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Man dead after firing at US Border Patrol station in Texas
Local police reported that a 27-year old Michigan man died after police shot him dead Monday morning in McAllen, Texas. The Michigan man had opened fire with an assault weapon on a U.S. Border Patrol Station. McAllen Police Chief Victor Rodriguez said that Ryan Louis Mosqueda had attacked the facility just after 6 am. U.S. Border Patrol agents responded with fire. Rodriguez reported that a McAllen officer was wounded in the leg during an exchange of gunfire and taken to the hospital. A Border Patrol agent was also injured, according to the U.S. Department of Homeland Security. Rodriguez said that the police found more firearms and ammunition in Mosqueda’s vehicle. He said that the suspect fired dozens and dozens of shots at the building, as well as the agents inside. The vehicle was covered in writing, but Rodriguez didn't provide any details about what it said or if it indicated the motive of the attack. Rodriguez, without providing further details, said that Mosqueda was believed to be from the area, as he had been reported missing by a resident of Weslaco. This is about 18 miles to the east of McAllen. Rodriguez stated that the FBI was leading the investigation, as there had been an attack against federal officers and on a federal building. Law enforcement securing the area caused several hours of delays at McAllen International airport. Donald Trump, Republican President, has made fighting illegal immigration his top priority. He sent troops to secure the U.S.Mexico border, and launched aggressive raids on U.S. cities. Americans are concerned that the actions, supported by Trump's hardline Republican supporters, have led to arrests of noncriminals and enforcement techniques which include officers wearing masks in order to conceal their identities. Under Trump, the number of illegal migrants crossing the border has dropped to a record low. A new monthly low was reached of 6,100 in late June. (Reporting and editing by Ted Hesson, Jasper Ward and Kevin Liffey; Bill Berkrot, Chizu Nomiyama and Kevin Liffey).
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Gold Reserve Group's Citgo bid is opposed by bondholders and bidders
Three sources familiar with the preparations say that lawyers representing holders of a Venezuelan bond in default and some bidders who participated in an auction in the United States of shares of the Venezuelan parent company of U.S. refiner Citgo Petroleum, are preparing to object to its recommended outcome. The group led by Gold Reserve, which made the $7.4billion offer, could derail again the sale of Venezuela’s foreign asset. This asset was put up for auction to compensate creditors that lost billions due to Venezuela’s expropriations. The proceeds from the auction organized by the court of PDV Holding will be used to compensate 15 creditors who have been fighting to recover almost $19 billion through U.S. courts since 2017. The court officer who was overseeing the bidding process for the second time to auction off the parent company of Houston-based Citgo Petroleum following a failed bid round last year recommended to Delaware Judge Leonard Stark an offer from Gold Reserve's Dalinar Energy Corporation. Sources said that Dalinar’s offer did not include a payment agreement for holders of a Venezuelan bond which was collateralized by Citgo equity. This is likely to be the primary reason why there are objections. Sources said that the lack of clarity regarding evaluation criteria is also a concern for some bidders. Some participants believe that a pact between the bondholders and the winning consortium is essential for the transfer of shares. Others, however, say the holders must first win their case in New York's court. Stark will accept objections to Stark's recommended bid until July 9. The winning bidder may also challenge any competing bidder by revealing the terms of their offer. The final hearing for the sale process will be held on August 18. Last year, a $7.3 billion bid by an affiliate of the hedge fund Elliott Investment Management (EIM) was rejected by most creditors. This year's bidding process is a result. (Reporting and editing by Richard Valdmanis; Mark Porter, Marguerita Choy, and Marianna Pararaga)
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World Court to Issue Climate Change Opinion on July 23,
The top court of the United Nations will issue on July 23, a non-binding opinion regarding countries' legal obligations to combat climate change. This decision is expected to be cited by litigants around the globe who are pursuing climate change cases. The World Court's so-called advisory opinion, or the International Court of Justice as it is commonly known, will also address the question of whether the largest states that contribute the most greenhouse gas emissions should be held responsible for damages caused to small island countries. Last week, the Inter-American Court of Human Rights released a similar opinion finding that its twenty Latin American and Caribbean members must work together to combat climate change and refrain from taking actions that undermine environmental protections. In December, during two weeks of hearings at the World Court, wealthy nations of the north argued in general that existing climate agreements, such as the Paris Agreement, are non-binding and should be used to determine the responsibilities of countries. The developing nations and small islands states that bear the brunt of global warming have argued for strong measures to curb emissions, and financial support from wealthy nations. The World Court's opinion is part of the global wave of climate litigation, as more and more countries, organizations and people are turning to courts in order to take climate action. Although not binding, the court’s interpretations carry significant legal and political weight. Experts believe that the court's opinion could be a precedent for climate-change lawsuits from Europe to Latin America. (Reporting by Stephanie van den Berg; Editing by Charlotte Van Campenhout and Richard Chang)
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Dollar strengthens as US trade negotiations focus on US stock markets.
On Monday, major stock indexes declined while the dollar gained against the most important currencies as investors waited for the next trade announcements from the White House. Treasury Bills with a longer expiration date yields edged higher. United States Treasury Secretary Scott Bessent announced on Monday that he would make several announcements about trade in the next 48-hours. A deadline of Wednesday has been set to complete trade agreements. The higher the rates, scheduled The new law will take effect on August 1, 2018. "We are down (in the stocks) after the weekend and it is a crucial week for the tariffs," Peter Cardillo said, chief market analyst at Spartan Capital Securities, New York. Investors are cautious because they don't know what will happen in the future with trade deals. Tariffs Prices are expected to rise and growth to slow, but uncertainty about the final policies could be more of a drag on businesses as they postpone making decisions. S&P 500 companies will soon begin to report results for the second quarter. In April, U.S. president Donald Trump announced a base tariff of 10% on most countries. The "reciprocal rates" could be as high as 50%. He also warned that the levy could be as high as "60% or 70%" and threatened to add an additional 10% for countries who align themselves with "Anti-American Policies" of the BRICS Group of Brazil, Russia India and China. The Dow Jones Industrial Average dropped 313.82 points or 0.70% to 44,508.71. The S&P 500 declined 40.14 points or 0.64% to 6,239.40. And the Nasdaq Composite lost 148.98 or 0.72% to 20,452.90. The MSCI index of global stocks fell by 3.84 points (0.41%) to 921.89 while the pan-European STOXX 600 rose by 0.37%. The yield on benchmark U.S. 10 year notes rose 3.1 basis points in the last day to 4.372%. The yield on interest-rate-sensitive two-year notes was unchanged for the day, at 3.882%. The dollar index is a measure of the value of the dollar. Measures to be taken The currency rose by 0.34% against six major counterparts to 97.294, briefly reaching a week-high. The euro fell 0.37% to $1.1735. The dollar gained 0.92% against the Japanese yen to reach 145.88. The minutes of the Federal Reserve's last meeting are due this week. Investors are trying to determine how many times they expect the Fed to reduce interest rates in this year, after Thursday's jobs data showed that employers had added more jobs than forecast. At a meeting scheduled for Tuesday, it is expected that the Reserve Bank of Australia will cut rates by a quarter-point to 3.60%. This would be the third rate cut in this cycle. The markets predict rates of either 2.85% or 3.10 percent. U.S. crude oil rose 0.6%, to $67.40 per barrel. Brent was up 1% to $68.98 a barrel.
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Dollar strengthens after tariff extension, causing gold to fall by one week's low.
Gold prices fell to their lowest level in a week on Monday, as the dollar strengthened and traders digested U.S. president Donald Trump's decision to extend his tariff deadline from July 9 to August 1, and that the U.S. was close to several deals. At 1302 GMT, spot gold fell 0.8% to $3,307,87 an ounce after reaching its lowest level since June 30, at $3 296.09. U.S. Gold Futures fell 0.7% to $3318. Gold priced in dollars is more expensive to buyers of other currencies due to the stronger dollar. The dollar has increased by 0.2% against a basket other major currencies. Daniel Ghali is a commodity strategist with TD Securities. He said, "The market volume remains quiet, and the price action probably just reflects the latest economic data but is also beginning to look ahead to potential trade deals that may be announced." The Federal Reserve's unlikely decision to reduce interest rates earlier than previously anticipated was cemented by the stronger-than-expected U.S. employment data last week. This week, the Fed will release the minutes of its latest policy meeting as well as speeches from several Fed officials to gain more insight into the central bank’s policy direction. Official data released by the People's Bank of China on Monday showed that China's central banks added gold to their reserves for the eighth consecutive month. Zain Vawda is an analyst at MarketPulse, by OANDA. He said that the PBoC has been diversifying its foreign exchange reserves in particular. An increase in geopolitical risks and uncertainty may accelerate this process. Other precious metals saw spot silver fall 1.6% to $35.32 an ounce. Platinum fell 2.9% to $1.350.97, and palladium dropped 3% to $1,000.65.
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Konstantin Strukov is the Russian gold billionaire who faces asset seizure in Russia
The Russian state is seeking to take over the majority of Konstantin Strukov’s stake in Uzhuralzoloto, a major gold producer. The Sovetsky District Court, in the Urals town of Chelyabinsk, will hear a case on July 8, which is the latest in an ongoing series of seizures of assets by the Russian government. Who is KONSTANTIN STRUKOV? Strukov was born in the Russian Orenburg Region in 1958. He began working in mining immediately after graduating Magnitogorsk State Technical University. Uzhuralzoloto, founded in 1976 as a Soviet company, was privatised after the collapse of the Soviet Union in 1993. Strukov took over the enterprise in 1997 when production had nearly stopped. The Svetlinsky Gold Deposit, the largest gold deposit in the Urals region, was transferred to a business with the same name. Strukov acquired the assets of the company and shares of a new firm for 162,600 roubles. Production was restarted after that thanks to the gold deposits they had acquired in Khakassia, Krasnoyarsk and other regions. UGC increased its annual production from 3 tons to 10 tons between 2004 and 2012. The company owns 17 core assets, and has eight processing facilities spread across two regional bases. Due to the closure of some mines at the regulator's request, production in 2024 will fall by 17%. This amounts to 10,6 tons. UGC anticipates that production will increase to up to 14.4 tons this year. Strukov's fortune, estimated by Forbes to be $1.9 billion by Forbes, was put under sanctions by certain Western countries, including Britain. They did this after Moscow sent troops into Ukraine. Britain said that his role as director of a Russian extractives company supported the Russian government. Strukov is a member of the legislative assembly in Chelyabinsk Region since 2000. He is the deputy speaker of Chelyabinsk Region's Parliament and a member the ruling United Russia Party. What is the case against STRUKOV The Chelyabinsk Court reported that the deputy prosecutor of Russia had filed a lawsuit accusing Strukov and other individuals of acquiring property "through corrupt means". The statement did not provide any further details. However, Russian news agencies, citing an official source in law enforcement, reported that prosecutors are seeking to convert Strukov’s entire stake at UGC into state property. Citing court documents, the Kommersant newspaper reported that prosecutors believed Strukov had used bankruptcy procedures and his position as an official of state to transfer assets to UGC. Kommersant reports that searches were carried out at UGC's offices last week for alleged violations to environmental legislation and industrial safety regulations. Citing court documents, the newspaper reported that Strukov could have 200 billion roubles in assets confiscated, and that he used an offshore Cypriot company to hide his involvement with UGC. Strukov was contacted by UGC for a comment. Strukov owned 67.8% of UGC according to data from the company as of 2024. Gazprombank's company bought 22% of UGC shares late last year. The remaining 10% was floated at the Moscow Exchange between 2023 and 2024. After a two-session decline of almost 30%, the central bank suspended UGC's Moscow listed shares trading on Friday. In a blog aimed at investors, the company stated that Friday protecting minority shareholder rights was its top priority. A commenter anonymously commented on the post: "The stock market is more volatile than the casino." What is the impact on Russia's business climate? Since Russia's troops entered Ukraine in February 20, 2022, foreign companies have faced the threat of state seizing their assets. However, Moscow has been increasingly focused on domestic assets, citing domestic security and strategic stability. Why Strukov and UGC was targeted is not known. Moscow sends mixed messages about foreign investment. It wants to portray Russia as an attractive destination for foreign capital while at the same time arresting business leaders. Since the beginning of the conflict with Ukraine, foreign investment has dropped sharply. Vadim Moschkovich, billionaire founder and CEO of Rusagro - Russia's largest agriculture company - has been in pre trial detention since March, on charges of embezzlement, which he denies.
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Royal Gold acquires Sandstorm Gold in Canada for $3.5 billion
Royal Gold announced on Monday that it would acquire Sandstorm Gold, a Canadian rival company, for approximately $3.5 billion. This will help the royal firm to strengthen its position in North America during a period when gold prices are at record highs. Sandstorm shares listed in the U.S. rose 9.6% after this news, while Royal Gold stock fell 4.1% premarket. Companies that collect gold royalties generate revenue through the collection of a percentage from mining operations. They do this in exchange for payments up front or investments. Royal Gold will receive revenue from an additional 40 mining assets, which are expected to produce between 65,000 and 80,000 gold-equivalent ounces this year. This is at a time when the bullion market has experienced a surge of safe-haven flows due to President Donald Trump’s tariff policies. Royal Gold, a Colorado-based company, will exchange 0.0625 shares per Sandstorm share. The offer represents a 16.7% premium to Sandstorm's Friday closing price on the New York Stock Exchange. After the completion of the transaction, Sandstorm shareholders and Royal Gold shareholders together will own approximately 23% of the combined business. Royal Gold will remain a gold-focused business after the acquisition, with 75% coming from precious metals. The company said that 41% of the production would come from mines in the U.S., Canada and other countries where mining has been a welcomed and established contributor to local economies. Royal Gold announced on Monday that it had acquired Horizon Copper for $196 million in an all cash deal. The deal should close by the end of 2025's fourth quarter. Reporting by Tanay and Pooja in Bengaluru, and editing by Sonia Cheema, Leroy Leo and Sonia Cheema
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OPEC+ pumps more oil but is it necessary and at what cost? Russell
After OPEC+'s decision to increase crude oil production, two questions arise: Who will buy the extra crude and will they export the barrels that they claim to be producing? OPEC+ decided at a weekend gathering to increase production by 548,000 barrels a day (bpd). This is up from the 411,000 bpd that the group approved for May June and July and 138,000 bpd in April. Eight members of the group will boost production - Saudi Arabia (as well as Russia, Kuwait, Oman and Iraq), the United Arab Emirates (UAE), Kazakhstan, Algeria, Kuwait, Oman and Russia. The eight countries will have unwound the voluntary 2.2m bpd that they had imposed in an effort to support crude oil prices last year. OPEC+ cited "steady global economy outlook and current healthy fundamentals of the market" in its statement announcing increased August production, continuing a theme that it has been promoting in recent communiques: the oil market was in good shape. The reality is not as rosy, however, as OPEC+ portrays it, as the demand for oil in the major consumer countries like China, which is the top importer of the world, has been tepid. China's crude oil imports rose by just 0.3% or 28,500 barrels per day in the first five month of this year. The official data shows that the total was 11.1 million barrels per day. LSEG Oil Research expects imports to reach 11,96 million bpd in June, an increase from the previous customs figure of 11,30 million bpd. China's imports were likely strong in June. However, the reasons for this are not so positive. The reason why refiners bought more crude than intended is because the prices were lower when the June cargoes arrived. Brent futures, the global benchmark, hit a four year low of $58.50 per barrel on 5 May. They had been trending downwards since early April when cargoes due to arrive in June would have been purchased. The decline in oil prices led to an increase in the number of oil imports in Asia in June. This region, which accounts for 60% of all seaborne crudes, saw a rise of 28,65 million bpd. The increased imports in June boosted Asia's arrivals to 27,36 million bpd during the first half 2025, an increase of 620,000 bpd compared with the same period the previous year. In a coincidence, this forecast is in line with the Organization of the Petroleum Exporting Countries' (OPEC) June monthly report which forecasts a demand growth of 630,000 bpd in Asia outside the OECD by 2025. Prices are key The question is if imports will increase in Asia in the second half or if momentum from June will fade. History shows that importers like China and India will tend to reduce imports when prices increase and use up their stockpiles. China's imports will likely be reduced in August or September due to the brief price spike in mid-June, sparked by Israel’s attacks against Iran. The United States joined Israel in this attack. Lower oil prices will encourage buyers to buy and build up inventory to increase imports in the fourth quarter. The ball in this case is largely on OPEC+. Prices will likely continue to fall if the group produces what its quotas permit and exports it. According to a July 4 survey, the actual production has so far lagged behind the higher quotas. The five OPEC+ members increased their output by 267,000 bpd, which was below the allowed 313,000 bpd. Saudi Arabia's actions will be crucial, as it is the OPEC+ member with the largest surplus capacity and ability to increase output. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
Search teams facing more rain as they mourn dozens of dead at Texas girls' camp
The Christian All-Girls Camp in Central Texas announced on Monday that 27 girls and their counselors perished during the devastating flooding of the 4th of July weekend. Emergency responders are still searching for missing persons and face the possibility of further heavy rains and storms.
Officials have confirmed that the death toll is 78. This includes 28 children. They also said that it will likely rise as teams search through the mud-covered riverbanks, and fly over flood-ravaged landscape. Kerr County Sheriff Larry Leitha confirmed that the majority of the dead are in the riverfront Hill Country Texas city of Kerrville.
In less than an hour, torrential rains at dawn transformed the Guadalupe River in Kerrville into a raging river. Camp Mystic on the Guadalupe River, a Christian girls' retreat that has been around for nearly 100 years, was ravaged by the waters.
In a Monday statement, the camp said: "Our hearts are broken along with our families who are experiencing this unimaginable tragedies."
Multiple media, including the Austin American-Statesman, reported that Richard "Dick' Eastland 70, co-owner and Director of Camp Mystic died while trying to save children from his camp in the flood.
According to the website of the camp, Eastland has owned the camp with his wife Tweety Eastland since 1974.
George Eastland wrote on Instagram that "if he was not going to die naturally, this was the only way, saving the daughters that he loved and cared about," Eastland’s grandson.
Allison Santorelli is a National Weather Service meteorologist at the Weather Prediction Center of College Park, Maryland. She said that in Hill Country, where the worst flooding took place, an additional 2 to 4 inches would fall.
Santorelli stated that new flooding could be dangerous due to the soil saturated with water and the debris in the river.
The weather service has issued a flood warning for the area until 7 pm on Monday.
On Thursday, state emergency management officials warned that, in advance of the Fourth of July holiday, parts of central Texas could be subject to heavy rains and flash flooding based on National Weather Service predictions.
Confusion of disaster
Dalton Rice, the City Manager, said that twice as much rainfall as had been predicted fell over two branches of Guadalupe, just upstream from the fork, where they converge. This water then rushed into a single channel of the river, which cuts through Kerrville. Rice, along with other officials including Governor Greg Abbott said that the floods, as well as the accuracy of weather forecasts, warning systems and their circumstances, will be examined once the immediate situation is under control. Search-and-rescue efforts were ongoing around the clock with hundreds of emergency workers on the ground tackling a variety of challenges.
Martin, a reporter, told Sunday's reporters: "It is hot, there is mud, people are moving debris and there are snakes."
Thomas Suelzar said that the Texas Military Department's airborne search assets include eight helicopters, and a remotely-piloted MQ-9 Reaper equipped with advanced sensors to conduct surveillance and reconnaissance. The sudden storm that dumped 15 inches of rainfall across the region about 85 miles (140 kilometers) northwest of San Antonio, caused more than 850 people to be rescued. Some were clinging onto trees. Department of Homeland Security reported that the Federal Emergency Management Agency activated Sunday and deployed resources to Texas following President Donald Trump's major disaster declaration. U.S. Coast Guard planes and helicopters are assisting in search and rescue operations.
SCALING BACK THE FEDERAL RESPONSE TO DISASTER
Trump announced on Sunday that he will visit the scene of the disaster, most likely on Friday. He previously announced plans to reduce the federal government's response to natural disasters and leave it to the states to take on more responsibility.
Experts questioned whether the Trump administration's cuts to federal employees, including the agency overseeing the National Weather Service (NWS), led officials to fail to accurately predict flood severity and issue warnings before the storm. Former NOAA director Rick Spinrad stated that Trump's administration had overseen the thousands of job reductions from the National Oceanic and Atmospheric Administration (NOAA), the parent agency for the National Weather Service. This left many weather offices with inadequate staffing.
Trump refused to answer when asked Sunday whether federal budget cuts had hampered disaster response efforts or left important job vacancies within the Weather Service, under Trump's supervision.
He referred to his Democratic predecessor Joe Biden, saying, "That water issue, that's all, and that really was the Biden set-up." "But I would not blame Biden either." "I would say that this is a catastrophe of 100 years."
Kristi Noem, Homeland Security Secretary at Fox News, said that on Monday there didn't appear to be any specific malfunction in the National Weather Service system.
She said that the alerts were sent out hours before the flood. However, the rapid rise in water levels and the speed at which they occurred was unheard of in this region. Additional reporting by Marco Bello in Comfort, Texas, Sandra Stojanovic, Rich McKay, Alexandra Alper in Atlanta, Tim Reid, Deborah Gembara, Nathan Howard, in Morristown, New Jersey, Ryan Jones, Bhargavacharya, in Toronto, Brendan O'Brien, in Chicago, and Nathan Layne, in New York. Writing and editing by Stephen Coates and Joseph Ax.
(source: Reuters)