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Apple (AAPL.O) CFO: The company is applying for tariff refunds "through normal procedures" and will reinvest any recovered amounts in its advanced manufacturing projects in the United States.On May 1st, according to the Wall Street Journal, MetaPlatforms CEO Mark Zuckerberg provided new details about the companys aggressive AI plans and addressed the markets negative reaction to its first-quarter results at a company-wide meeting on Thursday. Zuckerberg attributed the 8% drop in Metas stock price to investor concerns about upward revisions to its expected capital expenditures and the companys forecast of slower growth in the second quarter. Zuckerberg said that Metas advertising business experienced a "trajectory shift" after the US-Iran conflict in late February. He said, "If oil prices rise, then consumers will spend more money on oil and gasoline, and less on non-essential items, which are typically targeted for advertising." Zuckerberg attributed the companys planned layoffs next month to the need to invest more in data centers and other AI infrastructure. He said, "The company basically has two cost centers. One is computing and infrastructure, and the other is people. If we invest more in one area to serve our community, it means we have less capital to allocate to the other area. So it means we really need to scale back the company a bit."Apple (AAPL.O) CEO Tim Cook: Memory costs are expected to have a greater impact on the business beyond the current quarter. We will consider various options to address memory cost issues.Apple (AAPL.O) CEO Tim Cook: Memory costs in the second quarter were higher than in the first quarter. Memory costs in the third quarter are expected to be significantly higher than in the second quarter.On May 1st, Apples incoming CEO, John Turner, stated briefly during the companys earnings call that he will continue Tim Cooks prudent approach to financial decision-making. He said, "A key characteristic of Tims tenure was his thoughtful, cautious, and rule-abiding approach to the companys financial decisions. I intend to continue this approach when I take over in September."

Oil Prices Fall as 'Imminent' Iran Nuclear Deal Becomes Visible

Haiden Holmes

Aug 22, 2022 10:52

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On Monday, oil prices dropped significantly on reports that Iran and Western nations were close to an agreement that would ease sanctions on the country's petroleum exports.


West Texas Intermediate futures, the U.S. crude benchmark, fell more than 1% to $89.39 per barrel as of 20:01 ET, while London-traded Brent oil futures down 0.5% to $95.59 per barrel (0002 GMT).


Al Jazeera, a Qatari news outlet, reported over the weekend that a nuclear agreement with Iran was 'imminent,' while other sources indicated that Tehran was prepared to withdraw its demand that the Islamic Revolutionary Guard Corps be removed from the State Department's List of Foreign Terrorist Organizations.


Iran's desire for the corps was a major obstacle to the accord and had impeded EU-mediated negotiations with the United States to this point.


Al Jazeera said that the conclusion of an agreement will result in sanctions against 17 Iranian banks and 150 economic organizations being eased. In addition, Tehran will be authorized to export 50 million barrels of oil per day four months after the signing of the pact.


It is estimated that the decision will instantly release more than 1 million barrels of oil per day onto the market, which will have a negative effect on oil prices.


Nonetheless, this increase in supply may push the Organization of the Petroleum Exporting Countries to implement measures to restrict output. Oil prices surged late in the previous week due to speculation over supply restrictions, but they concluded the week in the red.


In recent weeks, oil prices dropped to six-month lows as speculators feared a demand deficit caused by a worldwide economic slowdown and recession. Indicators of economic stress in the world's largest oil importer, China, have been of particular concern to oil markets. This year, Beijing's zero-COVID plan has led to a succession of COVID lockdowns that have crippled the Chinese economy.


Nonetheless, statistics from the previous week's U.S. oil inventories indicated that demand in the world's largest economy was recovering from a downturn. Nonetheless, a further tightening of monetary conditions by the Federal Reserve could threaten this recovery.

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