Trump said he will reopen the Alcatraz prison
President Donald Trump announced Sunday that he is directing federal authorities to rebuild and reopen the former Alcatraz federal prison in San Francisco Bay, calling it a symbol of “law and order.”
“Today, I am directing the Bureau of Prisons, together with the Department of Justice, FBI, and Homeland Security, to reopen a substantially enlarged and rebuilt ALCATRAZ,” Trump wrote on his Truth Social platform.
The President said the facility would be used to “house America’s most ruthless and violent Offenders.” When speaking to reporters upon his return to the White House from Florida, Trump described the decision as “just an idea I’ve had” that he decided to act on.
Trump announced 100% tariffs on foreign-made films
President Donald Trump announced Sunday he will impose a 100% tariff on movies produced outside the United States, describing foreign production incentives as a “National Security threat” that is causing the American film industry to die a “very fast death.”
“This is a concerted effort by other Nations and, therefore, a National Security threat. It is, in addition to everything else, messaging and propaganda,” Trump declared on his Truth Social platform, concluding with: “WE WANT MOVIES MADE IN AMERICA, AGAIN!”
The President said he has authorised relevant government agencies, including the Department of Commerce, to “immediately begin the process” of implementing the tariffs. Commerce Secretary Howard Lutnick responded on X with a brief message: “We’re on it.”
However, neither Trump nor Lutnick provided specific details about how the tariffs would be implemented.
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Dangote said he is still fighting cabals for his refinery’s survival
Aliko Dangote, President of Dangote Group and Africa’s richest man, has declared he is still battling for the survival of his $20 billion refinery, but expressed confidence in eventual victory.
“We’re fighting, and the fight is not yet finished. But I have been fighting all my life, and I am ready and 100 per cent sure I will win at the end of the day,” Dangote said during an investor forum in Lagos on Friday, according to international news outlet Semafor.
Dangote pointed to powerful interests who have “for a very, very long time” profited from government-subsidised oil imports as the source of resistance to his 650,000 barrels-per-day facility in Lekki, Lagos. He claimed these groups have funded opposition to President Bola Tinubu’s removal of petrol subsidies and are working to prevent the refinery from operating smoothly.
This is not the first time Dangote has raised such concerns. Since last year, he has repeatedly alleged that “mafias” in the oil sector are attempting to sabotage his investment. He specifically accused international oil companies (IOCs) of denying his refinery an adequate crude supply despite Nigeria’s domestic crude supply obligation.
Gold rose ahead of this week’s Fed rate decision
Gold prices moved higher on Monday, trading above $3,260 an ounce after experiencing their first consecutive weekly decline of the year, as investors considered uncertainties in global trade and the U.S. economy ahead of this week’s Federal Reserve meeting.
The precious metal rose 0.8% to $3,264.72 an ounce by 9:25 a.m. in Singapore, following a 2.4% drop last week. The Bloomberg Dollar Spot Index fell 0.3% during the same period.
The Federal Reserve is widely expected to maintain current interest rates when officials meet Tuesday and Wednesday, despite President Donald Trump increasing pressure on Fed Chair Jerome Powell. Trump suggested that last week’s stronger-than-expected job data provided no reason to keep rates at their current levels.
Gold has surged nearly 25% since January, reaching an all-time high above $3,500 an ounce in April before moderating in recent weeks.
Oil prices dropped over OPEC+ plans to increase output
Oil prices fell more than $2 a barrel in early Asian trade on Monday as OPEC+ is set to further speed up oil output hikes, spurring concerns about more supply.
Brent crude futures dropped $2.04 a barrel, or 3.33%, to $59.25 a barrel by 2240 GMT while U.S. West Texas Intermediate crude was at $56.19 a barrel, down $2.10, or 3.60%.
Both contracts touched their lowest since April 9 at Monday’s open after OPEC+ agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day (bpd).
The June increase from the eight will take the total combined hikes for April, May and June to 960,000 bpd, representing a 44% unwinding of the 2.2 million bpd of various cuts agreed on since 2022, according to Reuters calculations.
