Radiopharm Theranostics (RAD:AU) has announced RAD Doses 1st Patient in Therapeutic Trial of 177Lu-RAD202
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Conservative energy leaders are celebrating President Donald Trump’s latest effort to unleash American drilling.
The Department of the Interior announced a proposal Monday to rescind President Joe Biden’s restrictions on oil and gas development in the National Petroleum Reserve in Alaska.
Interior Secretary Doug Burgum said a Biden-era 2024 Bureau of Land Management (BLM) rule that restricted energy development for more than half of the 23 million acres on Alaska’s North Slope ignored the Naval Petroleum Reserves Production Act of 1976.
‘The National Petroleum Reserve (NPR), created by Congress over a century ago to secure America’s energy supply, supports responsible oil development on 13 million acres,’ Frank Lasee, president of Truth in Energy and Climate, said in a statement shared with Fox News Digital.
‘President Biden’s drilling ban in Alaska undermined energy security, increasing reliance on foreign oil, raising gasoline prices and fueling inflation through higher transportation costs,’ Lasee added. ‘Resuming drilling puts economic growth and energy independence ahead of climate ideology in a place almost no regular American will ever visit.’
Consistent with Trump’s executive orders, the proposed revision reverts to regulations that were in place prior to May 7, 2024, which Lasee called a ‘commendable’ prioritization of ‘American energy needs and economic well-being while adhering to the law.’
‘President Biden never should have halted congressionally sanctioned oil drilling in Alaska,’ said Sterling Burnett, director of the Arthur B. Robinson Center on Climate and Environmental Policy at the Heartland Institute. ‘Trump is to be applauded, both for putting Americans’ energy needs and our economic well-being first and for following the law by opening these areas back up for production.’
According to the Department of Interior, the 2024 rule provisions lacked ‘a basis in the Naval Petroleum Reserves Production Act’ and undermined the BLM’s congressional obligation to oversee timely leasing in the region.
‘President Trump’s move to restore drilling in Alaska’s Arctic region is a bold and necessary step toward reclaiming American energy independence,’ Jason Isaac, CEO of the American Energy Institute, said.
Trump vowed to unleash American energy on the campaign trail in 2024 and signed executive orders on the first day of his second term to rescind Biden-era climate policies.
‘By reversing Biden’s disastrous restrictions on 13 million acres, Trump is unleashing the abundant resources that power our economy, lower energy costs and strengthen national security. This is a victory for American workers, consumers and allies who rely on stable, affordable energy,’ Isaac added.
Steve Milloy, senior policy fellow at the Energy & Environment Legal Institute, called the announcement ‘more good news from the Trump administration in rolling back more of Biden’s war on fossil fuels.’
‘Promises made. Promises kept. But the Trump administration will need to go further to give investors confidence that the Alaska leases will actually be viable. Radical climate activists will resort to the courts and scare off investors. There likely needs to be a legislative solution to that,’ Milloy added.
Trump and his Republican allies are seeking to roll back some of Biden’s green energy initiatives through budget reconciliation on Trump’s ‘big, beautiful bill.’
‘The National Petroleum Reserve (NPR) was created more than 100 years ago specifically to provide a supply of oil for America’s energy security. That energy security can be achieved by responsibly developing our oil reserves, including in the Gulf of America, our vast shale oil deposits in America’s heartland and, now, thankfully, the 13 million acres of the NPR that are going to be developed,’ said Gregory Whitestone, CO2 Coalition executive director.
‘Continuation of the Biden administration’s drilling ban would have resulted in a greater reliance on foreign supplies of oil (and) increases in gasoline prices and the inflationary spiral across all sectors of the American economy from increased transportation costs,’ Whitestone added.
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Adam Rozencwajg, managing partner at Goehring & Rozencwajg, shares his latest thoughts on the gold, silver and uranium markets, also discussing why he’s bullish on platinum.
In his view, it has ‘all the hallmarks of something we like to get involved with.’
More broadly, Rozencwajg sees commodities thriving amid a global monetary and trade regime shift.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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A Malian court has postponed a critical decision on whether to place Barrick Mining’s (TSX:ABX,NYSE:B) flagship Loulo-Gounkoto gold complex under provisional administration
The move intensifies an already fraught standoff between the Canadian miner and Mali’s military-led government.
The delay, confirmed to Reuters on Monday (June 2) by the court’s registry office and a lawyer involved in the case, follows the Malian government’s formal request on May 8 for the Bamako Commercial Court to appoint an interim administrator to take over daily operations of the gold complex.
The court was originally expected to rule on the matter on Monday, after hearing formal opposition from Barrick’s Malian subsidiaries during a preliminary hearing on May 15.
The dispute centers on Mali’s 2023 mining code, which raised taxes and granted the government a larger stake in mining operations. While the government has since renegotiated terms with other multinational miners, Barrick has resisted transitioning to the new regime, maintaining that its existing agreements remain legally binding.
Loulo-Gounkoto — one of Mali’s largest gold producers — has been inactive since January, when the government seized approximately 3 metric tons of gold, citing alleged unpaid taxes.
Since November 2024, Malian authorities have blocked gold exports from the site, with the standoff escalating amid a gold price surge. Gold has jumped 28.5 percent year-to-date, hitting an all-time high of US$3,500.05 per ounce in April.
Barrick, formerly known as Barrick Gold, has publicly opposed the government’s efforts to take control of its assets, calling the move “without precedent or lawful justification.” In a statement dated May 26, the company said the attempt to install a provisional administrator disregards its rights under Malian law and international agreements.
“There is no basis — either in law or in practice — for the day-to-day operations at Loulo-Gounkoto to be handed over to a court-appointed interim administrator,” Barrick said. “This action undermines the principles of due process and mutual respect that should govern partnerships between sovereign states and long-term investors.”
Tensions have been further inflamed by the detention of four Barrick employees since November 2024, and the issuance of an arrest warrant for Chief Executive Mark Bristow in December of the same year.
According to a court document, the charges include money laundering and financing of terrorism. Barrick has rejected the accusations, but has not elaborated on their specifics.
Despite the suspension of mining activities, Barrick says it continues to support its workforce, paying wages and maintaining operations on a monthly basis. The company has reiterated that it remains open to resuming talks with the government to secure the release of its detained employees and restart operations.
In its May 26 release, Barrick notes that in a recent letter to Mali’s minister of economy and finances, the company emphasized its “availability to resume discussions on the terms of a satisfactory agreement,” which would allow for a resolution that serves the interests of employees, the state and all stakeholders.
Mali, Africa’s third largest gold producer, relies heavily on mining for export earnings and revenue. Barrick, which has operated in Mali for nearly 30 years, has initiated international arbitration under the terms of its mining conventions.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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Chinese researchers have unveiled a method of extracting uranium from seawater at a fraction of the previous cost and energy use, positioning the country to potentially secure long-term domestic supply.
Scientists from Hunan University have developed an advanced electrochemical system that can extract uranium from seawater more efficiently and economically than any method currently in use.
The innovation, led by Professor Shuangyin Wang and his team, features a novel dual-electrode design using copper at both the positive and negative terminals, allowing uranium ions to be collected simultaneously at both ends.
The system achieved a 100 percent extraction rate from a synthetic seawater solution within 40 minutes — a remarkable leap from earlier physical adsorption methods, which typically extract less than 10 percent.
When tested with natural seawater, the device extracted all uranium from East China Sea samples and up to 85 percent from South China Sea water, reaching 100 percent in the latter case with larger electrodes.
It accomplished these results while consuming over 1,000 times less energy than existing electrochemical systems. The total cost was estimated at US$83 per kilogram of uranium — half the cost of physical adsorption (US$205 per kilogram) and nearly one-fourth that of previous electrochemical approaches (US$360 per kilogram).
The implications for China’s energy security could be substantial.
According to the International Energy Agency, China is building more nuclear power plants than any other country, and is expected to surpass the US and EU in installed nuclear capacity by 2030.
However, much of the uranium needed to fuel this growth is imported. In 2024, China imported 13,000 metric tons of uranium, compared to just 1,700 tonnes mined domestically.
Given the estimated 4.5 billion metric tons of uranium dissolved in the world’s oceans — over 1,000 times the amount in terrestrial reserves — seawater extraction has long been seen as a tantalizing, but technologically elusive solution.
Japan led early efforts in the 1980s and 1990s, extracting 1 kilogram of uranium using large-scale marine trials, a milestone that China is now poised to eclipse. The new electrochemical technique builds on recent momentum in China’s marine uranium research. In March of this year, scientists from Lanzhou University’s Frontiers Science Center for Rare Isotopes published a separate study detailing a breakthrough in uranium-vanadium separation, a major technical challenge due to the similar chemical properties of the two elements in seawater.
The Lanzhou team engineered a metal-organic framework (MOF) material embedded with diphenylethylene molecules that can change pore sizes under ultraviolet light.
This enabled the MOF to selectively attract uranium ions over vanadium, increasing uranium adsorption capacity to 588 milligrams per gram, and improving uranium-vanadium separation efficiency by 40-fold.
Their uranium selectivity factor reached 215 — the highest ever reported in natural seawater.
Both research efforts support China’s national nuclear strategy. In 2019, China National Nuclear partnered with 14 domestic research institutions to establish the Seawater Uranium Extraction Technology Innovation Alliance.
This government-backed initiative set ambitious milestones: match Japan’s kilogram-level extraction record by 2025, build a metric ton-scale demonstration plant by 2035 and reach continuous industrial production by 2050.
The alliance’s work is driven by projections from the International Atomic Energy Agency, which forecasts that China’s uranium demand will exceed 40,000 metric tons annually by 2040. Marine extraction, if scaled successfully, could ease long-term supply pressures and reduce geopolitical risk tied to uranium imports.
Of course, despite promising lab results, transitioning to industrial-scale extraction poses engineering and economic hurdles. For example, scaling up the Hunan system would involve increasing the number and size of electrochemical cells and managing flow rates across larger volumes of seawater.
If successful, the innovation could revolutionize the global uranium market. By tapping into the ocean’s near-limitless uranium reserves, China could not only meet its own needs, but also shift the geopolitical dynamics of nuclear energy.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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Life science companies developing bird flu vaccines and antivirals are gaining attention as the avian influenza subtype H5N1 becomes an increasing concern.
The United States is in the midst of an H5N1 bird flu outbreak that began in February 2024 and is now threatening the nation’s poultry and cattle industries. With poultry farmers across the US needing to cull their flocks if the virus is detected to prevent it spread, egg prices are shocking shoppers at the country’s grocery stores. Highly pathogenic avian influenza (HPAI) has also spread to cattle and other mammals, including cats.
Human avian influenza cases have so far been rare during this outbreak in the US, as currently the virus is only spread to humans through exposure to infected animals. As of May 30, 2025, 70 human cases have been detected in the country, and one death has been reported. However, concerns such as the possibility of mutations that could increase the chance of human-to-human transmission are stoking calls for better preparedness and access to bird flu vaccines.
In this article:
Is there a vaccine for bird flu?
There are several bird flu vaccines approved for treating avian influenza in humans, with others under development.
The Center for Disease Control and Prevention (CDC), a US federal agency under the Department of Health and Human Services, currently holds three different US Food and Drug Administration (FDA) approved vaccines in its strategic national stockpile that can be rapidly updated to address the current strain.
In the United States, the vaccines would be reserved for workers in the poultry industry if human cases escalate and could be scaled up further if needed in the case of a bird flu pandemic in humans.
Health Canada has authorized two H5N1 vaccines and laid out a framework for deciding whether to use the vaccines in a non-pandemic context, including increased human cases, human-to-human transmission and increasing severity of outcomes.
Which companies are producing vaccines for bird flu?
Some of the biggest companies in the pharmaceutical industry are either producing vaccines for bird flu or actively developing new drug candidates to fight the virus. There are also a number of large-cap and small-cap life science companies with avian influenza vaccines under development.
Below are nine bird flu vaccine stocks for investor consideration and details of their work on avian influenza. The stocks are listed by market cap based on figures retrieved from TradingView’s stock screener on June 2, 2025.
1. Pfizer (NYSE:PFE)
Market cap: US$132.87 billion
Pfizer is a world-renowned research pharmaceutical company developing drugs in a wide range of areas, including oncology, inflammation and immunology, vaccines, internal medicine and rare diseases. Pfizer and BioNTech created the first FDA-approved mRNA-based COVID-19 vaccine in 2020.
Pfizer’s mRNA technology could be targeted at producing an avian flu vaccine. In a May 2024 press release, the company stated that it is prepared to address an H5 group influenza pandemic, and reported that in late 2023 it had ‘initiated a randomized Phase 1 study to evaluate the safety, tolerability, and immunogenicity of multiple doses of nucleoside-modified mRNA (modRNA) based pandemic influenza vaccine candidate.’
2. Sanofi (NASDAQ:SNY)
Market cap: US$121.34 billion
Sanofi develops therapeutic products for diabetes and cardiovascular diseases, oncology, immunology, multiple sclerosis, rare diseases, and rare blood disorders. The French multinational pharmaceutical company is also one of the world’s largest manufacturers of vaccines.
Sanofi’s H5N1 vaccine became the first to be approved by the US FDA back in 2007. Today, it is one of only three US FDA-approved H5N1 vaccines held in the US national stockpile, joined by vaccines from two other pharma firms on this list, CSL Seqirus and GSK.
In October 2024, the three pharma companies were awarded a combined US$72 million by the US Administration for Strategic Preparedness and Response. The companies will prepare doses of their vaccines to be available if needed, and ‘manufacture additional bulk influenza antigen … from seed stocks that are well matched to circulating strains.’
3. GSK (NYSE:GSK)
Market cap: US$83.85 billion
British multinational biotech company GSK has three main business divisions: pharmaceuticals, consumer healthcare and vaccines. Its vaccine Arexvy is the world’s first respiratory syncytial virus (RSV) vaccine for older adults and is approved for ages 50 and up.
GSK subsidiary ID Biomedical Corporation of Quebec produces Arepanrix, an H5N1 virus monovalent vaccine, is among the three avian flu vaccines in the US stockpile.
“GSK’s H5N1 pandemic vaccine can generate some cross-neutralizing antibodies against the current circulating strains and is recognized as an important tool in reducing illness during a possible H5N1 pandemic,” a GSK spokesperson told PharmaVoice. “The vaccine is designed to be updated with the latest circulating strain of interest, as identified by the WHO.”
In February 2025, the Public Health Agency of Canada announced that through an existing deal with GSK, it has secured an initial supply of 500,000 doses of its avian influenza vaccine.
GSK also has a mRNA-based H5N1 pre-pandemic vaccine in Phase 2 studies for adults 18 and older. GSK’s mRNA candidate vaccines were previously being developed in partnership with German biopharma CureVac, another company on this list. However, the two restructured the partnership in July 2024, and GSK now has full rights to development, manufacturing and commercialization.
4. CSL (ASX:CSL,OTCQX:CMXHF)
Market cap: US$77.54 billion
Australian multinational biotechnology firm CSL is the parent company of CSL Seqirus, one of the world’s largest influenza vaccine makers. CSL Seqirus has production facilities in the United States, the United Kingdom and Australia.
CSL Seqirus’ Audenz is among the three avian flu vaccines that make up US stockpiles. The company describes Audenz, which the FDA approved in 2020, as ‘the first-ever adjuvanted, cell-based influenza vaccine designed to protect against influenza A (H5N1) in the event of a pandemic.’
CSL Seqirus has a manufacturing facility in North Carolina that was built through a public-private partnership with the US government in 2009. According to the company, the facility is the world’s largest cell-based influenza vaccine producer and its highly scalable production method means it’s capable of delivering 150 million influenza vaccine doses within a six-month timeframe as part of an influenza pandemic response.
5. Moderna (NASDAQ:MRNA)
Market cap: US$10.37 billion
Moderna leads the world in the field of mRNA-based medicine from immuno-oncology to infectious diseases, as best demonstrated by its rapid deployment of effective COVID-19 vaccines. The company’s integrated manufacturing plant allows for both clinical and commercial production. Moderna’s mRNA-based bird flu vaccine mRNA-1018 is undergoing a Phase 1/2 study targeting H5 and H7 avian influenza viruses.
In January 2025, the US Department of Health and Human Services (HHS) under the Biden Administration stated it would award Moderna US$590 million to “accelerate the development of mRNA-based pandemic influenza vaccines and enhance mRNA platform capabilities so that the U.S. is better prepared to respond to other emerging infectious diseases.” This includes its investigational avian flu vaccine.
However, Reuters reported in late May that the Trump administration has cancelled the contract with Moderna. ‘The cancellation means that the government is discarding what could be one of the most effective and rapid tools to combat an avian influenza outbreak,’ stated Amesh Adalja, senior scholar at the Johns Hopkins Center for Health Security. Moderna stated it will explore alternatives for late-stage development alongside its release of interim Phase 1/2 data.
6. Novavax (NASDAQ:NVAX)
Market cap: US$1.13 billion
American vaccine developer Novavax has a pipeline of early and late-stage vaccine candidates targeting respiratory viruses and other serious infectious diseases. The biotech’s platform is based on its proprietary recombinant protein-based nanoparticle and Matrix-M adjuvant technology.
Sanofi signed a US$1.2 billion co-exclusive license in May 2024 to co-commercialize Novavax’s adjuvanted COVID-19 vaccine through much of the world.
Novavax is also conducting pre-clinical studies on a vaccine for H5N1 avian pandemic influenza using its novel approach to immunization. According to the company, ‘Non-human primate studies have shown (its) vaccine candidate can produce protective levels of immunity after a single dose.’
7. CureVac (NASDAQ:CVAC)
Market cap: US$1.05 billion
CureVac is a pioneer in developing mRNA medicines, and the first biotech company in the world “to successfully harness mRNA for medical purposes,” according to its company website. The company’s mRNA-based pipeline is based its on its proprietary RNA technology platform. It focuses on three therapeutic areas: prophylactic vaccines, cancer immunotherapies and molecular therapies.
CureVac also has an in-house GMP manufacturing facility capable of large-scale production of vaccine doses.
In 2024, CureVac, in partnership with GSK, began a Phase 1/2 study in the United States on an investigational mRNA-based bird flu vaccine for healthy younger adults aged 18 to 64 and healthy older adults aged 65 to 85 years of age. The vaccine candidate has since been fully licensed to GSK.
8. Arcturus Therapeutics (NASDAQ:ARCT)
Market cap: US$345.52 million
California-based Arcturus Therapeutics is a global commercial mRNA medicines and vaccines company. Its pipeline is focused on the development of infectious respiratory disease vaccines.
Arcturus is developing an avian flu vaccine based on its STARR self-amplifying mRNA vaccine platform technology. In 2022, the company was awarded US$63.2 million by the US HHS to support development of this vaccine for rapid pandemic influenza response. Phase 1 clinical trials for its H5N1 vaccine candidate began in January and is fully funded by the Biomedical Advanced Research and Development Authority, part of the US HHS.
Antiviral influenza stocks
Life science stocks with commercial or clinical-stage antiviral influenza medications are also worth considering for investors interested in bird flu stocks. Here are a few to get you started, listed in alphabetical order.
Cidara Therapeutics (NASDAQ:CDTX)
Clinical-stage biotech company Cidara Therapeutics is developing CD388 as a potential universal antiviral for all known strains of both seasonal and pandemic influenza, including H5N1. The antiviral therapy is a drug-Fc conjugate designed as a long-acting neuraminidase inhibitor. The company completed its Phase 2b study earlier this year, with data outputs expected in fall 2025.
CoCrystal Pharma (NASDAQ:COCP)
CoCrystal Pharma is a clinical-stage biotech company with a focus on developing antiviral treatments, specifically for influenza, norovirus and COVID-19. The company’s oral influenza PB2 inhibitor CC-42344 is targeted at pandemic and seasonal influenza. Currently in Phase 2a studies, the treatment has shown in vitro activity against the avian influenza A PB2 protein.
NanoViricides (NYSEAMERICAN:NNVC)
NanoViricides is a clinical stage nanomedicine technology company. Its lead drug candidate is NV-387, a broad spectrum antiviral therapy that works by mimicking a host-side signature that viruses respond to, meaning it should be effective even as viruses mutate over time. NV-837 is developed to treat respiratory viral infections such as RSV, COVID, Long COVID and H5N1 as well as Mpox, smallpox and measles infections. The company has completed Phase 1 studies.
Roche (OTCQX:RHHBY,SWX:RO)
Switzerland-headquartered Roche is one of the world’s largest pharma companies by revenue. Its drug Tamiflu is one of the leading seasonal influenza antiviral treatments, and it can be used to treat avian flu as well. Roche also holds the rights to Japanese pharma company Shionogi & Co.’s (TSE:4507) single-dose influenza antiviral Xofluza outside of Japan and Taiwan. Xofluza is approved in the US for the treatment of seasonal influenza and has shown in vitro activity against avian strains H7N9 and H5N1.
Traws Pharma (NASDAQ:TRAW)
Traws Pharma is a clinical stage company leveraging its expertise in small molecule chemistry, artificial intelligence and machine learning in the efficient development of medicines addressing respiratory viral diseases. The company is looking to rapidly progress development of its single-dose H5N1 bird flu antiviral, tivoxavir marboxil, for government stockpiling. In May, Traws received guidance from the FDA on paths for potential approval of the therapy, including the Animal Rule.
FAQs for bird flu vaccines
Is there a bird flu vaccine for chickens?
There are bird flu vaccines for chickens, and farmers in nations such as China, France, Egypt and Mexico use them to inoculate their flocks.
However, the avian flu vaccines for birds are not commonly used in the United States as they pose logistical challenges and create barriers to trade. In terms of trade, some US trading partners won’t purchase vaccinated chickens as the vaccine can mask an avian flu infection.
Instead, biosecurity measures such as sanitation and protective wear for workers, and culling of infected flocks are more common practices in the United States.
In response to the current bird flu outbreak, in mid-February 2025, the US Department of Agriculture conditionally approved a bird flu vaccine for chickens made by Zoetis (NYSE:ZTS), the world’s largest producer of medicine and vaccinations for pets and livestock.
Is there a bird flu vaccine for cattle?
There are bird flu vaccines for cattle under development. For example, Medgene, a privately held animal health company based in South Dakota, is developing an H5N1 vaccine for cattle that as of late February 2025 is waiting on imminent conditional approval from the US Department of Agriculture. The company has signed a distribution agreement with global animal health company Elanco Animal Health (NYSE:ELAN) for the vaccine.
Is there a bird flu vaccine for cats and dogs?
While both animals can catch avian flu, there are no commercial bird flu vaccines are currently available for cats and dogs. Cats are at higher risk of contracting HPAI bird flu than dogs, but owners of both should take precautionary measures.
The American Veterinary Medical Association advises cats should be kept indoors. Pet owners should keep outdoor pets, including backyard chicken flocks, away from the wild birds, poultry and cattle.
Additionally, pet owners must avoid feeding pets raw meat or poultry and unpasteurized milk, and prevent pets from eating dead birds or other animals.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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A cohort of Senate Republicans already troubled by the House GOP’s version of President Donald Trump’s ‘big, beautiful bill’ found a common ally in Elon Musk, who again trashed the legislation on Tuesday.
Musk, who just exited his tenure as Trump’s efficiency bloodhound leading the Department of Government Efficiency (DOGE) last week, doubled down on his position that the House’s reconciliation package was an ‘abomination.’
‘I’m sorry, but I just can’t stand it anymore,’ Musk said on X. ‘This massive, outrageous, pork-filled congressional spending bill is a disgusting abomination.’
‘Shame on those who voted for it: you know you did wrong,’ he continued. ‘You know it.’
Senate Republicans have already vowed to make changes to the colossal bill, which includes the president’s desires on tax, energy, immigration, defense and national debt policies. Senate Majority Leader John Thune, R-S.D., lauded Musk for his work with DOGE, but noted that the Senate GOP and the tech-billionaire had ‘a difference of opinion.’
He didn’t believe that Musk’s comments would derail the bill entirely in the upper chamber, either. Thune has pledged to get the bill to the president’s desk by Independence Day.
‘The legislation, as passed by the House, can be approved here in the Senate, can be strengthened in the Senate, in a number of ways,’ Thune said. ‘We intend to do that, but when it’s all said and done, we’ll send it back to the House and hope that they can pass it and put it on the president’s desk.’
Still, fractures have emerged among lawmakers, with some viewing the bill through the same lens as Musk.
‘Well, he has some of the same skepticism I have, you know, towards the big, beautiful bill,’ said Sen. Rand Paul, R-Ky.
Paul has vowed not to support the bill as is without a serious overhaul to the legislation that would nix a $5 trillion increase to the nation’s debt ceiling — a stance that has gotten him into hot water with Trump.
Sen. Ron Johnson, R-Wis., has similarly pledged not to support the bill unless much steeper spending cuts are achieved. The House’s product includes $1.5 trillion in spending cuts over the next decade, but Johnson would like to see a return to pre-pandemic spending levels, which would effectively amount to a roughly $6 trillion cut in spending.
‘I share his concerns,’ Johnson said of Musk. ‘I also appreciate what he and President Trump did with his DOGE effort.’
And Sen. Mike Lee, R-Utah, a fiscal hawk whose views are closely aligned with Johnson’s, argued in response to the tech billionaire’s social media post that ‘federal spending has become excessive.’
‘The resulting inflation harms Americans and weaponizes government,’ Lee said on X. ‘The Senate can make this bill better. It must now do so.’
Other Senate Republicans, including those with outstanding concerns with the current legislation, were much less receptive to Musk’s tirade against the bill.
Sen. Josh Hawley, R-Mo., has remained steadfast in his position that he would not support the current Medicaid proposals in the House’s bill, especially if they cut benefits to his constituents and people across the country.
When asked his reaction to Musk’s rant, he shrugged, ‘Well, he’s entitled to his opinion, it’s a free country.’
Sen. Jim Justice, R-W.V., who has expressed reservations on the contents of the megabill, was more blunt.
‘My reaction to that is just simply this — and y’all may like this or not like this — but you know, Donald Trump is our president, not Elon Musk,’ he said.
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Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) announced on May 22 that Chief Executive Jakob Stausholm will step down later this year following a formal succession plan arranged by the company.
While the mining giant has not provided a reason for the leadership transition, a Reuters report suggests the move may stem from internal “conflicting priorities,” citing six unnamed sources familiar with the matter.
These sources told the news outlet that the decision is not linked to any scandal.
Instead, they indicated that rising costs have became a growing concern internally, with Stausholm reportedly advised to prioritize cost-cutting measures and operational efficiency. However, he is said to have been “resistant” to shifting focus.
Despite the leadership change, one source told Reuters that the board remains confident in Rio Tinto’s growth pipeline and affirmed that the company’s overall strategy remains unchanged.
Stausholm’s journey at Rio Tinto
Stausholm joined Rio Tinto as executive director and chief financial officer in 2018.
He took over the position of chief executive in 2021.
“Under Jakob’s leadership, Rio Tinto has restored trust with key stakeholders, aligned our portfolio with the commodities where demand growth is strongest, built a diverse and talented management team, and set a compelling growth trajectory,” said Rio Chair Dominic Barton in the company’s release.
In the past year, Rio has made three major lithium moves: the acquisition of Arcadium Lithium, the expansion of the Rincon project in Argentina and the recent acquisition of a 51 percent stake in the Altoandinos project in Chile.
Still, reports imply that Stausholm’s leadership was not perfect.
Reuters quotes one source as saying that he “became more likely to push back on board suggestions and too quickly dismissed opportunities the board felt could have been better explored.”
Merger talks with Glencore (LSE:GLEN,OTC Pink:GLCNF) were cited as an example. Stausholm reportedly rejected an approach from the commodities giant when it was initiated last year.
Since taking the helm at Rio Tinto, Stausholm has faced scrutiny, with some investors questioning whether a leader with deeper mining experience might be better suited to guide the company through its next phase of growth.
Stausholm holds a degree in economics from the University of Copenhagen. Before joining Rio, he served as chief strategy, finance and transformation officer at Maersk (CPH:MAERSK-B) and spent 19 years with Shell (NYSE:SHEL,LSE:SHEL), bringing a background in finance and energy to the mining major.
Stausholm’s potential successors
Considering what Rio Tinto wants to take and not take from Stausholm’s leadership, the question remains: Who is the company looking at as the next chief executive? Reuters’ sources pointed to Simon Trott, head of iron ore, Chief Commercial Officer Bold Bataar and aluminum boss Jerome Pécresse.
All three have been able to work on addressing critical headaches at the company: Trott has helped repair relationships in Australia, Bataar successfully oversaw the underground expansion of the Oyu Tolgoi copper mine in Mongolia during his term as chief copper executive and Pécresse turned the firm’s aluminum unit around.
”Pécresse may have an advantage given his management style focused on cost-cutting,” one of Reuters’ sources said. “Rio doesn’t need another visionary right now.”
Stausholm will remain chief executive until a replacement is found.
“A rigorous selection process is already underway, led by the Nominations Committee,” the company said.
At the time of this writing, Rio Tinto was focusing on three strategic pillars: expanding its critical minerals footprint, boosting decarbonization efforts and enhancing operational efficiency.
Oyu Tolgoi is ramping up production, targeting annual output of 500,000 metric tons by 2028. A solar farm in Pilbara is also in the works, and is projected to reduce the company’s CO2 footprint to 120,000 metric tons per year.
“It has been an absolute privilege to lead Rio Tinto, one of the great mining and materials companies in the world. I would like to thank the deeply dedicated and talented people across the organisation that together have raised both operational performance and project execution,” Stausholm said.
“We have built on Rio Tinto’s historic strengths to deliver profitable, stable growth and significant shareholder value. I know the company will continue to thrive long into the future.”
More major miner management shakeups
An hour after Stausholm announced his resignation, Mark Hutchinson, CEO of Fortescue Energy, a division of Fortescue (ASX:FMG,OTCQX:FSUMF), also said that he is stepping down.
Effective July 1, Fortescue Metals’ Latin America leader, Agustin Pichot, will act as CEO of growth and energy. Fortescue Metals CEO Dino Otranto will assume broader responsibilities, including hydrogen and electrification oversight.
Media reports from the likes of the Australian Financial Review say Hutchinson will remain as a senior advisor.
In addition to these major miner shakeups, media reports circulating since April suggest BHP (ASX:BHP,NYSE:BHP,LSE:BHP)is on the hunt for a replacement for Chief Executive Mike Henry.
Developments are being monitored, as analysts believe that the chosen leaders will play critical roles in addressing the industry’s current challenges and advancing toward sustainable growth.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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: President Donald Trump on Wednesday evening is hosting the more than 3,000 political appointees in his administration for one of the largest events ever held on the White House lawn to celebrate their work, Fox News Digital has learned.
The event will be the first time ever that the president has invited all individuals hired across all departments to the White House at the same time for the same event, officials told Fox News Digital.
Traditionally, events are held over several shifts for each department, but Wednesday’s event will honor the more than 3,000 individuals hired for the second Trump administration.
‘This is his team. These are his people,’ an official told Fox News Digital. ‘These are individuals who are hand-selected by the president to work in the administration delivering on the historic mandate that he received in November.’
The president will attend the event and address the attendees. Most members of the Cabinet will also attend.
Those familiar with the planning of the event told Fox News Digital that there will be food and entertainment for staff.
‘President Trump’s Office of Presidential Personnel is breaking hiring records at an unprecedented pace,’ Director of Presidential Personnel Sergio Gor told Fox News Digital. ‘In just 135 days, we have filled 91% of all political appointments across the U.S. government, a historic achievement.’
Gor told Fox News Digital that ‘the quality of talent that we’ve assembled is remarkable.’
‘Each political appointee in the Trump administration is unwavering in their commitment to this president and his goal to make America great again,’ Gor said.
Since the president took office Jan. 20, the administration has hired more than 3,200 appointees.
An official in the Office of Presidential Personnel told Fox News Digital that at the Departments of Defense, Commerce and Treasury, more than 85% of political hires are complete; at the Departments of Health and Human Services, Labor and Homeland Security, 90% of political hires are complete; and at the Department of Veterans Affairs, 100% of political hires are complete.
The official told Fox News Digital that the administration is filled with individuals who have served as Fortune 500 executives, accomplished business leaders, technical experts and ‘dedicated aides that are working to ensure that President Trump continues to deliver for the American people.’
‘We have hired the best and brightest to make America great again and advance the America First agenda,’ the official said.
Trump’s Cabinet was also confirmed in record time, with officials noting that none of his Cabinet-level nominees failed in committee or on the Senate floor for confirmation.
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