Latest News
-
Asia stocks hold firm as oil prices edge up in the Gulf crisis
Asian share markets followed Wall Street's lead on Monday, after a weak U.S. employment report reduced the risk of an increase in borrowing costs near-term. However, a lackluster progress in Gulf peace negotiations saw oil prices rise. Iran said?on Sunday? that an agreement with Oman to define new shipping lanes through the Strait of Hormuz is in its final stages. However, it reiterated that this waterway will only be reopened once the United States meets other conditions. Brent crude increased 0.6% to $84.04 per barrel, as the shipping volume through this vital waterway was minimal. U.S. crude climbed 0.5% to $78.56 per barrel. Fuel costs are on the rise again, raising the stakes in the U.S. consumer price report for July due Wednesday. Analysts expect a 0.1% increase in the headline figure and a 0.2% increase in the core. A positive surprise could reignite speculation about a Federal Reserve hike next month. Michael Feroli is the chief U.S. economics at JPMorgan. He said that "our forecast for core CPI at 0.22% probably isn't firm enough to trigger a Fed hike at their September meeting. However, repeated prints nearer to 0.3% might do it." We are looking for a rebound in the prices of core goods after a two month period in which they have fallen. The futures markets has reduced the probability of a move in September to around 45% from 67% one week ago. Wall Street closed at record highs on Friday as the pullback in interest rate risk helped Treasuries rally. Japan's Nikkei index followed suit, rising by 2.0%. South Korea also added 0.8%. The broadest MSCI index of Asia-Pacific stocks outside Japan grew by 0.7%. The blue chip index in China fell by 0.7% in July after data showed that consumer and producer prices inflation were lower than expected. This underscored the softness in domestic demand. GROWTH IN DOUBLE DIGIT EARNINGS In Europe, EUROSTOXX Futures and DAX Futures both remained flat, while FTSE Futures declined 0.4%. S&P futures rose 0.1% while Nasdaq's futures rose 0.3%. Nasdaq had risen 5% in the previous week after a series of positive earnings reports. Analysts from BofA reported that earnings per share had increased 30% over the previous year, even after subtracting investment gains made by Alphabet and Amazon. The 76% rate of EPS growth was the highest since 2021. In a note, they stated that "AI is still the leader, with median earnings?growth of 28 percent compared to 12% for stocks not related to AI." However, consensus expected AI to slow down to 16 percent next quarter. Analysts at JPMorgan raised their 2026 EPS estimate from $780 to $365. This represents a 35% annual increase. They also increased the price target for S&P 500 to 8,800, up from 7,800. This week's earnings are lower, but semiconductor maker Applied Materials and networking equipment?maker Cisco as well as cloud infrastructure technology provider CoreWeave all have positive results. Bond markets saw yields for 10-year Treasuries a little higher, at 4.662%. The market is bracing itself for $125 billion of new issuance. The U.S. Dollar fell sharply as a result of the drop in yields, and the general improvement in the risk environment. The euro was just a few cents away from its seven-week high at $1.1553. The dollar rose 0.3% against the yen, to 158.35. Investors remained wary about intervening if the yen fell too far. A summary of the opinions expressed at the Bank of Japan's July meeting revealed that policymakers were concerned about rising inflation, which could necessitate a more rapid pace of rate increases than expected. This strengthened arguments for an interest rate hike in September. The drop in yields has helped gold that does not pay interest to hold its $4,333 per ounce price after it had risen more than 7% over the last week. (Reporting and editing by Shri Navaratnam, Stephen Coates and Wayne Cole)
-
Gold drops from seven-week high as US inflation data is looming
Gold prices fell on Monday, as investors took profits following a seven-week price high. Meanwhile, markets looked at U.S. inflation figures for new clues about the Federal Reserve's rate policy. As of 0443 GMT, spot gold was down 0.3% to $4,330.46 an ounce. After weak U.S. payrolls data, prices hit their highest level since June 17, on Friday. U.S. Gold Futures dropped 0.2% on Monday to $4,390.60. Gold is slightly lower after last week's NFP-inspired gains. This is more of a stabilisation than a significant shift in sentiment. I expect gold will remain above $4,300 in the short term. The U.S. economy unexpectedly lost jobs in July, and the previously reported job growth for the previous two months was revised dramatically lower. The futures market then changed the odds that a rate increase would occur at the Federal Open Market Committee's meeting on September 15-16 from a more likely-than not chance to a less-than-even possibility. Gold is more attractive than other income-generating assets in a low interest rate environment, since it itself does not earn interest. The Consumer Price Index will be released on Wednesday, and the Producer Price Index on Thursday. Waterer said that "soft readings would strengthen the argument for a rate hold and clear a pathway for further upside for gold... Middle East unrest remains a lingering factor as any renewed escalation?that drives up oil prices could quickly pressurize the metal." Iran has said that it is close to a final pact, with Oman, defining new shipping?lanes? between them via the Strait of Hormuz. However, the?U.S. The strategic waterway must be reopened after meeting several conditions. Silver spot rose 0.3%, to $63.77 an ounce. Platinum gained 0.2%, to $1.748.80. Palladium fell 1%, to $1.364.55. (Reporting and editing by Subhranshu sahu in Bengaluru. Ashitha Shivaprasad is based in Bengaluru.
-
The Strait of Hormuz suddenly becomes 'irrelevant to the US'
Wayne Cole gives us a look at what the day will bring for European and global markets. Asian stocks are mostly higher following the Wall Street rally on Friday, but European share futures are down as oil prices rise amid confusion about the Strait of Hormuz. Treasury Secretary Scott Bessent claimed over the weekend that the'strait' would become "irrelevant", as oil will eventually be redirected via pipelines. This gave analysts the impression that the White House is trying to wash their hands of this whole matter. Iran announced on Sunday that it was nearing completion of a deal to define new shipping lanes through the Strait with Oman. However, the Iranian government reiterated the fact that the waterway would not reopen until the United States had met certain conditions. This seems unlikely. The Houthis claim that they have re-initiated their attacks against the Red Sea port of Mocha. This will make shippers in the Bab el-Mandeb strait very nervous. Brent crude increased 1% to $84.38 per barrel, as the SoH is still only shipping two tankers on Friday. U.S. crude also rose 0.7% to $78.55. Markets have priced in a 44% probability of a Federal Reserve rate hike in September based on the soft U.S. employment number. However, this could change depending on the results of Wednesday's consumer price data. The median forecast is for an increase in headline prices of 0.1% and core prices of 0.2%. The July retail sales will be released on Friday. Forecasts predict a modest 0.2% increase, but there are downside risks?given that Amazon has moved its Prime Day sale from July to June this year. Wall Street futures are a little lower following a record-breaking close on Friday. Analysts at BofA stated that earnings per share had increased 30% over the previous year, even after taking out investment gains from Alphabet and Amazon. The 76% rate of EPS growth was the highest since '2021. AI stood out, with median earnings growth of 28%, compared to 12% for stocks not related to AI. However, consensus is expecting AI?to slow down next quarter, and fall below 16%. This week's earnings are lighter, but include Applied Materials (a semiconductor company), Cisco (a networking equipment maker) and CoreWeave (a cloud infrastructure technology provider). Market developments on Monday that may have a significant impact Investor confidence according to EU Sentix for August Beth Hammack, President of the Federal Reserve Bank of Cleveland, appears
-
Oil prices rise in Asia amid Gulf turmoil
The Asian stock markets matched Wall Street's?higher levels on Monday, after a weak U.S. jobs data reduced the risk of an increase in borrowing costs in the near term. However, a lack progress in Gulf peace talks led to a rise in oil prices. Iran announced?on Sunday that an agreement with Oman to define new shipping lanes through the Strait of Hormuz is in its final stages. However, it reiterated that this waterway will only be reopened once the United States meets other conditions. Brent crude increased 1.0% to $84.40 per barrel, as shipping in the crucial waterway was at a crawl. U.S. crude was up 0.8% to $79.80 per barrel. Fuel costs are on the rise again, raising the stakes in the U.S. consumer price report for July due Wednesday. Analysts expect a 0.1% increase in the headline figure and 0.2% in the core. A positive surprise next month could reignite speculation about a Federal Reserve rate hike. Michael Feroli is the chief U.S. economics at JPMorgan. He said that "our forecast for core CPI at 0.22% probably isn't firm enough to trigger a Fed hike at their September meeting." We are looking for a rebound in the prices of core goods after a period in which they dropped by two months. The market for futures has reduced the probability of a move in September to 44% from 67% just a week earlier. Wall Street closed at record highs on Friday due to the 'pullback of rate risk'. Japan's Nikkei rose 2.0%, while South Korea gained 1.1%. The broadest MSCI index of Asia-Pacific stocks outside Japan grew by 0.8%. Chinese blue-chips fell 0.4% as data revealed that consumer and producer prices inflation in July came in below forecasts, highlighting the softness in domestic demand. DOUBLE DIGIT GROWTH IN EARNINGS In Europe, EUROSTOXX Futures 50 and DAX Futures both fell by 0.1% while FTSE Futures dropped 0.4%. S&P futures were unchanged, while Nasdaq's futures rose 0.2% after gaining 5% in the previous week, amid a series of positive earnings reports. Analysts from BofA stated that earnings per share had increased 30% over the previous year, after Alphabet's and Amazon's investment gains were excluded. The 76% EPS rate was the highest since 2021. They said that "AI is still the leader, with median earnings growth of 28 percent compared to 12% for other non-AI related?stocks. However, consensus expects AI to slow down to 16 percent next quarter." This week's earnings are lower, but still include semiconductor maker Applied Materials and networking equipment maker Cisco as well as cloud infrastructure technology provider CoreWeave. Bond markets saw a slight increase in yields on 10-year Treasuries, at 4.662%. The market is preparing for $125 billion of new issuance this week. The U.S. Dollar had fallen sharply as a result of the drop in yields, and the general improvement in the risk environment. The euro was just a few cents away from achieving a seven-week high at $1.1554. Investors were wary about?intervention if they pushed the yen too low. A summary of opinions from the Bank of Japan's July meeting revealed that policy makers were concerned about rising inflation, which could lead to a faster than expected pace of interest rate hikes. This boosted the case for an increase in September. The drop in yields has helped gold that does not pay interest to hold its $4,320 per ounce price after it had risen more than 7% over the last week. (Reporting and editing by Shri Navaratnam, Stephen Coates and Wayne Cole)
-
China data shows that iron ore prices are downbeat despite Australian strikes
Iron ore prices were barely changed on Monday as investors considered the impact of a strike in Australia at a major hub for exporting the key steelmaking ingredient against the downbeat inflation figures from China, the top consumer. As of 0323 GMT, the most traded iron ore contract at China's Dalian Commodity Exchange was unchanged at 716 Yuan ($106.13). As of 0315 GMT, the benchmark?September ore price on the Singapore Exchange had increased by 0.21% to $95.25 per ton. On Sunday, more workers joined the strike at BHP's Port Hedland operation in Western Australia. This was the first major industrial action in a quarter century. In the six months to June, 75% of the iron ore exported from Western Australia's Pilbara region was shipped through the hub. Investors and traders are watching to see if both sides can reach a deal soon or if an escalation will affect supply. China's producer prices inflation fell more than expected in July, to the lowest level?in three months. Consumer inflation also dropped, as global energy costs retreated, despite U.S. and Israel war against Iran. Coking coal, coke and other steelmaking ingredients grew by 2.23%, and 0.67% respectively. The Shanghai Futures Exchange steel benchmarks were mostly weaker. Rebar fell?0.23%; hot-rolled coil slipped?0.03%; wire rod dropped 0.46%, while stainless steel gained 0.69%.
-
Gold falls from its seven-week high as US inflation data is looming
Gold prices fell on Monday, as investors took profits following a seven-week high. Meanwhile, markets waited for new clues from U.S. inflation figures to determine the Federal Reserve's rate policy. As of 0200 GMT, spot gold was down 0.5% to $4,322.28 an ounce. After a weaker than expected?U.S. jobs data. U.S. Gold futures dropped 0.4% on Monday to $4,381.60. Gold is slightly lower as it succumbs a little to profit-taking after last week's NFP-inspired gains. This is more of a natural stabilisation than a significant shift in sentiment. I expect gold will remain above $4,300 in the near term. The U.S. economy lost jobs unexpectedly in July, and the previously reported gains in employment for the previous two months have been revised dramatically lower. The futures market then changed the odds that a rate increase would occur at the Federal Open Market Committee's meeting on September 15-16 from a more likely-than not chance to a less-than-even possibility. Gold is more attractive than income-generating assets in a low interest rate environment, since it does not earn interest. The Consumer Price Index, or CPI, will be released on Wednesday and the Producer Price Index on Thursday. Waterer said that "soft readings would make the case for a rate hold and open up a new path to further gold upside. Middle East uncertainty is a persistent risk factor as any renewed escalation in oil prices could put pressure on 'the metal. Iran has said that it is close to a final agreement with Oman, defining new shipping lanes through the Strait of Hormuz. However, the U.S. still needs to meet several conditions in order for the strategic waterway to be reopened. Silver spot fell by 0.2%, to $63.45 an ounce. Platinum lost 0.1%, to $1.742.50, and palladium dropped 1.1%, to $1.362.97. (Reporting and editing by Subhranshu sahu in Bengaluru. Ashitha Shivaprasad is based in Bengaluru.
-
Australia tightens restrictions on two Northern Minerals shareholders who are ordered to divest
The Australian government has tightened restrictions on two Northern Minerals shareholders who were ordered to 'divest their shares over national security concerns,' the?miner reported. This is a further scrutiny of Chinese investment in the rare-earths developer. Northern Minerals has developed the Browns Range Heavy Rare Earths Project in Western Australia. Western governments are looking to reduce their reliance on China as a source of these minerals. The Australian Treasurer Jim Chalmers, ordered in May that six offshore shareholders of Northern Minerals divest all their shares over concerns that Chinese-linked groups were seeking to control the rare earths miner. Chalmers said it had amended interim instructions for Hong Kong Ying Tak and Real International Resources registered in the British Virgin Islands, as well as Hong Kong Qogir Trading & Service. According to the revised directions, Real and Qogir are not allowed to dispose of their shares until the proposed sale has been notified?to the Treasurer in order for him/her to confirm the buyer isn't an associated party. In May, the six shareholders were required to sell a total of 1.68 billion Northern Minerals shares by July 2 to non-associated parties. The ASX200 index had fallen 0.3% by 0026 GMT, despite the share price of Northern Minerals rising as high as 3.9%. (Reporting and editing by Sherry Jacobi-Phillips, Subhranshu S Ahu, Melanie Burton in Melbourne. Additional reporting by Rajasik Mukherjee)
-
Russell: The demand for crude oil in Asia is balanced by the ROI-China.
China is doing all the heavy lifting to reduce crude oil demand in?Asia as a way to compensate for the reduced shipments of Middle East oil due the the Iran?war. The world's largest oil importer reported arriving 8.41 million barrels a day (bpd), up from a near decade-low of 7.12 mln in June, but still 24.3% less than July last year. When June and July imports combined, this gives a?average of 7.78 million bpd over the last two months. The average for the three-month period ending in February was 11,99 million bpd. This is 4,21 million bpd less. The United States and Israel launched an attack on Iran on 28 February. The conflict escalated to the point that the Strait of Hormuz effectively shut down, cutting off the waterway which carried about 20% of crude oil and refined goods in the world before the start of war. Saudi Arabia and the United Arab Emirates are two of the Middle East’s biggest crude exporters. They have been able to increase shipments outside the Strait of Hormuz. However, flows have fallen by about 5 million barrels per day. Crude exports from the Middle East are mainly destined for Asia, which is the largest importer of crude oil. However, crude arrivals in Asia have dropped significantly. According to Kpler's data, Asia imported 22.82 millions bpd of oil in July. Although this was an increase from April's 18.77 millions bpd (which was the lowest since Nov 2015), July's imports still fell by about 4 million per day compared to the average of 26,89 million per day in the three-month period prior to the onset of the 'Iran conflict'. The data shows that China's imports have dropped by about the same amount as the imports of Asia in the last two months. Price Moves China's decreased imports are partly due to price volatility. Brent futures hit a four-year peak of $126.41 per barrel on April 30 – a date when cargoes for June and July would have been scheduled. China has historically reduced imports as prices increase, but this drop is unprecedented. Analysts estimate that China's crude oil stockpile is at least 1.2 million barrels, and could even be higher. How long will China be able to balance crude oil prices in Asia? Imports from China are expected to show a slight recovery in August as the cargoes which managed to leave the Strait of Hormuz despite the short ceasefire between Iran and the United States are delivered. Kpler estimates that China's Middle East imports will reach 2.71 million barrels per day (bpd) in August. This is up from 2.43 millions bpd during July, and 1.42 million in June. Kpler estimates that China's crude oil imports in August will be 5.97 million barrels per day. This is up from 2.43 million bpd in July and the 1.42 million bpd of June, which was?the lowest ever recorded by Kpler going back to 2013. September imports will likely be more telling, since flows from the Middle East are more restricted due to the sharply reduced shipments that have returned through the Strait of Hormuz following the failure of the ceasefire agreement between U.S. president Donald Trump and Tehran. Even if recent efforts to restore vessel movement through the Strait of Hormuz prove successful, it may take several weeks before exports ramp up. China's refiners have two options: they can continue to suppress their appetite for import crude and dip into inventories or bid for cargoes coming from outside the Middle East. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, who is also an author. (Editing by SonaliPaul)
The top cases heard by the US Supreme Court during its term
The U.S. Supreme Court has decided several important cases in its current term, including those involving President Donald Trump, birthright citizenship and immigration, voting rights, tariffs on guns, race, transgender sportspeople, campaign finance laws, and LGBT "conversion therapies."
This is a list of some of the cases decided by the court during the current term. The term began in October, and ended June 30, 2009.
Birthright Citizenship The court rejected Trump's attempt on June 30, to restrict birthright citizenship in the United States - a right that has been woven into American society for centuries - scuttling his top priority in his crackdown against immigration. Trump's executive orders directed U.S. government agencies to not recognize citizenship for children born in the United States when neither parent was an American citizen, or a legal permanent resident (also known as a "green-card" holder). The court ruled that Trump's executive order violated the 14th Amendment of the U.S. Constitution, which guarantees citizenship to anyone born in America with a few exceptions.
TRUMP'S FIRE OF FED OFFICIAL On June 29, the court refused to allow Trump to fire Federal Reserve Governor Lisa Cook, as it was determined to protect the independence of the central bank against a challenge unprecedented by 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 over monetary policies differences, as Trump is pressing the Fed to reduce interest rates.
FEDERAL TRADE COMMISSION FIRE The court on 29 June backed Trump in his firing of a Democratic member of the Federal Trade Commission, expanding Trump's powers over the Government and overturning the 1935 precedent which recognized Congress as the only 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 a century ago by Congress. The justices did this by 'overruling' the court's pivotal ruling in the case Humphrey’s Executor v. United States. Trump fired Rebecca Slaughter, the FTC's Rebecca Slaughter last year 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 a map as racially biased under this landmark civil rights act. The court invalidated 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 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 became a more important bulwark to combat racial bias in voting. Black and Latinos tend to vote for Democratic candidates.
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 authority by using this 1977 law, upheld a previous court's ruling. The court ruled that Trump's claim to be able 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 court cleared the way on June 30, allowing states to place restrictions on transgender students athletes. It upheld laws in West Virginia, Idaho and other states that prohibit them from joining female sports teams. The court overturned lower court decisions siding with transgender student athletes who challenged the bans on female sports teams in West Virginia and Idaho as being against the U.S. Constitution. Idaho and West Virginia law designates?sports team at public schools, including universities, according to "biological gender" and bars "students from the male sex". Idaho and West Virginia claim the laws protect fair competition and safety for girls and women, but critics say the laws are part of an assault on transgender Americans' rights.
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 who argued 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 counsel?Kaley Chis 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 expanding gun rights. The justices found that Hawaii's law violated the Second Amendment of the U.S. Constitution, which gives citizens the 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 public property.
Drug Users and Guns The court, on June 18, limited the application of an U.S. Law that prohibits firearms possession by some drug users. It rejected a Trump administration position that had "threatened" the gun rights for millions of Americans that use marijuana and who 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 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 again struck down limits on campaign spending on June 30, this time on the basis of free speech. The ruling was made as Republican major committees were preparing for the midterm elections in November with a substantial cash advantage. The court sided with Vice President JDVance and 'other Republican challengers in ruling that a limit on how much money can be spent on campaigns by parties with input from the candidates would violate the First Amendment protections of the U.S. Constitution against government abridgment.
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 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 on the 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. In the suit, Cisco was accused of 'knowingly developing technology that allowed China to spy on and persecute Falun-Gong practitioners. The Alien Tort Statute allows non-U.S. Citizens to seek damages from American courts for violations against international law.
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 endorsed an extensive use of disgorgement powers by the SEC. In this case, the Trump administration defended the SEC. A defendant brought the challenge after a California court ordered him to pay back more than $3,000,000 in 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 against the agency. Trump's administration defended FCC's system of assessing financial penalties known as forfeiture order. The carriers argued that the agency's internal proceedings denied them their right to a trial by jury under the U.S. Constitution.
Compensation from Cuba The Justices on June 23, made it easier for U.S. firms to seek compensation for property seized by the former government of Fidel Castro, ruling in 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 or their agents is not applicable in cases such as the one Exxon filed against CIMEX, under the 1996 Helms-Burton Act. In a separate case, on May 21, the court ruled against four American cruise operators who contested $440,000,000 in combined judgments brought by an American company 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 "crisis pregnancies centers" that are anti-abortion and trying to impede an investigation by the state into whether these facilities engage in misleading practices. First Choice Women's Resource Centers brought a federal suit against a subpoena issued by the state attorney general in 2023 seeking information about the organization's doctors and donors. The lawsuit had been dismissed by a lower court. First Choice's facilities are designed to discourage women from getting abortions.
RASTAFARIAN INMATES The Justices refused on June 23, to allow a Rastafarian inmate in Louisiana to sue prison officials after they shaved his head and held him down, in violation of the Rastafarian's 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.
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 is?intellectually disabled' and therefore ineligible to receive the death sentence. Alabama officials appealed a lower court's decision on how to determine Joseph Clifton Smith’s intellectual capacity. The justices rejected the appeal. This method involved weighing the 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 of grocery store owner. The justices ruled that the state courts of Mississippi had not evaluated Terry Pitchford’s claim that four Black prospective jurors were unlawfully dismissed, in violation of a landmark Supreme Court?precedent from 1986 known as Batson v. Kentucky which prohibits excluding jury members based on race.
SENTENCE REDUCTIONS The court ruled that on May 28, judges could not order early release of prisoners "on the basis that they would receive shorter sentences now following the 2018 criminal justice reform act." 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 years after they were sentenced.
SECURITIES LITIGATION The court on 11 June sided with an investment fund group affiliated with BlackRock, and other asset management firms in their attempt to defend against certain lawsuits filed by private plaintiffs pursuant to a federal securities law. The court reversed an earlier ruling which 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 include 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)