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Welcome to Read Sunday, your essential source for a concise and impactful weekly Business & Finance recap. Dive into the pivotal market highlights from the week, distilled for your convenience, and stay tuned for the thought-provoking editor's piece that rounds off your Sunday with insightful perspectives.

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Market Recap

Last Week’s Headlines

Economy & World News

• Trump Targets Venezuelan Oil Trade with New Tariff Threat
  Starting April 2, countries buying oil and gas from Venezuela will face a 25% U.S. trade tariff, while the Treasury Department extended Chevron’s license to operate in the country until May 27.

• FBI Launches Task Force to Investigate Tesla Attacks
  Following the discovery of incendiary devices at a Tesla showroom in Austin, the FBI formed a new task force to address a rise in vandalism, arson, and protests targeting the Elon Musk-led EV company.

• U.S. Announces Black Sea Ceasefire Deal Between Russia and Ukraine
  Following talks in Saudi Arabia, the U.S. said Russia and Ukraine agreed to a ceasefire ensuring safe navigation in the Black Sea, with additional U.S. support to restore Russia’s agricultural trade access—though the Kremlin insists any participation hinges on sanctions relief.

• U.K. Inflation Dips to 2.8% in February, Below Expectations
  Headline inflation fell slightly below forecasts, while core inflation eased to 3.5%, with the largest downward pressure coming from clothing prices, according to the Office for National Statistics.

• Russia Orders Explosives Chemicals Through Sanctions-Loophole Fertilizer Firms
  Russia is sourcing nitric acid and other explosive ingredients from fertilizer giants EuroChem and UralChem, whose products have largely avoided Western sanctions due to their role in global food supply chains—helping sustain the country’s military operations despite economic restrictions.

• Trump Unveils 25% Tariff on Foreign Cars and Auto Parts Ahead of 'Liberation Day'
  President Trump announced sweeping 25% tariffs on foreign-made cars and auto parts, sparking global backlash and market jitters, while USMCA-compliant imports will get temporary exemptions until a final process is outlined by the Commerce Department.

• Massive Earthquake Strikes Central Myanmar, Killing Over 1,600
  A magnitude-7.7 earthquake hit near Sagaing and Mandalay, followed by a strong 6.4 aftershock, causing widespread devastation and leaving over 1,600 dead and 3,000 injured, with tremors felt as far as Thailand and southwest China.

• Key Fed Inflation Gauge Rises More Than Expected in February
  The core PCE index rose 0.4% month-over-month, pushing annual inflation to 2.8%, while consumer spending and personal income climbed 0.4% and 0.8% respectively—signaling persistent inflationary pressure despite mixed forecasts.

• Trump Commutes Ozy Media Founder Carlos Watson’s Prison Sentence
  Just hours before he was set to report to prison, President Trump commuted Carlos Watson’s 116-month fraud sentence, along with Ozy Media’s probation, marking another high-profile clemency move following his pardon of Nikola founder Trevor Milton.

Public Markets

• HSBC May Outsource Trading to Cut Tech Costs
  HSBC is exploring outsourcing parts of its fixed income trading to an external market maker in a move to save millions in IT spending and keep pace with larger rivals.

• Boeing Seeks to Withdraw Guilty Plea in 737 MAX Case
  Boeing is negotiating with the Trump administration’s Justice Department to rescind or revise its guilty plea tied to the deadly 737 MAX crashes, aiming for more lenient treatment after a judge rejected the previous plea deal last year.

• Google Considered Replacing Search Links with a Chatbot in 2021
  In 2021, Google’s web search team pitched a plan to introduce an AI chatbot on the search results page to answer questions directly—aligning with CEO Sundar Pichai’s long-term vision of rebuilding Google around artificial intelligence.

• Samsung Co-CEO Han Jong-hee Dies at 63
  Following Han Jong-hee’s sudden passing from a heart attack, Samsung announced that Jun Young-hyun will take over as sole CEO, just months after his co-CEO appointment in November.

• Shell Plans LNG Expansion to Boost Investor Returns
  Shell aims to grow liquefied natural gas (LNG) sales by 4–5% annually through 2030, returning up to 50% of its cash from operations to shareholders—primarily via buybacks—as part of its long-term post-restructuring strategy.

• Tesla’s European Sales Plunge Amid Rising Backlash and Competition
  Tesla’s EV sales in Europe dropped 49% year-over-year, despite overall market growth, as criticism mounts over Elon Musk’s political ties and the company faces stiff competition from fast-growing rivals like BYD, which just reported record revenue and unveiled ultra-fast charging tech.

• Qualcomm Accuses Arm of Anticompetitive Practices in Global Push
  Qualcomm has filed complaints with regulators across the U.S., Europe, and South Korea, alleging that Arm is restricting access to its chip technology and undermining competition after decades of operating an open network.

• Tesla to Begin Sales in Saudi Arabia, Ending Years-Long Rift
  Tesla will launch in Saudi Arabia next month, marking a thaw in tensions between Elon Musk and the kingdom that began in 2018; the move gives the EV maker access to the Gulf region’s largest market, where EV adoption remains low but growth potential is high.

• EU Rejects Eli Lilly’s Alzheimer’s Drug Over Safety Concerns
  The EU medicines regulator rejected Eli Lilly’s Kisunla, citing that its modest cognitive benefits don't outweigh the risk of serious brain swelling—giving rival Leqembi from Eisai and Biogen a potential edge in becoming the EU’s first approved Alzheimer’s treatment.

• Trump Pardons Nikola Founder Trevor Milton After Fraud Conviction
  Trevor Milton, convicted in 2022 for defrauding investors about Nikola’s technology, has been pardoned by President Trump, despite the EV truck maker’s recent Chapter 11 bankruptcy filing and his pending appeal.

• Charlie Javice Found Guilty of Defrauding JPMorgan in $175M Frank Deal
  A jury convicted Charlie Javice and co-executive Olivier Amar on multiple fraud charges for misleading JPMorgan about Frank’s user base, claiming 4 million users when there were only about 300,000—potentially facing decades in prison.

Real Estate & Private Equity

•  Private Equity Pushes for Bigger Role in 401(k) Plans
  Just days before Trump’s second inauguration, over 30 major firms—including Blackstone, UBS, and Neuberger Berman—met to push for private equity’s inclusion in retirement default portfolios, arguing that fiduciaries must consider alternatives to properly serve savers.

• Blackstone Acquires 22% Stake in AGS Airports for £235M
  Blackstone’s infrastructure strategy is investing in UK-based AGS Airports, acquiring a 22% minority stake from AviAlliance to support growth in travel and tourism, alongside PSP Investments and majority-holder AviAlliance.

M&A, IPO’s, Bankruptcies

• Anne Wojcicki Tries to Save 23andMe as Company Files for Bankruptcy
  After burning over $1 billion, laying off half its staff, and losing board support, 23andMe filed for bankruptcy protection—but co-founder Anne Wojcicki isn’t giving up, vowing to buy it back despite losing control of her supervoting shares and watching earlier bids get rejected.

• Elliott Sues Phillips 66 Over Board Seats, Demands Governance Reform
  Activist investor Elliott Investment Management filed a lawsuit against Phillips 66 to ensure four board seats are up for election at the next shareholder meeting, accusing the refiner of defensive tactics and pushing for operational changes including a potential midstream spinoff to unlock value.

  • Phillips 66 Nominates New Directors as Proxy Battle with Elliott Escalates
    Phillips 66 named two new board nominees amid a heated proxy fight with Elliott Investment Management, which is pushing for greater board control and a potential $40B midstream spinoff; the refiner also urged shareholders to approve declassifying its board.

• Dollar Tree Sells Family Dollar for $1B in Turnaround Move
  Dollar Tree is offloading Family Dollar to private equity firms Brigade and Macellum Capital for roughly $1 billion, nearly a decade after acquiring it for $9B, as part of a broader strategy to streamline operations and unlock value under new leadership.

• OpenAI Nears Record-Breaking $40B Funding Round Led by SoftBank
  OpenAI is close to securing a $40 billion raise—the largest funding round ever, valuing the company at $300 billion, with SoftBank, Magnetar Capital, Coatue, Founders Fund, and others in talks to participate.

• CoreWeave IPO Disappoints as Shares Debut Below Expectations
  CoreWeave’s IPO priced well below its target range, marking a lukewarm reception for the first billion-dollar venture-backed IPO since 2021 and raising concerns among tech investors about market appetite.

• Elon Musk Merges xAI and X in $110B Deal
  Musk announced xAI will acquire X, valuing the companies at $80 billion and $30 billion respectively, further integrating his AI and social media ventures under one unified entity.

Earnings this week

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