Good morning. Trump hails Russia’s release of an American teacher as he preps his peace plan. Apple has an update for you. And it’s time to check in at The White Lotus. Listen to the day’s top stories.

Donald Trump hinted at another release after the return of an American prisoner in Russia, saying a “very special” person will come home today. Trump hailed the move as an “important part” toward ending the war in Ukraine, though he declined to say whether he’s spoken with Vladimir Putin. The Kremlin said the US would release a Russian in return, IFX reported. Meanwhile, Ukraine said Russia attacked Kyiv with ballistic missiles as it prepares for Treasury Secretary Scott Bessent’s visit.

My bad. Trump’s Small Business Administration told probationary staff members it had mistakenly sent them termination notices, but then informed some of them the next day that they were fired after all. The back-and-forth reflects the confusion marking Trump’s campaign to transform the federal workforce. Citadel founder Ken Griffin said he’s grateful that Elon Musk is taking time away from his companies to slash government spending but offered blunt criticisms of Trump’s rhetoric on tariffs.

Turning to markets, the focus today will be on US inflation data. Prices probably remained stubborn last month, backing the Federal Reserve’s patient approach to lowering borrowing costs. The figures are due shortly before Fed Chair Jerome Powell starts a second day of testimony to lawmakers. Check out the latest market themes right here.

Trade wars, tariff threats and logistics shocks are upending businesses and spreading volatility. Understand the new order of global commerce with the Supply Lines newsletter.

California levied a $1 billion assessment on insurers after last month’s devastating Los Angeles wildfires. The funds will help the state’s insurer of last resort pay claims to thousands of homeowners affected by the wildfires. However, the concern is that firms will pass along the cost to policyholders, potentially deepening the insurance crisis.

Source: Apple Maps

Mapping it out. Apple is renaming the Gulf of Mexico to Gulf of America on its Maps app, following an executive order signed by Trump on his first day in office. The flap over the name change continued with the Associated Press claiming the White House barred its reporter from an event as punishment for its style guide not adopting the new label. Oil giants BP and Chevron are already on board with the change.

Deep Dive: Shifting USAID Funding

Ben Black. Photographer: Lauren Justice/Bloomberg

Donald Trump’s advisers have discussed shifting billions in funding from USAID to a government-run agency due to be headed up by Ben Black, the dealmaker son of Apollo Global Management co-founder Leon Black.

• The new approach would see reduced humanitarian assistance and a greater role for Wall Street in projecting economic might as the US competes for influence and strategic projects overseas with China.
• Under the proposals, a chunk of money that went to the US Agency for International Development would go to the US International Development Finance Corp., which was created to use taxpayer funds to invest in private-sector projects overseas.
• It comes as Elon Musk has been pushing—with Trump’s blessing—to shut down the $43 billion agency, long a centerpiece of aid efforts.

The Big Take

China's property crisis shows no signs of letting up. Authorities were forced into a first mainland rescue and the bonds of Hong Kong developer New World are sinking into distress territory.

Opinion

Porsche 911 S/T Source: Porsche

Porsche’s $375,000 911s can inspire reinvention, Chris Bryant writes. The company has become a deeply unloved stock, yet bankers still crave its expensive, highly customizable 911 sportscars—and therein lies a narrow path to recovery.

Before You Go

Photographer: Fabio Lovino/HBO

It’s time to check in at The White Lotus as the HBO hit series returns for a third season. Get set for a darker and more emotionally intense ride as the plot this time unfolds in Thailand with yet more obnoxious rich vacationers.

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