Live news: US to begin refilling oil reserves this summer

What to look at in Asia at the moment

US commerce secretary Gina Raimondo throws a ceremonial first pitch at a baseball game between the Washington Nationals and the Chicago Cubs
US commerce secretary Gina Raimondo throws a ceremonial first pitch at a baseball sport between the Washington Nationals and the Chicago Cubs earlier this month © Manuel Balce Ceneta/AP

US-China: US secretary of state Antony Blinken, defence secretary Lloyd Austin and commerce secretary Gina Raimondo will testify at Senate appropriations committee listening to on the US-China relationship.

Information: China points April retail gross sales, industrial output and unemployment knowledge. The Reserve Financial institution of Australia publishes minutes of its most up-to-date financial coverage assembly. Westpac points its newest Australian client sentiment figures.

Earnings: Singaporean tech group Sea, Singapore Airways and Chinese language search firm Baidu launch earnings.

Occasions: Business group Airports Council Worldwide opens its first Asia-Pacific regional convention and exhibition for the reason that coronavirus pandemic started in Kobe, Japan. Carlyle Asia concludes its two-day investor assembly on the 4 Seasons, Hong Kong.

Ukraine anti-corruption our bodies allege Supreme Court docket graft scheme

Ukraine’s anti-corruption our bodies mentioned that they uncovered graft on the nation’s Supreme Court docket.

The nation’s anti-corruption bureau and specialised anti-graft prosecutor’s workplace mentioned in a joint assertion on Monday that that they had “uncovered large-scale corruption within the Supreme Court docket, specifically a scheme for receiving undue advantages by the management and judges of the Supreme Court docket”.

The teams mentioned in a press release posted on social media that “Pressing investigative actions are at the moment below means. Particulars later.” The submit included images of enormous piles of money on a sofa.

Elon Musk subpoenaed by US Virgin Islands as a part of Epstein swimsuit

Elon Musk
The US Virgin Islands mentioned it had tried to serve Elon Musk with a subpoena on a number of events in latest weeks © Ludovic Marin/AFP by way of Reuters

Elon Musk has been subpoenaed over paperwork by legal professionals searching for to determine if he was launched to JPMorgan Chase by the late intercourse offender Jeffrey Epstein.

In a submitting on Monday, the US Virgin Islands, which is suing JPMorgan over its alleged position in financing Epstein’s human trafficking operation within the territory, mentioned it had tried to serve the Tesla chief govt on a number of events in latest weeks.

Attorneys for the USVI mentioned the request for paperwork had been made as a result of Musk is “a high-net-worth particular person who Epstein might have referred or tried to consult with JPMorgan”.

A lawyer for Musk didn’t instantly reply to a request for remark.

US to start refilling strategic oil reserves after stockpile drained

The US will begin refilling its strategic oil reserves within the coming months after President Joe Biden’s administration drained the stockpile over the previous yr to maintain a lid on costs within the wake of Russia’s invasion of Ukraine.

The Division of Power on Monday opened a solicitation course of for firms to submit proposals to promote 3mn barrels of crude into the Strategic Petroleum Reserve.

The announcement comes after power secretary Jennifer Granholm indicated final month that purchases would start within the second half of the yr after an extended interval of drawdowns that has left the reserves at their lowest stage for the reason that early Eighties. 

US shares make good points however debt ceiling stays in focus

People walk along Wall Street outside the New York Stock Exchange
The tech-heavy Nasdaq Composite index rose 0.7% on Monday, whereas Wall Avenue’s benchmark S&P 500 added 0.3% © Spencer Platt/Getty Photos

US shares had been subdued on Monday as buyers awaited information about debt ceiling negotiations and assessed recent knowledge pointing to a cooling economic system.

The tech-heavy Nasdaq Composite index rose 0.7 per cent, extending its good points from the earlier week, whereas Wall Avenue’s benchmark S&P 500 added 0.3 per cent.

The strikes in US equities got here as merchants had been waiting for a breakthrough between the White Home and Republican lawmakers in talks to boost the federal borrowing restrict and keep away from a nationwide default, forward of President Joe Biden’s assembly with Congressional leaders on Tuesday.

Learn extra on markets right here.

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