When I think about TCW Flexible Income ETF (FLXR) I think about an income-oriented fund that can concretely stimulate the expected return function of the bond component of a portfolio without excessively raising the risk function.
And it does so with a portfolio that for almost 50% cannot be covered by classic bond ETFs. This makes it interesting, but from a certain point of view, also difficult to interpret.
Intro and Definition
The fund is domiciled in the TCW ETF Trust and is an active multi-sector fixed income ETF classified as Multisector Bond born in 2018 as a mutual fund, then converted into an ETF and listed on the NYSE on June 24, 2024 with today an AUM exceeding $3.2 billion. It moves with a primary objective of obtaining a high level of current income and as a secondary objective, long-term capital appreciation. To calibrate on results, the declared benchmark is the classic Bloomberg U.S. Aggregate Bond Index; this is used as a reference for comparative metrics, but the fund systematically invests outside the index universe.
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FLXR – fund profile (Seeking Alpha)
The expense ratio is not negligible for a bond ETF: it is 0.40%, decisively higher than fully passive aggregate solutions, to which a 0.05% average bid-ask spread is added. To put it in perspective, compared to BND there are overall 37 bps of cost spread; that is not nothing.
FLXR – expense grade (Seeking Alpha)
Not by chance does it have a 30-Day SEC Yield of 5.63% and a yield-to-worst of 6.75% distributed monthly, with a risk profile that, however, structurally leans toward IG/securitized. Of course, the yield will change relative to various interest rate environments in the future.
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The fund qualifies as a Regulated Investment Company (RIC) under U.S. regulations, avoiding taxation at the corporate level on the condition of timely distributing income. For this reason, distributions are taxed as ordinary income or long-term capital gains.
FLXR – dividend grade (Seeking Alpha)
How Is FLXR Built?
It has 1,624 securities as of March 31, 2026 with a turnover of 295%. No single position exceeds 1% of the portfolio, with the exception of some positions in MBS and Treasuries that by structural nature can be more concentrated. The granularity of the portfolio is extreme: with 1,624 lines, the idiosyncratic risk on a single issuer is almost zeroed out. The implication is that drawdowns do not derive from credit events on individual issuers but from systemic spread or rate movements across entire segments.
FLXR – allocation vs benchmark (Author)
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The table reveals the true architecture of the portfolio: FLXR is fundamentally a securitized + credit fund with almost zero government exposure (0.85% vs. 46.81% of the index). Specifically, the underweight on Government bonds of almost 46% is the most radical structural choice of the fund and explains why its behavior is structurally different from any traditional bond ETF. At the rating level, there is a tilt toward AA and BBB (or lower, especially BB and B).
FLXR quality mix vs benchmark (Author)
The result? An Effective Duration of 3.03 years, an Average Maturity of 6.19 years, and a negative convexity of 0.38. At least these are the figures that emerged from my reworking of the shared data.
FLXR metrics (Author)
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What Does FLXR Do?
Its shorter duration (3.03 years) results in lower sensitivity to rate movements compared to the benchmark. At the same time, it must be said that the negative convexity (-0.38) is not usual for aggregate bond portfolios, which pairs well with a core portfolio of positive convexity on the traditional aggregate bond segment. So it interfaces well in a diversified portfolio while still operating in the American bond market, but with a clear deliberate preference for those segments that large passive indices ignore. Not by chance, FLXR invests over 48% in hard-to-access segments, such as non-government-guaranteed securitized mortgages (Non-Agency MBS), asset-backed securities like residential rentals and data centers (ABS), securitized commercial real estate (CMBS), high-yield corporate bonds, emerging markets.
The management team works on two simultaneous levels: how much rate risk to take on, which bond sectors offer the best risk-adjusted return at any given moment, and how much to hold of riskier bonds versus safer ones.
At the operational level, it selects individual securities, enters positions gradually.
How? The approach is explicitly opportunistic and counter-cyclical: the team tends to increase exposure to riskier segments precisely when the market is selling them.
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Who Is FLXR For?
This process produces a quite respectable monthly dividend in the speculative bond landscape. The current annualized yield (30-day SEC Yield) is 5.63%, with a Yield-to-Worst of 6.75%.
FLXR – yield (Seeking Alpha)
For comparison, pure investment-grade bond funds yield today around 4-4.6%, while pure high-yield funds reach 6.5-7% but with almost double the volatility compared to FLXR. And it is therefore clear that it presents itself as a fund targeting the investor looking for a distributed income stream.
But be careful; it is not a pure defensive instrument. Rather, it’s an instrument that would almost seem to adapt as a bond satellite in a diversified portfolio, with the specific function of generating high and stable monthly income with a deliberately contained sensitivity to interest rates (duration 3 years, almost half of the broad bond market). To take stock of the situation, FLXR seems built for an investor who wants a high and steady monthly income, is willing to accept an underlying complexity that cannot be directly controlled, and has an investment horizon of at least 2-3 years that allows them to navigate any phases of volatility without having to liquidate the position at the worst moments.
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Peer Comparison
We are therefore in the macro-category of supplementary funds for a core component, and there are some managers that are standing out quite a bit. Personally, I would include the active managers of the iShares Flexible Income Active ETF (BINC), the JPMorgan Income ETF (JPIE), and the Angel Oak Income ETF (CARY).
FLXR – peer comparison (Seeking Alpha)
BINC is exposed to similar segments, both active multi-sector with exposures to MBS, ABS, CMBS, and HY. Then it must be said that BINC has different weights in sectoral allocations, with less emphasis on the Non-Agency MBS segment. JPIE instead is another active manager that tries to cover, albeit partially and more tilted toward quality ratings, the segment of FLXR. And I would put CARY on the same level. It is curious to note how since launch, FLXR has been able to maintain a competitive total return, albeit with spreads not so marked compared to peers.
Peer: total return (Seeking Alpha)
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For a more specific comparison, it can make sense here to take a look at the ETF grades from Seeking Alpha, which, in my opinion, clearly show the differences between the ETFs. In this sense, FLXR has greater momentum, which clearly plays in favor of the active management and “market timing” we have seen. And working on “discounts” leads to lower returns (distributions), especially in a rising rate environment. Even though the spread between yields is not so marked, FLXR has a TTM yield of 5.83% per SA, while the competitor with the highest yield is CARY with 5.94%. We are talking about a few basis points.
ETF grades (Seeking Alpha)
Risks
About 37.96% of the portfolio is sub-investment grade (BB 21.96% + B 13.67% + CCC 2.33%). Credit risk is therefore not marginal: in a recession scenario with widening HY spreads, this component will suffer losses that may not be offset by the stability of Agency MBS. It must be said, though, that the Non-Agency MBS component (19.82%), CMBS (11.42%), and non-traditional ABS include assets with limited secondary liquidity. In systemic stress environments, the liquidity of these instruments dries up quickly. And the full recession test has not yet occurred during the ETF’s life as an ETF. So it is not easy to define a concrete risk dimension, even though for SA the risk grade remains A with an annualized volatility of just 2.25%.
FLXR – risk grade (Seeking Alpha)
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Pros and Cons
There are therefore clearly positive elements that cannot be ignored:
Yield at the competitive risk/return meeting point of the bond market: From what the data seems to show, it captures a good portion of HY yield without concentrating all the risk on sub-IG bonds
Genuine diversification across 8 bond macro-categories: 1,624 holdings, no position >1% (except some MBS/Treasuries), 8 sectors simultaneously represented
Structural access to the “invisible 48%” of the U.S. bond market: The Bloomberg Agg covers 52% of the market; FLXR systematically invests in the other 48% (non-traditional ABS, Non-Agency MBS, CMBS SASB, CLO)
Short duration protects in high or rising rate environments, little price oscillation, and monthly distributed and competitive yields.
Naturally, there are also negative elements that we cannot brush past lightly:
ETF track record too short to validate the strategy in extreme scenarios
To this is added a liquidity risk in illiquid securitized assets, an underestimated tail risk
Then it is quite expensive: Expense ratio 0.40% + a portfolio turnover of 295% means implicit transaction costs (bid-ask spread on illiquid bonds, market impact) are not captured in the expense ratio and not quantified in any official material
This article answers three questions about FLXR:
How does FLXR select its securities?
What impacts FLXR’s performance?
Where can FLXR fit in a portfolio?
Editor’s note: This article is intended to provide a general overview of the ETF for educational purposes only and, unlike other articles on Seeking Alpha, does not offer an investment opinion about the ETF.
Novo Nordisk and Eli Lilly took their GLP-1 pill battle to the preeminent obesity meeting this weekend as they prepare for the next sea change in how patients receive their drugs.
Novo Nordisk on Sunday announced that prescriptions of the Wegovy pill have topped 3 million since it entered the U.S. market about five months ago. The Danish drugmaker’s CEO Mike Doustdar celebrated the milestone, saying in an interview with CNBC that Novo was able to accelerate prescriptions even as Lilly introduced its own GLP-1 pill in April.
“If that’s not acceleration, then I don’t know what is,” Doustdar told CNBC this weekend at the American Diabetes Association’s Scientific Sessions.
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Meanwhile, Lilly CEO Dave Ricks told CNBC that prescriptions of its pill Foundayo are “markedly higher” than the 20,000 that Lilly reported about six weeks ago around its first-quarter earnings release, without giving a specific number. He said the number builds week over week and that Lilly is pleased with the progress.
The competition for the weight loss pill market is only the latest for the longtime rivals. Signs of that tension were evident throughout the industry event this weekend. Cars drove around advertising Novo’s Wegovy pill, while pictures of Lilly’s Foundayo pill covered some of the floors of the convention center in New Orleans.
And the two companies will soon make their case for their daily pills and their weekly shots to seniors. Starting in July, millions of people with Medicare will be able to access GLP-1 drugs for weight loss for $50 a month. Until now, Medicare beneficiaries have had to pay out of pocket for the obesity drugs, costing them potentially hundreds of dollars a month. Both companies say they’re focused on raising awareness of the program, though they have different pitches.
Weight loss pills available: A heap of GLP-1 pills
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Aprott | Istock | Getty Images
Doustdar thinks the program could be an opportunity to regain some of the ground Novo’s Wegovy shot has lost to Lilly’s Zepbound. The drugmaker plans to advertise Wegovy’s other health benefits on its label, he said, like the fact that it can decrease the risk of cardiovascular problems like heart attacks and strokes. He said Novo should win with seniors “if common sense is to prevail, and I put myself in their shoes.”
“With the Wegovy high dose, why would you not take a product that has the same efficacy, percentage wise, than my competitor?” he said. “On top of it, you get kidney, liver, heart, stroke protection, let’s say free of charge. I would take it if I was 10 years older.”
Lilly’s pitch to seniors is convenience. The company’s pill Foundayo can be taken at any time of day with food, water and other medicines, whereas Novo’s pill needs to be taken on an empty stomach with little water and requires fasting for 30 minutes afterward.
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“The main thing is, it’s easy,” Ricks said. “This is something that can just go in your daily routine. Most seniors are on many other medications, and they’ve got their pill case, and they use that every day, and this will just fit right into that without any extra thought.”
Ricks said Lilly is working closely with the government to prepare, and he’s confident that Humana, which will process prescription requests, will do a good job. He thinks the program will be popular with seniors and that longer term, the initiative could help prove that obesity care should be “regular health care.”
“We have to prove that in this pilot and prove cost effectiveness and then kind of reset what we expect from our health insurance, which is obesity care should be health care,” Ricks said.
Lilly and Novo are trying to increase insurance coverage of GLP-1 drugs for obesity. At least one analysis found the drugs to be cost effective, but employers have balked at paying for them because so many people could be eligible for the treatments and many patients stop them after achieving a weight loss goal. Health insurance company Cigna last week said it would stop covering the medicines for its own employees.
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At Lilly, less than 20% of the company’s beneficiaries are using the drugs for weight loss, and people are staying on them, Ricks said. Lilly is conducting an internal study to measure its health costs and outcomes like hospitalization rate, progression to diabetes and cardiovascular events. Lilly plans to publish those results later this year, he said.
The next stage in the GLP-1 race
While they prepare for Medicare coverage, both companies are trying to introduce more drugs to treat obesity. At the conference this weekend, Lilly presented Phase 3 data for retatrutide, an experimental triple agonist that helped people lose an average of 28% of their body weight when they stayed on the drug. Nearly half of people lost more than 30% of their body weight, an amount that’s similar to bariatric surgery. The drug also helped improve related conditions like knee osteoarthritis and sleep apnea.
Initially, Ricks expects retatrutide to primarily be used to treat people with higher body mass indexes, or BMI. He also sees promise for the second-lowest strength of the drug. It helped people lose an average of 19% of their body weight with fewer side effects than the higher strengths.
One question was whether Lilly would make retatrutide available on its direct-to-consumer sales platformLillyDirect once it’s approved by the Food and Drug Administration because it’s so powerful. Lilly “absolutely” plans to make the drug available there, Ricks said.
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For Novo, the next drug on the horizon is called CagriSema. It combines the main ingredient of Wegovy with another molecule called cagrilintide, which mimics another hormone called amylin. The drug’s efficacy has underwhelmed investors since it has showed weight loss that is similar to Lilly’s Zepbound and less than Lilly’s retatrutide. Doustdar thinks the drug’s edge in effectiveness over Wegovy, even if only a few percentage points, is meaningful, and said he’s committed to launching CagriSema. Novo expects an approval decision from the U.S. Food and Drug Administration on the drug in the fourth quarter of this year.
“If I have to forget about CagriSema, a lot of other products have to be forgotten about as well,” Doustdar said. “I don’t think it should work that way.”
Doustdar took over as chief executive almost one year ago after a major shakeup that led to the departure of the company’s former leader and thousands of employees being laid off. He’s tasked with reinvigorating sales of Wegovy, the company’s pipeline and its stock price. Eventually, he said Novo will be more diversified within the area of cardiometabolic health — like diabetes and obesity — and some of the “adjacencies.”
In the meantime, Doustdar said the early success of the Wegovy pill has helped Novo regain some momentum.
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“The pill was a great example of people getting confident that we can do this, that at Novo Nordisk, better days are ahead of them and not just behind,” he said. “So we also have to really make sure that we turn these positive moments that right now we’re in into a longer term trend, so we gain the trust day by day and improve that both internally as well as, of course, externally, and I will work hard to make sure that this continues.”
A United Airlines plane taxis at Los Angeles International Airport on April 21, 2026 in Los Angeles, California.
Justin Sullivan | Getty Images
RIO DE JANEIRO — United Airlines CEO Scott Kirby said he doesn’t expect more airline consolidation in the U.S. and he’s not interested in pursuing a merger for his airline after American Airlines rejected the idea of a combination earlier this year.
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“United’s not going to do a deal just to do a deal,” Kirby told reporters Sunday on the sidelines of the International Air Transport Association’s annual meeting.
When asked about the wave of consolidation that has brought togetherAllegiant and Sun Country this year, and Alaska Airlines and Hawaiian Airlines in 2024, Kirby said further combination opportunities look unlikely: “There’s nothing,” he said.
“It’s a lot harder,” he said. “I’ve been … one of the primary architects of consolidation in the United States. I’ve been around a lot of these deals. It’s hard, and you shouldn’t do deals that don’t make economic sense.”
But earlier this year Kirby discussed the possibility of combining with American, where Kirby used to work, floating the idea to the Trump administration, CNBC previously reported.
Kirby later said in a statement that he had hoped a combined airline would compete with big foreign rivals, though some analysts said the tie-up would face insurmountable regulatory hurdles.
A merger “requires support from everyone,” Kirby told reporters at the IATA conference. “We would need the unions, we’d need the customers, the shareholders, the regulators and the management team.”
He said, however, regarding American’s management team, “we don’t have that, clearly, so we can’t get it done without them.”
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Delta Air Lines President Peter Carter similarly told CNBC on Saturday that he doesn’t see a merger or acquisition in Delta’s future. He said the carrier’s longtime strategy has been partnerships and joint ventures, which include those in South Korea, Mexico and Europe.
Because the U.S. domestic air travel market is so mature, international travel is the future, Carter said. He added he wants to take on United, the second most-profitable airline in the U.S., in the lucrative trans-Pacific market.
Technicians work on an engine at GE Aerospace’s engine shop in Lafayette, Indiana.
Leslie Josephs/CNBC
RIO DE JANEIRO — Airplane engine makers have fallen short of what they promised airlines, major carriers’ CEOs say, a problem vexing an industry that has struggled for years with aircraft shortages and more recently, a doubling of fuel prices.
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It’s a paradox: Engine makers dazzled carriers with more fuel-efficient options for new planes from Boeing and Airbus. But production shortfalls and disappointing reliability with those engines are becoming costly problems, CEOs said in interviews at the industry’s largest annual gathering here.
Airline executives said they’re being forced to remove engines and take them for maintenance into crowded shops earlier than expected, which is driving up costs and sucking up the fuel savings they were supposed to get from the engines.
Airline leaders told CNBC this week that travel demand is still strong despite higher fares, so having aircraft on the ground means money left on the table, just as a $100 billion higher fuel bill this year is slashing airline profit prospects.
Alexis von Hoensbroech, CEO of Canada’s WestJet, told CNBC in an interview ahead of the more than 370-airline International Air Transport Association’s annual assembly that the new engines promising fuel savings of around 15% or more compared with earlier models were “engineering marvels.”
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“However, as you push the limits, it sometimes comes at the cost of reliability, and what we all are seeing is that those engines have to go into unscheduled maintenance far more frequently than prior engine generations,” he said.
Newer models of aircraft engines burn hotter, allowing them to use less fuel. That’s key since fuel is airlines’ biggest cost after labor. But that can also mean they wear out faster, which can ground planes, though carriers keep some spare engines.
Von Hoensbroech and other airline executives told CNBC that the new the engines have not reached the reliability that airlines need, through there have been improvements.
“That’s a big struggle, because it adds a lot of costs,” he said. “So a lot of the fuel savings are in fact eaten up by unplanned maintenance costs.”
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‘Lack of engines’
Manufacturers have invested heavily in expanding engine overhaul and other maintenance capabilities, while third-party shops have also seen a windfall.
New engines are costly, but aircraft production is still behind schedule, and that’s keeping older engine values up, too.
For example, a CFM56 engine made by GE Aerospace and its French partner Safran that powers older Boeing 737s was going for $9.2 million at the start of the year, up 17% since 2019, according to IBA Group. A Pratt & Whitney PW1127 for newer Airbus narrow-body planes was up more than 57% over that time, according to the aviation intelligence and advisory company.
Willie Walsh, the outgoing director general of IATA, told the conference in Rio de Janeiro that he is “deeply disappointed customers have not dented manufacturer finances,” and pointed to a jump in engine supplier profits.
“My message to the engine [original equipment manufacturers] is simple: Stop gouging us and get back to making great engines that work and that last,” he said. “Allowing these failures to extend into the next decade is totally unacceptable to the customers.”
For its part, GE Aerospace, which makes engines for both Airbus narrow-body A320 planes and Boeing narrow-body and wide-body aircraft, said it has been working on improvements and has also increased output.
“We’ve made significant investments to enhance time-on-wing, reduce cost of ownership, and increase output and we will continue to invest to drive meaningful improvements,” the company said in a statement. “While there is more to do, we are making progress every day to continue to deliver long-term value for our customers.”
GE powers Boeing’s bestselling 737 Max with its CFM joint venture with France’s Safran. Those Leap engines are also options on the Airbus A320 narrow-body planes, with Pratt & Whitney as the other. GE engines also are used on a majority of 787 Dreamliners.
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United Airlines CEO Scott Kirby praised GE for making improvements, but said there are still concerns for the industry.
“The biggest constraint for at least the next five years is going to be lack of engines,” Kirby said.
A Rolls Royce jet engine on display at the Rolls-Royce aircraft jet engine production and repair facility in Blankenfelde on February 28, 2023 near Berlin, Germany.
Omer Messinger | Getty Images News | Getty Images
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He pointed to a shortfall of parts like forgings and castings and said when it comes to smoothing out supply, “I don’t really think we’ve started yet.”
Pratt and some of its customers have the added problem of a manufacturing defect from several years ago. The issue forced airlines to ground planes with those engines, which was one of the biggest challenges that hit now-defunct Spirit Airlines. Pratt’s parent, RTX, didn’t immediately comment.
Rolls-Royce, another manufacturer, said it is still working on efficiency. The company said it has invested £1 billion ($1.33 billion) in its Trent engine fleet and a mode that “offers up to triple time on wing, resulting in improved fleet planning and a reduced maintenance burden for customers.”
A 20-year-old McDonald’s worker in Northern California is facing multiple surgeries after a co-worker allegedly hurled hot cooking oil at him, leaving him with severe second-degree burns across nearly a quarter of his body, according to his mother.
Jacob Smith was working as a shift manager at a McDonald’s in Yuba City when the shocking attack unfolded, his mother, Amber Smith, wrote in a GoFundMe post to raise money for her son’s medical expenses.
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“He was in the office getting ready to count the money when he saw out of the corner of his eye something, and he just turned, and the oil was just thrown on him,” she told KCRA.
Jacob suffered “severe second-degree burns” over roughly 22% of his body — including to his face, neck, right arm and back — and was admitted to the intensive care unit, where his pain has been so severe that doctors have limited options for additional medication, according to his mother.
Jacob Smith, 20, is facing multiple surgeries after suffering burns to nearly a quarter of his body, his mother said. (GoFundMe / Unknown)
“The pain he’s experiencing is so excruciating that they can’t give him a level of pain medicine outside of the ICU,” she told the outlet.
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Jacob Smith was working as a shift manager at a McDonald’s in Yuba City when a co-worker allegedly threw hot cooking oil on him. (GoFundMe / Unknown)
Police identified the suspect as 23-year-old Jalani Bluett, a fellow McDonald’s employee who allegedly left the restaurant before officers arrived. Authorities later located and arrested Bluett after seeking the public’s help in finding him.
At the time Bluett was being sought, the Sutter County Sheriff’s Office said he is “at risk due to a diagnosis and vulnerabilities.”
Jalani Bluett, 23, was identified as the suspect. Bluett, a co-worker of Jacob’s at McDonald’s, allegedly left the restaurant before officers arrived. (Sutter County Sheriff’s Office / Unknown)
During Bluett’s arraignment, Yuba City Police Lt. Michael Bullard told KXTV that the suspect was being held on charges including assault with a deadly weapon, mayhem and serious felony assault resulting in great bodily injury. He is being held in Sutter County without bail.
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Amber Smith said her son is scheduled to undergo skin graft surgery because some of the burns are particularly deep.
Jacob Smith wrote in a message posted on GoFundMe that he thanks God for saving his eye. (GoFundMe / Unknown)
Despite the ordeal, Jacob has remained remarkably upbeat.
“As much as I want to be angry, or want to hate people and be scared of people, it’s just so hard to be when I have so many people showing their love for me,” he wrote in a message shared on the fundraiser page. “I’m not sad, and I’m not angry, and the pain doesn’t cause me grief because I know it’s necessary to heal.”
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He also thanked his family, friends and faith for helping him through the recovery process, writing, “Thank you to God for saving my eye and giving me awesome family and friends.”
CUPERTINO, Calif. — Apple Inc. CEO Tim Cook opened the 2026 Worldwide Developers Conference on Monday with a keynote address that placed artificial intelligence and the next generation of software updates at the center of the company’s strategy, marking his final appearance in that role before stepping down later this year.
The event, running June 8-12 at Apple’s headquarters, drew developers, investors and technology observers eager for details on advancements across iOS, macOS, iPadOS, watchOS, tvOS and visionOS. Cook’s keynote, beginning at 1 p.m. ET, set the tone for the week by emphasizing practical AI integration and ecosystem enhancements designed to strengthen Apple’s position in an increasingly competitive landscape.
Apple has faced questions about the pace of its artificial intelligence rollout compared with rivals. The company introduced Apple Intelligence last year, featuring writing tools, image editing and Visual Intelligence capabilities. While these features have been well-received in targeted applications, analysts and users have called for more transformative advancements, particularly in the digital assistant Siri.
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Monday’s presentation is expected to preview a significantly upgraded Siri that leverages Google’s Gemini AI models for enhanced conversational abilities and multi-step task handling. The assistant is anticipated to gain its own dedicated app and appear more prominently in the Dynamic Island on iPhones. Additional integrations, such as in the Camera app for quick information extraction from nutrition labels, aim to make Siri more proactive and useful in daily scenarios.
The keynote also highlighted broader software improvements. iOS updates are likely to focus on deeper Apple Intelligence integration, enhanced privacy controls and productivity features. macOS advancements may emphasize better cross-device continuity and AI-assisted workflows for creative professionals. Similar refinements are expected across other platforms, creating a more cohesive experience for users with multiple Apple devices.
For developers, the conference provides essential tools and APIs to build applications that leverage Apple Intelligence. More than 100 video sessions are scheduled throughout the week, offering technical deep dives and opportunities to explore new capabilities. The Platforms State of the Union, set for 4 p.m. ET, will offer a more detailed look at the technologies behind the keynote announcements.
Cook’s appearance carried added significance as his final WWDC keynote as CEO. He is expected to transition to an expanded board role in early September, marking the end of an era that began when he succeeded Steve Jobs in 2011. Under Cook’s leadership, Apple has grown into one of the world’s most valuable companies, with a focus on services, ecosystem loyalty and privacy as core pillars.
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Investor attention centered on whether Apple can demonstrate a clearer path for turning AI features into stronger iPhone demand and services revenue growth. Bernstein analyst Mark Newman recently noted that Apple Intelligence “presents a huge opportunity to reinvent the company, accelerate product replacement cycles, and drive increased services revenue.”
Evercore ISI analyst Amit Daryanani echoed this view, stating that Apple’s edge lies in its massive distribution network. “We don’t think Apple needs to win the frontier-model race to monetize AI, but rather its edge is in distribution to a ~1.25B iPhone install base,” he wrote.
Apple’s deliberate approach to AI emphasizes on-device processing for privacy and efficiency. This strategy distinguishes it from cloud-heavy competitors but has also limited access to the most powerful frontier models, prompting partnerships such as the one with Google for Siri. The company has invested heavily in silicon development, data centers and machine learning talent to support its ambitions.
The event comes at a pivotal time for Apple. Shares have experienced mixed performance in 2026, reflecting concerns about AI leadership and slowing growth in core hardware segments. A compelling demonstration of progress could help reassure markets and re-accelerate device upgrade cycles.
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WWDC serves as Apple’s annual platform to regain narrative control in the AI conversation. By showcasing practical, user-focused applications rather than flashy demonstrations, the company aims to differentiate itself through seamless ecosystem experiences. The conference typically generates significant media coverage and social conversation, with live streaming available on Apple’s website and YouTube.
For developers, the week offers hands-on sessions to explore new tools that enable third-party apps to leverage Apple Intelligence. This strategy allows Apple to extend its AI reach while maintaining control over the core user experience and privacy standards.
As the keynote concluded, attention shifted to the week’s technical sessions and the potential for surprise announcements. Apple has a strong track record of using WWDC to introduce features that define the next era of its products. This year’s focus on making Siri smarter and more capable represents another step in that tradition.
The Platforms State of the Union will provide developers with deeper insights into the tools and frameworks supporting the new features. This session often includes code examples, best practices and forward-looking roadmaps that help the developer community prepare for the fall software releases.
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Apple’s emphasis on responsible AI development, including transparency and user control, aligns with its longstanding privacy-first philosophy. The company has positioned its AI strategy as one that prioritizes user benefit and data protection over rapid feature expansion.
Investor reaction to the keynote will likely influence Apple’s stock performance in the coming days. While the event is primarily developer-focused, its announcements often have immediate implications for product demand, services growth and competitive positioning.
As Cook prepares to step back from day-to-day leadership, the conference offers a platform to demonstrate the strength of Apple’s innovation pipeline and the vision guiding its next chapter. The company’s ability to translate its vast resources and engineering talent into compelling AI experiences will shape its trajectory for years to come.
WWDC 2026 arrives at a critical juncture for Apple. The tech giant’s success in AI will influence not only its financial performance but also its cultural relevance in an industry increasingly defined by artificial intelligence capabilities.
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The week ahead promises technical depth, strategic announcements and a glimpse into Apple’s future. As developers and users digest the information, the focus will remain on how these updates translate into real-world benefits and whether they position Apple more competitively in the AI era.
The Welsh Retail Consortium has released retail footfall numbers for May
15:20, 08 Jun 2026Updated 15:23, 08 Jun 2026
Shoppers in Cardiff city centre(Image: WalesOnline/Rob Browne)
Retailers in Wales has reported the highest fall in shoppers of any UK nation.
According to new research from the Welsh Retail Consortium retailers on the high street, shopping centres and retail parks , experienced a 5% year-on-year fall in May in footfall. Scotland saw footfall up 0.4% year-on-year with Northern Ireland, down 1% and England declining 3%. Of all the nations and regions of the UK, only in the south-west of England was the fall greater than Wales at 5.3%.
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Year-on-year Welsh shopping centre footfall was down 6.3% with retail park footfall down 2.7%. Of the core cities of the UK, Cardiff has the second biggest decline of 6.9% in May, behind Liverpool, down 9.4%. Only two cities saw footfall up on May last year, with Belfast marginally improving by 0.1% and Edinburgh 2.5%.
Head of the Welsh Retail Consortium, Sara Jones, said: “tending a worrying run of decline in 2026. More concerning still, Wales has lagged behind the other UK nations on footfall recovery in five of the last six months. That underlines just how fragile consumer confidence remains, with households still under pressure and spending subdued. Hot weather is also likely to have diverted shoppers away from more planned retail trips, but the bigger picture is clear: Welsh shops are facing a tough trading environment, with no meaningful recovery yet in sight.
“Against that backdrop, retailers will welcome the commitment made by the First Minister in the Senedd to explore business rates reform through the town centres taskforce. But with footfall falling and Wales lagging behind every other nation, the priority now has to be delivery. In its first 100 days, the Welsh Government must move quickly to back high streets through meaningful rates reform, a planning system that supports investment, and a joined-up strategy that gives retailers the confidence to invest in stores, jobs and town centres across Wales.”
The research was carried out for the Welsh Retail Consortium by Sensormatic Solutions. Retail consultant with the firm, Andy Sumpter, said: “May proved a challenging month for Welsh retail, with footfall falling 5% year on year, the weakest performance in the UK. While brighter weather earlier in the month may have offered some support, the late May heatwave appears to have dampened activity, limiting recovery as the month progressed.
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“Consumer confidence may be edging up slightly, but it remains fragile, with geopolitical uncertainty continuing to weigh on discretionary spend. Shopping behaviour also continues to evolve. While visits to retailers within Shopping Centres remained firmly negative, overall visits to shopping centres performed more strongly – highlighting that consumers are still visiting destinations but engaging more selectively once there.
“While May reinforces the pressures facing Welsh retail, it also points to changing behaviour rather than a complete withdrawal from physical spaces. For retailers, the challenge and the opportunity lie in converting these more cautious, considered visits into meaningful spend, by delivering the right mix of value, relevance and experience as we move towards the summer months.”
Dame Debbie Crosbie spearheaded the mutual’s multi-billion pound acquisition of Virgin Money
Anna Wise, Press Association Business Reporter
15:51, 08 Jun 2026Updated 15:56, 08 Jun 2026
A Nationwide branch(Image: Jonathan Brady/PA Wire)
The boss of Nationwide has seen her pay packet nearly double as she cashed in on bonus awards after steering the building society’s multi-billion pound acquisition of Virgin Money.
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Chief executive Dame Debbie Crosbie took home a total package of £4.67m for the latest financial year to March 31, according to the Swindon-headquartered mutual’s annual report.
This consisted of a fixed salary of £1.2m and bonuses totalling £3.2m, alongside a pension allowance and benefits. This marks a near doubling of the boss’s pay packet for the previous year, which was worth £2.49m.
Nationwide said the increase was due to the chief executive cashing in on a long-term bonus award which was first granted in 2023, and tied to the three-year, financial performance of the building society.
The company’s pay committee said it was “comfortable that remuneration outcomes reflect the society’s excellent performance”.
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Nationwide made a pre-tax profit of £1.49bn for the year to the end of March, which was down from the £2.3bn reported the previous year.
The prior year’s earnings had been boosted by a one-off gain from the acquisition of Newcastle-based Virgin Money, which it is currently integrating into the group.
Dame Debbie spearheaded the £2.9bn takeover which was the biggest merger in the UK banking industry since the financial crisis, bringing together Britain’s fifth and sixth largest retail lenders.
The Virgin Money brand is set to be phased out and its customers will be able to transition to Nationwide, while the first rebranding of branches is expected to come in 2028.
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Meanwhile, Nationwide will have handed out about £1.5bn to members since 2023 as part of its profit-sharing initiative, after some 4.4 million eligible members get the next £100 payment this month.
But the building society is facing criticism over its handling of the first member-nominated candidate to stand for election to sit on its board.
James Sherwin-Smith is the first customer of the building society to run for a seat in 24 years.
But the current board of Nationwide is recommending that members vote against his election, arguing that he does not have the necessary skills or experience to fulfil the role, and utilising a so-called “quick vote” option through which members can go along with the board’s recommendations in a single action.
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A statement from Nationwide’s board said it was “not satisfied that he would contribute constructively and effectively to the board in line with its duty to act in the best interests” of members.
Mr Sherwin-Smith, who says he has spent more than 20 years working in financial services, said: “This election is about much more than one seat on the board.
“It is about whether the owners of Nationwide – its members – have a meaningful voice in the governance of their society.”
He added: “The board argues that I lack the experience necessary to contribute effectively. Members can judge that for themselves.”
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Advanced voting opened on Monday ahead of Nationwide’s annual general meeting on July 15.
Susan Li reports on FTX founder Sam Bankman-Fried speaking from prison, found guilty of major financial schemes. Susan Li’s exclusive interview reveals SBF wants a White House pardon and defends himself, claiming customers were repaid.
Sam Bankman-Fried, the former cryptocurrency billionaire serving a 25-year sentence for fraud tied to the 2022 collapse of his FTX exchange, says he would welcome a pardon from President Donald Trump — but insists he has not lobbied the White House for one.
“It would be obviously, you know, ultimately up to the president, not up to me,” Bankman-Fried told FOX Business in an exclusive interview from prison. Asked directly whether he wanted a pardon, he didn’t hesitate: “Absolutely.”
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The FTX founder said he has not personally been in contact with the White House or anyone connected to the president. Asked whether his parents or others had reached out on his behalf, he said, “I can’t speak for them.”
FOX Business has reviewed a pardon application filed on Bankman-Fried’s behalf. As it stands, the application seeks clemency only after he finishes serving his sentence.
Sam Bankman-Fried leaves Federal Court court in New York, on Jan. 3, 2023. The former cryptocurrency billionaire says he would welcome a pardon from President Trump. (Fatih Aktas/Anadolu Agency via Getty Images / Getty Images)
The White House, asked for comment, directed FOX Business back to the president’s previous statements that he was not considering a pardon for Bankman-Fried.
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‘I didn’t steal user funds’
More than three years after his arrest, Bankman-Fried continues to insist he is innocent. He is appealing his conviction, with a decision pending before the Second Circuit Court of Appeals.
“I didn’t steal user funds,” he said. “Customers have been repaid now 170% or so on their deposits. It’s one of the very few cases where the platform was over-collateralized, where customers were more than made whole. And yet there was, you know, not just a criminal investigation, but a prosecution. And, you know, dozens of years of sentence.”
Those assertions require context. Bankman-Fried was convicted in 2023 on seven counts — including wire fraud and conspiracy to commit money laundering — for diverting billions of dollars in FTX customer funds, and was sentenced to 25 years in 2024.
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Sam Bankman-Fried leaves Federal Court in New York City on Thursday, December 22, 2022. The former CEO of FTX and Alameda is serving a 25-year sentence for fraud. (Charles Guerin/Abaca for Fox News Digital / Fox News)
The FTX bankruptcy estate has said customers are being repaid in full, with reported recoveries of roughly 118% and higher for some classes of claims. But those repayments were calculated using cryptocurrency prices from November 2022, when the market was near its lows. Customers received cash based on those depressed values rather than their original crypto, and did not capture the market’s subsequent rebound. The estate’s reported recovery figures are also lower than the 170% Bankman-Fried cited.
“Ultimately, customers have been repaid again nearly twice what they had on the platform, and it’s a great disservice to them that it has taken three years,” he added.
A divided reaction
The question of clemency has split those who followed the FTX collapse.
Adam Moskowitz, an attorney who represented FTX victims, told FOX Business he would not stand in the way. “I would not oppose granting Sam a pardon,” he said, noting that as co-lead counsel for hundreds of thousands of FTX victims, “one of the first defendants to offer to help out victims was Mr. Bankman-Fried.”
From right, Terrence A. Duffy, CEO of the Chicago Mercantile Exchange, Sam Bankman-Fried, CEO of FTX US Derivatives, Christopher Edmonds, chief development officer of the Intercontinental Exchange, and Christopher Perkins, president of CoinFund, test (Tom Williams/CQ-Roll Call, Inc via Getty Images / Getty Images)
Others are firmly opposed. Sen. Bernie Moreno, R-Ohio, who sits on the Senate Banking Committee, told Politico that Bankman-Fried “shouldn’t be pardoned” and “should go to jail for a long, long time.”
Life behind bars — and a shout-out from Drake
Bankman-Fried described a prison routine of reading, exercise and “other boring activities.” “I’ve read a number of books since I’ve been in prison,” he said. “You know, I exercise some. Obviously, there’s sleep, shower … daily things like that. And frankly, that’s the bulk of it.”
He has also picked up an unlikely supporter. On his new album “Iceman,” rapper Drake name-checks Bankman-Fried in a lyric that fans have read as a call to free the imprisoned founder.
Bankman-Fried said he was caught off guard. “I’m very flattered. I appreciate it very much,” he said. “Obviously Drake gives some clues in the song itself, but … that’s a question. Unfortunately, I don’t know how to answer for him.”
Cboe Global Markets (CBOE), a leading provider of market infrastructure and tradable products, delivers cutting-edge trading, clearing and investment solutions to market participants around the world. The company is committed to operating a trusted, inclusive global marketplace, providing leading products, technology and data solutions that enable participants to define a sustainable financial future. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives and FX, across North America, Europe and Asia Pacific.
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