Read Sunday ☕️

Last Week’s Headlines

Economy & World News

• China's Export Surge Masks Weak Domestic Demand
  March saw a stronger-than-expected jump in Chinese exports as firms rushed to ship goods ahead of potential U.S. tariffs, while imports fell again, highlighting continued weakness in domestic consumption and raising doubts about meeting the government's 5% growth target.

• Harvard Rejects Trump Demands as DOE Freezes $2.3B in Funding
  The Department of Education froze $2.3 billion in federal funding to Harvard after the university pushed back against what it called violations of academic freedom tied to the Trump administration’s crackdown on alleged antisemitism linked to campus protests.

• Singapore Sets May 3 for Landmark General Election
  Singapore will hold its 14th general election on May 3, marking Prime Minister Lawrence Wong’s first at the helm, as the People’s Action Party seeks to maintain its dominance after securing 61.24% of votes and 83 of 93 seats in 2020.

• U.S. Blocks G-7 Statement on Deadly Russian Attack to Preserve Peace Talks
  Following Russia’s Palm Sunday missile strike on Sumy, which killed at least 35 people, the U.S. declined to endorse a G-7 condemnation in order to maintain diplomatic channels with Moscow, complicating efforts led by Canada’s G-7 presidency to issue a unified response.

• China Halts Boeing Jet Deliveries Amid Escalating Trade War
  In response to Trump’s steep tariffs on Chinese goods, Beijing has blocked further Boeing jet deliveries and ordered airlines to stop buying U.S. aircraft parts, as retaliatory tariffs of up to 125% make American aviation imports economically unviable.

• Russia Seeks Boeing Jets Using Frozen Funds If Ukraine Ceasefire Reached
  Moscow has asked to buy Boeing aircraft using frozen state assets—but only after a Ukraine ceasefire, potentially as part of a broader sanctions-easing deal, though U.S. officials insist no economic talks will proceed without peace.

• China’s Economy Surges Past Expectations in Q1
  Fueled by broad policy stimulus, China’s Q1 GDP grew 5.1% year over year, while retail sales and industrial output beat forecasts with gains of 5.9% and 7.7%, respectively, as urban unemployment dipped to 5.2%.

• U.K. Inflation Slows to 2.6% in March, Below Expectations
  Annual inflation in the U.K. eased to 2.6%, down from 2.8% in February and below forecasts of 2.7%, signaling a continued cooling in price pressures, according to the Office for National Statistics.

• ECB Cuts Rates Amid Trade Turmoil, Trump Pressures Fed to Follow
  The European Central Bank slashed its key rate to 2.25%, citing global trade tensions and weakening growth, widening the rate gap with the U.S. to over 2 percentage points—as Trump blasts Fed Chair Powell for not acting swiftly and demands immediate cuts.

Public Markets

• Pfizer Halts Daily Weight Loss Pill After Liver Injury in Trial
  Pfizer has ended development of danuglipron, its experimental oral GLP-1 weight loss drug, after a trial participant showed signs of potential liver damage—the latest setback in its effort to compete in the booming anti-obesity drug market.

• BP Strikes Oil in Gulf of Mexico Amid Upstream Growth Push
  BP has made a potentially commercial oil discovery at its Far South prospect in the Gulf of Mexico, reinforcing its reset strategy to grow upstream output to as much as 2.5 million barrels per day by 2030 through aggressive exploration drilling.

• Hermès to Raise U.S. Prices Amid Tariff Threats and Slowing Demand
  Luxury powerhouse Hermès plans to increase U.S. prices to offset potential impacts from Trump-era tariffs, as the company braces for rising trade tensions and reports sluggish sales growth in both the U.S. and China.

• Nvidia Hit With $5.5B Charge Over China AI Chip Export Limits
  Nvidia will take a $5.5 billion quarterly charge related to halted H20 GPU exports to China, as U.S. export restrictions on advanced AI chips tighten under the Biden administration, sending the stock down nearly 5% in after-hours trading.

• Harley-Davidson Faces Boardroom Battle as Major Shareholder Calls for CEO Ouster
  H Partners, holding a 9% stake in Harley-Davidson, is pushing to remove key board members and immediately replace CEO Jochen Zeitz, citing failed strategic goals and declining sales, as tensions rise ahead of the company’s mid-May annual meeting.

• Meta Faces FTC in Landmark Antitrust Trial Over Instagram and WhatsApp
  The FTC has launched a high-stakes trial against Meta, aiming to force the breakup of its Instagram and WhatsApp acquisitions by arguing the company maintains an illegal social media monopoly, while Meta defends itself by pointing to active competition from platforms like TikTok and YouTube.

• TSMC Posts 60% Profit Surge Despite Trade Headwinds
  TSMC's Q1 net income jumped 60.3% to NT$361.56 billion, with revenue up 41.6%, even as it faces pressure from Trump-era trade tariffs on Taiwan and tighter export controls affecting key clients like Nvidia and AMD.

• UnitedHealth Plunges 22% After Earnings Miss, Slashed 2025 Outlook
  UnitedHealth shares tumbled over 22% after missing Q1 estimates and cutting its full-year earnings guidance by more than $3 per share, citing unexpectedly high Medicare costs driven by increased outpatient care—an industry-wide issue that has now hit the sector’s largest player.

• Netflix Tops Q1 Estimates, Shifts Focus Away from Subscriber Counts
  Netflix beat earnings expectations with 13% revenue growth to $10.54 billion in Q1 2025, marking its first report without subscriber figures as it pivots to emphasizing financial performance over user growth.

Real Estate & Private Equity

•  Lazard Hires Ex-Rep. Patrick McHenry to Navigate Trump-Era Policy Shifts
  In a bid to bolster political insight for clients, Lazard has tapped former House Financial Services Chair Patrick McHenry as a senior adviser, joining a trend among Wall Street firms adding seasoned political veterans to navigate a shifting regulatory landscape.

• Renaissance Center Tower 600 Sold for $9.2M, High-End Condos Planned
  Dr. Mahmoud Al-Hadidi’s Stockbridge Enterprises has acquired Tower 600 of Detroit’s Renaissance Center for $9.2 million, with plans to convert part of the 334,000-square-foot building into luxury condos while retaining office space, signaling a long-term commitment to downtown revitalization.

M&A, IPO’s, Bankruptcies

• Intel Sells Majority Stake in Altera to Silver Lake for $8.75B
  Intel is spinning off its programmable chip unit Altera, selling a 51% stake to Silver Lake in a deal valuing the business at $8.75 billion—nearly half of what Intel paid in 2015—as it sharpens focus on core operations and receives $3.4 billion in cash.

• Lyft Expands to Europe with $198M FreeNow Acquisition
  In a move that nearly doubles its addressable market, Lyft is acquiring FreeNow for €175 million, gaining access to 150+ cities across nine European countries as it looks to counter Uber’s dominance and grow beyond North America.

• Bill Ackman Reveals 20% Hertz Stake, Citing Tariffs and Turnaround Potential
  Bill Ackman’s Pershing Square now holds a 19.8% stake in Hertz, betting on industry consolidation, a rising used car market amid tariffs, and an operational turnaround—with Ackman teasing a potential Uber partnership and valuing Hertz’s fleet gains as transformational for shareholders.

• Global Payments to Acquire Worldpay in $24.25B Deal, Refocuses on Merchant Solutions
  Global Payments is acquiring Worldpay in a $24.25 billion transaction involving Fidelity National and GTCR, while divesting its Issuer Solutions unit for $13.5 billion—a move to become a pure-play global commerce provider serving over 6 million customers across 175+ countries.

• Capital One-Discover Merger Approved, Creating Largest U.S. Credit Card Lender
  U.S. regulators have approved Capital One’s $35 billion acquisition of Discover, clearing the way for the creation of America’s largest credit-card issuer by loan volume, after the DOJ opted not to challenge the deal on antitrust grounds.

• Elliott Takes $1.5B Stake in HPE, Eyes Value Boost
  Elliott Investment Management has acquired a $1.5 billion position in Hewlett Packard Enterprise, becoming a top-five shareholder with plans to engage the company on value creation, as shares surged over 5% on the news despite being down 39% from their peak.