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Nigeria's Dangote Refinery Tops 700,000 Barrels Per Day In Test
The Nigerian Dangote Petroleum Refinery, which is owned by Dangote Group, has increased its crude processing capacity to 700,000 barrels a day during a test conducted by the process licensors. This exceeds the nameplate capacity, 650,000 bpd, and marks a significant milestone in operations, according to a statement released on Thursday. Devakumar?Edwin, vice-president for oil and?gas at Dangote Industries said that the ramp-up is part of a larger plan to expand the capacity to 1.4 million bpd in 30 months. This level could make the facility among the largest globally. The refinery owned by billionaire Aliko. Dangote began fuel production in the year 2024. Since then, it has increased output of petrol, diesel, and jet fuel. It exports products to Saudi Arabia and the United States, as well as to African countries, such as the United Kingdom and France. Dangote Refinery is a major global supplier, despite supply disruptions caused by Middle East tensions. African buyers are looking for more reliable suppliers. Kpler data shows that exports rose to 353,000 barrels of oil per day from 168,000 in February. About half of this volume was exported to other African nations. Analysts warn that it is still too early to determine if the surge represents a shift in trade patterns. This is especially true after exports dropped to 285,000 barrels per day in May. Mick Strautmann is a market analyst at Vortexa. He said: "We are seeing a shift towards regional barrels with Dangote increasing its share in Africa's seaborne imports of fuel." David Bird, the Chief Executive of the refinery, said that it has a surplus of jet fuel and can supply international markets. The rising production is attracting increasing interest from international crude traders and suppliers. (Reporting and editing by Matthew Lewis in Lagos, Isaac Anyaogu)
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U.S. revokes endangered species listing for Permian Basin lizard, resolves Texas attorney general lawsuit
The Trump?administration has agreed to strip endangered species status from a lizard whose range overlaps?the biggest oil-producing area in?the United States. This is a settlement of a lawsuit?brought?by Texas attorney general Ken Paxton. The U.S. The U.S. Fish and Wildlife Service declared the dunes sagebrush-lizard endangered in May 2024 after concluding oil and gas development had rendered the loss of habitat "effectively permanently." The U.S. Justice Department said that the USFS now considers that it made an "important and fundamental" mistake by assuming incorrectly that habitat restoration was impossible and by ignoring experimental efforts which "showed potential", in a court document filed on Wednesday. The Justice Department stated that the error "led an incomplete and possibly inaccurate assessment of the potential and ongoing conservation activities in New Mexico and Texas". The settlement must be approved by a federal judge in Midland, Texas. This is the latest in a series of environmental rollbacks under Donald Trump. A Republican, Trump has been pushing to dismantle regulation?to reduce costs for industry and increase domestic energy production. Critics claim that his actions weaken air, water and health protections. Paxton's Office did not respond immediately to comments on Thursday. PAXTON CALLS BIDEN-ERA RULE POLICIALLY MOTIVATED The lawsuit filed in September 2024 sought to overturn the final rule protecting the lizard that was issued by then Democratic President Joe Biden's administration. Paxton claimed that the rule was political in nature, could have a negative impact on energy production and threaten private landowners’ ability to do business. The Fish and Wildlife Service of the U.S. Department of the Interior declared the lizard to be endangered. This was done under the federal Endangered-Species Act which limits 'development' in habitats that are deemed vital for a species survival. The settlement calls for the agency to conduct a further review, and decide within two-years whether to reclassify this lizard as threatened or endangered. The government did not admit wrongdoing other than acknowledging a mistake in habitat restoration. Paxton is a Republican who is running for a U.S. Senate position. He is also a Trump supporter. According to the Fish and Wildlife Service, the lizards' range is a?1.25million acres (1.953 square mile) according to the?dunes Sagebrush Lizard. According to the U.S. Energy Information Administration, Texas will account for 43% percent of the nation's crude production and 28% percent of its gross natural gas withdrawals by 2024. Jonathan Stempel, New York; Sanjeev Mikleni, editing.
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Gold prices rise as hopes for a Middle East ceasefire pressure bond and dollar yields
Gold prices rose more than 1% Thursday, as oil prices fell?on the back of optimism about a possible?end to Iran conflict. This caused the dollar to rise and bond yields to drop. As of 1:41 pm EDT (1741 GMT), spot gold was up by 1% to $4,476.85 an ounce. U.S. Gold Futures for August Delivery settled 0.9% higher at $4,505. Independent metals trader Tai Wong says that reports of a ceasefire agreement between?Israel? and Lebanon? have pushed the dollar and bond yields up, which has helped gold to hold above?the 200-day moving averge. Israel and Lebanon announced late on Wednesday that they had agreed to implement ceasefire. This raised hopes of a deal being reached between Washington and Tehran. Oil prices dropped by more than 3% in response to the news amid hopes of a reopening of 'Strait of Hormuz. Gold's appeal was boosted by the lower yields of U.S. Treasuries including the 10-year bond, as well as a 0.2% decline in the dollar. Wong stated that "record highs in gold prices this year are unlikely to happen unless there is a lasting, clean ceasefire between Iran and the West, which opens Hormuz. This will allow energy prices to fall, and for markets to stop worrying over possible higher rates." Gold, the traditional "safe-haven" asset, reached a record of $5,594.82 an ounce on January 29. Since the start of the Iran conflict, in late February, it has lost about 16%. The high interest rates are a burden on non-yielding gold. Investors will now be focusing on the release of the May U.S. Employment Report. The data may shed light on the health of the labor market, which will help determine the direction the Federal Reserve takes in the future. Silver spot rose by 1.7%, to $73.95 an ounce. Platinum gained 2.1%, to $1.897.61. Palladium increased 1.4%, to $1.320.23. (Reporting and editing by Paul Simao in Bengaluru, Shailesh Kumar, and Anjana Anil)
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Data shows that Iranian oil exports have fallen to their lowest level in six-years.
According to shipping data, and analysts, Iranian crude oil exports and condensate fell to their lowest levels?in six years?in?May. They were well below 300,000. barrels per day. This was mainly because of the U.S. Naval Blockade. The U.S. started enforcing its blockade in April, which choked Iranian exports. This is because the oil market has been facing a shortage of supply due to the Iranian closure of the Strait of Hormuz, cutting off exports from Saudi Arabia. Vortexa data indicates that Iran's exports in May averaged around 209,000 bpd, down sharply from the 1.34 million in April and almost 1.9 million in March. Vortexa reported that this is the lowest level of tensions since late 2019 or early 2020 when U.S. president Donald Trump pursued a "maximum-pressure" campaign against Iran during his first term. The Iranian officials in New York didn't immediately respond to a comment request. The 'key drivers' appear to be the disruption in the Strait of Hormuz and the U.S. Naval Blockade of vessels entering or leaving Iranian ports. Also, owners, operators and insurers are unwilling to expose their vessels and crews to current security conditions, said Vortexa analyst Claire Jungman. Kpler data showed a similar drop, though it tallied May exports at a slightly higher level of 260,000 bpd - still a six-year record low. IRANIAN OIL IN FLOATING STOCKAGE FALLS Kpler data shows that the volume of Iranian crude oil stored on ships is decreasing as more tankers are discharging in China. Kpler stated that 67 million barrels of Iranian condensate and crude oil are stuck in the Gulf of Oman and Mideast Gulf. The floating storage volume has fallen since a recent peak of around 190 million barrels at the end of April. Iman Nasseri is an analyst with FGE?NexantECA. He estimated that 55 million barrels (less than Kpler's figure) of Iranian crude are floating on ships beyond the blockade. Homayoun Falikshahi, Kpler analyst, said that if the blockade continues for two more months, Iran will run out of oil to export to China, which is its largest buyer. Kpler reports that China's imports from Iran of crude oil fell to 1,10 million bpd, the lowest level since January 2025.
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How Trump's ceasefires have failed to end Middle East violence
Residents in Gaza, Lebanon's south, northern Israel, and Kuwait have all been under fire in the past week, despite ceasefires that were supposedly in place in these regions, arranged by the United States. Israeli airstrikes struck Gaza and Lebanon. Israeli forces are still "actively" deployed in both locations. Hezbollah launched rockets at northern Israel and Iranians attacked Kuwait's airport. The violence has continued. The continued violence prompted?U.S. The three?truces that his administration negotiated were intended to?stop the war. While the major combat has been greatly reduced, munitions still fall and people still die. Here's how the ceasefires and fighting are unfolding: WHAT IS HAPPENING TO THE CEASEFIRE? On October 10, 2025 the United States brokered an agreement between Israel and Hamas that ended major warfare. The ceasefire agreement included a halt in all fighting, Hamas freeing all of its remaining hostages, Israel releasing Palestinian prisoners, an Israeli withdrawal phased, increased aid, and the opening a border crossing to Egypt. Trump's plan for a ceasefire included agreements on Hamas disarmament, a new Gaza Government without the group’s involvement, reconstruction in Gaza, and a complete Israeli pullout. Both sides disagree on how much aid Israel allowed to enter, despite the fact that all hostages have been released. Hamas is refusing to disarm. Israel claims that no significant reconstruction has taken place and that it wants to expand its control in Gaza. Israeli air strikes in Gaza have continued. Since the ceasefire, more than 900 Palestinians have been killed including nine on Friday. Four Israeli soldiers have been killed in Gaza by sporadic Palestinian militant attacks. Why is there still violence in Lebanon? A ceasefire was only partially implemented in 2024 after Israel and Lebanon's Iran backed Hezbollah fought. Both sides accused the other of violating it. After the war against Iran broke out, open warfare resumed in March. Hezbollah fired into Israel while Israeli forces seized large areas of southern Lebanon. They also pounded other areas with airstrikes. Trump announced on April 16, a 10-day ceasefire between the Israeli and Lebanese government representatives. Israel mostly avoided striking Beirut, despite intense fighting in the south. According to the Lebanese government, hundreds of civilians have been killed in Israeli attacks since?April 16. The total death toll is now more than 3,500, and this includes both combatants and civilians. Israel claims that 26 soldiers and 4 civilians were killed by Hezbollah in attacks since March. Iran wants to include a ceasefire agreement in Lebanon as part of a deal to end the war it has with Israel and the United States, and reopening the Strait of Hormuz. Trump announced on Wednesday that Israel and Lebanon had agreed to implement an entirely new ceasefire contingent upon Hezbollah's departure from the southern areas. The group rejected this plan, and the fighting continues. Will the US and Iran cement their ceasefire? On February 28, Israel and the U.S. attacked Iran to destroy its ballistic missile and nuclear programs. Both countries expressed hope that the theocratic regime would be overthrown. This came after a 12-day conflict last year, in which Israel and the United States struck a number of Iran's military leaders and nuclear facilities. The United States announced a ceasefire with Iran in early April, and talks were to follow on a lasting end to hostilities, the reopening of Hormuz or the end of a?U.S.-led blockade. Early April, the United States announced that it would cease hostilities with Iran. Talks were to follow, including a permanent end to hostilities and the reopening or Hormuz. The United States announced a ceasefire with Iran in early April, and talks would follow on a lasting end to hostilities,?the reopening of Hormuz, the ending of a?U.S. There has not been a full agreement yet despite the repeated rounds of indirect negotiations mediated by Pakistan. Negotiations on the nuclear issue would be put off to a later date if a deal is reached. Iran has also targeted Gulf States including Kuwait in this week's exchange of fire. Why haven't the ceasefires been effective? The first phase of all three agreements has failed to produce a lasting ceasefire. The combatants in each case refused to make the painful concessions necessary to progress beyond the first phase transitional ceasefires. Sometimes, they have used'military action' to achieve goals that they had set aside when the ceasefires were agreed upon or to test boundaries of agreements. Urban Coningham is a research fellow at London's Royal United Services Institute. He said that when there is no movement or political horizon it makes it difficult to maintain a ceasefire, as the parties have no incentive to keep it up if the ceasefire doesn't lead to any real changes. He said that the diminishing influence and assertiveness by regional powers, as well as the United Nations, have made it more difficult to maintain long-term agreements. (Compiled by Angus McDowall, edited by Cynthia Osterman).
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The top cases in the US Supreme Court docket
The U.S. Supreme Court has been deciding important cases in its current term. These include voting rights, presidential power, tariffs and birthright citizenship. Other issues are race, transgender sportspeople, campaign finance laws, LGBT "conversion therapies" and federal agency authority. The term began in October, and will run through the end of June. Separately, the court has also acted in emergency cases involving challenges against President Donald Trump's policy. 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 prevent electoral maps from diluting minority votes. 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. Birthright Citizenship The court expressed skepticism about the legality of Trump’s directive on April 1, to restrict the birthright citizenship of Americans. Justices asked the lawyer for the Trump administration questions regarding the legal validity and practical implications of Trump's order. The lower court blocked Trump’s order which instructed U.S. agencies to not recognize citizenship for children born in the U.S. when neither parent was an American citizen, or a legal permanent resident (also called "green card") holder. The court found that Trump's policy was in violation of the 14th Amendment to the U.S. Constitution and federal laws codifying birthright citizenship. The Supreme Court will likely rule by the end June. TRUMP'S TARIFFS On February 20, the justices struck down Trump's sweeping trade tariffs, which he implemented 'under a law intended for use during 'national emergencies' in a decision with major implications for global economics. The ruling, which was 6-3 in favor of the lower court decision, confirmed that Trump had exceeded his legal authority by using this 1977 law. 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. TRUMP'S FIRE OF FED OFFICIAL Justices expressed skepticism about Trump's attempt to fire Federal Reserve Governor Lisa Cook, a move that could threaten the independence of the central bank. The justices said they would not grant Trump's request for a judge to overturn a decision that prevented him from firing Cook immediately while her legal case is being resolved. Congress created the Fed by passing a law, the Federal Reserve Act, that contained provisions to protect the central bank against political interference. The law stipulated that governors could only be removed "for cause" by the president, though it does not define this term or establish procedures for removal. Trump claimed that Cook's firing was due to unproven allegations of mortgage fraud, which she has denied. Cook, who is still in her post, said that the allegations were a pretext for firing her because of monetary policy disagreements, as Trump pressures the Fed to reduce interest rates. The ruling is expected to be made by the end June. PROTECTED STATUS OF IMMIGRANTS On April 29, the justices heard arguments examining Trump's administration's actions to strip humanitarian benefits from hundreds of thousands Haitian and Syrian migrants, as part of his signature crackdown on immigration. The Trump administration appealed two federal judge's rulings that halted its efforts to terminate Temporary Protected Status (TPS), which the U.S. Government had previously granted to over 350,000 Haitians and 6,100 Syrians. Some conservative justices seemed to agree with the administration that courts could not second-guess the decision of the government to end TPS. Several justices questioned also the claim made by the challengers, that the administration had not followed?mandatory protocol for making such a decision under the law governing TPS. The ruling is expected to be made by the end June. Federal Trade Commission Firing The conservative justices of the court have signaled that they will uphold Trump's legality in firing a Federal Trade Commission Member and give an historic boost to president power, while also putting at risk a 90-year old legal precedent. On December 8, the court heard arguments in the Justice Department appeal of the lower court's ruling that the Republican President exceeded his authority by dismissing Democratic FTC member Rebecca Slaughter before the term she was due to finish. The conservative justices seemed sympathetic to the Trump Administration's argument that tenure protections granted by Congress to independent agency heads unlawfully infringed on presidential powers under the U.S. Constitution. Trump was allowed to remove Slaughter until the case concluded. The court is expected to make a decision by the end June. TRANSGENDER SPORTS PARTIcipation The conservative justices seemed ready to uphold the state laws that ban transgender athletes to female sports teams, amid an escalating nationwide effort to restrict transgender rights. On January 13, the court heard arguments from Idaho and West Virginia in appeals of lower court decisions siding with transgender student who challenged the bans as being in violation of the U.S. Constitution, and a federal antidiscrimination act. 25 other states also have laws similar to Idaho's. The conservative justices expressed concerns over imposing a uniform law on the whole country, amid a sharp disagreement and uncertainty about whether medications such as puberty-blocking hormones or gender affirming hormones remove male physiological advantages in sport. The ruling is expected to be made by the end of June. LGBT 'CONVERSION THERAPEUTY' On March 31, the court rejected 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 law 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 The conservatives expressed skepticism about a Hawaii gun law which restricts handguns from being carried on public property, such as businesses. They appeared ready to expand the right to own a firearm again. On January 20, the court heard arguments in an appeal filed by opponents of the law, backed by Trump's administration. The challengers were appealing a ruling by a judge that Hawaii's Democratic backed measure probably complies with U.S. Constitution Second Amendment rights to bear and keep arms. Hawaii's law demands that a property owner "expressly authorize" the bringing of a handgun on to a private property accessible to the public. Four other states in the United States have laws similar to Hawaii's. The ruling is expected to be made by the end June. Drug Users and Guns The Justices heard arguments in March 2 on the Trump Administration's bid to defend a federal statute that prohibits users of illegal drugs in Texas from owning firearms. Hunter Biden, son of former president Joe Biden, was charged under this law in 2023. The Justice Department appealed a ruling by a lower court that the gun restrictions were in violation of the Second Amendment rights to "keep and bear weapons" guaranteed under the U.S. Constitution. Gun Control Act 1968 included a prohibition on the possession of guns by illegal drug users. The decision is expected to be made by the end June. CAMPAIGN-FINANCE On December 9, the court heard arguments in a Republican led bid to overturn federal spending limits by political parties coordinated with candidates. The case involved Vice President JDVance. The conservative justices seemed to be sympathetic towards the challenge. However, the three liberal members of the court appeared inclined to maintain the spending limits. The debate centers around whether federal limits on campaign spending coordinated with candidates' input violate First Amendment protections against government abridgment. Vance and Republican challengers have appealed the ruling of a lower court that had upheld restrictions regarding the amount of money political parties can spend in campaigns, with input from candidates who they support. This type of spending is called coordinated party expenses. The ruling is expected to be made by the end June. MAIL-IN BALLOTS Conservative justices expressed skepticism in a March 23 case against a Mississippi law that allowed a five-day period of grace for mail-in votes received after Election Day. This could lead to tighter voting laws across the country. The Trump administration supported the challenge against Mississippi's law that allows mail-in votes sent by certain voters be counted as long as they are postmarked before Election Day and received within five business days of a federal election. In Mississippi, absentee voting is only available to certain categories of voters. These include the elderly, disabled and those who live away from home. A lower court ruled that the law was unconstitutional. The court is expected to rule by the end June. U.S. ASYLUM - PROCESSING: The court seemed likely to rule for the Trump administration's defense of its authority to reject asylum seekers if officials deem U.S. - Mexico border crossings to be too overburdened to process additional claims. On March 24, the court heard arguments in a dispute over a policy known as "metering," which Biden's administration dropped in 2021. The Republican president may want to reinstate it. It allowed U.S. Immigration officials to stop asylum seekers and refuse to process their applications indefinitely. The decision is expected to be made by the end June. WEEDKILLER CAUSES CANCER The court seemed divided on Bayer AG’s efforts to close down thousands of lawsuits alleging that the German company failed to warn users of the active ingredient of its Roundup weedkiller. On April 27, the court heard arguments in Bayer's appeal against a Missouri state court jury verdict awarding $1.25million to John Durnell, who claimed he had been diagnosed with non-Hodgkin Lymphoma after years of being exposed to Roundup. The lower court rejected Bayer’s argument that U.S. pesticide law bars lawsuits based on claims made under state laws. The ruling is expected to be made by the end June. Human Rights Abuses Around the World The court heard arguments in April 28 on a case that has broad implications for American human rights litigation. Members of the Falun-Gong spiritual movement have accused Cisco Systems, in a long running lawsuit, of facilitating religious persecusion in China. Cisco appealed the 2023 ruling of a lower court that gave new life to the 2011 lawsuit brought under the Alien Tort Statute of 1789 that accused the company of developing technology which allowed China's Government to monitor and persecute Falun-Gong members. Cisco asked the court to limit the scope the Alien Tort Statute which allows non-U.S. Citizens to sue in American courts over violations of international laws. The court is expected to make a ruling by the end June. SEC 'DISGORGEMENT" POWER On June 4, the?court rejected a challenge against the U.S. Securities and Exchange Commission’s broad authority to recoup illegal 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 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 ill-gotten gain and interest in relation to a "financial crime case". FCC fines wireless carriers On June 4, the justices backed the Federal Communications Commission in its system of levying fines. They ruled against AT&T and Verizon, who had challenged the agency. Trump's administration defended FCC's system of assessing financial penalties known as forfeiture order. The carriers argued that FCC's internal proceedings deprived them their right to a trial by jury under the U.S. Constitution. 'GEOFENCE" WARRANTS On April 27, the court heard arguments in a Virginia case over whether or not law enforcement's use a "geofence warrant" to identify suspects using data from mobile phones near crime scenes is a violation of the Fourth Amendment's bar against unreasonable searches. Geofence warrants approved by the court compel companies, such as Alphabet’s Google in this instance, to search for mobile devices near crime scenes around the time of the crime. In this case, a defendant pleaded conditionally guilty to robbing an institution of higher learning while reserving the right to argue against evidence obtained from what he claims was "an illegal search". The ruling is expected to be made by the end June. CRISIS PREGNANCY COUNTER The court sided on April 29, with the operator in New Jersey of Christian faith-based "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 INMATE The conservative justices seemed inclined to reject the bid of a Rastafarian to sue Louisiana state prison officials after they shaved his head in violation of religious beliefs. The case was brought before the court in November 10 under a federal statute protecting incarcerated persons from religious discrimination. Plaintiff Damon Landor's religion requires that he let his hair grow. He appealed the decision of a lower court to dismiss his lawsuit, because they found that the statute in question did not allow for him to sue officials individually for monetary damages. The ruling is expected to be made by the end June. DEATH ROW INMATE A man convicted in Alabama of a murder committed in 1997 was spared the execution on May 21, after the court upheld a ruling that the inmate has intellectual disabilities and is therefore ineligible to receive the death sentence. Alabama officials appealed a lower court’s decision on how to determine Joseph Clifton Smith’s intellectual capacity. The justices rejected the appeal. This method involved weighing the results of multiple intelligence quotient (IQ) tests alongside 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 2006 during a trial where he was found guilty for his involvement in?the killing of a grocery owner. The justices found that the state courts of Mississippi had not evaluated Terry Pitchford’s claim that he was wrongfully dismissed four Black potential jury members in violation 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 the lower-court rulings that were made against two Pennsylvania men who had been convicted of armed burglaries and sought compassionate release on the basis of First Step Act. Congress passed this law years after their sentences. COX COPYRIGHT DISSENSION On March 25, the court ruled that Cox Communications could not be held responsible for the piracy of songs by its subscribers, owned by Sony Music Group, Warner Music Group, Universal Music Group, and other labels. 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.
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Wall Street mixed: European stocks rise as Broadcom drags technology; oil drops
In choppy trading, global stocks edged a little higher on Thursday. European gains off-set a mixed session in Wall Street as investors weighed the snag in AI momentum and a truce between Israel and Lebanon that pushed down oil prices. The S&P 500 index was up after reversing early losses. The Dow also hit a new record high. However, the Nasdaq fell with the Nasdaq losing ground. Technology shares were the main culprits for the Nasdaq's losses while healthcare stocks led the gains. The Dow Jones Industrial Average rose by 1.79%. The S&P 500 increased by 0.32%. And the Nasdaq Composite dropped by 0.20%. Broadcom shares fell more than 14 percent, pulling down semiconductor stocks in general, after disappointing results from the?chipmaker, who disappointed investors who bet on a surge in demand for its AI custom chips. The European stock exchanges increased by 0.52%. MSCI's index of global stocks rose by 0.06%. James St. Aubin, Chief Investment Officer at Ocean Park Asset Management. "Today's tech action is emblematic of the fragility of sentiment for a group that has experienced massive gains over a short time period." CRUDE OIL DIPS The U.S. President Donald Trump’s efforts to stop fighting in Lebanon were undermined when the pro-Iran Hezbollah movement refused the new ceasefire, and Israel announced that it would not remove troops from the country. On Wednesday, the Republican-led U.S. House of Representatives approved a resolution on war powers to prevent Trump from pursuing his conflict against Iran. It is only symbolic as the measure must still be approved by the Senate. A two-thirds vote in both chambers would also be required to override a veto that was almost certain. "Those headlines on the geopolitical side are probably net-positive?and for the moment, the market is embracing it. We've seen volatility in geopolitical headlines both ways and at the margins I'd say it's positive. Aubin said. Brent crude dropped by 3%, to $95 per barrel. YEN HOVES AROUND 160 Investors were watching for possible official intervention in currency markets as the Japanese yen hovered around the 160-level. Minoru Kihara, the Chief Cabinet Secretary of Japan (BOJ), said that he expected the central bank would coordinate their?moves? with the government. This was after BOJ Governor Kazuo?Ueda gave fresh hints about an interest rate?rate increase this month. The Japanese yen rose 0.06% to 159.94 dollars per dollar. The euro rose 0.27% to $1.1626. The dollar fell 0.42% against the Swiss franc to 0.789. The dollar index, which measures greenbacks against a basket?currencies, including yen and euro, dropped 0.12% to 98.33. The yields on U.S. Treasury notes were all lower. The yield on the benchmark U.S. 10 year notes dropped 3 basis points to 4,461%. Spot gold increased 1.11% to $4479.14 per ounce. Bitcoin dropped 1.88% to $63685.
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Trump unveils $700 million coal support program using emergency powers
A White House official said that President Donald Trump is expected to announce Thursday that he would use his Cold War emergency powers to send nearly $700,000,000 to the U.S. coal sector to ship the fuel to Asia, and to power companies in the United States to burn the fuel domestically. The official and industry source confirmed that Trump intends to use the Defense Production Act, a law passed in 1950 that granted presidents broad authority to oversee industries considered critical to national defense, to finance?upgrades to more than a dozen power plants powered by coal, as well as to help finance two coal plants and to support the construction of an export terminal on the West Coast. The White House public schedule shows a 3:00 p.m. ET (1900 GMT), Trump's announcement about "Beautiful, Clean Coal." The Trump administration has framed the energy policy as an issue of national?security to ensure that electricity is available for AI data centers, and to reduce reliance on foreign countries. POLLUTION CONCERNS Environmentalists condemned the plan. Patrick Drupp of the Sierra Club's climate policy department called the plan a taxpayer-funded subvention for a polluting business and said that the group would challenge the initiative in court. Drupp stated that it was "disgusting and reprehensible" for the President of the United States to "give away our taxpayer dollars in order to build deadly and expensive coal-fired plants." Rich Nolan said that the National Mining Association's CEO would use the funds to increase production of a fuel that will help insulate energy consumers from price volatility and support the rising demand for electricity. Nolan stated that "the?administration supports that strategy by taking decisive actions at home to ensure upgrades are made to existing energy assets, and in?our ports to make sure that U.S. Coal can meet the needs of the world." As utilities shift to cheaper natural gas sources and renewable energy sources, coal, which accounted for more than half the electricity generated in the U.S. in 1990, is now responsible for less than one fifth. The official stated that more than half of this funding would be used to upgrade thirteen coal-fired plants. Additional money will also go towards coal facilities in Alaska and Maryland, as well as the West Gateway coal export terminal, which has been long planned in Northern California.
IMF: Oil price is close to April baseline forecast
The International Monetary Fund said on Thursday that while oil prices are only 3% higher today than the levels used in its April global growth forecast, physical spot prices continue to be volatile and global reserves keep falling.
Brent crude benchmark futures have dropped in recent days. On Thursday, they were trading at $94.79 per barrel for August delivery, while contracts for delivery in December are currently priced at $86.18. IMF's April World Economic Outlook global growth "reference estimate" was based upon an average oil price per barrel of $82.22 for the year.
The forecast was issued in mid-April, after prices spiked in March. It assumed that the conflict would end quickly, and prices would fall to $76 by 2027. Brent was trading?at $94.80 at the time?the forecast came out.
IMF spokesperson Julie Kozack said that the reopening of the Strait of Hormuz was crucial to the stability of oil prices. She did not say that the IMF reference forecast will hold. She and other IMF officials said previously that the world economy had moved into the "adverse scenario" of the IMF due to the conflict. Growth was expected to fall to 2.5% in this year.
Kozack stated that "the price of oil, and its direction will be very dependent on the length of the war as well as how quickly and when the Strait of Hormuz is reopened."
She stated that the spot price is?higher? than the futures prices, which the IMF uses? to?back up its forecasts. The IMF will therefore take this difference into consideration when it releases its next global forecast update in July. Reporting by David Lawder, Editing by Elaine Hardcastle
(source: Reuters)