Apple’s John Tarnas speaks at Apple’s annual Worldwide Developer Conference (WWDC) in San Jose, California, June 5, 2017.
Stephen Lamb | Reuters
Hello. Leonie is emailing from Singapore while she is out preparing for CNBC’s CONVERGE LIVE event featuring former Canadian Prime Minister Justin Trudeau, Capital Group CEO Mike Gitlin, and more.
Apple is set to undergo its second leadership change since Steve Jobs, with CEO Tim Cook set to be replaced by John Ternus at the helm of the world’s second most valuable company.
Geopolitical tensions continue to rise in Iran, with Iranian officials and US President Donald Trump exchanging threats as a cease-fire deadline approaches.
enjoy!
What you need to know today
appleCEO Tim Cook has made a revelation, if you’ll excuse the joke.
Starting September 1, John Ternas, senior vice president of hardware engineering, will take over the reins from Mr. Cook, who will be named Apple’s executive chairman.
Ternus will have to shoulder a huge responsibility. Apple has grown in market capitalization more than 20 times under Cook’s watch.
Away from the tech world, U.S. markets fell and Asian markets were mixed as geopolitical tensions continued to rise. South Korea’s Kospi hit a record high on Tuesday, making it a notable outlier.
Mohammad Berger Ghalibaf, the speaker of Iran’s parliament, appeared to pick up steam on Tuesday in a social media post, accusing US President Donald Trump of “setting up a siege and violating the ceasefire” and trying to turn negotiations into “a table of surrender or to justify new warmongering.”
Meanwhile, President Trump continues to brandish his saber against Iran, threatening it with overwhelming military force, saying “a bunch of bombs are going to start going off” if a deal is not reached before the uneasy ceasefire with Tehran expires on a revised Wednesday evening deadline.
His remarks stand in sharp contrast to news that the US delegation is preparing to return to Pakistan for a possible second round of peace talks. A person familiar with the matter told CNBC that the delegation “is planning to go to Islamabad soon.”
But some analysts, including CNBC’s Jim Cramer, have suggested that the market may have put the Iran conflict behind it.
Oil prices fell during Asian hours on Tuesday, with West Texas Intermediate crude oil futures (for May delivery) down 1.85% to $87.95 per barrel, while international benchmark Brent crude oil futures (for June delivery) fell 1.1% to $94.41 per barrel.
In the United States, after the Supreme Court struck down the foundations of President Trump’s trade policy, the Trump administration opened a portal to claim tariffs related to approximately $160 billion in refunds.
— Lim Huijie
And finally…
Nvidia supplier Victory Giant’s stock price rises 60% on Hong Kong debut
Victory Giant Technology shares rose as much as 60% on Tuesday following the Chinese company’s blockbuster initial public offering, the largest in Hong Kong this year.
The Chinese company, which supplies printed circuit boards to Nvidia, valued its shares at HK$209.88 in its IPO. The stock was most recently trading at HK$306.8, up 46%.
Victory Giant raised about HK$20.1 billion ($2.57 billion) in the city’s biggest listing in nearly seven months. This would be Victory Giant Hong Kong’s biggest IPO since Zijin Jin International’s $3.2 billion IPO in September.
— Justina Lee
