Business News – April 21, 2026

Apple’s new CEO John Ternus steps into the spotlight after flying under the radar for years

LONDON (AP) — Apple has announced that John Ternus will become the next CEO, taking over from Tim Cook on September 1. Ternus is a company veteran who has been with Apple for 25 years, most recently overseeing hardware engineering for the iPhone, iPad, and Mac. Despite his significant role, Ternus has kept a low profile outside the company. His appointment comes at a pivotal time for Apple, which has fallen behind in the AI race. Analysts say Ternus faces the challenge of advancing Apple’s AI capabilities. Ternus expressed humility and commitment to Apple’s values in his new role.

Labor Secretary Lori Chavez-DeRemer is leaving Trump’s Cabinet after abuse of power allegations

WASHINGTON (AP) — Labor Secretary Lori Chavez-DeRemer is out of President Donald Trump’s Cabinet after multiple allegations of abusing her position, including an affair with a subordinate and drinking on the job. She is the third Trump Cabinet member to leave recently. Reports of investigations into her conduct began surfacing in January. A New York Times report last Wednesday revealed that the Labor Department’s inspector general was reviewing inappropriate communications involving Chavez-DeRemer and her aides. The White House initially dismissed the allegations, but as more emerged, her job security became uncertain. At least four Labor Department officials have already been forced from their jobs as the investigation progressed.

Tim Cook will step down as Apple CEO and hand reins over to the iPhone maker’s hardware leader

Apple CEO Tim Cook is stepping down from the job that he inherited from the late Steve Jobs, ending a 15-year reign that saw the company’s market value soar by more than $3.6 trillion during an iPhone-fueled era of prosperity. The 65-year-old Cook will hand the CEO duties to Apple’s head of hardware products, John Ternus, on Sept. 1 while remaining involved with the Cupertino, California, company as executive chairman. Although he never shook the perception that he lacked Jobs’ vision, Cook leveraged the popularity of the iPhone and other breakthroughs orchestrated by his predecessor to lift Apple to heights that seemed unfathomable when it was on the brink of bankruptcy during the mid-1990s.

Purdue Pharma to be sentenced in criminal opioids case, allowing settlement money to flow

A judge is expected to sentence OxyContin maker Purdue Pharma to forfeit $225 million to the U.S. government. The criminal sentence Tuesday will mark a major step toward the company finalizing a settlement of thousands of lawsuits it faces over the toll of opioids. The sentence is part of a 2020 deal to resolve federal criminal and civil probes. The broader settlement could become effective as soon as May 1, with the first payments rolling out to state, local and Native American tribal governments and some individual victims. Some people who lost loved ones to overdose are still pushing for criminal charges against the company’s owners.

French prosecutors summon Elon Musk over allegations of child abuse images and deepfakes on X

PARIS (AP) — Elon Musk has been summoned to Paris as part of an investigation into alleged misconduct on the social media platform X. French authorities are looking into the spread of child sexual abuse material and deepfake content. Musk and former X CEO Linda Yaccarino have been invited for voluntary interviews. It’s unclear if they will attend. The investigation is still ongoing after a search at X’s French premises in February. French prosecutors have alerted U.S. authorities, but the Justice Department reportedly declined to assist. Reporters Without Borders has also filed a complaint against X for allowing disinformation.

Businesses begin claiming refunds for Trump tariffs struck down by US Supreme Court

NEW YORK (AP) — A refund system for businesses that paid tariffs which the U.S. Supreme Court eventually struck down has launched. U.S. Customs and Border Protection said importers and their brokers could begin claiming refunds online beginning at 8 a.m. on Monday. It’s the first step in a complicated process that also might lead to refunds for consumers who were billed for tariffs on products shipped to them from outside the United States. Some users reported glitches with the new system. In a 6-3 decision, the Supreme Court ruled in late February that President Donald Trump usurped Congress’ taxation authority when he set double-digit import tax rates on products from almost every other country.

Two Southwest Airlines planes came dangerously close in Nashville and had to take evasive action

Two Southwest Airlines planes had to take evasive action to avoid colliding Saturday in Nashville, Tennessee, after an air traffic controller directed one pilot to turn into the path of the other plane. Last year, an American Airlines jet collided with an Army Black Hawk helicopter near Washington, D.C., killing all 67 people aboard both aircraft. Midair collisions are rare in commercial flights where the planes are equipped with systems to alert pilots about a potential collision. Most of the close calls that happen every year involve small planes that don’t have those systems, but the FAA couldn’t immediately provide a number for close calls. Both Southwest pilots told the tower that they received alarms from their collision avoidance systems.