UPDATE 1-Citi wealth division’s CIO Bailin to depart after 15 years

Citigroup's David Bailin, chief investment officer (CIO) at the global wealth division, will leave on May 15 after 15 years at the bank, he said in a LinkedIn post on Monday. Bailin became the global head of investments in 2017 and took his current job in 2019. Before joining Citi, he was the head of alternative investment asset management for Bank of America's global wealth and investment management.

The pilots union at American Airlines says it’s seeing more safety and maintenance issues

The pilots union at American Airlines says there has been “a significant spike” in safety issues at the airline, including fewer routine aircraft inspections and shorter test flights on planes returning from major maintenance work. A spokesman said Monday that union officials have raised their concerns with senior managers at the airline and were encouraged by the company's response. The safety committee of the Allied Pilots Association said in an email to members Saturday that the union “has been tracking a significant spike in safety- and maintenance-related problems in our operation.”

FOREX-Dollar jumps, yen weakest since 1990 after strong U.S. retail sales

The dollar reached its highest since early November against a basket of currencies on Monday and sent the yen to its lowest level since 1990, after U.S. retail sales increased more than expected in March. Retail sales rose 0.7% last month and data for February was revised higher to show sales rebounding 0.9% instead 0.6% as previously reported. Economists polled by Reuters had forecast retail sales, which are mostly goods and are not adjusted for inflation, rising 0.3% in March.

Global smartphone shipments climb nearly 8% in 1st quarter as Samsung retakes the lead

Global smartphone shipments rose nearly 8% in the first quarter, according to preliminary data from International Data Corp. It's the third straight quarter of shipment growth and marks the return of Samsung to No. 1. There were 289.4 million units shipped in the period, according to IDC's Worldwide Quarterly Mobile Phone Tracker. Claiming the top spot was Samsung, with 60.1 million units shipped in the quarter, down about 0.7% from last year.

Operator of Japan’s wrecked Fukushima Daiichi nuclear plant prepares to restart another plant

The operator of the tsunami-wrecked Fukushima Daiichi nuclear power plant said on Monday that it has obtained permission from safety regulators to start loading atomic fuel into a reactor at its only operable plant in north-central Japan, which it is keen to restart for the first time since the 2011 disaster. Tokyo Electric Power Company Holdings, or TEPCO, said that it obtained the Nuclear Regulation Authority’s approval to load nuclear fuel into the No. 7 reactor at its Kashiwazaki-Kariwa nuclear power plant in Niigata and it was to start the process later Monday. The loading of the 872 sets of fuel assemblies is expected to take a few weeks.

Adobe explores OpenAI partnership as it adds AI video tools

Adobe on Monday said it is in the early stages of allowing the use of third-party generative artificial intelligence tools from OpenAI and others inside of its widely used video editing software. Adobe's Premiere Pro app is widely used in the television and film industries. The San Jose, California company is planning this year to add AI-based features to the software, such as the ability to fill in parts of a scene with AI-generated objects or remove distractions from a scene without any tedious manual work from a video editor.

IRS says beats US tax filing season service goals, needs funding sustained

The Internal Revenue Service started tax filing deadline day on Monday by announcing that it had exceeded its goals for speeding assistance to taxpayers and cutting phone hold times to three minutes, and underscoring the need for Congress to maintain adequate funding for the tax agency. THE TAKE: The IRS is completing its second tax return filing season with increased funding from the 2022 Inflation Reduction Act, which initially provided $80 billion in funding over 10 years to modernize the agency, improve taxpayer services and boost enforcement.