You may not have heard of the Court of International Trade before, but...
You may not have heard of the Court of International Trade before, but you’re about to hear about it a lot: A three-judge panel knocked down most of President Trump’s tariffs yesterday, saying the emergency law he invoked to impose them (the International Emergency Economic Powers Act of 1977) didn’t give him the power to do so. The panel said Congress couldn’t delegate “unbounded tariff power” to the president and that the US trade deficit didn’t meet the law’s definition of an extraordinary threat. The president used the law to impose the so-called reciprocal tariffs on almost all trading partners, as well as additional tariffs on Mexico, Canada, and China. The Trump administration filed a notice saying it plans to appeal, and final say is likely to rest with the Supreme Court.
Shell Boost Stake in Nigerian Deepwater as TotalEnergies Exits Bonga Oilfield
Shell will buy TotalEnergies’ 12.5% non-operated...
Shell will buy TotalEnergies’ 12.5% non-operated stake in the deepwater oilfield Bonga offshore Nigeria, where the UK-based supermajor plans to develop another major project.
Shell’s subsidiary operating the Bonga oilfield, Shell Nigeria Exploration and Production Company (SNEPCo), has signed an agreement to buy the French supermajor’s 12.5% stake in the OML 118 Production Sharing Contract, an oil mining lease offshore Nigeria that includes the Bonga field, Shell said on Thursday.
After the deal is completed, Shell will increase its stake in the OML 118 lease to 67.5% from 55%. Production from the Bonga field began in 2005, with a capacity to produce 225,000 barrels of oil per day.
TotalEnergies noted that the transaction amount is $510 million.
Elon Musk is “disappointed” by the Republican tax bill. Though...
Elon Musk is “disappointed” by the Republican tax bill. Though President Trump has championed the megabill laying out taxes and spending that’s being considered by the Senate after passing the House, his confidant Musk isn’t sold on it because it adds to the deficit and “undermines the work that the DOGE team is doing.” Musk said in an interview clip released by CBS on Tuesday that he thinks “a bill can be big or it could be beautiful, but I don’t know if it could be both.” Then yesterday, Musk announced he was leaving his government role. When asked about Musk’s criticism of the bill, the president noted that negotiations are ongoing, and that compromises had to be made given the lack of support from Democrats and the GOP’s narrow House majority.
President Trump denied that he was “chickening out” by announcing high tariffs and then lowering them, after a reporter asked for his reaction to the so-called “TACO” trade (for Trump Always Chickens Out).
Israel’s Benjamin Netanyahu said Israeli forces have killed Hamas leader Mohammed Sinwar. The prime minister’s remarks came a day after the chaotic opening of an aid distribution center in Gaza run by a controversial new group backed by Israel and the US, during which the UN Human Rights Office believes 47 people were injured, mostly due to gunshots from Israel’s army.
E.l.f. Beauty is acquiring Hailey Bieber’s skincare brand, Rhode, for $1 billion.
A federal judge rejected President Trump’s executive order targeting Robert Mueller’s former law firm WilmerHale, deeming it unconstitutional. That puts the orders targeting law firms 3–0 in court, although some firms struck deals with the president to avoid getting hit with them.
President Trump pardoned reality TV stars Julie and Todd Chrisley, who were serving federal prison sentences after being convicted of bank fraud and tax evasion.
Oil gains on supply concerns, investors await July OPEC+ output decision
(Reuters) - Oil prices gained more...
(Reuters) - Oil prices gained more than 1% on Wednesday on supply concerns as OPEC+ agreed to leave their output policy unchanged and as the U.S. barred Chevron (CVX.N)from exporting Venezuelan crude.
Investors previously anticipated members of OPEC+ would agree to a production increase later this week.
Brent crude futures settled up 81 cents, or 1.26%, to $64.90 a barrel. U.S. West Texas Intermediate crude gained 95 cents, or 1.56%, to stand at $61.84 a barrel.
OPEC+, the Organization of the Petroleum Exporting Countries and allies, did not change its output policy. It agreed to establish a mechanism for setting baselines for its 2027 oil production.
U.S. stocks end lower after Fed's minutes, with all eyes now on Nvidia earnings
All three major U.S. stock indexes closed lower on Wednesday,...
All three major U.S. stock indexes closed lower on Wednesday, led by an almost 245-point drop in the Dow Jones Industrial Average, after minutes of the Federal Reserve's May 6-7 meeting referred to rising upside inflation risks.
The Dow Jones Industrial Average fell 244.95 points, or 0.6%, to close at 42,098.70, based on preliminary data. It touched a session low of 42,042.26 after the Fed minutes were released.
The S&P 500 dropped 32.99 points, or almost 0.6%, to finish at 5,888.55.
The Nasdaq Composite declined 98.23 points, or 0.5%, to end at 19,100.94.
