New York Governor Kathy Hochul on April 15, 2026, proposed a pied-à-terre tax that would impose an annual surcharge on secondary residences in New York City valued at $5 million or more. The plan, backed by New York City Mayor Zohran Mamdani, is expected to target roughly 12,000–13,000 high-value units and could generate at least $500 million a year to help close a reported $5.4 billion city budget gap. The surcharge would apply to properties that are not owner-occupied and would be added on top of existing property taxes; details on rates and whether the levy would scale with value have not been finalised. Supporters cast the measure as a way to make ultra-wealthy non-residents who store wealth in NYC real estate pay for city services. The proposal will need approval as part of the state budget and faces opposition from real estate interests and industry groups, which argue it could reduce investment and generate less revenue than projected. Similar efforts failed in past legislative sessions after heavy lobbying.

Netflix announced on April 16, 2026 that co-founder and chairman Reed Hastings will not stand for re-election when his term expires at the company’s annual meeting in June, and will step away to focus on philanthropy and other pursuits. The governance news accompanied Netflix’s first-quarter results: revenue of $12.25 billion (up ~16% year-on-year), net income of $5.28 billion and earnings per share of $1.23, modestly ahead of forecasts. The company also disclosed it received a $2.8 billion termination fee after walking away from its proposed Warner Bros. acquisition. Shares fell about 8–9% in after-hours trading on the Hastings announcement despite management reiterating full-year guidance. Netflix highlighted growth initiatives — expanding its ad-supported business (targeting roughly $3 billion in ad revenue for 2026), live events, video podcasts, games and product/AI investments — and stressed it will reallocate resources toward content, monetisation and technology under co-CEOs Ted Sarandos and Greg Peters.

Taiwan Semiconductor Manufacturing Co (TSMC) reported a record first-quarter net profit of T$572.5 billion (about $18.2 billion), a 58% year-on-year increase, and beat market expectations as global demand for AI processors surged. Revenue rose roughly 35% to T$1.13 trillion for January–March. TSMC said advanced 3-nanometre chips now account for about a quarter of sales, up sharply from 6% in late 2023. The company raised its annual revenue outlook to more than 30% growth in U.S. dollar terms and forecast second-quarter sales of $39.0–$40.2 billion. Management said 2026 capital expenditure will be at the high end of prior guidance ($52–56 billion), and highlighted a $165 billion investment plan for new fabs in Arizona and expanded 3nm production in Japan and the U.S. Executives acknowledged Middle East tensions could raise input costs for gases like helium and hydrogen but said they hold safety stocks and multiple supplier sources. Strong results from equipment supplier ASML reinforced signs of robust sector spending on AI chips.

National Public Radio announced on April 16, 2026, that it has received two philanthropic gifts totaling $113 million: an $80 million donation from philanthropist Connie Ballmer and a $33 million gift from an anonymous donor. NPR said the funds are earmarked to accelerate digital innovation, expand tools and services shared with local public radio stations, and bolster audience engagement across platforms. The donations follow Congress’s 2025 elimination of roughly $1.1 billion in federal public broadcasting funding, which forced widespread budget cuts at local stations and prompted NPR to reduce fees and provide fundraising support to members. NPR CEO Katherine Maher described the gifts as catalytic investments but cautioned they do not replace lost federal support. Reporting indicates some of the new funds are restricted to specific projects, and NPR may still pursue staff reductions as it adapts to a changed funding landscape. Ballmer framed her gift as support for independent journalism and for helping NPR meet audiences “where they are.”

JERUSALEM, April 16 (Reuters) - El Al Israel Airlines said it will buy up to 12 more Boeing 787 Dreamliners in a deal valued at about $1.5 billion, exercising options for six 787-9s and converting four of those orders to larger 787-10s. The amended agreement includes options for up to six additional 787s, with deliveries of the upgraded 787-10s scheduled between 2030 and 2032 and optional aircraft deliverable between 2033 and 2035. El Al currently operates 17 Dreamliners and expects its 787 fleet to rise to about 28 by 2030 and potentially as many as 34 in time. The carrier said it will assess financing closer to delivery dates. The purchase comes as El Al has expanded market share while some foreign carriers halted flights to Israel during conflicts in Gaza and with Iran, boosting demand on routes to North America and Asia. The airline, which has maintained an all-Boeing fleet since 1948, reported net profits of $410 million in 2025 after $545 million in 2024.

FLORENCE, April 16, 2026 — Kering laid out a multi-year “ReconKering” strategy at its Capital Markets Day aimed at restoring profitability and reviving flagship brand Gucci. CEO Luca de Meo pledged to more than double the group’s recurring operating margin from about 11% in 2025, setting medium- and long-term targets through 2028–2030. Measures include cutting around €1 billion of inventory within 12 months, resizing the store network (plans announced include closing underperforming locations and reducing Gucci selling space by about 20%), renovating two-thirds of retail outlets by 2030, and boosting higher-margin divisions such as jewellery and leather goods. Kering also signalled selective minority investments (including a stake in Chinese group ICCF/Icicle) and technology tie-ups such as luxury eyewear with Google. The presentation offered limited near‑term quantified revenue targets for 2026–27; markets reacted cautiously, with shares dipping in early trading. The plan faces headwinds from weak demand in China and reduced luxury spending linked to the Middle East conflict and travel disruptions.