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Eastern China is sweltering under an early heatwave that threatens crops and industry
On Friday, sweltering heat engulfed China's east coast as a high pressure system settled over its most populous area, baking agricultural and manufacturing hubs on the Yangtze River, and raising fears of potential economic losses. Over the next week, large swathes in China's economic core are expected to reach temperatures between 37 and 39 degrees Celsius (99 and 102 Fahrenheit). Forecasters warn that temperatures in parts of Anhui, Zhejiang, Hubei, and Henan provinces could reach 40 C. This year, the subtropical heat wave has come early. The 'Sanfu Season,' an ancient agricultural mark in China that has been used for more than two millennia, usually begins mid-July. It lasts until late August. People seek shelter from the intense heat of summer. Meteorologists have linked extreme heat to climate change. This has become a major problem for Chinese policymakers. In addition to scorching crops and eroding incomes from farms, higher temperatures also impact manufacturing hubs, disrupt operations in important port cities and strain the already overburdened health care systems. Authorities in eastern and central China warned workers about the dangers and urged them to take precautions. Extreme heat and high humidity combined with commutes create a higher risk of heatstroke. China experienced its worst heatwaves in 2022. Many parts of the country were subjected to a 79 day hot spell between mid-June and late August. China doesn't keep a count of heat-related deaths and neither did the Chinese government. However, domestic media sometimes report on fatalities that are attributed to local authorities. A report in The Lancet from 2023 estimated that heat wave-related deaths in the second largest economy in the world would double to 50,900 in 2022. The national meteorological center forecasts more torrential rainfall in parts of north and south-west China this weekend. Videos on Chinese social media show residents canoeing their way through the flooded streets of Chengdu. (Reporting and editing by Lincoln Feast, Xiuhao Chan and Joe Cash.)
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Sources say that the hydrotreater at Marathon Galveston Bay Refinery will remain closed until September.
Sources familiar with the plant's operations on Thursday said that a fire-damaged hydrotreater will be closed at Marathon Petroleum Galveston Bay Refinery, Texas until September. All other units at the 631,000-barrel-per-day (bpd) refinery in Texas City, Texas, are operating at or near full capacity following the June 14 fire at the 400 train hydrotreater, which is part of the 64,000-bpd Residual Hydrotreating Unit (RHU), the sources said. Sources who refused to identify themselves because the information was not publicly available did not quantify exactly the production impact. In an email sent Thursday night, Jamal Kheiry, the spokesperson for Marathon, declined to comment on operations at its refinery. According to the U.S. Energy Information Administration, the Galveston Bay Refinery has the second largest capacity in the United States. The 400 train is the third of three hydrotreaters that are part of the RHU. It uses hydrogen to remove sulfur in feedstocks, and products derived from them. This helps to meet U.S. Environmental Rules. The RHU has also a heavy oil unit which uses hydrogen as a boost to the motor fuels feedstocks, which can be squeezed from residual crude. This thick residue is most commonly used to make petroleum coke and asphalt. Sources said that following the fire, production of the 144,000 bpd gasoline producing fluid catalytic Cracker 3 (FCC-3), was reduced for several days. Reporting by Erwin Seba, Editing by Sandra Maler & Jamie Freed
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Oil prices stable on strong job market and tariff uncertainty
The oil prices were not much changed on Friday, as the U.S. Federal Reserve kept interest rates at the same level due to a strong job market. Investors are also waiting for clarity regarding President Donald Trump's tariff plans against various countries. Brent crude futures rose by 1 cent or 0.01% to $68.81 per barrel at 0036 GMT. U.S. West Texas Intermediate crude gained 3 cents or 0.04% to $67.03. The U.S. Independence Day is a holiday. The U.S. Labour Market receded from the list of risks when data released on Thursday showed American firms had added more than 147,000 jobs, and that the unemployment rate dropped to 4,1%. This is a sign the economy has remained resilient in spite of the uncertainty and turbulence over the size and scope tariffs. The President said that Washington will begin sending letters to other countries on Friday, specifying the tariff rates they'll face on goods shipped to the United States. This is a significant shift from his earlier promises to reach scores of individual agreements. Trump said to reporters on Thursday, before leaving for Iowa, that he would send 10 letters at once to ten countries, each containing tariff rates ranging from 20% to 30%. Trump's 90 day pause in raising U.S. Tariffs ends on the 9th of July, and many large trading partners are yet to sign trade agreements. This includes the European Union and Japan. OPEC+ - the world's biggest group of oil producers - is expected to announce a production increase of 411,000 barrels a day for August in order to regain market shares, according to four delegates. Treasury Department: The U.S. imposed sanctions against Hezbollah controlled financial institutions and a network which smuggles Iranian crude oil under the guise of Iraqi oil. Barclays said on Thursday that it had raised its Brent Oil price forecast for 2025 by $6 per barrel to $72 and for 2026 by $10 to $70, citing an improved outlook on demand. (Reporting from Arathy S. Somasekhar, Houston; Editing and proofreading by Tom Hogue.)
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AGL Energy purchases South Australia's Virtual Power Plant (VPP) from Tesla
AGL Energy announced on Friday that it has acquired South Australia's Virtual Power Plant from Tesla. The Australian power retailer is looking to increase its battery storage to help drive the green energy transition. AGL is aiming to achieve zero net carbon emissions in 2035 by implementing grid-scale storage projects of 1.4 gigawatts. AGL will be able to access residential solar and battery system networks consisting of approximately 7,000 Powerwall batteries. More are expected to be installed in this year. SAVPP is an extensive network of Powerwall and solar home battery systems installed in South Australian community and social housing. AGL will now own the SAVPP. In a press release, the company said that customers would receive significant discounts on energy and it will explore ways to extend the program to other users. Jo Egan, AGL's Chief Customer Officer, said: "We understand that the upfront costs for installing solar panels and batteries are a barrier to many people. We are working on ways to make them more affordable." The company stated that the solar and battery assets will be coordinated so as to work together and used to stabilise electricity grids where necessary. The company has not disclosed the value of this deal. Tesla, the electric vehicle manufacturer, did not respond immediately to a question about the deal's value.
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Michael Madsen, actor of 'Reservoir Dogs and Kill Bill', dies aged 67
Michael Madsen died on Thursday at the age of 67. He was an actor in many films, including "Reservoir Dogs", "Thelma and Louise" and others. Ron Smith, Madsen's manager, confirmed that Madsen died from a cardiac arrest in his Malibu home. Madsen, who was born in Chicago in 1960, began acting in early 1980s with projects such as the TV series "St. He has accumulated more than 300 credits on screen, including "St. He appeared in "The Hateful Eight", "Kill Bill" and "Once Upon a Time... In Hollywood" as well as in "Reservoir Dogs", a 1992 film directed by Quentin Tarantino. Smith, Susan Ferris, and Liz Rodriguez, along with their manager Susan Ferris said that Michael Madsen had done some amazing work in the independent film industry over the past two years. They said he was also preparing to publish a book entitled "Tears For My Father : Outlaw Thoughts And Poems", which is currently in the editing process.
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Stocks hit record, US dollar strengthens after jobs data
The dollar rose after the U.S. payrolls data was stronger than expected, which indicated that the labor market might not be degrading as rapidly. The Labor Department Nonfarm payrolls increased 147,000 jobs in June, after a 144,000 increase in May that was revised upwards. This is well above the 110,000 estimates of economists polled. Markets dialed Back expectations According to LSEG, the Federal Reserve is expected to cut rates this year in response to the new data. The nearly 25% chance of a rate cut has all but disappeared, and expectations for a reduction in September are now down to 75%, from nearly 98% just before the report was released. "July Cut is off the table." "I was as surprised as everyone else to receive such a high number," said Sandy Villere. I'm not going say Goldilocks but it is pretty amazing, given all the intercurrents from DOGE to tariffs. It's pretty amazing that you can cut when the labor market is this strong. Wall Street closed again at record highs, with the S&P 500 index and Nasdaq composite index both reaching new records. Technology shares Nvidia rose by 1.3%, as its market capitalization approached $4 trillion. The Institute for Supply Management (ISM), another economic institute, showed that the U.S. service sector was booming. Pick up the pace In June, employment decreased for the third consecutive month as orders recovered. The Dow Jones Industrial Average climbed 344.11, or 0.7%, to 44.828.53, while the S&P 500 jumped 51.93, or 0.8%, to 6,279.35, and the Nasdaq Composite grew 207.97, or 1.02, points to 20,601.10. The S&P 500 rose by 1.72% for the week. The Nasdaq gained 1.62% and the Dow rose 2.3%. MSCI's global stock index rose by 5.99 points or 0.65% to 926.47, after reaching a record high of 926.79. It was also up 0.3% for the week. The pan-European STOXX 600 closed the week up 0.47% led by bank stocks. Dollars strengthened In the wake of payrolls, the dollar index, which measures greenbacks against a basket currencies, rose 0.38% to reach 97.12. The euro fell 0.37%, at $1.1754. The dollar is on course for its second consecutive gain, after nine sessions of declines. It was down by 0.1% this week. The dollar gained 0.95% against the Japanese yen to reach 145.03. Hajime Takata, a Bank of Japan board of member, said that the central banks should resume interest rates hikes after a temporary pause in order to evaluate the effect of U.S. Tariffs. He expressed optimism that the country is on track to achieve its central bank's goal of price stability. The sterling strengthened by 0.07%, to $1.3645. This follows a sharp drop in UK assets the previous session due to fiscal concerns and uncertainties about Rachel Reeves future as Britain's Finance Minister. U.S. Treasury yields jumped After the jobs report, we will ease a bit. The yield on the benchmark 10-year U.S. notes increased 5.3 basis point to 4.346%, while the yield on the 2-year note, which moves typically in line with expectations of interest rates for the Federal Reserve rose 9.7 basis points, to 3.886%. The 10-year yield increased by 6.3 basis point while the 2-year rate rose nearly 14.6 basis points. U.S. crude dropped 0.65% to $67.01 per barrel. Brent was down to $68.79 a barrel, a drop of 0.46% for the day.
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Q&A: Is Venezuela on the verge of losing its prized foreign asset, Citgo?
Gold Reserve's $7.38bn bid was selected by a U.S. court as the winning bid. Preliminary winner After intense competition, Citgo Petroleum (owned by Venezuela) held an auction for its parent company. Robert Pincus is the court officer who oversees this auction. He made his recommendation Wednesday, after evaluating five bids submitted during the "topping period" of the bidding rounds, which was completed at the end of June. The auction is a result of a case Crystallex, a Canadian miner, filed in Delaware eight years ago against Venezuela. Citgo Holding's parent company, PDV Holding was found liable by the federal court for Venezuela's past debts and expropriations. This allowed over a dozen creditors to seek compensation for nearly $19 billion. If Judge Leonard Stark, after a series of delays, approves the bid in the next month's court hearing, it is likely that this year's bidding round will be concluded soon. The final results hearing is scheduled for August 18. In March, a $3.7 billion bid from Red Tree Investments of Contrarian Funds kicked off the round. This included a $2 billion agreement for payment to holders of defaulted Venezuela bonds. In April, rival bidders began to make their offers. According to court documents and sources, rival bidders include the group led Gold Reserve's Dalinar Energy Corporation, a consortium led Black Lion Capital Advisors and a group headed by commodities house Vitol. The court did not reveal the names of some bidders, and certain offers that were received did not meet eligibility requirements. Pincus said that the recent resolutions of parallel legal actions in pursuit of the exact same assets encouraged new bids. Gold Reserve, despite its winning bid being lower than other offers, covered 11 of 15 creditors at the auction and included its own claim of $1.18 billion for expropriation assets in Venezuela. Compensation would be provided for pending claims from oil company ConocoPhillips and miners Rusoro, Crystallex, and conglomerates Koch OI Glass, Siemens Energy, and Siemens Energy. Gold Reserve's offer didn't include an agreement to compensate holders of Venezuelan defaulted bonds, which, according to analysts and bidders, could delay or interfere in the distribution of auction profits. What could be the possible loss for Venezuela? Venezuela would lose its largest overseas asset if it fails to retain equity in the refinery and its U.S. parent companies. With a foreign debt of $150 billion, the country has already lost assets in Europe, Asia, and South America to creditors. Judge Stark left the door open for Venezuelan parties to make an offer. Boards supervising refiners would have to get the backing of politicians from both Caracas as well as Washington. This is a difficult task given the U.S. sanctions against the OPEC nation, and the strained relationship between the two countries. Prior to the sanctions, Citgo's 807,000-barrel-per-day refining network was a primary processor of Venezuela's heavy sour crudes. Citgo, the Houston-based refiner, has been relying on other crude suppliers since it severed ties with PDVSA in Caracas, Venezuela's state-run oil firm, which is Citgo's ultimate parent. Venezuela's opposition has been working for years to keep Citgo. They have funded legal defenses, and lobbied in Washington. Treasury Department must approve the winner of the auction. Treasury Department has protected Citgo in recent years from creditors. Citgo, according to opponents of Venezuelan president Nicolas Maduro, could help the nation's economy recover if democracy was restored. Maduro officials rejected U.S. sanction and called the auction a robbery. Can creditors claim post-auction compensation? Yes. ConocoPhillips and Gold Reserve have taken legal action to seize Venezuelan assets such as tankers, bank accounts and PDVSA controlled storage facilities. If they are not satisfied with the results of the bidding round, which was won by Elliott Investment Management affiliate Amber Energy last year, the creditors can file objections. Other creditors can continue their parallel cases outside of the Delaware case, where they haven't made much progress in proving bond-related claims, or that PDVSA U.S. subsidiaries are liable for Venezuela's obligations, an essential step to pursue Citgo assets. Three of the original 18 creditors cleared by the court have withdrawn due to mounting legal fees and uncertain prospects for recovery. Other participants, such as the owner of artifacts belonging to Venezuelan independence hero Simon Bolivar and a collector of Bolivar-related items, failed to meet all requirements set by the court. All creditors will be compensated? Unlikely. Citgo's value was up to $13 Billion in the Delaware case. However, all bids have been below $11 Billion. Profits for the refiner dropped to $305 millions last year, down from $2 billion in 2020. This suggests that some of the registered creditors who collectively claim $18,9 billion may not be eligible to receive any distributions.
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China's Foreign Minister dismisses European concerns over rare Earths
China's Foreign Minister downplayed European concerns over rare earth exports on Thursday. He said it was standard practice to control dual use goods exports, but that Europe could meet its needs if they submitted applications. Wang Yi spoke in Berlin at a joint press conference with his German counterpart. He was on the second leg a European tour to prepare for the summit between EU leaders and Chinese leaders that will take place later this month. Wang stated that "rare earths are not a problem, have never been a problem, and will never be a issue between China, Europe, or Germany." If legal applications are filed, Europe and Germany can meet their normal needs. China, which controls 90% of the global processing capacity for rare Earths, used in everything from cars to home appliances and other products, imposed early April restrictions requiring exporters obtain licenses from Beijing. The German Foreign Minister Johann Wadephul stated that the restrictions caused "great concern" in Germany and damaged China's reputation as a reliable trading partner. He said: "We're on our way to finding joint sustainable solutions that will bring about the detente necessary," When Wang was asked whether an agreement on restrictions could be reached ahead of the EU and China summit, he replied: "This issue is not between China or Europe... Controlling dual-use products is standard practice." China and Germany have both the right to do this." He added that the Chinese Ministry of Commerce has already implemented a fast track procedure to ensure that all normal approvals can be processed as quickly and efficiently as possible. Wang arrived in Berlin after a visit to Brussels where he had a meeting with EU officials, including Kaja Kallas the EU's High Representative for Foreign Policy, who also encouraged Wang to lift export restrictions on rare earths. Wadephul stated that the two ministers discussed the Russian invasion of Ukraine, Taiwan, and the Middle East crisis. He said, "We think China can play an important role in the relationship with Iran." (Reporting and editing by Bill Berkrot; Sarah Marsh, Andreas Rinke)
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)