Iran promises to keep Strait of Hormuz open for now
Oil prices dropped sharply and stock futures surged Friday after the Iranian foreign minister said the Strait of Hormuz will be “completely open” for commercial transit during the remainder of the ceasefire. Brent crude, the global benchmark, fell 9%, to $90 per barrel. WTI, the U.S. benchmark, sank 9.5% to $82.60 per barrel. “In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire,” Iranian foreign minister Seyed Abbas Araghchi wrote in an internet post. However, Brent and U.S. crude remain above their pre-war levels of $73 and $67 per barrel, respectively.
QVC files for bankruptcy
QVC, the home shopping TV network that has been a staple for almost four decades, has filed for bankruptcy. The channel’s parent company, QVC Group, announced Thursday that it has voluntarily entered Chapter 11 proceedings in an effort to slash its debt from $6.6 billion to $1.3 billion. Based in West Chester, Pennsylvania, the network sells everything from kitchen appliances to a Martha Stewart clothing collection. The company said it has sufficient money to keep operating as it navigates the bankruptcy proceedings, and expects to complete the process within 90 days. QVC, which stands for Quality, Value, Convenience, started in 1986, helping pioneer the live-shopping format. In 2017, QVC bought its older rival, Home Shopping Network (HSN), and merged the operations. Together, they operate nearly a dozen TV channels and a website. Stock in QVC Group fell nearly 70% on Thursday.
White House and Speaker Johnson suffer spying defeat
The White House and House Spaker Mike Johnson suffered a defeat early Friday morning when the House rejected their efforts to impose a long-term extension of a surveillance program and instead adopted only a 10-day extension. The White House and Johnson had wanted a long-term reauthorization of the Section 702 law that allows surveillance without first obtaining a court warrant. In a pair of after-midnight votes, more than a dozen rank-and-file Republicans rejected the long-term reauthorization plan that would allow the government to collect information Americans as well as foreigners. The measure to reauthorize a short-term extension of Section 702 goes to the Senate for passage. The program is set to expire in three days.
Todd Lyons, head of ICE is leaving
Acting Immigration and Customs Enforcement (ICE) Director Todd Lyons is stepping down from his role later this spring, Homeland Security Secretary Markwayne Mullin announced Thursday. Lyons’ last day at ICE will be May 31, Mullin said. Mullin did not provide a reason for the departure. It’s unclear who would step into the role after Lyons departs. ICE has been without a Senate-confirmed leader since the Obama administration. Earlier Thursday, Lyons testified before a House Appropriations subcommittee where he fielded questions from lawmakers about the unprecedented number of deaths in ICE custody and plans to convert warehouses around the U.S. into prison camps.
Democrat wins House seat from New Jersey
Democrat Analilia Mejia has won a special election in New Jersey’s 11th Congessional District, allowing Democrats to further narrow Republicans’ razor-thin majority in the U.S. House of Representatives. Mejia defeated Republican Joe Hathaway. She will fill the remainder of the term for the seat Mikie Sherrill vacated after being elected New Jersey governor in November. Hathaway and Mejia are both also running in the June primaries for a full two-year term that would start in January. Mejia’s win shrinks Republican House Speaker Mike Johnson’s narrow majority. When Mejia is sworn in, Johnson will only be able to afford a single Republican defection on party-line votes and still pass legislation. The partisan breakdown will stand at 217 Republicans, 214 Democrats, one independent and three seats vacant.
Commission loaded with Trump loyalists shows approval of Trump’s arch
The Commission of Fine Arts in a preliminary vote has decided to move ahead with its process to approve Donald Trump’s plan for a giant arch to be built in Washington. The independent federal agency, which has been stacked with Trump loyalists after Trump fired all of its members when he returned to the White House, advises the president and Congress on design plans for monuments, memorials, coins and federal buildings. Interior Secretary Doug Burgum unveiled renderings of the proposed 250-foot arch. The project is already facing a legal challenge from a Vietnam War veterans’ group related to its scale and obstruction of the view of the Arlington National Cemetery. All of the comments the commission has received on the proposal have been opposed to it according to Fine Arts Commission Secretary Thomas Luebke.
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