Latest News
-
Gold prices rise as dollar yields fall due to inflation data
Gold prices rose after the U.S. inflation rate came in 'largely' in line with expectations. This eased some concerns over imminent Federal Reserve rate increases and pushed dollar and Treasury yields down. As of 1:30 pm EDT (1730 GMT), spot gold was up by 0.8% to $4,032.74 per ounce after falling as high as 1% in the previous session. U.S. Gold Futures for August Delivery settled around 1% higher, at $4.047.60/oz. "PCE data appears to have been in line with expectations. David Meger is director of metals at High Ridge Futures. The U.S. Personal Consumption Expenditures Price Index surged by 4.1% over the past 12 months, marking the first time since April 2023 that the index has risen above 4.0%. Economists polled had predicted a 4.1% increase in PCE inflation. After the data, the U.S. dollar lost its gains and turned lower. This made greenback-priced gold cheaper for overseas merchants. Treasury yields were also pushed lower. The?CME FedWatch showed that the markets project an 80% probability of a rate increase in December. This compares to an 85% before the release the PCE data, and a 61% before the Fed's statement of policy last week. The main focus will continue to be inflationary pressures in the future. Meger said that this is one of the reasons why gold has declined over the past few sessions. Gold prices dropped below $4,000 an ounce on Wednesday, for the first time since November 20,25. This was due to expectations that interest rates will rise this year following the U.S. Federal Reserve's hawkish tone during its policy meeting. Higher interest rates, despite serving as an inflation hedge for bullion, dampen its appeal. Investors turn to yield-bearing investments. Prices of oil have increased, but the expectation that more will be supplied from the Middle East after an agreement to end "the Iran War" has pushed them back to their pre-war level. Spot silver increased 1.7%, to $58.38 an ounce. Platinum rose 1.8%, to $1606.61. Palladium increased 1.9% to $1188.19 per ounce. (Reporting and editing by Anjana Anil, Bengaluru, Matthew Lewis, Elaine Hardcastle).
-
Iraq's SOMO announces tender for July-loading of oil, traders claim
Iraq's state-owned oil marketer SOMO?issued an offer on Thursday to?sell Basra Heavy oil and Basra medium oil in July?, according to trade sources. SOMO has not specified the 'volumes' in a?tender, they added, adding that the tender will end on Saturday. The company asks buyers to take oil from the Basra Oil Terminal in the Strait of Hormuz. They said that bidders are asked to provide prices based on Dated Brent Crude for Europe, Argus Sour Crude Index (ASCI), for the United States and a price average for Oman-Dubai in Asia. SOMO failed to respond immediately to a comment request sent during an Iraqi national holiday. One source said that the pricing terms were different from SOMO's normal?tenders, through which they sell a 'handfull' of cargos with discounts or premiums linked to their official selling price. This shows that they have huge unsold volumes like everyone else in the Middle?East," this source said. "This shows that they have large unsold volumes just like everyone else in Middle?East," said this source. Physical crude oil cargoes sell at steep discounts all over the world. This is changing trade flows as markets are under pressure due to a rapid increase in Middle Eastern'supply. After the United Arab Emirates left the OPEC group, the Abu Dhabi National Oil 'Company' sold 48 million barrels through spot auctions. Iraq, OPEC’s?second largest producer, considered?leaving if Baghdad 'is not allowed? to increase oil production significantly, according to sources familiar with the matter.
-
Report: Rapid US grid expansion could rival largest US system
?U.S. ICF International, a global consulting firm, said that the rapid expansion of the electric grid could add another grid to the size of America's largest regional power system in 2030. ICF, a Reston-based Virginia company, forecasts that the U.S. will add 445 gigawatts of capacity by 2030. Grid expansion is accelerating at an alarming rate as data centers, heat pumps and electric vehicles compete for power plants and transmission line access. It is equivalent to 191 GW on a peak demand basis, as intermittent wind and solar energy cannot be dispatched?on-demand. This is approximately equivalent to the PJM Interconnection - the largest U.S. Regional Grid - with a generation capability of around 185 GW. It serves 67,000,000 customers in the South & Mid-Atlantic. Himali Parmar is vice president for energy markets at ICF. According to ICF, the U.S. patchwork grid of seven regional 'electric grids' has limited capacity for rapid growth between 2030 and now. According to analysts, grid operators, and CEOs of electric utilities, there is uncertainty about how quickly data centers, electric cars, and electrified heat will scale. Also, supply chain constraints, permitting delays, and changing state and federal regulations continue to shape timelines for the new generation. ICF's study estimates that there is only 26 GW excess capacity over minimum reliability requirements, or roughly 3% of the total U.S. power capacity. ICF stated that there was 'no spare capacity in the fastest-growing markets of Texas and PJM to meet new demand beyond this year. According to industry analysts, spending on upgrading the creaky U.S. Grid could exceed $1 trillion in the next decade.
-
IMF: It will take some time before energy and commodity prices normalize following the US-Iran agreement
International Monetary Fund?said Thursday that it had seen energy and commodities prices drop since?the U.S. and Iran agreement to?halt?hostilities and reopen?the Strait of?Hormuz.?But it will take some time for prices to return to normal and Gulf trade to resume. IMF spokesperson Julie Kozack said at a press briefing that the Fund would decide on whether or not to stick with the three growth scenarios that it had presented in April, which were dependent on the outcome of the Iran war. Kozack said that as the Strait of Hormuz was closed in May and benchmark oil prices remained above $100 per barrel the global economy had moved from a more benign "reference scenario," which?assumed an end to the war, to a "disadvantageous scenario" with 2.5% growth globally for 2026. The scenario also assumed that the average oil price for 2026 would be $100 per barrel. It also assumed tighter financial conditions and rising inflation expectations. Kozack stated?on Friday that inflationary expectations are well-anchored as central banks have raised interest rates and financial conditions remain accommodative. Both advanced and emerging markets can access international finance markets. Benchmark Brent crude futures for August deliveries traded at $73 per barrel on Thursday. This was their lowest price since the start of the U.S. supported war against Iran, which began on February 28. Kozack said that prices for urea and other fertilizers, as well as base metals, had also fallen since the return of shipments from Gulf nations, but full normalization will take some time due to shipping lead times. Kozack stated that it will take some time to return to a 'normal state.' This is assuming that the ceasefire continues. She stated that the IMF was most concerned with the conflict's effect on developing countries, particularly those in Africa who are net energy importers and have few fiscal reserves. Kozack responded that India's internal demand was strong and its real GDP growth for fiscal 2026-2027 year is projected to be 6.5%. (Reporting and editing by Franklin Paul, Paul Simao and Andrea Shalal)
-
The dollar is steady near its one-year high as world stocks rise on the chip rally
Global stocks rose Thursday, as chipmakers' strong earnings lifted sentiment. Meanwhile, the dollar hovered at a year-high, with investors still wary of stretched valuations. S&P 500 and Nasdaq, the benchmark indexes on Wall Street, were both up, with industrials, healthcare, and materials stocks leading the way. Micron rose 10% as the memory chipmaker’s strong forecast contributed to its AI-driven rise. Qualcomm gained 4% following its announcement that it expects to generate $15 billion in annual sales through its data center division by 2029. Nasdaq fell, but was dragged lower by the choppy trades among megacap technology companies. Apple fell 5.3%. The Dow Jones Industrial Average rose 1%. The S&P 500 rose 0.21%. And the Nasdaq Composite dropped 0.46%. AI VALUATIONS & INTEREST RATE DRIVE SENTIMENT Recent days have seen markets become volatile due to investor concern that AI-related company valuations are 'extended after years of gains. Markets are also pricing in higher interest rate from the U.S. Federal Reserve and other central bankers. Marc Dizard is the chief investment officer of Huntington Bank. He said that if you compare the S&P 500 without technology to the tech sector, the two are about 2.8 standard differences apart. When you consider the magnitude of the move, we don't find it surprising that there would be a "pause", some consolidation, and a rebalancing, where investors take profits off the board." The broad STOXX 600 index rose by 0.92% in Europe. The MSCI index of global stocks rose by 0.42%. "Technology will be a long-term asset, as the story unfolds. Not necessarily within the next six month." When the Fed adopts a hawkish stance, long-term assets will be sold off during that period, Dizard explained. The U.S. data showed that inflation in the United States rose above 4% for the first three years on Thursday, as energy prices were boosted by the Middle East conflict. However, the monthly reading came in slightly lower than expected, which helped to drive yields down. The yield on the benchmark U.S. 10 year notes dropped?1.37 basis point to 4.386%. The yield on 2-year notes fell 2.64 basis point to 4.111%. OIL BACK AT PRE-WAR LEVELS Oil 'prices' edged up but remained near levels seen just before the U.S. and Israeli war against Iran. This was due to the expectation of a rising Middle East supply outweighing demand concerns. Brent crude futures rose?1%, to $74.49 per barrel. The dollar was down against its major counterparts but still close to its highest level in the past year. The euro last traded at $1.1388, just a hair above the 13-month low of Wednesday, and the Japanese yen neared its lowest level in over 40 years versus the dollar. Tokyo is widely expected to intervene again after the last bout, around May, failed to stop the currency's slide. The yen gained 0.1% to 161.63 dollars. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, the euro and others) fell by 0.29%, reaching 101.30. The dollar dropped, and gold rose. Spot gold increased 0.68% to $4.027.67 per ounce.
-
Air-conditioned waiting rooms offer some relief in a French hospital that is sweltering
The waiting room is the most popular place in a private hospital south of Paris. The waiting room has a TV, a table football game and books. But what the staff and patients appreciate most is the air conditioner. As France experiences its highest temperatures ever, it is becoming apparent that many hospitals and schools, factories, homes, and other institutions are not prepared to deal with climate change. The Frederic Henri Manhes Hospital in Fleury Merogis, France has large bay-windows. They were built at the turn of the century when heatwaves in western Europe weren't a concern. They are now like the glass panes in a greenhouse. Medical staff constantly check that patients have enough water and are feeling OK. Some corridors are darkened to make the space cooler. However, it doesn't seem to have much effect, so staff move patients to the waiting room below. Staff and patients suffer from France's heatwave "It is hell." "I'll watch for a bit and then go downstairs (to the waiting room)" said Christine. She was lying in bed in April with her arm wrapped around an electric fan. "Well, I suppose the fan has some effect. But I'm holding it as close to me that I can. "I can't get any closer," she laughed. Patients and staff in public and private hospitals in France are suffering, according to a report. "The level we provide care is reduced because we are tired, we don't sleep well, and the heat conditions we have to deal with can be difficult," said Sandra Carnero. She works in Frederic Henri Manhes’s psychiatric ward. Patients are also tired. This can affect their mood and even worsen the condition. "We can't fully open the windows for safety reasons," she said. "It's muggy, it's humid. "We sweat even when we don't move; it feels like we might faint." Kathy, one of her patients, says she sits right in front a fan to "keep cool" and keep a "clear head". In France, air conditioning is a controversial topic. The National Rally, a far-right group, wants to?install?more nationwide. Many on the left disagree and say that this is a knee jerk reaction which will increase energy consumption in the long term. There is a growing consensus that air conditioning in hospitals and schools would be beneficial. Manhes provides cooling to its most vulnerable patients, such as those on dialysis. Maxime Putton, its director general, stated that putting it in the entire hospital would be a different matter. He said that in institutions where the financial balances can be complex, spending heavily on air conditioning could mean less money spent elsewhere, unless state funding is available. "But, there will be a day when I, as the Director, have to find solutions to allow our patients to stay with us in good condition if heatwaves become more common." (Ingrid Melander, Kevin Liffey and Juliette Jabkhiro contributed to the reporting; Ingrid Melander wrote the article.
-
Gold prices rise as dollar yields fall due to inflation data
Gold prices reversed course and edged up on Thursday, after a U.S. reading of inflation?came in largely line with expectations. This eased some concerns about upcoming Federal Reserve rate increases and pushed the dollar and Treasury yields down. As of 11:12 am EDT (1512 GMT), spot gold rose 0.2% to $4,007.65 per ounce after dropping as much as 1% in earlier sessions. U.S. Gold Futures for August Delivery rose?0.3%, to $4.021.00 an oz. "PCE data appears to have been in line with expectations. David Meger is director of metals at High Ridge Futures. He said that it's a big reason gold has been relatively stable. The U.S. Personal Consumption Expenditures Price Index surged by 4.1% over the past 12 months, marking the biggest increase since April 2023. The economists polled had predicted PCE inflation rising 4.1%. After the data, the U.S. Dollar?erased its gains and turned lower. This made greenback-priced gold cheaper for overseas merchants. Treasury yields were also pushed lower. The CME FedWatch data showed that the markets project an 80% probability of a rate increase in December. This compares to an 85% before the release the PCE data, and a 61% before the Fed's statement last week. The main focus will continue to be inflationary pressures in the future. Meger said that this is one of the reasons why gold has declined over the last few sessions. Gold prices dropped below $4,000 an ounce on Wednesday, for the first time since November 2025. This was due to expectations that interest rates will rise this year following the U.S. Federal Reserve's hawkish tone at its last policy meeting. Higher?interest rates, despite serving as a hedge against inflation, dampen the appeal of bullion as investors switch to yield-bearing investments. As a result of the agreement reached last week to end the Iran War, oil prices have fallen back to their pre-war level. Spot silver increased 0.4%, to $57.65 an ounce. Platinum rose 0.9%, to $1.593.15. Palladium increased 1% to $1177.73. (Reporting and editing by Leroy Leo, Matthew Lewis and Anjana Anil from Bengaluru)
-
Concerns about milk and meat production grow as Belgium bakes under the sun
The Belgian government issued a "red alert" on Thursday for extreme heat. This is due to a heatwave that has lasted days and caused livestock, such as cows and pigs, to struggle with the heat. Boerenbond, the Flemish agricultural association, expects that the heatwave will reduce milk and meat production. However, it's too early to provide precise numbers, said a spokesperson. Sander Palmans (35), director of the Agricultural Research and Education Center and a Bocholt farmer near the Dutch border said that his cows and pigs suffered from heat'stress. The temperatures are taking their toll on him, even though he is using cooling techniques like fans to cool the animals. Palmans reported that his cows were 'less active, ate a little less, and avoided lying on the warm bedding, leading to less milk production. Pigs also suffered, as their growth rate dropped by 150 grams a day. This reduced meat production. He said that "the heat costs us between EUR150-EUR200 per day", or 10 to 15 percent of Palmans' earnings. According to the Flemish Agriculture Ministry, heatwaves across Europe are affecting mostly livestock farmers. Recent rainfall has meant that drought is not a major issue for crop producers. Mark Wulfrancke is a spokesperson of the?Belgian Farmers' Association?Algemeen Boerensyndicaat. Extreme heat in France killed hundreds of thousands poultry while increasing water consumption, reducing feed intake and reducing milk production for cattle farmers. Palmans believes that heatwaves will 'become more frequent,' which will mean more frequent use artificial cooling systems. He stated that the temperature of the air entering livestock housing could be reduced by up to 8 degrees Celsius. He said: "Today, it's just an investment for a few hot days per year. But we are seeing that the number of these days is increasing." Bart Biesemans (Reporting), Caden Kipfmueller (Editing), Charlotte Van Campenhout
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)