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Kpler data show that Saudi Arabia increased crude exports to the United States in June.
Saudi Arabian oil exports reached their highest level in over a year during June, as the country shipped more crude into overseas storage amid fears that supply disruptions could be caused by conflict in the Middle East. OPEC’s largest producer has intervened on oil markets since decades ago to supply more oil when there are disruptions in the market or reduce output when they feel that the market is oversupplied. Kpler data show that crude exports increased by 450,000 barrels a day (bpd), from the level of May to 6.33 millions bpd, in June. Kpler predicts that there could be an increase to almost 7.5 millions bpd in July. The rise in prices last month came against the backdrop of concerns about disruptions to supply due to conflict between Israel, Iran and a U.S. strike on Iranian nuclear sites. OPEC+ sources claim that Saudi Arabia and the OPEC+ producer groups are looking to increase market share following years of production cuts. The June increase coincided also with a June decision by OPEC+ that it would raise its oil production quotas by 411,000 bpd. (Reporting and Editing by David Goodman).
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Trump highlights 'Alligator Alcatraz,' Florida deportations ahead of the bill deadline
U.S. president Donald Trump arrived in Florida Tuesday to open a remote migrant center in the Everglades, dubbed “Alligator Alcatraz”, as he presses lawmakers to pass a spending bill that would increase deportations. The facility is located about 60 km (37 miles) south of Miami, in a subtropical wetland filled with crocodiles, alligators and pythons. This is a frightening symbolism that the White House uses to demonstrate its determination to remove migrants who it believes were wrongfully allowed to remain in the United States under the former president Joe Biden's Administration. Karoline Lavitt, White House spokesperson, said at a Monday news briefing that there is only one way in and only one way out. The area is remote and is surrounded by dangerous animals and harsh terrain. "This is a low-cost and efficient way to carry out the largest deportation campaign ever undertaken in American history." Trump issued an official warning on Tuesday about the wildlife in the area. Trump told reporters that he would not like to run for a long time through the Everglades. Congressmen are discussing the details of a new bill that would increase funding for deportations. Trump has been adamant about pushing the bill through Congress before the Independence Day holiday on July 4. It includes his tax and spending plans, as well as tens billions in funding for immigration enforcement. HARDLINE POLICIES Since a decade, the Republican president who lives in Florida has made border policies that are hardline a central part of his political agenda. One out of eight voters in the 2024 U.S. elections said that immigration was their most important concern. Trump's pledge to deport up to 1 million people a year has been met with protests from the affected communities, legal challenges and employer demands for low-cost labor. Lawyers representing some of the migrants detained have questioned the legality and conditions of temporary detention centers. Government data shows that the number of federal immigrants in detention has increased dramatically to 56,000 on June 15 from 39,000 at the time Trump assumed office. His administration is also pushing to find additional space. White House officials have said that the detentions were necessary for public safety. Some of the migrants detained had criminal records. However, U.S. Immigration and Customs Enforcement statistics show an increase of eight times in the arrests of those charged with only immigration violations. Trump has praised the vast prisons that El Salvador has built and his administration has detained some migrants in the Guantanamo Naval Base, located in Cuba. This base is best known for housing suspects of foreign terrorism following the September 11th, 2001 attacks on the United States. U.S. officials used social media to promote the opening of this facility by posting images of alligators in hats from Immigration and Customs Enforcement. Florida Republican Party sells gator themed clothing and beer koozies. Rep. Debbie Wasserman Schultz (a Democrat from a nearby congressional district) said in a statement sent via email that "Trump, and Republicans desperately need this wasteful dangerous mass misery distraction." This is in reference to a bill which would result in residents of the state losing their health insurance benefits. Officials estimate that the complex at Dade Collier Training and Transition Airport in southern Florida could cost up to $450 million per year and house 5,000 people. Florida Governor Ron DeSantis said that he would send 100 National Guard soldiers to the area. Federal Emergency Management Agency (the U.S. government's disaster recovery service) is expected to provide a portion of funding. Local leaders, including those from nearby Miccosukee or Seminole Tribes, have protested the construction of the facility and pointed out the sensitive environment in the area. Demonstrators have gathered in large numbers to protest the construction. Tom Homan, Trump's border czar, said in an interview Monday that the facility was "great". "We need to add more beds." "We need to pass the beautiful, big bill."
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Dominion Energy is allowed to continue operating South Carolina nuclear plants until 2062
Dominion Energy has received approval from the U.S. Nuclear regulator to extend its operating license for its V.C. The utility has announced that it will continue to operate the Summer power station in South Carolina until 2062. After decades of stagnation in the U.S., nuclear power is undergoing a revival. This is due to a record-breaking demand for data centers that are used by artificial intelligence technologies as well as electrifying industries like transportation and manufacturing. President Donald Trump signed Executive Orders In late May, the U.S. Nuclear Regulatory Commission was directed to reduce regulations and expedite new licenses for power plants and reactors. Originally, the V.C Summer Nuclear Power Station was licensed for 40 years of operation from 1982 to 2022. In 2004, the NRC granted a license extension to continue operation for another 20 years, until 2042. Dominion Energy announced that the unit's license can be renewed until 2062. Dominion Energy received approval last year to extend operating licenses. North Anna Nuclear power plant in Virginia for another 20 years. The Richmond-based company will also seek NRC approval for the extension of Millstone Power Station's operating license in Connecticut. (Reporting and editing by Shahal Kuber, Sahal Muhammed, and Pooja Menon from Bengaluru)
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Gold gains over 1% due to weaker dollar ahead of July 9 tariff deadline
Gold prices rose more than 1% Tuesday, helped in part by the weaker dollar as well as economic uncertainty before President Donald Trump's deadline of July 9 for reintroducing higher tariffs. As of 1003 am EDT (1403 GMT), spot gold was up 1.4% at $3,348.96 an ounce. This is the highest price since June 24. U.S. Gold Futures rose 1.6% to $3361.30. The U.S. Dollar weakened on Monday as Trump's tax-cut bill and spending bill combined with concerns over trade agreements weighed on sentiment. Rhona O’Connell, StoneX's head of EMEA & Asia market analysis, explained that gold is being moved by bargain hunters, dollar weakness, and continued uncertainty over what will happen on July 9. O'Connell said that gold is likely to be around $3000/oz in the fourth quarter, and could even fall lower by year's end. U.S. Senate Republicans struggled to pass Trump's sweeping spending and tax bill in the early morning, amid deep divisions among the party. They were concerned that the legislation would add $3.3 trillion to America's debt. Gold has traditionally been considered a hedge in times of political or economic uncertainty. Treasury Secretary Scott Bessent warned on Monday that, despite the good faith negotiations in trade agreements, countries may be informed of sharply increased tariffs as an approaching deadline, July 9, approaches. Investors will also be watching the U.S. ADP Employment data, due Wednesday, as well as Thursday's Payrolls data to get a sense of how the Federal Reserve is going to set its interest rate policy. Jerome Powell, Fed chair, spoke at a conference in Portugal and said that the U.S. was in an excellent position. He said that, excluding tariffs and other factors, the inflation rate was performing as expected. The markets are expecting two rate reductions totaling 50 basis point this year. Gold's appeal is boosted by lower rates, as it pays no interest. Palladium rose 1.2% to $1.111.04 per ounce while platinum fell 0.1% to 1,350.78.
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Mediterranean Sea temperatures rise due to a marine heatwave
A marine heatwave in June saw temperatures in the Mediterranean Sea soar, and a Greek scientist warned that some species were under threat. This was likely a period of record highs. Copernicus Marine Service, a service of the EU's Copernicus Climate Change Service, reported that data from Copernicus Climate Change Service showed sea surface temperature on June 22, was more than 5 degrees Celsius higher than the average for this season. It said that the most intense warming of what it called "a marine heatwave" occurred in the western Mediterranean basin. This included the Balearic Sea off Spain and the Tyrrhenian Sea off the west coast Italy. Christos Spyrou is an associate researcher with the Academy of Athens' research centre for atmospheric science. He said: "We saw temperatures that we expected in mid-August being recorded in early June.... This is why this year is considered to be a record for temperatures in Mediterranean Sea." He stated that the sea temperature average in June was 3-6 degrees above the 1982-2023 average, which was used to compare the two periods. Spyrou stated that specific temperatures are not yet available. Some species may not be able reproduce or survive under these conditions, particularly with increasing temperatures. According to Copernicus data, Europe is the continent that warms up the fastest, with temperatures rising twice as fast as the global average. Extreme heatwaves are therefore more likely to occur earlier in the season and last into the later months. France closed scores of schools, and Spain confirmed that last month was its hottest ever June as a severe, heatwave gripped Europe. Christos, a Greek resident aged 69 who identified himself as Christos, said that he noticed the warm waters near Athens. "I've been coming here since 11 years. I think the sea is a bit warmer than in other years." "Every year, it gets warmer both in the winter and summer," said he (Reporting & Editing by Alison Williams).
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US auto sales expected to increase in the second quarter, but tariffs could drive up prices
U.S. autos sales are expected to increase in the second quarter, aided in part by a sustained demand for gasoline-powered vehicles. However, industry experts warn that tariffs imposed by President Donald Trump will likely drive up prices in the months ahead. Ford Motors, the first Detroit automaker that reported its results on Tuesday, saw sales rise 14.2% for the third quarter as Americans increased their purchases in anticipation of automotive tariffs. Peer Hyundai Motors' sales increased by 10% during the third quarter when compared with the same period in 2013. The market research firm Cox Automotive predicts that U.S. sales of new vehicles will increase by about 1.7% in the second quarter compared to a year earlier, to 4,18 million units. Chris Hopson is a principal analyst with S&P Global Mobility. He said that the potential for price increases will worsen the affordability of new vehicles in the second half. According to Cox, General Motors will likely hold the top spot for the quarter, followed closely by Toyota Motor North America and Ford. Tariffs initially boosted demand, but this boost will fade once higher prices become the norm. Charlie Chesbrough is a senior economist with Cox Automotive. He said that the consumer demand in the next few months will be lower because the demand for pull-ahead products has been satisfied. Cox expects EV automaker Tesla to report a drop of nearly 21% in the second quarter vehicle sales compared to last year. The tariffs are mainly aimed at lower-cost imported vehicles, like Ford's compact Maverick pick-up truck and GM’s affordable Chevrolet Trax cross-over. This will reduce affordability worries as the average price of a new vehicle approaches $50,000. (Reporting from Nathan Gomes, Bengaluru; additional reporting by Utkarsh shetti; editing by Alan Barona and Tasim Zahid).
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US construction spending drops again in May
The U.S. Construction spending dropped in May due to higher mortgage rates, and an increase in inventory. The Census Bureau of the Commerce Department reported on Tuesday that construction expenditures dropped by 0.3%, following a downwardly revised 0.2% drop in April. Economists surveyed by predicted that construction spending would decline 0.2%, following a 0.4% drop in April. In May, spending fell 3.5% compared to the same period last year. The amount spent on private construction projects fell by 0.5%. Residential construction investment also fell 0.5%. Outlays for new single-family housing projects dropped 1.8%. The Federal Reserve has paused its cycle of interest rate reductions because tariffs on imported products have increased economic uncertainty. The new housing inventory has reached levels not seen since late 2007. In a survey conducted by the National Association of Home Builders last month, sentiment among homebuilders of single-family homes plummeted in June to its lowest level in two and a half years. It predicted a drop in single-family home starts this year. In May, the expenditures on multi-family housing units remained unchanged. Investments in non-residential private structures such as offices and factories fell 0.4%. The spending on public construction projects increased by 0.1%. The spending on construction by state and local governments was flat, but federal government expenditures increased 1.0%. Lucia Mutikani, reporting; Paul Simao, editing.
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Spain bans concert ticket scalping and fuel advertising
The Spanish government unveiled on Tuesday a draft law aimed at encouraging sustainable consumption and reducing costs. It would prohibit practices like reselling concert ticket for profit, and advertising fossil fuels or cars powered by these. Reporters were told that the government's goal is to encourage industries' transition to more sustainable and accessible models. This will lower prices for consumers, and make significant progress in protecting the environment. The bill also prohibits "advertising that is based on fear of crime or natural catastrophes" and stops companies from making false claims or misleading statements about their environmental credentials. This practice, known as greenwashing, is illegal. The government is encouraging travellers to use the electric-powered train instead of most domestic flights. The bill must be approved by the parliament where the socialist government of Prime Minister Pedro Sanchez, who won a second term in an election in late 2023, is in a minority. The government has been unable to gain enough support from the lower house of parliament to pass several bills, and has yet to present a budget for both this year and next. Bustinduy is a member of the junior coalition partner Sumar from the extreme left. He has conducted campaigns against budget airlines, summer tourism rentals and other businesses, but with mixed results. Last week, a court suspended fines of over 179 million Euros ($211.13 Million) that his ministry had imposed on low-cost airlines for charging for cabin luggage. Some rental listings that his ministry ordered to be removed from platforms like Airbnb in May still appear on the internet.
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)