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However, an 18.9% year-on-year rise in China's oil refinery throughput in April to the second-highest level on record helped to keep a floor under crude prices. The IEA raised its forecast for global oil demand this year by 200,000 bpd to a record 102 million bpd. It said China's recovery after the lifting of COVID-19 curbs had surpassed expectations, with demand reaching a record 16 million bpd in March. In another bullish development, the U.S. Department of Energy on Monday said it would buy 3 million barrels of crude oil for delivery in August in a move to begin refilling the Strategic Petroleum Reserve. Meanwhile, U.S. commercial crude stocks fell by about 1.3 million barrels last week, according to analysts polled by Reuters.

☆ U.S. to send additional security assistance to Taiwan soon- Pentagon chief
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, May 16 (Reuters) - The United States will soon send additional security assistance to Taiwan, U.S. Defense Secretary Lloyd Austin said on Tuesday. "The United States will soon provide significant additional security assistance to Taiwan through (the) presidential drawdown authority that Congress authorized last year," Austin told lawmakers. The presidential drawdown authority, or PDA, is a type of authority that expedites security assistance and has helped to send arms to Ukraine. Earlier this month Reuters reported that U.S. President Joe Biden's administration plans to send $500 million worth of weapons aid to Taiwan using the authority. Reporting by Idrees AliOur Standards: The Thomson Reuters Trust Principles.

☆ Biden administration defends immigrant labor while sending 1,500 troops to the border
▼ + stars: | 2023-05-16 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +4 min

President Biden is sending 1,500 troops to the southern border. Yet, his secretary of Homeland Security says employers "are desperate for workers." The COVID-era rule expired May 11, so the Biden administration is now sending troops to tamp down on border crossings. Despite taking such measures to police the border, Biden's Department of Homeland Security argued on the day that Title 42 ended that immigrant labor is needed to address America's labor shortage. As a result, native workers who dropped out of high school and typically earn $25,000 annually saw their earnings drop by between $800 and $1,500 each year, he estimated.

Barkin said he remained open-minded on whether the Fed at its June 13-14 policy meeting should raise the benchmark policy rate for an 11th straight time or leave it at the current range between 5.00% and 5.25%. I do wonder whether we're not going to need more impact on demand to bring inflation down to where we need to go," Barkin said, laying out a potential case for further rate increases. Barkin said he is comfortable overall with the Fed's move earlier this month to a meeting-by-meeting, data-dependent approach after having raised the policy rate by 5 percentage points since March 2022 in an effort to lower the highest inflation in 40 years. "I'm still seeing data that suggests a hot job market and enduring inflation," he said. "I continue to believe that inflation will last longer than perhaps market measures of inflation compensation would suggest.

The opulent hotel with a soaring clock tower, located on Pennsylvania Avenue between the White House and the U.S. Capitol, opened shortly before Trump was elected in 2016. The hotel became a gathering spot for Trump supporters, lobbyists and foreign dignitaries, who Democrats and watchdog groups complained could patronize the hotel in order to curry favor with Trump when he was in office. Lawsuits accused Trump of violating the U.S. Constitution's anti-corruption provisions by maintaining ownership of his businesses including the Washington hotel while in office. The justices ordered those cases dismissed because they became moot with Trump leaving office in 2021 after his election loss to Biden, a Democrat. Some of the lawmakers who sued are no longer part of the committee while some others are no longer in Congress.

☆ Biden's budget vs. House debt limit bill on spending, deficits, taxes
▼ + stars: | 2023-05-15 | by ( David Lawder | ) www.reuters.com time to read: +6 min

U.S. House of Representatives Speaker Kevin McCarthy and his fellow Republicans' "Limit Save and Grow Act" is a spending reduction bill that would cut 2024 federal discretionary spending to fiscal 2022 levels and rescind signature Biden programs already approved by Congress. Republicans: The House bill would cut 2024 U.S. discretionary spending back to the 2022 level of $1.664 trillion and limit subsequent annual increases to 1% for a decade. The discretionary spending proposals would add $2.23 trillion to deficits over 10 years, offset by tax increases. Biden: Full enactment of the fiscal 2024 budget request would reduce deficits by $2.857 trillion, according to the White House. Estimates for Biden's budget request are from the White House, as CBO has not yet issued a score.

"The numbers we have experienced in the past two days are markedly down over what they were prior to the end of Title 42," Mayorkas said on CNN's "State of the Union" program. He said there were 6,300 border encounters on Friday and 4,200 on Saturday, but cautioned it was still early in the new regime. Mayorkas credited the criminal penalties for migrants who illegally enter the country, which resumed under existing law after Title 42's expiration, for the decrease in crossings. Officials from communities along the border agreed they had not seen the large numbers of migrants that many had feared would further strain U.S. border facilities and towns. Just before Title 42 expired on Thursday, House Republicans approved legislation that would require asylum seekers to apply for U.S. protection outside the country, resume construction of a border wall and expand federal law enforcement efforts.

☆ Pandemic-related asylum restrictions known as Title 42 expire, straining U.S. immigration system
▼ + stars: | 2023-05-12 | by ( ) www.cnbc.com time to read: +10 min

The expired rule, known as Title 42, was in place since March 2020. While Title 42 prevented many from seeking asylum, it carried no legal consequences, encouraging repeat attempts. Migrants cross the Rio Bravo river to turn themselves in to U.S. Border Patrol agents before Title 42 ends, in Matamoros, Mexico May 10, 2023. Homeland Security Secretary Alejandro Mayorkas had already warned of more crowded Border Patrol facilities to come. They were quickly apprehended by Border Patrol agents.

☆ Oil prices slide 2%, US jobless data and debt-ceiling talks weigh
▼ + stars: | 2023-05-11 | by ( ) www.cnbc.com time to read: +2 min

Oil prices slid about 2% on Thursday as a political standoff over the U.S. debt ceiling stoked recession jitters in the world's biggest oil consumer, while rising U.S. jobless claims weighed on sentiment and a stronger dollar pressured oil too. A stronger U.S. dollar makes oil more expensive in other countries. Higher interest rates can weigh on oil demand by boosting borrowing costs, pressuring economic growth. U.S. Treasury Secretary Janet Yellen urged Congress to raise the $31.4 trillion federal debt limit and avert an unprecedented default that would trigger a global economic downturn. U.S. producer prices rose moderately last month, the smallest annual producer inflation increase in more than two years.

☆ US oil lobby blasts EPA emissions cuts plan, California likes it
▼ + stars: | 2023-05-10 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, May 10 (Reuters) - The largest U.S. oil and gas trade lobby group said on Wednesday it believes sharp emissions cuts proposed by the U.S. Environmental Protection Agency (EPA) would result in the elimination of new internal combustion vehicles. Just said the rules would "eliminate the opportunity to improve" internal combustion and hybrid technologies "and create an outsized reliance on battery materials from other countries to meet United States' transportation needs." They testified the second day of the EPA's virtual public hearings on its aggressive proposal for cutting U.S. vehicle emissions for 2027-2032 model years. The plan would require 13% annual average pollution cuts and a 56% reduction in projected fleet average emissions over 2026 requirements. The EPA estimates the plan would result in 60% of new vehicles by 2030 being electric and 67% by 2032.

[1/3] An Air France aircraft, operated with sustainable aviation fuel (SAF) produced by TotalEnergies, is refueled before its first flight from Nice to Paris at Nice airport, France, October 1, 2021. Sustainable aviation fuel, or SAF, is typically made using biomass-based feedstocks such as soybean oil and used cooking oil. Honeywell said its process can reduce greenhouse gas emissions by 88% compared with traditional petroleum-based jet fuel. SAF is typically two to four times costlier than petroleum-based jet fuel. The United States produces around 24.7 billion gallons of petroleum-based jet fuel annually.

Senator Joe Manchin said on Wednesday he would oppose all nominees for Environmental Protection Agency (EPA) posts until President Joe Biden's administration halts what he described as its "radical climate agenda." Manchin, who represents the coal-producing state West Virginia, delivered his ultimatum a day ahead of the EPA's planned roll-out on Thursday of its new carbon emission standards for new and existing power plants. He said he worried the rules could cripple coal- and gas-fired power plants. "If the reports are true, the pending EPA proposal would impact nearly all fossil-fueled power plants in the United States, which generate about 60% of our electricity, without an adequate plan to replace the lost baseload generation," Manchin said in a statement. Reporting by Rami Ayyub; Editing by Doina ChiacuOur Standards: The Thomson Reuters Trust Principles.

☆ Biden's approval rating at 40%, Americans concerned about immigration: Reuters/Ipsos poll
▼ + stars: | 2023-05-09 | by ( Jason Lange | ) www.reuters.com time to read: +3 min

WASHINGTON, May 9 (Reuters) - U.S. President Joe Biden's public approval was at 40% in recent days, close to the lowest level of his presidency, with Americans unhappy about his handling of immigration and inflation, a new Reuters/Ipsos poll showed. The Reuters/Ipsos poll found 54% of respondents - including 77% of Republicans and 34% of Democrats - were against raising the number of immigrants allowed into the country every year. read moreThe president is seeking re-election next year and immigration is primed to be an important issue in the contest. Fifty-four percent of respondents in the Reuters/Ipsos poll said they were opposed to raising the debt ceiling, including 59% of respondents who don't have a college degree. The Reuters/Ipsos poll gathered responses from 1,022 U.S. adults, using a nationally representative sample.

☆ U.S. to announce $1.2 bln in military aid for Ukraine -source
▼ + stars: | 2023-05-09 | by ( Mike Stone | ) www.reuters.com time to read: +1 min

WASHINGTON, May 8 (Reuters) - The United States plans as soon as Tuesday to announce a new $1.2 billion military aid package for Ukraine that will include air defense systems, ammunition and funds for training, a U.S. official said. Ukraine will receive 155-mm Howitzer ammunition, counter-drone ammunition, and funding for satellite imagery as well as various types of training, said the official. The package is paid from Ukraine Security Assistance Initiative (USAI) funding which allows President Joe Biden's administration to buy weapons from industry rather than pull from U.S. weapons stocks. However, members of both parties insist they support continued aid for Ukraine including top Republicans House Speaker Kevin McCarthy and Mitch McConnell, the top Republican in the Senate. Reporting by Mike Stone; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.

☆ US moving ahead with $500 million in arms aid for Taiwan, source says
▼ + stars: | 2023-05-05 | by ( Mike Stone | ) www.reuters.com time to read: +2 min

WASHINGTON, May 5 (Reuters) - U.S. President Joe Biden's administration plans to send $500 million worth of weapons aid to Taiwan using the same emergency authority that has been used more than 35 times for Ukraine, a source familiar with the plan said on Friday. As a part of the 2023 budget, Congress authorized up to $1 billion worth of weapons aid for Taiwan using Presidential Drawdown Authority (PDA), a type of authority that expedites security assistance and has helped to send arms to Ukraine. Last month, China staged war games around Taiwan after Taiwan President Tsai Ing-wen met U.S. House of Representatives Speaker Kevin McCarthy in Los Angeles. The spokesperson declined to comment on whether the U.S. was moving ahead with the $500 million aid package. It was unclear what would be included in the aid package for Taiwan, which was first reported by Bloomberg news.

☆ Westinghouse unveils small modular nuclear reactor
▼ + stars: | 2023-05-04 | by ( Timothy Gardner | ) www.reuters.com time to read: +3 min

WASHINGTON, May 4 (Reuters) - U.S. company Westinghouse unveiled plans on Thursday for a small modular reactor to generate virtually emissions-free electricity that could replace coal plants or power water desalinization and other industries. Small modular reactors (SMR) are meant to fit new applications such as replacing shut coal plants and being located in more remote communities. They noted that Russia took the Zaporizhzhia nuclear power plant in Ukraine, the site of repeated shelling. That year, former President Donald Trump's administration issued restrictions on exports of nuclear technology newer than the AP1000 due to nuclear proliferation concerns. Baranwal said if the U.S. government deems AP300 to be a subset of the earlier reactor technology "then we can start entertaining the possibilities" of exporting it to China.

☆ TikTok advertisers stick by the app amid threat of U.S. ban
▼ + stars: | 2023-05-04 | by ( Sheila Dang | ) www.reuters.com time to read: +3 min

May 4 (Reuters) - Advertisers are committed to continue spending on TikTok due to its immense popularity with users despite threats of a potential ban in the U.S. over national security concerns, ad experts said. The short-form video app has already been banned from government-issued phones in multiple countries. Two media buyers at two different major ad agencies told Reuters that Washington's scrutiny over the app had yet to impact their clients' plans on TikTok. Still, several media buyers acknowledged the threat of a U.S. ban would be the "elephant in the room" during the advertiser presentation. TikTok said it is addressing advertiser concerns "head on in an open, fact-based and ongoing dialogue."

☆ An explosion of hidden 'junk fees' is making every home more expensive
▼ + stars: | 2023-05-03 | by ( James Rodriguez | ) www.businessinsider.com time to read: +15 min

The fee goes by many names: an administrative fee, a transaction fee, or even a "regulatory compliance" fee. Despite the controversy, all signs indicate that brokerages large and small have increasingly embraced the admin fee in recent years. The vast majority of real-estate agents are independent contractors who rely on commissions to earn a living. Admin fees may be one of the most polarizing topics among real-estate agents today. "I'm in a place in my business right now where I can justify paying that," the Las Vegas agent told me.

☆ Real estate agents are tacking ludicrous 'junk fees' on to every home purchase
▼ + stars: | 2023-05-03 | by ( James Rodriguez | ) www.businessinsider.com time to read: +15 min

☆ A $1 trillion platinum coin could save the US from economic catastrophe in less than a month. It would be fast, legal, and no bigger than a regular coin.
▼ + stars: | 2023-05-03 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

One potential solution: Minting a trillion-dollar platinum coin to pay off debts and avert disaster. Some economists say that means it's time for a break-the-glass option: A trillion-dollar coin. The coin — which doesn't need to be bigger than your average purse change, and can be made quickly — is part of a potential debt ceiling loophole. Yes, a trillion-dollar coin is silly, but would Biden "rather not look silly and hurt seniors and hurt Medicare than the other way around?" Yellen has been critical of that route as well, saying in 2021 that she believes it is Congress' job to raise the debt ceiling.

REUTERS/Adrees Latif/File PhotoWASHINGTON, May 2 (Reuters) - President Joe Biden's administration will temporarily send 1,500 additional troops to help secure the U.S.-Mexico border, the Pentagon said on Tuesday, in preparation for a possible rise in illegal immigration when COVID-19 border restrictions lift later this month. Biden, a Democrat running for reelection in 2024, has grappled with record numbers of migrants caught illegally crossing the U.S.-Mexico border since he took office in 2021. The 1,500 troops could arrive at the U.S.-Mexico border by May 10, Ryder said during a briefing. U.S. military troops have been used to help secure the border during previous presidential administrations, including Republican George W. Bush, Democrat Barack Obama and Trump, who deployed thousands of active-duty and National Guard troops. Immigration advocates have criticized previous efforts to send troops to the border.

☆ Millions of student-loan borrowers could find out in the next 2 months if they will get Biden's debt relief. Here's what's at stake — beyond a reduction to balances.
▼ + stars: | 2023-05-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +8 min

The Supreme Court is expected to issue a decision on Biden's student-debt relief by the end of June. They could have debt relief right now if it weren't for these lawsuits." And it looks like the Education Department is planning for those payments to resume with or without relief. The implementation of targeted debt relief reformsThe Education Department has some other things in the works, aside from broad student-debt relief. Share your student debt story with this reporter at asheffey@insider.com.

The case is the latest bid asking the Supreme Court, which has a 6-3 conservative majority, to rein in the authority of federal agencies. The companies are asking the Supreme Court to overturn its own decades-old precedent calling for judges to defer to federal agency interpretation of U.S. laws, a doctrine called "Chevron deference." The New England herring fishing regulations were issued by the fisheries service, part of the U.S. Commerce Department. The Biden administration said in court papers that the monitoring program will be suspended for the fishing year starting in April due to insufficient federal funding. The Supreme Court is due to hear the case in its next term, which begins in October.

WASHINGTON, April 27 (Reuters) - The United States will expand a family-reunification parole program currently available to Cubans and Haitians to include additional nationalities, U.S. officials said on Thursday, as part of a suite of measures aimed at curbing record border crossings. The program will be expanded to nationals of Colombia, El Salvador, Guatemala and Honduras in an effort to create new lawful pathways for migrants, the officials said during a briefing with reporters. Biden, a Democrat seeking re-election in 2024, has struggled politically with record numbers of migrants caught crossing the U.S.-Mexico border illegally. Reuters reported on Wednesday that the United States is also discussing increased refugee processing in Ecuador and Costa Rica. The family reunification program is distinct from a program that Biden launched in January that allows up to 30,000 migrants per month from Cuba, Haiti, Nicaragua and Venezuela with U.S. sponsors to enter the country by air.

☆ US to dedicate specially trained asylum officers to centers in Guatemala, Colombia
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, April 27 (Reuters) - The United States will dedicate specially trained asylum officers to new refugee centers in Guatemala and Colombia, Department of Homeland Security Secretary Alejandro Mayorkas told reporters on Thursday as Washington seeks to create new lawful pathways for migrants. The announcement was part of a series of actions rolled out by President Joe Biden's administration on Thursday to address a possible increase in illegal immigration when COVID-19 border restrictions in place since 2020 are expected to end on May 11. "Our border is not open and will not be open after May 11," Mayorkas said. Reporting by Ted Hesson, Kanishka Singh and Daphne PsaledakisOur Standards: The Thomson Reuters Trust Principles.

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