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The top cases in the US Supreme Court docket
The U.S. Supreme Court has been deciding on a number of important cases in its current term. These include issues like presidential powers, tariffs and birthright citizenship. Other topics are race, transgender sportspeople, campaign finance laws, voting rights, LGBT “conversion therapy”, religious rights, capital punishment, etc. The term began in October, and will run through June. Separately, the court has also acted in emergency cases that challenge President Donald Trump's policy. BIRTHRIGHT CITIZENSHIP On April 1, the?court expressed skepticism about the legality Trump's directive restricting birthright citizenship within the United States. Justices asked the lawyer for the Trump administration questions regarding the legal validity and practical implications of Trump's order. The lower court blocked Trump’s order which instructed U.S. agencies to not recognize citizenship for children born in the U.S. when neither parent was an American citizen, or a legal permanent resident (also called "green card") holder. The court found that Trump's policy was in violation of the 14th Amendment to the U.S. Constitution and federal laws codifying birthright citizenship. 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 imposed under a law intended to be used in times of national emergency. This ruling has major implications for global economics. The ruling, which was 6-3 in favor of the lower court, confirmed that Trump had exceeded his authority by using this 1977 law. The court ruled that Trump's claim to have the authority to impose tariffs was not supported by the IEEPA, the 1977 law in question. Congress and not the President has the authority to impose taxes and tariffs, according to the U.S. Constitution. Tariffs are at the heart of a global trade conflict that Trump started after his second term in office. This 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" by the president, though it does not define this term or establish procedures 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. LOUISIANA ELECTORAL DISTRICTS The conservative justices of the court signaled on October 15, their willingness to undermine another key section in the Voting Right Act, a landmark 1965 law enacted to prevent racial bias in voting. This was during a case involving Louisiana's electoral districts. The case centers on Section 2 of the Voting Rights Act, which prohibits voting maps that dilute the power of minorities without proof of racism. The lower court found that the Louisiana electoral map, which divided the six U.S. House of Representatives district into two districts with a majority of Black people instead of one before, violated the Constitution promise of equal treatment. The ruling is expected to be made by the end June. PROTECTED STATUS?IMMIGRANTS On April 29, the court will hear arguments over the legality the Trump administration’s decision to revoke the temporary legal protections of more than 350,000 Haitians, and approximately 6,100 Syrians who live in the United States. This is a top priority for President Trump as he pursues his policy of mass deportations. The court upheld two judicial orders which temporarily stopped the administration from ending Temporary Protected Status (TPS) for Haitian and Syrian citizens. The Department of Homeland Security under Trump has taken steps to remove TPS for a dozen or so countries. People whose country of origin has suffered a natural catastrophe, armed conflict, or another extraordinary event are eligible for the protections. Federal Trade Commission Firing The conservative justices of the court have signaled 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 a decision by a lower court that said the Republican president overstepped his authority in dismissing Democratic FTC member Rebecca Slaughter before the term she was to serve expired. 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. The court allowed Trump to remove Slaughter until the case was resolved. The court is expected to make a ruling by the end June. TRANSGENDER SPORTS PARTIcipation The conservative justices seemed ready to uphold the state laws that ban transgender athletes to 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 as violating U.S. Constitution. 25 other states also have laws similar to this one. The conservative justices expressed concerns over imposing a uniform law on the whole country, amid the sharp disagreements and uncertainty surrounding whether medications such as puberty-blocking hormones or gender affirming hormones remove male physiological advantages in sports. The ruling is expected to be made by the end June. LGBT 'CONVERSION THERAPEUTY' On March 31, the court rejected a Democratic-backed Colorado Law that prohibited psychotherapists from using “conversion” talk therapy to change a LGBT minor's gender identity or sexual orientation. The 8-1 decision sided with the Christian licensed counselor and deemed that the law was an intrusion into free speech rights. The court rejected Colorado’s argument that the 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 the U.S. Constitution’s First Amendment protections. HAWAII GUNS LAW The conservatives expressed skepticism about a Hawaii gun law which restricts the carrying of handguns without permission on public property, such as businesses. They appeared ready to expand the right to own guns again. On January 20, the court heard arguments in a challenge by opponents of the law, backed by Trump's administration, to a judicial decision that Hawaii's Democratic backed measure probably complies with U.S. Constitution Second Amendment rights to bear arms. Hawaii's law demands that a property owner "expressly authorize" the bringing of a handgun on private property. 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 On March 2, the justices heard arguments in a case in which a dual American/Pakistani national in Texas was defending a federal gun law that prohibits users of illegal drugs to own guns. Hunter Biden, son of former president Joe Biden, was charged under this law in 2023. The Justice Department appealed a ruling by a lower court that the gun restrictions were in violation of the Second Amendment rights to "keep and carry arms" guaranteed under the U.S. Constitution. Gun Control Act 1968 included a prohibition against gun ownership by illegal drug users. The decision is expected to be made by the end June. CAMPAIGN-FINANCE On December 9, the court heard arguments in a Republican led bid to overturn federal spending limits by political parties coordinated with candidates. The case 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 ruled on restrictions on how much money can be spent on campaigns by parties with input from candidates who support them, a type political expenditure called coordinated party expenses. The ruling is expected to be made by the end June. MAIL-IN BALLOTS Conservative justices expressed skepticism in a March 23 case against a Mississippi law that allowed mail-in votes received after Election Day be counted. This could lead to tighter voting laws across the nation. 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 On March 24, the court appeared to be ruled in favor of Trump's administration, which defended the government authority to reject asylum seekers if officials deem U.S. - Mexico border crossings to overloaded to handle more claims. The court heard arguments in a legal dispute over a policy known as "metering", which the Republican president may want to reinstate after Biden dropped it in 2021. 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. Human Rights Abuses Abroad The court will hear arguments in an appeal filed by Cisco Systems on April 28, in which the tech firm and Trump's Administration are asking?justices? to limit the scope of a federal statute that has been used in the past to hold corporations accountable for human rights violations?committed overseas. Cisco appealed the 2023 ruling which gave new life to a lawsuit filed in 2011 accusing the California-based firm of developing technology that enabled China's government monitor and persecute Falun Gong members. The Alien Tort Statute was the basis of the lawsuit. This 1789 law had lain dormant in U.S. courtrooms for almost two centuries, before attorneys began to use it in the 1980s in international human rights cases. CRISIS PREGNANCY COUNTER The court seems to be inclined to side with an operator of Christian faith based anti-abortion crisis pregnancy centers in New Jersey, in a dispute arising from a state attorney general investigation into the question of whether or not these facilities engages in deceptive practice. During the December 2 arguments, a large majority of the Justices appeared to be inclined to revive a federal lawsuit filed by First Choice Women's Resource Centers against Democratic Attorney General Matthew Platkin's subpoena 2023 seeking information about the organization's doctors and donors. First Choice's facilities are designed to discourage women from getting abortions. The decision is expected to be made by the end June. RASTAFARIAN INMAT 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 brought before the court under a federal statute protecting prisoners 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 for him to sue officials individually for monetary damages. The ruling is expected to be made by the end June. DEATH ROW INMATE The court heard arguments in December in an attempt by Alabama officials in order to pursue the execution for an inmate who was convicted of a murder in 1997 after a lower judge found him intellectually disabled, and therefore ineligible to receive the death penalty. The Republican-led state has appealed a lower court ruling that Joseph Clifton Smith was intellectually disabled, based on his intelligence quotient (IQ), test scores, and expert testimony. In a 2002 Supreme Court decision, the court ruled that executing a person intellectually challenged violates the Eighth Amendment of the U.S. Constitution. The Supreme Court is expected to rule by the end June. WEEDKILLER CANCER LAWSUITS On April 27, the court will hear Bayer’s attempt to limit lawsuits claiming Roundup weedkiller caused cancer. This could potentially save billions of dollars. Bayer appealed the ruling of a lower court in a case filed by a man claiming he had been diagnosed with non-Hodgkin lymphoma following years of exposure Roundup. The lower court rejected Bayer’s argument that U.S. laws governing pesticides bar lawsuits based on claims made under state law. FCC FINES FOR WIRELESS CARRIER The Justices will hear on April 21, a dispute over fines levied by the Federal Communications Commission against major U.S. carriers who shared customer location data with no consent. This is the latest case that has reached the Supreme Court challenging the power of an American regulatory agency. The case concerns the FCC's pursuit to impose tens-of-millions-of-dollars in fines against carriers like Verizon Communications and AT&T before they had their day in the court. COX COPYRIGHT DISSENSION On March 25, the court ruled that Cox Communications could not be held responsible for piracy of songs by subscribers to its internet service. These include Sony Music, Warner Music Group, Universal Music Group, and other labels. 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.
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US naphtha sales surge on Japanese and Venezuelan demand
U.S.?exports rose to a new record, as Japan rushed for alternatives to Middle?East petrochemical feedstocks after the?Iran Crisis cut them off.?Venezuela?also increased purchases to dilute their heavy oil. The record exports of naphtha are a sign of the changes in the energy markets this year, and of the new trade lines they have brought with them. Asian petrochemical firms are now looking westward to secure supplies, or they will be forced to stop production. Exports to Venezuela have risen to the top of the list. According to Kpler, a ship tracking company, the United States exported a record amount of naphtha. Around 130,000 barrels per day (bpd) headed for Asia, which is the highest level in more than four years. Data showed that shipments to Japan increased to 71,000 bpd. This is the highest since December 2021. Exports to South Korea reached a record high of 50,000 bpd. Prices have soared due to the rush of?Asian firms to source naphtha. Middle East Gulf provides 60% of Asia's imports of naphtha, or approximately 35 million barrels per monthly. South Korea also relies on Russian naphtha, which is the first cargo since an import ban in late 2022 due to Moscow's invasion into Ukraine. The main mechanism for replacing the barrels lost would be to import from the West, said Jorge Molinero of research firm Sparta. He added that freight rates were increasing daily from the West to the East. Molinero said that the cargo for a medium-sized vessel from the U.S. Gulf Coast towards Japan was worth $9.6m on Friday. This is double what it was before the conflict started. Naphtha can be used to create petrochemicals like ethylene, which is used in the production of goods such as plastics, textiles, paints, medicines, and construction materials. JPMorgan analysts said in a report last week that a shortage of feedstock had caused Japan, South Korea, and China to close 5% of their global ethylene production capacity. VENEZUELAN Imports RISE Venezuela also received the highest amount of naphtha ever, about 140,000 bpd, to help dilute its heavy crude oil. Exports of naphtha to Venezuela have risen?after an agreement was made in January between Caracas, Washington and the Venezuelan government to sell up to 50 million barrels in storage of Venezuelan crude oil. The deal also included the supply needed naphtha. Matt Smith, a Kpler analyst, says that increased Venezuelan oil exports and production have led to a greater need for naphtha. Arathy S. Somasekhar, Houston. Editing by Liz Hampton & Daniel Walls.
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Oil prices drop on hopes of a de-escalation in the war. World shares rise
On Wednesday, global stocks rose and oil futures declined in hopes of deescalating the Iran War. The U.S. Dollar softened against a basket other currencies. U.S. Treasury Yields rose from their lows following a pair reports that highlighted the resilience of?the 'U.S. economy. Donald Trump said that the U.S. military could stop its attacks on Iran within two to three weeks and return if necessary for "spot strikes." He also threatened NATO. The war has entered its fifth week, and the White House faces pressure to deescalate due to rising gas prices. The MSCI index of global stocks rose by 1.75%. Thomas Martin, Senior Portfolio Manager at Globalt Investments, said: "We have Trump’s comments. They tend to change quite a bit." Everyone is trying to guess what Trump really means when he says something. The markets want a positive outcome, they want to see the war end. Wall Street saw the Dow Jones Industrial Average rise 0.48% to 46.565.74, S&P 500 gain 0.72% at 6,575.32 while the Nasdaq Composite rose 1.16% to 21840.95. STOXX 600 in Europe jumped by?2.5%, boosted by travel, aerospace, and defense stocks. This was a rebound from a poor March, when the pan-European stock index posted its biggest monthly drop since June 2022. The FTSEurofirst 300 index in Europe rose by 57.45, or 2.47%. Earlier, Japan's Nikkei rallied 5.24%. The markets are trading the narrative that war may be over or that at least the U.S. "Markets are trading this narrative that the war could be over, or at least that the?U.S. This is creating a positive'sentiment' in risk assets, said Evelyne Gómez-Liechti of Mizuho. However, she also added that she was inclined to be more skeptical about the rally. IRAN WAR DEVELOPMENTS Trump stated on Wednesday that Iran requested a ceasefire. He will only consider this request after Tehran has stopped blocking the Strait of Hormuz. Iran denied making such a request. Even if there is a ceasefire, analysts expect that energy flows in the Strait of Hormuz will be slow to recover to the levels they were before the conflict. Trump will give an update about?Iran at 9 pm ET on Wednesday (0100 GMT Thursday). ET on Thursday (0100 GMT Wednesday). Brent crude fell by 2.7%, to $101.16 a barrel. U.S. crude dropped 1.24%, to $100.12. Euro zone bond rates dropped in hopes of a deescalation of the Middle East. Germany's benchmark 10-year yield for the eurozone fell by 1 basis point, to 2.986%. The U.S. Dollar Index fell?0.12%. This is a continuation of the previous?session, which saw the biggest drop in a single day for two weeks. The yield on the benchmark 10-year U.S. notes increased by 1.6 basis points, to 4.327%. The yield on the 2-year note, which moves typically in line with Federal Reserve expectations of interest rates, rose 0.8 basis points. The PMI survey shows that eurozone manufacturing growth grew at its fastest pace in four years in March, as supply chain disruptions inflated growth figures. Fatih Birol, the head of the International Energy Agency, said on Wednesday that the disruptions in oil supplies from the Middle East would increase and begin to affect Europe's economic situation as the Strait of Hormuz is closed. The euro increased by 0.28% to $1.1584. Gold rose in commodities for a 4th session, as the dollar fell, making it less expensive for holders of other currencies. Spot gold increased by 2.11%, to $4768.04 per ounce. U.S. Gold Futures closed 2.9% higher at 4,813.10.
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SpaceX's orbital Data Centers could face the same challenges as Microsoft's abandoned underwater project
SpaceX filed an IPO on Wednesday that Elon Musk claims will fund an effort to transform the rocket manufacturer into an 'AI powerhouse. Launching up to 1,000,000 data-center satellites in orbit to bypass Earth's power and water limitations. Microsoft had a similar ambition to escape land-based computing constraints in 2015, when it lowered ?a shipping-container-sized data center onto the seabed off Scotland, aiming to cut energy ?use through natural seawater cooling and tapping offshore wind and tidal power. Microsoft's Project Natick, once hailed as a?potential breakthrough? for the data-center sector, has met all of its technical goals, but the underwater data centers have been abandoned over two years due to lack of demand from clients and unviable economics. A Microsoft spokesperson responded to a question by saying: "While there are no datacenters currently in the water, Project Natick will be used as a platform for research to explore, test and validate new concepts about datacenter reliability. Five data center experts told us that what happened to Microsoft should serve as a warning for SpaceX. Although the two projects are geographically far apart, they have many similarities. They both rely upon modular units, which are costly to deploy, and can't be repaired, upgraded, or expanded. These features are considered crucial by the AI industry. Roy Chua of AvidThink said that "these problems will likely be more severe in space than in the ocean". He cited unresolved issues such as how to cool the data centers in orbit and high launch costs, along with the adverse effects of harsh space conditions on AI chips. SpaceX?did not respond to a comment request. SpaceX, the company that acquired Musk's AI start-up xAI in Feburary, could raise $75 billion if it goes public. This would make it possibly the largest IPO ever. xAI's holdings include the social media company X (formerly Twitter) and AI chatbot Grok. MUSK'S SPACES? AMBITIONS FACE HURDS The two people who were familiar with the project, but asked not to be identified due to the sensitive nature of the issue, said that although Microsoft had proven that undersea facilities could work, their customers did not want to scale them up. Instead, they wanted to expand conventional land-based installations that would allow cheaper and faster upgrades as AI technology accelerated. The "locked-for life" sealed design, which?SpaceX will replicate in orbit, has limited flexibility because AI chips are improving rapidly every year. A satellite or an undersea information center, on the other hand, may only be replaced every five to seven (7) years. Two people also said that the economics was a major obstacle. The cost of building data centers underwater was higher than on land. While the costs may have decreased at scale, it would still have taken tens or hundreds of millions of dollars to do so. The cost of space will increase dramatically. In a research note published in February, analysts at MoffettNathanson (an independent U.S. equity-research firm) said that Musk's plan of putting a million AI satellites into space would cost trillions. Analysts say that in order to make data centers commercially viable, the launch costs will need to drop from their current low of thousands of dollars to a few hundred dollars per kilogram. Tim Farrar is an independent satellite analyst with TMF Associates. "The issue is not whether or not something works, but if it makes economic sense compared to simply building more capacity at the ground level," he said. Musk claims he can overcome technical and financial obstacles, such as radiation exposure, heat control in a vacuum, and the need to replace hardware frequently, by lowering launch costs and developing more resilient AI chip. Musk claims that demand will not be a problem, as Earth's resources will be quickly depleted by AI, which is required to support a future where robots will outnumber people, and all cars will drive themselves, and space travel will become routine. Farrar stated that the idea that Earth's problems, such as power shortages and environment issues, can not be solved, is unrealistic. It makes Earth seem worse in order to make "everything" appear better from space. Musk's argument hinges on Starship - SpaceX next-generation rocket. Starship is designed to be fully recyclable and can carry much larger payloads than SpaceX Falcon rockets. Starship has been years behind schedule and has experienced explosive failures on some of its 11 suborbital tests flights since 2023. MoffettNathanson calculates that Musk's target would require 3,000 Starship launches per year, or 8 a day. Blue Origin, Jeff Bezos’ space company, is also a supporter of orbital data centres. In March, the rocket company announced that its Project Sunrise concept will add AI computing capability in orbit by utilizing clean solar power and preserving data-center infrastructure on Earth. Blue Origin has not responded to any further comments. SPACE AI COULD be a niche business Claude Rousseau is a Research Director at Analysys Mason, who monitors satellite markets. He believes that space data centers have a bright future. Rousseau stated that "I am convinced that in the near future, space-based data centres will not be able to replace ground-based datacenters." He added that this would be more of a niche industry that serves infrastructure in orbit such as military satellite constellations or?space station. The International Space Station, for example, already has experimental systems that?process data on orbit and reduce the reliance upon downlink bandwidth. Nvidia's Chief Executive,?Jensen Huang, said on the All-In Podcast in February that the economics for space-based AI-data centers are still unattractive. "We should work on the ground because we are already here," Huang said. He described orbital AI infrastructure more as a long-term engineering challenge than a short-term solution. Chua said that plans to move data centres under the ocean or into space could create new challenges and make it harder to solve problems on Earth. Chua stated that "there are many problems we can solve before going into space" pointing out improvements in AI chip performance, improved water recycling and the expanded use of solar energy and modular nuclear generation.
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Automakers unveil new EVs for US market despite sales downturn
The New York Auto Show saw major automakers unveil new 'electric vehicles' on Wednesday, despite weak consumer demand and sales that have plummeted since Washington removed the $7,500 tax credit for EVs. Kia announced that it will'start selling its lower-priced EV3 to the United States in later this year. Subaru also offered a three-row EV called the "Getaway", which can seat seven. The Japanese automaker will launch its family EV SUV in the U.S. later this year or early next year. It is their fourth EV. The U.S. electric vehicle market is becoming more competitive, but the recent rise in gasoline prices has sparked renewed interest. Russell Wager is the vice president of'marketing' at Kia America. He said, "The EV market will come back - perhaps not as fast as we would have liked." "We're dedicated to it." Kia stated that the U.S. electric vehicle market could return to its previous level in three or four years. GM has recently begun selling its Chevrolet Bolt EV, which starts at $27.600. The previous generation was discontinued in 2023. After the expiration of the $7,500 EV Tax Credit on September 30, the Alliance for Automotive Innovation trade group, which represents GM,?Ford, Toyota Motor, Volkswagen?, Hyundai?, Stellantis? and other major automakers said EV Sales were 9.6% in 2025, but dropped to 6.5%?in the last three months?the lowest since early-2022. Christian Meunier of Nissan Americas said that the U.S. Market has declined substantially. Meunier told an interviewer at the New York Auto Show that there is no demand for EVs. "The demand is gone." "The demand has disappeared." Hyundai Motor CEO Jose Munoz stated that the company had seen an increase in EV sales as fuel prices rose, especially in California. This trend was "not driven by regulations, but by market conditions." The automaker revised its plans in order to include more hybrids. Munoz said: "I believe we're going see an 'evolution' where, step-by-step, 'EVs' will increase a bit. Let's say, maybe 10-15% of market share, but not 50 or 60%." David Christ, the general manager of Toyota Motor North America's?Toyota Division, stated that Toyota Motor North America is introducing 3 EVs to the U.S. in this year and higher fuel costs would give the EVs a boost. Christ said, "I don’t think they’re going to be able to return to the levels of government-funded incentives. But?it will be higher than what it would have been without the gas price shock." In 2024, EV sales will account for 10.2% total vehicle sales. Donald Trump has taken a number of steps that will discourage EV production and purchases, and encourage the production of gas-powered vehicles. (Reporting and editing by Kirby Donovan; Kalea hall and David Shepardson)
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Gold gains due to softer dollar and focus on Iran war
The U.S. Dollar fell on Wednesday, and other risk assets rose on the?tentative? hope that the conflict in Middle East would de-escalate. By 1730 GMT, spot gold had risen 2.5% to $4,784.22 an ounce, the highest level since March19. U.S. Gold Futures closed 2.9% higher at $ 4,813.10. Dollars of other currencies are more attracted to greenback priced bullion after the U.S. currency dropped for a 2nd consecutive day. Bob Haberkorn is a senior market analyst at RJO Futures. He said that gold?prices may move above $5,000 per ounce, if we are on a path to de-escalation. Rate-cut expectations could creep in again. He added: "The focus of the discussion is Iran and the Strait of Hormuz - the way this conflict develops and the future path." U.S. president Donald Trump claimed in a Truth Social posting that Iran's President asked for a truce, but the spokesperson of Iran's Foreign Ministry called this assertion false and baseless. Trump will address the nation on Thursday at 1100 GMT. Axios reported earlier that talks about a truce are underway. "An end of the conflict (for gold) could prove to be a double-edged blade." A lasting peace agreement will remove the geopolitical safe haven bid which supported?prices prior to the conflict", said Tony Sycamore, IG's market analyst. Sycamore said that lower oil prices and inflation could revive expectations of Fed cuts in 2026, which would help prices. In March, spot gold prices fell by more than 11% as the Iran War stoked inflation fears and caused markets to reduce their expectations of rate cuts. Bullion is often seen as a safe haven during geopolitical turmoil or inflation. However, high interest rates can reduce its appeal. The ADP's National Employment Report?showed that private payrolls in the U.S. increased steadily?in March. Retail sales in the United States rose strongly in February, but rising gasoline prices may have an impact on spending in months to come. Silver spot rose by 1.2% at $76.03, while platinum climbed 1.6% to 1,979.30, and palladium jumped 1.3% to 1495.95. Ashitha Shivprasad, Bengaluru (reporting; Paul Simao, Diti Pjara and Diti Simao)
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Perpetua Resources wants $2.7 billion EXIM Loan for Idaho gold-antimony Project (March 31).
Antimony -and- gold miner Perpetua Resources announced on Tuesday that U.S. Export-Import Bank's board unanimously agreed to inform Congress about a proposed $2.7billion loan to finance the Stibnite Project -in Idaho. The proposed financing includes $2.2 billion in direct loans for?construction and exploration costs as well as corporate costs. The remainder will cover interest?and fees. The loan, along with the $714 million cash available on hand would cover the estimated cost of $2.576 billion to build the Stibnite Gold Project. The Canadian shares of the company closed at C$39.20 C$ on Tuesday. Perpetua Resources' CEO Jon Cherry stated that today's decision marked the final stage in EXIM approval process, and put the company on the right track to a Final Investment Decision this year. The proposed loan is part of the Export-Import Bank’s Make More in America Program, which aims to boost domestic production and industrial development in the United States. The project has gained in importance because the United States is seeking a domestic supply of antimony after China last year restricted exports. Perpetua began early construction work in October 2025, after obtaining all federal and state permits. Agnico-Eagle Mines and JPMorgan Chase are among the company's investors. Varun Sahay, Bengaluru Reporting; Tasim Zahid, Editing
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Sources say that Rodriguez is preparing to take over Citgo's board.
Four sources familiar with the preparations say that Delcy Rodriguez, the interim president of Venezuela, is preparing to take control of the U.S. subsidiaries of the state oil firm PDVSA, including Citgo Petroleum. The?move?could escalate a tug-of-war for control of the U.S. refiner that is the seventh largest. Washington recognized Rodriguez in March as Venezuela's president following the capture and detention of Nicolas Maduro. This opened the door for her to reopen U.S. embassies, consulates and to regain control over Venezuelan-owned businesses abroad that Maduro lost to the opposition. Citgo, Venezuela's crown jewel in foreign assets, is now run by supervising board members appointed by a no-longer-active opposition-led congress. Two sources claim that Rodriguez is still working on her list of board members to be approved by the Treasury. Some?names' suggested in Washington were not well-received, they said. The sources stated that if the executives were approved, Treasury's Office of Foreign Assets Control would have to issue specific licenses. One source said that Treasury officials had already spoken to members of Citgo’s board and informed them of their 'expectation to authorize the new board members appointed by Rodriguez, if they have been cleared by Washington. Another source stated that the U.S. State Department must also?follow up on the appointments? and provide OFAC with?policy direction? Sources claim that Rodriguez's envoys told some law firms who represented Venezuela, PDVSA, and its subsidiaries before U.S. federal courts in the past that their contracts were being reviewed and that they could be terminated. Requests for comments from the Venezuelan ministries of oil, communications and PDVSA as well as the U.S. Treasury Department and State department did not receive a response. Citgo's supervisory boards declined to comment. Changes in Slow Motion Asdrubal Chavez, a cousin to the late Venezuelan President Hugo Chavez, was ratified by PDVSA in March as head of its U.S. subsidiary. Chavez hasn't effectively led the companies for more than seven year, despite being denied a U.S. Visa to lead Citgo out of Houston. PDVSA added Ricardo Gomez and Nelson Ferrer to its board as part of the March appointments. These executives were close to Rodriguez, who had previously worked at Citgo for Chavez. It wasn't immediately clear whether these executives would be approved by the Treasury. As the Houston refiner continues its fight in U.S. courts to overturn the sale of PDV Holding, it's parent company, to an affiliate of hedge fund?Elliott Investment Management. The refiner is fighting in the?U.S. courts to reverse the sale of PDV Holding to an affiliate hedge fund Elliott Investment Management. Citgo said that in court, the auction ordered to pay creditors billions of dollars for debt defaults in Venezuela and expropriations was unfair. It was plagued with conflicts of interest. The complex auction was concluded last year, after a Delaware court?approved of a bid of $5.9 billion by Elliott's subsidiary Amber Energy. But the final transfer of ownership is now pending a green light from the U.S. Treasury, which has protected Citgo from creditors since it severed ties with Caracas-headquartered PDVSA in 2019 amid U.S. sanctions. Elliott declined to make a comment. Reporting by Marianna Pararaga in Houston, and Deisy buitrago in Caracas. Editing by David Gregorio.
Energy Department: US will loan up to 10 millions barrels of SPR from Bryan Mound site.
The U.S. Energy Department announced a?loan of up to ten million barrels from its strategic petroleum reserve in Bryan Mound. It will accept proposals until 11am central time (1600 GMT),?on Friday, April 6. The United States will release 'oil' from its strategic reserves as part of an agreement with 32 countries of the International Energy Agency. This is to ease supply pressures caused by the Iran War.
In March, the U.S. Energy Department released 45.2 million barrels from its reserve as part of the first release. The U.S. wants to?lend 172 million barrels of crude oil for delivery throughout this year and next.
Oil is being released in the form of loans that companies will return to the Energy Department with additional barrels as premium. The Energy Department claims this system will stabilize the markets "at no costs to American taxpayers."
(source: Reuters)