ExxonMobil, Johnson & Johnson, and Visa. These companies produce billions of dollars in cash flow, generate huge revenues, and have been around for decades. They're the cornerstones of the economy and will likely be around for many more decades.

GOLDMAN SACHS COMPLETES INNOVATOR CAPITAL ACQUISITION, LIFTING ETF ASSETS TO $90B

These are exactly the kinds of high-quality companies that can make a great portfolio.

While the S&P 500 is unquestionably a great index to invest in, it's also incomplete.

VANGUARD FUND STRIPS OUT CHINA IN EMERGING MARKETS INVESTMENT PLAY

Here's what investors are missing out on by investing only in the S&P 500:

Holding more than just U.S. large-cap stocks lets you participate in different market cycles, helps smooth out overall portfolio volatility, and can help build a portfolio more suited to your goals and risk tolerance.

The S&P 500 is a great core investment, but you need more.

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I'm a big advocate of diversification and looking for ways to mitigate risk exposure. Adding different asset classes helps accomplish this. In most cases, it's not about trying to pick winners. Simply buy the global economy and let the long-term power of compounding do the work for you.

JPMorgan Chase is an advertising partner of Motley Fool Money. David Dierking has positions in Apple and Vanguard Total Stock Market ETF. The Motley Fool has positions in and recommends Amazon, Apple, JPMorgan Chase, Microsoft, Vanguard S&P 500 ETF, Vanguard Total Stock Market ETF, Visa, and Walmart and is short shares of Apple. The Motley Fool recommends Johnson & Johnson. The Motley Fool has a disclosure policy.

https://www.foxbusiness.com/markets/could-sp-500-etfs-alone-fund-your-entire-retirement

California built more homes than people over six years — so why is housing still so tight?California added 677,000 housing units while population grew by just 39,000, but vacancy rates remain tight amid a longstanding housing shortage.

California's housing market is seeing an increase in inventory while the state's population growth slows, but strong demand stemming from longstanding scarcity has kept the market tight.

An analysis by the Public Policy Institute of California (PPIC) found that the state added 677,000 housing units over a six-year period in which California's population grew by only 39,000 residents.

Despite the relative growth in the number of housing units available, vacancy rates showed the market remained tight, with PPIC finding that owner vacancy declined from 1.2% to 0.8% while the rental vacancy rate was 4.3% in 2024, well below the national rate of 5.9%.

"Even though the state is adding more housing units than people, it was in such a deep hole that the recent successes in homebuilding are not enough to truly move the needle," said Joel Berner, senior economist at Realtor.com.

AVERAGE MONTHLY MORTGAGE PAYMENT HITS NEW HIGH, TOPPING $2K FOR FIRST TIME EVER

The state's longstanding shortage of housing units will require more construction to get inventory levels closer to the market's equilibrium, as the state will need 2.5 million additional homes, according to a 2022 estimate by the state's housing agency.

PPIC's analysis also noted a demographic trend that's affecting California's housing market, with average household sizes declining in recent years.

It found that California lost 82,000 households with children and gained 722,000 households without them from 2019 to 2024. 

"Fewer people living under the same roof means more roofs are required for the same number of people," Berner said.

THESE 8 US HOUSING MARKETS FAVOR BUYERS

The aging of California's population is a key factor in the trend, as PPIC found that about 16.5% of the state's population is 65 or older today and projects that number will rise to 24.9% by 2050.

Homebuilding has picked up in the state of California in the last five years, including through promoting the construction of accessory dwelling units (ADUs), which are secondary living units that are on the same lot as a primary home but are typically detached or otherwise self-contained.

"The state has made significant progress from a policy perspective on encouraging ADU construction in recent years, for which it should be commended," Berner added. "The state has made efforts to lift local restrictions on ADUs, which is helping it to deliver more and more of them where they are needed the most."

WHITE HOUSE LAYS OUT FIXES FOR HOUSING AFFORDABILITY PROBLEM

Both PPIC and Berner suggested that while California is making progress, it hasn't achieved a breakthrough in resolving its housing shortage as new homes are being snapped up quickly and vacancy rates remain low.

Berner noted that while 11.5% of the U.S. population lives in California, the state accounted for only 7.3% of newly permitted housing units last year, adding that the "pace just isn't fast enough."

PPIC noted that household formation rates among young adults in California have trended up, suggesting that younger residents are forming households – though the state will need sufficient lower-cost housing at entry-level prices for them to afford to take those next steps in California.

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That pipeline could prove problematic, as Realtor.com noted that of the more than 1.2 million housing units that are planned statewide, just 712,000 are designated for moderate-income households or lower – about half of what California believes it needs.

https://www.foxbusiness.com/economy/california-built-more-homes-than-people-over-six-years-so-why-housing-still-so-tight

The one line in Warsh’s testimony signaling a break from the Fed’s status quoPresident Donald Trump’s Fed pick Kevin Warsh hints at a shake-up, drawing a line on independence while signaling changes to the central bank’s broader role.

Kevin Warsh, President Donald Trump’s pick to lead the Federal Reserve, is set to deliver a pointed message to lawmakers Tuesday: the Fed must stay independent on interest rates, but not above accountability.

In prepared remarks obtained by FOX Business, Warsh vows to keep monetary policy "strictly independent," while making clear the central bank should not operate unchecked across its broader responsibilities.

"The Fed must stay in its lane. Fed independence is placed at greatest risk when it strays into fiscal and social policies where it has neither authority nor expertise."

The warning reflects Warsh’s broader push to rein in what he sees as an overextended central bank.

TRUMP’S FED PICK DISCLOSES $131M FORTUNE AS NOMINATION FACES HEADWINDS

At the same time, he opens the door to closer coordination with elected leaders, pledging to work with the White House and Congress on non-monetary matters – an approach that could reshape how the Fed operates in Washington.

Warsh, nominated to replace Jerome Powell, also takes aim at what he sees as a complacent central bank. He warns that large institutions are prone to inertia – and that clinging to the "status quo" in a fast-moving economy is not just outdated, but dangerous.

Calling this a "consequential" moment for the U.S. economy, Warsh argues a "reform-oriented Federal Reserve" is urgently needed – and suggests the stakes for everyday Americans couldn’t be higher.

His potential ascent comes at a turbulent moment for the central bank.

The Federal Reserve is facing pressure on multiple fronts, including a Justice Department criminal probe involving Chair Jerome Powell, a Supreme Court case weighing limits on the Fed’s independence, and persistent cost-of-living concerns testing Trump’s economic agenda.

FEDERAL RESERVE CHAIR POWELL UNDER CRIMINAL INVESTIGATION OVER HQ RENOVATION

A former Fed governor, Warsh revives a long-running critique: the central bank has drifted too far from its core mission. His message is blunt – "stay in its lane."

That includes steering clear of politically charged areas like climate policy and broader social goals, which he has previously criticized as an expansion beyond the Fed’s core mandate.

But his sharpest warning is reserved for inflation.

"Low inflation is the Fed’s plot armor," Warsh says, arguing that recent price spikes have inflicted "grievous harm" on Americans – especially those least able to afford it. Rising costs, he warns, don’t just hit wallets – they risk eroding public trust in the broader system of economic governance.

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Warsh, like Powell, is not an economist by training but brings a background in law and finance that has shaped his views on the central bank. 

A former Morgan Stanley banker, he became the youngest member of the Fed’s Board of Governors in 2006 and later served as a key liaison to Wall Street during the 2008 financial crisis. He also served in the Bush administration as a special assistant to the president for economic policy.

https://www.foxbusiness.com/politics/one-line-warshs-testimony-signaling-break-from-feds-status-quo

$150K over asking isn't enough: NJ real estate agent warns ‘average person’ is being priced outSoon enough, the average American homebuyer won't be able to afford homes in New Jersey suburbs, as one real estate agent warns of prices getting higher for the market.

Amanda Cruz thought she was playing it safe, as the New Jersey real estate agent recently placed an offer for a client at $150,000 over the asking price — a figure she feared was "a little bit high for the market."

It turns out she wasn't even close.

"Someone else came in much higher than us. Like, we weren't even in the ballpark," Cruz explained in a now-viral social media post currently gaining hundreds of thousands of views. "My buyers didn't get the house."

AVERAGE MONTHLY MORTGAGE PAYMENT HITS NEW HIGH, TOPPING $2K FOR FIRST TIME EVER

"Then I have a listing in Middletown," she continued. "No offers for two and a half weeks. Yesterday, same day, four offers, all over asking, all phenomenal offers. And this is going on in other parts of Monmouth County as I speak to other agents as well."

Her experience isn't a one-off; it’s the front line of a statewide surge. While the rest of the U.S. housing market recorded 0.5% growth in early 2026, according to recent data from Cotality, New Jersey has seen a nearly 6% surge.

More specifically, Newark recorded a 6.7% year-over-year price jump, marking the steepest hike of the 100 largest metros across America. Housing supply in New Jersey reportedly remains well below pre-pandemic levels, with nearly 40% of homes selling above asking prices.

Cruz explained in her post that a "mass exodus" from New York City and Hoboken is flooding suburban markets like Monmouth County, making it nearly impossible for the "average person" to secure a home.

"There is definitely [a] mass exodus from New York, people that are worried in Hoboken for that spillover, they're jumping over to Monmouth County with the ease of transportation to the city," Cruz said.

"So if you don't live in this area already, I don't think the average person is going to be able to move into Monmouth County, the eastern Monmouth area, very soon."

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Cotality’s latest findings also linked the New Jersey boom to workers getting priced out of the city who are choosing its stately neighbor to avoid sacrificing their full paychecks while maintaining transit access. Many of these new commuters are in the finance, pharmaceutical or biotechnology sectors.

"These diverse trends indicate an ongoing process of price discovery — one where sales and comparisons remain limited — and underscore a market that is rebalancing locally rather than correcting nationally," Cotality Chief Economist Selma Hepp said.

READ MORE FROM FOX BUSINESS

https://www.foxbusiness.com/real-estate/150k-over-asking-isnt-enough-nj-real-estate-agent-warns-average-person-being-priced-out

Hormuz disruptions hit China’s Christmas capital — and holiday spendingManufacturers told CNBC that shoppers will likely have to pay higher prices to match rising costs of plastic and other materials.{}

Manufacturers told CNBC that shoppers will likely have to pay higher prices to match rising costs of plastic and other materials.https://www.cnbc.com/2026/04/20/hormuz-china-christmas-capital-holiday-spending.html

Rivian's factory damaged by tornado amid crucial R2 EV launch{}

https://www.cnbc.com/2026/04/20/rivians-factory-damaged-by-tornado-amid-crucial-r2-ev-launch.html

The Middle East War Triggers a Move to Boost North Korea’s Nuclear Arsenal

The Middle East War Triggers a Move to Boost North Korea’s Nuclear Arsenal

UNITED NATIONS, April 21 (IPS) - The ongoing military conflicts in the Middle East—involving the US, Israel, Palestine, Iran and Lebanon—have indirectly bolstered North Korea’s plans to expand its nuclear arsenal.

Read the full story, “The Middle East War Triggers a Move to Boost North Korea’s Nuclear Arsenal”, on globalissues.org →

https://www.globalissues.org/news/2026/04/21/42822 {"url":"https://static.globalissues.org/ips/2026/04/North-Koreas-ballistic_-100x100.jpg"}

“War-Shock Inflation” and Inflation Phobia: Lessons of History for Central Bankers

“War-Shock Inflation” and Inflation Phobia: Lessons of History for Central Bankers

SYDNEY, April 21 (IPS) - The global economy, is at the precipice of “stagflation” – growth slowdown and higher inflation – due to the energy price shock following the illegal US-Israel war on Iran. The International Monetary Fund (IMF) has recently termed this as a “textbook negative supply shock”. For the first time since the 1970s, the prospect of stagflation seems real.

Read the full story, ““War-Shock Inflation” and Inflation Phobia: Lessons of History for Central Bankers”, on globalissues.org →

https://www.globalissues.org/news/2026/04/21/42821 {"url":"https://static.globalissues.org/ips/2019/08/Anis-Chowdhury_180-100x100.jpg"}

Dem lawmaker says Americans ‘getting fleeced at the pump,’ pushes oil export ban amid Iran tensionsRep. Ro Khanna says the U.S. should stop exporting oil to bring down gas prices as Middle East conflict disrupts global supply and raises concerns.

Rising tensions in the Middle East are spilling into domestic energy policy debates as lawmakers weigh how global conflict is hitting Americans at the pump. With oil markets reacting to instability around the Strait of Hormuz, concerns over supply disruptions are now colliding with questions about whether U.S. energy policy serves domestic consumers first.

Rep. Ro Khanna, D-Calif., joined FOX Business’ Maria Bartiromo on "Mornings with Maria" to argue that the current crisis underscores what he sees as a fundamental policy flaw: continuing to export U.S. oil while prices rise at home.

When Bartiromo pointed to his legislation aimed at stopping U.S. oil exports during the Iran conflict and pressed him on why he supported that move, Khanna framed the issue as prioritizing domestic supply.

"Maria, it's common sense. Why would we be sending our oil overseas when Americans are getting fleeced at the pump… We should have our oil supply for Americans… That would bring down the price," Khanna said.

TRUMP: ENERGY SECRETARY WRIGHT 'TOTALLY WRONG' ON DELAYED RETURN TO $3 GAS

The debate comes as oil flows through one of the world’s most critical shipping lanes face disruptions, amplifying price volatility and renewing scrutiny over U.S. export policy first loosened nearly a decade ago. Critics argue exports strengthen global energy influence, while others say they disconnect domestic production from consumer relief.

Bartiromo pushed back, noting that the U.S. has been producing oil at high levels and questioning whether restricting exports would address the broader energy picture.

"This was a giveaway in 2015 to the big oil companies… It was good for them… Not good for the average consumer," Khanna added.

OIL PRICES PLUNGE AFTER IRAN SAYS STRAIT OF HORMUZ OPEN FOR COMMERCIAL SHIPPING TRAFFIC

The exchange reflects a broader divide over energy policy as global supply disruptions put pressure on prices while policymakers debate whether exports strengthen U.S. influence abroad or limit relief at home.

Bartiromo also pressed Khanna on the broader strategy toward Iran, questioning how diplomacy would prevent the country from developing a nuclear weapon and whether Tehran could be trusted. 

"The American people are tired of it. They want people who are going to be team America. They want to bring gas prices down here and care about our nation and get us out of these wars," he said.

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https://www.foxbusiness.com/media/dem-lawmaker-says-americans-getting-fleeced-pump-pushes-oil-export-ban-amid-iran-tensions

Macy’s recalls popular kitchen item over burn riskMacy’s is recalling about 4,600 Arch Studio tea kettles after reports the handle can detach when heated, posing a potential burn hazard.

Macy’s is recalling thousands of Arch Studio tea kettles after federal safety officials warned of a potential burn hazard tied to the product.

The recall, announced April 16 by the Consumer Product Safety Commission (CPSC), affects approximately 4,600 units, according to the agency.

Officials said the tea kettle’s handle can detach during use when heated, posing a risk of serious injury due to burns. The company has received three reports of the handle detaching, though no injuries have been reported.

POPULAR BABY FOOD BRAND HIT BY ‘CRIMINAL ACT’ AS RAT POISON FOUND IN SEIZED JAR

The recall applies to Arch Studio-branded stainless-steel tea kettles with a black handle and a 1.9-quart capacity. The kettles measure about 10.7 inches long, 7.59 inches wide and 8.62 inches high, with "Arch Studio" and model number "HJ10525" etched on the underside.

The products were sold at Macy’s stores nationwide and online at macys.com from August 2025 through February 2026 for about $50, according to the CPSC. The kettles were imported by Macy’s Merchandising Group Inc. of New York and manufactured in China.

Consumers are urged to stop using the recalled kettles immediately and contact Macy’s for a full refund. The company is offering refunds by check, and customers will be provided with a prepaid shipping label to return the product. No purchase receipt is required.

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Macy’s did not immediately respond to FOX Business’ request for comment.

https://www.foxbusiness.com/lifestyle/macys-recalls-popular-kitchen-item-over-burn-risk

Sandwich chain Jersey Mike's confidentially files for IPOBlackstone bought a majority stake in the sandwich chain in 2024 in a deal that valued the company at roughly $8 billion.{}

Blackstone bought a majority stake in the sandwich chain in 2024 in a deal that valued the company at roughly $8 billion.https://www.cnbc.com/2026/04/20/jersey-mikes-ipo.html

Eli Lilly agrees to acquire cancer drug maker Kelonia in deal worth up to $7 billionKelonia is developing technology to reprogram patients' T-cells inside the body so those cells can attack cancer, called in vivo CAR-T.{}

Kelonia is developing technology to reprogram patients' T-cells inside the body so those cells can attack cancer, called in vivo CAR-T.https://www.cnbc.com/2026/04/20/eli-lilly-to-acquire-cancer-drug-maker-kelonia.html

Guardians of the Sea: How GEF Small Grants Program Enables Young Volunteers Take the Lead in Sea Turtle Conservation

Guardians of the Sea: How GEF Small Grants Program Enables Young Volunteers Take the Lead in Sea Turtle Conservation

COX'S BAZAR, Bangladesh, April 20 (IPS) - Every winter thousands of sea turtles come ashore at Cox’s Bazar, in the Bay of Bengal, Bangladesh, to lay eggs.

Read the full story, “Guardians of the Sea: How GEF Small Grants Program Enables Young Volunteers Take the Lead in Sea Turtle Conservation”, on globalissues.org →

https://www.globalissues.org/news/2026/04/20/42814 {"url":"https://static.globalissues.org/ips/2026/04/Sea-Turtle-baby-100x100.jpeg"}

United Airlines merger talk puts spotlight on American CEO's future, experts sayUnited Airlines CEO Scott Kirby's reported pitch to President Trump for a United-American merger intensifies pressure on American CEO Robert Isom, analysts said.

A bold merger proposal from United CEO Scott Kirby to President Donald Trump has left American Airlines' CEO Robert Isom in the crosshairs, with analysts predicting the board may oust him in response to the potential industry shakeup.

Kirby reportedly lobbied Trump for his blessing on a merger that has fueled speculation that Isom is getting squeezed out.

"I suspect one of the outcomes will be that just this very suggestion is going to make the board of American and their unions turn around and say ‘get rid of Bob Isom,’" Michael Boyd, CEO of Boyd Group International, told FOX Business.

AMERICAN AIRLINES JOINS WAVE OF CARRIERS HIKING CHECKED BAG FEES AS JET FUEL PRICES SKYROCKET

Isom is already embroiled in a leadership crisis. In February, the Association of Professional Flight Attendants (APFA) issued a unanimous no-confidence vote in Isom, citing a "relentless downward spiral" in his leadership. 

The Allied Pilots Association (APA) also published a blistering open letter stating their lack of confidence in American Airlines leadership.

Now, a reported meeting between Kirby and Trump in which the United CEO allegedly lobbied Trump for his blessing on a merger has fueled speculation that Isom is getting squeezed out.

"This is a proud airline… but it’s an airline now that’s been, quite frankly, non-managed. As a result of that, I think the very fact that a competitor would say, ‘oh, we’ll take you over,’ is going to send that board into a tizzy," Boyd said.

American Airlines said in a statement on Friday that it is "not engaged with or interested in" merger discussions with United.

"While changes in the broader airline marketplace may be necessary, a combination with United would be negative for competition and for consumers, and therefore inconsistent with our understanding of the Administration’s philosophy toward the industry and principles of antitrust law," the carrier said. "Our focus will remain on executing on our strategic objectives and positioning American to win for the long term."

United Airlines told FOX Business, "We don't have anything to share."

DELTA, SOUTHWEST HIKE CHECKED BAGS AS AIRLINES FACE SURGING FUEL COSTS

It also could be the masterstroke in a Kirby revenge tour after the United CEO was himself ousted as the president of American Airlines.

"This would be the ultimate comeuppance," View From the Wing writer Gary Leff wrote.

Despite the palace intrigue, however, the scope and scale of a mega-merger have analysts doubting its feasibility. 

Getting through "the minefield of maintenance issues" alone could hold up the deal, Boyd said. "Remember a 787 at United is not the same as a 787 at American. The maintenance programs are different. The galleys are different. The cockpits may be different. Putting all that together is obscenely expensive."

A potential deal could also face antitrust hurdles. "Fewer choices mean higher ticket ⁠prices, more fees, and fewer options for anyone who wants to get from point A to point B," Ganesh Sitaraman, ​author of "Why Flying Is Miserable," told Reuters.

RISING FUEL COSTS THREATEN SPIRIT AIRLINES’ BANKRUPTCY EXIT PLAN: REPORTS

"It seems unlikely that industry rivals, consumer groups and antitrust authorities would simply go along with this," aviation analyst Stephen Trent told Morningstar.

The proposed merger would combine the world's two largest airline carriers by available seat kilometers (ASK), a metric provided by the Official Airline Guide (OAG).

The pair also constitute over a third of domestic market share with a combined $3 billion market cap. But their share of the global market pales in comparison to their U.S. dominance. The pair had just over 1 trillion ASK in 2025, which amounted to less than 10% of the 2025 global share of more than 11.5 ASK, according to data from OAG and the International Air Transport Association (IATA).

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Transportation Secretary Sean Duffy had previously indicated that the sector had room for airline mergers, though added, "I am not ​going to pre-commit to anything."

FOX Business contacted the Federal Trade Commission for comment but did not immediately receive a response.

https://www.foxbusiness.com/markets/united-airlines-merger-talk-puts-spotlight-american-ceos-future-experts-say

Trump: Energy Secretary Wright 'totally wrong' on delayed return to $3 gasTrump says Energy Secretary Wright is wrong about $3 gas timeline, insisting prices will drop once the Strait of Hormuz oil blockade is resolved.

President Donald Trump pushed back Monday on his own energy secretary's claim that a return to $3-a-gallon gas will not come through the end of the year.

"No, I think he’s wrong on that, totally wrong," Trump told The Hill on Monday, when asked about Energy Secretary's Christopher Wright's interview with CNN's "State of the Union" on Sunday.

Trump remains steadfast in his conviction that gas prices in America are going to drop precipitously "as soon as this ends," referring to the oil blockade in the Strait of Hormuz, echoing oft-repeated vows for those concerned that oil prices in America might actually return all the way up to Biden administration levels.

"The blockade is very powerful, very strong," Trump added to The Hill, pointing at Iran's obstruction effort. "They lose $500 million a day with the blockade up. We control it. They don’t control it."

BESSENT WARNS GAS STATIONS THAT TREASURY DEPT WILL KEEP THEM 'HONEST' AFTER SPIKE IN PRICES

Wright's comments were not all that unaligned with Trump's position, but Wright was a bit less convicted on prices on when gas might drop below $3 again.

"I don't know, that could happen later this year, that might not happen until next year, but prices have likely peaked and they will start going down," Wright told CNN's Jake Tapper, who asked further that gas "might not be under $3 a gallon until 2027?"

"Certainly, with a resolution of this conflict, you will see prices go down," Wright added. "Prices across the board on energy prices will go down."

OIL PRODUCERS ORG SHREDS CALIFORNIA DEM FOR BLAMING IRAN WAR FOR HIS DISTRICT'S GAS PRICES

"Under $3 a gallon is pretty tremendous — in inflation-adjusted terms," Wright added to Tapper. "We had that in the Trump administration, but we hadn't seen that in inflation-adjusted terms for quite a long time. We will get back there, for sure."

Fuel prices in America on Monday are at an average of $4.04, according to AAA.

The highest average prices come in the coastal states, the only places where gas is over $4, while the midwest states have the lowest averages in the low-to-mid 3s.

BESSENT RULES OUT GOVERNMENT INTERVENTION IN OIL FUTURES MARKET DURING IRAN WAR

Trump had long warned that the rise in American gas prices at the pump was a transitory inflation issue on the expectation that global oil supply was strained due to Iran's retaliatory choking off of oil flowing through the Strait of Hormuz.

Trump and Treasury Secretary Scott Bessent have also noted for weeks that the U.S. is a net exporter of oil, has plenty of supply, with only a fraction of oil from the Middle East. So when local gas stations raised prices under the fear of future supply shortages elsewhere around the globe — potential "bad actors," according to Bessent — they were not only guessing, but expecting something that would never come, they argued.

"We'll be looking at Treasury to try to keep the retail gas stations honest — that you did this on the way up, better be doing this on the way down," Bessent told the CNBC Invest in America Forum last week. "And I am sure the president will call out anyone who's a bad actor."

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What went up, must now come down, Bessent told the CNBC forum host Wednesday when asked if the above was a warning.

"I'm sure that," Bessent said with a calculated pause, "everyone will be a good actor."

https://www.foxbusiness.com/politics/trump-energy-secretary-wright-totally-wrong-delayed-return-3-gas

Eli Lilly agrees to acquire cancer drug maker Kelonia in deal worth up to $7 billionKelonia is developing technology to reprogram patients' T-cells inside the body so those cells can attack cancer, called in vivo CAR-T.{}

Kelonia is developing technology to reprogram patients' T-cells inside the body so those cells can attack cancer, called in vivo CAR-T.https://www.cnbc.com/2026/04/20/eli-lilly-to-acquire-cancer-drug-maker-kelonia.html

Eli Lilly agrees to acquire cancer drug maker Kelonia in deal worth up to $7 billionKelonia is developing technology to reprogram patients' T-cells inside the body so those cells can attack cancer, called in vivo CAR-T.{}

Kelonia is developing technology to reprogram patients' T-cells inside the body so those cells can attack cancer, called in vivo CAR-T.https://www.cnbc.com/2026/04/20/eli-lilly-to-acquire-cancer-drug-maker-kelonia.html

Trump admin to begin refunding $166B to businesses in wake of Supreme Court decisionBusinesses can now seek repayment of tariffs imposed under emergency powers after a Supreme Court ruling in February invalidated the policy.

Businesses can begin filing for tariff refunds on Monday as the federal government starts unwinding billions of dollars in import duties imposed by the Trump administration under emergency powers, opening the door to what could be one of the largest repayments to importers in U.S. history.

At 8 p.m. ET on April 20, U.S. Customs and Border Protection (CBP) will launch the first phase of a new claims system that will allow importers to seek repayment of tariffs collected under the International Emergency Economic Powers Act (IEEPA), following a series of court rulings that invalidated the policy.

The Supreme Court ruled in February that the law President Donald Trump relied on for his signature policy did not authorize the imposition of tariffs, finding that Congress – not the president – holds authority over such taxes. The decision set the stage for lower courts to order the government to reverse course and return the funds.

A judge at the U.S. Court of International Trade subsequently directed CBP to remove the tariffs from affected entries and refund any excess duties collected, along with interest.

OIL PRICES PLUNGE AFTER IRAN SAYS STRAIT OF HORMUZ OPEN FOR COMMERCIAL SHIPPING

The scale of the refunds could be significant for businesses across industries. Court filings show more than 330,000 importers paid duties on over 53 million shipments, totaling roughly $166 billion.

ONE YEAR LATER, TRUMP TARIFFS GENERATED BILLIONS AS REFUNDS TAKE SHAPE

Starting Monday, companies and their customs brokers can submit refund requests through CBP’s Automated Commercial Environment (ACE) portal using a newly developed tool known as the Consolidated Administration and Processing of Entries, or CAPE.

The system allows importers to file declarations listing the entries for which they are seeking refunds. Once a claim is validated, CBP will recalculate the duties without the IEEPA tariffs and reliquidate the entries, triggering repayment.

CBP said valid refunds will generally be issued within 60 to 90 days after a claim is accepted, though more complex cases could take longer. The agency is rolling out the process in phases, with the initial stage limited to certain unliquidated entries and those within 80 days of final accounting.

Officials have warned the process could be complicated given the scale. In court filings, CBP described the volume of refunds as "unprecedented," noting that existing systems were not designed to handle so many claims and may require significant manual processing.

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The refunds will be paid directly to the businesses that originally paid the tariffs, marking an early step in reversing a major trade policy with broad economic impact.

https://www.foxbusiness.com/economy/trump-admin-begin-refunding-166b-businesses-wake-supreme-court-decision

Russia’s African Cannon Fodder

Russia’s African Cannon Fodder

LONDON, April 20 (IPS) - On 7 April, the government of Cameroon published a list of 16 of its citizens confirmed killed fighting for Russia against Ukraine. That means the number of Cameroon citizens killed in this distant war has likely surpassed a hundred, making the country the biggest victim of a Russian recruitment drive increasingly focused on Africa.

Read the full story, “Russia’s African Cannon Fodder”, on globalissues.org →

https://www.globalissues.org/news/2026/04/20/42813 {"url":"https://static.globalissues.org/ips/2026/04/Rajesh-Jantilal_-100x100.jpg"}

Recall reannounced for power banks after charger causes fire on plane, death to 75-year-old womanFederal regulators reannounced a recall of 429,000 Casely MagSafe power banks after a woman's death and a fire on a plane from overheating chargers.

A recall affecting more than 400,000 power banks has been reissued after federal regulators reported additional incidents, including a fatal fire and a separate onboard airplane fire.

About 429,000 Casely Power Banks 5000mAh portable MagSafe compatible wireless chargers are included in the recall announced last week due to fire and burn hazards, according to the U.S. Consumer Product Safety Commission (CPSC).

The recall was first announced in April 2025. At that time, Casely had received 51 consumer reports of the charger overheating, swelling or catching fire while being used to charge phones, causing six minor burn injuries.

MORE THAN 30K WIRELESS POWER BANKS RECALLED AFTER REPORTS OF FIRE, EXPLOSIONS

Since that recall was regulators say 28 additional incidents have been reported, including the death of a 75-year-old woman from New Jersey.

In August 2024, the elderly woman was charging her cell phone with the power bank on her lap when it caught on fire and exploded. She suffered second- and third-degree burns and later died from her burn injuries.

In another incident, a 47-year-old woman in February was charging her cell phone with the power bank on a plane when it caught on fire and exploded, causing first-degree burns to the woman.

The power banks affected by the recall have the model number "E33A" printed on the back and "Casely" engraved on the front right side.

The chargers were sold on Casely’s website, Amazon and other online retailers from March 2022 through September 2024 for between $30 and $70.

Consumers are urged to stop using the power banks immediately and contact Casely for a free replacement.

OVER 1.1M POWER BANKS RECALLED AFTER REPORTS OF FIRES, EXPLOSIONS

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The power banks should not be thrown away in the garbage since they pose a risk of fire, the commission warned. Consumers are instructed to contact local household hazardous waste collection centers for disposal guidance.

https://www.foxbusiness.com/economy/recall-reannounced-power-banks-after-charger-causes-fire-plane-death-75-year-old-woman

Air Canada scraps key US routes as fuel costs surge amid Iran warA major airline announced Friday that it is suspending select routes in the U.S., citing soaring jet fuel costs that have made certain operations unprofitable.

Air Canada announced on Friday that the airline is suspending select U.S.-bound flights as jet fuel prices continue to skyrocket in the wake of the Iran war. 

The cuts, set to take effect this summer and last at least five months, will impact all service to John F. Kennedy International Airport (JFK) in New York City and the Salt Lake City International Airport (SLC) in Utah, the airline said. 

"As we regularly do, we monitor and review our network to ensure that routes are meeting profitability targets," the air carrier said in a statement. 

"Jet fuel prices have doubled since the start of the Iran conflict, affecting some lower profitability routes and flights which now are no longer economically feasible. Schedule adjustments including some frequency reductions are being made in response." 

DELTA, SOUTHWEST HIKE CHECKED BAGS AS AIRLINES FACE SURGING FUEL COSTS

Affected customers will be contacted with alternative travel options, the Canadian carrier said. 

The airline specified that JFK will not see service from June 1 through Oct. 25, 2026, from its two hubs in Montreal and Toronto.

The move could reflect a consolidation strategy, as routes to nearby Newark (EWR) and LaGuardia (LGA) airports remain unaffected, according to the release.

Air Canada operates more heavily out of those two airports than JFK, its website shows, with local outlet CTV News reporting roughly 34 daily departures from across Canada.

SOUTHWEST AIRLINES LIMITS PASSENGERS TO 1 PORTABLE CHARGER PER PERSON OVER FIRE CONCERNS

Flights to Salt Lake City, typically served only from Toronto Pearson (YYZ), will be suspended beginning June 30, with service expected to resume in 2027, creating a roughly six-month gap. 

The airline also said two domestic routes and one international service were affected.

Routes between Vancouver and Fort McMurray will be suspended on May 28, while service between Toronto and Yellowknife will be halted on Aug. 30.

Both Fort McMurray and Yellowknife, which are considered lower-volume markets, were not given a resumption date.

JETBLUE HIKES BAGGAGE FEES BY UP TO $9, CITING RISING FUEL PRICES AMID IRAN WAR

The airline was also planning to launch service between Montreal and Guadalajara, Mexico, which has now been indefinitely suspended.

Air Canada said the changes represent only a small portion of its global operations, affecting about 1% of its total annual flying capacity for 2026. 

Jet fuel prices increased to $3.79 on Friday, more than a 50% increase since the day before the Iran war broke out on Feb 27, according to Airlines for America. 

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Several U.S. airlines have also adopted new cost-cutting measures to offset rising jet fuel prices, with JetBlue, Southwest, American and United Airlines increasing checked bag fees.

FOX Business reached out to Air Canada for more information. 

https://www.foxbusiness.com/lifestyle/air-canada-scraps-key-us-routes-fuel-costs-surge-amid-iran-war

Using Better Data to Break the Cycle of Permanent Crisis

Using Better Data to Break the Cycle of Permanent Crisis

UNITED NATIONS, April 20 (IPS) - We are stuck in response mode. But what good is an ambulance without a hospital?Climate shocks are intensifying. Conflict is at record levels. Economies are fragile. Humanitarian appeals grow larger each year, while donor countries prioritise domestic and security concerns. One emergency follows another. Recovery slips further out of reach.

Read the full story, “Using Better Data to Break the Cycle of Permanent Crisis”, on globalissues.org →

https://www.globalissues.org/news/2026/04/20/42812 {"url":"https://static.globalissues.org/ips/2026/04/UNDP-collaborations-have_-100x100.jpg"}

Aid Groups Appeal for Lasting Ceasefire to Address Lebanon’s Catastrophic Humanitarian Crisis

Aid Groups Appeal for Lasting Ceasefire to Address Lebanon’s Catastrophic Humanitarian Crisis

BRATISLAVA, April 20 (IPS) - Aid groups have welcomed a ten-day ceasefire agreed between Israel and Lebanon but warn only a permanent halt to fighting can allow for the kind of response needed to address the dire humanitarian situation in the country.

Read the full story, “Aid Groups Appeal for Lasting Ceasefire to Address Lebanon’s Catastrophic Humanitarian Crisis”, on globalissues.org →

https://www.globalissues.org/news/2026/04/20/42811 {"url":"https://static.globalissues.org/ips/2026/04/Toul-South-Lebanon-100x100.jpg"}

Popular baby food brand hit by 'criminal act' as rat poison found in seized jarAuthorities warn of potentially life-threatening contamination after rat poison was found in a tampered baby food jar likely sold in Europe.

Austrian police announced Saturday that a commercially sold baby food product was found to be laced with rat poison. 

Authorities said the tampered HiPP-brand item may have been sold in Austria, with similar products also circulating in neighboring countries, including Germany, the Czech Republic and Slovakia.

"With the assistance of the Federal Criminal Police Office, a sample of the seized product was examined on Saturday afternoon and tested positive for rat poison," the Burgenland State Criminal Police Office said. 

Officials described the substances as "potentially life-threatening" and urged all shoppers to inspect their pantries for similar affected products. 

BABY FORMULA RECALLED AS INFANT BOTULISM OUTBREAK GROWS

The company said that jars sold at major retail partner Spar in Austria are being recalled out of precaution, and emphasized that the issue is linked to a "criminal act" and not a quality control problem. 

"This recall is not due to a product or quality defect on our part. The jars left our HiPP factory in perfect condition. The recall is linked to a criminal act being investigated by the authorities," the company said.

"As part of ongoing criminal investigations, isolated cases of tampered HiPP baby food jars have been seized – as previously reported in Austria, now also in the Czech Republic and Slovakia."

HiPP Holdings, a German-Swiss company known for its organic, preservative-free baby food, primarily sells its products in European retail stores. However, consumers in the U.S. and other international markets can also obtain them through specialized online importers.

Police said the suspected baby food jar, a carrot and potato variety, was first alerted by a customer who ultimately did not feed it to their baby.

The suspicious item was identified by a white sticker featuring a red circle on the bottom of the glass container and reportedly gave off a spoiled odor after being opened, according to the Austrian Agency for Health and Food Safety.

Those who bought the item were urged to check their products for suspicious markings and signs of tampering, including damaged or already-opened lids, missing safety seals, or containers that fail to produce a clicking sound when first opened.

Customers who suspect they may have purchased the affected product are urged not to consume it under any circumstances or feed it to a child. Officials advised setting the item away from other food, ideally while wearing gloves, and washing hands thoroughly before handling anything else.

CINNAMON POWDER RECALLED ACROSS 14 STATES OVER POTENTIAL ‘ELEVATED LEVELS OF LEAD’

HiPP added that refunds may be issued at their retail partners — Spar, Eurospar, Interspar and Maximarkt — even without a receipt.

Authorities said rat poisons contain various active ingredients, including bromadiolone, which inhibits the effects of vitamin K, a key component in blood clotting. 

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Possible consequences include bleeding from the gums, nosebleeds, bruising and blood in the stool. Symptoms may appear with a delay of two to five days after ingestion.

Officials said consumers who experience extreme weakness or paleness should seek medical attention immediately. With appropriate treatment, particularly the administration of vitamin K, the poisoning is considered treatable.

https://www.foxbusiness.com/lifestyle/popular-baby-food-brand-hit-criminal-act-rat-poison-found-seized-jar