Tim Cook to step down as Apple CEO in September, John Ternus named successor
via Punch Nigeria2 min read
Apple announced that Tim Cook will step down as the company's chief executive officer in September, with John Ternus taking over the role. Cook, who will become executive chairman of the board, expressed his privilege in leading Apple. He joined Apple in 1998 and became CEO in 2011 after Steve Jobs' departure due to health issues. Cook is credited with expanding Apple's product line and increasing its value to approximately $4 trillion. Arthur Levinson, the outgoing chairman of the board, praised Cook's leadership for transforming Apple into a leading company. Levinson will transition to the role of lead independent director. Ternus, who joined Apple's product design team in 2001, has been a senior vice president of hardware engineering and has contributed to products like iPhones, iPads, Apple Watch, and Mac computers. Ternus expressed gratitude for the opportunity and acknowledged having worked under Steve Jobs and having Tim Cook as a mentor. Apple celebrates its 50th anniversary this year.
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This summary was AI-generated from a story originally published by Punch Nigeria.
Economists have raised concerns regarding the Oyo State House of Assembly's approval of a proposed N200bn infrastructure bond, citing issues of timing, accountability, and the state's ability to successfully raise the funds from the capital market. The bond aims to refinance short-term loans used for infrastructure projects, with Governor Seyi Makinde stating it would restructure the state's debt, lower servicing costs, and create fiscal space for development. While existing loans carry interest rates of 22-26%, the bond is projected at 17-19%. However, experts like Dr. Ayo Teriba, CEO of Economic Associates, question the timing, given the administration has less than a year left in office and upcoming elections. Teriba suggests that investors might be reluctant to back a bond for an outgoing government and recommends that any refinancing be handled by the incoming administration. Professor Akpan Ekpo of the University of Uyo described the refinancing as illogical, proposing renegotiation with creditors instead of incurring new debt, and expressed worry about increased public spending near elections. Professor Franklin Ngwu of Lagos Business School acknowledged that refinancing could reduce interest costs but highlighted concerns about transparency and accountability, questioning if the funds would be used solely to offset loans or be diverted.
The Nigerian equities market experienced its fourth consecutive day of losses, with the overall market capitalisation decreasing by N581bn, or 0.37 percent, to N155.359tn. The All-Share Index also fell by 905.30 points, a 0.37 percent decline, closing at 242,227.31 points. This downturn was primarily due to profit-taking in large and medium-capitalised stocks such as Aradel Holdings, UACN, Stanbic IBTC Holdings, Eterna, and Transnational Corporation. Market breadth was negative, with 30 declining stocks outnumbering 24 advancing ones. McNichols led the decliners with a 10 percent drop, followed by Associated Bus Company and Eterna. Conversely, International Energy Insurance saw the highest gain, rising 10 percent, with Omatek Ventures, Ellah Lakes, Abbey Mortgage Bank, and Cutix also recording significant increases. Activity metrics weakened, as total volume traded decreased by 43.4 percent to 522.28 million units, valued at N24.11bn. Access Holdings led in trading volume, followed by FCMB Group, Nigerian Exchange Group, Zenith Bank, and Sterling Financial Holdings Company.
The Nigerian Railway Corporation is contemplating an increase in passenger and freight tariffs to address escalating operational costs. This consideration follows the expiration of a 50 percent Eid-el-Kabir train fare discount offered by the Federal Government. The corporation faces significant financial pressure from rising expenses in fuel, maintenance, security, personnel, spare parts, and infrastructure management. Spending on diesel alone exceeded N1.2bn in April 2026. Officials indicate that the current pricing structure is unsustainable, and the corporation is also contending with increased maintenance costs for locomotives, coaches, tracks, and signaling systems, as well as the soaring cost of imported spare parts. Vandalism and attacks on railway infrastructure further strain finances, particularly on routes like Abuja-Kaduna. The Managing Director of the Nigerian Railway Corporation, Dr. Kayode Opeifa, acknowledged the cost pressures but affirmed the corporation's commitment to affordable rail transportation and alignment with President Bola Tinubu’s Renewed Hope Agenda.
Must ReadThe United States has announced new economic sanctions targeting Cuba's president, Miguel Diaz-Canel, his wife, and stepson. The sanctions also extend to members of the Castro family, including the son and a grandson of former president Raul Castro, as well as the Ministry of the Revolutionary Armed Forces and other entities. These measures are part of Washington's ongoing efforts to increase pressure on Cuba. The US has maintained an embargo on Cuba for decades, with recent months seeing a significant escalation in pressure, including a de facto fuel blockade that has impacted the island's energy supply and economy. This follows earlier restrictions on visas for Cuban officials in 2025.