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Roche has received European CE mark approval for its second blood-based Alzheimer's test, the pTau217 test, developed in partnership with Eli Lilly. The test can both confirm and exclude Alzheimer's disease, improving upon the company's earlier pTau181 test, and will be available in CE-marked markets starting in July.

• The pTau217 test is validated for use in both primary and specialist care settings and has already received breakthrough device designation from the U.S. FDA
• Blood tests could accelerate diagnosis and expand access to Alzheimer's treatments like Leqembi and Kisunla, addressing current diagnostic methods that are often costly or invasive
• Approximately 75% of people living with dementia remain undiagnosed, highlighting the significant need for improved diagnostic tools

China's Jiangsu Hengrui Pharmaceuticals announced a global strategic collaboration and licensing agreement with Bristol Myers Squibb to jointly develop 13 early-stage programs in oncology, hematology, and immunology. The deal includes potential milestone payments of up to $15.2 billion, marking a significant cross-border pharmaceutical partnership.

• The collaboration covers 13 early-stage drug development programs focused on cancer, blood disorders, and immune system treatments
• Total potential milestone payments could reach $15.2 billion, representing one of the largest pharma deals between Chinese and U.S. companies
• The agreement grants Bristol Myers Squibb access to Jiangsu Hengrui's pipeline while expanding the Chinese drugmaker's global reach

China and the U.S. may reach a farm deal during the Xi-Trump summit this week, but the agreement is expected to focus on corn, sorghum, wheat, and meat rather than soybeans. China is unlikely to increase soybean purchases beyond its October commitment of 25 million metric tons annually through 2028, due to weak demand and cheaper Brazilian alternatives. China's reliance on U.S. soybeans has dropped from 41% in 2016 to just 15% in the most recent year.

• China bought $12 billion in U.S. soybeans in 2024 before Trump's return, compared to only $4.5 billion for corn, sorghum, wheat, beef and poultry combined
• Markets await clarity on how China will fulfill last year's 25 million ton annual soybean commitment through 2028, with uncertainty about whether targets apply to calendar or crop years
• More than 20 U.S. business leaders, including Cargill's chair, will join Trump on the trip as agriculture remains one of the less contentious areas in bilateral relations

OpenAI has capped its revenue-sharing payments to Microsoft at $38 billion, according to The Information. The report, citing a person familiar with the arrangement, highlights a significant limit on the financial relationship between the two companies. Reuters has not independently verified this information.

• The $38 billion cap represents a defined limit on how much OpenAI will pay Microsoft through their revenue-sharing agreement
• The Information reported this development based on a source with knowledge of the arrangement between the companies
• Reuters was unable to immediately verify the report independently

Oil prices rose on Tuesday after President Trump declared the U.S.-Iran ceasefire on 'life support' and rejected Tehran's latest peace proposal, signaling the Middle East conflict may continue. Brent crude gained 0.30% to $104.51 per barrel while WTI rose 0.31% to $98.40, with both benchmarks up over 40% since the war began on February 28.

• Trump called Iran's counterproposal 'garbage' and described the ceasefire as having 'approximately a 1% chance' of surviving, drastically reducing hopes for a diplomatic resolution
• Oil prices have surged more than 40% since the U.S. and Israeli-led war against Iran started on February 28, 2026
• Citi analysts warned that 'oil prices have been volatile and can rise further if US-Iran dealmaking remains thorny,' while Trump may seek China's help pressuring Iran during upcoming talks with President Xi

Brazilian state-run oil company Petrobras reported a first-quarter net profit of 32.66 billion reais ($6.68 billion), representing a 7.2% decline from the same period last year. The results fell short of market expectations, signaling challenges for the major Latin American energy producer.

• Q1 2024 net profit reached 32.66 billion reais ($6.68 billion), down 7.2% year-over-year
• The earnings missed analyst estimates, indicating weaker-than-expected performance
• Petrobras is Brazil's state-controlled oil firm and a major player in the global energy sector

LOT Polish Airlines is suing Boeing in U.S. District Court, alleging the aircraft manufacturer concealed safety problems with the 737 MAX during a 2016 sales campaign to avoid costly pilot training requirements. The airline claims Boeing's deception caused significant financial harm when the MAX was grounded worldwide in 2019 following two fatal crashes that killed 346 people. LOT is the first airline to take Boeing to trial over MAX-related damages, though Boeing has already paid billions in settlements to crash victims' families and other airlines.

• LOT alleges Boeing hid the MCAS flight-control system and its safety issues to avoid expensive simulator training requirements that would have hurt MAX sales competitiveness against Airbus A320 jets
• The MCAS system played a major role in two crashes (Lion Air in October 2018 and Ethiopian Airlines in March 2019) that killed 346 people and led to a 20-month global grounding of the 737 MAX
• Boeing counters that LOT's fraud claims lack credibility since the airline continues to operate 737 MAX aircraft daily after regulators approved design changes and additional pilot training

The Trump administration announced on Monday it will loan 53.3 million barrels of crude oil from the U.S. Strategic Petroleum Reserve to energy companies. This action is part of a global agreement aimed at stabilizing oil markets that have surged due to the U.S.-Israeli war with Iran.

• The loan represents 53.3 million barrels out of up to 92.5 million barrels the Department of Energy offered last month
• The release is intended to calm oil markets experiencing price spikes driven by geopolitical tensions from the U.S.-Israeli conflict with Iran
• The arrangement is structured as a loan to energy companies rather than an outright sale from the strategic reserve

Hims & Hers Health raised its 2026 revenue forecast to $2.8-$3 billion from a prior range of $2.7-$2.9 billion, driven by strong demand for personalized healthcare services. The increase follows a March partnership with Novo Nordisk to offer Wegovy on its platform, resolving a legal dispute over Hims' previous compounded weight-loss alternative.

• The company now projects 2026 annual revenue of $2.8-$3 billion, up from its previous forecast of $2.7-$2.9 billion
• Second-quarter revenue is expected at $680-$700 million, significantly above analyst estimates of $642.95 million
• Hims partnered with Novo Nordisk in March to offer Wegovy, ending litigation and discontinuing its low-cost compounded alternative to the blockbuster weight-loss drug

President Trump is set to sign executive orders on Monday to increase beef imports and support U.S. cattle herd renewal in response to high beef prices. The U.S. cattle herd has shrunk to its lowest level in 75 years, driving continued price increases. The orders will reportedly suspend tariff-rate quotas on beef imports and direct increased lending to ranchers while reducing wolf protections.

• The orders will temporarily suspend tariff-rate quotas on beef, allowing more imports at lower duty rates to address supply shortages
• The Small Business Administration will be directed to increase lending to ranchers to support herd rebuilding efforts
• Protections for gray and Mexican wolves under the Endangered Species Act will be reduced to limit predation on cattle herds

General Motors is laying off approximately 500 to 600 salaried IT employees as part of a cost-cutting initiative and workforce needs evaluation. The reductions, which began Monday, primarily affect workers in Austin, Texas, and Warren, Michigan. The automaker is aiming to eliminate redundancies in its information technology operations.

• The layoffs impact 500 to 600 salaried IT workers, concentrated in two locations: Austin, Texas, and Warren, Michigan
• Job cuts began on Monday as GM reevaluates workforce needs and seeks to reduce redundancies
• GM confirmed the reductions but declined to provide specific details about the scope or rationale of the layoffs

Texas Attorney General Ken Paxton filed a lawsuit against Netflix on Monday, alleging the streaming platform illegally collected consumer data without proper consent and intentionally designed its service to be addictive. The lawsuit targets Netflix's data collection practices and platform design strategies.

• The state accuses Netflix of 'spying on consumers' by gathering personal data without obtaining required consent
• Texas claims Netflix deliberately engineered its platform to be addictive to users
• The legal action was brought by Texas AG Ken Paxton, who has been actively pursuing consumer privacy and tech company cases

FCC Commissioner Anna Gomez accused the Trump administration of conducting a coordinated censorship campaign against Disney and ABC through regulatory actions. The allegations include an unusual early license review of eight ABC stations, triggered after a late-night comedian's joke drew White House criticism, and investigations into ABC programs under equal time rules. Gomez warned that Disney's $15 million settlement with Trump in 2024 has not protected the company from ongoing regulatory pressure.

• FCC Chairman Brendan Carr ordered an early review of Disney's eight ABC station licenses, not scheduled until October 2028, following White House calls to fire a late-night host over a joke
• The FCC is investigating ABC's 'The View' and 'Jimmy Kimmel Live!' under federal equal time rules, declaring TV talk shows are no longer exempt as 'bona fide' news programs
• Commissioner Gomez stated that ABC's $15 million settlement for Trump's presidential library 'only bought you time' and warned the 'price always goes up' when dealing with the administration

Papa John's International is testing drone deliveries in partnership with Alphabet's Wing in a Charlotte, North Carolina suburb starting May 11. The pilot program, limited to select sandwiches ordered through Wing's app near Sun Valley Commons mall, is part of Papa John's effort to catch up with competitors after executives acknowledged falling behind peers in technology adoption.

• Deliveries are restricted to customers near Sun Valley Commons shopping mall and only available for a few select sandwiches through Wing's app
• The initiative follows Papa John's April launch of an AI-powered chatbot for pizza orders as the chain works to modernize its technology
• Drone food delivery remains virtually non-existent in the U.S. due to regulatory restrictions, including line-of-sight requirements for operators, though similar tests by Chipotle and Dave's Hot Chicken have been announced

The White House has invited Tesla's Elon Musk, Apple's Tim Cook, and more than a dozen top corporate executives to join President Donald Trump on his state visit to China from May 13-15. The trip aims to facilitate business deals and purchase agreements between U.S. companies and Beijing during Trump's summit with Chinese President Xi Jinping.

• Major financial leaders joining include Goldman Sachs' David Solomon, Blackstone's Stephen Schwarzman, BlackRock's Larry Fink, Citigroup's Jane Fraser, and Meta's Dina Powell McCormick
• The delegation of over a dozen top executives is intended to help unlock business deals and purchase agreements with China
• This represents a high-level business diplomacy effort coinciding with Trump's official state visit to meet with Xi Jinping

Nvidia CEO Jensen Huang will not join President Trump's trip to China this week, as he was not invited by the White House. The administration is prioritizing agriculture and commercial aviation deals, including Boeing plane orders, for this visit. Other CEOs, including Citigroup's Jane Fraser and Qualcomm's Cristiano Amon, are expected to attend.

• Trump previously approved exports of Nvidia's H200 AI chips to China, but none have been sold yet due to difficulties with Chinese companies obtaining purchase permissions from their government
• The White House is focusing the China trip on agriculture and commercial aviation business opportunities rather than semiconductor technology
• Trump has developed a strong relationship with Huang since taking office, making the CEO's exclusion from the business delegation notable

Money transfer company Wise is moving its primary listing from London to Nasdaq on Monday, seeking deeper U.S. capital markets access and greater visibility. The fintech, which facilitated $243 billion in cross-border payments in its latest financial year (up 31%), cited America's more liquid markets and investor base as key drivers. The move represents another setback for London's efforts to retain major tech listings.

• Wise has applied for a U.S. trust bank charter and Fed master account to settle dollar payments directly with the Federal Reserve, potentially cutting costs and speeding transfers
• The company will maintain a secondary listing in London but establish its U.S. hub in Austin, Texas, where it already employs over 750 people
• The shift follows a broader trend of companies leaving London for better-performing markets, dealing another blow to Britain's attempts to revive its capital markets appeal

OpenAI announced the launch of OpenAI Deployment Company, a new unit with over $4 billion in initial investment to help organizations build and deploy AI systems. The venture, majority-owned by OpenAI, will acquire AI consulting firm Tomoro, bringing approximately 150 AI engineers and specialists. This move intensifies OpenAI's push into corporate markets as it competes with rival Anthropic's successful enterprise AI offerings.

• The new unit is backed by a multi-year partnership with 19 firms, led by TPG with Advent, Bain Capital, and Brookfield as co-lead founding partners
• Tomoro, formed in 2023 in alliance with OpenAI, serves major clients including Mattel, Red Bull, Tesco, and Virgin Atlantic
• OpenAI will embed specialized 'frontier AI deployment' engineers directly into client organizations to identify high-impact AI applications

SoftBank Group founder Masayoshi Son is in talks to announce a French AI data centre project and is considering investing up to $100 billion in France, according to Bloomberg News citing sources familiar with the matter. The potential investment would represent a major commitment to AI infrastructure in Europe.

• The investment under consideration could reach $100 billion, focused on AI data centre infrastructure in France
• SoftBank CEO Masayoshi Son has held discussions about unveiling the project, though no final commitment has been announced
• The move would mark a significant expansion of SoftBank's AI investments into European markets

Constellation Energy exceeded first-quarter profit expectations, reporting adjusted earnings of $2.74 per share driven by strong U.S. power demand and contributions from its recently acquired Calpine assets. The largest U.S. nuclear operator completed the Calpine acquisition in January, adding significant gas-fired generation capacity in key markets like Texas and California. U.S. power demand hit a second consecutive annual record in 2025 and is projected to continue rising through 2027.

• Quarterly operating revenue surged to $11.12 billion from $6.79 billion year-over-year, reflecting the impact of the Calpine acquisition
• The company achieved commercial operation of the 460-megawatt Pin Oak Creek natural gas plant in Texas on April 30
• Constellation agreed to divest $5 billion worth of PJM generation assets to LS Power in March as part of regulatory commitments tied to the Calpine deal