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Investors' reactions after Trump announces ceasefire between Iran & Israel
Donald Trump, the U.S. president, said Monday that an "absolute and complete" ceasefire will be implemented between Israel and Iran in order to end the conflict between these two nations. Trump wrote about his Truth Social website that "On the assumption everything works as it is supposed to, which it will, i would like to congratulate Israel and Iran for having the stamina, courage, and intelligence to end, what we should call, 'THE 12-DAY WAR.'" After Trump's announcement that came after Wall Street closed trading, U.S. crude oil futures fell. S&P 500 futures e-minis increased slightly after trading resumed. Comments ART HOGAN, CHIEF MARKET STRATEGIST, B. RILEY WEALTH "If this is true, then I'd say it's a positive for the market, and futures are moving in that direction." Talk is cheap when it comes to these things. I do think that the market, and the rest the world, would prefer to see this issue resolved peacefully and not escalate any further than we have already seen. "I think the market's action this afternoon was in this direction. Hopefully, this is the next move in this direction so that we won't need to worry about the next escalation which will never be pretty." JACK ABLIN, CHIEF INVESTMENT OFFICER, CRESSET WEALTH ADVISORS, PALM BEACH, FLORIDA This removes some of geopolitical uncertainties surrounding the markets. However, most equity investors have shrugged off the uncertainty. "I think it is certainly a positive step, but I do not think that it will be a catalyst for launching the next bull market." It certainly sounds like an important milestone and I hope that it is true." JAKE DOLLARHIDE is the CEO of LONGBOW ASSET MANAGER, TULSA. The higher oil prices, as well as the geopolitical risks have been a major factor in the decline of the stock market. A ceasefire or an end to the conflict could help solve both issues. This may be the match to spark a continuation of today's rally." (Compiled by Global Finance & Markets Breaking News)
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Trump Administration to open up undeveloped forests for mining and logging
The U.S. Department of Agriculture announced on Monday that it will end a Clinton-era ban on logging, mining, and roads in undeveloped forest areas so they can better manage fire risk. This move was opposed by environmentalists. USDA stated that the change would allow for nearly 59,000,000 acres (23.9,000,000 hectares) to be managed better in terms of fire risk. This move aligns with the goal of President Donald Trump to remove environmental regulations, which he claims are a roadblock to industry. The Western Governor's Association met in Santa Fe, where Agriculture Secretary Brooke Rollins made an announcement at the meeting. Rollins, during a briefing to the press at the meeting, said: "After repealing this rule we will go back to common sense forest management to make sure our forests are around for generations to come." The U.S. Forest Service, a division of Agriculture's Department of Agriculture, is responsible for managing the U.S. Forest Service. According to USDA, the Roadless Rule affects about 30% of Forest Service land. Trump is not the only one who has tried to reverse the policy. In 2020, the Trump administration exempted Alaska’s Tongass Forest from the Roadless Rule. This was a decision that President Joe Biden reversed in 2023. The Tongass National Forest is the largest national forest in the United States. USDA stated that the move would allow the lands be managed locally. USDA reported that the Roadless Rule prevents road construction on about 60% of forest land in some states, including Utah and Montana. Rollins, in his speech at the meeting said that "this misguided rule" prohibits the Forest Service to thin and cut trees for the prevention of wildfires. He added that the average area of U.S. forests burned by wildfires each year has doubled since this rule was implemented thirty years ago. Michelle Lujan Grisham, the New Mexico governor, reacted to Rollins' claim that the Roadless Rule was responsible for the rise in the area of wildfires over the last three decades. Lujan Grisham, Western Governors Meeting: "Climate Change is the most serious problem with fuel and these destructive fires", Lujan Grisham said to the applause of the audience. Earthjustice, an environmental group, criticized the rule by saying that wildfires tend to begin more often in landscapes with roads. The roadless rule has been protecting 58 million acres in our most wild national forests from clearcutting since more than a decade. The Trump administration wants to remove these forest protections so that the timber industry makes huge profits from unrestrained logging," Drew Caputo is Earthjustice's Vice President of Litigation for Lands, Wildlife and Oceans. These are lands that all Americans own, not just the timber industry. Reporting by Andrew Hay, Santa Fe; Nichola Groom, San Marino (California); and Chris Reese & Stephen Coates.
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Investors' reactions after Trump announces ceasefire between Iran & Israel
Donald Trump, the U.S. president, said that on Monday a "completely and totally" ceasefire will be implemented between Israel and Iran in order to end the conflict between these two nations. Trump wrote about his Truth Social website that "I would like to congratulate Israel and Iran on their stamina, courage, and intelligence to put an end to what we should call, 'THE 12-DAY WAR.'" After Trump's announcement that came after Wall Street closed trading, U.S. crude oil futures fell. S&P 500 futures rose slightly after trading resumed. Comments JACK ABLIN, CHIEF INVESTMENT OFFICER, CRESSET WEALTH ADVISORS, PALM BEACH, FLORIDA This removes some of geopolitical uncertainties surrounding the markets. However, most equity investors have shrugged off the uncertainty. "I think it is certainly an incrementally positive, but I do not think that it will be a catalyst for a new bull market." It certainly sounds like an important milestone and I hope that it is true." JAKE DOLLARHIDE is the CEO of LONGBOW ASSET MANAGER, TULSA. The higher oil prices, as well as the geopolitical risks have been a major factor in the decline of the stock market. A ceasefire or an end to the conflict could help solve both issues. This may be the match to spark a continuation of today's rally." (Compiled by Global Finance & Markets Breaking News)
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Ukrainian forces attack an oil depot in Russia’s Rostov Region
The Ukrainian military reported that Ukrainian forces attacked and destroyed an oil depot located in the southern Rostov region of Russia, which was used to supply Russian troops in parts of Ukraine occupied by Russia. The General Staff of Ukraine’s Armed Forces announced that the military’s special operations units in conjunction with rocket and artillery forces had struck the Atlas plant in Rostov Region, not far away from Ukraine’s eastern border. In a Telegram statement, the General Staff confirmed that "our forces have struck in the area where the target is located." "A fire was observed." "The results of the attack are being clarified." The facility is used to supply fuel and lubricants for Russian units in the Russian-occupied Luhansk region and Donetsk region on the eastern front of the war. Ukrainian forces have engaged in cross border attacks including energy targets. The General Staff stated that the aim was to curb Russia's ability to continue the war in Ukraine, which has been going on for more than three years. Ukrainian military bloggers reported earlier on the raid at the oil depot. They said that fuel tanks were engulfed by a fire. (Reporting and Editing by Rosalba o'Brien, Ron Popeski)
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Barrick Mining employees meet with Malian court appointed administrator in capital at the reopening of office
Two people familiar with the matter said that Malian tax officials reopened Barrick Mining’s office in the capital, under the supervision of a court appointed administrator. The office had been closed in April due to alleged nonpayment of taxes. This is the first major development since the Malian court, on 16 June, placed the Canadian miner’s Loulo-Gounkoto complex under state control. It was a major escalation in the long-running dispute over taxes. Barrick said that it would appeal the decision. It appointed former Malian Health Minister, Soumana Maadji as its provisional administrator. Makadji, who is expected soon to resume operations at the complex, held a staff meeting at the Bamako Office on Monday afternoon. According to one of the attendees, he said that he would be visiting the mine site on Wednesday. The mines will be able finance themselves once production resumes and gold sales resume. Three people with knowledge of the situation said that he also met with subcontractors Monday. Barrick's and Mali's Mines Ministry spokespeople did not immediately reply to requests for comments. Barrick and government have been negotiating since 2023 about the implementation of the new mining code, which raises taxes and grants the government a larger share in gold mines. The Loulo-Gounkoto mine complex has been closed since mid-January, after the Malian military government seized Barrick's stocks and blocked its gold exports. Barrick's Bamako main office has been closed for several months. (Reporting and editing by Joe Bavier, Tomaszjanowski and Tomasz Crowe)
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Chios, a Greek island, declares an emergency after wildfires continue to rage.
Greece declared a state-of-emergency on Chios Island on Monday. Hundreds of firefighters are battling the wildfires on the island for the second day, as the winds continue to rage, causing more power outages and evacuations of residents. The climate conditions on Chios are not conducive, and we have constant new fronts. He confirmed that an additional 170 firefighters would be added to 11 teams of approximately 190 firefighters who had been deployed on the island, located in the northeastern Aegean, to try to stop the fire from spreading into homes and areas where mastiha is produced, a natural resin made from mastic tree sap. Kefalogiannis stated that thirty more vehicles would be added to the 38 already deployed vehicles, with 13 helicopters, four water bomber aircraft and other support. The wind gusts made it difficult to put out the wildfires that have destroyed forest and pastures as they rage towards the north west and south of Chios Town, the capital of the island, forcing power cuts and forcing hundreds to flee. Kefalogiannis stated that the authorities would investigate the causes of fires which broke in different geographic parts of the island. Greece, located at the southernmost tip of Europe, has suffered from frequent wildfires that have affected its economy and environment in recent years. Scientists say this is due to a rapidly changing climate. The government has spent hundreds millions of Euros to compensate farmers and households for damages caused by extreme weather conditions and to upgrade firefighting equipment. In anticipation of a difficult fire season, the government has hired 18,000 firefighters, a record.
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GRAINS and soybeans slump due to 'greenhouse weather' in US
Chicago soybean futures eased Monday as favorable weather conditions in the U.S. took the attention away from the U.S. strike on Iran that occurred over the weekend. By 11:40 CST ( 1640 GMT), November soybeans had fallen 13-1/2 cents to $10.47 per bushel. Chicago corn fell due to weather pressure and wheat also declined with an accelerating harvest. Midwest Market Solutions president Brian Hoops said that the forecast for the week ending July 2 shows a warm and wet weather across the U.S. Corn Belt. Hoops said that the weather would create a "near greenhouse effect" with benefits for corn, soybeans and other crops. These favorable conditions have outweighed the impact of the initial surge in oil prices after the U.S. attacked Iranian nuclear sites on the weekend. After reaching a five month high, oil prices dropped 1% on Sunday as traders assessed the impact of the U.S. Airstrikes on the transit of gas and oil through the Strait of Hormuz. Because it is used as a biofuel to replace fossil fuel, the price of soyoil is closely linked to crude oil. Karl Setzer, a partner at Consus Ag Consulting said that "the lack a story about the weather on the U.S. crops is more negative than any potential explosion between the U.S. After hitting contract lows earlier, September corn fell 7-1/4 cents per bushel to $4.18-1/4. September wheat was 13-cents lower at $5.70-12 a bushel. Analysts predict that the weather in the United States will be favorable for harvesting wheat in the next few weeks. Hoops said that "Hotter, drier conditions are forecast for winter wheat Plains. This should advance the harvest of winter wheat, while good rains are forecast for spring wheat belt." Terry Reilly is a senior agricultural strategist with Marex. Renee Hickick in Chicago; Additional reporting by Ella Cao, Lewis Jackson and Sybille De La Hamaide in Beijing and Paris; Editing and production by Jan Harvey
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ERG will produce the critical mineral gallium next year in Kazakhstan
Eurasian Resources Group announced in a press release that it plans to invest $20 millions in Kazakhstan to produce the critical mineral gallium from the bauxite ores they process to make alumina. Gallium is listed as a critical mineral by the United States and European Union. It is required for the production of semiconductors and radar systems in aerospace and defense. Kazakhstan would become the second-largest gallium producer in the world, after China, if ERG's plan is implemented. ERG CEO Shukhrat Ibragimov stated that "ERG intends to become a major player on the global gallium market, beginning production in 2026, to supply OECD nations, with a goal to expand annual volumes to up to 15 metric tonnes per year." According to the U.S. Geological Survey, global gallium production reached 760 tons in 2013. The majority of the gallium was produced in China, with very small quantities coming from Japan and Korea. In response to Washington's crackdown on China’s chip industry, China banned the import of gallium (gallium), germanium (germanium) and antimony from the United States in December last year. The ban is only applicable to the United States. However, China has been steadily introducing export licensing regimes to these three metals in the 18 months prior to suspension. Aluminium is smelted using alumina. (Reporting and editing by Barbara Lewis; Pratima Deai)
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.)
(source: Reuters)