Trump says decision on Fed chair will be out soon

 President Donald Trump said on Friday that a decision on the next Federal Reserve chair will be coming out soon, adding that a good Fed chair would lower interest rates.

"It's coming out very soon," Trump told reporters on Air Force One.

When asked specifically about former Fed governor Kevin Warsh, Trump said, "he's very highly thought of." Warsh is considered a frontrunner to be Trump's pick to be the next Fed chair.

Earlier on Friday, Trump said the Federal Reserve should cut interest rates by a full percentage point and he reiterated his view that Chair Jerome Powell has been too slow to lower borrowing costs.

The president has repeatedly berated Powell for not cutting rates as he desires. The two men met face-to-face for the first time last week, with Trump telling Powell he was making a "mistake" by not lowering rates.

https://ca.finance.yahoo.com/news/trump-says-decision-fed-chair-231204654.html

US suspends licenses to ship nuclear plant parts to China, sources say

 The U.S. in recent days suspended licenses for nuclear equipment suppliers to sell to China's power plants, according to four people familiar with the matter, as the two countries engage in a damaging trade war.

The suspensions were issued by the U.S. Department of Commerce, the people said, and affect export licenses for parts and equipment used with nuclear power plants.

Nuclear equipment suppliers are among a wide range of companies whose sales have been restricted over the past two weeks as the U.S.-China trade war shifted from negotiating tariffs to throttling each other's supply chains. It is unclear whether a Thursday call between U.S. President Donald Trump and Chinese President Xi Jinping would affect the suspensions.

The U.S. and China agreed on May 12 to roll back triple digit, tit-for-tat tariffs for 90 days, but the truce between the two biggest economies quickly went south, with the U.S. claiming China reneged on terms related to rare earth elements, and China accusing the U.S. of "abusing export control measures" by warning that using Huawei Ascend AI chips anywhere in the world violated U.S. export controls. After Thursday's call, further talks on key issues were expected.

The U.S. Department of Commerce did not respond to a request for comment on the nuclear equipment restrictions. On May 28, a spokesperson said the department was reviewing exports of strategic significance to China.

"In some cases, Commerce has suspended existing export licenses or imposed additional license requirements while the review is pending," the spokesperson said in a statement. The Chinese Embassy in Washington did not immediately respond to a request for comment.

U.S. nuclear equipment suppliers include Westinghouse and Emerson.

Westinghouse, whose technology is used in over 400 nuclear reactors around the world, and Emerson, which provides measurement and other tools for the nuclear industry, did not respond to requests for comment.

The suspensions affect business worth hundreds of millions of dollars, two of the sources said.

They also coincide with Chinese restrictions on critical metals threatening supply chains for manufacturers worldwide, especially America's Big Three automakers.

Reuters could not determine whether the new restrictions were tied to the trade war, or if and how quickly they might be reinstated. Department of Commerce export licenses typically run for four years and include authorized quantities and values.

But many new restrictions on exports to China have been imposed in the last two weeks, according to sources, and include license requirements for a hydraulic fluids supplier for sales to China.

Other license suspensions went to GE Aerospace for jet engines for China's COMAC aircraft, sources said.

The U.S. also now requires licenses to ship ethane to China, as Reuters reported first last week. Houston-based Enterprise Product Partners said Wednesday that its emergency requests to complete three proposed cargoes of ethane to China, totaling some 2.2 million barrels, had not been granted.

Enterprise said a May 23 requirement for a license to sell butane to China, in addition to the ethane, was subsequently withdrawn. Dallas-based Energy Transfer said it was notified on Tuesday about the new ethane licensing requirement, and planned to apply and file for an emergency authorization.

Other sectors that have been hit with new restrictions include companies that sell electronic design automation software such as Cadence Design Systems.

https://www.msn.com/en-ca/money/topstories/exclusive-us-suspends-licenses-to-ship-nuclear-plant-parts-to-china-sources-say/ar-AA1GeaeT

US declares Biden fuel economy rules exceeded legal authority

 The Transportation Department on June 6 declared that fuel economy rules issued under then-President Joe Biden exceeded the government’s legal authority by including electric vehicles in setting the rules, automaker officials said.

https://www.autonews.com/regulation-safety/an-senate-republicans-propose-killing-fuel-economy-penalties-0605/

US ethane vessels stall amid curbs on exports to China

 Over half a dozen U.S.-loaded ethane vessels, originally bound for China, have stalled around the U.S. Gulf Coast after Washington requested U.S. exporters seek licenses to ship the shale gas to the top buyer, according to trade sources and ship tracking data on Friday.

Around half of all U.S. ethane exports head to China, and the halt in flows has pushed ethane prices lower on worries of domestic oversupply and is likely to cut into profits of top ethane producers.

Energy Transfer and Enterprise Products Partners, two of the largest ethane producers and exporters, have warned the disruptions could impact their exports. The U.S. Commerce Department has also denied some vessels emergency authorization requests to export to China.

Liberia-flagged STL Qianjiang, which loaded at Energy Transfer's Nederland terminal for China's Satellite Chemical, was anchored off the coast on Friday in the Gulf, according to LSEG and Kpler ship tracking data.

Energy Transfer, which produces ethane by extracting it from natural gas and then exports it from terminals along the Gulf Coast, said it received a letter from the U.S. Commerce Department on June 3 requiring the company to apply for a license to ship ethane to China.

The company and Satellite Chemical did not reply to requests for comments on the vessel.

Three other vessels, which were set to load in early June, were anchored in the U.S. Gulf near Houston and Port Arthur, Texas, while three others hovered further south in the water after having slowed down.

Meanwhile, Liberia-flagged very large ethane carrier (VLEC) Pacific Ineos Grenadier, which loaded at Enterprise Products Partners' terminal in Morgan's Point, Texas, and had been originally destined for China, was anchored at an Enterprise dock along the Houston Ship Channel on Friday after heading away from the Gulf Coast on Thursday.

The ship had not discharged on Friday afternoon and it was not immediately clear if it would.

The vessel, a part of British petrochemical firm Ineos' fleet, has been used exclusively for transit between the United States and China since August 2023, according to Kpler data.

Enterprise Products Partners received the license requirement letter in late May, and on Wednesday said it received a notice from the U.S. government of its intent to deny emergency requests for three proposed export cargoes of ethane totaling around 2.2 million barrels to China.

https://finance.yahoo.com/news/us-ethane-vessels-stall-amid-185927089.html

Trump signs orders to bolster US drone defenses, boost supersonic flight

 President Donald Trump on Friday signed executive orders to bolster U.S. defenses against threatening drones and to boost electric air taxis and supersonic commercial aircraft, the White House said.

In the three executive orders, Trump sought to enable routine use of drones beyond the visual sight of operators - a key step to enabling commercial drone deliveries - and reduce  U.S. reliance on Chinese drone companies as well as advance testing electric vertical takeoff and landing aircraft. The order should boost eVTOL firms including Joby Aviation and Archer Aviation.

Trump is establishing a federal task force to ensure U.S. control over American skies, expand restrictions over sensitive sites, expand federal use of technology to detect drones in real time and provide assistance to state and local law enforcement.

Trump also aims to address the "growing threat of criminal terrorists and foreign misuse of drones in U.S. airspace," said Michael Kratsios, director of the White House Office of Science and Technology Policy. "We are securing our borders from national security threats, including in the air, with large-scale public events such as the Olympics and the World Cup on the horizon."

The National Football League praised the executive order, saying it was critical to protecting fans. 

"Over the past several years, an increasing number of drones have flown into restricted airspace during our games. This executive order is the most significant step taken to address the issue," the NFL said, adding Congress should also take action.

Sebastian Gorka, senior director of counterterrorism at the National Security Council, cited the use of drones in Russia's war in Ukraine and threats to major U.S. sporting events.

"We will be increasing counter-drone capabilities and capacities," Gorka said. "We will increase the enforcement of current laws to deter two types of individuals: evildoers and idiots."

The issue of suspicious drones also gained significant attention last year after a flurry of drone sightings in New Jersey. The Federal Aviation Administration receives more than 100 drone-sighting reports near airports each month.

Drone sightings have at times disrupted flights and sporting events.

Trump also directed the FAA to lift a ban imposed in 1973 on supersonic air transport over land. 

Supersonic aircraft have been criticized by environmentalists for burning more fuel per passenger than comparable subsonic planes.

"The reality is that Americans should be able to fly from New York to L.A. in under four hours," Kratsios said. "Advances in aerospace engineering, material science and noise reduction now make overland supersonic flight not just possible, but safe, sustainable and commercially viable."

The order directs FAA to repeal the supersonic speed limit as long as aircraft do not produce an audible sonic boom on the ground. Airplane manufacturer Boom Supersonic welcomed the move. Its CEO, Blake Scholl, said: "The supersonic race is on and a new era of commercial flight can begin."

The era of regular commercial supersonic flights ended in 2003 when Concorde, flown by Air France and British Airways, was retired after 27 years of service.

The Trump orders do not ban any Chinese drone company, officials said. Last year, former President Joe Biden signed legislation that could ban China-based DJI and Autel Robotics from selling new drone models in the U.S.

DJI, the world's largest drone manufacturer, sells more than half of all U.S. commercial drones.

https://www.marketscreener.com/quote/stock/ARCHER-AVIATION-INC-114338426/news/Trump-signs-orders-to-bolster-US-drone-defenses-boost-supersonic-flight-50181650/

Regencell: More background

 The shares of the Nasdaq-listed Regencell Bioscience skyrocketed a whopping 23,000 percent in just four months. The stock closed at $877 per share on May 30, marking a significant jump from $3.81 per share on February 3.

The early-stage bioscience company is engaged in the research, development and commercialisation of traditional Chinese medicines, which are used to treat neurocognitive disorders and degeneration. "Regencell's goal is to save and improve the lives of patients, families and caregivers and be the market leader for the best treatment of ADHD and ASD globally," the company's website reads.

Interestingly, the company is headquartered in China, a country which currently is scouting through severe trade tensions with US.

Regencell was founded in 2014 when the company's Chief Operating Officer James Chung, who was admitted as a patient for a different illness, allegedly experienced amazing healing capability in a treatment. The company's CEO Yat-Gai Au later joined him to conduct more research and develop their formula.

Regencell Bioscience has only 12 employees, reports said citing its official filings. The stock has a market capitalisation of $10 billion.Earlier this year, the company announced a forward stock split to be paid in the form of a stock bonus. "Each shareholder of the Company of record at the close of business on June 12, 2025 will receive 37 additional shares for every share held on the record date. The Company expects the additional shares will be distributed on June 13, 2025," the firm said in an exchange filing.

It will be interesting to watch how the stock, which has skyrocketed over the recent months, behaves after it turns ex-date for the stock split.

https://www.moneycontrol.com/news/business/markets/regencell-bioscience-shares-soar-23-000-in-just-four-months-all-you-need-to-know-about-the-nasdaq-listed-firm-13087534.html

UroGen closes up 43% ahead of FDA decision on bladder cancer candidate

 UroGen Pharma (NASDAQ:URGN) closed Friday up ~43%, a week before the U.S. FDA is set to act on its NDA for UGN-102 (mitomycin)

https://seekingalpha.com/news/4456345-urogen-closes-up-43-ahead-of-fda-decision-on-bladder-cancer-candidate