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Stocks soar to record highs after positive company forecasts. Oil, yen and soaring stock prices.
The Dow and S&P 500 indexes reached record highs on Tuesday following positive forecasts by?Caterpillar, among others, and oil prices extended recent sharp declines. Global stock indexes also reached a record intraday. The Japanese yen fell, but it held onto most of the gains made by Tokyo and Washington last week to support its currency. Qatari and U.S. official comments that encouraged hope for a diplomatic solution to the Iran War that could improve oil flow through the Strait of Hormuz weighed on oil. U.S. State Secretary Marco Rubio stated on Tuesday that there had been progress in the "talks" with Iran and Oman regarding moving more ships through strait. However, a final deal has yet to be reached. Treasury Secretary Scott Bessent said earlier that an agreement with Iran could be reached as early as Tuesday or even Wednesday. U.S. crude dropped 5.43%, to $75.98 per barrel. Brent fell to $79.38 a barrel, down by 5.24% for the day. Caterpillar shares, which are often viewed as a bellwether of the global industrial market, rose as the company raised its revenue growth forecast. It benefited from the buildout of AI-based data centers. Palantir Technologies's shares also surged after it increased its revenue forecast. Oliver Pursche is a senior vice president at Wealthspire Advisors, based in Westport, Connecticut. He said that investors are reacting to "stronger expectations and higher earnings." "There is a general feeling of optimism and it's being reflected." According to LSEG, more than 80% S&P 500 companies beat analysts' expectations in the last quarter. The Dow Jones Industrial Average grew by 933.95, or 1.76% to 54,112.36, while the S&P 500 grew by 115.96, or 1.53% to 7,716.66, and the Nasdaq Composite climbed 548.22, or 2.12% to 26,462.11. MSCI's global stock index rose 12.87 points or 1.14% to 1,143.88. The pan-European STOXX 600 rose by 0.73%. YEN RAISES AFTER INTERVENTION DRIVEN RALLY. The Japanese yen weakened 0.18% to 157.45 dollars per yen after a coordinated intervention by U.S. authorities and Japanese authorities last week to support the yen. The Japanese yen is still stronger than the greenback, compared to levels from a week ago. This prompted the official support of the Japanese exchange market and marked the U.S.'s first intervention in the Japanese forex market in 15-years. Some market participants have warned that the Bank of Japan’s gradual rate increases and Japan's expansive fiscal policy could be a drag on the yen. The dollar index (which measures the greenback against a basket currencies) fell by 0.1%, to 99.91. Meanwhile, the euro rose 0.11%, to $1.152. U.S. Treasury rates fell on the back of falling oil prices and hopes that a deal would be reached to end the Iran War. This led traders to re-price their positions for a lower probability of a Federal Reserve rate hike in September. The majority of analysts believe Fed chair Kevin Warsh doesn't want to raise rates and that the new data may be enough to convince him to remain put. The yield on the benchmark 10-year U.S. notes dropped 4.91 basis points, to 4.635%. Reporting by Caroline Valetkevitch and Stefano Rebaudo in New York. Jamie Freed and Mark Potter edited by Deepa Babington.
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Gold prices rise on lower oil prices, US jobs data and Fed rate outlook to be released
Gold prices rose 1% on Tuesday, supported by the decline in oil prices, which tempered inflation fears and lowered U.S. rate hike bets. Markets awaited more clues about the Federal Reserve’s policy direction. Spot gold increased 1% at $4,092.43 an ounce as of 12:50 pm EDT (1650 GMT), and U.S. gold futures rose 1.5% to $4149.50. The oil price fell to its lowest level in three weeks after remarks by officials from?Qatari, the United States and other countries raised hopes of a diplomatic solution to the Iran War that could improve the?oil flow through the Strait of Hormuz. Brent crude futures fell over 4% in response to the news. Bart Melek said that lower?oil prices are probably one of the factors supporting gold price. He added that this decline has in many ways contributed to interest?rates outlook, with short-term rates a little bit falling. The Fed is expected to keep rates high for longer in order to combat inflation. This will put pressure on bullion that does not yield. John Williams, New York Fed President, said earlier on Monday that he was optimistic about the gradual easing of inflation pressures. If they don't, however, then the U.S. central bank will not hesitate to raise rates. After a divided Fed left rates unchanged at its last policy meeting, traders are now pricing about a 57% probability of a rate increase in the central bank's September meeting. The market is now waiting for a number of U.S. jobs reports, including ADP's employment report on Wednesday and nonfarm payrolls data due Friday. Silver spot gained 2.8% per ounce to $59.82, platinum rose 7.1% at $1,745.42, while palladium rose by 7.1% at $1,355.13. The Platinum Group Metals are getting the full impact of a probable de-escalation, as they are industrial metals. Their fortunes will be tied to a potential recovery in conventional offtake, said independent analyst Ross Norman.
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Brazil Steelmaker CSN launches new bid round for Cement Unit
Two people with knowledge of the negotiations said that a Brazilian steelmaker,?CSN, is planning a second round of bidding this week for its cement division. The deal could be worth more than 10 billion reais (1.95 billion dollars). Sources said that the top contenders were China's Huaxin, a consortium?formed by Brazil's Votorantim, and Italy's Cementir. Both proposals will?exceed 10 billion reais. Sources claim that the Brazilian group Polimix is also involved in the process. It is one of the largest cement companies in the country. The first newspaper to report the new round of bidding was Valor Economico, a Brazilian publication. Votorantim refused to comment. CSN, Huaxin Cementir, and Polimix have not responded to our requests for comment. CSN is divesting key assets in order to reduce its debt burden. Conglomerate hired advisers to sell CSN Cimentos and a stake in CSN Infrastructure which runs its railways and logistics assets. In April, Chief Financial Officer Marco Rabello said that deals would be closed by the end of the year. However, final approval might take longer as the Brazilian antitrust regulator CADE will need to approve them. Reporting by Luciana Magnhaes, Editing by Brad Haynes & Rod Nickel
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Lockheed is seeking U.S. minerals after Trump's supply-chain push.
Lockheed Martin is in discussions to purchase two vital minerals from U.S. mining companies, according to two sources who are familiar with the talks. This comes as President Donald Trump "pressures" defense contractors to reduce their reliance on China. Sources said that the world's largest defense contractor, Lockheed Martin, is in talks with NioCorp Developments to supply scandium and?Teck Resources for germanium. Both minerals are used by military equipment, from aircraft components to sensors for infrared, according to these sources. The deals are a major step forward in the U.S. effort to build up domestic mineral supply chains. However, there are obstacles: Chinese suppliers offer cheaper prices and U.S. processing and mining capacity is limited. Lockheed manufactures the F-35 Lightning II jet fighter, Patriot interceptor missiles, and other weapons for the U.S. Government. Trump has pressed Lockheed, and other companies in the industry to provide long-term support for U.S. mines. China has tightened its controls on minerals exports over the past few years. He signed an executive directive last month that made it more difficult for defense contractors, who had been allowed to purchase minerals from China or other banned foreign suppliers for many years, to get waivers. This?order shows how far behind U.S. miner and processors in the race to compete with China's dominance of the market, even though dozens of U.S. mineral projects are currently under development. According to a source who is familiar with the agreement and its details, Colorado-based 'NioCorp developments' has signed a preliminary contract to supply Lockheed 15 metric tonnes of scandium per year. Scandium is one of 17 rare earths which can be used in the manufacture of lightweight, corrosion resistant alloys for aircraft. The details of this agreement were not previously known. NioCorp is supplying the metals from its Nebraska mine. The mine is scheduled to open in 2028 and produce?100 tons of metal per year. The agreement will need to be "finalized", although there is already a relationship between the two companies as part of a Pentagon funded research program. The contract volume would represent about a quarter the global scandium market, which is estimated by the U.S. Geological Survey at 60 metric tonnes and growing. Mark Smith, NioCorp CEO said that both companies recognized how scandium was becoming an important part of the future American defense technology. Lockheed expressed its appreciation for "the work NioCorp does to establish a source of domestic scandium." Since 1969, scandium hasn't been mined in the United States. Rio Tinto, the only North American producer of scandium with a capacity to produce approximately nine metric tonnes annually, is the sole North American manufacturer. GERMANIUM NEGOTIATIONS A second person with knowledge of the negotiations revealed that Lockheed and Teck Resources are in separate talks for a supply germanium used to manufacture?infrared sensor's and other military equipment. Teck produces a concentrate of zinc and germanium from its Red Dog Mine in Alaska. The concentrate is then melted in British Columbia, and the two metals separated. Teck doesn't break down its annual production of germanium but calls itself the fourth largest global producer. USGS estimates global germanium consumption at 60 metric tonnes annually, and growing. The U.S. imports more than half of its germanium needs. The?U.S. imports more than a half of its germanium needs. Second source: Lockheed also has discussions with 5N Plus in Quebec, which received Pentagon funding earlier this year to process recycled feedstock into germanium in Utah. According to the second source, "Lockheed wants a long-term security of supply chain,"? They are under pressure so they want to know whether the supply comes from China or somewhere else. The negotiations?with Teck and 5N?have been ongoing for over a year. According to the source, the sticking points were the pricing and the lengths of the contracts. 5N representatives were not available for comment. Teck declined comment on specific commercial agreements but stated that it had agreed to work with the Canadian Government to increase Germanium processing in British Columbia. Lockheed responded that it constantly assesses the "global critical minerals supply chain" to ensure its customers have access to materials to support their missions. Chinese critical minerals have been cheaper for many years than those from Western suppliers due to differences in the mining practices, regulations standards and other factors. Reports from earlier in the year suggested that Western governments were trying to free regional minerals prices of Chinese influence. Reporting by Ernest Scheyder and Divyarajagopal, both in Houston; editing by Veronica Brown and Sanjeev Miklali)
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Mass escape of inmates from western Libya during armed clashes
Libyan police reported that inmates staged an 'escape from a prison on Tuesday?, while armed clashes broke out in two cities to the west of Tripoli. In a press release, the?Tripoli Judicial Police Authority?stated that the mass escape took place at Surman prison and that they had opened an investigation. The police did not disclose the exact number who had escaped. They said that they formed a committee "to identify them and take the necessary legal actions against them." Salem Bahr - a local leader from the town of Zawiya - appealed to Libya Al-Ahrar, a TV channel based in Turkey, for an end in the fighting, because "everyone loses in this situation." Bahr stated that the clashes killed three civilians, and injured many others. No one was able to immediately say who took part in the violence, or why. Since the overthrow Muammar Gadhafi in 2011, Libya has experienced unrest. Clashes took place between rival armed factions in Zawiya, and Surman. Zawiya is located 40 km (25miles) west of Tripoli and hosts Libya's largest Azzawiya Refinery with a daily capacity of 120,000 barges. Azzawiya oil company issued a Facebook statement urging employees to "take maximum precautions" and to "completely avoid areas of clashes, and roads leading there." Unverified footage from the internet and local television?channels shows large plumes black smoke rising into the sky. Other clips show heavy gunfire in Surman and Zawiya. The mayor of Surman Mohamed 'Abu Snina described the humanitarian crisis as'very bad. He said that the clashes caused severe damage and that the relative calm returned to the city following the deployment of neutral forces. Ahmed Elumami, Alistair Bell and Ahmed Elumami contributed to this report.
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Zambian miners look to the election in hopes of support for copper expansion
Mining firms in 'Zambia' have set their priorities for the upcoming elections. These include a stronger incentive for processing minerals, revitalizing exploration, and 'expanding electricity generation'. They say these measures are necessary to achieve the country's target of tripling its copper output. Africa's second largest copper producer aims to triple its current output, reaching 3 million metric tonnes, in order to capitalize on the growing demand for metals used in construction, EVs, and power networks. The demand for copper has led to a 40% increase in the benchmark futures prices in the last year, to $14,000 per ton. Ayo Sopitan is the chief executive officer of Metalex Commodities, a mid-tier mining company. He said that to triple copper production, there will need to be stronger incentives in exploration, local manufacturing and value addition as well as major infrastructure investments. Sopitan added that Zambia needed to strengthen its rule of law and dispute resolution mechanisms. Export duties on concentrates continue to burden producers who lack refining capability. Anthony Malenga is the president of Zambia’s Chamber of Mines. He said that high investor confidence through tax reforms, and closer engagement with miners has helped attract over $10 billion in investments since?the?2021 election. He said that policy discussions between government and mining companies are helping to address the most outstanding issues in terms of competitiveness. However, Zambia's ambitions for growth now depend on a robust exploration pipeline. Malenga stated that the mining industry requires real growth, and this can only be achieved by increasing spending on greenfield exploration. He added that reforms in licensing should ensure that exploration permits are held only by companies who have the ability to develop projects. Over 8 MILLION ZAMBIANS To Vote Zambia's economy is based on mining, which contributes about 9% to GDP, generates 72% of export revenues, and accounts for almost half of the government revenue. On August 13, more than 8 millions Zambians will vote to elect the president, legislators and local government representatives. Analysts predict that President Hakainde Hichilema will be re-elected in a peaceful?poll. This indicates a broad continuity of policy for investors. According to a senior source in the industry, Zambia has implemented several important reforms over these last four years. These include currency regulations, rules on local content and fuel cost measures. Menzi Ndhlovu is a lead analyst at Signal Risk. He said that while investors expect little change in the fiscal regime following the election, power shortages, and the pressures on labour are the greatest threats to Zambia's copper-growth ambitions. Ndhlovu stated that the power generation capacity could be insufficient to support major mining expansions without significant new investments. Zambia's Mines Ministry did not immediately respond to an inquiry for comment. Zambia's industry executives estimate that it needs an additional 2,000 megawatts to meet its production goals, although recent investments are expected to ease the supply pressure.
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BYD launches first Brazilian plug-in hybrid flex vehicle as sales soar
The top executive of BYD in Brazil said that the Chinese automaker will launch its first Brazilian-made plug-in hybrid flex fuel car on Tuesday, after a two year?investment. In an interview, Senior Vice-President Alexandre Baldy revealed that the Song Pro Super Hybrido Flex Fuel, which hits dealerships in Brazil on Wednesday features a powertrain capable of running on gasoline, electricity or ethanol. He added that the GL version's range on electric power alone is 60 km (37 mi) and 120 km for a higher-end GS model. Baldy stated that the vehicle was built at BYD’s Camacari factory in northeastern Bahia State. The car also meets the company’s goal to use more than 50 percent local parts on all Brazilian-made vehicles by January 2027. TAILORED TO BRAZIL He said that the project was a symbol for BYD. This first ever collaboration between the research and development teams of Brazil and China resulted in a project that was tailored specifically for the Brazilian market. BYD, which was originally established in Brazil to assemble semi-knocked down vehicles, is now shifting production locally to comply with Brazilian laws and to establish Brazil as a regional hub for exports. The Camacari factory, which opens in October 2025 and will manufacture batteries, as well as other components, is already sourcing tires from local suppliers. Baldy stated that the Song Pro Flex, although developed for Brazil, could target other markets including India as ethanol fuels spread. BYD expects to produce 180,000 cars in Camacari this year. Baldy stated that the factory is likely to supply around?150,000 vehicles of the approximately 200,000 cars the company hopes to sell in Brazil by 2026. BYD said that July was its best month in Brazil. The company's Dolphin GS?topped the retail market, selling?5,861 unit. The total sales of 23,465 cars, which is more than twice the 9,680 vehicles sold in July 2012, places it in fourth place in the country with a 9.1% market share. Luciana Magnalhaes reported. Mark Potter (Editing)
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The first North Korean memorial to Vietnam War dead will be unveiled 60 years after the war ended
Vietnam will renovate and build a memorial to North Korean servicemen who died fighting in the Vietnam War. This is a rare public acknowledgement of Pyongyang’s role. According to Vietnamese and North Korean media, North Korea sent fighters to North Vietnam during the 1960s. Some flew Soviet MiG-17 jets on combat missions against U.S. planes. Vietnam and North Korea have a long history of?diplomatic relations dating back to Cold War times, but Pyongyang’s direct involvement in the Vietnam War is little-known. Quan Doi Nhan Dan, a newspaper of the Defence Ministry, reported that the memorial project was discussed in a meeting chaired on Monday by Deputy Defence minister Nguyen?Thang and attended by North Korean ambassador Ri Sung Guk. Thang was quoted as saying: "The Party State People and People's Army of Vietnam will always remember and cherish the effective 'assistance' of North Korea, and the sacrifices of North Korean'martyrs' in their struggle for national independence in the past." According to the report, the memorial will be constructed as part of the restoration work at North?Korean Martyrs' Cemetery in Bac?Ninh Province. According to the online newspaper VnExpress, the cemetery was created for 14 North Korean air force personnel who died in 1967 and 1968. They were aged between 19 and 40. In 2002, their remains were returned to North Korea. Reporting by Khanh Vu, Editing by Alison Williams
The top cases in the US Supreme Court docket
The U.S. Supreme Court has been deciding important cases in its current term. These include voting rights, presidential power, tariffs and birthright citizenship. Other issues are race, transgender sportspeople, campaign finance laws, LGBT "conversion therapies" and federal agency authority. The term began in October, and will run through the end of June. Separately, the court has also acted in emergency cases involving challenges against President Donald Trump's policy.
VOTING RIGHTS ACT On April 29, the court gutted a crucial provision of the Voting Right Act, making minorities less likely to challenge electoral maps under the landmark civil right law as racially 'discriminatory. The court ruled against an electoral map which would have given Louisiana a U.S. Congress district with a majority of Black people. The court's ruling undermined Section 2 the Voting Rights Act which Congress passed to prevent electoral maps from diluting minority votes. The ruling allowed Republican-led Southern States to demolish Democratic-held districts with majority-Black or majority-Latino voters ahead of November's midterm elections. After the Supreme Court gutted another part of the Voting rights Act in 2013, Section 2 became a more important bulwark to combat racial bias in voting. Black and Latinos tend to vote for Democratic candidates.
Birthright Citizenship The court expressed skepticism about the legality of Trump’s directive on April 1, to restrict the birthright citizenship of Americans. Justices asked the lawyer for the Trump administration questions regarding the legal validity and practical implications of Trump's order. The lower court blocked Trump’s order which instructed U.S. agencies to not recognize citizenship for children born in the U.S. when neither parent was an American citizen, or a legal permanent resident (also called "green card") holder. The court found that Trump's policy was in violation of the 14th Amendment to the U.S. Constitution and federal laws codifying birthright citizenship. The Supreme Court will likely rule by the end June.
TRUMP'S TARIFFS On February 20, the justices struck down Trump's sweeping trade tariffs, which he implemented 'under a law intended for use during 'national emergencies' in a decision with major implications for global economics. The ruling, which was 6-3 in favor of the lower court decision, confirmed that Trump had exceeded his legal authority by using this 1977 law. The court ruled that Trump's claim to have the authority to impose tariffs was not supported by the law in question, the International Emergency Economic Powers Act (IEEPA). Congress has the power to impose taxes and tariffs, not the President, according to the U.S. Constitution. Tariffs are at the heart of a global trade conflict that Trump started after he entered his second term in office. This war has alienated trading partner, affected financial markets, and created global economic uncertainty.
TRUMP'S FIRE OF FED OFFICIAL Justices expressed skepticism about Trump's attempt to fire Federal Reserve Governor Lisa Cook, a move that could threaten the independence of the central bank. The justices said they would not grant Trump's request for a judge to overturn a decision that prevented him from firing Cook immediately while her legal case is being resolved. Congress created the Fed by passing a law, the Federal Reserve Act, that contained provisions to protect the central bank against political interference. The law stipulated that governors could only be removed "for cause" by the president, though it does not define this term or establish procedures for removal. Trump claimed that Cook's firing was due to unproven allegations of mortgage fraud, which she has denied. Cook, who is still in her post, said that the allegations were a pretext for firing her because of monetary policy disagreements, as Trump pressures the Fed to reduce interest rates. The ruling is expected to be made by the end June.
PROTECTED STATUS OF IMMIGRANTS On April 29, the justices heard arguments examining Trump's administration's actions to strip humanitarian benefits from hundreds of thousands Haitian and Syrian migrants, as part of his signature crackdown on immigration. The Trump administration appealed two federal judge's rulings that halted its efforts to terminate Temporary Protected Status (TPS), which the U.S. Government had previously granted to over 350,000 Haitians and 6,100 Syrians. Some conservative justices seemed to agree with the administration that courts could not second-guess the decision of the government to end TPS. Several justices questioned also the claim made by the challengers, that the administration had not followed?mandatory protocol for making such a decision under the law governing TPS. The ruling is expected to be made by the end June.
Federal Trade Commission Firing The conservative justices of the court have signaled that they will uphold Trump's legality in firing a Federal Trade Commission Member and give an historic boost to president power, while also putting at risk a 90-year old legal precedent. On December 8, the court heard arguments in the Justice Department appeal of the lower court's ruling that the Republican President exceeded his authority by dismissing Democratic FTC member Rebecca Slaughter before the term she was due to finish. The conservative justices seemed sympathetic to the Trump Administration's argument that tenure protections granted by Congress to independent agency heads unlawfully infringed on presidential powers under the U.S. Constitution. Trump was allowed to remove Slaughter until the case concluded. The court is expected to make a decision by the end June.
TRANSGENDER SPORTS PARTIcipation The conservative justices seemed ready to uphold the state laws that ban transgender athletes to female sports teams, amid an escalating nationwide effort to restrict transgender rights. On January 13, the court heard arguments from Idaho and West Virginia in appeals of lower court decisions siding with transgender student who challenged the bans as being in violation of the U.S. Constitution, and a federal antidiscrimination act. 25 other states also have laws similar to Idaho's. The conservative justices expressed concerns over imposing a uniform law on the whole country, amid a sharp disagreement and uncertainty about whether medications such as puberty-blocking hormones or gender affirming hormones remove male physiological advantages in sport. The ruling is expected to be made by the end of June.
LGBT 'CONVERSION THERAPEUTY'
On March 31, the court rejected a Democratic-backed Colorado Law that prohibited psychotherapists from using “conversion” talk therapy to change a LGBT minor's gender identity or sexual orientation. The 8-1 decision sided with the Christian licensed counselor and deemed that the law was an intrusion into free speech rights. The court rejected Colorado’s argument that the law only protected speech, but regulated professional conduct. The court reversed a lower-court decision which had upheld a law brought by Kaley Chiles who argued it violated First Amendment protections from government abridgment.
HAWAII GUNS LAW The conservatives expressed skepticism about a Hawaii gun law which restricts handguns from being carried on public property, such as businesses. They appeared ready to expand the right to own a firearm again. On January 20, the court heard arguments in an appeal filed by opponents of the law, backed by Trump's administration. The challengers were appealing a ruling by a judge that Hawaii's Democratic backed measure probably complies with U.S. Constitution Second Amendment rights to bear and keep arms. Hawaii's law demands that a property owner "expressly authorize" the bringing of a handgun on to a private property accessible to the public. Four other states in the United States have laws similar to Hawaii's. The ruling is expected to be made by the end June.
Drug Users and Guns The Justices heard arguments in March 2 on the Trump Administration's bid to defend a federal statute that prohibits users of illegal drugs in Texas from owning firearms. Hunter Biden, son of former president Joe Biden, was charged under this law in 2023. The Justice Department appealed a ruling by a lower court that the gun restrictions were in violation of the Second Amendment rights to "keep and bear weapons" guaranteed under the U.S. Constitution. Gun Control Act 1968 included a prohibition on the possession of guns by illegal drug users. The decision is expected to be made by the end June.
CAMPAIGN-FINANCE On December 9, the court heard arguments in a Republican led bid to overturn federal spending limits by political parties coordinated with candidates. The case involved Vice President JDVance. The conservative justices seemed to be sympathetic towards the challenge. However, the three liberal members of the court appeared inclined to maintain the spending limits. The debate centers around whether federal limits on campaign spending coordinated with candidates' input violate First Amendment protections against government abridgment. Vance and Republican challengers have appealed the ruling of a lower court that had upheld restrictions regarding the amount of money political parties can spend in campaigns, with input from candidates who they support. This type of spending is called coordinated party expenses. The ruling is expected to be made by the end June.
MAIL-IN BALLOTS
Conservative justices expressed skepticism in a March 23 case against a Mississippi law that allowed a five-day period of grace for mail-in votes received after Election Day. This could lead to tighter voting laws across the country. The Trump administration supported the challenge against Mississippi's law that allows mail-in votes sent by certain voters be counted as long as they are postmarked before Election Day and received within five business days of a federal election. In Mississippi, absentee voting is only available to certain categories of voters. These include the elderly, disabled and those who live away from home. A lower court ruled that the law was unconstitutional. The court is expected to rule by the end June.
U.S. ASYLUM - PROCESSING: The court seemed likely to rule for the Trump administration's defense of its authority to reject asylum seekers if officials deem U.S. - Mexico border crossings to be too overburdened to process additional claims. On March 24, the court heard arguments in a dispute over a policy known as "metering," which Biden's administration dropped in 2021. The Republican president may want to reinstate it. It allowed U.S. Immigration officials to stop asylum seekers and refuse to process their applications indefinitely. The decision is expected to be made by the end June.
WEEDKILLER CAUSES CANCER The court seemed divided on Bayer AG’s efforts to close down thousands of lawsuits alleging that the German company failed to warn users of the active ingredient of its Roundup weedkiller. On April 27, the court heard arguments in Bayer's appeal against a Missouri state court jury verdict awarding $1.25million to John Durnell, who claimed he had been diagnosed with non-Hodgkin Lymphoma after years of being exposed to Roundup. The lower court rejected Bayer’s argument that U.S. pesticide law bars lawsuits based on claims made under state laws. The ruling is expected to be made by the end June.
Human Rights Abuses Around the World The court heard arguments in April 28 on a case that has broad implications for American human rights litigation. Members of the Falun-Gong spiritual movement have accused Cisco Systems, in a long running lawsuit, of facilitating religious persecusion in China. Cisco appealed the 2023 ruling of a lower court that gave new life to the 2011 lawsuit brought under the Alien Tort Statute of 1789 that accused the company of developing technology which allowed China's Government to monitor and persecute Falun-Gong members. Cisco asked the court to limit the scope the Alien Tort Statute which allows non-U.S. Citizens to sue in American courts over violations of international laws. The court is expected to make a ruling by the end June.
SEC 'DISGORGEMENT" POWER On June 4, the?court rejected a challenge against the U.S. Securities and Exchange Commission’s broad authority to recoup illegal profits through a financial remedy known as disgorgement. This strengthened one of the key powers of the Wall Street watchdog. The court upheld the decision of a lower-court that had endorsed an extensive use of disgorgement powers by the SEC. In this case, the Trump administration defended the SEC. A defendant brought the challenge after a California court ordered him to pay back more than $3,000,000 in ill-gotten gain and interest in relation to a "financial crime case".
FCC fines wireless carriers
On June 4, the justices backed the Federal Communications Commission in its system of levying fines. They ruled against AT&T and Verizon, who had challenged the agency. Trump's administration defended FCC's system of assessing financial penalties known as forfeiture order. The carriers argued that FCC's internal proceedings deprived them their right to a trial by jury under the U.S. Constitution.
'GEOFENCE" WARRANTS On April 27, the court heard arguments in a Virginia case over whether or not law enforcement's use a "geofence warrant" to identify suspects using data from mobile phones near crime scenes is a violation of the Fourth Amendment's bar against unreasonable searches. Geofence warrants approved by the court compel companies, such as Alphabet’s Google in this instance, to search for mobile devices near crime scenes around the time of the crime. In this case, a defendant pleaded conditionally guilty to robbing an institution of higher learning while reserving the right to argue against evidence obtained from what he claims was "an illegal search". The ruling is expected to be made by the end June.
CRISIS PREGNANCY COUNTER The court sided on April 29, with the operator in New Jersey of Christian faith-based "crisis pregnancies centers" that are anti-abortion and trying to impede an investigation by the state into whether these facilities engage in misleading practices. First Choice Women's Resource Centers brought a federal suit against a subpoena issued by the state attorney general in 2023 seeking information about the organization's doctors and donors. The lawsuit had been dismissed by a lower court. First Choice's facilities are designed to discourage women from getting abortions.
RASTAFARIAN INMATE The conservative justices seemed inclined to reject the bid of a Rastafarian to sue Louisiana state prison officials after they shaved his head in violation of religious beliefs. The case was brought before the court in November 10 under a federal statute protecting incarcerated persons from religious discrimination. Plaintiff Damon Landor's religion requires that he let his hair grow. He appealed the decision of a lower court to dismiss his lawsuit, because they found that the statute in question did not allow for him to sue officials individually for monetary damages. The ruling is expected to be made by the end June.
DEATH ROW INMATE A man convicted in Alabama of a murder committed in 1997 was spared the execution on May 21, after the court upheld a ruling that the inmate has intellectual disabilities and is therefore ineligible to receive the death sentence. Alabama officials appealed a lower court’s decision on how to determine Joseph Clifton Smith’s intellectual capacity. The justices rejected the appeal. This method involved weighing the results of multiple intelligence quotient (IQ) tests alongside expert testimony. In a 2002 Supreme Court decision, the court ruled that executing a person with intellectual disabilities violates 'the Eighth Amendment of the U.S. Constitution prohibiting cruel and unusual punishment.
JURY COMPOSITION On May 28, the justices sided with an inmate on death row who claimed that prosecutors had discriminated against him by excluding Black potential jurors in 2006 during a trial where he was found guilty for his involvement in?the killing of a grocery owner. The justices found that the state courts of Mississippi had not evaluated Terry Pitchford’s claim that he was wrongfully dismissed four Black potential jury members in violation a 1986 Supreme Court precedent called Batson v. Kentucky, which prohibits exclusions based upon race.
SENTENCE REDUCTIONS The court ruled May 28 that judges could not order early release of prisoners based on the fact that they would receive shorter sentences following the 2018 criminal justice reform act. The court upheld the lower-court rulings that were made against two Pennsylvania men who had been convicted of armed burglaries and sought compassionate release on the basis of First Step Act. Congress passed this law years after their sentences.
COX COPYRIGHT DISSENSION
On March 25, the court ruled that Cox Communications could not be held responsible for the piracy of songs by its subscribers, owned by Sony Music Group, Warner Music Group, Universal Music Group, and other labels. This ended their multi-billion dollar music copyright suit. The ruling of 9-0 overturned the decision by a lower court to order a trial to determine the amount the internet service provider was liable for the record labels under a form liability known as contributory copyright violation. Cox said that a retrial would have resulted in a verdict of up to $1.5 billion against the Atlanta ISP.
PHARMACEUTICAL SKINNY LABELS The court ruled that the generic version of Amarin Pharma Vascepa, a cardiovascular medication made by Hikma, did not violate Amarin Pharma patents. This decision could make generic drugmakers more resistant to patent suits involving "skinny label" claims. The justices reversed a decision by a lower court in favor of Amarin. Generic drugmakers argued that Amarin's victory in the case could have deterred them from producing and selling their cheaper drugs, and raised U.S. drug costs.
(source: Reuters)