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MP Materials suspends rare earth shipment to China over tariffs
MP Materials announced on Thursday that it would no longer be shipping rare earth concentrates to China as a result of the retaliatory duties and export controls imposed by China following the tariffs imposed by U.S. president Donald Trump. This sent its shares down 3,9% in the afternoon. The company stated that "Selling valuable critical materials at 125% tariffs was neither commercially logical nor in the national interest of America." MP produces rare-earths concentrate in its California mine, which is then sold to independent refineries worldwide including China through a distributor. The company is increasing the production of rare earths in California, and is commissioning new metal production equipment in a Texas facility. As the United States enters a full-blown war of trade with China, import taxes have risen to over 100%. The rare earths manufacturer said that it would continue producing and stockpiling concentrate material, while increasing domestic processing and magnet manufacturing in Texas. MP Materials invested over $1 billion into the United States infrastructure for rare earths, including facilities located in California and Texas. Rival USA Rare Earth fell 10%. (Reporting and editing by Maju Samuel in Bengaluru, Anil D'Silva, and Pooja Menon)
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Shooting at Florida State University leaves one dead
According to reports, a shooting occurred at Florida State University on Thursday, resulting in the death of one person and the injury of six others. A suspect was arrested. ABC News reported, citing unidentified law enforcement officials that at least one individual had died. At midday, gunshots were heard at the Student Union Building on the FSU Campus in Tallahassee. Police advised students and faculty to take shelter as they responded. The main campus is home to more than 42,000 students. Tallahassee Memorial HealthCare hospital in nearby Tallahassee said that it received six patients, one of whom was in critical condition, and the others were in serious condition. CNN reported that two sources familiar with the situation said that officers arrested one suspect shortly after the shooting. CNN reported that three guns were also found: one was on the suspect's person, another in a nearby car and a third in the student union. The law enforcement agencies were not immediately available to confirm or comment on the reports. In a posting on X, FBI Director Kash patel stated that he was briefed about the Florida State shooting and that a Jacksonville FBI field office team is assisting. He added, "We will support local law enforcement in any way that is needed." This was the latest in a series of violent shootings that have occurred on a U.S. campus over the past few years. In 2014, an alumnus of Florida State University opened fire at the main library early in the morning, injuring two students as well as a staff member. Hundreds were studying for exams.
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The Supreme Court's top 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 that concern funding Planned Parenthood, job discrimination and federal regulation powers over nuclear waste storage, vape products and voting rights. Take a look below at some of those cases that have already been argued, decided or are still awaiting a decision by the justices. 'GHOST GUN' On March 26, the court upheld a federal rule targeting "ghost guns", which are largely untraceable, imposed by former Democratic President Joe Biden in an effort to crackdown on the proliferation of firearms used in crimes across the country. The ruling by 7-2 overturned the lower court decision that the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives exceeded its authority when it issued the 2022 rule aimed at parts and kits of ghost guns. The court determined that the regulation was in line with the 1968 federal Gun Control Act. 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 that target 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 to them at birth. 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 aiding the illegal trafficking of guns to drug cartels, and fueling the gun 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 and facilitated 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 upheld the measure. Biden's replacement, Republican President Donald Trump chose not to enforce it and instead gave both parties a chance 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 a state government agency in Ohio. 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 EXEMPTION In a landmark religious rights case, the justices seemed to be sympathetic towards a request by an arm of Wisconsin's Catholic diocese for a religious exemption. On March 31, the court heard arguments in an appeal filed by the Catholic Charities Bureau, a nonprofit corporation that operates as the social ministry branch of the Catholic Diocese of Superior. The bureau also represents four other entities. The court is expected to rule by the end June. 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 PREVENTIVE MANDATE The Court will decide on the legality a key element 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 cost to the patient. 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-preventing medications and had argued the task force structure violated U.S. Constitution. Arguments will be held on April 21. PLANNED PARENTHOOD FINANCE The court heard arguments in South Carolina on April 2, in an attempt to stop public funding for Planned Parenthood. This case could support Republican-led efforts to deny the provider of reproductive healthcare and abortions public funds. South Carolina was supported by the conservative justices of the court. A lower court blocked the Republican-run state from cutting funding to the regional affiliate of Planned Parenthood under the Medicaid health insurance system. The ruling is expected to be made by the end June. 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 The Court on April 2, largely backed up the U.S. Food and Drug Administration in its refusal to allow two ecigarette companies to sell flavored vapor products, which regulators consider a risk to health for youths. The court threw out the lower court decision that found the FDA violated a federal law known as the Administrative Procedure Act by rejecting the applications of the companies Triton Distribution & Vapetasia to sell these nicotine containing products. 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 putting vague restrictions on a permit for the facility which discharges into the Pacific Ocean. In recent years, the court has limited the 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. TELECOMMUNICATIONS SERVICE FUND The Justices seemed sympathetic to the Federal Communications Commission’s defense of its multi-billion-dollar effort to expand access to broadband internet and phone services for low-income Americans, rural Americans and others. On March 26, the court heard arguments in the appeal of the FCC, a coalition interest groups and telecommunications companies against a lower court decision which found that Congress had violated the Constitution by vested legislative authority with Congress. The court is expected to rule by the end June. LOUISIANA ELECTORAL MAP On March 24, the justices heard arguments in a bid to preserve a Louisiana electoral map which increased the number of Black-majority districts in the state. This was in response to a legal challenge brought by a group voters who identified themselves as "non African American". 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. The ruling is expected to be made by the end June. 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 death to proceed despite Glossip’s claim that prosecutors had wrongly withheld information that could have helped his defense. (Compiled by Andrew Chung and John Kruzel; edited by Will Dunham.)
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Ontario pledges to reduce red tape for mining projects
By Divya Rajagopal Ontario Premier Doug Ford announced on Thursday that the province will reduce the time it takes to approve new mining project by half in order to be more competitive, as Canada is facing tariffs and threats of annexation from the United States, its top trading partner. Ford announced that a new bill titled 'One Project One Process' would expedite approvals for strategic mining projects, starting with Ring of Fire and important minerals. Ford stated that it currently takes 15 years for a mine to be opened in Ontario. Ford said, "That's fifteen years of missed opportunities, 15 years spent jumping through hoops... These delays were never accepted, but now, more than ever before, we must act, with President Trump taking a direct shot at our economy. It cannot be business-as-usual." If passed by the Provincial Legislative Assembly the measure will reduce the time it takes for the government to review mining projects by 50%. This will include a coordinated consultation between the indigenous groups whose land these mines are built on. Ford also said that Ontario tightens its standards in regards to the involvement of foreign entities, such as China, in important mining projects.
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After Trump's tariffs, gold is now returning to Switzerland after being exempted from them
Official data show that the gold, which traders had been shipping to New York as a precautionary measure against possible U.S. import tariffs on bullion, is now being sent back to Switzerland. Swiss customs data released on Thursday revealed that gold imports to Switzerland from the U.S. reached a 13-month high in March of 25.5 tons, up from 12.1 tonnes in February. The Swiss gold exports to the U.S. dropped 32% on a month-to-month basis to 103.2 tonnes. U.S. gold warehouses, approved by Comex and part of CME Group, have experienced eight days of gold outflows. Daily Comex data revealed that the U.S. Futures Premium had begun to decline after a major disruption. Comex warehouses received gold, silver, and platinum totaling more than 80 billion dollars in the period between December and March, which kept logistics companies and Swiss refineries busy. The rush to ship gold and silver to New York has slowed down since Washington removed the metals in two weeks from the reciprocal tariffs imposed by President Donald Trump. Comex gold stock is down 1.5 million troy-ounces worth $4.8 billion to 43.6 millions ounces (1 357 metric tons), since reaching an all-time record of 45.1million ounces in April. The gold stocks had been rising since November, when Trump won the election again. A source at a Swiss refinery said that a part of the gold being shipped out from U.S. vaults will be returning to Switzerland. Switzerland is the largest bullion refining hub and transit hub in the world. He added that the outflow of gold from the U.S. would be modest, as the vaults in the country continue to act as a hedge for a part of the market against the wider uncertainty. According to Ross Norman, a CME registered warehouse, the U.S. consumes 115 tons of physical gold coins and bars in a typical calendar year. This means that the remaining kilobars will last for this segment of the marketplace for about 12 years. He added, "This is a great time to work in gold refining and logistics." (Reporting and editing by Kirby Donovan; Polina Devitt)
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BlackRock gets permission to continue owning large US utility stakes
U.S. Energy regulators granted BlackRock permission on Thursday to continue owning major stakes in utilities. This was a victory for the top asset manager of the world over concerns it had too much power. Mark Christie, the Republican Chairman of the U.S. Federal Energy Regulatory Commission, also endorsed its decision. Mark Christie wrote that despite his concerns over BlackRock's power in the market, public utilities still need to access capital. He wrote: "It's a reality of the economy that public utilities regulated under the Commission are forced to seek out investment capital wherever it may be available. And much of this is either owned or managed now by large asset managers." Technically, the decision of the body known by the name FERC extends BlackRock's permission for another three years to own up 20% of the voting security of any U.S. traded utility above the baseline threshold of 10%. BlackRock funds cannot own more than 10% voting securities. BlackRock manages $11.5 trillion. BlackRock sent a message to thank FERC. BlackRock stated that "at a time of energy affordability and reliability being especially important, BlackRock looks forward to continue to provide billions in capital to the American energy industry on behalf of its clients."
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Three dead in Italian cable car accident near Naples, ANSA says
ANSA, the main Italian news agency, reported that three people were killed, one was seriously injured, and another went missing when a cable car fell to the ground in the southern part of Italy near Naples on Thursday. The report cited sources from the rescue services. The accident occurred at Monte Faito. This is a mountain peak located about 45 km (28 miles), south-east of Naples. Umberto De Gregorio wrote on Facebook that "the cabin at the top is a wreck, and there are fears of casualties," describing it as "a tragedy." In several Italian media reports, one of the cables that support the cabin was reported to have snapped. In 2021, 14 people were killed in Italy after a cable car that connected the northern Lake Maggiore to a mountain nearby fell. (Reporting and editing by Gavin Jones, Alvise Armellini)
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Brazil's Petrobras reduces diesel prices for distributors
Petrobras, the state-run Brazilian oil company, announced on Thursday that it would reduce diesel prices by 0.12 reals ($0.0205) on average per liter. Crude prices have fallen in recent weeks following the tariffs imposed by President Donald Trump on April 2 on several countries. Fernando Melgarejo, the Chief Financial Officer of the company, said that the changes in the Brent crude oil price and the exchange rate influenced the decision to update the prices. Melgarejo stated, "We have a fundamentalist price analysis, and we believe that this adjustment is appropriate for the moment. This is mainly because of the Brent's movement." After the announcement of tariffs, Mines and Energy minister Alexandre Silveira and Petrobras chief executive Magda chambriard discussed the issue. Eduardo Oliveira de Melo is a managing partner of Raion Consultoria. He said that Petrobras' cut was conservative. His consultancy firm measured a possible fuel price reduction up to 0.30 reais. $1 = 5.8640 Reais (Reporting and Editing by Lisa Shumaker and Kirby Donovan; Fabio Teixeira, Kirby Donovan, Ed Osmond and Lisa Shumaker)
Iron ore falls to 6-1/2-month lowest as global trade war intensifies
The price of iron ore futures fell on Wednesday, to the lowest level in over six months. This was due to the global trade war that was sparked by President Donald Trump’s tariffs.
The September contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading 2.68% lower, at 689 Yuan ($93.74).
The contract reached its lowest level since September 24, at 670.5 Yuan per ton, earlier in the session.
As of 0712 GMT, the benchmark May iron ore traded on Singapore Exchange was 1.16% lower than its previous price at $93.65 per ton. The contract dropped earlier to its lowest price since September 24 at $91.70 a ton.
The sentiment improved after news broke that China's leaders planned to meet to discuss ways to stabilize the capital markets and boost the economy.
The U.S. announced on Tuesday that duties of 104% on imports from China would take effect shortly after midnight. This follows Beijing's refusal, which it called blackmail, to give in to the demands. Beijing has vowed to "fight until the end".
First Futures analysts said that the impact of increased tariffs has exacerbated the situation, causing iron ore to be under pressure in the short-term.
The prices of other steelmaking ingredients were also down on Wednesday. Coking coal and coke fell by 4.03% and 3.24 %, respectively.
The Shanghai Futures Exchange steel benchmarks fell due to lower raw material costs.
Rebar, hot-rolled coil, wire rod and stainless steel all declined.
Prices for steel and steelmaking materials have been further impacted by intensified concerns about the demand outlook. This has been exacerbated by the escalating tensions in trade between the two world's largest economies.
Analysts say that the high summer temperatures and the expectations of a reduction in domestic steel consumption over the next few months have also had a negative impact on the iron market.
(source: Reuters)