The US Supreme Court has been very busy lately, and its most important finding (from our point of view) is the overturning of the 40-year-old "Chevron deference" legal doctrine.

This means that US federal agencies have lost a lot of leeway in how they can craft regulations from existing laws, thereby limiting the federal government's ability to regulate businesses.

As the team at Axios put it last week, "Congress will need to write precisely detailed regulatory statutes, absent of any ambiguity. And if there's ambiguity, a court - rather than a federal agency - may be the one to interpret what it means."

As foreign investors in big-cap US stocks, this is good news. We like the fact that in the US, companies are treated with respect, not subjected to arbitrary interventions by politically motivated agencies that are not subject to review by courts. Of course, the battle now shifts from fighting with regulators to fighting with judges (and lawyers).

You can read more about this issue here, in the New York Times. Note that their journalists did not like the decision.

Last year, Canada had unusually large wildfires with some forests burning for months. A new report found that those wildfires created four times more carbon emissions than planes did last year. According to the report, the forest blazes spewed out as much carbon dioxide as 647 million cars emit annually.

I'm wondering if society is focusing on the wrong areas to try to slow down the speed of climate change? Everything we do counts, but we also have to target areas that give the best return on effort and money. Surely it's easier and cheaper to contain vast wildfires than trying to take 647 million cars off the road?

Another example is methane gas leaks at oil fields in remote parts of the world, where one discharge can put out the same amount of heat-trapping gases as a whole country. Stopping those seems more pressing than trying to outlaw gas stoves in city apartment blocks?

It's getting hotter every year, and we all need to do our bit to slow and stop that trend. The prevalence of wildfires is linked to high global temperatures, so it may be possible to create a virtuous circle.

SpaceX is selling shares of insiders to outside investors at $112 each, pushing the company's valuation close to $210 billion, up from $180 billion in December. The higher-than-expected price reflects strong demand.

This new valuation makes SpaceX the second-most valuable private company in the US, behind TikTok's owner ByteDance, valued at $268 billion.

SpaceX is another company that is primed for public markets, considering its cult-like following from both retail and institutional investors. Management, do the right thing. List it on the Nasdaq, so we can all buy the shares!

Professional tennis players are badly paid. This sport has strange economics - How money works in tennis.

India is the world's most populous country, and has the third most obese people. It will be an important market for new GLP-1 weight-loss drugs - An Indian government-approved expert panel recommends Tirzepatide.

Asian markets are mixed this morning, so what's new? Benchmarks rose in Hong Kong, India, and Japan as insurance and banking stocks gained. Markets in mainland China, South Korea, and Taiwan slipped.

In local company news, Clicks announced plans to sell its stake in Unicorn Pharma by the end of July, following the Constitutional Court's judgment that Clicks violated regulations of the Pharmacy Act by owning both pharmacies and drug manufacturers. Meanwhile, Orion Minerals revealed another capital raise of R92 million to support the development of its mines in Prieska and Okiep.

Oil prices are near a two-month high due to escalating Middle East tensions, with a barrel of crude trading at $86.79.

US futures edged lower in pre-market trading. The Rand is currently at around R18.38 to the US Dollar. Relax, this move was due to a strengthening of the USD, and is not a reflection on our political developments.

Keep calm, and have a good day.