Latest News
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India court rejects request to halt Adani's F1 track and real estate deal
India's highest court rejected a billionaire Anil. Agarwal's. Vedanta plea on Monday to halt the acquisition of a bankrupt real. estate giant by the. Adani group, which included a $4 billion collection of prized assets. This includes India's one Formula One track. Agarwal Vedanta has filed a lawsuit against a lender's panel's decision to give assets from bankrupt Jaiprakash Associates' group to Gautam Adani. This will lead to a fight between billionaires over assets such as homes, cement plants, and India's only Formula One track. Vedanta’s appeal to the?Supreme Court? was denied as the judges stated that a lower court is more suited to hearing the concerns of Vedanta and the top courts does not have to intervene in the proceedings. Vedanta claims that its $1.8billion bid was superior, but the lender's panel decided in Adani’s favour as its $1.5billion bid had higher upfront payments. Adani's plans for real estate in Mumbai could be boosted by the?acquisition. This includes its other 'key' projects, such as Dharavi, one of Asia's biggest slums. Karan Adani Adani's eldest son said at a public event last month that "he is very personally engaged" in bringing F1 to India after 13 years. (Reporting and editing by Arpan chaturvedi)
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The Kremlin claims that the entire Middle East is on fire
The Kremlin said on Monday that the 'Iran War is escalating in both geography and economic impact. And that the entire Middle East region is "on fire" because of the U.S. attacks and Israeli attacks against the Islamic Republic. In an expletive-filled Easter Sunday social media post, U.S. president Donald Trump threatened to attack Iran's bridges and power plants on Tuesday, if the Strait of Hormuz was not reopened. The Kremlin's spokesman, Dmitry Peskov, told reporters when asked about?Trump?s remarks that Russia had already seen them and that they preferred not to make a direct comment. Peskov stated, "We are aware that tensions in the region continue to rise." "In reality, the entire region is on fire." All of these are very dangerous and negative effects from the aggression against?Iran. The geography of the 'conflict' has grown, and we now know that there are very negative consequences for global economic growth. Reporting by Dmitry Antonov; Writing by Felix Light; Editing by Gleb Brianski/Guy Faulconbridge
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As Asia and Europe compete for supplies, US crude prices have reached record highs.
Industry sources say that spot premiums for U.S. West Texas Intermediate crude are at all-time highs due to the fierce competition for oil supply between Asian and European refiners. This is in response to Middle Eastern oil flow disruptions caused by the Iran War. Europe is the biggest importer of U.S. oil, but the competition has increased as Asian buyers are searching for supplies from the Americas and Africa to Europe to replace Middle Eastern crude that cannot move through the Strait of Hormuz. Sources and analysts say that the increase in crude oil prices has increased costs for refiners and led to a 'widening of losses' on both continents. This puts severe pressure on firms, including state-owned companies, which are required by governments to continue producing fuel for their national security. In a note from April 3, Paola Rodriguez Masiu, Rystad's chief oil analyst, said that Asian refiners are aggressively bidding for "every barrel" in the Atlantic Basin, because they have been cut off from Middle Eastern supplies. 'EVERY DAY THERE'S A NEW ?PRICE' The premiums on WTI Midland crude for delivery to North Asia by very large crude carriers in July ranged from $30 to $40 per barrel, depending on the benchmark, traders reported. One trader put the premium at 34 dollars a barril over Dubai quotes, while another said it was $30 above Brent dated. Two other traders said that offers were closer to $40 a barron above the August ICE Brent base. These levels are higher than the premiums paid by Japanese refiners, including Taiyo Oil, for WTI crude in late March or early April. One of the traders stated that "every day, there is a new price", adding that Asian refiners suffer severe losses from the premiums. One trader suggested that refiners should reduce crude runs in order to buy?products, if any?are available. The spot premiums increased after the WTI monthly spread reached its largest backwardation Thursday. Backwardation is when the current price of a product is higher than that in future months. The demand for U.S. Gulf Coast tankers has also increased due to the wider discounts offered on U.S. Crude Oil compared with the global benchmark Brent. This has reduced vessel availability and pushed up freight rates. On Thursday, the bids for WTI Midland delivered to Europe reached a record high of nearly $15 per barrel compared to Brent dated. According to Rodriguez-Masiu, "At the current physical differentials as well as freight rates, European refiners who buy spot crude cannot make any money by running these barrels through their system."
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Dollar gains as gold falls due to raging Iran conflict and strong US job data
As markets awaited the U.S. President's remarks, gold prices fell on Monday. A stronger U.S. Dollar, boosted by a "strong" U.S. employment report, dampened bets for rate cuts. Donald Trump is facing an escalating conflict between Iran and the United States. Gold spot fell 0.4% at $4,658.90 an ounce as of 0706 GMT. U.S. gold for April delivery rose by 0.1% to $4684.30. Kelvin Wong is a senior analyst at OANDA. He said that markets are looking for a second so-called headline threat to be revealed later. Trump also threatened to "rain hell" on Tehran, if the Strait of Hormuz is not reopened by Tuesday. However, recent U.S. Intelligence assessments indicate that Iran will be unlikely to reopen this 'crucial waterway for oil shipping any time soon. Investors also considered an Axios article that stated that the U.S. and Iran, along with a group mediators, are discussing the possibility of a 45-day truce that could pave a way for the permanent end of the war. Brent oil prices rose as the war disrupted global energy supplies and fuelled inflation fears. Gold is often viewed as a hedge to inflation. However, high interest rates can dampen the demand for this non-yielding investment. The yield on the 10-year U.S. Treasury and the dollar index both rose, boosted by Friday's data showing that U.S. payrolls for non-farm workers in March increased to the highest level since December 2024. Meanwhile, the unemployment rate dropped to 4.3%. Tim Waterer is the chief market analyst at KCM Trade. He said that "the latest robust NFP has reinforced hawkish Central Bank nerves while persistent oil-driven fears of inflation continue to crowd out Gold's traditional "safe-haven" sparkle." The odds of a U.S. Federal Reserve rate reduction this year are almost non-existent, as compared to the two cuts that were expected before the Iran War began. Palladium rose 0.7%, while spot silver dropped 0.9%. (Reporting from Bengaluru by Pablo Sinha; Additional reporting by Swati verma; Editing and production by Sumana Nandy, Mrigank Dhaniwala).
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Trump's threats to strike Iranian infrastructure has put the markets on edge
Oil prices rose on Monday, while stocks were mixed after U.S. president Donald Trump warned of 'hell' for Iran if it did not reopen?the Strait of Hormuz within his self-imposed date. Trump's repeated threat to destroy civil infrastructure, including power plants and a bridge, if the crucial waterway isn't open by Tuesday has put traders on alert for retaliatory attacks from Iran against targets in the Gulf States. S&P 500 e-minis futures were volatile, fluctuating between gains and losses as countries in the region celebrated Easter Monday and Tomb Sweeping Day. MSCI's broadest Asia-Pacific share index outside Japan rose 0.4%. The Nikkei rose by 0.6% while South Korea's Kospi grew 1.4%. Investors gained confidence when Axios reported the U.S. and Iran are negotiating the terms of a possible 45-day truce that could lead to an end permanent to the war. The report cited four U.S. sources, Israelis and regional sources who were privy to the talks. Brent crude futures rose 1.2%, to $110.29 per barrel on the back of a potential disruption in supply. Sim Moh Siong is a currency strategist with OCBC Singapore. He said that the markets were "clearly nervous". He added, "We have seen deadlines being extended, and it is difficult to know to what extent the current deadline will be adhered to or pushed back." The weekend saw a resurgence of the threat to blow up Iranian bridges and power plants. The markets were interested in the agreement reached on Sunday between members of OPEC+ to increase their output quotas for May by 206,000 barrels a day. This is because several major oil producing countries behind the Strait of Hormuz suffered damage to oil production and transport infrastructure after the war began. Mark Matthews is the head of Asia research at Bank Julius Baer, Singapore. He said: "It's puzzling that Asian equity markets have been performing so well despite the imminent threat of escalation of the war." He said that there are two plausible explanations. The first is that despite the bad news the market believes that the war is going to end soon. The second explanation is that, even if war continues, the negative effects will be offset by fiscal stimulus. The U.S. Jobs Report released on Friday showed that employment growth in March was higher than expected, with 178,000 more nonfarm payrolls, which is the largest increase in over a year. As people left the workforce, the unemployment rate dropped to 4.3%. The data will complicate the Federal Reserve's decision-making process at its next two-day meeting, ending on April 29, which is when it will decide the monetary policy. According to CME Group's Fedwatch, the swaps prices indicate that the market does not expect any moves from the U.S. Central Bank until September 2027. The U.S. Dollar Index, which measures greenback strength in relation to a basket six currencies, fell by 0.1% at 100.13. The yield on a 10-year Treasury bond in the United States?was up by 1.2 basis points to 4.3565%. Tokyo's yield on the Japanese government bond has set a new record for the 21st Century due to rising inflation fears. The yield on these notes increased by 4.5 basis points to 2.425%. This is the highest level since February 1999. The U.S. Dollar was unchanged at 159.615 Japanese yen. Gold fell 0.5% to $4653.82. Bitcoin was up 1.9% to $68,886.31, and ether rose 2.6% to 2,122.32. (Reporting and editing by Gregor Stuart Hunter, Lincoln Feast, and Shri Navaratnam.
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Saudi Arabia raises Arab Light crude oil prices for Asia at record-high premium
Saudi Arabia set its official selling price for May Arab 'Light' crude oil to Asia a record $19.50 per barrel above the Oman/Dubai benchmark, a $17 increase from the previous months, according to a document on pricing reviewed by on Monday. The price of Middle 'East oil is now the most expensive in the world, as the U.S./Israel war against Iran has limited shipping through Strait of Hormuz. This chokepoint accounts for about a fifth the world's supply. The exact date of a ceasefire or the resumption of oil exports through the Strait from Saudi Arabia and the United Arab Emirates is still unknown. Middle East high-sulphur oil benchmark Dubai rose last month to almost $170 a barrel in trading on the S&P Global Platts Market On Close process. OPEC+ 'agreed to increase its 'oil production quotas by 206,000 barrels a day in May. This modest increase will largely be on paper, as OPEC+ key members cannot raise production because of the war. Below are Saudi prices for?Asia-Pacific in $/bbl compared to the Oman/Dubai average: April May Change Arabian Super -0.60 +16.40+17.00 Arab Heavy +0.60 +16.40+17.00
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Seoul: North Korea's distancing from Iran will leave the door open for US-North Korea talks
North Korea appears to be separating itself from its long-time partner Iran and carefully managing their public messages to preserve the chance of a 'new relationship with the United States. South Korean lawmakers claimed on Monday that the spy agency had told them that the 'war with Iran' was over. Seoul's National Intelligence Service said that North Korea has not sent any weapons or supplies to Iran since February 28. They also did not express public condolences for the death of the Supreme Leader,?Ayatollah Ali Khamenei who was killed by air strikes. This was according to Park Sun-won, a lawmaker who attended the NIS's?closed-door meeting. Park, citing NIS, said that Pyongyang did not send a message of congratulations when Khamenei’s son Mojtaba Khamenei was chosen as the new Supreme Leader. The?NIS reported that while China and Russia have frequently released?statements about the conflict, North Korea has only made two toned down?statements. This is consistent with North Korea’s recent tendency to avoid criticism of U.S. president Donald Trump. This lawmaker stated that the NIS viewed this as a preparation for securing new diplomatic space following a May summit between Chinese president Xi Jinping, and Trump. The NIS told lawmakers that North Korea also faced significant economic strains related to the Middle East Crisis, including disruptions in the procurement of industrial supply, rising prices and an escalating exchange rate. The?NIS reported that North Korea also tried to secure Russian oil supply. Kim said that the U.S. could "get along well" with North Korea if it recognized its status as a nuke state and retracted its hostile policy. Park stated that the NIS believed Kim had made the remarks "in his own voice" as a deliberate message, to keep relations with Trump good and position Pyongyang in preparation for a new chapter in diplomatic relations once the Middle East conflict subsides. (Reporting and editing by Jack Kim, Joyce Lee)
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Gold falls as Iran war, robust US jobs data dim Fed rate-cut hopes
?Gold prices fell on ?Monday, pressured by a stronger ?dollar ?as elevated oil prices on the back of a protracted Iran war and stronger-than-expected U.S. jobs data dampened hopes for interest rate cuts by the Federal Reserve. Spot gold fell 0.5% per ounce to $4,652.89 by 0452 GMT. U.S. Gold futures for delivery in April held steady at $4,678.70. Many markets in Asia and Europe were closed on a holiday. The data released on Friday revealed that the U.S. payrolls increased by 178,000 in March, which is the highest since December 2024. Meanwhile, the unemployment rate dropped to 4.3%. The dollar index and 10-year U.S. Treasury Yield both rose, which pushed up the price of greenbacks. Brent oil prices rose as the U.S. - Israel war against Iran continued to disrupt global energy supply. Tim Waterer is the chief market analyst at KCM Trade. He said: "The latest robust NFP print reinforced hawkish nerves of central banks, while persistent inflation fears fueled by oil continue to crowd gold's traditional safety-haven shine." U.S. president Donald Trump has threatened to "rain hell" on Tehran, if the country does not reach a deal by Tuesday and reopen?the Strait of Hormuz. Recent U.S. Intelligence assessments indicate that Iran is unlikely reopen this passage anytime soon. The rise in crude oil prices has stoked inflationary fears. Gold is traditionally seen as a hedge against rising inflation. However, high interest rates have a tendency to reduce demand for this non-yielding investment. The traders have priced out any chance of a Fed interest rate cut in this year. Before the Iran War began, two rate cuts were expected this year. COMEX gold traders increased their net long positions by 1,098 contracts, to 93872 contracts, in the week ending March 31. Spot silver dropped 0.9% to $72.34 an ounce. Spot platinum fell 0.6% to 1,977.29 while palladium rose 0.3% to $1.500.25.
The Supreme Court's top cases
In the current term of the U.S. Supreme Court, there are cases that involve guns, gender affirming medical care for minors who identify as transgender, online pornography and religious rights, TikTok and preventive healthcare. There are also cases involving funding Planned Parenthood, job discrimination and federal regulatory powers over nuclear waste storage, vape products and voting rights.
Take a look at the recent and upcoming cases that the justices will be deciding.
'GHOST GUN' On March 26, the court upheld a federal rule targeting "ghost guns", which are largely untraceable, imposed by former Democratic President Joe Biden in an effort to crackdown on firearms that have been used in crimes across the country. The ruling by 7-2 overturned the lower court decision that the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives exceeded its authority when it issued the 2022 rule targeting the parts and kits of ghost guns. The court found the regulation to be in line with the 1968 federal Gun Control Act.
TRANSGENDER RIGHTS During arguments on 4 December, the court's conservative judges indicated that they were willing to uphold Tennessee's Republican-backed ban on gender affirming medical care for minors who are transgender. This case could have a significant impact on other state laws that target transgender individuals. Biden's Administration appealed the decision of a lower court upholding Tennessee’s ban on medical treatment, including hormones and surgery for minors suffering from gender dysphoria. This refers to the distress caused by the incongruity of a person’s gender identity with the sex assigned at birth. The ruling is expected to be made by the end June.
MEXICO GUN LAWSUIT On March 4, the justices showed sympathy for a request by two American firearms companies to dismiss the Mexican government’s lawsuit accusing the companies of assisting illegal gun trafficking to the drug cartels, and fueling violence in Mexico's southern neighbor. The justices heard arguments from Smith & Wesson, a firearms manufacturer and distributor of Interstate Arms in their appeal against a lower-court ruling allowing the lawsuit on the basis that Mexico had plausibly alleged the companies aided and facilitated illegal gun sales and harmed its government. The ruling is expected to be made by the end June.
U.S. TIKTOK BAN On January 17, the justices upheld a federal law that would ban TikTok from the United States if the Chinese parent company ByteDance failed to sell the short video app within a time limit set by Congress. The Justices ruled, 9-0, that the law passed by Congress and signed by Biden last year did not violate First Amendment protections against government abridgment. The justices upheld a lower court decision that had affirmed the measure. Biden's replacement, Republican President Donald Trump chose not to enforce it and instead gave both parties time to work out a compromise.
Online Pornography The Justices heard arguments about whether the First Amendment protects against government interference in speech when a Texas law requires that pornographic sites verify users' ages to limit access by minors. The justices voiced concerns over the availability and accessibility of online pornography, but also expressed concern about burdens placed on adults who wish to view constitutionally-protected material. A trade group representing the adult entertainment industry has appealed the decision of a lower court that upheld the Republican-led State's age verification mandate. The ruling is expected to be made by the end June.
WORKPLACE DISCRIMINATION On February 26, the court heard arguments in a case where a woman claimed that she was denied a job promotion and demoted because of her heterosexuality by an Ohio government agency. The justices seemed to favor making it easier for those from "majority backgrounds" to bring workplace discrimination cases, such as straight or white people. Marlean Amees, the plaintiff, said that she worked with a homosexual supervisor when, in 2019, she was demoted and passed over for promotion to a woman gay. The ruling is expected to be made by the end June.
RELIGIOUS SCHOOL The court will hear a case that tests the separation between church and state. Two Catholic dioceses are attempting to establish the first taxpayer-funded charter school in Oklahoma. St. Isidore Catholic Virtual School was shut down by a lower court, which ruled that the funding arrangement for the school violated First Amendment restrictions on government endorsements of religion. Arguments will be held on April 30.
RELIGIOUS TASKS EXEMPTIONS A Wisconsin Catholic diocese's arm has filed a request for an exemption from Wisconsin's unemployment insurance taxes. The case could have implications for the constitutional rights of religious people. The Catholic Charities Bureau of the Catholic Diocese of Superior appealed the lower court's rejection of its exemption request. If the Supreme Court rules in favor of the bureau, it could force Wisconsin and other states that have similar tax programs in place to expand their exemptions to conform to the First Amendment protections of the U.S. Constitution. The arguments are scheduled for 31 March.
LGBT SCHOOL BIBLES The court accepted a request from religious parents who wanted to prevent their children from attending classes in a Maryland district public school when LGBT stories are read. This is yet another case that involves the intersection of religion and LGBT rights. Parents of children attending Montgomery County Public Schools filed an appeal after lower courts refused a plaintiff's request for a preliminary order ordering the district not to read these books. Arguments will be held on April 22.
OBAMACARE - PREVENTIVE CARE MANDATES The court will determine the legality of an important component of the Affordable Health Care Act, which gives a taskforce established under the Obamacare healthcare law the power to demand that insurers provide preventive medical services without cost to the patient. The court heard an appeal from the Biden administration against a lower-court ruling which sided with a Christian group of businesses that objected to the fact that their employee health plans covered HIV-preventing medications and had argued the task force structure violated U.S. Constitution. Arguments will be held on April 21.
PLANNED PARENTHOOD FINANCE The court will examine South Carolina's attempt to cut off funding to Planned Parenthood. This case could support conservative states in the U.S. who want to deny Planned Parenthood government money for reproductive healthcare. A lower court barred the Republican state from cutting off funding to Planned Parenthood South Atlantic under the Medicaid insurance program. Arguments will be held on April 2.
NUCLEAR WASTE STORAGE On March 5, the justices heard arguments over whether the Nuclear Regulatory Commission had the authority to issue licenses for certain nuclear waste facilities, amid objections raised by the state Texas and oil industry interests. The U.S. Government and a company awarded a license to operate an operation in western Texas by the NRC appealed the ruling of a lower court declaring that the storage arrangement was illegal. The NRC regulates nuclear energy in the United States. The NRC is expected to make a decision by the end June.
FLAVORED vapor products The Court on April 2, largely backed up the U.S. Food and Drug Administration in its refusal to allow two ecigarette companies to sell flavored vapes that regulators deem a risk to health for youths. The court threw out the lower court decision that found the FDA violated a federal law known as the Administrative Procedure Act by rejecting the applications of the companies Triton Distribution & Vapetasia to sell these nicotine-containing items.
EPA AUTHORITY On March 4, the court handed a major blow to the Environmental Protection Agency with a ruling of 5-4. The case involved a wastewater treatment plant owned by San Francisco. This could make it more difficult for regulators and water quality inspectors to monitor pollution. The court ruled that EPA had exceeded its authority in a law against pollution by including vague restrictions on a permit for the facility which discharges into the Pacific Ocean. In recent years, the court has limited the EPA’s power as part of a number of rulings that have curbed the federal regulatory agencies’ powers.
TAILPIPE Emissions A major case that tests the power of the Democratic-ruled state to combat greenhouse gases is a challenge by fuel producers against California's standards on vehicle emissions and electric vehicles under a federal law on air pollution. Valero Energy, along with fuel industry groups, appealed the lower court's decision to reject their challenge against a Biden administration decision to let California set its own regulation. Arguments will be held on April 23.
The Supreme Court is hearing a dispute regarding the legality and operation of the TELECOMMUNICATIONS SERIES FUND, a fund that Congress authorized to be operated by the Federal Communications Commission in order to increase access to telecommunications. The conservative Consumers' Research group and others accused Congress of illegally delegating authority to an independent federal organization. The FCC, along with a coalition including interest groups and telecoms companies, appealed an earlier court decision which found that Congress had violated the Constitution when it gave the FCC the authority to manage the fund. Arguments will be held on March 26.
LOUISIANA ELECTORAL MAP On March 24, the justices heard arguments in a bid to preserve an election map that increased the number of Black-majority districts in the state. This was in response to a legal challenge brought by a group voters who identified themselves as "non African American." Three federal judges determined that the map of Louisiana's six U.S. House of Representatives district - which now has two Black-majority areas, instead of one - violated the Constitutional promise of equal treatment. The ruling is expected to be made by the end June.
Death Penalty Case On February 25, the court threw away Richard Glossip’s conviction in Oklahoma for a murder-for hire plot that took place in 1997 and gave him a fresh trial. In a 5-3 decision, the justices concluded that prosecutors had violated their constitutional obligation to correct false testimony from their star witness. The justices reversed the lower court decision which had upheld Glossip’s conviction. They also allowed his planned death to proceed despite Glossip’s claim that prosecutors had wrongly withheld information that could have helped his defense. (Compiled by Andrew Chung and John Kruzel; edited by Will Dunham.)
(source: Reuters)