Shell CEO: Contingency Plans Ready If Strait Of Hormuz Closure Triggers Energy Shock

 Shell Plc is preparing contingency plans in case the conflict between Israel and Iran broadens and disrupts oil and gas flows through the critical maritime chokepoint of the Strait of Hormuz. 

On Thursday, CEO Wael Sawan told Bloomberg's Shery Ahn at the Japan Energy Summit & Exhibition in Tokyo, "If that artery is blocked, for whatever reason, it has a huge impact on global trade," adding, "We have plans in the eventuality that things deteriorate."

Shell CEO Wael Sawan tells me about contingency plans in case the Israel-Iran conflict disrupts supplies. https://t.co/AqQXOwbH56#MiddleEastCrisis #energy @Shell pic.twitter.com/3XBHOCoNw0

— Shery Ahn (@SheryAhnNews) June 19, 2025

Although energy flows through the critical waterway—responsible for approximately 20% of global oil trade—remain uninterrupted (at the moment), traders have been on high alert all this week amid widespread GPS jamming in the region, which has degraded navigational awareness and may have contributed to what is shaping up to be a major ecological disaster.

Chokepoint Watch: GPS Jamming Impacts Tankers Across Strait Of Hormuz

• First View: Oil Tanker Erupts In Flames After Collision Near Strait Of Hormuz

• Strait Of Hormuz Tanker Collision Caused 10 Square-Kilometer Oil Spill

On Wednesday, former Iranian Economy Minister Ehsan Khandouzi stated on X and warned...

"Starting tomorrow, for 100 days, no oil tankers or LNG cargoes will be able to pass through the strait without Iran's approval," Khandouzi said. 

He stated, "This policy is decisive if it is implemented in a timely manner. Any delay in its implementation means enduring more war inside the country. Trump's battle must be ended with a combination of economy and security." 

Such messaging, especially when paired with the Islamic Revolutionary Guard Corps (IRGC) naval activity in the region, raises the increasing probability of IRGC actions targeting commercial shipping lanes in the strait. This escalation could serve as the catalyst that turns JPMorgan's $120–$130 per barrel Brent crude forecast from a scenario into a market reality.

Back to Shell's CEO—he told Bloomberg's Shery Ahn, "What is particularly challenging right now is some of the jamming that's happening," adding that "Shell is being very careful" along major maritime routes in the region.

The most imminent threat of a Strait of Hormuz blockade could come as soon as this weekend. Bloomberg reported overnight:

Senior US officials are preparing for the possibility of a strike on Iran in coming days, according to people familiar with the matter, as Israel and the Islamic Republic continue to exchange fire.

Some of them pointed to potential plans for a weekend strike. Top leaders at a handful of federal agencies have begun getting ready for an attack, one person said.

Commenting on the dire situation, Manish Bhargava, CEO of Singapore-based Straits Investment, warned, "Direct US involvement in an attack on Iran would almost certainly trigger a major spike in oil prices." He said, "This surge would aggravate global inflation, making central bank efforts — like the Fed's — to control it more difficult and potentially delaying interest rate cuts." 

https://www.zerohedge.com/commodities/shell-ceo-contingency-plans-ready-if-strait-hormuz-closure-triggers-energy-shock

Appeals Court Upholds Trump's National Guard Deployment In LA

 A federal appeals court ruled Thursday that President Trump can continue using California National Guard troops in Los Angeles to respond to social unrest sparked by far-left NGOs, while a legal challenge over the president's authority proceeds. The ruling temporarily stays a lower court's decision that declared the deployment illegal without California's consent.

In a unanimous 38-page ruling, a three-judge panel of the U.S. Court of Appeals for the Ninth Circuit stated that President Trump acted within his legal authority under statutes permitting the federalization of the National Guard, deploying roughly 4,100 National Guard troops and 700 active-duty U.S. Marines to protect federal property and support immigration enforcement operations. 

Trump invoked Title 10 to deploy the National Guard in response to far-left NGOs organizing destabilization operations—so-called color revolutions—masquerading as anti-ICE protests. The uprising, facilitated by dark money networks tied to the left, aimed to ignite nationwide unrest and trigger a 'summer of love' reminiscent of the chaotic BLM riots in 2020.

Here are the key points from Newsom v. Trump, 25-3727, U.S. Court of Appeals for the Ninth Circuit (San Francisco):

Context:

President Trump invoked 10 U.S.C. § 12406 to call 4,000 National Guard troops into federal service after violent protests damaged federal property and injured officers. The mission was limited to protecting federal personnel and facilities.

Legal Challenge:

California Governor Gavin Newsom and the state sued, arguing the order was unlawful ("ultra vires"), violated the Tenth Amendment, and failed procedural requirements by not going properly "through" the governor.

District Court's TRO (June 12):

The district judge blocked the deployment, citing a lack of statutory basis and procedural violations. He found California likely to succeed and said the deployment inflamed tensions and diverted critical state resources.

Ninth Circuit Ruling (June 19):

• Statutory Authority Likely Valid: The court found the president likely acted lawfully under § 12406(3), which allows National Guard deployment when "regular forces" are insufficient to execute federal laws.

• Judicial Review Allowed, but Deference Required: While the President's decision can be reviewed, courts must give it substantial deference due to long-standing precedent (e.g., Martin v. Mott).

• Procedural Compliance Likely Met: The court held the procedural requirement to act "through the governor" was satisfied via California's Adjutant General, who acted under state law in the governor's name.

• Public Interest & Irreparable Harm: The court found a strong federal interest in protecting personnel and property and ruled that allowing National Guard deployment outweighs California's concerns over public unrest or diverted resources.

In a post to his Truth Social platform, the president wrote late Thursday: "BIG WIN in the Ninth Circuit Court of Appeals on the president's core power to call in the National Guard! The Judges obviously realized that Gavin Newscum is incompetent and ill prepared, but this is much bigger than Gavin, because all over the United States, if our Cities, and our people, need protection, we are the ones to give it to them should State and Local Police be unable, for whatever reason, to get the job done."

This time, Trump swiftly quelled what appeared to be the Democratic Party's latest attempt at a nationwide color revolution. The repeated maneuvering of left-aligned NGOs in such destabilization campaigns is deeply concerning. Lawmakers on Capitol Hill must investigate how much funding from the Inflation Reduction Act may have flowed to these NGOs

https://www.zerohedge.com/political/appeals-court-allows-trumps-national-guard-los-angeles-amid-unrest

'Novavax Adapts to Continued Regulatory Uncertainty'

 

After the delayed approval of its next-generation COVID-19 vaccine, Novavax now awaits the first meeting of the recently overhauled CDC vaccine advisory committee next week. Throughout a tumultuous season, the Maryland-based company is relying on agility and a diverse pipeline to stay ahead of rapidly changing regulations.

Novavax has been a symbol of biopharma’s struggle to adjust to the onslaught of regulatory changes that have hit the vaccine space over the past four months.

Company executives said they are unsure whether their newly approved next-generation COVID-19 shot Nuvaxovid will be on the agenda when the CDC’s recently revamped Advisory Committee on Immunization Practices (ACIP) meets next week. However, “ACIP is so important in vaccines . . . so we’re watching that space,” Silvia Taylor, chief corporate affairs and advocacy officer, told BioSpace on the sidelines of BIO2025 in Boston.

According to a federal notice released June 12, recommendation votes are scheduled for COVID-19, human papillomavirus (HPV), influenza, meningococcal and respiratory syncytial virus (RSV) vaccines. On June 18, however, CDC published a draft agenda that does not list a vote on COVID-19 vaccines, for which Health Secretary Robert F. Kennedy Jr. himself already announced changes to the CDC’s recommendations.

As for the eight new ACIP members appointed by Kennedy to replace the 17 he summarily turfed on June 9, Taylor said “some of them are maybe questionable choices to us,” while others might have a “mixed history of being supportive of vaccines.”

Novavax won FDA approval on May 16 for an updated version of Nuvaxovid—for seniors aged 65 years and older and those 64 years and under with an underlying condition that puts them at greater risk of severe outcomes from the disease. These restrictions—in line with new risk-based guidance issued days later by the agency—separate Novavax from the original mRNA-based vaccines from larger peers Pfizer/BioNTech and Moderna that are not encumbered by these limitations. The May 31 approval of Moderna’s next-gen COVID vaccine mNEXSPIKE, however, did come with the same set of restrictions.

When asked for their reaction to the approval, Taylor and Novavax colleague Ruxandra Draghia-Akli, head of R&D, said it is in line with vaccine uptake across age groups. As of Nov. 4, 2023, only 14% of people 18 to 50 years of age received a COVID-19 vaccine, according to CDC data. “So probably those individuals that are getting vaccinated are exactly the population that has a risk factor,” Draghia-Akli said.

Taylor agreed, saying that the population was “already behaving even more restrictive, when you think about it, than some of the references.”

The executives again expressed optimism about Nuvaxovid’s chances for growth in the COVID market, particularly as commercialization efforts switch hands to Big Pharma partner Sanofi this year. “They’re a huge player in vaccines. They can do a better job, not only in the U.S., but around the world,” Taylor said.

This strategy is representative of the agility that is enabling Novavax to weather the rapidly changing regulations in the vaccines space. In May 2024, Novavax and Sanofi inked a co-exclusive licensing agreement to co-commercialize Nuvaxovid and develop novel COVID-19–influenza combination vaccines based on Novavax’s Matrix-M adjuvant. “We give them our technology, they take the lead,” Taylor said. This enables the company to branch out into other areas—both through licensing and alone—including in RSV, shingles and avian influenza (bird flu).

Moderna recently took a hit in the latter space when HHS on May 29 terminated a contract previously awarded for the development of an mRNA-based bird flu vaccine. Despite this, Novavax is hoping for support from the Biomedical Advanced Research and Development Authority (BARDA) for an experimental bird flu vaccine, which is ready to enter the clinic. “We know that BARDA is still committed to funding something for pandemic influenza,” which could include bird flu, Taylor said.

She pointed to the fact that Moderna’s vaccine is based on mRNA technology, which the current administration appears to be targeting. While Taylor wouldn’t conjecture as to this being a factor in HHS’ decision regarding Moderna, National Institutes of Health officials have reportedly advised scientists to remove mentions of mRNA vaccine technology from grant applications. “Given that we’re protein-based, our conversations with them continue,” Taylor said.

She and Draghia-Akli also offered their thoughts on an ambitious goal floated by FDA Commissioner Marty Makary at the Drug Information Association’s annual meeting in Washington this week: that a universal flu vaccine could be available in the next five years.

“There have been a lot of failures in this field,” Draghia-Akli said. “Maybe now, with all the AI, with machine learning, with the numerous platforms that have been tried and tested, can we get to something better? I think that five years is very optimistic, but who knows?”

https://www.biospace.com/drug-development/quick-on-its-feet-novavax-adapts-to-continued-regulatory-uncertainty

SoftBank's Son pitches $1 trillion Arizona AI hub, Bloomberg News reports

 SoftBank Group founder Masayoshi Son is envisaging setting up a $1 trillion industrial complex in Arizona that will build robots and artificial intelligence, Bloomberg News reported on Friday, citing people familiar with the matter.

Son is seeking to team up with Taiwan Semiconductor Manufacturing Co for the project, which is aimed at bringing back high-end tech manufacturing to the U.S. and to create a version of China's vast manufacturing hub of Shenzhen, the report said.

SoftBank officials have spoken with U.S. federal and state government officials to discuss possible tax breaks for companies building factories or otherwise investing in the industrial park, including talks with U.S. Secretary of Commerce Howard Lutnick, the report said.

SoftBank is keen to have TSMC involved in the project, codenamed Project Crystal Land, but it is not clear in what capacity, the report said. It is also not clear the Taiwanese company would be interested, it said.

TSMC is already building chipmaking factories in the U.S. with a planned investment of $165 billion.

Son is also sounding out interest among tech companies including Samsung Electronics, the report said.

The plans are preliminary and feasibility depends on support from the Trump administration and state officials, it said.

A commitment of $1 trillion would be double that of the $500 billion "Stargate" project which seeks to build out data centre capacity across the U.S., with funding from SoftBank, OpenAI and Oracle.

SoftBank and TSMC declined to comment. The White House and U.S. Department of Commerce did not immediately respond to requests for comment.

The proposed scheme follows a series of big investment announcements SoftBank has made this year.

In March it announced it would acquire U.S. semiconductor design company Ampere for $6.5 billion and in April said it would underwrite up to $40 billion of new investment in OpenAI, of which up to $10 billion would be syndicated to other investors.

This week SoftBank raised $4.8 billion from a sale of shares in T-Mobile.

https://finance.yahoo.com/news/softbanks-son-pitches-1-trillion-053605238.html

Canada Moves to Protect Steel and Aluminum Firms, Considers Higher Tariffs

 

Canada has opened the door to increasing its tariffs on US steel and aluminum next month if trade talks with the Trump administration stall.

The government “will adjust its existing counter-tariffs on steel and aluminum products on July 21, to levels consistent with progress that has been made in the broader trading arrangement with the United States,” according to a statement Thursday.

https://www.bloomberg.com/news/articles/2025-06-19/carney-to-roll-out-plan-to-help-canada-s-tariff-hit-steel-sector

Tesla signs deal for first China grid-scale battery station - report

 Tesla (NASDAQ:TSLA) has signed a deal to build its first grid-scale battery storage station in China, which will be located in Shanghai, according to local media Yicai.

The agreement was signed Friday between the U.S. automaker, China Kangfu International Leasing Co, and the Shanghai local government.

The project involves an investment of 4 billion yuan ($556.8 million), the Yicai report stated.

The Shanghai facility will utilize Tesla’s megapack batteries for the grid-scale energy storage system, marking the company’s entry into large-scale battery storage infrastructure in the Chinese market.

https://www.investing.com/news/stock-market-news/tesla-signs-deal-for-first-china-gridscale-battery-station--report-93CH-4103355

US Attorney Announces Largest-Ever, $225 Million Cryptocurrency Seizure

 by Tom Ozimek via The Epoch Times,

Interim U.S. Attorney for the District of Columbia Jeanine Pirro said her office has seized more than $225.3 million in cryptocurrency linked to a sprawling international fraud and money laundering network responsible for defrauding hundreds of victims through online investment scams.

Pirro announced at a June 18 news conference in Washington that the U.S. Attorney’s Office for the District of Columbia has filed a civil forfeiture complaint in federal court.

The action targets the proceeds of a vast international fraud operation with ties to organized crime syndicates and human trafficking networks operating out of scam compounds in Southeast Asia.

The $225.3 million seizure, now in the custody of the U.S. Marshals Service, is “the largest cryptocurrency seizure in U.S. Secret Service history,” according to Special Agent in Charge Shawn Bradstreet of the Secret Service’s San Francisco Field Office.

The U.S. Secret Service and FBI used blockchain analysis to trace a complex laundering network involving more than 144 cryptoexchange accounts, 263,000 transactions, and more than $3 billion in digital currency, according to the complaint.

Funds were routed through layers of intermediary “pass-through” accounts to obscure their origin, with evidence pointing to scam centers operated with trafficked labor.

The schemes—also known as “pig butchering” scams—typically involve criminals luring victims into sending funds for purported investments, often in the form of cryptocurrency, which turn out to be fraudulent.

One notable case cited in the complaint involved a Kansas bank CEO who was persuaded by scammers running a cryptocurrency confidence scheme to embezzle $47 million from the bank to invest in a fake crypto platform—through which the criminals then defrauded him of the embezzled funds.

In another case, a Texas victim lost $7 million after being persuaded to invest in a platform that he realized was fraudulent when he tried to withdraw his funds.

More than 430 individuals fell victim to the scams detailed in the complaint.

“This is about quick money,“ Pirro said. ”It’s about old crimes being committed in new ways. Every fast and loose criminal for centuries knows how it’s done, and they’ve done it over and over again, and they continue to do it today.”

Criminals begin by identifying targets—often on social media, through deceptive job postings or fraudulent investment pitches. They work to earn the victim’s trust, then exploit that trust to siphon funds under the guise of legitimate investment opportunities.

The perpetrators behind the scams often use techniques such as “peel chains”—in which crypto is broken into smaller amounts and passed through hundreds of wallets—and “chain hopping” to move assets across blockchains and currencies to mask their movement and origin, according to the complaint.

What sets today’s schemes apart, Pirro said, is the unprecedented speed and scale made possible by digital platforms and emerging technologies.

“So the hopeful investor now enters the Wild West on an international scale, where the crime is global, where there are no borders, and where the crypto criminals avoid the rules because this is an unregulated Wild West,” Pirro said.

Bradstreet said in a statement: “These scams prey on trust, often resulting in extreme financial hardship for the victims.

“The U.S. Secret Service, FBI, and our private partners worked diligently to trace these illicit transactions, identify victims, and seize these funds so that they can eventually be returned to their rightful owners.”

https://www.zerohedge.com/crypto/us-attorney-announces-largest-ever-225-million-cryptocurrency-seizure