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US Trade chief considers trade deal tariff caps for excess capacity probe
US Trade Representative Jamieson Greer stated on Tuesday that the Trump administration would take into account tariff caps negotiated in trade agreements with countries when weighing potential 'new duties' as part of an investigation on excessive industrial capacity. Greer told reporters that he didn't want to make any assumptions about the results of a Section 301 investigation, which is expected to be focused on excess capacity within?China and key trading partners. Greer said: "I'm not going to speak before the report and proposed actions, but let me say that we value these deals.?And we will definitely take them into consideration when we look at any outcome of this report." Greer told a group of CEOs and Trade Ministers that many of these deals actually go a long ways to mitigate the effects of any excess capacity in those countries. The Trump administration used its G20 presidency this year to bring attention to China’s excessive production capacity and overreliance on exports as a growth driver. All G20 countries, except China, agreed to take?actions in response to such policies at the G20 Finance Ministers Meeting held in Asheville (North Carolina) at the start of September. Maros Sefcovic, the European Union's trade chief, told CEO roundtable participants on Tuesday that he was pleased with the Trump administration's emphasis on combating excess industrial capacities at the G20 summit. Sefcovic said that the EU is pushing for reforms in excess capacity within the G20 framework as well as at the World Trade Organization. Sefcovic also stated that the EU is working to strengthen cooperation with the US and other allied countries on key minerals in order to secure supply chain and avoid the "weaponization". Production of these materials, which are currently dominated mainly by China, has been a priority for the EU.
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Stocks fall, US 2-year yield drops after Fed's Williams cools down rate hike bets
Investors reduced their bets that the Federal Reserve will raise interest rates next month after comments made by Fed Bank of New York president John Williams. Major stock indexes also eased, as yields for longer-dated bonds remained near multi-decade-highs. Williams' comments and the optimism over AI lab Anthropic’s plan to go public tempered the stock market's weakness. Williams stated that he does not see "urgency" in further action following the US central bank's rate hike earlier this month. Based on the pricing of Fed Funds futures contracts traders now expect a 50% chance of a quarter-point increase at the Fed's next meeting in October. This is down from 70% earlier in day. Williams, who believes that a single rate hike will occur by the end of the year is what has influenced the price of short-term rate contracts. Investors remained concerned about the rate outlook, even though the 30-year US Treasury Bond had earlier reached its highest level since 2002. The'monthly US jobs data is also due this week. Investors are getting ready for the PCE tomorrow. "If we see an acceleration in inflation, then I believe that this will cement a rate increase in October," said Peter Cardillo. Chief market economist at Spartan Capital Securities, New York. Bond yields are rising due to concerns about inflation and higher oil prices. Fed increased interest rates this month, the first time they have done so since 2023, to combat inflation. Investors digested other Fed officials' comments?on Tuesday. Chicago Fed President Austan G. Goolsbee said that allowing the inflation to remain above the Fed target for five-and-a half years was "playing with Fire." He noted that the Fed might need to respond to an supply shock which has long lasting effects. Data showed that US consumer confidence fell to its lowest level in over 12 years in September. Households expect both the business environment and the labor market will weaken in the next six-month period. The yield on the 2-year bond, which moves typically in line with expectations of interest rates for the Fed was down 3.51 basis point to 4.889% last week, after previously touching 4.9596% - its highest level since May 2024. The yield on US benchmark 10-year notes rose 1.32 basis points to 5.255% after previously reaching 5.2932%. This was its highest level since June 2007. After reaching its highest level since the morning of June 2002, the 30-year bond rate rose by 3 basis points to 5,592%. The Dow Jones Industrial Average dropped?131.59, or 0.26 percent, to 51349.92. The S&P 500 declined 12.85 points or 0.17% to 7,670.84 while the Nasdaq Composite lost 22.84 points or 0.08% to 26,797.54. Anthropic’s IPO prospectus revealed that the AI lab had grown rapidly in the past year, but also suffered larger losses. The company aims to reach a valuation of $2 trillion or more, which could set a new benchmark for Wall Street's assessment of AI leaders. MSCI's global index of stocks fell by 3.41 points or 0.30% to 1,135.86. The pan-European STOXX 600 fell by 0.09%. The yields on French 10-year debt were near their 2008 highs of 4.74%, and they were expected to rise the most in a single month since 2022. The sovereign yield is a key anchor for the global markets. It's a price reference for riskier stocks, and it's a benchmark when it comes to mortgages and corporate borrowing. Rates that are higher put pressure on the budgets of government, corporations and households. OIL FALLS Investors focused on signs that crude exports to the Middle East were recovering. Oil prices have risen despite the fact that hopes of a US-Iran deal on the horizon are fading. US President Donald Trump has said that he offered Iran nothing in order to end the conflict. He rejected media reports citing?US officials who claimed he would be willing to ease sanctions or?release funds frozen for "concrete steps" regarding Iran's nuke program. US crude futures declined $3.22, to settle at $89.38 per barrel. Brent futures fell by $2.69, to settle at $100.59. The euro rose 0.01% to $1.1341 in the last currency update. The dollar gained 0.03% against the Japanese yen to reach 157.32. The Australian dollar was almost flat against the greenback, at $0.6984. Australia's central banks raised rates earlier to the highest level in 15 years. Spot gold increased 1.46%, to $4174.26 per ounce.
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Talen Energy names Terry Nutt as CEO and expands its share repurchase programs through 2028
Talen Energy announced on Tuesday that it has named President Terry Nutt its new chief executive officer. This will take effect January 1, and the company also expanded its share repurchase authority through 2028. Nutt succeeds Mac McFarland who will continue to serve as CEO, a member of the board and senior advisor until his retirement in march 2027. Talen is undergoing a leadership transition as it aims to capitalize on the growing demand for electricity from data centers and artificial intelligence, while also returning cash to its shareholders via a large share repurchase program. Nutt will be joining the board as soon as he takes over the role of CEO. He has been 'Talen’s president' since December and was previously the chief financial officer. The independent power producer increased its remaining capacity in its share repurchase programs to $3 billion by December 31, 2028 and entered into $1.5 Billion of accelerated share purchase agreements. By the end of 2027, it is expected that Talen will have repurchased more than 10% its outstanding shares. The company stated that it would 'primarily' fund the accelerated repurchases by'monetizing future capacity revenues from PJM, which is the largest US power grid operator. Talen predicted about $4 billion of adjusted free cash flow in the second half 2026 to the end 2028.
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First visit by the UAE Vice President to Saudi Arabia since the rift
Sheikh Mansour bin Zayed Al Nahyan, UAE Vice President, visited Saudi Arabia on Tuesday. He met with Crown Prince Mohammed bin Salman of Saudi Arabia and the Kingdom's Defence Minister. This was the first official visit by a senior UAE official to the kingdom since the Gulf Powers fell into a deep split last year. Saudi Arabia's Defence Minister, Prince Khalid bin Salman invited the Saudi ambassador to visit the Kingdom. Riyadh is under increasing pressure by the Iran-backed Houthis who have been firing missiles and drones for weeks at the kingdom. Saudi Arabia 'has been trying to rally international assistance to face the Houthis. But it wasn't immediately clear if this request extended to UAE. Saudi Arabia was once the main regional partner of the United Arab Emirates in the war against Houthis. According to a Saudi Defence Ministry post on X, Sheikh Mansour discussed with Prince Khalid topics of mutual interest and ways to improve cooperation and coordination between both countries. In a separate meeting on Tuesday with Saudi Crown Prince Mohammed bin Salman, Sheikh Mansour reviewed "fraternal relationships" between the countries and the developments in the area, according to the Saudi state media agency. In?December, the UAE and Saudi Arabia brought their years-long differences over everything from geopolitics to energy policy to light when an advance by a UAE backed southern Yemeni rebel group brought them close to Saudi border. Saudi Arabia has condemned the UAE's involvement in Yemen and conducted an airstrike against a UAE-linked weapon shipment at Mukalla port. The UAE announced that it had withdrawn its entire force from Yemen, but tensions remain. Yemen has been in a 12-year civil war ever since the Houthis took over the capital Sanaa and prompted a Saudi-led intervention.
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After soaking Baja California Sur, Hurricane Polo hits Sonora in northwest Mexico
Hurricane 'Polo' made its second landfall in Mexico on the northwestern Pacific Coast on Tuesday, after flooding the southern Baja California Peninsula. Landfall occurred near the port of Guaymas, on the Sea of Cortez. Sonora State. Emergency evacuations were ordered by state authorities in several southern municipalities, including Guaymas and Empalme. Officials reported that 543 people were huddled in shelters when the storm hit. The US National Hurricane Center reports that the maximum sustained winds were around 120 km/h (75 mph). In its bulletin, the NHC stated that "rapid weakening" is to be expected as "the center of Polo" moves further inland. Private forecaster AccuWeather warned that the remnants of the hurricane, which are moisture-laden, could cause a flood in the US Southwest and Plains. Damage to Property but No Casualties Polo, a stronger Category 2 storm that smashed trees and turned streets into rivers, pounded the Baja California Peninsula earlier. According to Baja California Sur Governor Victor Manuel Castro, no deaths were caused by the storm. Storms are expected to drop 4 to 6 inches (10-15 cm) of rain across the southern and central parts of Sonora, with maximum amounts of 8?inches in isolated areas. According to the NHC, Baja California Sur may see another 1 to 2 inches in rain with the potential for life-threatening floods and mudslides. "At my house, we secured everything. We were very prepared. Bertha Lopez of Loreto, Baja California Sur said, "We expected it to be stronger, but thank God it wasn't as disastrous." Laura Velazquez of Mexico's Civil Protection Agency said that nearly 700 people took refuge in emergency shelters and would be returning home throughout the day. Mexico's?"Secretariat of the Navy" posted on X that a ship had brought 2,000 food hampers, 8,000 liters?? of drinking water, and other items to the area.
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The US finalizes a sharply lower vehicle fuel efficiency standard
Officials said that the?US?Transportation department will on Monday finalize a sharply lower vehicle's fuel economy standard through 2031. This is reversing an effort by the Biden Administration to force automakers into building more electric vehicles. Donald Trump announced that he has approved new fuel efficiency standards for cars, trucks and buses. He said this will reduce the cost of new vehicles. Sean Duffy, Transportation Secretary, said that "a major victory is coming for America's automobile workers on Monday." According to the department's estimates, new standards would reduce vehicle costs but increase fuel consumption. Trump's move comes at a time when American motorists are struggling with steeply higher fuel costs since the U.S. - Israel war began against Iran in February. The government under Democratic President Joe Biden 'tried to push automakers into building more electric vehicles in order to meet the rising fuel efficiency standards. Biden increased the required fuel efficiency of cars by 8% per year for model years 2024-2025, 10% per year for 2026, and 2% each year from 2027-2031. In December, the Trump administration proposed to retroactively reduce the fuel efficiency standard for 2022 model years and then raise it between 0.25 and 0.5% per year through?2031. The Transportation Department proposed that fleetwide fuel efficiency would average 34.5 miles per gallon (14,7 km per liter), down from the 50.4 miles per galon (21.4km per liter), under Biden. It estimated that its proposal would reduce average new vehicle prices by $930 per vehicle. The department stated that it would increase fuel consumption by 100 billion gallons by 2050. Fuel spending would also rise by $185 billion, and carbon dioxide emissions about 5%. Trump's decision?will allow automakers to offer consumers less-efficient vehicles. Pete Buttigieg who was the Transportation Department head under Biden said that lowering?standards would accelerate what Trump has already done: giving the future of clean tech to China, and forcing Americans to spend more money at the pump. Biden's focus was on reducing US greenhouse gas emissions, fossil fuel usage and accelerating the transition to clean energy. Clean-energy manufacturing and technology is a key component of the US's global leadership.
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Falling oil prices provide support for bonds in trouble
US Treasury yields stabilized on Friday, with benchmark 10-year note yields moving lower for the day as oil prices fell, after having earlier reached new'multi-decade highs', and traders priced in more Federal Reserve interest rate increases. The AI industry continued to be a source of optimism, which boosted the stock market. The oil price fell by about 3% as traders grew more hopeful of a possible truce between Iran and the US. However, they were also concerned that the Houthi fighters' increased attacks on Saudi Arabia could cause a disruption in the Middle Eastern producers supply. The US Treasury yields are at their highest level since the financial crises, mainly due to persistent concerns about inflation. While the latest signs of 'diplomatic progress' in the Middle East may have temporarily eased geopolitical worries, the market is still unconvinced of the prospect of a normalization of the global energy supply," said Ian Lyngen, BMO Capital Markets head of US rates. The bond market is experiencing a daily downward trend. The benchmark 10-year Treasury Yield fell 0.37 basis point to 5.158% after earlier reaching 5.2297% - the highest since 2007. The 30-year bond rate rose by 2.63 basis points, to 5.4883%. It had previously reached 5.5319%. The ICE BofA MOVE Index is a measure for?bond market volatility. It has risen by about 30% in the last week. This is the biggest increase since April 2025's Liberation Day tariff chaos. A survey released on Friday showed that US consumer sentiment fell to a new low of four months in September, amid fears?that rising prices would reduce the purchasing power of households. Japan's 10-year bonds yield reached 3.121% elsewhere, a record level last seen in 1996. Five of the most influential central bankers in the Group of 10 have increased rates this month. The rest have signaled a pending hike or warned of increasing inflation. STOCKS STAY BOUGANT The stock market has remained resilient despite bond market turmoil. US stocks have rallied on AI-driven optimism, and hope for improved Middle East oil supplies. The Dow Jones Industrial Average increased by 0.93%. The S&P 500 rose by 0.51%, and the Nasdaq Composite grew by 0.48%. Microsoft's 2026 gain jumped to 7% after it unveiled new features in its Copilot application, such as a coding app and an AI agent that is always on. The MSCI?gauge for stocks around the world rose by 0.53%. The pan-European STOXX 600 rose by 0.35%. US President Donald Trump hosted Xi Jinping, the Chinese President, at 'the White House' on Thursday. The lavish summit was laden with symbolism, but lacking in substance. There were no signs of progress on thorny topics such as AI and trade, Taiwan, or even the 'war with Iran. DOLLAR OPTIMISM Analysts expect further Fed tightening to keep the US currency strong. Morgan Stanley analysts, led by David S. Adams, said in a report on Friday that they expect the dollar to remain strong through 2027. They cited?favorable rate differentials against peers, robust US economic growth and heightened political risks in Europe. The euro rose 0.14% to $1.1395. The dollar fell 1.01% against the Japanese yen to 157.22. Satsuki Katayama, Japan's Finance minister, said that Trump expressed concern over the yen during a meeting with Japanese Prime Minister Sanae Takayichi this week. Spot gold increased 0.31%, to $4.291.25 per ounce.
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Vujcic, ECB's Vujcic, warns diesel prices could fuel inflation
The European Central Bank's Vice President Boris Vujcic stated on Friday that diesel prices are likely to stay high due to the?shrinking refining capacity around the world, which could?push? up inflation in other parts of Europe. As conflicts in the Middle East, Ukraine and elsewhere disrupt supply, diesel prices are at record highs. This adds to the inflation pressures within the fuel-importing Euro zone and complicates the ECB's attempts to control price increases. Vujcic said at an event held by the Federal Reserve Bank of Cleveland that "energy prices, especially diesel, will probably stay high for a long time and this?will feed?inflation, because diesel is used in many products." He said that drone attacks on Russian refining facilities had curtailed supply. Meanwhile, the Iran war disrupted traffic through the Strait of Hormuz. This week, the 'diesel market was again jolted by the US President Donald Trump who voiced his support for a possible ban on US diesel exports. Later, the US administration tried to downplay that possibility.
The top cases in the US Supreme Court docket
The U.S. Supreme Court has decided a number of important cases in its current term, including those relating to President Donald Trump, voting rights and tariffs, immigration, guns, transgender sportspeople, campaign finance laws, and LGBT "conversion therapies."
This is a list of some of the cases that were argued in the current term. The term began in October, and will run through the end of June.
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 biased. The court blocked a map that would have given Louisiana a U.S. Congress district with primarily Black constituents. The court's ruling undermined Section 2 of the Voting Act, which Congress passed to prohibit electoral maps that could dilute the power of minority voters. 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 gained more importance as a barrier against 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 law codifying rights to birthright citizenship. The Supreme Court will likely rule by the end June.
TRUMP'S TARIFS The Supreme Court ruled on February 20, 2018 that Trump's tariffs were illegal because they were based on a law intended to be used in emergencies. This ruling has major implications for global economics. The ruling, which was 6-3 in favor of the lower court, confirmed that Trump had exceeded his authority when he used this 1977 law. The court ruled that 'the International Emergency Economic Powers Act or IEEPA' did not give Trump the authority he claimed for tariffs. 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 The 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 designed 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 position for now, said that the allegations were a pretext used to fire Cook over differences of monetary policy, 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 June 25, the court cleared the way for Trump's administration to strip hundreds and thousands of Haitian, Syrian, and other immigrants of their humanitarian status which protects them against deportation. The court overturned federal judge's decisions that had stopped the Trump administration from terminating Temporary Protected Status (TPS) for more than 350,00 Haitians and 6,100 Syrians. State Department warns travelers against visiting either Haiti or Syria due to widespread crime, terrorism, and kidnapping. TPS is an designation that allows migrants from countries affected by war, natural catastrophe or other disasters to live and work in America while it's unsafe to return home.
The conservative justices of the court have indicated that they will uphold Trump's legality in firing a Federal Trade Commission official. This would give a boost to president power and also threaten a 90-year old legal precedent. On December 8, the court heard arguments in the Justice Department’s appeal against a lower court’s ruling that the Republican President exceeded his authority by dismissing Democratic FTC member Rebecca Slaughter before the term of her office was due to end. The conservative justices seemed sympathetic to the Trump Administration's argument that tenure protections granted by Congress to heads of independent agencies illegally 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 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?courts rulings that transgender students were right to challenge the bans on female sports teams in both states. The judges ruled the laws violated the U.S. Constitution as well as a federal anti discrimination law. 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 June.
LGBT "CONVERSION THERAPEUTY" The court rejected on March 31, 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 ban was an intrusion into free speech rights. The Colorado court rejected the argument that their law only protected speech, but regulated professional conduct. The court reversed a lower-court decision which had upheld the Colorado law in a case brought forth by Kaley Chiles who argued it violated First Amendment protections from government abridgment.
HAWAII GUNS LAW On June 25, the Justices struck down a Hawaii gun law that restricted the carrying of handguns in public places, such as most businesses, and without permission from the owner. This is the latest ruling to expand gun rights. The justices found that Hawaii's law violated the Second Amendment of the U.S. Constitution, which gives citizens a right to "keep & bear arms." The justices reversed a lower court decision that Hawaii’s Democratic-backed measure probably complied to the Second Amendment. Hawaii's law requires "express permission" from the property owner before a handgun can be brought onto a private property that is open to the general public.
Drug Users and Guns The court, on June 18, limited the application a U.S. Law that prohibits firearms possession by some drug users. It rejected a Trump administration position that threatened the rights of millions Americans who "use marijuana" and own firearms. The justices affirmed a lower-court decision dismissing an illegal gun possession case brought under the law in question against Ali Hemani. Hemani is an American and Pakistani dual citizen who lives in Texas. Hemani told authorities that he regularly used marijuana. The Supreme Court determined that the government failed to prove that Hemani's prosecution was in compliance with the Second Amendment rights to "keep and carry arms" guaranteed by the U.S. Constitution.
CAMPAIGN FUNDING The court heard arguments in December 9 on a Republican-led attempt to overturn federal spending limits by political parties coordinated with candidates. This case involved Vice President JDVance. The conservative justices seemed to be sympathetic towards the challenge. Meanwhile, the three liberals on the court appeared inclined to maintain the spending limits. The debate centers around whether federal limits on coordinated campaigns spending violate First Amendment protections against government abridgment. Vance and other Republican challengers have appealed the ruling of a lower court that 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 On March 23, conservative justices expressed skepticism about a Mississippi law that was challenged by Republicans. The law allows for a five-day period of grace to count mail-in votes received after Election Day. This case 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 On June 25, the court handed Trump a win by confirming that the federal government has the authority to reject asylum seekers if officials determine that border crossings between Mexico and America are too overburdened for additional claims. The court overturned the lower court's ruling that the policy was illegal. After former president Joe Biden dropped the policy known as "metering", the Trump administration said that it might seek to revive it. The policy of metering allowed U.S. Immigration officials to refuse to process asylum claims indefinitely and stop asylum seekers at border.
WEEDKILLER CANER CLAIMS On June 25, the justices ruled against thousands of lawsuits filed in state courts that accused Bayer of failing warn users of the dangers of the active ingredient of the German company Roundup weedkiller. The Missouri jury had awarded $1.25million to John Durnell, who claimed he was diagnosed as having non-Hodgkin's lymphoma following years of exposure to Roundup. The court agreed that Bayer's argument that the U.S. pesticide law prohibits claims of failure to warn that are brought in state court cannot be heard.
Human Rights Abuses Abroad The Justices further limited the scope of a federal statute used to hold companies liable for abuses of human rights committed abroad on June 23, as they released a ruling that ended a lawsuit brought by members of Falun Gong accusing Cisco Systems facilitating religious persecutors in China. The justices overturned a lower court decision that gave new life to the 2011 lawsuit brought under the Alien Tort Statute of 1789. Cisco was accused of developing technology that enabled the Chinese government to monitor and persecute Falun-Gong practitioners. The Alien Tort Statute allows non-U.S. Citizens to seek damages from American courts in cases of violations of international laws.
SEC "DISGORGEMENT" POWER On June 4, the court rejected a challenge against the U.S. Securities and Exchange Commission’s broad authority to recover illicit 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 supported a broad 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 unjustified gains and interest in connection with a financial fraud case.
FCC FINES FOR WIRELESS CARRIERIES The Supreme Court ruled on June 4, defending the Federal Communications Commission system of levying fines and ruling against AT&T's and Verizon's challenge to 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.
CUBA - COMPENSATION FOR PROPERTY seized by the former government of Fidel Castro's Cuba The Justices made it easier on June 23, for?U.S. Companies can now seek compensation from Cuba for property that was seized by the former government of Fidel Castro decades ago. ExxonMobil won its case against Cuban state-owned company Corporacion CIMEX. The court ruled that a defense known as foreign sovereign immunity which prohibits U.S. suits against foreign governments or their agents is not applicable in cases such as the one Exxon filed against CIMEX based on a 1996 U.S. act called the Helms-Burton Act. In another case the court ruled against four American cruise operators who contested a combined $440 million judgment in litigation brought on by a U.S. firm accusing them for using docks that they built in Cuba and later seized.
'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 believes 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 anti-abortion crisis pregnancy centers that are trying to impede an investigation by the state into whether or not the facilities engages in deceptive practice. The court revived the federal lawsuit filed by First Choice Women’s Resource Centers to challenge a subpoena issued in 2023 by the state attorney general, which sought 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 Justices refused on June 23, to allow a Rastafarian inmate to sue Louisiana state prison officials after they shaved his head and held him down in violation of religious beliefs. This case was brought under federal law that protects incarcerated persons from religious discrimination. The justices upheld the lower court's dismissal of Damon Landor’s lawsuit, because the law at issue did not allow him to sue individual prison officials or guards for money damages. Landor's religious beliefs require him to grow his hair.
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 decision on how to determine Joseph Clifton Smith’s intellectual capacity. The justices rejected the appeal. This method involved weighing the multiple intelligence quotient (IQ) test scores along with expert testimony. In a 2002 Supreme Court decision, the court ruled that executing a person with intellectual disabilities violated 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 in Mississippi, who claimed that prosecutors had discriminated against him by excluding Black potential jurors in a 2006 trial where he was found guilty for his role in the murder of grocery store owner. They found that the state courts of Mississippi had not evaluated Terry Pitchford’s claim that four Black jurors were unlawfully dismissed for a violation of a 1986 Supreme Court precedent called Batson v. Kentucky, which prohibits exclusions based upon race.
SENTENCE REDUCTIONS The court ruled that on May 28, judges could not order early release of prisoners based on the fact that they would receive shorter sentences following the 2018 criminal justice reform law. The court upheld lower-court decisions against two Pennsylvania men who were convicted of armed burglaries and sought compassionate release on the basis of the First Step Act that Congress passed many years after their sentences.
SECURITIES LITIGATION The court sided on June 11, with a group investment funds affiliated to BlackRock and other asset management firms in their attempt to defend against certain lawsuits filed by private plaintiffs under an important federal securities law. The court reversed an earlier ruling that allowed the hedge fund Saba Capital Master Fund, to sue the Investment Company Act of 1941 to invalidate fund bylaws that restricted the voting rights of activist shareholders. The Trump administration backed BlackRock and FS Credit Opportunities, as well as other funds in the case including Adams Diversified Equity Funds, Adams Natural Resources Funds and Royce Global Trust.
COX COPYRIGHT DISSENSION The court ruled that Cox Communications could not be held responsible for the piracy of songs by subscribers to its internet service. These labels included Sony Music, Warner Music Group Universal Music Group, and others. 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)