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<body><p>STORY: The U.S. Supreme Court made it easier on Tuesday for U.S. companies to seek compensation from Cuba's government for property seized decades ago by former leader Fidel Castro's government.</p><p>The High Court ruled 6-3 in favor of Exxon Mobil in its lawsuit against Cuban state-owned firm Corporación CIMEX, with the six conservative justices backing the decision.</p><p>It said a legal defense called foreign sovereign immunity, which generally prohibits U.S. lawsuits against foreign governments and their agents, is not available in cases like this one.</p><p>The Supreme Court reversed a lower court's 2024 ruling that CIMEX could invoke the sovereign immunity defense.</p><p>Exxon’s 2019 lawsuit accused CIMEX of unlawfully using a refinery and service stations that once belonged to Standard Oil, Exxon's corporate predecessor. </p><p>The case will return to a lower court for further deliberations on CIMEX's potential liability.</p><p>Exxon relied on a 1996 U.S. law called the Helms-Burton Act which permits lawsuits to be filed in U.S. courts against anyone who "traffics" in property confiscated by Cuba's communist government after the 1959 revolution that brought Castro to power. </p><p>U.S. President Donald Trump's administration supported Exxon's appeal to the Supreme Court.</p><p>The ruling was issued at a rancorous time in U.S.-Cuban relations. </p><p>The United States on May 20 brought murder charges against former Cuban President Raúl Castro, Fidel's younger brother, in a major escalation of Trump's pressure campaign against Cuba's government.</p><p>Under Trump, the United States has effectively imposed a blockade on Cuba by threatening sanctions on countries supplying it with fuel, triggering power outages and exacerbating its worst crisis in decades.</p></body>
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Energy stocks rose Tuesday afternoon, with the NYSE Energy Sector Index increasing 0.4% and the Stat
By Jan Wolfe WASHINGTON, June 23 (Reuters) - The U.S.
The Supreme Court revived a lawsuit Exxon Mobil Corp. brought against oil companies owned by the Cuban government that seeks $1 billion in damages for the oil refinery and service stations Cuba took from the U.
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Sable Offshore Corp. previously amended its Senior Secured Term Loan Agreement with Exxon Mobil, extending the loan’s maturity to July 24, 2026 at the latest, while also securing a limited waiver of plug-and-abandonment (P&A) financial security obligations tied to a November 2022 purchase and sale agreement. In exchange for a US$30.00 million amendment fee and temporary relief from a US$25.00 million minimum liquidity covenant, Sable plans to resize and refinance its term loan and pursue...
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Investing.com -- A tentative U.S.-Iran agreement could provide near-term support for equities and reduce pressure on oil prices and bond yields, according to BCA Research.
Investing.com -- U.S. economic sanctions have become less effective at changing the behavior of adversarial governments as countries including Iran, Russia, and North Korea use highly sophisticated methods to bypass them, according to an exclusive Wall Street Journal report.
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So far this year, prison operators Geo Group and CoreCivic are outperforming tech and energy giants alike.
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