Good morning. Federal Reserve Governor Lisa Cook signals she’s not going anywhere. Texas makes headway on a new congressional map. And India’s richest man becomes collateral damage amid trade tensions. Listen to the day’s top stories.

— Eleanor Thornber and Omar El Chmouri

Defiant. Fed Governor Lisa Cook said she has "no intention of being bullied to step down," rejecting Donald Trump’s calls for her resignation over mortgage fraud allegations. If she did leave, the president would have the opportunity  for his appointees to fill four of the seven seats on the Board of Governors. 

Gerrymandering in full swing. The Texas House approved a new congressional map, potentially adding up to five Republican seats in the 2026 midterms. Democrats aim to challenge the map in court. In California, the state’s top court declined to halt Governor Gavin Newsom’s own redistricting plan, which he’s pursuing to offset the moves in Texas and elsewhere.

Somewhat stalled. JD Vance said negotiations over ending Russia’s war in Ukraine are focused on security guarantees for Ukraine and territory Russia wants to control—including land that Moscow isn’t currently occupying. Volodymyr Zelenskiy pushed back against Russia’s idea to add China as a security guarantor in the event of a ceasefire. In Europe, a NATO-like collective defense clause are among the possible solutions being mulled. 

Checking in on Elon Musk. The billionaire must face allegations that he defrauded voters when he promised them a chance to win $1 million for signing a petition in the days before the 2024 presidential election, a federal judge ruled. But in better news, Starlink is winning on in-flight Wi-Fi.

Palantir's miserable week is minting billions for struggling short sellers after the stock lost $73 billion in market value, part of a wider drop in mega-cap tech companies. Elsewhere in tech, Google introduced new consumer gadgets, including smartphones, to show off the company's latest advances in AI. And OpenAI may let other firms use its AI infrastructure to eventually create a revenue stream.

Mukesh Ambani, chairman of Reliance Industries. Photographer: Prakash Singh/Bloomberg

India’s richest man, Mukesh Ambani, was beaming in photos taken just seven months ago at Trump's pre-inauguration dinner. But now, deepening trade tensions between the US and India have left him in the bitter crossfire.

• US Treasury Secretary Scott Bessent and White House trade adviser Peter Navarro have criticized India's "politically connected energy titans."
• And Ambani? Well, he’s made billions from oil refining giant Reliance, now the largest single buyer of Russian crude in India. 
• Russia isn’t worried. It expects a discount on its oil will be big enough to keep India buying. The two countries are actually aiming to increase annual trade by about 50% over the next five years to reach $100 billion—meaning the collateral damage to Ambani may get even worse. 

The Big Take

Photographer: Rachel Seidu for Bloomberg Markets

Africa’s richest person has built a $20 billion oil refinery in Nigeria, bigger than any in Europe. But will Aliko Dangote help enrich impoverished Nigeria, or just himself?

Opinion

Trump has said ceasefires don't matter much, but they do, Marc Champion writes. Ceasefires may save lives and facilitate aid flows, as well as signal whether warring parties are open to peace.

Before You Go

Photographer: Samuel Corum/Bloomberg

Trump plans to issue an executive order on flag burning, NewsNation reported, a move that aims to crack down on burning the American flag without running afoul of a 1989 Supreme Court decision that ruled doing so was protected speech.