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Judge criticizes Trump's 'brazen bid' to continue construction of the ballroom
Federal Judge Richard Leon ruled again on Thursday that U.S. President Donald Trump's plan for a White House ballroom to be built without congressional approval is illegal. The judge faulted the Republican president for claiming that national security requirements demanded that the project move forward. U.S. district judge Richard Leon issued a 10-page injunction on March 31, which had ordered the construction to cease. He did this to address Trump's and federal agencies "brazen" interpretation of the earlier decision. The National Trust for Historic Preservation sued the Administration, alleging that Trump overstepped his authority by razing the historic White House East Wing in October last year and starting construction on the 90,000 square foot ballroom. This project is estimated to cost more than $400 million and will be funded by corporate donors. Leon clarified the scope of his previous?ruling to stop only "above-ground building of the planned ballroom", but not "below ground construction of national-security facilities." In his original order of March 31, the judge said that much of the construction work had to be stopped, but that crews were allowed to continue "construction necessary for the safety and security at the White House." Trump and federal agencies claimed in court documents that the national security exception granted by the judge applied to the whole project due to elements of the ballroom such as missile-resistant columns, and drone-proof roofs. Trump's administration also argued that the ballroom and a military bunker planned beneath it were a "single coherent whole." In the order of Thursday, Leon stated that Trump and federal agencies are "trying to turn this exception upside down and insisting unreasonably that the ballroom project can proceed." The?judge replied, "I can't possibly agree." Leon was asked by the National Trust for Historic Preservation to clarify his earlier injunction. Last week, after Trump had appealed, the intermediate appeals court also ordered Leon to reconsider its scope in light of Trump's arguments on national security. (Reporting and editing by David Gaffen; Jan Wolfe)
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Codelco and Anglo seek two environmental approvals for a shared Chile copper mine
Documents seen by show that Chilean copper producer Codelco, and global miner Anglo American, plan to submit different environmental studies to the regulators in Chile for their planned "shared copper mine". They will use what they call a "unprecedented", twin-track approval process. Documents previously unknown on the Andina Los Bronces project were presented to environmental authorities in January. They show that the companies intend to submit two applications essentially identical in December for a 'pit' where they will jointly extract copper from the top producer of red metal in the world. This model could be used as a template for other large miners who want to share their infrastructure and operations in order to increase output during an anticipated global supply shortage. It would also allow Codelco and Anglo American move more quickly and reduce risks. Codelco and Anglo completed the deal in September. They plan to add 120,000 metric tonnes of copper each year?from 2030-2051, generating a minimum $5 billion in value before tax. Codelco Chairman Maximo Pacheco and a source from Anglo American confirmed that the companies plan to submit the two applications by the end of this year. "MIRROR" APPLICATIONS The companies propose that in areas where mining operations overlap, they apply the same environmental measures to all miners. One presentation demonstrated that a single filing would not be legal because the Chilean constitution requires Codelco retain ownership of their mining concessions. The companies considered submitting?three requests: one for each miner, to extend the life of their mines and a third application from a joint entity that would manage the shared operation. The decision was made because the companies would have to surrender their open-pit permits in order to allow the mine to be combined. This dual structure will also allow mines to return to independent operation in the future. Work on the Ground The documents detailed plans for creating a single pit on top of the existing pits. Anglo American’s Los Bronces pit and Codelco’s Andina are adjacent. The companies’ plan shows that the rock barrier in between would be mined as well, creating a single pit, while maintaining a project largely within existing mine footprint. One document stated that the ore from the pit shared by both companies would be interchangeably sent to their respective processing plants. The waste rock, meanwhile, would be dumped in the waste dumps of each company. The two mines would still need to make changes?to waste dumping, tailings facility, pipelines, and support infrastructure in order to run as an integrated system. The companies claimed that sharing infrastructure would reduce the pressure on the area and cut down the use of freshwater. Share a Mine: What are the Risks? Companies also highlighted significant risks such as the necessity for "close coordination" with regulators which could strain Chilean environmental review system, already slow. The two reviews emphasized the project's "high visibility" and the risk that environmentalists or affected communities might argue that the two reviews do not accurately reflect the impact. Residents, regulators, and courts have been scrutinizing Los Bronces for years over alleged impacts on water usage, air quality and 'glaciers' in the high Andes, where the mine is located. While both?Codelco & Anglo claim that the dual-track strategy would reduce the risk underestimating environmental impacts, they acknowledge it could lead duplicate or unnecessary environmental measures. One document revealed that the firms will begin outreach to local community and other stakeholders during the second half year. Reporting by Kylie Madry & Fabian Cambero. Daina Beth Sola and Mark Potter edited the report.
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Trump attempts economic reset while Republicans worry about high gas prices
The U.S. president Donald Trump is expected to try and dismiss concerns about the economy and the sagging prospects of the Republican Party this week during a swing-style campaign through the battleground state of Arizona and Nevada, while the war with Iran?pushes up gasoline prices. Trump will use his Thursday stop in Las Vegas to promote his immigration and tax bill, which includes promises for?court hourly? and hospitality workers. The soaring prices of everything from groceries to gas, to housing and insurance have shaken up the U.S. economic system. This has also affected Trump's ability to rally conservatives for November's midterm election. Five Republican strategists said they feared the White House had lost control over the affordability debate. This would neutralize the political boost from the tax law and the resilient economy, which has pushed past Trump's previous military interventions and trade war. David Damore is a professor of political science at the University of Nevada in Las Vegas. He said that "the cost of living will trump everything -- no pun intended-- over any small changes in tax returns." Trump's advisers are more optimistic. They predict that Trump will soon reach a deal with Iran to reopen the Strait of Hormuz. White House spokesperson Kush Desai stated that Trump was always clear about the economic impact the Iran War would have in the short term. The tax benefits he helped to deliver also "reflect the Administration's continued focus on delivering our affordability agenda here at home." Higher fuel prices will lead to a sticky inflation in all consumer goods and services. This presents serious risks to Republicans who are facing an increasingly hostile map of reelection in the House of Representatives as well as Senate. TRICKY MIDTERM MAPS According to Amy Walter of the Cook Political Report, the leading election prognosticator, Democrats are the overwhelming favorites for capturing the majority in the House. Meanwhile, key Senate races are moving in favor of Democrats in North Carolina and Georgia. Trump's approval ratings in late-March/Ipsos surveys fell to 36%. This marks a low in his second term. Nevada and Arizona also have competitive Senate, House and local elections. Trump will 'attend an event in Phoenix hosted by the conservative group Turning Point USA on Friday. The Republican legislators hoped that provisions of the One Big Beautiful Bill Act from last year, which included no tax on tips or overtime pay as part of Trump's $4.1 trillion agenda would resonate with voters looking for economic relief. "I don't think it will happen," said a Republican strategist who consults on congressional races. They spoke anonymously because they were discussing sensitive issues. In recent weeks, the challenge Republicans face has been exacerbated by Trump's focus in Iran and his public disagreement with Pope Leo. Trump announced last week that the White House would be sending senior adviser James Blair to help with midterm campaigning. This is a sign of growing concern over the prospects for his party. WEST COAST SLING Trump will host on Thursday a roundtable focused on his policy of eliminating federal taxes on tipping, a measure aimed at service employees in a city dominated by hospitality jobs. Supporters claim it will increase take-home pay of restaurant, hotel, and casino workers that rely heavily upon gratuities. Trump's tax law for 2025 includes a provision that allows workers who qualify to deduct tip income up to $25,000. However, payroll taxes will still be applied and the benefit is phased out as higher-earners earn more. Analysts estimate that approximately 4 million Americans work in tipped positions, and analysts estimate an average benefit of $1,400 per year for those who are eligible. Karoline Leavitt, White House spokesperson, said that more than 53 million taxpayers claimed at least one tax cut signature by Trump this filing season. She said the average tax refund was over $3,400. Gas prices are still a concern. Trump has sent mixed messages about how long higher fuel prices will last. At times, he suggested that Americans might have to suffer for a prolonged period of time due to global supply disruptions. Other times, he said that the price will drop sharply when the war ends. People familiar with the discussions in and around the White House say that the administration has limited options for lowering energy prices, beyond a complicated diplomatic effort linked to the Strait of Hormuz. Officials released oil from the Strategic Petroleum Reserve and adjusted shipping rules. They also eased sanctions against Russian and Iranian 'oil. Prices remain high, with benchmarks globally exceeding $90 per barrel. One of the oil executives involved in the discussions stated, "All that's left are bad options. We have asked White House to not pursue them." Trump has tried to calm expectations by portraying midterm elections losses as a normal occurrence for the party currently in power while insisting that his administration can reverse this trend. He told Fox Business Network’s "Mornings with Maria", a program that aired on Wednesday, "Even if you have a fantastic president, midterm elections tend to be lost." "So, we're trying to turn it around." There's no good reason for the Republicans to lose. (Reporting by Jarrett Renshaw and Jacob Bogage; additional reporting by Humeyra Pamuk, Editing by Colleen Jensen, Rod Nickel).
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US Energy regulator will make a decision on data center interconnection by June
The US Federal Energy Regulatory Commission announced on Thursday that it expected to continue its efforts to 'develop rules' to'manage' the country's'surging' 'data center electricity demands by June 2026. This is weeks later than their initial target date. As the industry builds out its energy-intensive data centres, which are increasingly used to develop artificial intelligence, there is concern about the soaring power bills and risk of "blackouts". These concerns sent regulators scrambling for new rules to manage this giant new "demand source". Some of these might require data centers to bring their own power supplies. Last year, Chris 'Wright, the U.S. Department of Energy secretary, directed FERC to examine reforms and new regulations about how data centres are integrated into U.S. electricity systems. He set an April 30th deadline for taking action. Laura V. Swett, Chairman of the Board, said: "Our nation is at a critical moment as we are faced with a rapid increase in demand for energy from data centers and large-scale users that is reshaping the?transmission environment." "I encourage all of you to stay in touch as we work together to build a resilient future for energy." FERC reports that it has reviewed a total of 3,500 pages of comments from the public on this issue. Reporting by Laila Mukherjee and Anushree K. in New York, editing by William Maclean
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Minister says Brazil will announce new measures to reduce fuel prices impact of the Iran war
Jose Guimaraes, Minister of Institutional Relations, said that Brazil will take new measures in the next few days to reduce the economic impact of the U.S.-Israeli conflict on Iran. This includes steps to lower gasoline prices. Guimaraes told reporters in Brasilia that the package is still being finalized. He also confirmed that the Finance Ministry officials are reviewing fuel prices. He said that the government was working on a scenario where there could be 'up to two months worth of conflict. However, it is still uncertain what impact this will have on the economy. SEVEN-DAY WORKWEEK Guimaraes said that the Brazilian government was open to a 'transition period' in a bill to reduce the six-day standard workweek. However, it did not see the need for any new tax breaks, to compensate employers. Guimaraes says that the proposal, which is a major plank in President Luiz Inacio Lula's platform for the October elections will be announced during Workers' Month. Negotiations in the 'Congress focused on how to reduce the resistance of business groups against the 'plan which would reduce the workweek from 44 to 40 hours. Lawmakers have talked about a gradual transition, or a compensatory tax relief. Guimaraes stated that a transition was "possible", but he did not think there would be room for tax exempts. Reporting by Lisandra paraguassu, Writing by Isabel Teles, Editing by Alison Williams & Aurora Ellis
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Stocks choppy, oil rises as doubts persist about US-Iran peace deal
The trading on Wall Street was choppy Thursday, after stocks had reached the levels seen just before the selloff prompted by U.S. and Israeli strikes against Iran. Meanwhile, rising oil prices were a reflection of the continued uncertainty about the prospects for a peace deal. Source: A Pakistani mediator has made progress on "sticky" issues in the conflict. Iran, however, warned that the fate of the nuclear program was not resolved. Israel is waging an parallel campaign in Lebanon against the militant group Hezbollah, which is backed by Iran. Donald Trump, the U.S. president, said on Truth Social that Israeli and Lebanese officials had agreed to a 10-day truce at 5 pm EST (2200 GMT). The Dow?Jones industrial average rose 0.11% in New York to 48,518.06, while the S&P 500 climbed 0.24% to 7,039.70 and the Nasdaq Composite climbed 0.29% from a previous retreat to 24,084.48. U.S. stocks had reached new records on Wednesday. European stocks are recovering more slowly. The pan-European STOXX 600 dropped 0.03% on Friday. The market's recent moves are more driven by sentiment than fundamentals. "We are still waiting on earnings reports and the economic data doesn't really justify the high level of enthusiasm," said Melissa Brown. Earnings season has picked up pace. U.S. beverage giant PepsiCo gained 2% following a quarterly profit forecast that was exceeded. After reporting results, Charles Schwab and Travelers insurers as well as Abbott Laboratories in the healthcare sector all dropped. OIL MARKETS ARE SCEPTICAL Oil markets rose after falling earlier on the hope of a solution to the Middle East conflict. The trading was volatile Wednesday after a source from Tehran said that Iran might consider allowing safe transit through a part of the Strait of Hormuz in its negotiations with the United States. Brent crude rose 3.31% to $98.04 a barrel. U.S. crude gained 2.29% on the day. John Evans, an oil market analyst at PVM, said: "We are sceptical about any immediate resolution to this conflict." There is always an opposite to any headline. After data showed that initial claims for unemployment benefits in the states were lower than expected last week, the U.S. Dollar rose. The index that measures the dollar against a basket including the yen, the euro and other currencies, rose 0.23%, to 98.23. The index had fallen for eight consecutive sessions up until Wednesday, losing most of its gains as the war made it a safer haven. Chinese stocks rose over 1% in China after forecast-beating data showed that exports had helped the giant economy grow by 5% in its first quarter. The yuan also reached a new three-year-high of 6.8152 to the dollar on the overseas markets. Investors weighed the possibility that a easing of tensions between the U.S.A. and Iran could lead to a rate cut by the Federal Reserve. This would boost precious metals prices. Spot gold rose by 0.26%, to $4.802.59 per ounce. U.S. Gold Futures increased 0.08%, to $4.803.70 per ounce. The Iran war has led to higher energy prices, which have dampened expectations for interest rate reductions. This in turn has weighed on gold prices, as it does not produce interest income.
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The US and Nigeria have a record amount of jet fuel to sell in Europe, which is facing a shortage.
Data from Kpler & LSEG shows that Europe has seen record-breaking inflows of jet oil from the United States 'and Nigeria. It is trying to shore up a supply due to disruptions in Gulf imports. The Iran war has effectively closed off tanker traffic trying to leave via the Strait of Hormuz. According to a document seen, European airlines are urging the European Union (EU) to take emergency measures including widespread airspace closures. U.S. Supply is expected to reach between 149,000 and 200,000 bpd based on vessels discharged or still due. This would be a record according to data dating back to 2015 for LSEG, and 2017 for Kpler. Data from both sources indicated that April imports were at around 66,000 bpd. This is also the highest ever recorded and highlights Nigeria's increasing role as a swing?fuel supplier since the launch of the Dangote refinery in Africa, 2024. The EU's requirement that countries maintain 90 days worth of emergency oil reserves is not specific in terms of fuel levels. International Energy Agency data show that Spain is a net jet fuel exporter, while Britain imports 65% its demand. Levels of jet fuel fell to their lowest since March 2023 last week at the Amsterdam-Rotterdam-Antwerp storage hub, ?data on held independently held stocks showed. Nevertheless, the United States exports are already at record levels. Energy Information Administration data shows that in the week ending April 3 the U.S. exported an estimated 442,000 barrels?jet fuel. This is double the average of 219,000 barrels seen last year. Nigeria has also been exporting products at a record rate, with 416,000 bpd so far in this month. Although the U.S. is a major consumer of jet-fuel, the prices for exports to Europe and Asia are better. Nigerian Airlines on Thursday announced that they would cease all flight operations as of April 20th unless the jet fuel price was reduced. They noted a 270% increase in prices since February. In the IEA’s 'latest monthly report,' it was stated that if 'European markets are unable to secure over?50% the volume lost from the Gulf in June, stockpiles will reach a critical 23-day level, a point at which physical shortages begin.
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Gold prices hold steady as market attention turns to Iran peace talks
Gold prices held steady on Thursday as the markets watched developments between the U.S. and Iran, including their impact on inflation and interest rate rates. As of 11:00 am, spot gold was unchanged at $4.789.09 an ounce. After hitting a month-high in the previous session, ET (1500 GMT) was little changed. U.S. Gold Futures dropped 0.3% to $4.810.90. If we see an easing in tensions between the U.S. and Iran or a war ending, it will increase the likelihood that the Federal Reserve rate could be cut down the road... This would support precious metals," said David Meger, director of Metals Trading at High Ridge Futures. Sources expressed optimism that the Iran War may be coming to an end. A Pakistani mediator was said to have made a breakthrough in "sticky" issues, although Iran claimed that?the fate? of its nuclear program has not yet been decided. The initial fall in gold prices was due to the U.S.-Israeli war against Iran, which began late February. Liquidity pressures and inflation fears arose as energy prices rose. This led markets to reduce expectations of interest rates being cut. Gold is a zero-yielding investment, so it tends to lose its appeal when interest rates rise. The traders currently see a 32 percent chance that the U.S. will cut its interest rates this year. The data showed that the number of new claims for unemployment benefits in the United States fell last week. This suggests that labor market conditions are stable. However, employers are cautious when it comes to hiring more staff because of the economic impact caused by war with Iran. Silver spot fell 0.7%, to $78.53 an ounce. Silver market heading towards sixth year of structural deficit with 762 millions troy ounces?withdrawn from stocks since 2020, raising the risk of a new liquidity squeeze?despite lower demand expectations. Palladium fell 0.7%, to $1,578.06. Platinum was down 0.7%, at $2,095.06 Ashitha Shivprasad, Bengaluru (Reporting and Editing by Emelia Matarise and Ni Williams).
Sources say that India's RBI has asked state oil refiners in India to reduce spot dollar purchases.
India's central banks has asked state-run refineries to reduce?spot dollar purchasing and use a special credit line to meet their foreign exchange requirements, according to?three sources. This is a return to measures taken during the Ukraine War to help ease the pressure on the rupee.
The Indian currency has been battered by a surge in oil price and heavy outflows of foreign portfolios. The Indian currency has dropped more than 3% this year to new lows, making it Asia’s worst performing major currency.
Two sources stated that the use of the special credit facility will reduce the dollar demand by refiners and help ease the pressure on the rupee. Refiners buy a lot of dollars for paying for oil imports.
Sources said that the state-run refineries were?asked to use the State Bank of India as a credit provider. SBI, India's largest and most backed bank, is owned by the state.
The three sources refused to name themselves as they were not authorized to speak with the media. Reserve Bank of India (RBI) and SBI didn't?immediately reply to emails seeking comments.
Credit lines are available to the major state-run refining companies Indian Oil Corp.,?Hindustan Petroleum Corp. and Bharat Petroleum Corp., which together control around half of India's total 5.2 million barrels of refinery capacity per day.
One source said that refiners were also encouraged to make daily dollar purchases via SBI rather than multiple banks.
This person said that since SBI already handles a large amount of merchant flows, channeling oil-related FX through SBI could help reduce the overall impact on the market.
A second source stated that refiners could either purchase dollars at the RBI's reference rate, or use their credit line to meet their foreign exchange needs.
No refiner responded to an email seeking comment.
Three separate spot FX traders from those cited above said that they had observed a decline in oil company activity on the spot market.
RUPEE STRAIN
Sources say that the RBI has been using crisis-era measures to support the rupee in the face of pressure from the Iran 'war.
The rupee reached a record low of 95 dollars per rupee in late March due to concerns about the spillovers.
Other steps have been taken by the central bank to stabilize the currency. The central bank has taken other steps to shore up the currency.
The RBI has also sold dollars to support the currency.
Following the bank's actions, the rupee strengthened by about 2% compared to its previous record low. The last time it was quoted, on Thursday, at 93.20 to the dollar. Reporting by Nidhi, Jaspreet and Nimesh. Mark Potter (Editing)
(source: Reuters)