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The top cases in the US Supreme Court docket
The U.S. Supreme Court has been deciding important cases in its current term. These include voting rights, presidential power, tariffs and birthright citizenship. Other issues are race, transgender sportspeople, campaign finance laws, LGBT "conversion therapies" and federal agency authority. The term began in October, and will run through the end of June. Separately, the court has also acted in emergency cases in several cases that challenge President Donald Trump's policy. VOTING RIGHTS ACT On April 29, the court gutted a crucial provision of the Voting Right Act, making minorities less likely to challenge electoral maps under the landmark civil right law as racially biased. The court blocked an electoral map which would have given Louisiana a 2nd U.S. Congress district with a majority of Black people. The decision severely undermined Section 2 in the Voting Rights Act which Congress passed to prohibit electoral maps that could dilute the power of minority voters. The ruling allowed Republican-led Southern States to demolish Democratic-held districts with majority-Black or majority-Latino voters ahead of November's midterm elections. After the Supreme Court gutted another part of the Voting Right Act in 2013, Section 2 gained more importance as a barrier against racial bias in voting. Black and Latinos tend to vote for Democratic candidates. Birthright Citizenship The court expressed skepticism about the legality of Trump’s directive on April 1, to restrict the birthright citizenship of Americans. The justices asked the administration's attorney about the legal validity and practical implications of Trump's order. The lower court ruled against Trump's executive order that instructed U.S. agencies to not recognize citizenship for children born in the United States. If neither parent is a legal permanent resident or an American citizen, this is also known as a "green-card" holder. The court found that Trump's policies violated both the 14th Amendment of the U.S. Constitution and a federal law codifying birthright rights. The Supreme Court will likely rule by the end June. TRUMP'S TARIFFS On February 20, the justices struck down Trump's sweeping trade tariffs, which he pursued in accordance with a law intended for national emergencies. This ruling has major implications for 'the global economy'. The ruling, which was 6-3 in favor of the lower court's decision, confirmed that Trump had exceeded his authority when he used this 1977 law. The court ruled that Trump's claim to have the authority to impose tariffs was not supported by the law in question, the International Emergency Economic Powers Act (IEEPA). Congress has the power to impose taxes and tariffs, not the President, according to the U.S. Constitution. Tariffs are at the heart of a global trade conflict that Trump started after he entered his second term in office. This war has alienated trading partner, affected financial markets, and created global economic uncertainty. TRUMP'S FIRE OF FED OFFICIAL Justices expressed skepticism about Trump's attempt to fire Federal Reserve governor Lisa Cook, a move that could threaten the independence of the central bank. The justices said they would not grant Trump's request for a judge to overturn a decision that prevented him from firing Cook immediately while her legal case is being resolved. Congress created the Fed by passing a law, the Federal Reserve Act, that contained provisions designed to protect the central bank against political interference. The law stipulated that governors could only be removed "for cause" and did not specify the procedure for removal. Trump claimed that Cook's firing was due to unproven allegations of mortgage fraud, which she has denied. Cook, who is still in her position for now, said that the allegations were a pretext used to fire Cook over differences of monetary policy, as Trump pressures the Fed to reduce interest rates. The ruling is expected to be made by the end June. PROTECTED STATUS OF IMMIGRANTS On April 29, the justices heard arguments examining Trump's administration's actions to strip humanitarian benefits from hundreds of thousands Haitian and Syrian migrants, as part of his signature crackdown on immigration. The Trump administration appealed two federal judge's rulings that halted its efforts to terminate Temporary Protected Status (TPS), which the U.S. Government had previously granted to over 350,000 Haitians and 6,100 Syrians. Some conservative justices seemed to agree with the administration that courts could not second-guess the decision of the government to end TPS. Several justices questioned also the claim of the challengers, that the administration failed to follow mandatory protocols when making decisions in accordance with the law governing TPS. The ruling is expected to be made by the end June. Federal Trade Commission Firing The conservative justices of the court have indicated that they will uphold Trump's legality in firing a Federal Trade Commission Member and give an historic boost to president power, while also putting at risk a 90-year old legal precedent. On December 8, the court heard arguments in the Justice Department appeal of the lower court's ruling that the Republican President exceeded his authority by dismissing Democratic FTC member Rebecca Slaughter before the term she was due to finish. The conservative justices seemed sympathetic to the Trump Administration's argument that tenure protections granted by Congress to independent agency heads unlawfully infringed on presidential powers under the U.S. Constitution. Trump was allowed to remove Slaughter until the case concluded. The court is expected to make a decision by the end June. TRANSGENDER SPORTS PARTIcipation The conservative justices seemed ready to uphold the state laws that ban transgender athletes from participating in female sports teams, amid an escalating nationwide effort to restrict transgender rights. On January 13, the court heard arguments from Idaho and West Virginia in appeals of lower courts' decisions siding with transgender student who challenged the bans imposed in both states for violating the U.S. Constitution as well as a federal antidiscrimination act. 25 other states also have laws similar to Idaho's. The conservative justices expressed concerns over imposing a uniform law on the whole country, amid a sharp disagreement and uncertainty about whether medications such as puberty-blocking hormones or gender affirming hormones remove male physiological advantages in sport. The ruling is expected to be made by the end June. LGBT "CONVERSION THERAPEUTY" The court rejected on March 31, a Democratic-backed Colorado Law that prohibited psychotherapists from utilizing "conversion talk therapy" intended to change a LGBT minor's gender identity or sexual orientation. The 8-1 decision sided with the Christian licensed counselor who argued that the ban was an intrusion into free speech rights. The Colorado court rejected the argument that their law only protected speech, but regulated professional conduct. The court reversed a lower-court decision which had upheld a law brought by Kaley Chiles who argued it violated First Amendment protections from government abridgment. HAWAII GUNS LAW The conservative Justices expressed skepticism about a Hawaii gun law which restricts the carry of handguns in public places, such as businesses. They appeared ready to expand the right to own a firearm again. On January 20, the court heard arguments in an appeal filed by opponents of the law, backed by Trump's administration. The challengers were appealing a ruling that Hawaii’s Democratic-backed measure complies likely with the U.S. Constitution’s Second Amendment right. Hawaii's law demands that a property owner "expressly authorize" the bringing of a handgun on private?property accessible to the public. Four other states in the United States have laws similar to Hawaii's. The ruling is expected to be made by the end June. Drug Users and Guns The court, on June 18, limited the application of an U.S. Law that prohibits firearms possession by some drug users. It rejected a position taken the Trump administration which threatened the rights of millions Americans who use marijuana while owning firearms. The justices upheld the decision of a lower court to dismiss a charge of illegal gun possession brought under the law in question against Ali Hemani. Hemani is an American-Pakistani who lives in Texas and told authorities that he regularly used marijuana. The Supreme Court found the government failed to prove that its prosecution of Hemani complied?with the U.S. Constitution’s Second Amendment right "to keep and bear arms." CAMPAIGN FUNDING The court heard arguments in December 9 on a Republican-led attempt to overturn federal limits on spending by parties and candidates coordinated with each other in a case that involved Vice President JDVance. The conservative justices seemed to be sympathetic towards the challenge. However, the three liberal members of the court appeared inclined to maintain the spending limits. The debate centers around whether federal limits on campaign spending coordinated with candidates' input violate First Amendment protections against government abridgment. Vance and Republican challengers have appealed the ruling of a lower court that upheld restrictions regarding the amount of money political parties can spend in campaigns, with input from candidates who they support. This type of spending is called coordinated party expenses. The ruling is expected to be made by the end June. MAIL-IN-BALLOTS On March 23, conservative justices expressed skepticism about a Mississippi law that was challenged by Republicans. The law allows for a five-day period of grace to allow mail-in votes received after Election Day be counted. This case could lead to stricter voting laws across the country. The Trump administration supported the challenge against Mississippi's law that allows mail-in votes sent by certain voters be counted as long as they are postmarked before Election Day and received within five business days of a federal election. In Mississippi, absentee voting is only available to certain categories of voters. These include the elderly, disabled and those who live away from home. A lower court ruled that the law was unconstitutional. The court is expected to rule by the end June. U.S. ASYLUM - PROCESSING: The court seemed likely to rule for the Trump administration's defense of its authority to reject asylum seekers if officials deem U.S. - Mexico border crossings to be too overburdened to process additional claims. On March 24, the court heard arguments in a dispute over a policy known as "metering," which Biden's administration dropped in 2021. The Republican president may want to reinstate it. It allowed U.S. immigration officers to stop asylum seekers and refuse to process their applications indefinitely. The decision is expected to be made by the end June. WEEDKILLER CANER CLAIMS The court seemed divided on Bayer AG’s attempt to close down thousands of lawsuits alleging that the German company failed to warn users of the active ingredient of its Roundup herbicide causing cancer. On April 27, the court heard arguments in Bayer’s appeal of a Missouri state court jury verdict awarding $1.25million to a man called John Durnell, who claimed he had been diagnosed with non-Hodgkin's lymphoma following years of exposure. The lower court rejected Bayer’s argument that U.S. pesticide law bars lawsuits based on claims made under state laws. The ruling is expected to be made by the end June. Human Rights Abuses Around the World The court heard arguments in April 28 on a case that has broad implications for American human rights litigation. Members of the Falun?Gong spiritual movement have accused Cisco Systems, of facilitating religious persecu- tion in China. Cisco appealed the 2023 ruling of a lower court that gave new life to the 2011 lawsuit brought under the Alien Tort Statute of 1789. The case accused Cisco of developing technology which allowed China's Government to monitor and persecute Falun-Gong members. Cisco asked the court to limit the scope the Alien Tort Statute which allows non-U.S. Citizens to sue in American courts over violations of international laws. The court is expected to make a ruling by the end June. SEC "DISGORGEMENT" POWER On June 4, the court rejected a challenge against the U.S. Securities and Exchange Commission’s broad authority to recover illicit profits through a financial remedy known as disgorgement. This strengthened one of the key powers of the Wall Street watchdog. The court upheld the decision of a lower-court that had supported a broad use of disgorgement powers by the SEC. In this case, the Trump administration defended the SEC. The case was brought by an?defendant' who was ordered to pay more than $3,000,000 in ill-gotten gain and interest by a California court at the SEC's request. FCC FINES FOR WIRELESS CARRIERIES The Supreme Court ruled on June 4, defending the Federal Communications Commission system of levying fines and ruling against AT&T's and Verizon's challenge to the agency. Trump's administration defended FCC's system of assessing financial penalties known as forfeiture order. The carriers argued that FCC's internal proceedings deprived them their right to a trial by jury under the U.S. Constitution. 'GEOFENCE" WARRANTS On April 27, the court heard arguments in a Virginia case about whether or not law enforcement's use a "geofence warrant" to identify suspects using data from a?cellphone near crime scenes is a violation of the Fourth Amendment's bar against unreasonable searches. Geofence warrants approved by the court compel companies, such as Alphabet’s Google in this instance, to search for mobile devices near crime scenes around the time of the crime. In this case, a defendant pleaded conditionally guilty to robbing an institution of higher learning while reserving the right to argue against evidence obtained from what he believes was an illegal search. The ruling is expected to be made by the end June. CRISIS PREGNANCY COUNTER The court sided on April 29, with the operator in New Jersey of Christian faith-based "crisis pregnancies centers" that are anti-abortion and trying to impede an investigation by the state into whether these facilities engage in misleading practices. First Choice Women's Resource Centers brought a lawsuit against a subpoena issued by the state attorney general in 2023 to obtain information about the donors and doctors of the organization. The lawsuit had been dismissed by a lower court. First Choice's facilities are designed to discourage women from getting abortions. RASTAFARIAN INMATE The conservative justices seemed inclined to reject the Rastafarian inmate's attempt to sue Louisiana state prison officials after they shaved his head in violation of religious beliefs. On November 10, the case was argued in front of the court under a federal statute protecting incarcerated persons from religious discrimination. Plaintiff Damon Landor's religion requires that he let his hair grow. He appealed the decision of a lower court to dismiss his lawsuit, because they found that the statute in question did not allow him to sue officials for money damages. The ruling is expected to be made by the end June. DEATH ROW INMATE A man convicted in Alabama of a murder committed in 1997 was spared the execution on May 21, after the court upheld a ruling that the inmate has intellectual disabilities and is therefore ineligible to receive the death sentence. Alabama officials appealed a lower court decision on how to determine Joseph Clifton Smith’s intellectual capacity. The justices rejected the appeal. This method involved weighing the multiple intelligence quotient (IQ) test scores along with expert testimony. In a 2002 Supreme Court decision, the court ruled that executing a person with intellectual disabilities violated the Eighth Amendment of the U.S. Constitution prohibiting cruel and unusual punishment. JURY COMPOSITION On May 28, the justices sided with an inmate on death row who claimed that prosecutors had discriminated against him by excluding Black potential jurors in a trial where he was found guilty in 2006 of his involvement in the murder?of a supermarket owner. The justices found that the state courts of Mississippi had not evaluated Terry Pitchford’s claim that four Black prospective jurors were unlawfully dismissed, in violation of a 1986 Supreme Court precedent called Batson v. Kentucky which prohibits exclusion based on race. SENTENCE REDUCTIONS The court ruled that on May 28, judges could not order early release of prisoners based on the fact that they would receive shorter sentences following the 2018 criminal justice reform law. The court upheld lower-court decisions against two Pennsylvania men who were convicted of armed burglaries and sought compassionate release on the basis of the First Step Act that Congress passed many years after their sentences. SECURITIES LITIGATION The court sided on June 11, with a group investment funds affiliated to BlackRock and other asset management firms in their attempt to defend against certain lawsuits filed by private plaintiffs based on a federal securities law. The court reversed an earlier ruling that allowed the hedge fund Saba Capital Master Fund, to sue the Investment Company Act of 1941 to invalidate fund bylaws that restricted the voting rights of activist shareholders. The Trump administration backed BlackRock and FS Credit Opportunities, as well as other funds in the case including Adams Diversified Equity Funds, Adams Natural Resources Funds and Royce Global Trust. COX COPYRIGHT DISSENSION The court ruled that Cox Communications could not be held responsible for the piracy of songs by subscribers to its internet service. These labels included Sony Music, Warner Music Group Universal Music Group, and others. This ended their multi-billion dollar music copyright suit. The ruling of 9-0 overturned the decision by a lower court to order a trial to determine the amount the internet service provider was liable for the record labels under a form liability known as contributory copyright violation. Cox said that a retrial would have resulted in a verdict of up to $1.5 billion against the Atlanta ISP. PHARMACEUTICAL SKINNY LABELS The court ruled that the generic version of Amarin Pharma Vascepa, a cardiovascular medication made by Hikma, did not violate Amarin Pharma patents. This decision could make generic drugmakers more resistant to patent suits involving "skinny label" claims. The justices reversed a decision by a lower court in favor of Amarin. Generic drugmakers argued that Amarin's victory in the case could have deterred them from producing and selling their cheaper drugs, and raised U.S. drug costs.
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Italy's highest court clears Milan prosecutors of Eni Nigeria charges
The top court of Italy acquitted on Thursday two prosecutors from Milan who were accused of not submitting documents that would have supported the position of energy group Eni in an international corruption case. Eni, Shell and all other defendants were acquitted of the charges in March 2021, in what had been described as the largest corruption case in the oil industry, relating to the $1.3 Billion acquisition of an oilfield in Nigeria more than 10 years ago. The Italian highest court, the Court of Cassation, reversed a lower-court ruling and acquitted Prosecutors?Fabio de Pasquale, and Sergio Spadaro. They said "the offence doesn't exist". "My colleague Fabio Federico and I are really happy." "This ruling brings justice to many years of suffering", said Massimo Di Noia one of the prosecutors lawyers. In October 2025, judges in Brescia, a northern city in Italy upheld a sentence of eight months in prison. They found that the two prosecutors failed to fulfill their duty by failing to submit documents which could have?aided the defense. De Pasquale and Spadaro were not available to comment on the decision, which was made after a five-year investigation. In the appeal in Brescia, Spadaro stated that "there was neither a refusal nor an omission", and that the prosecutors acted according to "conscience and law". The Milan court which?acquitted Eni, Shell and other defendants, had stated that the prosecutors did not file among the trial documents a video taken by an ex-?external attorney for Eni?that they deemed relevant to this case. Brescia courts has jurisdiction in cases involving judges, prosecutors and other officials from Milan. Reporting by Emilio Parodi. Mark Potter edited the article.
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Scheffler's US Open bid to win a career Slam is off to a rocky start
Scottie Scheffler had a tough start to his quest for a career Grand Slam on Thursday, when he shot a three over par during the early first round of U.S. Open play at Shinnecock Hills Golf Club. Masters champion 'Rory McIlroy' was even par through nine holes. The world number one Scheffler couldn't get his putter moving as he only managed to make one birdie on the front nine. Windy conditions, with gusts of up to 54 kph (34 mph), tested the field. A thick fog blanket forced a delay of two hours in the first round. Scheffler is a two-time winner of the Masters and is now attempting to complete his career Grand Slam after winning both the PGA Championship and British Open last year. He misjudged his putt on the par four eighth hole, resulting in a double bogey. Scheffler started alongside amateur Mason Howell, and defending champion J.J. Spaun. Last year, J.J. Spaun rolled a'monster 65-foot putt to win the championship by two strokes over Scotland's Robert MacIntyre. The toughest test in golf USGA Chief Championships officer John Bodenhamer said to reporters this week that measures had been put in place to slow the greens down. Standstill traffic in the fashionable seaside town delayed ticket holders for the 156 player tournament. The field included 12 former U.S. Open winners and 49 debutants. McIlroy, a man who won his own career slam in Augusta a year earlier and who retained the Masters title last April, began on the back nine. He grinned when a gust of air knocked off his hat at the 13th hole. Adam Scott was playing in his 100th successive major, which began at the 2001 British Open. The 45-year old Australian was two shots over par after nine holes. Two of the 13 LIV Golf players in the field have afternoon tee time. These are former champions Jon Rahm (left) and?Bryce DeChambeau (right). Among those who started late were Aaron?Rai (PGA Championship winner) and the high profile trio of Xander Schauffele, Justin Thomas and Hideki Matsuyama. The field score at Shinnecock Hill in 2018 was 74.65. This is the highest average scoring relative to par over the past 18 years. Reporting by Amy Tennery, Southampton, New York; and Frank Pingue, Toronto. Editing by Toby Chopra, Pritha, Sarkar and Toby Chopra.
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Radev, Prime Minister of Bulgaria, says Bulgaria will not accept new EU sanctions against Russia
Rumen Radev, Bulgaria's Prime Minister, said that the country will veto the latest European Union sanctions package against Russia. This is because they may negatively impact its economy. Also, because their government does not agree with the sanctions against a Russian Bishop. The EU's sanctions list was expanded on Monday by adding a total of?34 people and 47 entities that are linked to Russia’s military and industrial complex. It also includes a shadow fleet?of?oil-and-gas tankers?and others who have been involved in political interference. This includes a Russian Orthodox bishop. Radev said that the operation of Lukoil, the Russian oil company, which is one of the biggest motor fuel retailers in Bulgaria, and operates the only refinery in the country, Burgas, was at risk. "We want to exclude it from the list," Radev said, a prorussian eurosceptic. Radev won the April parliamentary elections after stepping down as Bulgaria's mostly ceremonial president to run. He also mentioned the potential disruption of the?supply for the Sofia Metro as well as fertilisers. Radev stated that "all these issues will need to be addressed by the EU's decision making bodies." How have sanctions impacted the war? In what way did they help peace? Radev stated that Bulgaria is not in agreement with the sanctions imposed against dignitaries from?the Russian church. This war has already surpassed the trenches; we can now see its impact in sports, culture and on economics. It is only a matter of time before it also engulfs religion. Radev did say that Bulgaria would not obstruct EU decisions about Ukraine. He said: "We will support Ukraine's accession process to the EU."
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Industry body warns that Mozambique’s new rules on mine ownership could discourage foreign investment
A Mozambique executive said that the new law, which requires the state to have a 15% share in all mining ventures, could discourage foreign investment. The'southern African nation' is among the world's leading producers of graphite. This material is used to make batteries for electric cars and energy storage. Mozambique claims it has amended its mining law to "strengthen its management of strategic resource in defence of?national interests", but the Chamber of Mines of the country fears that it may upset?investors. Geert Kok, vice-president of the industry group, said at a mining conference held in Victoria Falls, Zimbabwe, "We regret that we will see a minimum of 15% state free carry stake in mining companies. We 'fear this will not make Mozambique more attractive as a destination for foreign capital." Exports of semi-processed and unprocessed minerals are also prohibited, unless ministerial approval is tied to plans of local processing. Kolk said the industry body supported the push for local processing. He said: "This is a regional trend, a trend that has been gaining momentum in Africa to increase the value-add within the country. He said that governments should ensure reliable water, electricity and logistical support to make local processing viable for entrepreneurs. The Balama Mine of Syrah Resource in the north has one of the largest graphite reserves in the world. Gemfields'?world largest ruby mining operation, Montepuez?, is also located in northern Mozambique. It also owns significant coal assets that were previously owned by Rio Tinto, Vale and Brazil. Reporting by Nelson Banya. Mark Potter (Editing)
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Oil prices fall as stocks rise on optimism about Iran deal
MSCI's global equities index rose?on Thursday, while oil prices dropped. An interim agreement to end the U.S. - Iran war allowed the reopening?of the Strait?of Hormuz. This fueled hopes that inflation?could?ease and that the U.S. Federal Reserve might not have to?tighten monetary?policy? this year. On Wednesday, the United States and Iran reached an agreement that extended a ceasefire declared in April for another 60 days. This will allow both sides to negotiate a peace. The agreement also allows for the full resume of maritime traffic in the Strait of Hormuz "without charge". Donald Trump, the U.S. president, has threatened to re-launch attacks on Iran and to kill Iranian officials who fail to honor their commitments. In this context, oil prices fell to their lowest level since early March. The dollar also rose, and U.S. Treasury rates dropped. The stock markets around the globe were mixed, with Tokyo and Seoul stocks hitting new highs over night, while European shares fell. Investors bet on a reopening of Strait of Hormuz to ease inflation pressures and energy prices, which could lead to a more dovish policy. The U.S. stock indexes ended lower on Wednesday after the Federal Reserve said it may hike interest rates this year after its first meeting with Kevin Warsh as the new chair. Energy stocks are down but lower energy costs will mean more profits for everyone else who uses energy. Brian Jacobsen is the chief economist?strategist at Annex Wealth Management in Brookfield, WI. It will be easier for the Fed to follow through with what they promised, which was rate hikes in this year. Fed futures showed bets on the U.S. central bank raising rates in this year. CME Group's FedWatch tool indicated a 38.6% likelihood that rates will be 25 basis point higher by December, and a 32.6% possibility that they will rise by 50 basis points. Jacobsen stated that the trading on Thursday reflected investor caution over what will happen after the 60 day negotiating period between Iran and the U.S. "It is more of a bounce rather than a direction change. I would expect to see a slight sideways movement from here. There's a lot of skepticism. Will the Memorandum of Understanding result in a lasting agreement?" He said. Wall Street was busy at 11:01 am. The Dow Jones Industrial Average was 262.02 or 0.51% higher at 51.754.57. The S&P 500 rose by 74.17 or 1.00% to 7,494.43, and the Nasdaq Composite gained 343.55 or 1.33% to 26,368.43. The MSCI index of global stocks rose by 6.00 points or 0.54% to 1,127.12. The STOXX 600 index for Europe fell by?0.31%. The pan-European STOXX 600 index fell?0.31%. U.S. crude oil fell by 3.36% on energy markets to $74.21 per barrel. Brent was down by 3.04% to $77.13 a barrel. The dollar has risen for the second consecutive day after the Fed meeting, which stoked expectations of higher interest rates. Nearly half of the policymakers said they expect an increase this year as inflation concerns continue to grow. The dollar index (which measures the greenback versus a basket including the yen, the euro and other currencies) rose by 0.21%, reaching 100.56. Meanwhile, the euro fell 0.14% to $1.1483. The dollar gained 0.14% against the Japanese yen to?160.84. The pound fell 0.32%, to $1.3248, after the Bank of England kept interest rates at their current levels. The yield on the benchmark 10-year U.S. notes dropped 3.14 basis points from late Wednesday to 4.432%. Meanwhile, the 30-year bond rate fell 4.82 basis to 4.8788%. The yield on the 2-year bond, which moves typically in line with expectations of interest rates for the Federal Reserve fell by 1.39 basis points, to 4.149%. Spot gold dropped 0.14% to $4251.08 per ounce. Spot silver dropped 2.26% to a price of $66.45 per ounce. (Reporting from Sinead carew in New York; Amanda Cooper in London; Satoshi sugiyama in Tokyo. Editing by Elaine Hardcastle and Kirby Donovan.
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Are there any sanctions against Iran?
The interim agreement to end the Iran War will include a waiver of sanctioned oil sale but the country is still faced with a complex web?of international restrictions on its trade and activities. Since decades, sanctions, trade embargoes, and asset freezings have been imposed on Iran by the United Nations, the United States of America, the European Union, and other countries over its nuclear program, human rights record, and support for groups in the region. Iran is hoping to get further sanctions relief through discussions on its nuclear program as the next phase of the interim agreement unfolds. Here are a few of the many sanctions imposed on Iran. They range from trade bans at a wholesale level to rules that target specific individuals or entities. SANCTIONS OF THE UNITED NATIONS The U.N. sanctions have been linked to Iran's nucleic programme, and the assessment of Iran's violations under the Nuclear Non-Proliferation Treaty. In 2006, 2007 and 2008, the U.N. Security Council adopted resolutions that imposed sanctions. These included an embargo on arms, a ban on the supply of certain nuclear materials and technology as well as a freeze on the assets of individuals and companies. The resolutions also prohibited Iran from undertaking any activity to manufacture ballistic missiles that are capable of delivering nuclear weapons. The resolutions did not ban Iranian oil exports, but they did freeze the funds and assets held by the Islamic Revolutionary Guard Corps (IRGC) and the state-owned shipping company. The Security Council established a timeline for lifting sanctions against Iran after the Joint Comprehensive Plan of Action (JCPOA), which was signed in 2015. In 2018, Donald Trump, the president of the United States, ripped up this deal and Iran stopped meeting some of its conditions. Last year, the U.N. sanction were reimposed via a "snapback". UNITED STATES SANCTIONS Washington sanctioned Iran for the first time in 1979, when students took over the U.S. Embassy in Tehran and held diplomats as hostages. Since then, the U.S. has imposed a number of?additional sanction over Iran's support of groups it considers terrorist organizations and its nuclear program. Washington has designated the IRGC as a terrorist organization, despite it being deeply enmeshed in the economy of the country. There is no easy, quick way to stop all sanctions. They are administered by Treasury, but they have different authorities, and different mechanisms. The authority to impose sanctions comes from two 1970s laws that granted emergency powers to presidents, which had to be renewed every year. Also from laws passed in 1996 and 2017, specifically targeting Iran and others. Trump can reverse sanctions imposed by his executive orders. The sanctions include a freeze on 'billions' of dollars worth of Iranian assets and an arms embargo. They also include a ban on any trade or investment with Iran, as well as on anyone buying its oil. The sanctions imposed by Congress are harder to remove, as they did not include any waivers or exemptions?based on Iranian behavior around human rights abuses or Tehran's backing of groups Washington views as terrorist organisations. There are many companies, government agencies and individuals that have been?designated. Removing them all could take a very long time. EUROPEAN UNION SANCTIONS In 2012, the EU placed embargoes against Iranian oil exports. It also froze the assets of the Central Bank of Iran. The trade of precious metals and petrochemicals into and out of Iran was stopped. The country imposed restrictions on the foreign trade, financial service and energy and technology sectors. In 2012, EU directives cut off some Iranian banks from the SWIFT international payments system. This effectively cut off large parts of Iran's banking system from other countries. Despite the JCPOA lifting some sanctions, others were reinstated later. Additional sanctions were imposed on individuals as well as specific missiles and drone components. The EU also sanctioned IRGC, and imposed new sanctions in this year due to Iran's blockade of the Strait of Hormuz. Where does Iran have frozen assets? Iran has tens and tens billions in frozen assets, mostly from oil and gas exports, that are sitting in foreign bank accounts. However, it is unable to access these funds due to the sanctions imposed on its banking sector and oil sector. South Korea, China and Japan are among the countries where Iran had unclaimed billions in oil revenue in their banks. (By Angus McDowall, London; Editing and proofreading by Matthew Lewis).
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UniCredit turned CEO Orcel's younger brother to broker Russia deal
Riccardo Orcel is a former senior banker of the Russian state-backed VTB Group, and the brother of UniCredit's CEO Andrea?Orcel. He helped broker an agreement recently to sell UniCredit's Russia operations. His involvement, which was previously unknown, provides insight into the way Italy's second largest bank secured an agreement to leave Russia. It draws on the expertise of the former VTB executive, who was once regarded as one of the most well-known Western bankers in Moscow. Riccardo orcel left VTB in the past, and it is now subject to Western sanctions. In a press release, the bank stated that "UniCredit confirmed that Riccardo orcel had presented a proposal relating to their Russian business. He was appointed by UniCredit Board as an independent advisor in connection with this process." "The successful outcome of that work was the transaction announced last month." Riccardo orcel has declined to comment. According to Stefano Gatti of Bocconi University in Milan, the Bank of Italy has a complicated set of rules regarding related-party transactions. He said that the regulator oversees any potential conflict of interest and the related-party committee of the bank, the board of directors, and the statutory auditors must carefully assess it. REGULATORY SPRESSURE UniCredit has been one of the biggest Western banks in Russia for many years. It continued to operate after the invasion of Ukraine, despite the pressure of regulators. In May, the bank announced that it had reached a non-binding agreement to sell part of its Russian bank?to a 'well-established private investors' in the United Arab Emirates. It retained only its payments business within Russia. The buyer is unknown beyond the UAE. Since the sanctions have closed down traditional business centres like Vienna, Dubai has become a major hub for doing business with Russia. Riccardo Orcel was Andrea Orcel’s younger brother. He served as vice-chairman of VTB Capital, Russia’s second largest bank. In 2022 he left Russia and joined gold producer Polymetal, then agricultural trader Quanton Commodities. VTB, which is controlled by the Russian state, remains a major player in Russia. Andrey Kostin, its chairman, is an ally of Vladimir Putin. In order to stem the corporate exodus that followed its invasion of Ukraine Russia tightened exit regulations for Western companies and implemented steep discounts on sales of foreign assets. UniCredit deals would need presidential approval and central bank approval. The Milan-based lender, under regulatory pressure, has scaled back its Russian operations. In 2022, it was ranked as one of the top 15 banks in the country. Reporting by Valentina Z and Elvira pollina from Milan, and John O'Donnell from Frankfurt. Elisa Martuzzi, Tommy Reggiori Wilkes, and Mark Potter edited the story.
Oil tumbles, stocks gain on US-Iran deal hopes
Oil prices fell and were headed towards a weekly decline as traders awaited clarification on the efforts to reopen Strait of Hormuz, and extend an?U.S.Iran ceasefire. United States and Iran reportedly agreed to lift shipping restrictions and extend their ceasefire, according to sources. However, U.S. president Donald Trump is yet to approve this deal. Iranian state media also said that it was not finalized.
Oil futures dropped around 2%, and are on course for their biggest weekly drop since early April. MSCI's global stocks index rose by 0.4%, reaching a new record high. Chipmakers led the gains after Dell's upgraded forecasts boosted AI sentiment. Benchmarks in Tokyo, Seoul, and other cities rose by 2.5% and 3.5% respectively.
Jason da Silva is the director of global investments strategy at Arbuthnot Latham.
Gains in other countries were modest. Wall Street futures were largely flat, but European stocks gained 0.5%. S&P 500 closed Thursday at a record 7,563.63.
Dollar was set for a?small weekly decline due to lower U.S. Treasury rates. Analysts said, however, that the drop in yields could be limited as a U.S. Iran deal is unlikely quickly to reverse inflation pressures caused by elevated fuel prices.
Jason Wong is a senior?market analyst at BNZ Wellington. He said that the?market has already taken the view that a?deal's going be done, and the Strait will be open.
The main point is that it eliminates the tail risk of an extremely, very bad outcome. I don't believe it's an okay to let oil fall $20 or Treasurys drop 20 points. Investors also monitor other geopolitical risk. NATO member Romania reported on Friday that two people were injured by a Russian drone during an attack overnight on Ukraine. This was the first time a drone has hit a heavily populated area of Romania in this war.
KIWI TRYS TO LIFT OFF WHEN YEN IS SQUEEZED
Global bond yields have fallen this week. The U.S. 10-year Treasury yield is now at 4.4453 percent. The euro zone's largest four economies saw their inflation rate rise above the European Central Bank target of 2% for the third consecutive month in May. This was due to a rise in fuel prices triggered by the "Iran War" that began to affect other prices. Overnight U.S. consumption, income and home sales data came in?below expectations?, with inflation running hot, but just a bit below forecasts. In Japan, core annual inflation in Tokyo was below the central bank’s 2% target in May for the fourth consecutive month. However, a rebound in factory activity indicated resilience and supported a rate hike in June.
The yen remains under pressure after sliding back to levels that prompted suspicions of intervention. The yen was just below the 160 mark, which is considered a key level for policymakers. The Ministry of Finance announced on Friday that the Japanese authorities spent 11.7 trillion yen (roughly $73.5 billion) between April 28 and May 27 on currency interventions. This is a small fraction of their $1 trillion war chest.
The euro dipped 0.1% to $1.164175.
The New Zealand dollar has been a major mover this week, rising about 2% against the U.S currency after the Reserve Bank of New Zealand held rates steady on Wednesday but delivered a more-hawkish-than-expected outlook.
(source: Reuters)