Jennifer Bailey, head of Apple’s payments and Wallet services, said she will retire and leave the company in October. The exit adds to a wave of senior executive departures at Apple — including Kate Adams and Lisa Jackson — and accelerates management turnover. Apple is also scheduled for a CEO transition on Sept. 1, when Tim Cook will step down and hardware chief John Ternus will succeed him.

Morgan Stanley cut its price target on Tencent Music (TME.N) to $10.1 from $10.5 and maintained a market-weight rating. The bank said synergies from the Himalaya acquisition are uncertain and could be a swing factor amid a prolonged competitive and earnings downgrade cycle. Accelerated share buybacks offer partial downside support but clearer visibility on competition is required. Morgan Stanley trimmed Tencent Music 2026–2028 EPS forecasts by 3–7% to reflect weaker subscription revenue. At current levels the stock trades at roughly 10x 2027E P/E and 6.6x ex-cash P/E; any valuation rerating depends on an improvement in the competitive landscape.

International Policy Research Center vice chairman Rashid Muhannadi said talks to resolve the Strait of Hormuz crisis are advancing despite public US‑Iran hardline rhetoric. He said Iran views control of the strait as a national security concern and is using it as a bargaining chip, but called that chip a 'depreciating asset.' Muhannadi added actions that impede freedom of navigation remain widely opposed, and parties appear willing to explore a mutually acceptable regional mechanism to manage transit through the strait.