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After deadly earthquake, international aid is heading to Venezuela
After two powerful earthquakes in?Venezuela on Wednesday, governments and humanitarian groups have started sending cash, teams of rescuers, and other aid. The death toll is expected to increase. According to the latest statistics, the back-to-back earthquakes, measuring 7.2 & 7.5 in magnitude, struck roughly 160 km (100 miles), west of Caracas. They damaged at least 250 buildings, and trapped about 200 people. U.N. HUMANITARIAN AFFAIRS OFFICE Tom Fletcher, the U.N.'s chief of aid, said that the office for humanitarian affairs was in charge of coordinating the deployments by international teams to search and rescue urban areas. He said that "the coming days will demand a massive effort collective to support the response led by government and help communities." He said that 8 million people needed humanitarian assistance in the country even before the earthquake, and now the disaster may make them even more vulnerable. U.S. State Department The U.S. State Department announced that it would mobilize $150 million of humanitarian aid to?Venezuela. This included $50 million of new bilateral funding to partners like the U.N. World Food Programme, nonprofit organization International Medical Corps, and $100 million as a contribution to an?U.N. The pooled funds. Washington will also send a disaster response unit with two urban search and rescue units and provide airlift, logistic and coordination support for moving personnel and lifesaving supplies to affected areas, according to the State Department. The State Department said that the search and rescue effort is their immediate need. The U.S. Military is helping to transport supplies and personnel, as well as support other relief efforts. POPE LEO VIII Vatican media reported that Pope Leo sent EUR100,000.00 ($114,000.00) from the Vatican charity fund to Venezuela as relief for the quake. WORLD CENTRAL KITCHEN Jose Andres, chef and founder of the 'humanitarian food provider World Central Kitchen', announced on Thursday that his team has begun distributing meals to Caracas. He said on X, that his Longer Tables Fund would immediately donate $1 million to Venezuela. EL SALVADOR On X, Salvadoran President Nayib Bukele said that 300 paramedics and rescue workers were ready to travel to Venezuela with 50 tons medical supplies. MEXICO The Mexican president Claudia Sheinbaum announced that a team of medical and rescue personnel had left for Venezuela. Mexico will send 250 military rescue personnel as well as five rescue dogs, four planes, a drone and rescue equipment. COLOMBIA The National Unit for Disaster Risk Management in Colombia has mobilized a search-and rescue team for Venezuela that includes more than 60 members, four dog teams and 12 metric tonnes of equipment. The mayor of Cali announced that nine firefighters would be helping with the search and rescue efforts. ECUADOR Ecuador will send a team of rescuers to Venezuela on Friday, which includes 46 urban search-and-rescue experts, two dogs, and six metric tons (?six) of equipment. The statement from the foreign ministry of Ecuador said that this is the plan. PANAMA Panama's President Jose Raul Mulino announced that the country would send a rescue team to Venezuela, and organize humanitarian aid. Mulino stated that authorities have opened donation points to send to Caracas in response to the country's aid response. FRANCE FRANCE said it was deploying a search and rescue unit in Venezuela, including medical teams and engineers as well as dogs to locate and remove survivors from collapsed building. A military plane will bring 57 soldiers and 40 firefighters from the Madrid area to Venezuela, according to the Spanish Defense Ministry. The Spanish development agency plans to?set up a field clinic in Venezuela. Italian Foreign Minister Antonio Tajani stated that firefighters, the Ministry of Defense and the Air Force were mobilized to offer assistance.
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PREVIEW: Austria and Algeria will shoot it out for second in Group J
Austria and Algeria are set to face off in Kansas City for the second place in their World Cup Group J. A draw could be a good outcome for both teams as they 'push for a spot in the round of 32. Argentina has already been?confirmed? as the pool winner, while Austria and Algeria both have three points each and Jordan zero going into the final rounds of games. A draw would see Austria retain their position due to the superior goal-difference. Algeria, however, would advance as one of the top three teams in the 12 groups, with four points. There is an interesting twist in this story. It might be better to finish third than second in the group. The runner-up will face Spain, who are a favourite, in the round-of-32, while the team that finishes third could be up against the Group?B champions, Switzerland. Austria and Algeria were both?on the receiving end of a 'Lionel Messi Masterclass' when they faced Argentina, but it looks like this matchup will be more equal. The Algerian forward Mohamed Amoura is doubtful after missing the 2-1 win over Jordan, and Austria's Stefan Posch played against Argentina with a fractured jaw but seemed to have recovered well. Austria coach Ralf Rangnick said he is 'disappointed' with his team for losing to the Argentines, but he was happy with their performance and hinted that they would have a try against the Algerians. He said that during every World Cup match, there are certain phases in which one team has the momentum on their side. "I would have asked my players to show more courage... "I think we were very impressive in the second-half." Vladimir Petkovic, the Algeria coach, is also satisfied with his team and says he's?pleased that they have everything to play for in the final match. Petkovic stated, "I believe we have produced two good performances." "To?have the fate of our team in our own hands. "We're in good shape, even though nothing has been decided yet." This matchup is reminiscent of the infamous "Disgrace in Gijon" at the 1982 World Cup when Austria and West Germany played to a tie that eliminated Algeria from the competition. (Reporting and editing by Christian Radnedge.)
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After deadly earthquake, international aid is heading to Venezuela
After two powerful earthquakes in Venezuela on Wednesday, governments and humanitarian groups around the world have started sending cash, teams of rescuers, and other types of aid. The number is expected to rise. At least 250 buildings were damaged by the two quakes that struck Caracas in a distance of?160km (100miles). The latest count shows 200 people still trapped under debris. U.N. HUMANITARIAN AFFAIRS OFFICE Tom Fletcher, the U.N.'s chief of aid, said that the office for humanitarian affairs was responsible for coordinating the deployment international search and rescue teams. He said that "the coming days will need a massive collective effort in order to support the Government's response and help communities." He said that 8 million people needed humanitarian assistance in the country even before the earthquake, and this disaster may make them even more vulnerable. U.S. SECRETAIRE OF STATE - MARCO RUBIO U.S. Secretary Of State Marco Rubio told reporters that search-and-rescue crews have been dispatched from Virginia and Los Angeles. Other teams will be added. Rubio said, "Search and Rescue efforts are their immediate need at the moment." POPE LEO VIII Vatican media reported that Pope Leo sent EUR100,000.00 ($114,000.00) from the Vatican charity fund to Venezuela as relief for the quake. WORLD CENTRAL KITCHEN Chef Jose Andres of World Central Kitchen, the provider of humanitarian meals, announced on Thursday that his team has begun to distribute meals in Caracas. He said that on X, his Longer Tables Fund would immediately donate $1 million to Venezuela. EL SALVADOR The Salvadoran president Nayib Bukele?said on X in a posting that 300 paramedics and rescue workers were ready to travel to Venezuela with 50 tons medical supplies. MEXICO Claudia Sheinbaum, Mexican president, said that a team of'rescue workers and doctors' left for Venezuela Thursday. She did not say how many people made up the group. She said Mexico would decide on Friday if it should send more help. The Spanish Defense?Ministry said that a military aircraft would be sending 57 soldiers of its Search-and-Rescue?unit, and 40 firefighters in the Madrid area. The Spanish development agency plans to establish a field?hospital in Venezuela. The Italian Civil Protection Agency said that it would send a 'preparation team' to Venezuela. This team will coordinate and prepare for the arrival of additional rescuers. Antonio Tajani, Italy's foreign minister, said that firefighters and members of the Ministry of Defense as well as the Air Force were preparing to help.
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The dollar is steady near its one-year high as world stocks rise on the chip rally
Investors remained cautious about AI-related stocks'?inflated valuations, but global stock prices rose Thursday. The dollar hovered around a year-high. The Dow Jones was rising on Wall Street while the S&P 500 was flat. This was due to industrials, healthcare, and materials stocks. Micron rose 16% as the memory chipmaker’s strong forecast aided in extending its AI-driven rise. Qualcomm rose 4.7% following its announcement that it expects to generate $15 billion in annual sales through its data center division by 2029. Nasdaq fell, but was dragged lower by the choppy trades among megacap technology companies. Apple fell 5.3%. The Dow Jones Industrial Average fell?0.2%. The S&P 500 dipped by 0.03%. And the Nasdaq Composite dropped 0.54%. AI VALUATIONS AND INTEREST RATE DRIVE SENTIMENT. Investors' concern that AI-related company valuations?have grown stretched after years of gains have weighed on the markets in recent sessions, leading to volatile session. The markets are also pricing higher interest rates coming from the United States. Federal Reserve and central banks. Marc Dizard is chief investment officer of Huntington Bank. When you consider the magnitude of the move, we don't find it surprising that there would be a little pause, consolidation, and rebalancing, where investors take profits off the board. The broad STOXX 600 index rose by 0.80% in Europe. MSCI's global stock index rose by 0.937%. "Technology will be a long-term asset, as the story unfolds. Not necessarily within the next six month." When the Fed adopts a more hawkish stance, long-term assets will be sold off during that period," Dizard explained. U.S. data showed that inflation in the United States rose above 4% for the first three years on Thursday, as Middle East conflict increased energy prices. However, the monthly reading came in slightly below expectations and helped to lower yields. The yield on the benchmark U.S. 10 year notes fell 0.59 basis points to 4.394%. The yield on 2-year notes fell by 1.41 basis points, to 4.123%. OIL BACK AT PRE-WAR LEVELS Oil 'prices' edged up but remained near levels seen just before the U.S. and Israeli war against Iran. This was due to the expectation of increased supply from the Middle East, which outweighed concerns about demand. Brent crude futures closed at $75.26 per barrel, up?2%. The dollar dropped against its major counterparts but was still near its highest levels in the last year. The euro last stood at $1.1371, just a hair above the 13-month low set on Wednesday. Meanwhile, the Japanese yen is nearing its lowest level in over 40 years when compared to the dollar. The yen remained flat against the dollar at 161,79. The dollar index (which measures the greenback in relation to a basket including the yen, the euro and other currencies) fell by 0.16%, reaching 101.44. The dollar dropped, and gold rose. Spot gold increased 0.95%, to $4.038.29 per ounce. Reporting by Chibuike OGOH in New York, with additional reporting from Alun John. Editing by Kevin Liffey & Edmund Klamann.
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The top cases in the US Supreme Court docket
The U.S. Supreme Court has decided a number of important cases in its current term, including those relating to President Donald Trump, voting rights and tariffs, immigration, guns, transgender sportspeople, campaign finance laws, and LGBT "conversion therapies." This is a list of some of the cases that were argued in the current term. The term began in October, and will run through the end of June. 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 a map that would have given Louisiana a U.S. Congress district with primarily Black constituents. The court's ruling undermined Section 2 of the Voting 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 Rights 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. 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 law codifying rights to birthright citizenship. The Supreme Court will likely rule by the end June. TRUMP'S TARIFS The Supreme Court ruled on February 20, 2018 that Trump's tariffs were illegal because they were based on a law intended to be used in emergencies. 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 when he used this 1977 law. The court ruled that 'the International Emergency Economic Powers Act or IEEPA' did not give Trump the authority he claimed for tariffs. 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 The 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. PROTECTED STATUS OF IMMIGRANTS On June 25, the court cleared the way for Trump's administration to strip hundreds and thousands of Haitian, Syrian, and other immigrants of their humanitarian status which protects them against deportation. The court overturned federal judge's decisions that had stopped the Trump administration from terminating Temporary Protected Status (TPS) for more than 350,00 Haitians and 6,100 Syrians. State Department warns travelers against visiting either Haiti or Syria due to widespread crime, terrorism, and kidnapping. TPS is an designation that allows migrants from countries affected by war, natural catastrophe or other disasters to live and work in America while it's unsafe to return home. The conservative justices of the court have indicated that they will uphold Trump's legality in firing a Federal Trade Commission official. This would give a boost to president power and also threaten a 90-year old legal precedent. On December 8, the court heard arguments in the Justice Department’s appeal against a lower court’s ruling that the Republican President exceeded his authority by dismissing Democratic FTC member Rebecca Slaughter before the term of her office was due to end. The conservative justices seemed sympathetic to the Trump Administration's argument that tenure protections granted by Congress to heads of independent agencies illegally 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 to female 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 rulings that transgender students were right to challenge the bans on female sports teams in both states. The judges ruled the laws violated the U.S. Constitution as well as a federal anti discrimination law. 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 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 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 the Colorado law in a case brought forth by Kaley Chiles who argued it violated First Amendment protections from government abridgment. HAWAII GUNS LAW On June 25, the Justices struck down a Hawaii gun law that restricted the carrying of handguns in public places, such as most businesses, and without permission from the owner. This is the latest ruling to expand gun rights. The justices found that Hawaii's law violated the Second Amendment of the U.S. Constitution, which gives citizens a right to "keep & bear arms." The justices reversed a lower court decision that Hawaii’s Democratic-backed measure probably complied to the Second Amendment. Hawaii's law requires "express permission" from the property owner before a handgun can be brought onto a private property that is open to the general public. Drug Users and Guns The court, on June 18, limited the application a U.S. Law that prohibits firearms possession by some drug users. It rejected a Trump administration position that threatened the rights of millions Americans who "use marijuana" and own firearms. The justices affirmed a lower-court decision dismissing an illegal gun possession case brought under the law in question against Ali Hemani. Hemani is an American and Pakistani dual citizen who lives in Texas. Hemani told authorities that he regularly used marijuana. The Supreme Court determined that the government failed to prove that Hemani's prosecution was in compliance with the Second Amendment rights to "keep and carry arms" guaranteed by the U.S. Constitution. CAMPAIGN FUNDING The court heard arguments in December 9 on a Republican-led attempt to overturn federal spending limits by political parties coordinated with candidates. This case involved Vice President JDVance. The conservative justices seemed to be sympathetic towards the challenge. Meanwhile, the three liberals on the court appeared inclined to maintain the spending limits. The debate centers around whether federal limits on coordinated campaigns spending violate First Amendment protections against government abridgment. Vance and other 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 count mail-in votes received after Election Day. This case could lead to tighter 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 On June 25, the court handed Trump a win by confirming that the federal government has the authority to reject asylum seekers if officials determine that border crossings between Mexico and America are too overburdened for additional claims. The court overturned the lower court's ruling that the policy was illegal. After former president Joe Biden dropped the policy known as "metering", the Trump administration said that it might seek to revive it. The policy of metering allowed U.S. Immigration officials to refuse to process asylum claims indefinitely and stop asylum seekers at border. WEEDKILLER CANER CLAIMS On June 25, the justices ruled against thousands of lawsuits filed in state courts that accused Bayer of failing warn users of the dangers of the active ingredient of the German company Roundup weedkiller. The Missouri jury had awarded $1.25million to John Durnell, who claimed he was diagnosed as having non-Hodgkin's lymphoma following years of exposure to Roundup. The court agreed that Bayer's argument that the U.S. pesticide law prohibits claims of failure to warn that are brought in state court cannot be heard. Human Rights Abuses Abroad The Justices further limited the scope of a federal statute used to hold companies liable for abuses of human rights committed abroad on June 23, as they released a ruling that ended a lawsuit brought by members of Falun Gong accusing Cisco Systems facilitating religious persecutors in China. The justices overturned a lower court decision that gave new life to the 2011 lawsuit brought under the Alien Tort Statute of 1789. Cisco was accused of developing technology that enabled the Chinese government to monitor and persecute Falun-Gong practitioners. The Alien Tort Statute allows non-U.S. Citizens to seek damages from American courts in cases of violations of international laws. 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. A defendant brought the challenge after a California court ordered him to pay back more than $3,000,000 in unjustified gains and interest in connection with a financial fraud case. 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. CUBA - COMPENSATION FOR PROPERTY seized by the former government of Fidel Castro's Cuba The Justices made it easier on June 23, for?U.S. Companies can now seek compensation from Cuba for property that was seized by the former government of Fidel Castro decades ago. ExxonMobil won its case against Cuban state-owned company Corporacion CIMEX. The court ruled that a defense known as foreign sovereign immunity which prohibits U.S. suits against foreign governments or their agents is not applicable in cases such as the one Exxon filed against CIMEX based on a 1996 U.S. act called the Helms-Burton Act. In another case the court ruled against four American cruise operators who contested a combined $440 million judgment in litigation brought on by a U.S. firm accusing them for using docks that they built in Cuba and later seized. 'GEOFENCE" WARRANTS On April 27, the court heard arguments in a Virginia case over whether or not law enforcement's use a "geofence warrant" to identify suspects using data from mobile phones 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 anti-abortion crisis pregnancy centers that are trying to impede an investigation by the state into whether or not the facilities engages in deceptive practice. The court revived the federal lawsuit filed by First Choice Women’s Resource Centers to challenge a subpoena issued in 2023 by the state attorney general, which sought information about the organization's doctors and donors. The lawsuit had been dismissed by a lower court. First Choice's facilities are designed to discourage women from getting abortions. RASTAFARIAN INMATE The Justices refused on June 23, to allow a Rastafarian inmate to sue Louisiana state prison officials after they shaved his head and held him down in violation of religious beliefs. This case was brought under federal law that protects incarcerated persons from religious discrimination. The justices upheld the lower court's dismissal of Damon Landor’s lawsuit, because the law at issue did not allow him to sue individual prison officials or guards for money damages. Landor's religious beliefs require him to grow his hair. 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 in Mississippi, who claimed that prosecutors had discriminated against him by excluding Black potential jurors in a 2006 trial where he was found guilty for his role in the murder of grocery store owner. They found that the state courts of Mississippi had not evaluated Terry Pitchford’s claim that four Black jurors were unlawfully dismissed for a violation of a 1986 Supreme Court precedent called Batson v. Kentucky, which prohibits exclusions based upon 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 under an important 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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Gold prices rise as dollar yields fall due to inflation data
Gold prices rose after the U.S. inflation rate came in 'largely' in line with expectations. This eased some concerns over imminent Federal Reserve rate increases and pushed dollar and Treasury yields down. As of 1:30 pm EDT (1730 GMT), spot gold was up by 0.8% to $4,032.74 per ounce after falling as high as 1% in the previous session. U.S. Gold Futures for August Delivery settled around 1% higher, at $4.047.60/oz. "PCE data appears to have been in line with expectations. David Meger is director of metals at High Ridge Futures. The U.S. Personal Consumption Expenditures Price Index surged by 4.1% over the past 12 months, marking the first time since April 2023 that the index has risen above 4.0%. Economists polled had predicted a 4.1% increase in PCE inflation. After the data, the U.S. dollar lost its gains and turned lower. This made greenback-priced gold cheaper for overseas merchants. Treasury yields were also pushed lower. The?CME FedWatch showed that the markets project an 80% probability of a rate increase in December. This compares to an 85% before the release the PCE data, and a 61% before the Fed's statement of policy last week. The main focus will continue to be inflationary pressures in the future. Meger said that this is one of the reasons why gold has declined over the past few sessions. Gold prices dropped below $4,000 an ounce on Wednesday, for the first time since November 20,25. This was due to expectations that interest rates will rise this year following the U.S. Federal Reserve's hawkish tone during its policy meeting. Higher interest rates, despite serving as an inflation hedge for bullion, dampen its appeal. Investors turn to yield-bearing investments. Prices of oil have increased, but the expectation that more will be supplied from the Middle East after an agreement to end "the Iran War" has pushed them back to their pre-war level. Spot silver increased 1.7%, to $58.38 an ounce. Platinum rose 1.8%, to $1606.61. Palladium increased 1.9% to $1188.19 per ounce. (Reporting and editing by Anjana Anil, Bengaluru, Matthew Lewis, Elaine Hardcastle).
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Iraq's SOMO announces tender for July-loading of oil, traders claim
Iraq's state-owned oil marketer SOMO?issued an offer on Thursday to?sell Basra Heavy oil and Basra medium oil in July?, according to trade sources. SOMO has not specified the 'volumes' in a?tender, they added, adding that the tender will end on Saturday. The company asks buyers to take oil from the Basra Oil Terminal in the Strait of Hormuz. They said that bidders are asked to provide prices based on Dated Brent Crude for Europe, Argus Sour Crude Index (ASCI), for the United States and a price average for Oman-Dubai in Asia. SOMO failed to respond immediately to a comment request sent during an Iraqi national holiday. One source said that the pricing terms were different from SOMO's normal?tenders, through which they sell a 'handfull' of cargos with discounts or premiums linked to their official selling price. This shows that they have huge unsold volumes like everyone else in the Middle?East," this source said. "This shows that they have large unsold volumes just like everyone else in Middle?East," said this source. Physical crude oil cargoes sell at steep discounts all over the world. This is changing trade flows as markets are under pressure due to a rapid increase in Middle Eastern'supply. After the United Arab Emirates left the OPEC group, the Abu Dhabi National Oil 'Company' sold 48 million barrels through spot auctions. Iraq, OPEC’s?second largest producer, considered?leaving if Baghdad 'is not allowed? to increase oil production significantly, according to sources familiar with the matter.
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Report: Rapid US grid expansion could rival largest US system
?U.S. ICF International, a global consulting firm, said that the rapid expansion of the electric grid could add another grid to the size of America's largest regional power system in 2030. ICF, a Reston-based Virginia company, forecasts that the U.S. will add 445 gigawatts of capacity by 2030. Grid expansion is accelerating at an alarming rate as data centers, heat pumps and electric vehicles compete for power plants and transmission line access. It is equivalent to 191 GW on a peak demand basis, as intermittent wind and solar energy cannot be dispatched?on-demand. This is approximately equivalent to the PJM Interconnection - the largest U.S. Regional Grid - with a generation capability of around 185 GW. It serves 67,000,000 customers in the South & Mid-Atlantic. Himali Parmar is vice president for energy markets at ICF. According to ICF, the U.S. patchwork grid of seven regional 'electric grids' has limited capacity for rapid growth between 2030 and now. According to analysts, grid operators, and CEOs of electric utilities, there is uncertainty about how quickly data centers, electric cars, and electrified heat will scale. Also, supply chain constraints, permitting delays, and changing state and federal regulations continue to shape timelines for the new generation. ICF's study estimates that there is only 26 GW excess capacity over minimum reliability requirements, or roughly 3% of the total U.S. power capacity. ICF stated that there was 'no spare capacity in the fastest-growing markets of Texas and PJM to meet new demand beyond this year. According to industry analysts, spending on upgrading the creaky U.S. Grid could exceed $1 trillion in the next decade.
The dollar is steady near its one-year high as world stocks rise on the chip rally
Investors remained cautious about the?extended valuations of AI-related stocks, but global stock prices rose Thursday. The?dollar also hovered around a year-high. The Dow Jones rose on Wall Street led by materials, industrials and healthcare stocks. The S&P 500 ended essentially flat. Micron rose 15.7% as the memory chipmaker’s strong forecast helped extend its AI driven ascent. Qualcomm gained 3.8% following its announcement that it anticipates sales of $15 billion per year from its data centers business by 2029. Nasdaq fell, but was dragged lower by the choppy trading of most megacap tech stocks. Apple dropped 6.1%, while Microsoft fell 3.5%.
The Dow Jones Industrial Average ended up 0.14% higher, while the S&P500 was flat and the Nasdaq Composite dropped 0.46%.
AI VALUATIONS AND INTEREST RATE DRIVE SENTIMENT Concerns from investors that the valuations of AI related?companies are stretched after years' gains have weighed on the markets, causing volatile sessions in recent days.
The markets are also pricing higher interest rates from the U.S. Federal Reserve, and other central banks.
Marc Dizard is chief investment officer of Huntington Wealth Management. He said that if you compare the S&P 500 without technology to the tech sector, going back to the year 2000, the two are about 2.8 standard differences apart.
When you consider the magnitude of the move, we don't find it surprising that there would be a slight pause in the market, as well as some consolidation and rebalancing, where investors take profits off the table.
The broad STOXX 600 index rose by 0.80% in Europe. MSCI's global index of stocks rose by 0.37%. "Technology will be a long-term asset, as the story unfolds. Not necessarily within the next six month." Dizard added that when the Fed adopts a more hawkish stance, long-term assets will be sold off during this time. U.S. data showed that inflation in the United States rose above 4% for the first three years on Thursday, as energy prices were boosted by the Middle East conflict. However, the monthly reading came in slightly below expectations and helped to lower yields.
The yield on the benchmark U.S. 10 year notes fell 0.59 basis points to 4.394%. The yield on the 2-year note fell 1.2 basis point to 4.125%.
OIL BACK AT PRE-WAR LEVELS Oil 'prices' edged up but remained near levels seen just before the U.S./Israeli war against Iran. This was due to the expectation of a rising Middle East supply outweighing demand concerns.
Brent crude futures closed up?2% to $75.26 per barrel.
The dollar dropped against its major counterparts but was still near its highest levels in the last?year. The euro last stood at $1.137 - a whisker over Wednesday's 13 month low. Meanwhile, the Japanese yen is near its lowest level in 40 years versus the dollar.
The yen was unchanged against the greenback, at 161,80 per dollar.
The dollar index fell by 0.15%, to 101.45, measuring the greenback in relation to a basket including the yen, the euro and other currencies.
The dollar dropped, and gold rose. Spot gold increased 0.64%, to $4 026.09 per ounce. Reporting by Chibuike OGOH in New York, additional reporting by Alun JOHN; Editing by Kevin Liffey; Edmund Klamann; Rod Nickel
(source: Reuters)