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TotalEnergies reported damage to one of SATORP refinery's processing trains in Saudi Arabia following incidents that occurred Tuesday night into Wednesday. The attacks on Saudi energy facilities have reduced the country's oil production capacity by approximately 600,000 barrels per day and cut throughput along the East-West Pipeline by about 700,000 bpd.

• The SATORP refinery in Jubail processes 465,000 barrels of crude oil daily and is jointly owned by Saudi Aramco (62.5%) and TotalEnergies (37.5%)
• The East-West Pipeline, reportedly attacked by Iran after a ceasefire agreement, is currently Saudi Arabia's only available export route for crude oil
• TotalEnergies shut down affected units as a safety precaution and is assessing operational consequences, with no casualties reported

China's National Medical Products Administration has approved Amgen's lung cancer drug tarlatamab for treating extensive-stage small cell lung cancer that has progressed despite chemotherapy. BeOne Medicines, Amgen's development and commercialization partner in China, announced the approval. The drug is a bispecific antibody immunotherapy that helps the immune system target cancer cells.

• Tarlatamab targets hard-to-treat small cell lung cancer in adults at the extensive stage after chemotherapy failure
• Wall Street analysts estimate the drug could generate over $2 billion in annual sales for Amgen
• Launch date and pricing for the Chinese market have not been disclosed by Amgen or Hong Kong-listed partner BeOne Medicines

Lufthansa faced significant flight disruptions on April 10, 2026, as cabin crew union UFO conducted a one-day strike affecting operations at Frankfurt and Munich hubs. The strike, the airline's third work stoppage in two months, stemmed from unresolved negotiations over working conditions for 19,000 cabin crew and redundancy terms for 800 Cityline staff.

• Approximately 580 flights were cancelled at Frankfurt Airport alone, impacting roughly 72,000 passengers out of 155,000 expected travelers that day
• The strike ran from 12:01 a.m. to 10 p.m. local time, affecting all Lufthansa departures from major hubs and nine other German airports where Cityline operates
• Lufthansa's airline brand chief called the strike 'completely disproportionate,' while UFO negotiator stated the escalation had been 'a long time coming' due to stalled talks over working conditions

SpaceX has begun installing equipment at its advanced chip packaging facility in Bastrop, Texas, aiming to start production by year-end despite some delays. The facility will package radio frequency (RF) chips used in Starlink satellite internet products, bringing this process in-house from external providers. This is part of a broader $280 million expansion over three years to produce Starlink components.

• The Bastrop facility will package RF chips for Starlink products in-house, shifting from current external packaging providers
• Texas Governor Greg Abbott announced the facility will expand by 1 million square feet over three years at a cost exceeding $280 million
• The production timeline has experienced delays, but SpaceX still targets beginning operations before year-end 2026

Hyundai Motor America is recalling 294,128 vehicles in the United States due to a seat belt anchor defect that could cause the anchors to detach during use. The recall affects multiple models including the Ioniq 6, Genesis G90, Santa Fe, and Santa Fe Hybrid. The defect poses an increased injury risk in crashes as occupants may not be properly restrained.

• The recall covers four Hyundai and Genesis models: Ioniq 6, Genesis G90, Santa Fe, and Santa Fe Hybrid vehicles
• Detached seat belt anchors may fail to properly restrain occupants, increasing injury risk during crashes according to NHTSA
• Dealers will inspect all affected vehicles and either reinforce or replace the seat belt anchors as necessary

Porsche AG reported a 15% decline in global deliveries to 60,991 vehicles in Q1 2026, driven by a 21% drop in China and a 10% decrease in North America. The German automaker faces intensified competition from Chinese brands and reduced U.S. electric vehicle tax incentives, prompting new CEO Michael Leiters to implement cost-cutting measures and model strategy adjustments.

• China deliveries plunged 21% due to fierce competition on pricing and technology from local brands, undermining what was once a major growth market for the Stuttgart-based carmaker
• North American deliveries fell 10%, partly attributed to the discontinuation of U.S. tax incentives for electric vehicles
• Porsche pivoted back to combustion engines and delayed EV launches in 2025 at a cost of 1.8 billion euros ($2.1 billion) to earnings, while Germany remained the only growth market with a 4% increase

Taiwan Semiconductor Manufacturing Company (TSMC), the world's largest contract chipmaker, reported first-quarter revenue of T$1.134 trillion ($35.71 billion), surpassing analyst expectations and marking a 35% year-over-year increase. The strong performance was driven by surging demand for artificial intelligence applications.

• Q1 revenue of T$1.134 trillion ($35.71 billion) exceeded the LSEG SmartEstimate of T$1.125 trillion from 20 analysts
• Revenue surged 35% compared to the same period last year, fueled by growing AI application demand
• TSMC serves as a major supplier to tech giants including Nvidia and Apple

A Chicago jury ordered Abbott Laboratories to pay $53 million in compensatory damages to families who claim the company failed to warn that its premature infant formula can cause necrotizing enterocolitis (NEC), a potentially deadly bowel disease. The verdict affects four consolidated family lawsuits, with punitive damages still to be determined. This is part of nearly 1,000 pending lawsuits against Abbott and competitor Mead Johnson over their specialized cow's milk-based formulas for preterm infants.

• NEC is a bowel disease affecting premature newborns with a mortality rate exceeding 20%; the four children in this case, born between 2012-2019, survived but require ongoing medical care and three needed surgery
• Trial results have been mixed: previous juries awarded significant damages in Illinois and Missouri cases (both appealed), while defendants won one Missouri trial and several cases were dismissed in federal court
• Nearly 1,000 lawsuits target Abbott (Similac) and Mead Johnson/Reckitt (Enfamil) over specialized hospital formulas, with over 700 centralized in Illinois federal court; a 2024 NIH report suggested NEC is associated with absence of breast milk rather than formula exposure

The Senate confirmation hearing for Federal Reserve chair nominee Kevin Warsh has been delayed from its planned April 16 date due to incomplete paperwork submission. The Senate Banking Committee has not received required documents, including financial disclosures, with enough advance notice to schedule the hearing. This delay threatens the Trump administration's goal of installing Warsh before current Chair Jerome Powell's term ends on May 15.

• Warsh's financial disclosures may be complex, as he is married to Estee Lauder heir Jane Lauder (estimated worth $1.9 billion) and previously disclosed nearly 1,200 assets in 2006
• Senator Thom Tillis (R-NC) is blocking confirmation until the DOJ drops a criminal probe into Powell, creating uncertainty about Warsh's path forward even after a hearing occurs
• Warsh has spent 15 years working for investor Stanley Druckenmiller's family office, leading venture investments in tech firms including Palantir

Fast Retailing, parent company of Uniqlo, saw shares surge over 9% to a record high after raising its full-year operating profit forecast to 700 billion yen ($4.4 billion) from 650 billion yen. The upgrade follows strong first-half results driven by robust international growth, particularly in Greater China, Southeast Asia, and Western markets.

• First-half revenue rose 14.8% year-over-year to 2.06 trillion yen, while operating profit jumped 31.7% to 400.6 billion yen for the six months ended February 28, 2026
• Uniqlo International led performance with revenue surging 22.4% and profit rising 37.4%, supported by strong sales across Greater China, Southeast Asia, and Western markets
• CEO Tadashi Yanai signaled 'significant growth ahead,' indicating the company sees a prolonged runway for continued expansion

SpaceX reportedly posted a loss of nearly $5 billion in 2025 on revenue of more than $18.5 billion, according to The Information. The loss includes Musk's AI startup xAI, which SpaceX acquired in February. This represents a significant reversal from 2024 when the company generated $8 billion in profit on $15-16 billion in revenue.

• The $5 billion loss contrasts sharply with approximately $8 billion in profit reported for 2024 on revenue of $15-16 billion
• The reported loss includes xAI, Musk's artificial intelligence startup that SpaceX acquired in February 2025
• SpaceX confidentially filed for a U.S. public listing in March seeking a valuation of more than $1.75 trillion despite the significant losses

Anthropic is exploring designing its own AI chips to address shortages affecting AI development, though plans remain in early stages and the company may ultimately decide to continue only purchasing chips. The move mirrors similar efforts by Meta and OpenAI as demand for Anthropic's Claude AI model drives run-rate revenue to over $30 billion in 2026, up from $9 billion at end of 2025.

• Anthropic's run-rate revenue has surged to over $30 billion in 2026, more than tripling from approximately $9 billion at the end of 2025, driven by accelerating demand for its Claude AI model
• The company recently signed a long-term deal with Google and Broadcom for tensor processing units (TPUs), building on a $50 billion commitment to strengthen U.S. computing infrastructure
• Designing an advanced AI chip costs roughly $500 million, requiring skilled engineers and extensive quality control in manufacturing, presenting a significant investment decision for the company

Iranian attacks on Saudi Arabia's critical oil infrastructure have severely disrupted the kingdom's production and export capabilities. The strikes damaged a key Red Sea pipeline and production facilities, reducing output by 1.3 million barrels per day total. This compounds the global oil supply crisis triggered by Iran's closure of the Strait of Hormuz, through which 20% of global oil supplies previously flowed.

• Attacks on Saudi's East-West pipeline to the Red Sea cut throughput by 700,000 barrels per day, crippling the main export route that bypasses the blocked Strait of Hormuz
• Strikes on Manifa and Khurais production facilities reduced Saudi output by an additional 600,000 bpd, with multiple refineries also damaged
• Gulf oil producers have shut down approximately 13 million bpd of production due to disruptions, with Iran now requiring permission for ships to pass through the strait despite a temporary U.S.-brokered ceasefire

Paramount Skydance has secured permanent financing and syndicated its bridge loan facility for its planned $111 billion acquisition of Warner Bros Discovery. The company reduced its debt commitments from $54 billion to $49 billion and established new financing arrangements with 18 banks. The deal, announced in February after a bidding war involving Netflix, is expected to close in the third quarter pending regulatory approval.

• Paramount secured $5 billion in senior term loan As and a new $5 billion revolving credit facility, while dropping a separate $3.5 billion credit facility
• The post-merger entity will have net debt of just under $80 billion, combining Paramount's $10.36 billion and Warner Bros' $29 billion in existing debt
• The financing package is expected to be one of the largest debt deals this year, with all loans backed by first-lien on assets of Paramount Global, Skydance Media, and Warner Bros post-merger

American Airlines plans to resume flights between Miami and Caracas by April 30, marking the end of a six-year suspension that began with a 2019 U.S. ban. The restart follows the U.S. Transportation Department's January decision to lift flight restrictions to Venezuela after President Trump's directive, and comes weeks after the U.S. military seized Venezuelan leader Nicolas Maduro.

• American will operate daily Miami-Caracas service using an Embraer 175 through its regional subsidiary Envoy, pending additional government approvals
• The Transportation Security Administration reviewed Caracas airport security procedures about a month ago, a necessary step for resuming operations
• The State Department downgraded Venezuela from 'Do Not Travel' to 'Reconsider Travel' status in March, though risks including crime, kidnapping, and poor health infrastructure remain

Sazerac, an alcoholic beverage maker, is exploring a potential deal with Brown-Forman, the owner of Jack Daniel's whiskey, according to a Wall Street Journal report. This development occurs as France's Pernod Ricard is simultaneously in talks with Brown-Forman over a possible merger that would combine the world's second-largest spirits maker with America's leading whiskey producer.

• Brown-Forman is simultaneously being pursued by both Sazerac and Pernod Ricard, potentially setting up a competitive bidding situation
• A Pernod Ricard-Brown-Forman merger would unite the world's second-largest spirits company with the dominant American whiskey producer
• Neither Brown-Forman nor Sazerac has commented on the reported talks as of the article's publication

Airbus delivered 60 aircraft in March, bringing first-quarter 2025 deliveries to 114 jets, down 16% from the same period last year. The decline is attributed to ongoing supply chain issues, including fuselage panel shortages and engine supply problems. Despite these challenges, Airbus maintains its target of delivering 870 aircraft for the full year 2025.

• First-quarter deliveries totaled 114 aircraft, a 16% decline year-over-year, hampered by supply chain disruptions affecting fuselage panels and engines
• Airbus delivered aircraft to Middle Eastern carriers including three jets to Emirates despite regional Gulf conflict disruptions
• The company secured 408 gross orders in Q1 2025 (398 net after cancellations) while targeting 870 total deliveries for the year

Kia announced plans to launch a midsize pickup truck in the U.S. market by 2030, including hybrid variants with at least one produced domestically. This move represents a major expansion into the lucrative American pickup segment, which accounts for roughly 20% of total U.S. vehicle demand. The South Korean automaker aims to grow its U.S. sales from 850,000 units in 2025 to 1.02 million vehicles by 2030.

• Kia targets selling 90,000 pickup trucks annually in North America and capturing 7% of the midsize pickup segment by 2034, competing against Toyota Tacoma, Ford Ranger, and GM's Colorado and Canyon models.
• The company plans to increase its U.S. market share from roughly 5% to 6.2% by 2030, with overall sales reaching 1.02 million vehicles as part of its global expansion strategy.
• At least one hybrid pickup variant is expected to be manufactured in the United States, aligning with Kia's broader push into hybrid and electric extended-range vehicles (EREVs).

C4 Therapeutics has entered a research and development partnership with Roche valued at over $1 billion to develop degrader-antibody conjugates (DACs), an emerging class of cancer therapies. This marks the third collaboration between the companies, extending a relationship that began in 2016.

• C4T will receive $20 million upfront for two programs, with potential for additional payments if Roche exercises an option for a third target
• C4T is eligible for over $1 billion in discovery, regulatory, and commercial milestone payments, plus tiered royalties on future sales
• Roche will handle all preclinical and clinical development as well as commercialization of the DAC candidates targeting undisclosed oncology targets

British Airways announced Thursday it will reduce flights to the Middle East and permanently drop Jeddah service due to heightened regional tensions from the U.S.-Israeli war against Iran, which has disrupted over 21,000 flights. The airline will redeploy aircraft to boost capacity on routes to India and Africa starting in May and July.

• BA will cut services to Dubai, Doha, and Tel Aviv to one daily flight from July 1, and reduce Riyadh flights from two to one daily from mid-May, while permanently ending Jeddah service
• The carrier will add daily flights to Bengaluru and Nairobi and increase capacity on Delhi and Hyderabad routes using freed-up aircraft
• Schedule changes run through the summer season ending October 24, following prolonged disruption that narrowed the flight corridor between Europe and Asia