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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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Photo: Nicolas Asfouri/AFP via Getty Images

China figured prominently throughout Apple's earnings report on Tuesday, helping fuel the company's record holiday quarter, but also playing a role in the uncertainty hanging over the current quarter.

Why it matters: Apple is the latest company to flag that China's coronavirus outbreak could harm near-term business.

  • A year after weakness in Greater China prompted a rare earnings warning, Apple returned to growth in the region. The company said it saw double-digit growth in sales of the iPhone and in its services and wearables businesses.

Yes, but: China was also the source of caution throughout Apple's conference call on Tuesday. Specifically, CEO Tim Cook noted that:

  • The company's $63 billion to $67 billion revenue outlook for the current quarter, though better than some analysts had forecast, had a wider range due to uncertainty over the impact of the coronavirus.
  • Apple has closed one of its stores in China, while third-party retailers have closed some distribution points and reduced the operating hours at others. Also, traffic is down at retail stores outside Wuhan.
  • Some suppliers are based around Wuhan, thought to be ground zero for the outbreak, though Apple said it had other sources for all the components it gets there. The impact on suppliers outside of Wuhan is less clear.
  • Factories in China are starting back up later than normal following the Lunar New Year holiday, Cook said, with production due to resume Feb. 10.
  • Apple has limited travel of its employees to China to "business critical" situations. But Apple, of course, has a lot of critical business in China, since nearly all its hardware is manufactured there.

The bottom line: It's too soon to say how great the human impact of the outbreak will be, but it's already a major source of economic risk.

Go deeper: The Fed confronts the coronavirus risk

Go deeper

Updated 4 hours ago - Sports

The potential GOAT of chess faces intriguing challenger

Illustration: Sarah Grillo/Axios

The World Chess Championship between Norway's Magnus Carlsen and Russia's Ian Nepomniachtchi began on Friday, 1,094 days after Carlsen won his fourth consecutive title.

Why it matters: During the long, COVID-fueled layoff, chess entered a new era, and with the championship finally here, the age-old game is ready for its close-up.

Department of Interior proposes raising cost of drilling on public lands

A horizontal drilling rig and a pump jack sit on federal land in Lea County, New Mexico. Photo: Callaghan O'Hare/Bloomberg via Getty Images

Oil and gas companies should pay more to drill on federal lands and waters, the Department of the Interior argued in a report released Friday, saying that the current rates were "outdated."

Driving the news: The Department of Interior report said that the federal government's oil and gas leasing and permitting program "fails to provide a fair return to taxpayers, even before factoring in the resulting climate-related costs that must be borne by taxpayers."

6 hours ago - Health

U.S. to restrict air travel from 8 countries over new COVID variant concerns

A COVID-19 vaccine is administered. Photo by Joe Raedle/Getty Images

The U.S. will impose new air travel restrictions in response to the Omicron variant, a new COVID strain first detected in South Africa, President Biden announced Friday.

The big picture: Air travel from South Africa, Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique and Malawi will be restricted starting on Monday.

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