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US considers proposal to cut Colorado River water use, Arizona says
According to Arizona's chief negotiation, the U.S. Bureau of Reclamation may adopt a large part of the proposal by Arizona, California, and Nevada to reduce the water?use?on the drought stricken Colorado River. This could save the states from further federal cuts. The Bureau of Reclamation is considering adopting a large part of a proposal by Arizona, California and Nevada to reduce water?use?on the drought-stricken Colorado River. This could spare the states steeper federal cuts. The bureau will implement its preferred plan by the beginning of August if there is no agreement among the seven states. If the Bureau adopts?the Lower Basin water-saving goals it will be a relief for Arizona. Under a bureau proposal Arizona would have risked losing Colorado River?water that millions of people use in Phoenix and Tucson. Tom Buschatzke said, in a Wednesday phone interview, that Arizona's chief negotiator had "some very positive discussions" with Reclamation regarding Reclamation's adoption of the Lower Basin proposal largely in a manner that was acceptable to us. "I believe?we are getting closer to delivering this with Reclamation." In a Thursday statement, Bureau spokesperson Peter Soeth stated that the agency had received input from Upper Basin States on the Lower Basin proposals, made some adjustments, and was "committed" to a continuing dialog with the states and tribal nations. Lower Basin states have proposed water savings at least 3.2 millions acre-feet by 2028 in order to maintain the critical Colorado River reservoir level. This was about half of the total amount the Bureau proposed. Buschatzke stated that Lower Basin States are in discussions with the Bureau about amendments made to their proposal by the bureau to address concerns regarding the use of reservoirs above Lake Powell. Negotiators from California and Nevada didn't immediately respond to a request for comment. "I consider this to be a Lower Basin breakthrough, but I doubt that it will break the deadlock between the Upper Division and Lower Division," said former Colorado River District general manager Eric Kuhn. Upper Basin states objected strongly to the Lower Basin proposal. The seven states may still find themselves in court over the operating rules. A spokesperson from the Utah Colorado River Agency said that Upper Basin States were having "productive" discussions with the Bureau on "short-term river operations". Requests for comment from Colorado, New Mexico, and Wyoming's negotiators were not immediately responded to. Reporting by Andrew Hay, New Mexico; Editing by Donna Bryson Rod Nickel and David Gregorio
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The dollar falls after chipmakers and jobs data weigh on stocks
The dollar was weighed down by rate bets as a gauge of stocks around the world closed little changed on Thursday. Overnight, in South Korea the KOSPI Index fell nearly 8% after Meta Platforms announced plans to sell computing capacity. This raised concerns about excess AI capability. The U.S. semiconductor index fell 5.5%. European stocks rose, partly due to the expectation of lower rate hikes. U.S. data revealed that job growth in the U.S. slowed down more than expected during June, while the?payroll increases for the previous two months were revised downwards. This indicates a cooling of the labor market. It also reduces expectations for an interest rate increase from the Fed. Last month, 57,000 new jobs were created against an expectation of 101,000. Bret Kenwell, eToro's U.S. investment analyst, said that the U.S. central banks "has been talking hard?on inflation and a stronger labour market would have raised the temperature." The report today doesn't scream labor market?trouble but it does cool down the narrative. The dollar index (which measures the greenback in relation to a basket other currencies) fell by 0.52%, the most since two months, to 100.87. Meanwhile, the euro rose by 0.48%, reaching $1.1431. The dollar fell 0.91% against the Japanese yen to 161,08. The dollar also gained 0.3% against emerging market currencies. Oil prices were largely unchanged, as traders looked for progress in the talks between Iran and the U.S. to end the four-month war that has shut down shipping through the Strait of Hormuz. U.S. crude dropped 0.15% to $68.47 per barrel. Brent increased to $71.60 a barrel, up 0.04% for the day. The S&P 500 closed the day with a flat result after falling and rising by more than 0.7%. The Nasdaq Composite dropped 207.36, or 0.80% to 25,832.67, and the Dow Jones Industrial Average climbed 594.83, or 1.14% to a new record closing high 52,900.07. Meta Platforms fell nearly 5%. The MSCI index of stocks around the world rose 0.79 points, or 0.07% to 1,118.74. The pan-European STOXX 600 rose by 1.41% while emerging market stocks dropped 37.75 points or?2.19% to 1,684.18. Spot gold increased by 2.24% to $4,119.36 per ounce. Spot silver rose by 2.85% to $60.83 an ounce. This was partly due the weakening dollar. The U.S. market will be closed Friday, July 4, to observe Independence Day.
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US considers proposal to cut Colorado River water use, Arizona says
According to Arizona's Chief Negotiator, the U.S. Bureau of Reclamation may adopt a large part of the?proposal of Arizona, California, and Nevada to reduce the water?use along the drought-stricken Colorado River. This?step could spare the states from?steep cuts by the federal government. The '20-year-old' plan expires this year, and the seven states who share the Colorado River are at a standstill. On May 1, the Lower Basin states submitted a proposal to the Bureau of Reclamation that would address the severe water shortages. If there is no agreement among the seven states by early August, the Bureau will implement its "preferred plan". If the Lower Basin adopts the Lower Basin water-saving goals it will'mark a respite for Arizona. Under a bureau proposal Arizona would have risked losing Colorado River Water that millions of people in Phoenix and Tucson rely on. Tom Buschatzke said in a Wednesday phone interview that Arizona's top negotiator had "some very positive discussions" with Reclamation regarding Reclamation's adoption of the Lower Basin proposal in a manner we could accept. "I believe we are getting closer to that with Reclamation." Peter Soeth, a Bureau spokesperson, said in a Thursday statement that the agency had received input from Upper Basin States on the Lower Basin proposals, made some adjustments, and was "committed" to a continuing dialog with the states and tribal nations. Lower Basin states have proposed water savings at least 3.2 millions acre-feet by 2028 in order to maintain the critical Colorado River reservoir level. This was about half of the maximum reductions the Bureau proposed. Buschatzke stated that Lower Basin States are in discussions with the Bureau about their amendments to their proposal, as they seek to address concerns regarding the use of reservoirs over Lake Powell. Californian and Nevadan negotiators did not respond immediately to requests for comments. Upper Basin states have objected to certain key elements in the Lower Basin proposal. The seven states may still be in court over "operating rules". A spokesperson from Utah's Colorado River agency stated on Wednesday that Upper?Basin States were in "productive" discussions with the Bureau over "short term" river operations. Requests for comment from Colorado, New Mexico, and Wyoming negotiators were not immediately responded to. Reporting by Andrew Hay, New Mexico; editing and proofreading by Donna Bryson, Rod Nickel
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Trump is granted a court order to stop restoring climate park exhibits and slavery.
The U.S. appeals court lifted an order on Thursday that required the Trump administration to restore dozens of exhibits it had removed from national parks, including those on slavery and climate changes. The 1st U.S. Circuit Court of Appeals, based in Boston, is a three-judge panel. Circuit Court of Appeals halted a judge’s order requiring that the National Park Service reinstall displays that were removed as a result of the Republican President's directive that targeted displays that "inappropriately disparage Americans living or past." Last month, U.S. District Court Judge Angel Kelley in Boston concluded that the displays had been removed from national parks as part the illegal effort by the administration to "rewrite" the nation's past with a whiteout pen. Kelley came to this conclusion after a lawsuit filed by groups representing park conservationists. historians and scientist who accused the Trump administration of a concerted campaign of censorship aimed at erasing parts of American history which did not "conform" with Trump's ideas. A panel of the 1st Circuit, composed exclusively of judges appointed by Democratic Presidents, agreed to suspend Kelley's decision while the administration appeals. The court said that the government would likely win on appeal, as the plaintiffs did not demonstrate irreparable harm to them during the litigation. Brooke Menschel is a lawyer representing the plaintiffs in the Democracy Forward liberal advocacy group. She called the ruling "a temporary procedural setback" but a disappointment, as the court did not rule on the legality of the administration's actions. Menschel stated that "Unfortunately, this decision will allow the administration to continue to remove and alter interpretive materials which are crucial for millions of tourists to understand the history of our nation." In a press release, a spokesperson for the U.S. Department of the Interior (which oversees the National Park Service) said that it "encouraged Americans" to visit its cultural and historical sites, and to engage in meaningful discussions about the moments which have shaped the United States. DZONES OF EXHIBITS REMOVED At least 51 exhibits have been removed or discarded in parks across the country to comply with Doug Burgum, Interior Secretary Doug Burgum’s implementation of a executive order Trump signed on March 20, 2025. Trump's executive orders targeted what he called "a revisionist movement" which portrayed the United States as "inherently racism, sexism, oppression or otherwise irredeemably flaw." It directed that changes be made in parks across the country. Among the items removed was an exhibit in the 'President's House' of Philadelphia's Independence National Historical Park, which described the ownership by George Washington of enslaved persons. In February, the National Parks Conservation Association and American Association for State and Local History filed a lawsuit to challenge their removal. Kelley, appointed by Democratic former President Joe Biden had stated that they would suffer from "aesthetic and recreational harms" without a preliminary order. The appeals court said that these groups only had one member who claimed she would suffer "any specific harm" without an injunction based on the absence of "park material which could educate her kids." The court stated that "as the Department points, however, plaintiffs do not claim that any material has been removed yet from the parks the member identifies that she plans to visit specifically this summer." (Reporting and editing by Chizu, Nomiyama and Will Dunham in Boston)
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The dollar drops after the jobs data, and chipmakers have a negative impact on stocks
The dollar dropped as the weak U.S. payroll data lowered bets on the Federal Reserve raising interest rates before the end of this year. The KOSPI index in South Korea fell nearly 8% after Meta Platforms announced plans to sell computing capacity, raising questions about excess AI capability. The U.S. semiconductor index fell?more than 6 percent. Stocks in Europe rose partly due to the expectation of lower interest rates. The U.S. data revealed that job growth was slower than expected in June, while payroll gains from the previous two months were revised down. This indicates a cooling labor market and reduces expectations of a Fed interest rate increase within the next few months. Last month, 57,000 new jobs were created compared to an expected 101,000. Bret Kenwell, eToro's U.S. investment analysts said that the U.S. central bank has been "talking tough" on inflation and a strong labor market could have raised the temperature. The report today doesn't scream "labor-market trouble," but it does calm the narrative. The dollar index (which measures the greenback in relation to a basket other currencies) fell by 0.52%, the most since two months, to 100.87. Meanwhile, the euro rose 0.47%, reaching $1.143. The dollar fell 0.91% against the Japanese yen to 161.08. The dollar also gained 0.3% against emerging market currencies. Oil prices are little changed as traders watch progress in the talks between Iran, the U.S. and other countries to end the four-month conflict that has closed shipping through the Strait of Hormuz. U.S. crude climbed 0.06%, to $68.62 per barrel. Brent rose 0.11% to $71.65 a barrel. The 'pullback' of the chipmakers weighed heavily on equity markets. The S&P 500 fell 32.26 points or 0.44% to 7,450.97, while the Nasdaq composite fell 309.35 points or 1.19% to 25,730.69. The Dow Jones Industrial Average rose by 291.82 points or 0.56% to 52,597.06. Meta Platforms dropped more than 4%. The MSCI index of stocks around the world fell by 2.44 points or 0.22% to 1,115.51. The pan-European STOXX 600 rose by 1.41% while emerging market stocks dropped 33.61 points, or 1.95% to 1,688.32. Spot gold increased?2.21%, to $4,118.79 per ounce. Spot silver also rose?2.54%, to $60.64 per ounce. This was partly due to the weakening dollar. The U.S. market will be closed Friday, July 4, to observe Independence Day.
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Trump Administration aims to reduce regulations on US commercial fisheries
On Thursday, the Trump administration acted to slash commercial fisheries regulations from coast-to-coast. This included reopening New England's waters for scallop fishing after they were banned due to overfishing. White House advisor Peter Navarro told reporters that the American consumer will benefit from the new policy. The Commerce Department and National Oceanic and Atmospheric Administration have announced regional priorities, which the government claims are designed to revitalize seafood. The scope of the priorities and how NOAA intended to implement them was unclear. The move follows an executive order issued by President Donald Trump in April 2025 aimed at increasing the domestic production of?seafood by directing that the Commerce Department loosen regulations, and open marine monuments for commercial fishing. The goal was simple: we needed to protect?our domestic fisheries, promote productive harvesting of our resources and boost great American fishermen," said a senior official. Navarro stated that the desire to relax restrictions on scalloping came from a?Oval Office Meeting between Trump and scallop fishers who complained about not being allowed to fish in certain parts of 'Georges Bank. Scallop fishing is prohibited on the northernmost edge of those waters, off New England's coast. "We will fix this in an environmentally-sensitive way and with conservation in mind. Navarro explained that the process would be carried out in a systematic manner. He said that the New England Fishery Management Council will be involved in the process. In 1994, officials closed a large portion of the fishing grounds on Georges Bank. According to the American Museum of Natural History, an assessment of the cod stock in Georges Bank by the National Marine Fisheries Service found that it had declined 40% over the previous four years. The fishing fleet, which was then about twice as large, could not sustain Georges Bank. New England Fishery Management Council decided in 2024 to not reopen these fishing grounds that are also Atlantic cod spawning grounds to protect the "long-term productivity" of scallops. Alexander Dunn, a council spokesperson, stated that the council had discussed restarting work on scallop fishing along the northern edge of Georges Bank but did not decide to include it in its priorities for 2026. The issue may be brought up at the September meeting, he said. According to the museum, Georges Bank is a part of a chain of plateaus that are submerged in shallow water and were once rich fishing grounds. However, massive overfishing has brought some fish species to the brink extinction. NOAA also prioritizes other actions, including evaluating restrictions and permit policies, accountability, boundaries, and stock definitions, along the Atlantic, Gulf, & Pacific coasts. NOAA is responsible for managing the coastal fisheries of America's $320 million fishing industry. NOAA's National Marine Fisheries Service creates management plans for 45 different fisheries. It also sets quotas, determines the start and end of fishing seasons and consults federal government scientists as well as local fishermen. (Reporting and editing by Michelle Nichols; Timothy Gardner, Cynthia Osterman and Doinachiacu)
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Minister: Brazil will phase out diesel subsidies more slowly than gasoline
Bruno Moretti, Minister of Planning and Budget, said on Thursday that Brazil will take longer to phase out the diesel subsidy than it does the gasoline subsidy. This is because the process must be carefully managed, despite the fall in oil prices worldwide, to prevent price shocks and fuel shortages. Moretti stated that a gradual withdrawal of subsidy is consistent with government fiscal neutrality goals, and the cost will be offset by the extraordinary oil revenue still owed to the Treasury. In an interview, he explained that this approach would ensure "the diesel market has the predictability required to operate and provide society." He added that the 0.44 Brazilian real ($0.0844) gasoline subsidy per litre will be eliminated over a "much?shorter?" period. Subsidies are expected to disappear in the next few days. He said that removing the 1,12 real-per-liter subsidy could cause a rapid increase in diesel prices because the recent drop in oil prices after a preliminary agreement between the U.S.A. and Iran have not been fully passed on to the consumers. Brent crude prices soared above $118 per barrel after the Middle East war began in late February. It was trading at $71.51 per barrel on Thursday. Brazil's Government is also evaluating whether or not to reduce the 12% crude oil export tax imposed by March. Moretti stated that "we will certainly not be able to keep it in the current scenario." Next week, the executive order that established the tax will expire. He added that the government could maintain it at a lower tax rate by making an administrative decision. DIVIDEND TASKS SHORTFALL Moretti stated that despite the low revenue generated by a new dividend tax, which was introduced in January to offset an exemption for households with middle incomes, no additional measures were needed to make up the shortfall. The minister said stronger-than-expected collections in other areas, which he did not specify, ?would comfortably make up the difference. He added that in the worst-case scenario, any difficulties in reaching the target could be resolved?through the freezing of spending. Moretti said that the government will continue to meet its fiscal goal of a primary surplus of 0.25 percent of the gross domestic product by the end of this month. The government can still achieve the goal despite a primary budget deficit up to 0.50% GDP. This is because the tolerance band allows for 0.25 percentage points either way. Due to the pressure of mandatory spending, President Luiz Inacio Lula's government operates under a spending block of 23.7 billion reais since May. Moretti stated that the economic team of the government does not expect a significant ease in the expenditure pressures. However, it might be able reverse the blockage partially this month.
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Gold gains over 2% following weak US payroll report
Gold ?rose more than 2% ?on Thursday, extending gains after ?weaker-than-expected U.S. ?non-farm payrolls data reduced expectations of Federal Reserve interest rate hikes this year. As of 1:20 pm EDT (1720 GMT), spot gold was up by 2.2% to $4,116.54 an ounce. U.S. Gold Futures closed 1.1% higher, at $4.125.7. Dollar-priced materials are now cheaper for holders of other currencies, as the U.S. index fell by 0.5%. The lower than expected jobs number indicates that rate hikes are less likely to occur later in the year. Gold tends to do better when interest rates are lower, said David Meger, director of Metals Trading at High Ridge Futures. He added, "We saw a significant rise in the gold price as a result." The Labor Department reported that the U.S. economy added 57,000 new jobs in January,?compared to economists' expectations of a rise by 110,000. The unemployment rate was 4.2%. This was in response to a report released on Wednesday, which showed that private payrolls in the United States increased less than anticipated for June. CME FedWatch shows that traders now expect a rate increase in September of just 51%, down from 66% prior to the release of the data. Fed Chairman Kevin Warsh stated on Wednesday that inflation expectations and risks have decreased in recent weeks, while he reiterated that the Fed remains committed to bringing inflation to its 2% target. The World Gold Council reported that central banks had resumed their buying in May. According to the latest data, official reserves of gold increased by a net 41 tons in the month. Iran and the United States held a series of 'indirect' talks in the Middle East on Wednesday, but there was no sign that any progress had been made towards a lasting peace. Silver spot rose by 2.6%, to $60.69 an ounce. Platinum gained 2.6%, to $1.617.00. Palladium rose 4.7%, to $1.267.14. (Reporting and editing by Joe Bavier, Diti Pujara and Ashitha Shivprasad from Bengaluru)
Officials say that three people were killed in an attack by Russia on eastern Ukraine
Regional officials reported that three people were killed by Russian attacks on Thursday, in different parts of eastern Ukraine. According to Oleksandr Hanzha, the Governor of Dnipropetrovsk Region, one?person was killed in a series of?? attacks around the town of Nikopol. This is a Russian target that lies on the other side of the Dnipro River, opposite the Russian-held Zaporizhzhia nuclear power plant.
Three people were injured. Hazna said that a seven-year old child was killed in an attack, and two more children were injured farther?northeast at the town of Synelnykove. Vadym Fillashkin, the governor of?Donetsk, the focal point of many clashes along 1,250 km (750 miles) of front line, said that Russian forces dropped seven bombs in the town of Oleksandrivka. One person was killed and two others were injured. The head of the Donetsk Region, who is based in Moscow, said that one person was killed southwest of Donetsk.
Officials appointed by Moscow said that a Ukrainian drone attack on a minibus inflicted nine injuries.
It was impossible to independently verify the accounts of either side. (Reporting and editing by Stephen Coates; reporting by Ron Popeski)
(source: Reuters)