Trump: No Truce Extension for Iran; Apple Announces New CEO

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1:44Bloomberg Audio Studios. Podcasts. Radio. News. Good morning, I'm Nathan Hager. And I'm Karen Moscow. Here are the stories we're following today. Karen, the ceasefire between the U.S. and Iran is set to run out tomorrow night, and President Trump is signaling he is not willing to extend it if the two sides can't reach a deal to end their war. President Trump spoke to Bloomberg White House correspondent Jeff Mason ahead of a second round of negotiations with Tehran. He's not ready to just agree to any deal, and he's not willing right now to give additional breathing room other than saying that the ceasefire expires on Wednesday night, Washington time, which is actually a day later than most people assumed.

2:33Bloomberg's Jeff Mason reports Vice President J.D. Vance is still expected to head to Islamabad later today to lead the second round of talks either tonight or tomorrow. But Bloomberg's Jumana Berset, she reports it's not clear who Vance's team will be talking to. We still don't know who exactly from the Iranian side is going to be participating, if indeed they will be participating at all. There have been numerous posts, various comments coming through from officials and Iranian leading negotiators, including the Speaker of the Parliament, Mohammed Galibaf himself, who said Trump seeks to turn negotiating table into surrender.

3:10We do not accept negotiations under the shadow of threats and have prepared new cards for the battlefield. This is echoed also by Iran's ambassador to Pakistan saying that they will not negotiate under threat. Bloomberg's Jumana Bersethi reports from Dubai that Iranian officials have not explicitly ruled out taking part in talks, but Iran's state-run television is denying unspecified media reports that a delegation has departed for or arrived in Pakistan for the negotiations. Well, Nathan, another developing story that we're following involves a changing of leadership at one of the world's biggest companies.

3:43After 15 years as CEO of Apple, longtime leader Tim Cook is being replaced by John Ternus in September. Cook will shift to the role of executive chairman, and Ternus has been the head of hardware engineering since 2021. Mark Gurman covers Apple for Bloomberg. Clearly, Ternus has been the guy for a while now. Obviously, he oversaw the MacBook Neo announcement at the beginning of March. They have been preparing him for this role for several months. Tim Cook asked him to take on responsibility over Apple's software and hardware design teams at the end of last year. If you look at Apple's executive team, Ternus, 50 years old, 15 years younger than Tim, the youngest member of the executive team by far.

4:24So they really had no other options. At the same time, Apple has been looking for a product-focused leader, and Ternus is prepared for that. And Bloomberg's Mark Gurman says the announcement comes just weeks after the company's 50th anniversary celebration. And shares of Apple, they're down six-tenths of a percent this morning. Look here in another tech giant, Amazon, is doubling down on artificial intelligence. The company's investing an additional$5 billion in Anthropic and may inject$20 billion more over time. Amazon was already one of Anthropic's biggest backers, with prior investments totaling$8 billion.

4:57Anthropic makes the Claude chatbot encoding tool. It plans to spend more than$100 billion over the next 10 years on Amazon's cloud technologies and chips. And checking shares of Amazon in the pre-market, they are higher by almost 3%. Nathan, Amazon founder Jeff Bezos is close to finalizing a$10 billion funding round for his AI startup that's developing models with the capability of understanding the physical world. The Financial Times reports the fresh funding values the company, codenamed Project Prometheus, at$38 billion. Paper says JP Morgan and BlackRock are among the investors in the new round.

5:34Some more tech news this morning. The information is reporting that Elon Musk increased his stake in SpaceX last year by buying$1.4 billion of stock from current and former employees. The report says a confidential IPO prospectus also reveals a plan to award Musk tens of millions of shares if SpaceX's market cap increases by trillions of dollars. Nathan, let's turn to the economy. Donald Trump's pick to be the next leader of the Federal Reserve may get a grilling. Kevin Warsh's hearing before the Senate Banking Committee takes place in Washington later today. And Bloomberg's Michael McKee has a preview.

6:09The president's Fed nominee has made it clear he wants to make big changes at the central bank. Today's hearing is his chance to explain how big and how fast he hopes to move. The most important question, who does Kevin Warsh think he's working for? How strong will Warsh be in defending Fed independence under a president who thinks he should be dictating monetary policy? So if Warsh thinks the Fed should be cutting interest rates, when does he think that should happen and by how much? Does it make sense while inflation is rising? Warsh also wants a smaller balance sheet. How does he get there?

6:43Does the Fed sell its mortgage bond holdings? He also wants to reform Fed communications, bank regulation, and even the way the central bank conducts policy operations. A lot to talk about. Michael McKee, Bloomberg Radio. All right, Michael, thank you. And stay with Bloomberg for live coverage of Kevin Warsh's confirmation hearing. It gets underway at 10 a.m. Wall Street time. Karen Wells Fargo CEO Charlie Scharf says allowing the Fed to operate without political interference is a vital part of the financial system. Scharf spoke with Bloomberg's David Rubenstein at the Economic Club of Washington.

7:16The independence of the Fed is critically important, not just here in the U.S., but in other parts of the country. And when you think about just the way our governing system works, it's different than a place like China where there's long-term management, long-term goals, high coordination across all the different areas of government. Here we have a political infrastructure that turns over, which has points of views. And you can watch more of David Rubenstein's interview with Wells Fargo CEO Charlie Scharf on the David Rubenstein Show Peer-to-Peer Conversations, April 29th at 9 p.m. Eastern on Bloomberg Television.

7:57In political news, Nathan, Virginia voters are heading to the polls in a statewide special election. And while there are no candidates on the ballot, the contest could help decide control of the House of Representatives this fall. Bloomberg's Amy Morris explains from Washington. The question on the ballot will amend Virginia's Constitution, giving the Democratic Majority General Assembly temporary power to redraw congressional districts until October 2030. After that, the authority reverts to the state's nonpartisan redistricting commission. And if the plan passed by the legislature in February is enacted, Democrats could gain the upper hand in 10 Virginia districts.

8:35The new boundaries would also be in place in time for this November's midterm congressional elections. In Washington, Amy Morris, Bloomberg Radio. All right, Amy, thank you. And speaking of the midterms, President Trump and Republicans have amassed a billion-dollar cash pile in their bid to hold on to Congress. Campaign finance disclosures show the president's super PAC, MAGA Inc., raised$35.6 million last month. Longtime GOP donor Dianne Hendricks donated most of that total,$25 million. So far, MAGA Inc. has not spent much of its stockpile. It injected$1.7 million into a special Tennessee house race last year and spent just$17 ,900 this year on Clay Fuller's bid for Marjorie Taylor Greene's vacant seat in Georgia.

9:23Time now for a look at some of the other stories making news in New York and around the world. And for that, we're joined by Bloomberg's Michael Barr. Michael, good morning. Good morning, Karen. Let's hope you didn't put your winter coat away. It is a chilly spring morning. Bloomberg meteorologist Craig Allen has more. Quite a chill out there this morning. Just think it was only a week ago that the thermometer was soaring through the 80s to record highs around 90. This morning, it is 40 to 60 degrees colder. Up and down 95 from Virginia to New England and west into the Ohio Valley. Alerts for late season frost or freeze will continue through this morning.

9:58A freeze warning is in effect for about a dozen states. It includes D.C., Baltimore, Philly, all the way up through New York City. Fortunately, though, I can say that this cold air mass will begin to modify starting this afternoon and lasting through the rest of the week. Bloomberg meteorologist Craig Allen. We're learning of a close call at Nashville International Airport last weekend. The incident involved two Southwest Airlines flights late Saturday afternoon after air traffic control caused confusion. Southwest Flight 507 was preparing to land just as Southwest Flight 1152 was taking off. While on approach, Flight 507 executed a precautionary go-around because of the gusty winds.

10:40And that's when the other Southwest flight, bound for Knoxville, was gaining altitude and now in the path of the other jet. Anti-collision alarms were going off in both cockpits as the planes were moments away from a catastrophic mid-air collision. Louisiana First Lady Sharon Landry's foundation is paying the funeral expenses of the eight children fatally shot over the weekend. Shreveport police said the suspect was the father of seven of the children. Two women were also shot and wounded. Louisiana Governor Jeff Landry says that he and the First Lady understand that money does not heal. What we can lean on is that this act of charity can stand as a beacon of faith and belief that good things still happen in this world.

11:27Authorities said the suspect was fatally shot by police after a chase. Global News 24 hours a day and whenever you want it. With Bloomberg News Now, I'm Michael Barr and this is Bloomberg Karen. Thanks, Michael. Time now for our Bloomberg Sports Update. And for that, we bring in John Stashauer. Thanks, Karen. A trio of NBA playoff game twos. Cleveland beat Toronto for a 2-0 series lead. Atlanta came from 14 down to beat the Knicks in New York. That series is tied at one. So are Minnesota and Denver. The Timberwolves beat the Nuggets. Double overtime in the Stanley Cup playoffs. Carolina topped Ottawa.

12:00A 2-0 lead in the series for the Hurricanes. Philadelphia shut out Pittsburgh. The Flyers go up 2-0. Dallas beat Minnesota. That series tied at one. And Edmonton one game one from Anaheim. That's your Bloomberg Sports Update. Stay with us. More from Bloomberg Daybreak coming up after this. Support for the show comes from Public. Public is an investing platform that offers access to stocks, options, bonds, and crypto. And they've also integrated AI with tools that can assist investors in building customized portfolios. One of these tools is called Generated Assets. It allows you to turn your ideas into investable indexes.

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14:38Coast to coast on Bloomberg Radio, nationwide on Sirius XM, and around the world on Bloomberg.com and the Bloomberg Business App. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. With the clock ticking on a ceasefire between the U.S. and Iran, President Donald Trump is suggesting he is not likely to extend it if he does not get a deal to end the war this week. White House Press Secretary Caroline Levitt says Tehran should take the president at his word. President Trump has proven before he does not bluff. When he makes a promise, he follows through on it. That was White House spokesman Caroline Levitt speaking on Fox News.

15:13Joining us from Dubai this morning is Bloomberg Middle East correspondent Jumana Bersechi, the anchor of Bloomberg Horizons. Jumana, good morning. Where do things stand now? What is the possibility that we will indeed see talks this week? Yeah, well, I will tell you that Islamabad have made plenty of preparations in anticipation of these talks. I'm hearing of thousands of security officials that have been deployed. The parts of the city are in lockdown. So there's really a lot of excitement or anticipation, at least, coming through from Pakistan that the talks are going to happen. And we understand that the U.S.

15:49are still planning on setting their delegation, though J.D. Vance has not departed yet. And so you've got to consider at this point in time, given where we are in the day, that if the talks do go ahead, they probably won't happen until tomorrow, which is perhaps one of the reasons why President Trump told our correspondent, Jeff Mason, overnight that he was pushing back the ceasefire timeline by one day to the end of Wednesday. It was supposed to expire today. Now, all of that is fine, but we have not yet heard official commentary from the Iranian delegation. We don't actually know who is heading there from Iran and whether it's going to be as big a delegation as we got for the first round of Islamabad talks.

16:29And certainly a lot of the language that has come through from Iran overnight suggests that they are unhappy with the status quo and the fact that the U.S. have implemented their naval blockade. With many of the key voices there, including the Speaker of the Parliament, Mohamed Galibov, saying we do not accept negotiations under the shadow of threats. So we'll see whether actually this resonates with Trump and whether, you know, at some point he may need to make a decision whether to lift that naval blockade in the interest of pushing forward the discussions or calling their bluff and seeing whether they show up anyway.

17:05Do we have a sense, Jumana, of which side might be winning out in Iran right now? We've heard from the president saying that the people that the U.S. is talking to on the Iranian side are much more reasonable than the prior regime. He's talked about regime change. Where do things stand as far as who's winning out potentially in Iran in these potential discussions? Yeah, so you raise a valid point because I think there's been a lot of media reporting the last couple of days. And even from some of the state media as well, they had to come forward today reiterating that there's max cohesion amongst the leadership in Iran.

17:44And the reason that they said that is because there have been a lot of reports suggesting a split internally between the more pragmatic voices. And those voices were represented by the Iranian delegation that were participating in the first round of talks, including the Speaker of the Parliament that I spoke about, the President himself, Mr. President Shkian, even the Iranian Foreign Minister Abbas Irakshi, seem to be of the sort that want to make a deal, are inclined to continue with the negotiations with the U.S. because they perceive the economic cost to be too high if the war continues. Now, on the other hand, you've got the hardliners, the more conservative group.

18:25You've got the IRGC. You've got the commanders in the army who feel that they have the ability to drag this war out longer and inflict more costs, not just on Gulf nations, but also on the global economy, the longer it drags out. And remember, for them, the key here is survival. It was always about an existential question of can they get to the other side of this still intact? And they feel at least that they still have the ability to continue even once this war is resolved. And so right now, it's sort of a standoff between the hardliners in Iran that have a much longer time frame than the more pragmatic side of the equation, the leadership there.

19:09And of course, President Trump himself, who's operating on a much shorter time frame and appears to be impatient and wanting to get a deal across the line ASAP. This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed by 6 a.m. Eastern each morning on Apple, Spotify or anywhere else you listen. You can also listen live each morning starting at 5 a.m. Wall Street time on Bloomberg 1130 in New York, Bloomberg 99.1 in Washington, Bloomberg 92.9 in Boston, and nationwide on Sirius XM Channel 121. Plus, listen coast to coast on the Bloomberg Business app now with Apple CarPlay and Android Auto interfaces.

19:54And don't forget to subscribe to Bloomberg News Now. It's the latest news whenever you want it, in five minutes or less. Search Bloomberg News Now on your favorite podcast platform to stay informed all day long. I'm Karen Moscow. And I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak.