Russia fines Apple for violating 'LGBT propaganda' law, TASS reports
MOSCOW (Reuters) -A Russian court on Tuesday fined U.S. tech giant Apple six million roubles ($76,510) for violating Russian rules on what Moscow calls "LGBT propaganda," the state TASS news agency reported.
Russia in 2023 widened existing restrictions on the promotion of "non-traditional sexual relations" amid a broader crackdown on LGBT rights, part of President Vladimir Putin's push to uphold what he calls traditional values.
Apple was fined three million roubles in two civil cases on Tuesday, TASS reported. Apple was last month fined a total of 7.5 million roubles for the same offence.
Apple did not immediately respond to an emailed request for comment.
($1 = 78.4205 roubles)
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Trading Day-Good vibrations turn sour
By Jamie McGeever ORLANDO, Florida (Reuters) - TRADING DAY Making sense of the forces driving global markets By Jamie McGeever, Markets Columnist I'm excited to announce that I'm now part of Reuters Open Interest (ROI), an essential new source for data-driven, expert commentary on market and economic trends. You can find ROI on the Reuters website, and you can follow us on LinkedIn and X. The US and China have reached a trade deal, or at least agreed on the framework of a deal, which together with surprisingly soft U.S. inflation data, gave markets a lift on Wednesday. But Wall Street's gains were mild, and they were later wiped out by rising tensions in the Middle East. In my column today I look at the 'equity risk premium' and other metrics that suggest relative U.S. equity and bond valuations are getting very stretched. More on that below, but first, a roundup of the main market moves. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today. 1. China's latest trade truce with US leaves investors nonethe wiser 2. Dollar keeps losing market share but euro slow tobenefit: ECB study 3. US importers turn to brokers to navigate Trump-eratariffs, at a cost 4. When it comes to a US debt default, never say never 5. No longer the big outlier, Italy sees bond renaissance:Mike Dolan Today's Key Market Moves * Wall Street ends in the red, having earlier hit highslast seen in February-March. The S&P 500 falls 0.3%, the Nasdaqloses 0.5%. Consumer cyclicals sector falls 1%, and energy isthe best-performing sector up 1.5%. * U.S. stock market volatility, as measured by the VIXindex, falls to its lowest in almost four months earlier in theday. * Treasuries rally, also boosted by soft inflation and astrong 10-year auction. Yields end down as much as 7 bps, curvebull steepens slightly. * Oil hits a two-month high, rising more than 4% aftersources say the US is preparing to evacuate its Iraqi embassydue to heightened security concerns in the region. Brent crudereaches $69.77/bbl, WTI rises above $68/bbl. * Precious metals rise, led by a surge in platinum to a4-year high above $1,280/oz. Platinum rose as much as 5% and isup over 20% in June, which would be its best month since 2008. Good vibrations turn sour It's a "done" deal, according to U.S. President Donald Trump, although the he and Chinese leader Xi Jinping still have to finalize the wording of the trade agreement between the two superpowers and sign off on it. The main points of the deal appear to be: China will remove export restrictions on rare earth minerals and other key industrial components; U.S. tariffs on Chinese goods will total 55%; Chinese tariffs on U.S. goods will total 10%. Trump could not have been more enthusiastic in his praise for the agreement on Wednesday, and Commerce Secretary Howard Lutnick said 'deal after deal' with other countries will follow in the weeks ahead. Yet, judging by the relatively muted market reaction, investors are less enthused. And given the chaotic and unpredictable nature of the Trump administration's tariff announcements thus far, the irony of Treasury Secretary Scott Bessent calling on China to be a "reliable partner" in trade negotiations will not be lost on some observers. Especially, one suspects, in Beijing. Based on these proposed China levies, and with the US expected to conclude more trade deals in the coming weeks, the overall U.S. effective tariff rate will be lower than feared a couple of months ago. That's a relief. But the effective tariff rate of around 15% that many economists expect will still be significantly higher than the 2.5% rate at the end of last year, and would be the highest since the 1930s. Also, as the May inflation figures showed, tariffs have yet to be felt on prices. Investors - and Fed policymakers, who meet next week - are in a state of limbo. How will corporate profits and consumer spending be affected? What proportion of the tariffs will companies "swallow", and how much will they pass on to their customers? Zooming out, inflation appears to be cooling around the world, although this trend is expected to reverse once tariffs start to fuel higher goods price inflation. Figures on Wednesday showed that U.S. consumer inflation and Japanese wholesale inflation were lower than expected in May. These reports follow similar numbers from Europe recently, and China remains stuck in its battle against deflation. Next up is India, which releases consumer inflation figures on Thursday, which are expected to show annual inflation slowed to 3.0% in May, the lowest in more than six years. Another focus for investors on Thursday will be the auction of 30-year U.S. Treasury bonds. US stocks-bonds warnings flash amber again Calm has descended on U.S. markets following the 'Liberation Day' tariff turmoil of early April. But Wall Street's rally has revived questions about U.S. equity valuations, as stocks once again look super pricey compared to bonds. Since the chaotic days of early April, U.S. equities have rebounded fiercely, with the S&P 500 up 25%, putting the Shiller cyclically adjusted price-earnings (CAPE) ratio for the index in the 94th percentile going back to the 1950s, according to bond giant PIMCO. Stocks are looking expensive in absolute terms, and in relation to bonds. The equity risk premium (ERP), the difference between equity yields and bond yields, is near historically low levels. According to analysts at PIMCO, the ERP is now zero. The previous two times it fell to zero or below were in 1987 and 1996–2001. In both instances, the ultra-low ERP precipitated a steep equity drawdown and sharp fall in long-dated bond yields. "The U.S. equity risk premium ... is exceptionally low by historical standards," they wrote in their five-year outlook on Tuesday. "A mean reversion to a higher equity risk premium typically involves a bond rally, an equity sell-off, or both." But reversion to the mean doesn't just happen by magic. A catalyst is needed. Equities have recovered largely because they were oversold in April, trade tensions have been dialed down, and investors remain confident that Big Tech will drive solid AI-led earnings growth. So even though huge economic, trade, and policy risks continue to hang over markets, there is no sign of an imminent catalyst that would cause an equity market selloff. CHEAP FOR A REASON The flip side of equities looking expensive is that bonds look like a bargain. Indeed, the relative divergence between stocks and bonds is such that, by one measure, U.S. fixed income assets are the cheapest relative to equities in over half a century. Using national flow of funds data from the Federal Reserve, retired strategist Jim Paulsen calculates that the total market value of U.S. bonds as a percentage share of the total market value of U.S. equities is the lowest since the early 1970s. "Since the aggregate U.S. portfolio is currently aggressively positioned, investors may have far more capacity and desire to boost bond holdings in the coming years than most appreciate," Paulsen wrote last week. But bonds are 'cheap' for a reason. Washington's profligacy – the reason ratings agency Moody's recently stripped the U.S. of its triple-A credit rating – and inflation worries have kept yields stubbornly high. The term premium - the risk premium investors demand for holding long-term debt rather than rolling over short-dated loans - is the highest in over a decade, reflecting concerns about Uncle Sam's long-term fiscal health. And the diagnosis here shows no signs of improving. Trump's 'Big Beautiful Bill' is expected to add $2.4 trillion to the U.S. debt over the next decade, according to the nonpartisan Congressional Budget Office, likely putting more upward pressure on yields. Of course, equity investors do seem to be pricing in a very rosy scenario, and the past few months have shown how quickly the market landscape can change. The U.S. economy could weaken more than expected, the trade war could escalate, or there could be a geopolitical surprise that causes bond yields and equity prices to fall. Investors should therefore be mindful of the warnings being sent by ERPs and other absolute and relative valuation metrics. However, they should also remember that stretched valuations can get even more stretched. As the famous saying goes, markets can stay irrational longer than investors can remain solvent. What could move markets tomorrow? * India CPI inflation (May) * UK trade (April) * UK industrial production (April) * ECB's Jose Luis Escriva and Frank Elderson speak atseparate events * Brazil retail sales (May) * $22 billion U.S. 30-year Treasury note auction * U.S. weekly jobless claims * U.S. PPI inflation (May) Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. (By Jamie McGeever; Editing by Deepa Babington) Sign in to access your portfolio
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Why Qualcomm's (QCOM) Long-Term Prospects Shine, Even if the Stock Doesn't
Qualcomm (QCOM) has underperformed over the past year, declining 26%, primarily due to macroeconomic factors rather than internal company mechanics. Although the company's fundamentals remain very solid, it has faced some headwinds, such as concerns that its business is too concentrated on Apple (AAPL) for modem revenue, despite its broader operations still being more rooted in the Android ecosystem. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Still, that doesn't stop me from seeing the stock as a long-term Buy—especially since my bullishness comes from Qualcomm's key competitive advantage: its ability to build the Snapdragon platform, which integrates a modem, CPU, and even a GPU chip—something no other competitor can currently match. This positions the company to tap into new business opportunities that could help offset its current customer concentration. Beyond that, Qualcomm's asset-light model allows it to generate very high returns on its investments, highlighting its operational efficiency, strong financial health, and consistent value creation for shareholders. This helps justify the company trading at a slightly stretched valuation when considering its operational profits relative to enterprise value. When looking for value stocks, one of the most important factors—if not the most important—is a company's ability to generate consistent earnings. Examining QCOM's balance sheet reveals a capital-light, high-margin model driven by intellectual property (IP) and characterized by heavy investment in research and development (R&D). As a fabless semiconductor company, Qualcomm relies on external manufacturing partners such as TSMC (TSM) and Samsung (SSNLF) for chip production. Notably, only approximately 7% of its $55.3 billion in total assets is allocated to property, plant, and equipment (PP&E), which is relatively low compared to the industry average. This underscores the efficiency of its asset-light business model and the minimal physical infrastructure required to support its operations. Roughly 18% of its assets are classified as goodwill, indicating a strong track record of acquisitions, which is clearly part of its strategy to acquire intellectual property (IP) or talent rather than build everything in-house. One recent example is the $2.4 billion acquisition of the UK-based semiconductor firm Alphawave. Additionally, approximately 12% of Qualcomm's total assets are tied to IP licensing and chip design. That makes sense, given its dominant position in the Android smartphone chip market, especially in the high-end segment with its Snapdragon lineup. Given that around 37% of Qualcomm's total assets are intangible, it's worth considering the company's actual operational efficiency once these intangibles are excluded. To gain a clearer picture, it is sensible to examine how Qualcomm allocates its limited tangible capital to generate profits. Over the past twelve months, Qualcomm produced an operating profit of $12.3 billion. During the same period, its net working capital was approximately $2.7 billion, and its invested capital—mainly property, plant, and equipment, and other intangibles—totaled roughly $8.28 billion. Dividing the operating profit by this invested capital plus working capital yields an eye-catching ~112% return on capital (ROC). That kind of number highlights Qualcomm's exceptional operational efficiency, something typically only seen in asset-light, IP-driven tech or software companies. For context, most of these firms operate with a return on capital (ROC) well below 50%. In short, despite a balance sheet loaded with intangibles, Qualcomm proves that it's highly efficient with the real capital it uses. And that translates into three key advantages: sustainable value creation, a durable competitive moat, and stronger financial flexibility. Even a company with a high return on capital isn't necessarily a buy—not if you're overpaying for it. That's why it's vital to assess operating profitability in relation to the company's total valuation, not just traditional P/E or P/B metrics. One way to do this is by comparing operating profit to enterprise value (EV), which reflects what the market is actually paying for the entire business. In Qualcomm's case, we can measure this by dividing its operating profit by its enterprise value (EV). Over the last twelve months, Qualcomm generated $12.3 billion in operating profit, while its current enterprise value stands at $164.6 billion. That results in an earnings yield of 7.5%. To interpret that number correctly, it should be compared to Qualcomm's cost of capital. Using a 10-year treasury yield of 4.5%, a beta of 1.2, and an equity risk premium of 4–5%, the estimated cost of equity falls between 9% and 10%. Since the earnings yield of 7.5% is below this range, Qualcomm doesn't appear particularly cheap at the moment. However, judged against historic performance against the S&P 500 (SPX), QCOM stock has underperformed. That said, this isn't necessarily a red flag. Even if the stock looks a bit expensive on this metric, Qualcomm continues to create value through its exceptional return on capital and strong cash generation. This is reflected in its sustainable 2.28% dividend yield and $16.5 billion in share buybacks over the past four years. Given Qualcomm's maturity, profitability, and operational efficiency, a lower earnings yield may be viewed as acceptable, reflecting a premium for quality and stability. Analyst sentiment on Qualcomm stock is somewhat mixed. Out of 17 experts who've issued ratings in the past three months, eight are bullish, eight are neutral, and just one is bearish. Still, there's little hesitation when it comes to upside expectations. Qualcomm's average stock price target is at $177.75, suggesting ~14% in potential upside over the next twelve months. While traditional valuation metrics may indicate that Qualcomm is undervalued, I believe that perspective overlooks the company's strong operational efficiency. Qualcomm doesn't need to appear 'cheap' to represent a compelling investment opportunity. Its robust, above-average returns on capital, driven by an asset-light business model, demonstrate its ability to create substantial shareholder value and may, in fact, justify a valuation premium. Viewed through this fundamental lens, and given Qualcomm's consistent track record of long-term value creation, I consider it a solid long-term investment, even at its current, relatively full valuation. Disclaimer & DisclosureReport an Issue Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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All of the new features coming to Apple's iOS apps
At WWDC 2025 on Monday, Apple unveiled a series of new features that will launch with iOS 26 this fall across its apps. These include significant updates like Call Screening, more travel-friendly features in Wallet, and highly requested group chat features in Messages. Some of these updates include Apple Intelligence, like Live Translation. Others, like Apple bringing back tabs in the Photos app, just make devices a bit easier to use. We'll update this post as new features come out. Call Screening lets you determine what a call is about before picking it up. When you get a call from an unknown number, Call Screening will automatically answer silently in the background. When the caller shares their name and the reason for their call, the iPhone will ring, and you can view their response before deciding whether to pick up or ignore it. Hold Assist will detect hold music and stay on the line for you until a live agent is available, and Live Translation will translate conversations on the fly. Your words will be translated as you talk, and the translation is spoken out loud via an AI voice for the call recipient. As the person you're speaking to responds in their own language, you'll hear a spoken translation of their voice. Members in group chats on Messages can now create polls to better plan events and make quick decisions. Apple Intelligence will also detect when a poll might be useful and suggest that users start one. Plus, group chats can now create custom backgrounds for chats and see typing indicators, and you can now request, send, and receive Apple Cash in group chats. The app now also lets you screen messages from unknown senders. Messages from unknown senders will appear in a dedicated folder where you can mark the number as known, ask for more information, or delete the message. Apple notes that these messages will remain silenced until a user accepts them. Live Translation is also coming to Messages. The feature will automatically translate text for you as you type and deliver it in your preferred language. When the person you're texting responds, their message will be translated for you. Apple Music users will get access to a Lyrics Translation feature to help them understand the words in their favorite songs in other languages. A new Lyrics Pronunciation feature will display phonetic lyrics so that listeners can sing along in a different language. The app is also adding an AudioMix feature that will transition from one song to the next using time stretching and beat matching like a DJ to deliver continuous playback. The feature could be seen as a competitor to Spotify's AI DJ feature. Apple is also introducing a karaoke feature that will turn your iPhone into a handheld microphone for Apple TV. The feature will amplify your voice as you belt your favorite songs, as real-time lyrics and visuals appear on the TV screen. You can also pin your favorite music to the top of your Library in Apple Music to allow for easier access. Apple Maps is going to get better at understanding your daily commute. It will now use on-device intelligence to start showing you preferred routes when headed home or to the office. The app will notify you of delays and offer alternative routes, too. Apple Maps is also getting a new Visited Places feature that will help you remember the places you've been. You can choose to have your iPhone detect when you're at a restaurant or shop, and view all of your Visited Places in Maps. Apple notes that Visited Places are protected with end-to-end encryption and that it cannot access them. Apple Wallet is introducing the ability for people to store a digital version of their passport, called a Digital ID. The tech giant notes that this won't be a replacement for your actual passport, but it can be used in apps that need to verify age and identity, and at supported TSA checkpoints. With Real ID implementation in effect, Digital ID will give you another way to present an ID in person during domestic travel. In addition, another feature will let you present your driver's license or state ID in Wallet to websites for age and identity verification, starting with Chime, Turo, Uber Eats, and U.S. Bank, as well as the Arizona MVD, Georgia DDS, and Maryland MVA. Apple is also refreshing its boarding pass experience in Wallet. You'll now get real-time updates about flights with Live Activities. You can also share your flight's Live Activities with others so they can remain updated on your travels. You'll now be able to access Maps from your boarding pass in Wallet to navigate to the airport. You can also use Find My to track items and report lost baggage from the boarding pass, and also view key services on an airline's app, such as seat upgrades and standby lists. Apple also announced that Wallet now uses Apple Intelligence to automatically summarize and display order tracking details from emails sent from merchants or delivery carriers. Like Phone and Messages, FaceTime will leverage Live Translation to let people communicate with each other in different languages. When you're talking to someone in a different language, FaceTime will display translated captions so that the two of you can understand each other. After receiving significant user backlash for its Photos app redesign in iOS 18, Apple is bringing back a tabbed interface to Photos. In Collections, you'll find your favorites, albums, and the ability to search across your library. The Library tab makes it easier to scroll through recent photos. The Photos app is also able to transform your 2D photos into 3D spatial photos. The iPhone's Camera app will showcase the two capture modes you use most on the main screen: photo and video. To reveal additional modes, like Portrait Mode and Cinematic Mode, you can swipe your finger left or right. To access other settings, such as flash, timer, aperture, and more, you'll now swipe up from the bottom of the screen. You can also change formats with a tap, which can be helpful when switching between HD and 4K resolution or adjusting the frame rate on video. Apple Podcasts is getting a new customized playback experience that will allow you to choose speed options, from 0.5x and 3x. The feature will bring listening experience on Apple Podcasts more in line with Spotify, which already lets you choose playback speed for podcasts. Plus, Apple Podcasts is getting an 'Enhance Dialogue' feature that will use audio processing and machine learning to make speech more clear over background sounds. Apple is adding a ChatGPT integration to supercharge Image Playground. You'll be able to access new styles, such as vector art or an oil painting. Plus, you'll be able to tap the 'Any Style' option to describe exactly what you want. Image Playground will send the description or photo to ChatGPT to create a unique image. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
