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The Supreme Court is currently hearing the following cases:
In the current term of the U.S. Supreme Court, there are cases that involve guns, gender affirming medical care for minors who identify as transgender, online pornography and religious rights, TikTok and preventive healthcare. There are also cases involving funding Planned Parenthood, job discrimination and federal regulatory powers over nuclear waste storage, vape products and voting rights. Take a look at the recent and upcoming cases that the justices will be deciding. TRANSGENDER RIGHTS During arguments on 4 December, the court's conservative judges indicated that they were willing to uphold Tennessee's Republican-backed ban on gender affirming medical care for minors who are transgender. This case could have a significant impact on other state laws affecting transgender individuals. Biden's Administration appealed the decision of a lower court upholding Tennessee’s ban on medical treatment, including hormones and surgery for minors suffering from gender dysphoria. This refers to the distress caused by the incongruity of a person’s gender identity with the sex assigned at birth. The ruling is expected to be made by the end June. 'GHOST GUN' On October 8, the court heard arguments over the legality a federal regulation enacted by former president Joe Biden to crackdown on "ghost gun" - largely untraceable guns whose use in crimes has increased. The lower court found the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives had exceeded its authority by issuing a rule that targeted parts and kits of ghost guns, which could be assembled in minutes at home. The justices indicated during the argument that they were willing to support the regulation. The ruling is expected to be made by the end June. MEXICO GUN LAWSUIT On March 4, the justices showed sympathy for a request by two American firearms companies to dismiss the Mexican government’s lawsuit accusing the companies of assisting illegal gun trafficking to the drug cartels, and fueling violence in Mexico's southern neighbor. The justices heard arguments from Smith & Wesson, a firearms manufacturer and distributor of Interstate Arms in their appeal against a lower-court ruling allowing the lawsuit on the basis that Mexico had plausibly alleged the companies aided illegal gun sales and harmed its government. The ruling is expected to be made by the end June. U.S. TIKTOK BAN On January 17, the justices upheld a federal law that would ban TikTok from the United States if the Chinese parent company ByteDance failed to sell the short video app within a time limit set by Congress. The Justices ruled, 9-0, that the law passed by Congress and signed by Biden last year did not violate First Amendment protections against government abridgment. The justices upheld a lower court decision that had supported the measure. Biden's replacement, Republican President Donald Trump chose not to enforce it and instead gave both parties time to work out a compromise. Online Pornography The Justices heard arguments about whether the First Amendment protects against government interference in speech when a Texas law requires that pornographic sites verify users' ages to limit access by minors. The justices voiced concerns over the availability and accessibility of online pornography, but also expressed concern about burdens placed on adults who wish to view constitutionally-protected material. A trade group representing the adult entertainment industry has appealed the decision of a lower court that upheld the Republican-led State's age verification mandate. The ruling is expected to be made by the end June. WORKPLACE DISCRIMINATION On February 26, the court heard arguments in a case where a woman claimed that she was denied a job promotion and demoted because of her heterosexuality by an Ohio government agency. The justices seemed to favor making it easier for those from "majority backgrounds" to bring workplace discrimination cases, such as straight or white people. Marlean Amees, the plaintiff, said that she worked with a homosexual supervisor when, in 2019, she was demoted and passed over for promotion to a woman gay. The ruling is expected to be made by the end June. RELIGIOUS SCHOOL The court will hear a case that tests the separation between church and state. Two Catholic dioceses are attempting to establish the first taxpayer-funded charter school in Oklahoma. St. Isidore Catholic Virtual School was shut down by a lower court, which ruled that the funding arrangement for the school violated First Amendment restrictions on government endorsements of religion. Arguments will be held on April 30. RELIGIOUS TASKS EXEMPTION In a case that could have constitutional implications, a Wisconsin Catholic diocese's arm is seeking a religious exemption to the state unemployment insurance tax. The Catholic Charities Bureau of the Catholic Diocese of Superior appealed the lower court's rejection of its exemption request. If the Supreme Court rules in favor of the bureau, it could force Wisconsin and other states that have similar tax programs in place to expand their exemptions to conform to the First Amendment protections of the U.S. Constitution. The arguments are scheduled for 31 March. LGBT SCHOOL BIBLES The court accepted a request from religious parents who wanted to prevent their children from attending classes in a Maryland district public school when LGBT stories are read. This is yet another case that involves the intersection of religion and LGBT rights. Parents of children attending Montgomery County Public Schools filed an appeal after lower courts refused a plaintiff's request for a preliminary order ordering the district not to read these books. Arguments will be held on April 22. OBAMACARE'S PREVENTIVE CARE MANDATES The court will determine the legality of an important component of the Affordable Health Care Act, which gives a taskforce established under the Obamacare healthcare law the power to demand that insurers provide preventive medical services without charge to patients. The court heard an appeal from the Biden administration against a lower-court ruling which sided with a Christian group of businesses that objected to the fact that their employee health plans covered HIV-prevention medication. They also argued that task force structure was in violation of the U.S. Constitution. Arguments will be held on April 21. PLANNED PARENTHOOD FINANCE The court will examine South Carolina's attempt to cut off funding to Planned Parenthood. This case could support conservative states in the U.S. who want to deny Planned Parenthood government money for reproductive healthcare. A lower court barred the Republican state from cutting off funding to Planned Parenthood South Atlantic under the Medicaid insurance program. Arguments will be held on April 2. NUCLEAR WASTE STORAGE On March 5, the justices heard arguments over whether the Nuclear Regulatory Commission had the authority to issue licenses for certain nuclear waste facilities, amid objections raised by the state Texas and oil industry interests. The U.S. Government and a company awarded a license to operate an operation in western Texas by the NRC appealed the ruling of a lower court declaring that the storage arrangement was illegal. The NRC regulates nuclear energy in the United States. The NRC is expected to make a decision by the end June. FLAVORED VAPOR PRODUCTS On December 2, the court heard arguments in defense of the U.S. Food and Drug Administration for its refusal to allow two ecigarette companies to sell flavored products, which regulators believe to be a risk to health. The lower court ruled that the FDA failed to follow the proper legal procedures in federal law when they rejected the applications for the sale of these nicotine-containing products. The end of June is the expected date for a ruling. EPA AUTHORITY On March 4, the court handed a major blow to the Environmental Protection Agency with a ruling of 5-4. The case involved a wastewater treatment plant owned by San Francisco. This could make it more difficult for regulators and water quality inspectors to monitor pollution. The court ruled that the EPA had exceeded its authority in a law against pollution by including vague restrictions on a permit for the facility which empties into Pacific Ocean. In recent years, the court has limited EPA's power as part of a number of rulings that have curbed the federal regulatory agencies' powers. TAILPIPE Emissions A major case that tests the power of the Democratic-governed California to combat greenhouse gases is a challenge by fuel producers against California's standards on vehicle emissions and electric vehicles under a federal law on air pollution. Valero Energy, along with fuel industry groups, appealed the lower court's decision to reject their challenge against a Biden administration decision to let California set its own regulation. Arguments will be held on April 23. The Supreme Court is hearing a dispute regarding the legality and operation of the TELECOMMUNICATIONS SERIES FUND, a fund that Congress authorized to be operated by the Federal Communications Commission in order to increase access to telecommunications. The conservative Consumers' Research group and others accused Congress of illegally delegating authority to an independent federal organization. The FCC, along with a coalition including interest groups and telecoms companies, appealed an earlier court decision which found that Congress had violated the Constitution when it gave the FCC the authority to manage the fund. Arguments will be held on March 26. LOUISIANA ELECTORAL MAP Justices will rule on a challenge brought by voters who identified themselves as "non African American" to a Louisiana electoral map which increased the number of Black majority congressional districts. Three federal judges determined that the map of Louisiana's six U.S. House of Representatives district - which now has two Black-majority areas, instead of one - violated the Constitutional promise of equal treatment. Arguments will be held on March 24. Death Penalty Case On February 25, the court threw away Richard Glossip’s conviction in Oklahoma for a murder-for hire plot that took place in 1997 and gave him a fresh trial. In a 5-3 decision, the justices concluded that prosecutors had violated their constitutional obligation to correct false testimony from their star witness. The justices reversed the lower court decision which had upheld Glossip’s conviction. They also allowed his planned execution move forward, despite Glossip’s claim that prosecutors had wrongly withheld information that could have helped his defense.
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Stocks and Treasury yields fall as Trump's interview fuels concerns about growth
MSCI's global equity gauge fell 1.7% on Monday after hitting a two-month-low earlier in the day. U.S. Bond yields also dropped, as investors became concerned about an economic slowdown following Donald Trump's refusal to rule out a recession related to tariffs. Investors began seeking safety even as early as the Sunday after Trump, in an interview with Fox News, talked about a "period transition". He declined to predict if his tariffs against China and Canada would lead to a U.S. economic recession. Robert Pavlik is a senior portfolio manager with Dakota Wealth, in Fairfield, Connecticut. He cited concerns about tariffs, including Trump's recent interview, as the main factors for Monday's risk off mood. When he says that there will be pain, he is telling you it may not be a short-term situation. Pavlik said that this may not be a tactic for negotiation. Tariffs can create uncertainty about costs, inflation, and economic growth. "You don't have a clear idea of the final goal and the outcome," he said. How do you prepare for this? How can you invest in the future if you do not know what it holds? The S&P 500 index was down 114.82, or 1.99%, at 5,655.38, and the Nasdaq composite was 641.86 or 3.48% lower at 17,562.91, both reaching their lowest levels since Sept. The Dow Jones Industrial Average dropped 370.16 or 0.86% to 42,431.56, MSCI's global stock index fell by 14.79 points or 1.74% to 837.31, its lowest point since mid-January. The pan-European STOXX 600 fell by 0.99% and reached its lowest level for a month. After the Trump interview, investor confidence was shattered and yields dropped on U.S. Government bonds. Will Compernolle is a macro-strategist at FHN. He said: "If the White House occupant himself is not optimistic about the short-term expectations for growth, then why should the markets be optimistic?" The yield on the benchmark 10-year U.S. notes dropped 9.9 basis points, to 4.219% from 4.318%, late Friday. The 30-year bond rate fell by 8.7 basis point to 4.5299%, while the 2-year yield, which is typically in line with the Federal Reserve's interest rate expectations, dropped by 7.9 basis points, to 3.923%. The U.S. Dollar fell 0.68%, to 147.03 Japanese yen. The euro fell 0.04% to $1.0828, while sterling dropped 0.09% at $1.2909. Prices of oil fell on concerns about the impact U.S. Tariffs and increased production from OPEC+ producers. However, sanctions against Iranian oil exports prevented prices from dropping further. U.S. crude oil fell by 0.75%, to $66.54 per barrel. Brent dropped to $69.81 a barrel, a drop of 0.78%. Gold prices fell as profit-taking offset support from safe haven demand. Attention is also focused on the U.S. Inflation print due later this week. Spot gold dropped 0.31% to 2,901.73 dollars an ounce. U.S. Gold Futures rose 0.1% to 2,907.50 per ounce. Copper fell 0.76% to $9540.00 per metric ton. Bitcoin fell by 3.54%, to $80 140.80. The U.S. executive orders on creating a reserve of strategic cryptocurrencies was issued on Friday. However, many investors were disappointed by the fact that there would not be any additional purchases of bitcoin. Data showed earlier that deflationary pressure was present in China. The consumer price index for February missed expectations, and dropped at the fastest pace in 13 month, and producer prices deflation continued, as seasonal demands faded, and as households were cautious in their spending due to job and income concerns. The benchmark Hang Seng Index in Hong Kong fell 1.9%, while China's blue chip CSI300 Index ended 0.4% lower. (Reporting and editing by Sinead carew, Nell Mackenzie, and Kevin Buckland, Kirby Donovan, and Andrew Heavens).
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Andy Home: US tariffs threaten to bring boom times for copper traders
Physical copper traders are benefiting from the uncertainty created by the unpredictable tariffs of U.S. president Donald Trump. Threatened U.S. duties on copper imports have opened up an opportunity of a lifetime for those who are in the business to move physical metals around the world. CME copper contracts are now trading at a substantial premium over the London Metal Exchange contract (LME), opening up an enormous import arbitrage opportunity. The rush to get physical copper to the United States before the deadline for tariffs has a knock-on effect on global trading patterns. Investors are hesitant, as they fear the impact of a trade war on future copper prices. Tariff turbulence Since Trump's investigation of copper imports for national security reasons, traders have tried to factor in the possibility of U.S. Tariffs. Tariff trade is represented by the CME premium, which is the price of the LME international price that has been cleared through U.S. Customs. It's also proving to be an extremely volatile trade, reflecting White House's contradictory speech. In his address to Congress, Trump stated that he had "imposed a 25 percent duty on foreign aluminum and copper, as well as lumber and steel". This was a surprise to the copper industry, as the Section 232 investigation of imports had only been announced last month. The CME premium for London briefly soared to over $1,000 per ton based on Trump's comment, before retreating based on the consensus that Trump's mention was likely just a slip-up. COPPER RUSSH The arbitrage between CME-LME copper prices is not a concern for those who profit from regional differences in pricing. The CME premium, based on London in May, closed around $800 per tonne last week, indicating that the shipping of physical metals to the U.S. has already been a profitable business. Tariffs will make it even more profitable. It is important to obtain as much metal as possible, and then clear it through U.S. Customs prior to any changes in import duty. In the last two week, 115,800 tonnes of metal were cancelled at the London Metal Exchange in preparation for the physical loading-out. The LME warehouse system's volume of copper on warrant has dropped to a new low of 147.875 tons, a drop of nine months. This metal is unlikely to be shipped directly to the United States due the low ratio of LME stock that meets the CME contract. What is grabbed from LME warehouses will more than likely be traded with producers and consumers for CME-deliverable brand names from Chile, Mexico, and Peru. DISLOCATIONS It's an indication that the availability of copper is decreasing as it is being shipped directly to the United States or rerouted there. As stocks fall, it is not surprising that LME spreads have decreased. The cash-to-3-months period Last week, I flirted with backwardation again for the first since June of last year. This has in turn shifted the arbitrage rate between London and Shanghai, giving Chinese smelters a chance to export at a profit. The global physical copper market is likely to be affected by potential U.S. Tariffs. Trade houses that have the market power to capitalize on supply chain shifts will reap the benefits of the regional dislocations. FUND MANAGERS FEAR TREAD The investment community has been largely ignored while physical traders scour the globe to find the best type of copper to send to the United States. The CME copper contract has almost equal allocations between bulls and naysayers, with a net collective long of only 8,721 contracts. Not only is there a price gap between the physical and futures market for copper, but also an engagement gap. Investors tend to use "Doctor Copper" to make macro-trades, using the metal to speculate on global industrial growth. The bigger picture of the economy is bleak as the U.S. government increases tariffs on Chinese products and threatens to impose reciprocal tariffs with all trading partners. A survey of North American economists has revealed that the risk of recession is increasing. Fund managers are cautious about the prospects of higher copper prices for the remainder of the year. They're also reluctant to short a market which is showing signs of tightness - albeit a highly regionalised one. While Trump's tariff turmoil confuses the futures markets, the copper trade in physical form is making money now. The author is a columnist at
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What are the challenges facing the EU with respect to Trump's first tariff round?
The European Union has prepared for the first round of U.S. Tariffs on Wednesday. These 25% tariffs will be applied to imports of aluminium and stainless steel, which is more than what U.S. President Donald Trump levied on EU metal imports last year. Here are some of the challenges that the EU faces. A BIGGER HIT than 2018 In 2018, Trump's steel and aluminum tariffs affected 6,9 billion euros of EU metal exports. The United States plans to apply the tariffs from 2018 again, and to raise the aluminum duty to 25%. Tariffs will be applied to "derivative products" such as steel machine parts, aluminium-rich articles, from car bumpers to tennis rackets to bows and archers. Global Trade Alert, a Swiss monitoring service, has estimated the value of EU imports of derivative products to be $20.3 billion. This is in addition to the 8 billion euro ($8.7billion) worth of metals themselves. RETALIATION In 2018, the EU retaliated with its own tariffs on 2.8 billion euro of U.S. imported goods. The EU was due to impose tariffs on another 3.6 billion euro of imports three years after the truce, but instead suspended them. On April 1, these countermeasures will be automatically applied. They target U.S. steel, aluminium, bourbon and motorcycles. The European Commission (which coordinates the trade policy of the 27-nation EU) must decide if these countermeasures will be implemented and whether other U.S. goods should be targeted. The Commission's proposed tariff measures will be implemented unless they are opposed by a "qualified majority" of EU member states. NEGOTIATIONS? Maros Sefcovic, European Trade Commissioner, said that the U.S. didn't seem to be engaged in talks to avoid tariffs. The EU would then respond to protect their businesses and workers. Sabine Weyand said in early March that it was unclear what kind of measures would be implemented, and there were still questions about the scope of products and how derivatives would be treated. The Commission stated that it is ready to meet with U.S. counterparts and discuss their complaints.
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The 50Hertz CEO says that grid fees in Germany would cost $6.5 billion annually
The head of grid operator 50Hertz stated on Monday that plans by parties seeking to form Germany's new government to reduce electricity network fees could cost up to 6 billion euros per year. According to an agreement document, the conservatives in Germany and the Social Democrats (SPD), to lower electricity prices, agreed to reduce electricity taxes for all consumers by half and to halve transmission network fees. This was a first step to permanently cap network fees. In a press conference, CEO Stefan Kapferer stated that six billion euros was the amount needed to halve network fees for transmission system operators. He also said it was crucial to reduce the overall costs. "Because on the long-term, it won't be easy to mobilise 6 billion Euros in subsidies each year," he said. The highest electricity prices in Europe are in Germany, due in part to the high grid fees and levies that account for around 50% of total costs. Reporting by Tom Kaeckenhoff and Riham Alkousaa Editing by Miranda Murray
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Britons who live near new pylons will get discounts on their energy bills
The government is trying to get support for the necessary infrastructure to add clean energy sources to the grid. British households who live near the new pylons can expect to receive discounts on their energy bills. The government announced in a Monday statement that residents living within 500 meters of new or upgraded electricity poles may receive a reduction of up to 3,230 pounds over ten years. The government will introduce the Planning and Infrastructure Bill in parliament this week. It is aimed at helping to meet the target of decarbonising country's electricity sector by 2030, through the addition of renewable power capacity. To meet this target, the country will need to significantly increase its transmission network. In the past, expansion was a slow and difficult process as local support for plans has not been strong. The government stated that the discounted bills will help reduce opposition to planning and delays. In a press release, Ed Miliband, energy minister said: "This will be beneficial to the entire country as it ensures we build the clean electricity system we need." The companies that build new pylons or upgrade existing pylons will be required to finance local projects, such as sports clubs and leisure facilities, in the affected communities. According to government figures, the average household energy bill for 2024 will be 2,252 pounds. Of this, 1,143 pounds will be electricity and 1,109 pounds gas. $1 = 0.7739 pounds (Reporting and editing by Sarah Young, Christina Fincher and Sam Tabahriti)
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Greece Reaffirms Commitment to Subsea Power Link to Cyprus
ATHENS, 10 March - Greece reaffirmed its commitment on Monday to build a subsea cable that will link continental Europe with the East Mediterranean. This follows reports that the project had been halted due to financial and geopolitical issues. The Greek power grid operator IPTO has begun construction of the Great Sea Interconnector cable (GSI), which will connect transmission networks in Europe with Cyprus. This project, costing 1.9bn euros (2.12bn dollars), is expected to extend to Israel via the Mediterranean Sea. The dispute between Greece, Turkey and NATO, which has lasted for many years, over the boundaries of their continental shelf in the Mediterranean Sea, has slowed progress. The vessels leased by Nexans for research in the sea waters near the island of Crete, to determine the route of cable, were forced to leave this year earlier than planned after Turkey challenged Greece’s jurisdiction. Cyprus has sought assurances about the viability of the project, which is a cause for unusual disagreements between Greece and Cyprus. The shares of French cable manufacturer Nexans dropped last Thursday, after a Greek paper reported that IPTO had not made a payment for a while. Nexans said that it received substantial payments which allowed it to continue the production of the cable. It also stated that it would honor the contractual obligations. Pavlos Marinakis, a Greek government spokesperson, was asked about the fate the link at a weekly news conference held on Monday. "I reaffirm the commitment of all stakeholders to the successful completion of this infrastructure project, which is of strategic importance." The issue is to be discussed by the Greek, Cypriot, and Israeli Foreign Ministers in Athens this Thursday. (Reporting and editing by Sharon Singleton; Angeliki Koutantou)
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Envoy: US hopes for mineral deal after seeing progress in Ukraine talks
Steve Witkoff, the Middle East envoy for President Donald Trump, said that the U.S. hopes to make significant progress with Ukraine in this week's talks and is hopeful of a signing a deal involving critical minerals. U.S. negotiators are set to meet Ukrainians in Saudi Arabia this week. In an interview with Fox News, Witkoff stated that he believed that the United States would make significant progress in Iraq. Witkoff responded, "I'm really hopeful." When asked if he believed Ukrainian President Volodymyr Zelenskiy would sign a mineral deal in the U.S. this week, Witkoff replied, "I'm really hopeful." All signs are positive. Witkoff stated that security protocols for Ukrainians and territorial questions will be important topics on the table. Witkoff, just before departing for the Middle East to hold talks about Gaza, told Fox News that intelligence sharing would also be discussed during this week's meeting. He said that the U.S. has never stopped providing intelligence to Ukraine for any defensive purposes. (Reporting and editing by Susan Heavey, Paul Simao and Doina Ciacu)
Gold Reserve's'stalking-horse' bid for Citgo's parent shares
Gold Reserve, a Canadian miner, said that its Delaware-based subsidiary, Dalinar Energy has made an offer which could be selected as the opening bid at a court auction for shares of Citgo Petroleum, whose parent company is owned by Venezuela.
The federal court in Delaware that is conducting the auction on behalf of Citgo parent PDV Holding is expected to accept the bid as a "stalking horse" bid. This is the minimum or starting offer.
Gold Reserve reports that if the court decides to accept rival bids for the sale, the topping-off period begins. The final hearing is scheduled for July.
The terms of the bid will remain confidential until the company has reviewed all the offers.
Citgo, based in Houston, is the crown jewel among Venezuela's overseas assets. Creditors are seeking compensation from Venezuela for the nationalization wave of late President Hugo Chavez and the failure of President Nicolas Maduro to pay his debts.
Last year, the Delaware court found Citgo parent PDV Holding responsible for debt defaults and expropriations.
The auction of shares launched in October 2023 is being pursued by 18 creditors who have court and arbitration cases involving Venezuela and the state company PDVSA that total $21.3 billion. However, the first round of bidding last year did not meet the expectations of the creditors.
(source: Reuters)