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Eutelsat shares rise 6% following France's capital boost
Eutelsat's shares opened Friday up 6% after the French Government announced that it will become the company's largest shareholder, following a capital increase of 1.35 billion euros ($1.55 billion). The French Finance Ministry said that the move will help the company compete with Elon Musk’s Starlink, which has the second largest constellation of satellites in low-Earth-orbit. In a Friday morning post on X, French President Emmanuel Macron said: "By strengthening Eutelsat's capital, France secures its strategic independence, and paves the way for Europe." Eutelsat announced that other major shareholders would subscribe to the capital raise. However, it is unclear whether Britain, which owns 10.9% of the firm, will inject additional money. Eutelsat OneWeb has merged with OneWeb OneWeb launched its second generation LEO satellites by the end of the decade. Eutelsat, however, has said that it needs to finance up to 2.2 billion euro in order for them have more satellites than they originally thought. ($1 = $0.8686 euros)
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Euro zone yields are on track to drop by a week, Middle East is in focus
Investors downplayed inflation fears as they awaited clarity about a possible U.S. intervention in the conflict. The White House announced on Thursday that President Donald Trump would make a final decision within the next two week, increasing pressure on Tehran to return to the negotiation table. The German 10-year yields that serve as a benchmark for the entire euro zone fell by 2.5 basis points to 2.49% and are expected to finish the week at 4.5 basis points lower. Money markets have priced in the deposit facility rate of the European Central Bank at 1.77% for December, as opposed to 1.75% last weekend. The yield of the German 2-year bonds, which is more sensitive to expectations about ECB policy rate, fell 1.5 bps, at 1.83%. The spread between the yields of government bonds from highly indebted nations, like Italy and France, and safe-haven German bunds, has widened due to a drop in risk appetite. Italy's 10-year rates dropped by 4.5 basis points to 3.50 percent. Italian yield gap against Bunds, a market measure of the premium that investors are willing to pay to hold Italian debt, tightened on Friday to 100 basis points. However, it was still set to rise by its largest weekly increase in a whole year.
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US judge blocks Trump's plan to tie state transportation funds to immigration enforcement
A federal judge blocked the administration of President Donald Trump from forcing 20 Democratic states to comply with immigration enforcement to receive billions in grant funding for transportation. John McConnell, Chief U.S. district judge in Providence (Rhode Island), ruled that U.S. Department of Transportation lacked the authority to demand that states cooperate with U.S. Immigration and Customs Enforcement for transportation funding and the condition was a violation of the U.S. Constitution. McConnell stated that the administration did not provide any plausible link between the cooperation with immigration enforcement and what Congress intended the funding for, which was to support highways bridges and other transport projects. McConnell wrote that "Congress didn't authorize or grant the Secretary of Transportation authority to impose immigration-enforcement conditions on federal funds specifically appropriated for transport purposes." The judge appointed by Democratic President Barack Obama issued a preliminary order preventing the condition being enforced on 20 states and their subordinate government units, such as cities. The Trump administration has not responded to a comment request. The Trump administration has claimed that the policy is within the discretion of the department. The ruling was made in response to a lawsuit brought by a group Democratic state attorneys general, who claimed that the administration had attempted to illegally hold federal funds as hostage so they would be forced to adhere to the Republican President's immigration hardline agenda. They filed suit after U.S. Transportation Sec. Sean Duffy, on April 24, informed states that they could lose funding for transportation if they did not cooperate with federal law enforcement efforts including ICE's efforts to enforce immigration laws. Since taking office again on January 20, Trump signed executive orders calling for the cutting off of federal funding to jurisdictions deemed to be sanctuary, which do not cooperate fully with ICE. His administration is also moving to deport large numbers of people. In general, sanctuary jurisdictions have policies and laws that restrict or prohibit local law enforcement officers from assisting federal agents with civil immigration arrests. California Attorney General Rob Bonta praised McConnell's decision in a press release, saying that Trump "treated these funds, which go towards improving our roads and maintaining our planes, as a bargaining tool." The 20 states have also filed a separate case in Rhode Island challenging the new immigration enforcement requirements imposed by Homeland Security Department on grant programs. (Reporting from Nate Raymond, Boston; additional reporting by Tom Hals, Wilmington, Delaware, and Trevor Hunnicutt, Washington; editing by Alexia Garamfalvi).
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US judge blocks Trump's plan to tie state transportation funds to immigration enforcement
A federal judge blocked the Trump administration's attempt to force 20 Democratic-led state to cooperate with immigration enforcement to receive billions in grant funding for transportation. John McConnell, Chief U.S. district judge in Providence, Rhode Island, granted the request of the states for an injunction to bar the Department of Transportation policy. He said that the states would likely succeed in some or all of the claims they made. The Trump administration didn't immediately respond to an inquiry for comment. The ruling was made in response to a lawsuit brought by a group Democratic state attorneys general, who claimed that the Trump administration had illegally held federal funds as hostage so they would adhere to his hardline immigration agenda. The states argued U.S. Transportation Secretary Sean Duffy lacked the authority to impose immigration-enforcement conditions on funding that Congress appropriated to help states sustain roads, highways, bridges and other transportation projects. Trump, who returned to office in January 2018, has signed several executive order that call for the cutting off of federal funding to sanctuary jurisdictions which do not cooperate U.S. Immigration and Customs Enforcement. His administration is also moving to mass deportations. In general, sanctuary jurisdictions have policies and laws that restrict or prohibit local law enforcement officers from assisting federal agents with civil immigration arrests. The Justice Department filed a number of lawsuits challenging the laws of these jurisdictions including Illinois, New York, and Colorado. It claims that they hinder federal immigration enforcement. The lawsuit McConnell is facing, which was brought by Democratic President Barack Obama on behalf of McConnell was filed in response to Duffy's April 24 notification that states could lose funding for transportation if they did not cooperate with federal law enforcement, including ICE and its efforts to enforce immigration laws. States argue that the policy is unconstitutionally ambiguous and a condition for receiving funding from Congress, as it does not specify what constitutes adequate cooperation. The administration has claimed that Duffy had the discretion to implement this policy and that these conditions should remain in place, as it is not wrong for states to be required to follow federal law. The 20 states have also filed a separate case in Rhode Island, challenging the new conditions imposed by Homeland Security Department on grant programs. (Reporting from Nate Raymond, Boston; additional reporting by Tom Hals, Wilmington, Delaware, and Trevor Hunnicutt, Washington; editing by Alexia Garamfalvi).
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US judge blocks Trump's plan to tie state transportation funds to immigration enforcement
A federal judge blocked the Trump administration's attempt to force 20 Democratic-led state to cooperate with immigration enforcement to receive billions in grant funding for transportation. John McConnell, Chief U.S. district judge in Providence, Rhode Island, granted the request of the states for an injunction to bar the Department of Transportation policy. He said that the states would likely succeed in some or all of the claims they made. The Trump administration didn't immediately respond to an inquiry for comment. The ruling was made in response to a lawsuit brought by a group Democratic state attorneys general, who claimed that the Trump administration had illegally held federal funds as hostage so they would adhere to his hardline immigration agenda. The states argued U.S. Transportation Secretary Sean Duffy lacked the authority to impose immigration-enforcement conditions on funding that Congress appropriated to help states sustain roads, highways, bridges and other transportation projects. Trump, who returned to office in January 2018, has signed several executive order that call for the cutting off of federal funding to sanctuary jurisdictions which do not cooperate U.S. Immigration and Customs Enforcement. His administration is also moving to mass deportations. In general, sanctuary jurisdictions have policies and laws that restrict or prohibit local law enforcement officers from assisting federal agents with civil immigration arrests. The Justice Department filed a number of lawsuits challenging the laws in these Democratic-led jurisdictions including Illinois, New York, and Colorado. The lawsuit McConnell is facing, which was brought by Democratic President Barack Obama on behalf of McConnell was filed in response to Duffy's April 24 notification that states could lose funding for transportation if they did not cooperate with federal law enforcement, including ICE and its efforts to enforce immigration laws. States argue that the policy is unconstitutionally ambiguous and a condition for receiving funding from Congress, as it does not specify what constitutes adequate cooperation. The administration has claimed that Duffy had the discretion to implement this policy and that these conditions should remain in place, as it is not wrong for states to be required to follow federal law. The 20 states have also filed a separate case in Rhode Island, challenging the new conditions imposed by Homeland Security Department on grant programs. (Reporting from Nate Raymond, Boston; additional reporting by Tom Hals, Wilmington, Delaware, and Trevor Hunnicutt, Washington; editing by Alexia Garamfalvi).
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US judge blocks Trump's plan to tie state transportation funds to immigration enforcement
A federal judge blocked the Trump administration's attempt to force 20 Democratic-led state to cooperate with immigration enforcement to receive billions in grant funding for transportation. John McConnell, Chief U.S. district judge in Providence, Rhode Island, granted the request of the states for an injunction to bar the Department of Transportation policy. He said that the states would likely succeed in some or all of the claims they made. The Trump administration didn't immediately respond to an inquiry for comment. The ruling was made in response to a lawsuit brought by a group Democratic state attorneys general, who claimed that the Trump administration had illegally held federal funds as hostage so they would adhere to his hardline immigration agenda. The states argued U.S. Transportation Secretary Sean Duffy lacked the authority to impose immigration-enforcement conditions on funding that Congress appropriated to help states sustain roads, highways, bridges and other transportation projects. Trump, who returned to office in January 2018, has signed several executive order that call for the cutting off of federal funding to sanctuary jurisdictions which do not cooperate U.S. Immigration and Customs Enforcement. His administration is also moving to mass deportations. In general, sanctuary jurisdictions have policies and laws that restrict or prohibit local law enforcement officers from assisting federal agents with civil immigration arrests. The Justice Department filed a number of lawsuits challenging the laws in these Democratic-led jurisdictions including Illinois, New York, and Colorado. The lawsuit McConnell is facing, which was brought by Democratic President Barack Obama on behalf of McConnell was filed in response to Duffy's April 24 notification that states could lose funding for transportation if they did not cooperate with federal law enforcement, including ICE and its efforts to enforce immigration laws. States argue that the policy is unconstitutional and amounts to a condition for states to receive funds authorized by Congress, as it leaves unclear exactly what would constitute sufficient cooperation. The administration has claimed that Duffy had the discretion to implement this policy and that these conditions should remain in place, as it is not wrong for states to be required to follow federal law. The 20 states have also filed a separate case in Rhode Island, challenging the new conditions imposed by Homeland Security Department on grant programs. (Reporting from Nate Raymond, Boston; additional reporting by Tom Hals, Wilmington, Delaware, and Trevor Hunnicutt, Washington; editing by Alexia Garamfalvi).
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Mexican authorities uncover a clandestine mini refinery as part of their crackdown on illegal hydrocarbon traffic
Mexican authorities discovered this week a clandestine micro-refinery, as well as a half million barrels worth of crude oil that they believe were stolen from Mexico's pipelines. The government is cracking down on illegal imports of huachicol (illegal crude oil, refined products, and other goods), a practice which generates significant losses for the state energy company Pemex as well as the government. Authorities have linked Pemex and organized crime to illegal trade. Was unable to reach the owners of the clandestine refining plant. On Wednesday, Omar Garcia Harfuch, the Minister of Security for Homeland Security said that "a clandestine operations was identified" during intelligence action and overflights. He said that the company produced alternative or artisan diesel, as well as light naphtha, solvents and treated oils, without the necessary permits. This posed a threat to local ecosystems. Authorities found 500,000 liters crude oil and production infrastructure to feed the illicit fuel market in the country. Pemex said the discovery, although not large in volume, highlighted the impunity of criminals in the country as well as their extensive network of collusion between different sectors. Separately authorities discovered 1.2 millions liters hydrocarbons and fuel trucks in Nuevo Leon, a northern state. Late May, authorities recovered over 3 million liters in hydrocarbon products from the south-east of the country. (Reporting Ana Isabel Martinez, Writing Stefanie Eschenbacher, Editing Daniel Wallis).
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Carney says that Canada could increase its duties on US aluminum and steel
Mark Carney, the Prime Minister of Canada, said that Canada may increase its counter-tariffs against U.S. steel and aluminum if a broader deal is not reached with President Donald Trump in 30 days. Trump raised import duties on aluminum and steel to 50%, up from 25% in early February. The industry demanded an official response. Trump's decision could harm Canada, the U.S.'s largest metals supplier. Carney said that he agreed with Trump on Monday that both nations should work to conclude a new security and economic deal by the 21st of July. Carney said at a press briefing that Canada would adjust its counter-tariffs against U.S. aluminum and steel products on the 21st of July to reflect the progress made under the larger trading agreement between the United States. Carney did not immediately match Trump's tariff hike in June, saying that he wanted to make progress in the talks to establish a new economic relationship and security. On March 13, Canada imposed 25% of retaliatory duties on a list steel products valued at C$12.6 Billion and aluminum products valued at C$3 Billion. In an announcement made on Thursday, Canada announced new rules for procurement, which will allow Canadian producers and their trading partners with tariff-free access to compete in federal procurements. Carney stated that Canada would set new tariff-rate quotas at 100% of the levels in 2024 for imports of steel from non-free-trade agreement partners, "to stabilize and prevent harmful trade divergence." According to the Royal Bank of Canada (RBC), Canada exports over 90% of all its steel and aluminum to the U.S. It also consumes around a fifth of the U.S. steel exports and about 50% of the aluminum exports. This highlights the importance of the metals trade between these two countries. Carney has also announced a number of infrastructure projects, ranging from oil and gas pipelines, to the doubling of housing capacity, all of which require tons of aluminum and steel. Carney, in response to questions from the press, said: "We are united on working towards all forms of assistance for the industry... and that begins with purchasing Canadian steel and aluminium for federal projects." The government will use Canadian steel and aluminium in Canadian products as part of its new measures. It will also create a taskforce to monitor the evolution of the steel and Aluminum markets under the tariff regime. (Reporting and editing by Rod Nickel; David Ljunggren, Andrea Ricci, and Rod Nickel)
The second week of the Israel-Iran war is underway as Europe continues to push diplomacy
Israel and Iran’s air war entered its second week of combat on Friday, and European officials tried to bring Tehran back to the negotiation table after President Donald Trump announced that a decision about a possible U.S. participation would be taken within two weeks.
Israel launched an attack on Iran last Friday. It claimed it was to stop its long-time enemy from developing nuclear arms. Iran responded with drone and missile strikes against Israel. It claims its nuclear program is peaceful.
Human Rights Activists News Agency reported that Israeli air strikes have killed 639 Iranians. The victims include top military officers and nuclear scientists. Israel claims that at least 20 Israeli civilians were killed in missile attacks by Iran. We could not independently confirm the death toll on either side.
According to Western officials and regional officials, Israel not only targeted nuclear sites and missile capability, but also sought to undermine the government of Ayatollah Ayatollah Khamenei.
"Are you aiming for the fall of the regime?" It may have been a success, but the Iranian people must rise up for their freedom," Israeli Premier Benjamin Netanyahu said Thursday.
Iran claims to be targeting sites related to military and defense in Israel. However, it also struck a hospital as well as other civilian targets.
Israel accused Iran of targeting civilians with cluster munitions that disperse bombs in a large area. The Iranian mission at the United Nations didn't immediately respond to an inquiry for comment.
The foreign ministers from Britain, France, and Germany, along with the European Union's chief of foreign policy, were scheduled to meet with Iran's Foreign Minister in Geneva on Friday to try to deescalate this conflict.
"It is time to stop the bloodshed in the Middle East, and to prevent a regional escalation which would be detrimental to everyone," said British Foreign Secretary David Lammy before their meeting with Abbas Araqchi.
The Kremlin announced on Thursday that both Russian President Vladimir Putin, and Chinese President Xi Jinping condemned Israel and agreed to de-escalate the situation.
The United States' role, however, remains uncertain. Lammy said that he met with U.S. State Secretary Marco Rubio, as well as Steve Witkoff's Special Envoy for the Region, Steve Witkoff on Thursday in Washington. They discussed a potential deal.
Witkoff spoke with Araqchi at least several times since the last week. Trump has alternated between threats and encouraging Tehran to resume nuclear negotiations that were suspended due to the conflict.
Trump has talked about striking Iran with a "bunker-buster" bomb, which could destroy deep-underground nuclear sites. The White House announced on Thursday that Trump would make a decision in the next two week whether to join the war.
This may not be an official deadline. Trump has often used "two-weeks" as a deadline for decisions, and has let other economic and diplomatic dates slide.
Any direct challenge to the 46-year rule of the Islamic Republic would require some sort of popular uprising.
But activists who have been involved in previous protests say that they do not want to cause mass unrest even if it is against a government they dislike, or if their country is under attack.
How are people expected to flood the streets? "In such horrific circumstances, people's sole focus is on themselves, their family, their compatriots and even their pets," Atena Daemi said, a prominent Iranian activist who spent 6 years in prison. (Writing and editing by Howard Goller, Diane Craft and Andy Sullivan)
(source: Reuters)