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

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

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

For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with:

• Bloomberg News Senior Executive Editor for Global Technology Tom Giles
• Bloomberg Intelligence Global Tech Research Head Mandeep Singh

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US President Donald Trump said he’s not likely to extend the two-week ceasefire with Iran, increasing the urgency for negotiators to conclude a deal to end the war.

Trump said in a Monday phone interview that the truce, which he announced April 7, expires on “Wednesday evening Washington time” — possibly buying more time for negotiations. But the president also said it’s “highly unlikely that I’d extend it” if no deal is reached before then.

“I’m not going to be rushed into making a bad deal. We’ve got all the time in the world,” the president said.In the interview, Trump reiterated that the Strait of Hormuz would stay blockaded for now, saying “the Iranians desperately want it opened. I’m not opening it until a deal is signed.” Iran previously said it would open the critical waterway for energy supplies to international shipping, but reversed that decision in light of Trump’s refusal to follow suit.

Details about the next negotiating session, expected to take place in Pakistan, started to came into focus on Monday. Iran is also sending a team, according to people familiar with the plans who declined to be identified, although it is not clear who would lead the delegation. Earlier, Tehran said it was hesitant to participate in further peace talks with the US.
Today's show features:

• Jeff Mason, Bloomberg News Washington and White Correspondent on his conversation with President Trump & Stuart Paul, Bloomberg Economics US and Canada Economist to Preview Kevin Warsh Hearing
• Rich Weiss, American Century Investments Chief Investment Officer of Multi-Asset Strategies
• Dina Bass, Bloomberg News AI Infrastructure Reporter on Google Bets on New AI Chips
• Kabir Nath, CEO at Compass Pathways, on President Trump Signs EO to Ease Psychedelic-tied Therapies Access

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The consumer price index has risen quickly since early 2020, with some categories seeing steeper price increases, making it hard for consumers to avoid feeling swindled. Quince, an online retailer, has found success by selling low-cost "luxury" goods, cutting out middlemen, and using data analysis and close relationships with manufacturers to keep prices low.

Amanda Mull, Bloomberg Businessweek Senior Reporter writes how Quince's approach to logistics, shipping merchandise directly from manufacturers to customers, has enabled the company to undercut competitors' prices and achieve efficiency unheard of among large apparel retailers.

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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."
Hosted by Carol Massar and Tim Stenovec

Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.

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President Donald Trump said Iran agreed to suspend its nuclear program indefinitely, and will not receive any frozen funds from the US.Trump said in a phone interview on Friday that a deal to end the war, which the US and Israel began with Iran in late February, is mostly complete. Talks over a lasting agreement will “probably” be held this weekend, the president said.

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

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

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

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

Today's show features:

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

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The people, companies and trends shaping the global economy.

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Carol and Tim speak with Dr. Bea Bakshi, co-founder and CEO of C the Signs, an early cancer detection platform that uses AI as part of our weekly women's health segment.

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Charles Schwab is likely to launch prediction markets linked to financial events as competitors including Robinhood Markets Inc. expand their presence in the space.Schwab is “taking a hard look” at prediction markets, Chief Executive Officer Rick Wurster said on a conference call Thursday, but would stay away from allowing customers to place wagers on sports or pop culture given the firm’s focus on building clients’ long-term wealth.

“Prediction markets that are not aligned to that are not something we want to pursue,” Wurster said on the call with analysts to discuss first-quarter results.

Retail investors can already access prediction markets via a number of platforms, including Robinhood, Kalshi, Polymarket and Interactive Brokers Group. The majority of event-based wagering centers around sports, which Wurster said Schwab won’t offer.

This episode features:

• Schwab CEO Rick Wurster on earnings, prediction markets, financial sector health
• Verena Ross, European Securities and Market Authorities Chair
• Margi Murphy, Bloomberg News Cyber Reporter on Anthropic's race to assess the dangers of its new AI-model Mythos
• Eric Clark, Accuvest Global Advisors CIO and LOGO ETF Portfolio Manager

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There are many different narratives around travel uncertainty and issues, stretching from TSA staffing to storms to the war in Iran and its impact on the airline industry. Many of them are false or at least as it relates to business travel. Navan's agentic-AI tools, which ease the customer experience and can deliver up to 15% median savings on travel budgets, should continue to disrupt legacy providers in the corporate-booking space -- as evidenced by the company turning free-cash-flow positive on the back of 4Q's 42% gross bookings volume growth. Management noted no current impact on the business from the geopolitical environment or TSA disruptions.

Ariel Cohen is CEO at Navan. He discusses the data into the health of the corporate traveler.

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