Russia’s Economic Development Ministry drastically lowered its 2025 Urals crude oil price forecast to $56 per barrel, a level unseen since the 2020 pandemic. This significantly undercuts the budget’s $69.70 per barrel projection and the $60 cutoff triggering National Wealth Fund withdrawals. The price drop reflects a global economic slowdown and rising recession fears, resulting in substantial revenue shortfalls for the Russian budget. Analysts project billions of rubles in deficit if prices remain low, necessitating further NWF liquid asset depletion.
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Walgreens will pay up to $350 million to settle a Department of Justice lawsuit alleging the company illegally filled millions of opioid and other controlled substance prescriptions between 2012 and 2023. The settlement includes a minimum payment of $300 million, with an additional $50 million contingent on a company sale or merger before 2032. The government accused Walgreens of ignoring red flags indicating invalid prescriptions and pressuring pharmacists to fill them rapidly, ultimately billing federal healthcare programs. Walgreens denies liability but will also implement improved compliance measures with the DEA and HHS.
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A subtle yet significant shift in Republican rhetoric regarding social safety net programs has emerged, largely unnoticed amidst other news. House Speaker Mike Johnson’s recent Fox News appearance exemplified this change, emphasizing the need to eliminate fraud while simultaneously stressing the importance of protecting vulnerable populations like single mothers, the disabled, and the elderly who rely on these programs. This rhetoric prioritizes program integrity while maintaining support for those legitimately in need. The shift signals a potential departure from previous, more openly hostile stances towards social safety nets.
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The US Commerce Department has proposed tariffs ranging up to 3,521% on solar panels imported from Cambodia, Thailand, Malaysia, and Vietnam, following an investigation into alleged Chinese subsidies and dumping. These countervailing and anti-dumping duties vary widely by company and country, with Cambodia facing the highest rates due to lack of cooperation. Companies like Jinko Solar (Malaysia) received lower duties, while Trina Solar (Thailand) faces a 375% tariff. The International Trade Commission will issue a final decision on these tariffs in June.
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China issued a strong warning to countries considering aligning with the US against it, threatening retaliatory measures against those prioritizing short-term gains over broader economic interests. This warning stems from the Trump administration’s efforts to pressure nations into reducing trade with China, offering tariff reductions as an incentive. China argues that complying with such pressure would ultimately harm those nations, emphasizing its significant role in global supply chains. The resulting tensions highlight the difficult position many countries face, caught between the US and China, two economic giants with deeply intertwined trade relationships. This situation underscores the potential for widespread economic disruption resulting from escalating trade conflicts.
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The Supreme Court temporarily blocked Trump’s deportation of Venezuelan immigrants, citing a lack of due process, a ruling that followed an earlier mandate requiring notification and a reasonable opportunity to seek legal recourse before deportation. Trump criticized this decision, claiming the inability to provide trials for all immigrants slated for deportation. He argued that affording due process to every individual would be impractical, despite the Court’s order stemming from an emergency petition alleging violations of that very process. This action comes despite Trump previously praising the conservative-leaning Supreme Court for its rulings in his favor.
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Representative Don Bacon (R-Neb.) has become the first Republican lawmaker to publicly call for Defense Secretary Pete Hegseth’s dismissal, citing Hegseth’s repeated use of Signal to share classified information about military operations with his family. Bacon deemed this “totally unacceptable” and expressed concerns about potential foreign intelligence compromises. Hegseth’s actions are under investigation by the Department of Defense Inspector General, following requests from both Republican and Democratic leadership in the Senate Armed Services Committee. Despite the mounting criticism and departures of several Pentagon officials, the White House continues to defend Hegseth.
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A Manhattan jury found Nadine Menendez guilty on all 15 counts, including bribery and obstruction of justice, concluding a three-week trial. The verdict stems from a five-year bribery scheme in which prosecutors allege she and her husband, former Senator Bob Menendez, accepted bribes including cash, gold bars, and a luxury car from three New Jersey businessmen in exchange for political favors. The prosecution argued that Nadine Menendez actively participated in the scheme, while the defense contended that some of the received items were gifts, not bribes. Nadine Menendez’s sentencing is scheduled for June 12th, coinciding with her husband’s prison sentence commencement.
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Global trade faces its most significant upheaval since the Cold War’s end, largely due to reciprocal tariffs imposed by the U.S. These tariffs, though temporarily reduced, threaten a 1.5 percent contraction in global merchandise trade if reinstated, with North America disproportionately affected. Conversely, the EU reports increased internal confidence and citizen support amidst this volatility, highlighting its stability. The ultimate success of either the U.S. or EU’s approach remains uncertain.
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Larry David’s satirical *New York Times* essay, “My Dinner With Adolf,” implicitly criticizes Bill Maher’s recent dinner with Donald Trump. David’s fictional encounter with Hitler parallels Maher’s experience, highlighting the dangers of seeking common ground with authoritarian figures. The essay satirizes the attempt to humanize a leader with a history of harmful actions, showcasing a naive belief in the possibility of finding shared values that overshadows grave moral concerns. Ultimately, David’s piece serves as a pointed rebuke of Maher’s actions, ending with a darkly humorous surrender to the manipulative charm of evil.
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John Q. Hosedrinker
Larry David’s NYT Roast: Bill Maher’s Trump Dinner Backfires
Larry David’s satirical *New York Times* essay, “My Dinner With Adolf,” implicitly criticizes Bill Maher’s recent dinner with Donald Trump. David’s fictional encounter with Hitler parallels Maher’s experience, highlighting the dangers of seeking common ground with authoritarian figures. The essay satirizes the attempt to humanize a leader with a history of harmful actions, showcasing a naive belief in the possibility of finding shared values that overshadows grave moral concerns. Ultimately, David’s piece serves as a pointed rebuke of Maher’s actions, ending with a darkly humorous surrender to the manipulative charm of evil.
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