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US Supreme Court scales back Roundup cancer lawsuits
The U.S. Supreme Court has ruled that Bayer did not fail to warn its users about the cancer-causing active ingredient in Roundup weedkiller. This is a significant legal victory for the German 'company. In a 7-2 ruling, the justices overturned a Missouri jury verdict awarding $1.25m to John Durnell who claimed he had been diagnosed with non-Hodgkin lymphoma following years of exposure. The Supreme Court agreed that Bayer's argument that the U.S. pesticide law prohibits state-law claims of failure to warn from being heard in court was correct. Bayer was backed by the administration of President Donald Trump in this case. Bayer purchased Roundup in 2018 as part of the $63 billion acquisition of Monsanto, an agrochemicals company. Bayer acquired Roundup as part of its $63 billion purchase of agrochemical company Monsanto in 2018. Bayer was already forced to remove glyphosate in its consumer version Roundup due to the?torrent litigation. Bayer claimed before the Supreme Court's ruling that a favorable decision could end the Roundup litigation. In April, the?Supreme Court heard argument in this case. The U.S. Supreme Court's decision is good news for scientists, farmers and industries who depend on clear regulations to innovate. After nearly a decade of legal fights, it should be able to significantly reduce the Roundup litigation. The ruling will result in the dismissal and future barring of failure-to warn claims, said Tino Andresen, a spokesperson for the company. The company stressed throughout the lawsuit that the U.S. Environmental Protection Agency found repeatedly?that cancer is not caused by glyphosate and approved their product labels without warning. Bayer, facing billions in potential liabilities, announced in February that it would propose a $7.25 billion agreement to settle tens of thousands of existing and future lawsuits. According to the company, the settlement will not affect claims arising from appeals pending or outside of the deal. It said that the settlement would not affect claims arising from pending appeals or outside of the deal. "A DISASTER for Public Health" Environmental activists and other critics criticized Thursday's court ruling. "The Supreme Court has once again sided with the big business against the people and environment. "Today's ruling is disastrous for public health," Tarah Heinzen said, the legal director of advocacy group Food and Water Watch. Kelly Ryerson, coexecutive director at advocacy group American Regeneration, and Make America Healthy Again activist, who uses the social media handle "The Glyphosate Girl" to post on Facebook, said: "The harm caused by this decision will perpetuate cancer, infertility, and chronic diseases for generations to follow." The dispute is centered on the Federal Insecticide, Fungicide and Rodenticide Act (or FIFRA) of the United States, which governs the labeling and sale of pesticides and prohibits states from imposing different or additional requirements. To protect the environment and health, this measure bans pesticides with "misbranded labels" that do not contain adequate warnings. Bayer argues that Durnell’s claims are preempted under this law. The EPA approved labels repeatedly without a cancer warning demonstrating 'that these products aren't misbranded,' the?company stated. Labels cannot be changed substantially without approval from the agency. Durnell's attorneys said that despite Roundup's registration by the EPA, the label could still be challenged for being misbranded. Durnell's lawyers also claimed that Durnell's claims were not preempted by Missouri state law, which requires products to adequately alert consumers of potential dangers. Durnell filed a lawsuit against Monsanto at the Missouri state court level in 2019. He claimed that?it did not warn users about the dangers of Roundup and Glyphosate. He was diagnosed with non-Hodgkin's lymphoma (a cancer that begins in white blood cells), a rare, aggressive form. The disease, which began in 1996, was attributed to his exposure to Roundup. According to court documents, he was the "spray man" for about 20 years, spraying Roundup in local parks without wearing protective gear. In 2023, a jury found in Durnell's favor. A state court of appeals upheld this verdict in 2025. Activists with the "Make America Healthy Again", a movement that supports Trump's Health Sec. Robert F. Kennedy Jr., have criticised the Trump administration's backing of Bayer. A number of groups from the agricultural and crop farming industries also supported Bayer. Durnell was supported by several environmental, farm worker, and public health organizations.
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India increases LPG supply to industries, says government
India has increased the supply of liquefied?gas to non-household consumers and lifted caps on various 'commercial sectors' after increased availability. The government stated that the restoration of LPG supplies follows recent improvements in supply. India has restored 50% of LPG?supplies for commercial and industrial customers who had their allocation?suspended. The government announced that the South Asian nation had also decided to increase its supply of propane, butane and other molecules used in petrochemical manufacturing. India used to import 90% of its LPG from Middle Eastern producers before the conflict. The closure of the Strait of Hormuz impacted those supplies, forcing India diversify their purchases, increasing imports from U.S. India’s LPG exports to the U.S. will reach a new record in June. The?government? stated that the nation decided to?produce at least 40,000 tons of LPG daily. India has curtailed LPG supply to certain industries and commercial consumers due to disruptions. It prioritised the sale of LPG to households. LPG is used as a cooking fuel in India. It's a mixture of propane and butane. The government also instructed petrochemical manufacturers to divert feedstock from them to refiners in order to maximize local LPG production.
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Ashura is a time when Iranian pilgrims pay tribute to their fallen soldiers
Photos of loved ones who died in the war against the U.S. Iranian pilgrims and Israelis travelled to the Iraqi holy city of Karbala in order to commemorate Ashura - the 'holiest day' on the Shiite Muslim calendar. Ashura is celebrated on the 10th of Muharram (the first month in the Islamic calendar) and commemorates the death of Imam Hussein in battle, 680, in Karbala. This year, the annual mourning ritual has taken on a special significance. At least 3,000 people were 'killed' in Iran prior to the fragile ceasefire that took place in April. The U.S. signed a framework agreement with Iran this month in order to end the conflict. The faces of mourners could be seen amongst the black banners and flags of Ashura as crowds moved through the streets in preparation for Thursday's commemorations. A woman in the crowd clutched the?portrait Ayatollah Ayatollah Khamenei who was killed the first day of?war on February 28. An Iranian flag with his?portrait fluttering through the crowd. In addition, dozens of Iranians were killed in attacks against Israel,?U.S. The Gulf States and U.S. bases were also targeted by the Iranians. Ashura is celebrated by Shi'ite Muslims around the world every year in Karbala. The Imam Abbas shrine was filled with worshippers who participated in mourning processions. They beat drums, and even performed ritual self-flagellation to show their grief. Reporting by Ahmed Saeed, Writing by Yomna ehab; Editing and proofreading by Milla Nissi - Prussak and Alison Williams
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Sources: Russian refinery NORSI shut down after drone attack
NORSI, Russia’s fourth largest oil refinery, and the second largest gasoline producer, suspended operations after an?Ukrainian?drone attack on Wednesday. This move is likely to worsen fuel shortages across the country, according to?two sources in industry? on Thursday. Ukraine has said that its campaign of drone strikes against Russian energy installations is aimed at reducing a major source of funding for war and bringing the conflict closer to Russians. The President of Russia, Vladimir Putin, has stated that such attacks on civil infrastructure are meant to create a rift among the populace. Sources said that the attack at NORSI damaged CDU-5, a primary?refining?unit. The unit's capacity is 12,000 metric tonnes per day, or about a quarter of NORSI's production capability. The refinery may use other units in the near future to restart operations. Lukoil did not respond to a comment request. SPIMEX (the St. Petersburg International Mercantile Exchange) has halted the sale of gasoline and diesel from NORSI - starting on Wednesday. Gleb Nikitin, the Governor of Nizhny Novgorod Region, said in a Telegram message on Wednesday that a 'industrial facility was damaged by falling debris from drones and two people were killed. He did not identify the facility. The refinery is located near Kstovo, in the Nizhny Novgorod Region about 450 km east of Moscow. The plant has the capacity to process 15 million tonnes of crude oil per year, and can produce 500,000 tons bitumen, 5 million tons gasoline, and more than 5 million gallons of diesel. Reporting by Mark Potter Mark Potter (Editing by Mark Potter).
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EU climate chief: 'Spectacular electric car sales' weaken the pressure to drop combustion engine ban
The European Union's planned combustion engine car ban is being weakened by a "spectacular" rise in sales of electric cars, said the EU's climate commissioner on Thursday as governments revealed their differences over the policy. After pressure from Germany, Italy and the auto industry, the European Commission proposed last year a rollback on the EU's effective prohibition of new combustion engine cars starting in 2035. Instead, the target was changed to a reduction of 90% in emissions. Some have said, both member states and the European Parliament: "Isn’t this a signal that the status-quo was already sufficient? "Isn't this a sign that the status quo was already good enough?" Some have indeed said, both member states and the European Parliament. Hoekstra stated that "the numbers are truly impressive... The electric vehicle sales in particular, especially the three biggest?markets but also secondhand, (are) really very?impressive." In recent months, electric vehicle sales have soared in certain countries as the U.S./Israeli war against Iran has pushed up fuel and oil prices. Data from the non-profit International Council on Clean Transportation shows that EV sales in Germany, Europe's largest market, increased by 39% last year compared to May 2025. France (93%), Italy (85%), and Poland (26%), all experienced large sales increases year-on-year. The EU is now in the process of negotiating a proposed rollback. It could still be amended. Diplomats said that countries were divided -- some wanted to make a'smaller change to the CO2 car rules, while others wished to make it weaker than what Brussels proposed. It was unclear which side would win. Germany and Italy called on the EU to soften its ban on combustion engines, in Italy's case, to allow more vehicles to be powered by biofuels rather than relying solely?on electric cars that emit no CO2. The meeting heard from Italy's Environment Minister,?Vannia GAVA. France and Sweden were among the countries that defended the combustion engine?ban. They warned that a weakening of it would delay urgently required investments to help European electric vehicle manufacturers remain competitive. Monique Barbut, French Climate Minister, said that a weakened policy in the wake of the energy consequences of the Iran War would send a "terrible message". (Reporting and writing by Kate Abnett; editing by Aidan Lewis).
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France urges World Bank to keep climate targets
The French development minister made an 11th-hour appeal to the World Bank on Thursday. He urged it to "resist the pressure of its largest shareholder, the United States, and stick to a climate financing target that is due to expire at the end this month. The U.S. administration of President Donald Trump has asked the World Bank to abandon its target to dedicate 45% to climate-related lending and instead focus on core development, including a resurgence in fossil fuel projects. CCAP (Climate Change Action Plan) has been extended for a year, but many Europeans and other World Bank investors are concerned that it will expire without a clear replacement. Eleonore Caoit, France's Development Minister, said that as shareholders of these institutions it was our responsibility to make sure their operations were sufficiently ambitious in terms of climate finance. "And, of course, this is the case when other shareholders have a different?view on climate as it 'is now," Eleonore Caroit said, referring the U.S. government of Donald Trump. The directors of the United States, Japan, India and Saudi Arabia declined to sign the statement. FRANCE WILL CONTINUE TO PROMOTE Caroit. The train from Paris to London was delayed due to track problems caused by the record European temperatures. Shareholders who are supportive will "remain very attentive" as to what happens next. She said that she would continue to advocate for the correct direction of the World Bank Climate Change Action Plan. This is something that we have been doing in Washington and will be doing in Bangkok, in a few month's time, when referring to mid-October's annual meetings of the World Bank and IMF. She emphasized how U.S. resistance had stalled other global environmental 'initiatives', including the Plastics Pollution Treaty since Trump returned to office. "We shouldn't abandon. Caroit stated that we should keep focusing on the countries who want to continue, and make sure this produces results. She added that climate-related catastrophes are expected to increase in frequency due to global warming. "We must send a clear message to all countries, and to all economic players, especially in this time of backlash in certain countries." (Reporting and editing by Barbara Lewis; Marc Jones)
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Gold prices rise as dollar yields fall due to inflation data
Gold prices reversed course on Thursday and climbed higher after the U.S. inflation reading?came in line with expectations. This eased some concerns over imminent Federal Reserve rate increases and pushed down Treasury yields and the dollar. As of 9:15 am EDT (1315 GMT), spot gold rose 0.7% to $4,029.09 per ounce after dropping as much as 1% in earlier sessions. U.S. Gold Futures for August Delivery? rose 0.9% to $4.045.20 an oz. The PCE data appears to have been in line with expectations. David Meger is director of metals trading at High Ridge Futures. The U.S. Personal Consumption Expenditures Price Index surged by 4.1% over the past 12 months, marking the first time since April 2023 that the index has risen above 4.0%. Economists surveyed by predicted a 4.1% increase in?PCE inflation. After the data, the U.S. dollar lost its gains and turned lower. This made greenback-priced gold cheaper for overseas merchants. Treasury yields were also pushed lower. The CME FedWatch data showed that the markets see an 80% probability of a rate increase in December. This compares to an 85% likelihood before the release the PCE and a 61% likelihood before the Fed's statement last week. The main focus will continue to be inflationary pressures in the future. Meger said that this is one of the reasons why gold has declined over the last few sessions. Gold prices dropped below $4,000 per ounce?on Wednesday, for the first time since November 2025. This was due to expectations that interest rates will rise this year following the U.S. Federal Reserve's policy meeting. Higher interest rates, despite being an inflation hedge, dampen the appeal of bullion as investors switch to yield-bearing investments. As a result, oil prices dropped to their pre-war level as the expectation?of increased supply from the Middle East outweighed concerns about demand. An accord?agreed to last week that ended the U.S. - Israeli war allowed for the resumption in traffic through the Strait. Spot silver increased 2.2%, to $58.68 an ounce. Platinum rose 1.8%, to $1.606.09. Palladium increased 2.7% to $1199.47. (Reporting by Anjana Anil in Bengaluru; Editing by Leroy Leo)
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Don't confuse turbulence and decline. McGeever: This market is on its feet
The markets are awash with red flags that warn of another turbulent second half. Don't mistake turbulence for a sign of an imminent correction. Late bull markets are often characterized by wild volatility and price swings that can be irrational. This is the time when exuberance becomes irrational, to paraphrase the late Federal Reserve Chair Alan Greenspan. The?dynamics? are currently playing out in varying degrees on many markets. Silver has fallen 55% since its January peak and Bitcoin's value has dropped by more than half since November. The tech market has been volatile. SOX Philadelphia semiconductor index posted 10% one-day drops, but was still up 90% from March. Micron Technology tripled to a $1 trillion in three months. Oracle plunged 30% in just June. South Korean stocks are a perfect example of the turmoil -- and resilience -- that marked the first half of 2026. The AI-pumped KOSPI had a bullish market, rising by 50% in the first two month of the year. But it plunged into a bearish market three days later after the U.S. and Israeli attack on Iran. It's no wonder that realized volatility reached record levels. Since that low in March, KOSPI is nearly twice as high, despite four corrections of double digits. This type of frantic behavior is usually a precursor to a more severe correction, a market crash, or a bear-market. These wild price swings, coupled with sky-high prices and a growing IPO mania are causing investors to be on alert that bubbles may soon burst. Even if the diagnosis of "irrational markets" is correct, fears about a sharp correction might be premature. Room for EXUBERANCE Wall Street certainly seems to believe that. JPMorgan strategists and Barclays analysts raised their S&P 500 forecasts for the end of 2026 to 7,800 points. This implies a further 5% increase. Meanwhile, BCA Research analysts increased their year-end outlook to 8,100 points, almost 10% higher than current levels. BCA's team stated on Tuesday that "our constructive equity view is based on earnings and not valuation." The economy has moved from a slowdown to an expansion. Investments continue to grow, and earnings are stronger than expected. This is a compelling argument until hard evidence to the contrary emerges. Rarely, bull markets can fall under their own weight. A sharp reversal is more often triggered by a factor, like a sudden rise in interest rate, an error of policy, or a financial shock. We haven't yet seen one. The first six months of this year brought a war, an unprecedented global energy crunch, a shift to hawkish Fed communication, and a growing concern over hyperscalers’ capex expenditure and debt issuance. Investors have ignored it all. JPMorgan’s Dubravko Lakos–Bujas and his team acknowledge that even if U.S. equity markets are on the rise, their path will be “non-linear” and will require a number of hurdles to be overcome. Recent quarters' earnings have raised the bar for future earnings. The upcoming listings of OpenAI and Anthropic are expected to increase the equity?supply. The Fed may soon stop talking about tightening its monetary policy and start actually raising rates. Rising borrowing costs are one of the main causes of a 'bull market' dying. There's no doubt that the U.S. Central Bank's recent hawkish pivot has been a major factor in the recent weakness of certain risk assets. Investors will continue to see downdrafts, if earnings remain stable, AI continues its craze and the global economic system keeps on chugging, as opportunities for buying. Greenspan's famous "irrational" exuberance comment was made in December 1996. This is more than three years before the peak of the dotcom bubble in March 2000. The current rally may have a long way to go. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
Mexico is looking for a way to send fuel without US tariffs to Cuba, according to sources
Sources familiar with the situation said that Mexican officials are looking at ways to ship fuel to Cuba in order to meet basic needs, such as electricity and transportation, without provoking Washington's retaliation. Washington has threatened to impose tariffs on countries supplying fuel to the Caribbean Island.
Sources said that high-level Mexican officials had been in contact with their counterparts in the United States to clarify the extent of the tariff threat described by President Donald Trump through an executive order, and to see if there was a possible way to get the fuel they desperately needed. Mexico's ability to find a solution is still uncertain.
Requests for comment from the?White House, U.S. State Department, and the Mexican Presidency were not immediately responded to. Mexico's Foreign Ministry stated that it had no information about the matter.
Cuba imports fuel to meet two-thirds its energy requirements, but is also struggling with power outages and long gas lines.
After the U.S. blocked Venezuelan tankers and President Nicolás Maduro was captured in early January, the oil shipments to Cuba ceased. Mexico is now Cuba's biggest supplier.
Mid-January, however, the Mexican government stopped shipments of "crude and refined" products due to pressure from the Trump administration. Washington then threatened to impose tariffs on oil-supplying countries to Cuba, claiming that the island poses an "extraordinary" threat to U.S. security. Havana denied this claim.
One of the sources who asked to remain anonymous in order to discuss private issues said, "There are almost daily talks." Mexico does not want tariffs to be imposed but is firm in its policy towards the Cuban people," said the source.
Cuban officials announced?on Friday that they are preparing a "plan for acute fuel shortages", and will release the details in the coming week.
The U.N. Secretary General Antonio Guterres warned this week that Cuba faces a "humanitarian collapse" if they do not receive enough oil to meet their needs.
Mexico, in particular, the Morena Party, which is currently ruling, has maintained long-standing ideological and historical links with Cuba. President Claudia Sheinbaum, however, faces pressure within her coalition not to abandon Havana.
Three of the sources stated that talks were progressing, and they were hopeful?a solution would be found. Two sources claim that Mexico could send a tanker of gasoline, food, and other supplies to the island within days, if an accord is reached.
Sheinbaum stated last Friday that "imposing tariffs on countries that supply oil?to Cuba could trigger an extensive humanitarian crisis that would directly affect hospitals, food and other basic services to the Cuban population. This situation must be avoided by respecting international law and dialog." (Reporting and editing by Stephen Eisenhammer, Nia Williams and Adriana Barrera in Mexico City; Additional reporting and editing by Ana Isabel Martinez and Adriana Barera in Mexico City; Marianna Pararaga in Houston)
(source: Reuters)