???? Apple Snared in EU's Net!

Hala,

Washington DC woman Anna Lee Dozier thought she scored a vintage vase for $3.99; turns out, it was a 1,000-year-old Mayan artifact!(1)????

amana’s Take:

• WTI crude trades around $82.00, global oil demand up by 1.4 million barrels/day due to robust travel in Europe and Asia.
• Tensions in the Middle East, including Israel-Lebanon conflicts and Ukraine's attacks on Russian oil infrastructure, threaten supply.
• A stronger US dollar and the Federal Reserve's hawkish stance may weigh on prices.
• Energy markets remain volatile; investors await US crude oil stock updates on Wednesday at 6:30 pm Dubai Time for further direction.

Stock Market Update

???? US stocks closed mixed on Monday, with the Dow rising 0.67% to 39,411.21, driven by a boost from Goldman Sachs and other rallying stocks. Meanwhile, the S&P 500 shed 0.31% to 5,447.87, dragged by its IT sector(2), and the Nasdaq 100 fell 1.15% to 19,474.62, ending its June rally.(3) What an eventful day on Wall Street! ????

???? Gulf markets fared similarly as investors awaited key US inflation data due on Friday. Abu Dhabi gained 0.1% to 9,022 and Dubai slid 0.3% to 4,000.(4) ↗?↘?

???? Apple Caught in the Regulatory Net!

Apple finds itself entangled in the intricate webs of the EU's Digital Markets Act. This isn't just a minor inconvenience; it's a high-stakes game where Apple could face fines up to 10% of its global revenue if found non-compliant.(5) As the EU tightens its regulatory grip, Apple is being pushed into unfamiliar waters, making it the primary target under Europe's new tech-focused laws. ????

???? Key Financial Details:

• Potential Fines: Up to 10% of Apple's worldwide revenue.
• Previous Penalties: Apple was previously fined about $2 billion in March under separate charges, emphasizing the EU's firm stance.
• Current Allegations: Accusations focus on Apple's App Store practices, particularly around restricting developer freedoms to direct customers to alternative purchasing methods and products. ????

?????? Navigating the European Regulatory Maze

As Apple navigates this regulatory maze, the tech giant is also adjusting its global strategy, possibly delaying the rollout of AI features in Europe due to these ongoing legal challenges. The EU's assertive approach aims to foster open competition, yet it poses unique risks for tech companies striving to adapt to these stringent new rules. Apple's response? A commitment to compliance and ongoing dialogue with regulators, but only time will tell how this high-tech tug-of-war will pan out. ????

Closer to Home?

• ?? Dubai-listed Spinneys debuted its first Saudi store, and is set to sprout three more this year and a total of 12 stores in the Kingdom by 2028. Talk about building a retail oasis in the desert! (6) ???
• ?? ADNOC Drilling's got a new dividend policy with a minimum 10% annual dividend growth. Shareholders can expect a juicy $4.8 billion payout from 2024 to 2028, with a cumulative minimum yield of over 27%.(7) ??

What Else Is Trending

• ?? Bitcoin slid below $60,000 on Monday, down 7% to $59,562.54, marking a 19% drop from its March peak(8) as bears aim for 3rd consecutive negative weekly outing.(9) ??
• ??? And Chinese-linked fast fashion giant Shein has confidentially filed for a London IPO despite recent criticism over its labor and tax practices. Their London move isn't a sure thing yet, with Beijing's approval still in the air.(10) ??
• ??? Lastly, oil prices climbed on Monday, driven by rising US gasoline demand and renewed Mideast geopolitical tensions. Brent added 0.9% to $86.01 per barrel, and WTI climbed 1.11% to $81.63.(11) ?

?? Quote of the Day

“It is surprising that some of the most valuable, respected big companies on this planet do not take compliance as a badge of honor,” — Margrethe Vestager, EU Competition Chief.

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Sources:-?(1) Fox News, (2) (8) (10) (11) CNBC, (3) Forbes, (4) (6) (7) Zawya, (5) The Wall Street Journal, (9) Nasdaq