Supreme Court Largely Backs Biden-Era FDA on Flavored Vapes
The US Supreme Court largely sided with the Food and Drug Administration in its rejection of applications to sell flavored vaping products, backing actions the agency took during Joe Biden's presidency amid uncertainty about the approach it will take under Donald Trump.
The justices unanimously rejected contentions that the FDA violated the law when it turned down applications from two companies seeking to sell e-liquids in flavors that included 'Suicide Bunny Mother's Milk and Cookies' and 'Killer Kustard Blueberry.' The justices returned the legal fight to a federal appeals court to revisit one aspect of the case.
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San Francisco Chronicle
25 minutes ago
- San Francisco Chronicle
Asian shares gain as investors keep an eye on China-US trade talks
Asian shares were mostly higher on Tuesday as investors kept an eye on China-U.S. trade talks that might help stave off a recession. A second day of talks was planned after U.S. and Chinese officials met in London for negotiations over various issues. The hope is that they can eventually reach a deal to reduce painfully high tariffs against each other. Most of the tariff hikes imposed since U.S. President Donald Trump escalated his trade war are paused to allow trade in everything from tiny tech gadgets to enormous machinery to continue. In Asian trading, Tokyo's Nikkei 225 gained 1% to 38,473.97, while the Kospi in South Korea jumped 0.9% to 2,881.40. Hong Kong's Hang Seng edged 0.2% higher, to 24,242.03 and the Shanghai Composite index was up 0.1% at 3,403.51. In Taiwan, the Taiex surged 2%. Australia's S&P/ASX 200 advanced 0.7% to 8,578.50. On Monday, the S&P 500 edged up just 0.1% and at 6,005.88 is within 2.3% of its record set in February. The Dow Jones Industrial Average slipped by 1 point, which is well below 0.1%, to 42,761.76. The Nasdaq composite added 0.3% to 19,591.24. Hopes that President Donald Trump will lower his tariffs after reaching trade deals with countries around the world have helped the S&P 500 has rally back after it dropped roughly 20% from its record two months ago. It's back above where it was when Trump shocked financial markets in April with his wide-ranging tariff announcement on what he called 'Liberation Day.' Some of the market's biggest moves came from the announcement of big buyout deals. Qualcomm rallied 4.1% after saying it agreed to buy Alphawave Semi in a deal valued at $2.4 billion. IonQ, meanwhile, rose 2.7% after the quantum computing and networking company said it agreed to purchase Oxford Ionics for nearly $1.08 billion. On the losing side of Wall Street was Warner Bros. Discovery, which flipped from a big early gain to a loss of 3% after saying it would split into two companies. One will get Warner Bros. Television, HBO Max and other studio brands, while the other will hold onto CNN, TNT Sports and other entertainment, sports and news television brands around the world, along with some digital products. Tesla recovered some of its sharp, recent drop. The electric vehicle company tumbled last week as Elon Musk's relationship with Trump broke apart, and it rose 4.6% Monday after flipping between gains and losses earlier in the day. The frayed relationship could end up damaging Musk's other companies that get contracts from the U.S. government, such as SpaceX. Rocket Lab, a space company that could pick up business at SpaceX's expense, rose 2.5%. In the bond market, the yield on the 10-year Treasury eased to 4.48% from 4.51% late Friday. It fell after a survey by the Federal Reserve Bank of New York found that consumers' expectations for coming inflation eased a bit in May. Economists expect a report coming on Wednesday to show inflation across the country accelerated last month to 2.5% from 2.3%. The Fed has been keeping its main interest rate steady as it waits to see how much Trump's tariffs will raise inflation and how much they will hurt the economy. A persistent increase in expectations for inflation among U.S. households could drive behavior that creates a vicious cycle that only worsens inflation. In other dealings early Tuesday, U.S. benchmark crude oil picked up 31 cents to $65.60 per barrel. Brent crude, the international standard, also gained 31 cents, to $67.35. The dollar rose to 144.93 Japanese yen from 144.61 yen. The euro slipped to $1.1399 from $1.1421. ___
Business Upturn
29 minutes ago
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Eternal shares in focus today after Blinkit's food licence suspended by Maharashtra FDA in Pune
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Pentagon deploys 700 Marines, more National Guard to LA amid ICE protests
The Brief The Marines are moving from their base at Twentynine Palms in the California desert on Monday. The troops have been trained in de-escalation, crowd control and standing rules for the use of force, and they will be armed with the weapons they normally carry. The move comes after President Donald Trump over the weekend sent the federal National Guard to LA to deter anti-ICE protests in Southern California. LOS ANGELES - The Pentagon plans to deploy about 700 Marines to Los Angeles in the coming hours to help National Guard members respond to immigration protests, three U.S. officials said Monday. The Marines with 2nd Battalion, 7th Marines, 1st Marine Division will work with the National Guard troops on the ground to protect federal property and personnel, including federal immigration agents, U.S. Northern Command says. The Marines are moving from their base at Twentynine Palms in the California desert on Monday. The troops have been trained in de-escalation, crowd control and standing rules for the use of force, and they will be armed with the weapons they normally carry. Northern Command said the forces will be under Task Force 51, commanded by Maj. Gen. Scott Sherman, deputy commander of U.S. Army North. The move comes after President Donald Trump over the weekend sent 2,000 federal National Guard troops to LA to deter anti-ICE protests in Southern California. Gov. Gavin Newsom, in a social media post on Monday evening, said he was told Trump had ordered an additional 2,000 National Guard troops deployed to the region. What they're saying Monday marks the fourth consecutive day of protests in LA, where thousands crowded streets, including the 101 freeway, over the weekend. Gov. Gavin Newsom on Sunday formally asked Trump to remove the National Guard from LA, calling the deployment "unlawful." In a letter to Defense Sec. Pete Hegseth, the governor said California did not have a problem "until Trump got involved." In San Francisco on Sunday, police said they arrested nearly 150 people during anti-ICE protests. Police said the majority of those arrested were later cited and released. Mayor Daniel Lurie said during a news conference on Monday that his priority is to protect everyone in the city. He decried the "tactics being used across the country to target immigrant communities." The mayor, however, said violence will not be tolerated in San Francisco. "But let me also be clear. We will not tolerate violent and destructive behavior, and we will never tolerate violence directed at law enforcement or city workers," Lurie said. READ: San Francisco police arrest nearly 150 during anti-ICE demonstrations What we know California Attorney General Rob Bonta on Monday announced two new lawsuits against the Trump administration over federal officials impeding the state's sovereignty with the deployment of the National Guard. Bonta said the lawsuit, which names Trump, Defense Secretary Hegseth, and the Department of Defense, outlines why the takeover violates the U.S. Constitution and exceeds the president's Title 10 authority, not only because the takeover occurred without the consent or input of the governor, as federal law requires, but also because it was unwarranted. "Let me be clear: There is no invasion. There is no rebellion," Bonta said. "The president is trying to manufacture chaos and crisis on the ground for his own political ends. Federalizing the California National Guard is an abuse of the President's authority under the law– and not one we take lightly. We're asking a court to put a stop to the unlawful, unprecedented order." Under the California Constitution, Bonta said that Gov. Newsom is the commander-in-chief of the California National Guard. Bonta also filed a second lawsuit against the Trump administration, where he was joined by attorneys general in Illinois, New Jersey and Rhode Island, and in spirit with 20 attorneys general across the United States. This suit involves what Bonta calls Trump "unlawfully imposing immigration enforcement requirements" on billions of dollars in annual U.S. Department of Transportation and U.S. Department of Homeland Security grants. "The president doesn't have the authority to coerce state and local governments into using their resources for immigration enforcement," Bonta said. "This is a blatantly illegal attempt to bully states into enacting Trump's inhumane and illogical immigration agenda. Once again, Trump's actions go beyond the scope of his presidential power." The Associated Press reported that immigration agents were seen Monday morning at a Home Depot store in Huntington Park, along with a library parking lot and City Hall in nearby Whittier. During an unrelated event on Monday, Trump addressed the protests in Southern California. "Thank goodness we sent out some wonderful National Guard," he said. Trump criticized California leaders by saying "they were afraid of doing anything." "We sent out the troops, and they've done a fantastic job." An estimated 1,000 National Guard troops were on the ground in LA by Monday morning, with that number expected to double by the end of the day. The Guard troops are part of the new Task Force 51, under the control of Army Maj. Gen. Scott Sherman, who is the deputy commander of U.S. Army North, the AP reported. The Associated Press contributed to this report. The Source The Associated Press, California Gov. Gavin Newsom, Attorney General Rob Bonta, SFPD and previous reporting.
