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SpaceX's board approved a compensation plan for Elon Musk tied to ambitious goals including establishing a Mars colony with 1 million people and building space-based data centers. The package offers up to 200 million super-voting shares if SpaceX reaches a $7.5 trillion valuation with the Mars milestone, plus 60.4 million shares for achieving 100 terawatts of compute capacity in space data centers. Corporate governance experts say this creates competition between SpaceX and Tesla for Musk's attention and represents unprecedented performance metrics in executive compensation.

• Musk receives no compensation unless specific milestones are achieved: 1 million people living on Mars for the largest award, and space data centers providing 100 terawatts of compute capacity (equivalent to 100,000 nuclear reactors) for the secondary award
• SpaceX is planning an IPO around June 28, 2026, potentially valuing the company at $1.75 trillion, while the Mars-linked compensation requires a $7.5 trillion market cap
• Compensation experts note this creates direct competition between SpaceX and Tesla for Musk's focus, as Tesla's board previously argued it needed generous pay to keep Musk engaged with that company

Smithfield Foods exceeded Wall Street estimates for first-quarter sales and profit, driven by strong demand for packaged meat products like bacon, ham, and sausages. The company maintained its annual forecast despite inflation concerns, benefiting from consumers cooking more at home to reduce food costs and from its mix of premium and private-label products.

• First-quarter sales reached $3.80 billion, beating analyst estimates of $3.70 billion, with packaged meats segment sales up 6.2% year-over-year
• Private-label products accounted for roughly 40% of Smithfield's retail sales in the last fiscal year, helping retain budget-conscious shoppers
• The company expects fiscal 2026 sales to grow in the low-single-digits range with adjusted operating profit between $1.33 billion and $1.48 billion

Saudi Arabia is expected to significantly reduce its official crude selling prices (OSP) to Asia for June by $5 to $12 per barrel from record May levels, following a sharp cooling in spot market premiums and demand. The anticipated price cuts come after weeks of supply disruptions from the U.S.-Israeli war on Iran, which initially drove prices to historic highs before weakening as panic buying subsided and alternative supplies became available.

• Arab Light crude June OSP may fall to $7.50-$14.50 per barrel above Dubai/Oman averages, down from May's record high of $19.50 premium
• Dubai spot premiums collapsed to $9.17 from a historical high of over $60 in March, with April averaging $15.22 versus March's $38.30 average
• Chinese refiners, Saudi Arabia's top buyers, planned to purchase only 20 million barrels in May (a record low) after the May price hike, while facing weak margins from rising feedstock costs

Bayer shares fell as much as 6.5% on Tuesday after the U.S. Supreme Court appeared divided during arguments over the company's effort to shut down thousands of Roundup weedkiller lawsuits. The lawsuits accuse Bayer of failing to warn users that Roundup's active ingredient causes cancer. The stock was down 3.2% at 0731 GMT.

• Bayer shares dropped up to 6.5% following Supreme Court arguments, trading down 3.2% at 0731 GMT
• The case involves thousands of lawsuits alleging Bayer failed to warn that Roundup's active ingredient causes cancer
• The Supreme Court appeared split on the issue, creating uncertainty about the outcome of Bayer's legal defense

Barclays reported first-quarter profit of 2.8 billion pounds, meeting expectations, as strong investment banking trading revenue offset a 200 million pound provision for a single company exposure. The charge is linked to the February collapse of London-based lender MFS, where Barclays had 495 million pounds in exposure. The bank also announced a 500 million pound share buyback program.

• Investment bank income rose 4% year-over-year to 4 billion pounds, driven by robust trading performance
• The 200 million pound provision relates to exposure to MFS, a collapsed property-focused lender, raising concerns about due diligence and private credit market health
• Barclays announced a fresh 500 million pound share buyback despite the provisioning charge

BP reported first-quarter profit of $3.2 billion, exceeding analyst expectations of $2.63 billion, driven by surging oil and gas prices amid Middle East conflict disrupting the Strait of Hormuz. The International Energy Agency has called the disruption the biggest energy security threat in history, benefiting oil majors despite BP facing investor rebellions over climate and governance issues.

• BP's underlying replacement cost profit of $3.2 billion beat consensus estimates by over 20%, attributed to 'exceptional' oil trading and stronger midstream performance
• Severe disruptions through the Strait of Hormuz have been labeled the biggest energy security threat in history by the IEA, driving significant fuel price increases
• BP's board faced investor rebellion at its AGM, failing to secure majority support on climate-related resolutions and receiving weaker support for Chair Albert Manifold

Boehringer Ingelheim announced that its experimental obesity drug survodutide achieved an average weight loss of 16.6% in a Phase III trial after 76 weeks, compared to 3.2% for placebo. The unlisted German drugmaker is attempting to compete with obesity drug leaders Eli Lilly and Novo Nordisk. Boehringer acquired development rights from Denmark's Zealand Pharma in 2011, which will receive royalty payments on global revenue.

• Trial participants were obese or overweight adults without type 2 diabetes, treated over a 76-week period
• Survodutide is a dual-action drug that mimics both GLP-1 (like Novo's Wegovy) and glucagon hormones, a combination developers hope will enhance weight loss effectiveness
• Full Phase III study results (SYNCHRONIZE-1) will be presented at the American Diabetes Association's Scientific Sessions in June 2026

Swiss drugmaker Novartis reported first-quarter core operating profit below analyst expectations on Tuesday, primarily due to generic competition affecting sales of Entresto, its top-selling heart drug. The company's adjusted operating income of $4.9 billion fell short of the $5.1 billion analyst consensus.

• Core operating income reached $4.9 billion, missing analyst expectations of approximately $5.1 billion
• Generic competition for Entresto, the company's best-selling heart medication, was the primary driver of the profit decline
• The shortfall highlights growing pressure from generic competitors on Novartis's key revenue-generating products

Alphabet's Google has reportedly signed a contract with the U.S. Department of Defense to provide AI models for classified military work, according to The Information. Reuters could not immediately verify the report. The deal marks a significant development in the integration of commercial AI technology into sensitive government operations.

• The contract involves Google providing AI models specifically for classified Defense Department work
• The deal was reported by The Information citing a person familiar with the matter, though Reuters has not independently confirmed the agreement
• This represents a deepening relationship between major tech companies and the Pentagon for advanced AI capabilities

Australia announced a proposed 2.25% levy on local revenues of Meta, Google, and TikTok if they fail to negotiate payment deals with Australian news outlets. The tax would begin July 1, 2025, with proceeds directed to fund local journalism. This measure replaces 2021 laws requiring tech firms to pay for news content, which the government says are no longer effective.

• The levy would apply to platforms that don't strike deals with news organizations, with larger offsets provided for agreements with smaller outlets
• Funds collected would be distributed to news organizations based on the number of journalists they employ
• The proposal comes despite U.S. President Trump's opposition to digital services taxes on American tech companies and threats of retaliatory tariffs

Abu Dhabi National Oil Company (ADNOC) is planning to invest tens of billions of dollars to establish a natural gas business in the United States, according to a Financial Times report. This represents a major expansion effort by the state-owned energy company into the U.S. gas sector.

• The investment scale is described as 'tens of billions of dollars', indicating a substantial capital commitment to the U.S. market
• ADNOC's move signals growing Middle Eastern interest in expanding into U.S. energy infrastructure and natural gas operations
• The planned investment would establish a new natural gas business rather than expanding an existing U.S. presence

General Motors is scheduled to report first-quarter earnings on Tuesday morning, with Wall Street analysts forecasting modest declines from the prior year. Investors will focus on impacts from the Iran war, tariffs, and charges related to GM's pullback from all-electric vehicles. The company maintains 2026 full-year guidance of $11-$13 earnings per share.

• Analysts expect Q1 revenue of $43.68 billion, down roughly 1% year-over-year from $44.02 billion in Q1 2025
• Projected adjusted earnings per share represent a 5.8% decline compared to the prior year quarter
• GM's 2026 full-year guidance includes net income of $10.3-$11.7 billion and adjusted EBIT of $13-$15 billion, described as better than 2025 expectations

Foreign automakers have warned the Trump administration they may withdraw their cheapest car models from the U.S. market if the U.S.-Mexico-Canada Agreement (USMCA) is not renewed or is significantly weakened. The companies communicated to Trump's economic advisers that building and selling affordable cars would become economically unviable without the trade agreement's tariff reductions on North American-made vehicles and auto parts.

• Foreign carmakers say they cannot profitably build and sell cheaper vehicles in the U.S. without USMCA's tariff reductions on cars and auto parts made in North America
• The warnings were communicated directly to Trump administration economic advisers during ongoing trade agreement discussions
• The potential withdrawal of budget-friendly models could significantly impact U.S. consumers' access to affordable vehicles

The FDA's Center for Drug Evaluation and Research proposed withdrawing approval of Amgen's Tavneos, a drug for rare autoimmune diseases, due to lack of proven effectiveness and false statements in the original approval application. The move follows the agency's March identification of serious liver injury cases linked to the drug, including eight deaths.

• FDA cited lack of proven effectiveness and untrue statements in Amgen's application as reasons for the proposed withdrawal
• In March 2025, FDA identified cases of drug-induced liver injury with a causal link to Tavneos, including seven cases of vanishing bile duct syndrome (VBDS), a rare condition causing permanent liver damage
• Eight deaths were reported among the liver injury cases associated with the drug

Amazon signed a multi-year exclusive deal with Oprah Winfrey's Harpo Entertainment, giving its Wondery podcast unit distribution and advertising rights to 'The Oprah Podcast' in audio and video formats. The agreement also includes rights to Winfrey's other brands including 'The Oprah Winfrey Show' library, 'Oprah's Book Club,' and 'Oprah's Favorite Things.' This move strengthens Amazon's position in the competitive podcast market against rivals like Spotify and YouTube.

• The podcast will expand to two episodes weekly starting summer 2026 and will be distributed across Amazon's platforms including Prime Video and Amazon Music beginning in July, while remaining available on other platforms like YouTube.
• The deal extends beyond podcasting to include Winfrey's show library and brand franchises, creating cross-platform opportunities across Amazon's audio, video, retail, and advertising businesses.
• Amazon's Wondery unit is investing heavily in podcasts to compete in the increasingly lucrative on-demand audio and video market, with its slate including high-profile shows like 'New Heights with Jason and Travis Kelce.'

OpenAI and Microsoft announced a revamped partnership agreement on Monday that allows OpenAI to serve customers across any cloud provider, not just Microsoft's Azure. The new agreement includes a cap on revenue sharing between the two companies. The changes aim to simplify the partnership while providing OpenAI greater flexibility in cloud infrastructure deployment.

• OpenAI will now have the ability to deploy its services across multiple cloud providers rather than being limited to Microsoft's Azure platform
• The companies agreed to cap revenue sharing arrangements, though specific financial terms were not disclosed in the announcement
• OpenAI stated the amended agreement focuses on 'flexibility, certainty, and delivering the benefits of AI broadly' to customers

Spotify is partnering with Peloton to launch a global fitness content hub featuring over 1,400 Peloton classes for Premium users. This marks Spotify's first major push into wellness to boost engagement and unlock new revenue streams beyond music and podcasts, while Peloton aims to expand internationally and shift from hardware-centric to content distribution models.

• Over 150 million fitness playlists are already active on Spotify globally, with nearly 70% of Premium users working out monthly
• The partnership allows Peloton to reach hundreds of millions of Spotify Premium users without requiring equipment ownership or subscriptions
• Spotify is building a broader fitness creator ecosystem beyond Peloton, working with creators like Yoga With Kassandra and Chloe Ting who can monetize through the Spotify Partner Program

Thermo Fisher Scientific agreed to sell its microbiology business unit to pan-European private equity firm Astorg for approximately $1.08 billion. The deal structure includes cash and a $50 million seller note. The transaction represents a strategic divestiture for the life sciences company.

• Total transaction value is $1.08 billion, with $50 million in the form of a seller note and the remainder in cash
• Astorg, a pan-European private equity firm, is acquiring the microbiology division
• The sale allows Thermo Fisher to streamline operations and potentially focus on core business areas

Qualcomm shares surged 12% in premarket trading following reports of a partnership with OpenAI to develop AI-focused smartphone processing chips. The collaboration, which includes Taiwan's MediaTek and Chinese manufacturer Foxconn, aims to produce an AI agent-driven smartphone with mass production expected by 2028.

• OpenAI is developing a smartphone entirely run by AI agents, leveraging smartphones' unique ability to capture users' full real-time state for AI inference
• The partnership follows OpenAI's $6.4 billion acquisition of Jony Ive's design startup LoveFrom in equity last year, with new AI devices expected to be revealed within two years
• Qualcomm stock remains down 13% year-to-date despite the surge, as the company partners with MediaTek on chip development and Foxconn on manufacturing

Shell has agreed to acquire Canadian energy company ARC Resources in a deal valued at $16.4 billion, including debt. The acquisition was announced on April 27 and represents a significant expansion of Shell's operations in the Canadian energy sector.

• The total deal value is $16.4 billion, which includes the assumption of ARC Resources' debt obligations
• ARC Resources is a Canadian energy company being acquired by Shell, the major oil and gas multinational
• This acquisition marks a major consolidation move in the energy sector as Shell expands its North American portfolio