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Soccer-Bodo/Glimt stun Lazio in penalty shoot-out to make Europa League semi-finals
Nikita Haikin's crucial save helped Bodo/Glimt to a dramatic penalty shootout victory away from Lazio, on Thursday. They became the first Norwegian team in the Europa League semi-finals where they will play Premier League side Tottenham Hotspur. Lazio seemed to have done everything they could to win the match, overcoming the two-goal first-leg deficit to lead 3-0. However, a sucker punch goal from Andreas Helmersen in extra-time sent the tie to penalty kicks, where Haikin was the hero. Lazio took the lead through an excellent flick by Taty Castellanos in the 21st-minute. This set the tone for the rest of the match, as the Italians dominated and the visitors struggled to keep up with their slick passing. Boulaye Dia scored to give Lazio the 3-2 aggregate lead after 10 minutes of the first half. Helmersen made a decisive cameo in the second half. He missed a clear chance in the second half stoppage time just before Noslin scored, but he then scored with a powerful header to equalize the score. Helmersen received a second yellow in the dying moments of the match, which was a nerve-wracking encounter. The Norwegians were in a bad situation when Dia scored and Jens Petter Haiuge's spot-kick was saved. But Haikin, a Russian born in Israel who spent most of his teenage years living in London, stepped up to the plate. He saved Loum Tchaouna, watched Noslin shoot wide, and after Bodo scored their next three goals, it was time for Patrick Berg to win the match with his fifth penalty. His family is synonymous with Bodo. The fairytale was not over yet. Berg had one more twist to add. He blasted his shot high above the bar, and Haikin was called on once again. His heroics were cemented by his saving of Castellanos’s shot for a 3-2 victory in the shootout, which made them the Norwegian team to reach the final four of a major European tournament. This prompted wild celebrations from the travelling fans as well as the ones at home within the Arctic Circle. (Reporting and editing by Clare Fallon; reporting by Philip O'Connor)
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Senior Ukrainian official: US and Ukraine sign a memorandum to begin a mineral deal
Ukraine announced on Thursday that Kyiv had signed a Memorandum with Washington as an initial step to clinching a deal on developing minerals in Ukraine. This is a deal pushed by U.S. president Donald Trump. Trump has said that the agreement could be signed as soon as next week. Yulia Shvyrydenko (Ukraine's first vice-premier and minister of economy) announced on social media the signing of the memorandum. She wrote: "We are pleased to announce the signing of a Memorandum of Intent with our American Partners, which opens the door for an Economic Partnership Agreement, and the creation of the Investment Fund for the Reconstruction of Ukraine." The Trump administration had offered a more comprehensive deal at the end last week, so a Ukrainian delegation went to Washington for negotiations. The initial framework agreement has not been signed. Trump said to reporters in the White House: "We've got a mineral deal that I think will be signed Thursday." Trump has called for a deal that would give the United States privileged access to Ukraine’s minerals and natural resources. He sees this as recompense for Washington’s military assistance to Ukraine during former President Joe Biden's tenure. Scott Bessent, U.S. Treasury secretary, said that "we are still working on the detail" and the signing could happen by next Friday. He said, "It is essentially what we had agreed upon previously." "When the President was here, there was a memorandum. We moved straight to the important part, which I believe is an 80-page contract that we will be signing. The White House has not responded to a request from a journalist for more information on the agreement's timing and content. The Ukraine president Volodymyr Zelenskiy said that both countries would be able to sign the Memorandum of Understanding online later on in the day. This is a letter of intent. Zelenskiy, a reporter in Kyiv told reporters that they had positive and constructive intentions. He said that the U.S. offered to sign the Memorandum of Understanding before the Comprehensive Deal, which requires ratification by the Ukrainian Parliament. Svyrydenko said earlier that Kyiv made significant progress in discussing the agreement with Washington, and the Memorandum was the stage where this progress could be recorded. Reporting by Yuliia Dysa in Kyiv and Angelo Amante in Washington. Editing by Mark Heinrich and Anna Driver.
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Bodo/Glimt stun Lazio in penalty shoot-out to make Europa League semi-finals
Nikita Haikin's crucial save helped Bodo/Glimt to a dramatic penalty shootout victory away from Lazio, on Thursday. They became the first Norwegian team in the Europa League semi-finals where they will play Premier League side Tottenham Hotspur. Lazio scored the first goal in the 21st minutes through Taty Castellanos. It took Tijani Norslin until the second half stoppage time to score their second to equalize the match on aggregate. This sent the tie into extra time. Boulaye Dia then headed home in the 10th minute to give his team a 3-2 lead on aggregate. Andreas Helmersen, a Bodo sub, scored a stunning goal in the 109th-minute to tie the score at 3-3. He was sent off in the dying moments for his second yellow card, and the match went to penalties. Haikin saved Castellanos’s attempt to make the score 3-2 and send his team into the final four. Philip O'Connor reported; Clare Fallon edited.
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EU Commission receives complaint regarding easing of sustainability regulations
Climate and human right campaigners filed a lawsuit against the European Commission Friday accusing it of weakening sustainability legislation without consulting the public or assessing its impact. The Commission, in February, proposed "Omnibus", a set of legal changes that would exempt smaller European companies from EU sustainability reporting requirements and reduce the obligations on larger firms to monitor their supply chains and check for human rights or environmental issues. The industries complained about the burdensome EU regulations that prevented them from competing with their rivals in China or the U.S. where President Donald Trump has rolled back regulation and is imposing tariffs to foreign goods. ClientEarth, a legal charity, and seven other groups filed a complaint with the European Ombudsman, the EU's independent watchdog. They claimed that the Commission failed to evaluate the environmental and social effects of changing laws and that this was a form of maladministration. The Commission was also accused of consulting lobbyists from the industry in closed-door sessions before publishing its proposal and refusing to conduct a public consultation. A spokesperson for the Commission did not respond immediately to a comment request. The complaint stated that "the closed-doors approach taken by the Commission which favoured certain stakeholders and not others risks also fueling anti-democratic discourses as well as eroding trust among EU citizens towards the EU institutions." The Commission invited top oil and gas companies Eni, ExxonMobil, and TotalEnergies as well as industry lobbyists and companies to a closed door meeting on the Omnibus in February before the publication of the document. But the list included other campaign groups like the World Wildlife Fund and Human Rights Watch. Now, the European Ombudsman has to decide whether or not to investigate the complaint. The watchdog has no enforcement powers but it can use its investigations to make recommendations to other EU institutions about the Commission's behavior. (Reporting and editing by Helen Popper; Kate Abnett)
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MP Materials suspends rare earth shipment to China over tariffs
MP Materials announced on Thursday that it would no longer be shipping rare earth concentrates to China as a result of the retaliatory duties and export controls imposed by China following the tariffs imposed by U.S. president Donald Trump. This sent its shares down 3,9% in the afternoon. The company stated that "Selling valuable critical materials at 125% tariffs was neither commercially logical nor in the national interest of America." MP produces rare-earths concentrate in its California mine, which is then sold to independent refineries worldwide including China through a distributor. The company is increasing the production of rare earths in California, and is commissioning new metal production equipment in a Texas facility. As the United States enters a full-blown war of trade with China, import taxes have risen to over 100%. The rare earths manufacturer said that it would continue producing and stockpiling concentrate material, while increasing domestic processing and magnet manufacturing in Texas. MP Materials invested over $1 billion into the United States infrastructure for rare earths, including facilities located in California and Texas. Rival USA Rare Earth fell 10%. (Reporting and editing by Maju Samuel in Bengaluru, Anil D'Silva, and Pooja Menon)
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Shooting at Florida State University leaves one dead
According to reports, a shooting occurred at Florida State University on Thursday, resulting in the death of one person and the injury of six others. A suspect was arrested. ABC News reported, citing unidentified law enforcement officials that at least one individual had died. At midday, gunshots were heard at the Student Union Building on the FSU Campus in Tallahassee. Police advised students and faculty to take shelter as they responded. The main campus is home to more than 42,000 students. Tallahassee Memorial HealthCare hospital in nearby Tallahassee said that it received six patients, one of whom was in critical condition, and the others were in serious condition. CNN reported that two sources familiar with the situation said that officers arrested one suspect shortly after the shooting. CNN reported that three guns were also found: one was on the suspect's person, another in a nearby car and a third in the student union. The law enforcement agencies were not immediately available to confirm or comment on the reports. In a posting on X, FBI Director Kash patel stated that he was briefed about the Florida State shooting and that a Jacksonville FBI field office team is assisting. He added, "We will support local law enforcement in any way that is needed." This was the latest in a series of violent shootings that have occurred on a U.S. campus over the past few years. In 2014, an alumnus of Florida State University opened fire at the main library early in the morning, injuring two students as well as a staff member. Hundreds were studying for exams.
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The Supreme Court's top cases
In the current term of the U.S. Supreme Court, there are cases that involve guns, gender affirming medical care for minors who identify as transgender, online pornography and religious rights, TikTok and preventive healthcare. There are also cases that concern funding Planned Parenthood, job discrimination and federal regulation powers over nuclear waste storage, vape products and voting rights. Take a look below at some of those cases that have already been argued, decided or are still awaiting a decision by the justices. 'GHOST GUN' On March 26, the court upheld a federal rule targeting "ghost guns", which are largely untraceable, imposed by former Democratic President Joe Biden in an effort to crackdown on the proliferation of firearms used in crimes across the country. The ruling by 7-2 overturned the lower court decision that the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives exceeded its authority when it issued the 2022 rule aimed at parts and kits of ghost guns. The court determined that the regulation was in line with the 1968 federal Gun Control Act. TRANSGENDER RIGHTS During arguments on 4 December, the court's conservative judges indicated that they were willing to uphold Tennessee's Republican-backed ban on gender affirming medical care for minors who are transgender. This case could have a significant impact on other state laws that target transgender individuals. Biden's Administration appealed the decision of a lower court upholding Tennessee’s ban on medical treatment, including hormones and surgery for minors suffering from gender dysphoria. This refers to the distress caused by the incongruity of a person’s gender identity with the sex assigned to them at birth. The ruling is expected to be made by the end June. MEXICO GUN LAWSUIT On March 4, the justices showed sympathy for a request by two American firearms companies to dismiss the Mexican government’s lawsuit accusing the companies of aiding the illegal trafficking of guns to drug cartels, and fueling the gun violence in Mexico's southern neighbor. The justices heard arguments from Smith & Wesson, a firearms manufacturer and distributor of Interstate Arms in their appeal against a lower-court ruling allowing the lawsuit on the basis that Mexico had plausibly alleged the companies aided and facilitated illegal gun sales and harmed its government. The ruling is expected to be made by the end June. U.S. TIKTOK BAN On January 17, the justices upheld a federal law that would ban TikTok from the United States if the Chinese parent company ByteDance failed to sell the short video app within a time limit set by Congress. The Justices ruled, 9-0, that the law passed by Congress and signed by Biden last year did not violate First Amendment protections against government abridgment. The justices upheld a lower court decision that upheld the measure. Biden's replacement, Republican President Donald Trump chose not to enforce it and instead gave both parties a chance to work out a compromise. Online Pornography The Justices heard arguments about whether the First Amendment protects against government interference in speech when a Texas law requires that pornographic sites verify users' ages to limit access by minors. The justices voiced concerns over the availability and accessibility of online pornography, but also expressed concern about burdens placed on adults who wish to view constitutionally-protected material. A trade group representing the adult entertainment industry has appealed the decision of a lower court that upheld the Republican-led State's age verification mandate. The ruling is expected to be made by the end June. WORKPLACE DISCRIMINATION On February 26, the court heard arguments in a case where a woman claimed that she was denied a job promotion and demoted because of her heterosexuality by a state government agency in Ohio. The justices seemed to favor making it easier for those from "majority backgrounds" to bring workplace discrimination cases, such as straight or white people. Marlean Amees, the plaintiff, said that she worked with a homosexual supervisor when, in 2019, she was demoted and passed over for promotion to a woman gay. The ruling is expected to be made by the end June. RELIGIOUS SCHOOL The court will hear a case that tests the separation between church and state. Two Catholic dioceses are attempting to establish the first taxpayer-funded charter school in Oklahoma. St. Isidore Catholic Virtual School was shut down by a lower court, which ruled that the funding arrangement for the school violated First Amendment restrictions on government endorsements of religion. Arguments will be held on April 30. RELIGIOUS EXEMPTION In a landmark religious rights case, the justices seemed to be sympathetic towards a request by an arm of Wisconsin's Catholic diocese for a religious exemption. On March 31, the court heard arguments in an appeal filed by the Catholic Charities Bureau, a nonprofit corporation that operates as the social ministry branch of the Catholic Diocese of Superior. The bureau also represents four other entities. The court is expected to rule by the end June. LGBT SCHOOL BIBLES The court accepted a request from religious parents who wanted to prevent their children from attending classes in a Maryland district public school when LGBT stories are read. This is yet another case that involves the intersection of religion and LGBT rights. Parents of children attending Montgomery County Public Schools filed an appeal after lower courts refused a plaintiff's request for a preliminary order ordering the district not to read these books. Arguments will be held on April 22. OBAMACARE PREVENTIVE MANDATE The Court will decide on the legality a key element of the Affordable Health Care Act, which gives a taskforce established under the Obamacare healthcare law the power to demand that insurers provide preventive medical services without cost to the patient. The court heard an appeal from the Biden administration against a lower-court ruling which sided with a Christian group of businesses that objected to the fact that their employee health plans covered HIV-preventing medications and had argued the task force structure violated U.S. Constitution. Arguments will be held on April 21. PLANNED PARENTHOOD FINANCE The court heard arguments in South Carolina on April 2, in an attempt to stop public funding for Planned Parenthood. This case could support Republican-led efforts to deny the provider of reproductive healthcare and abortions public funds. South Carolina was supported by the conservative justices of the court. A lower court blocked the Republican-run state from cutting funding to the regional affiliate of Planned Parenthood under the Medicaid health insurance system. The ruling is expected to be made by the end June. NUCLEAR WASTE STORAGE On March 5, the justices heard arguments over whether the Nuclear Regulatory Commission had the authority to issue licenses for certain nuclear waste facilities, amid objections raised by the state Texas and oil industry interests. The U.S. Government and a company awarded a license to operate an operation in western Texas by the NRC appealed the ruling of a lower court declaring that the storage arrangement was illegal. The NRC regulates nuclear energy in the United States. The NRC is expected to make a decision by the end June. FLAVORED vapor products The Court on April 2, largely backed up the U.S. Food and Drug Administration in its refusal to allow two ecigarette companies to sell flavored vapor products, which regulators consider a risk to health for youths. The court threw out the lower court decision that found the FDA violated a federal law known as the Administrative Procedure Act by rejecting the applications of the companies Triton Distribution & Vapetasia to sell these nicotine containing products. EPA AUTHORITY On March 4, the court handed a major blow to the Environmental Protection Agency with a ruling of 5-4. The case involved a wastewater treatment plant owned by San Francisco. This could make it more difficult for regulators and water quality inspectors to monitor pollution. The court ruled that the EPA had exceeded its authority in a law against pollution by putting vague restrictions on a permit for the facility which discharges into the Pacific Ocean. In recent years, the court has limited the EPA’s power as part of a number of rulings that have curbed the federal regulatory agencies’ powers. TAILPIPE Emissions A major case that tests the power of the Democratic-governed California to combat greenhouse gases is a challenge by fuel producers against California's standards on vehicle emissions and electric vehicles under a federal law on air pollution. Valero Energy, along with fuel industry groups, appealed the lower court's decision to reject their challenge against a Biden administration decision to let California set its own regulation. Arguments will be held on April 23. TELECOMMUNICATIONS SERVICE FUND The Justices seemed sympathetic to the Federal Communications Commission’s defense of its multi-billion-dollar effort to expand access to broadband internet and phone services for low-income Americans, rural Americans and others. On March 26, the court heard arguments in the appeal of the FCC, a coalition interest groups and telecommunications companies against a lower court decision which found that Congress had violated the Constitution by vested legislative authority with Congress. The court is expected to rule by the end June. LOUISIANA ELECTORAL MAP On March 24, the justices heard arguments in a bid to preserve a Louisiana electoral map which increased the number of Black-majority districts in the state. This was in response to a legal challenge brought by a group voters who identified themselves as "non African American". Three federal judges determined that the map of Louisiana's six U.S. House of Representatives district - which now has two Black-majority areas, instead of one - violated the Constitutional promise of equal treatment. The ruling is expected to be made by the end June. Death Penalty Case On February 25, the court threw away Richard Glossip’s conviction in Oklahoma for a murder-for hire plot that took place in 1997 and gave him a fresh trial. In a 5-3 decision, the justices concluded that prosecutors had violated their constitutional obligation to correct false testimony from their star witness. The justices reversed the lower court decision which had upheld Glossip’s conviction. They also allowed his planned death to proceed despite Glossip’s claim that prosecutors had wrongly withheld information that could have helped his defense. (Compiled by Andrew Chung and John Kruzel; edited by Will Dunham.)
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Ontario pledges to reduce red tape for mining projects
By Divya Rajagopal Ontario Premier Doug Ford announced on Thursday that the province will reduce the time it takes to approve new mining project by half in order to be more competitive, as Canada is facing tariffs and threats of annexation from the United States, its top trading partner. Ford announced that a new bill titled 'One Project One Process' would expedite approvals for strategic mining projects, starting with Ring of Fire and important minerals. Ford stated that it currently takes 15 years for a mine to be opened in Ontario. Ford said, "That's fifteen years of missed opportunities, 15 years spent jumping through hoops... These delays were never accepted, but now, more than ever before, we must act, with President Trump taking a direct shot at our economy. It cannot be business-as-usual." If passed by the Provincial Legislative Assembly the measure will reduce the time it takes for the government to review mining projects by 50%. This will include a coordinated consultation between the indigenous groups whose land these mines are built on. Ford also said that Ontario tightens its standards in regards to the involvement of foreign entities, such as China, in important mining projects.
Treasuries and dollar fall due to trade war causing recession fears. US stocks rise
On Wednesday, the latest escalation of the trade war between China and the United States rattled the global markets. Treasuries fell and the U.S. Dollar dropped in a saleoff of certain U.S. assets.
U.S. shares edged up, but trading was still choppy. Investors weighed if recent sharp selling had been overdone. U.S. President Donald Trump’s 104% tariffs against China went into effect on March 21, prompting Beijing to retaliate with duties of 84%.
The benchmark 10-year U.S. Treasury notes yields rose to a record high of seven weeks on the back of what appeared to large liquidations. Trading volumes overnight were more than four-times the average. Bond yields are opposite of prices.
The increase in yields on the Asian trading session increased fears that China was selling a large part of its U.S. Bond holdings.
The demand for longer-dated bonds will be tested with the sale of $39 billion of 10-year notes Wednesday afternoon, and a $22 million auction of 30-year bond on Thursday.
Investors worry that Trump's tariffs are so severe they will trigger a recession, forcing the Federal Reserve to cut interest rates.
George Saravelos, head of Deutsche Bank's foreign exchange research, said that the push-out of Treasuries could signal a loss of investor interest in U.S. assets and the "end of an era."
We are seeing a simultaneous fall in the value of all U.S. assets, including stocks, dollar against alternative reserve FXs and the bond markets. He said that we are entering uncharted terrain in the global financial systems.
Investors fled from the dollar, which is often seen as a safe-haven currency in turbulent times, to the Swiss Franc and gold.
The ING economists said that "this seemingly'sell America trade' is now dominating the theme of rising recession risks that would normally have pushed yields downward."
The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, the euro and others) fell by 0.39%, while the euro rose by 0.68%, reaching $1.1031. The dollar fell 0.77% against the Japanese yen to 145.15.
The dollar fell 0.66% against the Swiss Franc to 0.842. Gold spot rose 3.53%, to $3.088.80 per ounce. Investors compared the violent selling of Treasuries to the panicked rush for cash at the beginning of the COVID-19 Pandemic, which began in March 2020. It reignited concerns about the fragility of the world's largest bond market.
The yield on the benchmark 10-year U.S. notes increased 19.2 basis points, to 4.45% from 4.26% at late Tuesday.
U.S. STOCKS INCH UP U.S. stock prices were slightly higher at midday New York trading.
The Cboe Volatility Index, Wall Street's fear gauge was down. It reached its highest level in August this week.
In the upcoming U.S. quarter earnings season, more insight will be gained into the health and performance of corporate America. U.S. Banks, including JPMorgan Chase are due to release their first-quarter results this Friday.
The Dow Jones Industrial Average grew 167.93, or 0.45% to 37,813.52. The S&P 500 rose by 33.11, or 0.67% to 5,015.97. And the Nasdaq Composite jumped 217.21, or 1.43% to 15,486.85.
According to LSEG, as of Tuesday's closing, S&P companies had lost $5.8 billion in stock market value following Trump's announcement on tariffs late last Wednesday. This is the largest four-day decline since the benchmark's creation in the 1950s.
The MSCI index of global stocks fell by 1.97 points or 0.32% to 740.61. The pan-European STOXX 600 fell 3.5%.
Analysts at JPMorgan thought that the rapid escalation of U.S. Tariffs against China would be disruptive enough to send the global economy into a recession.
In a client note, they stated that "given the import bill from China the China tariff is equivalent to a whopping tax hike of $400 billion on U.S. businesses and households." The currency will likely be used as a release valve by China's policymakers.
The oil prices fell as concerns over the future of global energy demand outweighed geopolitical worries.
U.S. crude dropped 3.84%, to $57.29 per barrel. Brent was down to $60.50 a barrel.
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(source: Reuters)