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After years of stagnation, New Zealand's interest in gas exploration is picking up.
Seven oil and gas companies are racing to secure offshore exploration rights before a New Zealand national election, which could result in a ban on new permits. The country's main parties?battle about the need for natural gas. New Zealand has attracted?interest? after the conservative government overturned last year a ban on offshore drilling, imposed in 2018. The goal was to avoid gas shortages for industry users and boost power generation during dry years when hydropower production falls. In May, the country produced 7,6 petajoules (PJ) of gas. This was largely due to fields that have declined or are about to decline. The government reported in January that gas reserves will drop 23%, to 731 PJ by 2025. The gas is all used in New Zealand. According to Energy Resources Aotearoa, if there were more gas available, the demand would increase by 100 PJ per year. According to industry and government, the former Prime Minister Jacinda's government prohibited offshore bids. They also waited long for environmental approvals. After the offshore ban came into effect, Chevron and Equinor both renounced their exploration permits. "We're kind of jammed at one side." "We've got mature and old fields near the end of their life at one end," said ERA Chief Executive John Carnegie. We have a gap of?seven years because of the ban. He said that we are rebuilding the entire sector from scratch. New Zealand set up a fund of NZ$200,000,000 ($117,000,000) last year to assist operators in?developing projects, such as extracting more gas from mature reservoirs. But so far, no new permits were issued. A PROMISING FIND Sunda Energy, based in the UK, Pancontinental Energy of Australia and EnZed (privately owned) have all received grants and are waiting for formal permits. Three New Zealand companies are working together to secure another permit, and CBX Energy has been working on securing a permit for the Canterbury Basin off the South Island. Three months is the time limit for competitors to come up with superior plans of work in the same area. EnZed and Sunda are both targeting the Taranaki Basin, which is the only offshore producing basin in the country. This area has extensive subsurface data as well as known gas discoveries. Andy Butler, Sunda's CEO, said: "We find it an interesting discovery. We'd love to work with it." It is a country that attracts smaller explorers, especially at a moment when the gas policy in Australia, whose neighbour is a major player in the sector has caused confusion and consternation. Neil Young, founder of EnZed, said: "I believe that Australia's domestic?gas mess has caused capital?allocators to look at New Zealand as a possible alternative." Shane Jones, Minister of Resources, said that investor confidence is returning. He said, "It took us a long time to get the regulatory environment straightened out and people have recently shown that they are willing to take a risk and give it a try." The explorers are looking to secure drilling rights before the New Zealand election in November, as the Labour Party intends to reinstate a ban on off-shore exploration while honoring existing permits. Tangi Utikere, acting Labour Energy and Resources spokesperson said: "Labour will reinstate a ban on the issuance of new oil and gas permits. It's the right decision for New Zealand's long-term energy security and to reduce power bills." He said: "We have stated that we will honour existing permits. However, we do not believe the government should support an outdated industry." The polls show that the race for the presidential election is still too close to call.
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Gold prices steady as markets evaluate Middle East escalation and Fed raise bets
Gold prices were little changed Monday as investors assessed the escalation of the Middle East conflict that has pushed up oil prices, and another U.S. Federal Reserve official signaled that higher interest rates may be necessary to reduce price pressures. As of 0455 GMT, spot gold was $4,018.90 an ounce. U.S. Gold Futures for August 'delivery' gained 0.1%, to $4 023.10. U.S. gold futures for August?delivery gained 0.1% to $4,023.10. Brian Lan, GoldSilver Central's Managing Director, said: "The war continues, and the focus is on rising oil costs that could lead higher inflation. This is what keeps gold under pressure." The metal is still supported when the price falls below $4,000. Oil prices are rising, which is causing inflation fears and speculation about higher interest rates for longer. Gold is often seen as a hedge against inflation, but high interest rates increase the opportunity costs of holding this non-yielding investment. Beth Hammack, Cleveland Fed President, added her voice to the growing chorus of policymakers who argue that?interest rates might need to be raised to beat back persistent price inflation. This will set up a heated debate at the next Fed meeting on July 29, According to CME FedWatch, traders now price in an 82% probability of a December rate hike, up from 73% last week. Kelvin Wong is a senior market analyst at OANDA. He said: "I'm cautious about gold in the long term and I am looking at the $3,886 key level. If it were to be taken down on the downside, this could unleash further weakness towards $3,500." The price of spot silver rose 1.7%, to $56.87 an ounce. Platinum was unchanged at $1,592.34, while palladium increased 0.1% to $1,249.25. (Reporting and editing by Sherry Phillips and Harikrishnan Nair in Bengaluru, and Pablo Sinha from Bengaluru)
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HDFC Bank drags down Indian shares; oil prices also weigh
Indian?shares fell on Monday. The decline was largely due to the?HDFC Bank reducing its quarterly net interest margins. By 10:04 a.m. IST, the?benchmark Nifty 50 index fell 0.60%, to 24,187.25. The BSE Sensex dropped 0.76%, to 77566.17. HDFC Bank fell 5%, its steepest intraday drop in four months, after in-line June-quarter profit was overshadowed by a sharper-than-expected net interest margin decline. HDFC Bank's?drop was greater than Reliance Industries' 0.3% increase and ICICI Bank?s 0.6% gain after their results. Reliance surpassed profit expectations on the strength of oil-to chemicals and telecom?verticals. This was announced after market hours on Friday. ICICI Bank also reported a higher than expected profit for the June quarter, due to strong?loan demands. Kotak Mahindra Bank & Axis Bank both fell by 3% & 6% respectively after multiple brokerages flagged softer first quarter margins. Analysts at Jefferies, Prakhar Sharma & Vinayak Agarwal said that the rise in corporate loans as well as recent spikes in wholesale prices have led to a decline in net interest margins for banks in this quarter. They said that they expected margins to be under pressure during the current September quarter. Seven of the 16 major sectors suffered losses. Banks and financials both lost 1.5%. Private lenders dropped 2.5%. Small-caps and midcaps both rose by?0.2%. The price of crude oil topped $90 per barrel and weighed on the sentiment after the?U.S. Forces?struck Iran on a ninth consecutive night. India's vulnerability will be re-emerging if this trend continues with negative implications for the rupee, and foreign flows, said VK Vijayakumar. Chief investment strategist at Geojit Investments. ONGC and Oil India buck the trend by rising 1.6% and 2.5% respectively, as the upstream oil producers gain from higher crude prices, which improves revenue and profitability. VA Tech Wabag increased its revenue by 4.7% as a result of winning contracts for wastewater treatment facilities. (Reporting and editing by Vivek M and Bharathrajeswaran, Subhranshu Sahu and Ronojoy Mazumdar; Niveditor Bhattacharjee).
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Morning Bid Europe-Rising Oil, rains on AI Party
Wayne Cole gives us a look at what the future holds for European and global markets. While Spain hoisted the World Cup in celebration, the U.S. Military began?its ninth day of attacks against Iran. Iran was also?hitting targets throughout the region. On Sunday, only a few ships crossed the 'Strait of Hormuz. One was on fire. Brent crude oil rose above $90 per barrel for the very first time since June. Treasury bond futures fell as investors lowered the odds of a Federal Reserve interest rate hike in September. The implied probability was around 65%. The rise in 30-year Treasury rates above 5.0% is a warning to equity valuations. A quick glance at a chart shows that yields have rarely risen above this barrier over the last two decades. Stocks tend to suffer when they do. This week, Alphabet, Intel and Tesla are among the companies that will be reporting their earnings. The expectations for tech profits is sky high and the results must be truly exceptional to avoid being punished. Taiwanese chips maker TSMC beat its guidance last week, but shares fell 7%. The chip-heavy South Korean market has fallen by a quarter over the last month, as retail investors were forced out of leveraged positions. The index fell another 3.0% Monday, but that was a better result than many had expected. The Nikkei 225 was on holidays in Japan, but the futures actually traded higher. This gave hope of stabilisation. Futures for Nasdaq &?S&P500 were slightly firmer. This was a good performance, given the recent negative news. The latest spike in oil prices will cause a headache to the European Central Bank, which is meeting on Thursday. It's expected that they will keep rates at 2.25 percent following June's increase. Markets are almost fully priced in for an increase at the September meeting, and rates of 2.5% to begin next year. The sterling held steady at $1.3447 while bond markets awaited the appointment of a new Treasurer by Britain's incoming PM Andy Burnham. Shabana Mahmood is the preferred candidate of the market ahead of Ed Miliband. Market developments on Monday that may have a significant impact - Canada CPI, U.S. Leading Index for June
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Copper prices rise as fears over supply offset demand concerns
Prices of copper edged up on Monday due to a?shrinking inventory and supply risk, but uncertainty about the?demand outlook limited gains. By 0300 GMT, the benchmark three-month copper contract on the London Metal Exchange had risen 0.16% to $13,546.5 per metric ton. The Shanghai Futures Exchange's most traded copper contract rose 0.39%, to 104210 yuan (US$15,389.50). Daniel Hynes said that the growth of copper production in Chile, the world's largest producer, has been "elusive" so far, according to a note by Daniel Hynes senior commodity strategist with ANZ. South32, an Australian mining company, reported lower fourth quarter copper production, falling short of market expectations. Inclement weather at the Sierra Gorda Project in Chile hampered operations. BHP Group announced last week that its fourth-quarter output of copper fell by 5%. It also predicted a decline in Chilean production of copper next year. Goldman Sachs stated on Monday that it expects ex-U.S. Copper market to remain tight in the near term. Goldman Sachs said that prices may be affected if the Middle East conflict escalates and increases inflation and rate hike fears. Copper inventories are declining. Copper stocks available on the LME The number of warrants issued has dropped sharply in the wake of a wave cancellations. As of Friday, more than half (55%) of the copper stored in LME registered warehouses was under a cancelled warrant, which means that they were earmarked for removal, according to data from the exchange. The U.S. has also imported metal ahead of a possible tariff on?refined?copper. In the meantime, the U.S.-Iran conflict continued over the weekend. This boosted oil prices while fanned fears that inflation would lead to higher interest rates for longer. Increased interest rates dampen economic activity, which in turn affects industrial minerals that are dependent on growth. Aluminium?added 0.32 %, Zinc?strengthened 0.38%, Lead?slid 0.05% and Nickel rose 0.47%. Tin gained 0.51%. Aluminium fell 0.24% on SHFE. Zinc dropped 0.61%. Lead ticked higher by 0.06%. Nickel dipped by 0.18%. Tin rose 1.88%.
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Weather agency: 'Super El Nino' to bring record temperatures to Malaysia next year
Malaysia's meteorological department has said that it expects to record high temperatures in Malaysia next year due to the strengthening of?El Nino. El Nino is a natural part of the weather cycle. It's characterized by weakened trade winds, and warmer ocean currents. Climate experts warn of a super-strong El Nino in this year. This could lead to severe weather like droughts, heatwaves and floods. Malaysia's Director-General of the Meteorological Department, Mohd Hisham Mohd Aip, said that the agency predicts El Nino will peak between March 2027 and May 2027. Maximum temperatures are expected to exceed the 1998 Chuping record of 40.1, degrees Celsius (104.2 degrees Fahrenheit). In an interview, he stated that Malaysia's average temperatures have risen since the 1980s. The highest temperatures are often recorded when "super" El Nino occurs. Mohd Hisham said that the global warming was a factor in the rising heat. He said that the?department expected much lower rainfall in the northern areas of Malaysian Peninsula, as well as higher temperatures in Sabah and Sarawak - Malaysia's two largest palm oil producing States on Borneo Island. Sabah's proximity to the Pacific is one of the reasons why some of El Nino's most powerful effects are seen there, he said.
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European chemical earnings will test the recovery of demand after conflict-driven pricing boost
Investors are increasingly interested in whether this temporary boost can offset weak demand and the mounting competition of Asian producers. The Middle East conflict has tightened supply conditions, which have helped to support pricing. This has given breathing space to Europe's chemical sector. However, weak demand, overcapacity globally and increasing competition from Asia are still weighing on the long-term outlook of the industry. Investors are also interested in whether the companies have reported sustained volume gains or only temporary price increases, as well their outlooks for second half of the calendar year. Brenntag, BASF, and Evonik are among the chemical companies that have recently increased their profit forecasts for the full year. This suggests that parts of industry are benefiting from higher prices and resilient demand, despite concerns over excess capacity and low volumes. Lanxess Clariant Wacker Chemie results will be closely examined for signs that recent price support is translating to stronger earnings. Analysts say investors have shifted their focus in recent weeks away from the margin benefits of shortages in supply to concern over the underlying weakness in demand in Europe's chemicals sector. MIDDLE-EAST CONFLICT DRIVEN UPLIFT TO FADE Since years, European chemical companies have been struggling with high energy prices, weak demand, and fierce price competition from Asian competitors. The Middle East conflict provided a short-term boost to the chemicals industry in the region, as disruptions in supply raised prices for Asian competitors and made customers prioritize reliability over price. The increase in investment and demand has not been enough to compensate for the weakening of the industry. VCI, the German chemical industry's body, warned that recent improvements in the chemical sector following Middle East disruptions may only be temporary. The report said that the risks for the second-quarter have increased due to the economic boom caused by the Middle East war. It referred to the stockpiling of customers and the precautionary purchases made after supply concerns. The association stated that demand could re-soften once supply chains are adjusted and pre-purchasing activity fades. This would expose what the association described as a structural weakness in market. The report warned that the sector may face new price pressures and lower order volumes. Before the latest Middle East tensions, European manufacturers warned that Asian competitors would gain ground as energy markets stabilized and regional supply chains adapted. Analysts and Strategists say that periodic disruptions in traffic through the Strait of Hormuz, and rising energy prices may keep commodity chemical prices high. However, they doubt prices will return to their peaks at the start of the U.S. - Iran war. Sebastian Bray, Berenberg analyst, said that the latest impact was likely to be less than it was before. He added, "I suspect that some Southeast Asian producers of chemicals have become more proficient at producing feedstocks now."
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Gold falls as oil prices rise, Fed rate hike voices grow
Gold?prices?fell on Monday?as a escalation of the Middle?East?war pushed Brent?crude above $90 a?barrel, heightening concerns about inflation after many U.S. Federal Reserve officials signaled that interest rate increases may be necessary to curb price pressures. As of 0242 GMT, spot gold was down by 0.1%, at $4,014.53 an ounce. U.S. Gold Futures for August Delivery were unchanged at $4,019.80. U.S. officials announced that they had completed nine consecutive nights of attacks against Iran. Earlier, the U.S. announced that two U.S. soldiers were killed in Jordan. Meanwhile, U.S. partners in the region reported more Iranian attacks Sunday. The weekend escalations increased the risk of both sides launching a full-scale offensive, which could threaten gold prices, as the opportunity costs for holding the metal would increase if the ongoing stagflation fear started to take hold, said Kelvin Woong, senior market analyst at OANDA. Brent oil prices rose 3% on the back of reduced energy shipments through the Strait of Hormuz. Oil prices that are high can cause inflation fears, and increase the odds of interest rates staying higher for longer. Gold is often seen as a hedge against inflation, but high interest rates can increase the cost of owning the non-yielding investment. Cleveland Fed President Beth Hammack has added her voice to the growing chorus of policymakers who believe that interest rates need to be raised to combat persistent?inflation. This will set up a heated debate at the Fed’s next meeting, and could lead to disagreements during Chairman Kevin Warsh’s second meeting. CME FedWatch Tool shows that traders now price in an 82% chance for a December interest rate hike, up from 73% last weekend. Wong said, "On the long term, I am more cautious about?gold. I look at the $3,886?level which, if broken on the?downside, could potentially unleash a further decline towards $3,500." Other metals, such as spot silver, rose 1.9%, to $56.95 an ounce. Platinum was up by 0.5%, at $1,599.97, and palladium fell 0.2%, to $1,244.50.
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 involving President Donald Trump, voting rights and tariffs, birthright citizenship; immigration, guns; race, 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 the month of June.
TRUMP'S FIRE OF FED OFFICIAL On June 29, the court refused to allow Trump to fire Federal Reserve Governor Lisa Cook, as it stood firm in preserving the central bank’s independence from an unprecedented challenge from the president. The court prevented Trump from removing?Cook, providing a safety net for the Fed. Since the founding of the central bank in 1913, no president has attempted to remove a Fed Governor. Trump claimed that Cook's firing was justified by unproven allegations of mortgage fraud, which Cook denied. Cook said the allegations were a pretext for firing her because of monetary policy disagreements, as Trump pressures the Fed to reduce interest rates.
FEDERAL TRADE COMMISSION FIRE The court?on June 29, backed Trump’s firing of a Democratic Federal Trade Commission Member, expanding his power over the government. It also overturned its 1935 precedent which had recognized Congress' authority to protect certain regulatory agency leaders from being removed by the president at will. The Justices invalidated tenure provisions for FTC employees enacted more than 100 years ago by Congress. The justices invalidated the court's crucial decision in the case Humphrey’s Executor v. United States. Last year, Trump fired Rebecca?Slaughter from the FTC over policy differences.
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 prohibit electoral maps that diluted the power of minority voters. The ruling allowed Republican-led Southern States to demolish Democratic-held districts with a majority of Black and 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 ordered that the order be blocked, telling 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 citizenship by birth. 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 imposed under 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 decision that Trump had exceeded his legal authority by using this 1977 law, confirmed a previous decision. 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.
IMMIGRANTS WITH PROTECTED STATUS The court cleared the way on June 25, allowing the Trump administration the ability 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 350,000 Haitians and 6,100 Syrians. The 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.
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. The court heard arguments on January 13, in appeals filed by Idaho and West Virginia, regarding lower court decisions siding with transgender student who challenged the bans imposed in both states for violating the U.S. Constitution as well as a federal antidiscrimination act. Twenty-five states have laws similar to this one. 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 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 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 position taken the Trump administration which had threatened the rights of millions of Americans who use marijuana but own firearms. The justices upheld the decision of a lower court to dismiss a charge of illegal gun possession brought under the law in question against Ali Hemani. Hemani is an American-Pakistani double citizen who lives in Texas and told authorities that he regularly used marijuana. The Supreme Court found 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. Some conservative justices seemed sympathetic to the challenge. The court's three liberals members appeared inclined to maintain the spending limits. The debate centers around whether federal limits on campaign spending coordinated with candidates they support violate First Amendment protections against government abridgment. Vance and Republican challengers have appealed the ruling of a lower court that restricted how much money political parties could spend on 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 BOARDS On June 29, the court upheld state laws that allowed mail-in votes received after Election Day in Mississippi to be counted. The ruling rejected a Republican-led appeal against a grace period of five days. The court overturned the decision of a lower-court that found Mississippi's laws incompatible with U.S. statutes governing federal elections for the president, Senate, and House of Representatives. 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 days of a federal election.
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 crowded to accept any more 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 which had given 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 he was ordered to pay more than $3,000,000 in ill-gotten gain and interest in relation to a financial fraud.
FCC FINES FOR WIRELESS CARRIERIES The Justices ruled on June 4, defending the Federal Communications Commission system of levying fines. They ruled against AT&T, Verizon and their challenge to the Federal Communications Commission. Trump's administration defended?FCC system of assessing financial penalties known as forfeiture order. The carriers had argued the agency's internal proceedings deprived their right to a trial by jury under the U.S. Constitution.
Compensation from Cuba The Justices made it easier on June 23, for U.S. firms to seek compensation for property seized by the former government of Fidel Castro, when they ruled in favor ExxonMobil's lawsuit against Cuban state owned firm Corporacion CIMEX. The court ruled that a defense known as foreign sovereign immunity which prohibits U.S. suits against foreign governments and their agents is not applicable in cases such as the one Exxon filed against CIMEX. This was under the 1996 U.S. Law called the "Helms-Burton Act". In another case the court gave a setback to four American cruise operators who contested $440,000,000 in combined judgements brought by a U.S. firm accusing them for using docks that they built in Cuba and later seized.
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 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 INMATES 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 was a case brought by a Rastafarian inmate under a federal statute protecting inmates from religious discrimination. The justices upheld the lower court's dismissal of Damon Landor’s lawsuit, because the law at issue didn't allow him to sue individual prison officials or guards for money damages. Landor's religious beliefs require him to grow his hair.
INMATE ON DEATH ROW A man convicted in Alabama of a murder committed in 1997 was spared death after the court, on May 21,?kept in force a judicial ruling that the inmate has intellectual disabilities and is therefore ineligible to receive the death penalty. 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 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 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 a 2006 trial where he was found guilty for his involvement in the murder a grocery owner. They found that the state courts of Mississippi had not evaluated Terry Pitchford’s claim that four Black jurors were unlawfully dismissed for violating 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 lower court rulings against two Pennsylvanian men convicted of armed burglaries who requested compassionate release on the basis of the First Step Act which Congress passed 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 a 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)