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2026

Oregon voters decide whether to boost their gas tax as Iran war causes prices at the pump to soar

Oregon voters decide whether to boost their gas tax as Iran war causes prices at the pump to soar 150 150 admin

PORTLAND, Ore. (AP) — Oregon voters are facing a familiar theme on their primary ballot Tuesday — well-financed Democratic incumbents looking to slide past little-known challengers while Republicans attempt to nominate candidates who could put up a fight in November in a heavily blue state.

Much of the Election Day drama will center less on candidate races and more on a referendum seeking to repeal a bill passed last fall by the Democratic-controlled Legislature that raised the state gas tax and hiked a series of fees.

The legislation was Democrats’ answer to help Oregon’s transportation budget as the state projects a decline in gas tax revenue from the shift to more fuel-efficient, electric and hybrid vehicles. The gas tax is the largest funding source for fixing roads and upgrading highways.

The referendum, known as Measure 120, lands on the ballot as the cost of gas is spiking nationwide from the war in Iran. The state’s Democratic governor, Tina Kotek, and other lawmakers from her party have acknowledged it will be tough for the ballot measure to pass. A yes vote means voters approve of the gas tax increase while a no vote means they reject it.

“It’s going to lose, so we might as well get on to the work of finding alternatives,” said Democratic state Rep. Paul Evans, anticipating that voters will reject the gas tax increase. “It has been a frustrating year.”

Republicans began circulating a petition to repeal the tax and fee increases soon after Kotek signed the legislation. It didn’t take them long to gather more than three times the number of signatures required to place the measure on the ballot.

With the referendum going before voters at a time when gas prices are skyrocketing, Republicans are trying to turn the tables on national Democrats’ messaging about affordability and lowering the cost of living during this year’s midterm elections.

“Oregonians are paying more today and not getting more in return,” said Republican state Sen. Bruce Starr, who helped lead the referendum campaign. “So are they going to, at the polls, vote to increase the price of gas another six cents? I doubt it.”

The Democrats’ transportation funding bill raised the state gas tax from 40 cents a gallon to 46 cents a gallon while also boosting a payroll tax for transit projects and vehicle registration and title fees. At a Portland gas station recently, some voters said they were sympathetic to the need to raise money for road upkeep while others said a tax increase was just too much to swallow.

“At a time when everything is more costly … nobody wants to pay more for anything,” said Josh Hansen, 39.

Kotek and other Democrats have linked the rise in gas prices to President Donald Trump’s decision to go to war with Iran, yet the party has not organized efforts to support the gas tax increase on the ballot. If the tax and fee increases pass, they would take effect 30 days after approval by voters.

Trump, for his part, recently said he will move to suspend the federal gas tax of 18 cents a gallon, which would need to be approved by Congress.

Kotek is running in the Democratic primary for governor as she seeks reelection. While she faces nine primary opponents, they have reported raising little to no money and don’t have experience in elected office.

Republicans have a crowded primary field of 14 candidates vying to run against her in November. They include state Sen. Christine Drazan, who lost to Kotek in the 2022 general election, and state Rep. Ed Diehl, who helped lead the gas tax referendum campaign.

The primary also includes Chris Dudley, a former NBA player whose career included time with the Portland Trail Blazers and who narrowly lost a previous bid for governor in 2010, and David Medina, a conservative influencer who was among those charged after the Jan. 6, 2021, attack on the U.S. Capitol and pardoned by President Donald Trump last year. Medina faced charges that included obstruction of an official proceeding, a felony, and several misdemeanors that included destruction of government property and disorderly and disruptive conduct.

So far, Drazan and Dudley have reported raising the most money. Dudley notably received a $1 million contribution from Phil Knight, the billionaire co-founder of Nike, which is based in Oregon.

Whoever emerges faces a difficult path to the governor’s office. Democrats appear energized around the country this year, and Oregon hasn’t elected a Republican governor in over 40 years.

Voters also are casting ballots in primaries for U.S. Senate and the state’s six U.S. House seats, five of which are held by Democrats.

Oregon’s 5th Congressional District, considered its most competitive, was flipped by Republicans for the first time in decades in 2022 but reclaimed by Democrats in 2024. The district stretches from southern Portland across the Cascade Range to Bend.

The incumbent, Democratic Rep. Janelle Bynum, has more than $2 million on hand and is running against a primary opponent who has not reported raising any money.

Two candidates, a county commissioner and a political consultant, are running in the district’s Republican primary.

The other U.S. House seats are considered largely safe for the current incumbents.

While the U.S. Senate seat held by Democrat Jeff Merkley also is considered safe for him, seven Republicans are running in the primary to challenge him in the fall.

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Morning Bid: Markets in uneasy calm as inflation fears take root

Morning Bid: Markets in uneasy calm as inflation fears take root 150 150 admin

A look at the day ahead in European and global markets from Rae Wee

Market sentiment remained fragile on Tuesday even after U.S. President Donald Trump claimed he had paused a planned attack against Iran and that there was now a “very good chance” of reaching a deal limiting Tehran’s nuclear programme.

That sent oil prices falling, though at around $110 a barrel, they remain more than 50% above their levels prior to the Middle East war.

Stocks were in a sombre mood, with Asian shares sliding and U.S. futures surrendering earlier gains, while European futures edged just a touch higher.

South Korea’s high-flying Kospi index fell more than 4%, which analysts attributed to profit-taking.

Much will be riding on artificial intelligence darling Nvidia’s results on Wednesday, where expectations are sky-high for the world’s most valuable company.

Ahead of that, UK jobs data is due later on Tuesday.

With the Iran war nearing its third month, investors are waking up to the worry that the conflict may deliver a lasting inflationary shock, with sovereign bond yields racing to decade highs and threatening a severe hit to the spending power of governments, businesses and households.

G7 finance ministers acknowledged mounting concern over public debt and bond market volatility as they met in Paris on Monday and sought common ground on tackling global economic tensions and coordinating critical raw material supplies.

The bond selloff abated in Asia on Tuesday, with U.S. Treasury yields and Japanese government bond yields easing, but not far from milestone highs.

The average rate at which governments in the G7 nations pay to borrow for 10 years is approaching 4%, up from around 3.2% before the war started in late February.

Elsewhere, data on Tuesday showed Japan’s economy grew faster than expected in the first quarter on solid exports and consumption, though momentum will face a severe test as the full force of the energy shock from the Iran war filters through businesses and consumers.

The upbeat numbers did little to help the yen, which was languishing around the 159 per dollar level, keeping traders on alert for potential intervention from Japanese authorities.

In Australia, minutes of the central bank’s May board meeting showed policymakers judged interest rates to be restrictive after three hikes this year, giving it space to watch how the war plays out, even though inflation is set to trend higher and economic growth to slow.

Key developments that could influence markets on Tuesday:

– UK employment data (March)

(Editing by Jamie Freed)

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500 firefighters battling Sandy Fire in California's Simi Valley

500 firefighters battling Sandy Fire in California's Simi Valley 150 150 admin

A massive brush fire burning in Simi Valley, California, has prompted mandatory evacuations and burned at least 720 acres as of Monday evening. CBS News chief correspondent Matt Gutman reports.
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Putin visits China to reaffirm Russia ties as Xi also seeks stable US relations after Trump summit

Putin visits China to reaffirm Russia ties as Xi also seeks stable US relations after Trump summit 150 150 admin

BEIJING (AP) — Russian President Vladimir Putin is traveling to China to meet with Chinese leader Xi Jinping less than a week after U.S. President Donald Trump wrapped up his own trip to Beijing.

Putin is scheduled to be in China on Tuesday and Wednesday in a visit likely to be closely watched as Beijing seeks to maintain stable relations with the United States while also preserving strong ties with Russia.

The Kremlin has said Putin and Xi plan to discuss economic cooperation between the two countries, but also “key international and regional issues.” The visit coincides with the 25th anniversary of the Sino-Russian Treaty of Friendship signed in 2001.

Putin said in a video address released before his visit that bilateral ties are at “a truly unprecedented level” and the relationship plays an important role globally, China’s official Xinhua News Agency reported Tuesday.

There is “no connection” between Trump’s visit to China and Putin’s, presidential aide Yuri Ushakov told reporters Monday, noting the trip by the Russian leader was agreed in advance, several days after Putin and Xi spoke via videoconference on Feb. 4.

“The Trump visit was about stabilizing the world’s most important bilateral relationship; the Putin visit is about reassuring a long-standing strategic partner,” said Wang Zichen, deputy secretary-general for the Beijing-based think tank Center for China & Globalization. “For China, these two tracks are not mutually exclusive.”

Putin last visited China in September 2025 to attend the annual summit of the Shanghai Cooperation Organization in Tianjin, watch a military parade honoring the 80th anniversary of the end of World War II and hold talks with Xi.

At the time, Xi called his counterpart an “old friend ” while Putin addressed Xi as “dear friend.” In China, “old friend” is a very rare diplomatic term used by the government and party to describe favored foreign people.

In April, Russian Foreign Minister Sergey Lavrov visited Beijing and met Xi, who described the bilateral relationship as “precious” in the current international context. Xi said China and Russia needed to use a stronger strategic collaboration to defend their legitimate, shared interests and safeguard the unity of Global South countries.

Kremlin spokesman Dmitry Peskov said over the weekend that Putin’s trip also would allow Russia to receive direct updates and exchange views with China concerning its talks with the U.S.

During Trump’s visit, Xi described the bilateral relationship between the U.S. and China as the world’s most important and said they should see each other as partners rather than rivals. By the end of the two-day summit, the countries said they would work on a new framework to manage “a constructive China-U.S. relationship of strategic stability.”

Wang of the center for China & Globalization observed, “Beijing wants stable relations with the West, continued strategic trust with Moscow, and enough diplomatic room to present itself as an unbiased major power capable of talking to all sides.”

For some, Putin’s visit is meant to reinforce the partnership between Russia and China that has strengthened in recent years, in particular after Russia’s invasion of Ukraine in February 2022. China has said it is neutral in the Ukraine conflict while maintaining Russian trade ties despite economic and financial sanctions by the U.S. and Europe.

China has become Russia’s top trading partner. Beijing is now the top customer for Russian oil and gas supplies and Moscow expects the war in Iran to increase the demand. China also has ignored demands from the West to stop providing high-tech components for Russia’s weapons industries.

Ushakov, the Russian presidential aide, said Russia’s oil exports to China grew by 35% in the first quarter of 2026 and that Russia is one of the biggest exporters of natural gas to China.

During “the crisis in the Middle East,” Russia remains a reliable energy supplier and China is a “responsible consumer,” Ushakov said.

Putin noted earlier this month that Moscow and Beijing have reached “a very substantial step forward in our cooperation in the oil and gas sector.”

“Practically all the key issues have been agreed upon,” the Russian leader said. “If we succeed in finalizing these details and bringing them to a conclusion during this visit, I will be extremely pleased.”

Putin also hailed their bilateral relationship as a crucial, balancing force in international relations.

“Interaction between such nations as China and Russia undoubtedly serves as a factor of deterrence and stability,” he said.

Moscow welcomes China’s dialogue with the U.S. as another stabilizing element for the global economy, Putin added.

“We stand only to benefit from this, from the stability and constructive engagement between the U.S. and China,” he said.

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Fast-fashion retailer Shein to buy Everlane for $500 million, Puck reports

Fast-fashion retailer Shein to buy Everlane for $500 million, Puck reports 150 150 admin

Fast-fashion giant Shein is about to get even bigger. Over the weekend, the Chinese-owned retailer approved plans to buy American brand Everlane for $100 million, according to Puck. Lauren Sherman, CBS News contributor and fashion correspondent for Puck, joins with the details.
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Alabamans to choose nominees for US Senate as voting maps in flux

Alabamans to choose nominees for US Senate as voting maps in flux 150 150 admin

MONTGOMERY, Ala. (AP) — Alabama Republicans on Tuesday will choose among several U.S. Senate candidates who have stressed their loyalty to President Donald Trump as the party looks for a nominee to succeed Tommy Tuberville, who is running for governor this year.

Tuberville’s decision ignited a rare and fierce battle among Republicans for an open Senate seat that is all but certain to stay red. U.S. Rep. Barry Moore and Alabama Attorney General Steve Marshall are among the best-known candidates in a field of seven Republicans.

Trump has endorsed Moore, a three-term congressman and member of the House’s conservative Freedom Caucus, writing on social media that he is “one of my all time favorites” and “a totally reliable MAGA Warrior!”

Marshall is stressing his record as attorney general, including his work with other Republican-led states in filing court actions that challenged former President Joe Biden’s policies and supported Trump.

The Republican candidates also include former Navy SEAL Jared Hudson, business owner Rodney Walker, cardiac surgeon Dr. Dale Shelton Deas Jr., former U.S. Navy submarine commander Seth Burton and Morgan Murphy, who dropped out of the race but remains on the ballot because of a printing deadline.

The crowded field increases the chance that no one will receive a majority of the vote and the nominee will be decided by a June 16 runoff.

On the Democratic side, business owner Dakarai Larriett, business owner Kyle Sweetser, lawyer Everett Wess and chemist Mark S. Wheeler II are seeking the nomination. Any of them would face an uphill climb in deep-red Alabama.

The state’s other Senator, Republican Sen. Katie Britt, is not up for election this year.

Alabama voters will cast ballots in congressional primaries but a redistricting fight has confused many.

Primary voters will cast ballots Tuesday in all seven congressional districts, but the state currently plans to void the results in four districts as it goes forward with a plan to change congressional maps.

Alabama Gov. Kay Ivey has scheduled special primary elections on Aug. 11 for the 1st, 2nd, 6th and 7th Congressional Districts. The change comes after the state got permission to switch to a different congressional map that could help Republicans pick up a House seat in November.

Alabama Secretary of State Wes Allen said the Tuesday votes will be tabulated in the four impacted Alabama congressional districts but will be “void for the purposes of determining the party nominees.” The Aug. 11 primary will determine those nominees in winner-take-all races without a runoff, he said.

The biggest change occurs to the 2nd Congressional District now represented by Democratic Rep. Shomari Figures. The district now stretches from Mobile through Montgomery to the Georgia border.

However, the district lines remain the subject of litigation. The NAACP Legal Defense Find and other groups are seeking to stop the use of the new map. If they are successful, the winner of the Tuesday primary will determine the party nominees.

But if they’re not and the new map goes forward, the Aug. 11 special primary will decide which nominees will appear on ballots in November.

Shayla Mitchell, an organizer with the Alabama Election Protection Coalition, said the situation has fueled voter confusion.

“People assumed that our election was cancelled, which is not true,” Mitchell said.

The November governor’s race could feature a rematch between Tuberville and former U.S. Sen. Doug Jones, who became the last Democrat to win a statewide race in Alabama during a special election in 2017.

Tuberville defeated Jones in 2020, boosted by a Trump endorsement and a recognizable name from his time as a football coach.

Since Tuberville has decided not to run for a second Senate term, the two men could once again face each other in the governor’s race if they secure their parties’ nominations.

The attorney general’s race has turned into a costly and contentious fight.

Former Alabama Supreme Court Justice Jay Mitchell, Blount County District Attorney Pamela Casey and Katherine Robertson, chief counsel for Attorney General Steve Marshall, are battling for the Republican nomination. Robertson and Mitchell have traded a series of barbs and accusations.

An outside group funded an advertisement critical of Mitchell for writing the main court opinion that led to in vitro fertilization clinics in the state temporarily shutting down. The ruling said frozen embryos could be considered “unborn children” and couples could pursue wrongful death claims after their embryos were destroyed in a hospital accident. The 2024 decision relied on an Alabama law from 1872.

Mitchell said he supports IVF and that the ad is distorting the facts of the case.

The winner of the Republican primary will face Jeff McLaughlin, a former state legislator who is running unopposed in the Democratic primary.

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Analysis-Investors see no let-up in bond market strain 

Analysis-Investors see no let-up in bond market strain  150 150 admin

By Gertrude Chavez-Dreyfuss

NEW YORK, May 19 (Reuters) – The latest sharp selloff in U.S. Treasuries may be far from over.

A combination of stubborn inflation, shifting expectations about interest rates, and changes in investor behavior could keep pressure on bond prices and drive yields even higher in the weeks ahead, analysts said.

For months, many investors have viewed the 4.5% yield on the benchmark 10-year note as an attractive point to step in and buy bonds. But as yields surged through that level, market participants adjusted their view of where buyers would next bite.

“The question going forward is: will guys really buy here because I believe this (selloff) will continue to persist,” said Padhraic Garvey, head of global rates and debt strategy at ING.

“We’re probably headed to 4.75% in the next round,” he added, citing several underlying forces that continue to fuel the selling. The 10-year yield was last at 4.62%.

Rising benchmark yields pose a challenge for U.S. stocks, as higher borrowing costs weigh on companies and consumers.

A key driver, however, remains inflation: recent consumer and producer price data have come in stronger than expected, reinforcing the view that price pressures are not easing as quickly as markets had hoped. With more data due, particularly for May, analysts expect inflation to stay elevated.

If bond investors believe inflation will stay high—or even rise further—they would demand higher yields to compensate for the loss in purchasing power.

Market-based measures of long-term inflation expectations, or so-called breakevens, rose to 2.507% on the benchmark 10-year note on Friday, close to a three-year high. Breakevens reflect, in part, investor confidence in the Federal Reserve’s ability to rein in inflation over time.

ING’s Garvey warned that even a small increase in inflation expectations—to around 2.6% or 2.7%—could push yields noticeably higher. “That’s how you get the next 10, 20, 30 basis points into the upside in yields very easily.”

This suggests that the market may not have fully priced in the risk of sustained inflation yet. Investors are now beginning to consider the possibility that the Federal Reserve could hold rates steady for longer, or even raise them if inflation does not ease.

As investors adjust to the idea that rate cuts are off the table, short-term yields have moved higher.

Jim Barnes, director of fixed income at Bryn Mawr Trust, said the mood in the market has clearly changed. “It’s a different interest rate environment.”

“In the absence of any positive news on Iran and combined with data pointing toward inflationary pressures, it’s as if the bond market just threw up its hands and just said we have to reprice the market higher.”

LONG-END WOES; FOREIGN TREASURY BUYERS

At the long end of the Treasury curve, the picture also looks uncertain.

Guneet Dhingra, head of U.S. rates strategy at BNP Paribas, said once 30-year Treasury yields moved above 5%, they effectively lost a clear ceiling. In the past, certain levels tended to act as barriers, but once broken, yields can move more freely.

“Now that we have no anchor, what stops bond yields from going up in a world of high inflation, ever-rising deficits, and global bond yield pressure?” said Dhingra.

At the same time, an important factor is the composition of Treasury buyers. In the past, large foreign buyers—such as countries with trade surpluses with the United States—were steady purchasers that were less sensitive to short-term market moves.

Today’s buyers are markedly different and more price-sensitive, Dhingra said, often based in financial centers such as those from the United Kingdom, Belgium, the Cayman Islands and Luxembourg. These countries serve as major custody hubs of Treasuries for various hedge funds around the world, and are in the top seven largest non-U.S. holders of Treasuries.

The UK overtook China in March last year as the second-largest owner of U.S. government debt, and now holds nearly $900 billion in Treasuries.

This shift means that higher yields don’t automatically bring in buyers the way they once did, Dhingra said. Investors are more cautious and selective, which can allow yields to rise further before demand picks up — potentially testing higher levels before finding a lasting floor, he said.

“We’re not finished yet. We’re just in May and inflation rates will be higher,” said ING’s Garvey.

(Reporting by Gertrude Chavez-Dreyfuss; editing by Megan Davies and Aurora Ellis)

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Russia attacks Ukraine’s Danube port, Ukraine launches drones towards Moscow

Russia attacks Ukraine’s Danube port, Ukraine launches drones towards Moscow 150 150 admin

By Jekaterina Golubkova

May 19 (Reuters) – A Russian air attack damaged port infrastructure in Ukraine’s Izmail city in the early hours of Tuesday, while Russian authorities said they had downed four drones launched by Ukraine that were headed towards Moscow.

Izmail, in the southern Odesa region and home to the largest Ukrainian port on the Danube River, is a frequently hit strategic location.

“Port infrastructure facilities in the city of Izmail were damaged,” local officials said on Telegram, adding that nearly all aerial attack weapons were destroyed. “Fortunately, there were no casualties or significant destruction.”

The Telegram post showed firemen battling a fire at a building that had its windows blown out.

Elsewhere in Ukraine, two people were rescued and one person may still be trapped under rubble after a Russian drone attack on the northeastern city of Kharkiv, Mayor Ihor Terekhov said on Telegram. 

There also were drone attacks in the regions of Dnipropetrovsk, Mykolaiv and Zaporizhzhia, local authorities said on Telegram.

Peace efforts to end the war that began with Russia’s 2022 invasion of Ukraine have stalled. Each side has accused the other of regular attacks on military, civilian and energy targets. Both sides deny deliberately targeting civilians.

DRONE ATTACKS IN RUSSIA

Moscow Mayor Sergei Sobyanin said on Telegram that four drones heading for the capital had been downed and that emergency services had been deployed, but provided no further details.

The attack comes on the heels of a heavy Ukrainian drone attack on Moscow at the weekend, after which Russia struck the Ukrainian cities of Odesa and Dnipro with missile and drone attacks that damaged residential buildings and injured dozens of people.

In the Russian Kursk region bordering Ukraine, a woman has died and two people were injured as a result of a Ukrainian attack on Monday evening, the Kursk operational headquarters said on Telegram.

Russia’s southern Rostov region and Yaroslavl, northeast of Moscow, have also come under drone attacks along with a number of other areas in central Russia, regional authorities said on Telegram.

In Yaroslavl, where Russia has oil refining infrastructure, ‘an industrial object’ was damaged following the drone attack and emergency services were working to extinguish the fire, Governor Mikhail Yevrayev said. He did not name the asset.

Ukraine has sought to deprive Russia of energy revenues. Ukrainian President Volodymyr Zelenskiy wrote on X overnight that over the past few months Russian refining capacity has dropped by 10% and oil wells have been shut.

“(Russian President Vladimir) Putin has, of course, built a war chest – but certainly not enough to fight indefinitely,” Zelenskiy said.

(Reporting by Jekaterīna Golubkova in Tokyo; Editing by Edwina Gibbs)

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Eric Church compares pillars of life to strings on a guitar in viral commencement speech

Eric Church compares pillars of life to strings on a guitar in viral commencement speech 150 150 admin

Country singer Eric Church delivered a powerful speech to new graduates of UNC Chapel Hill. Tony Dokoupil has the story.
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Massie defiant as Trump seeks to oust him in primary: "I'm going to win"

Massie defiant as Trump seeks to oust him in primary: "I'm going to win" 150 150 admin

Massie said the president is worried about his preferred candidate Ed Gallrein’s chances in the Kentucky race.
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