U.S. Domestic News Recap: From Legal Trials to Storm Impact

A roundup of significant U.S. domestic news highlights a series of high-profile events. These include Alec Baldwin's manslaughter trial, Bill Hwang's criminal case, FTC's findings on drug prices, Trump’s ongoing legal battles and rallies, Biden's political maneuvers, and the impact of Storm Beryl in Texas.

The current domestic news scenario in the U.S. covers a range of high-profile stories. Alec Baldwin's manslaughter trial related to the 'Rust' shooting incident is reaching a critical juncture in Santa Fe, New Mexico. Key individuals involved in this case are in the spotlight as the trial progresses.

In Manhattan, a jury is deliberating in the criminal case against Bill Hwang, the founder of Archegos Capital Management. Hwang, along with his deputy Patrick Halligan, faces charges of stock manipulation leading to a $36 billion collapse in 2021. Closing arguments concluded recently in this high-stakes trial.

Meanwhile, the Federal Trade Commission (FTC) has highlighted the overwhelming influence of middlemen in the U.S. drug pricing system due to market consolidation. Pharmacy benefit managers (PBMs) are stated to have a significant impact on drug prices through their negotiations and reimbursements.

On the political front, Donald Trump faces challenges in overturning his conviction related to hush money payments, despite recent rulings on presidential immunity. Concurrently, as Trump prepares for a Florida rally, speculation is mounting over his choice of running mate for the upcoming national convention.

Additionally, President Joe Biden is engaging with NATO allies in Washington amidst internal party concerns over his re-election prospects. Biden's recent lackluster debate performance has triggered discussions among Democrats about his campaign's viability.

In Texas, oil companies are resuming operations post-Hurricane Beryl, which caused substantial damage, including three fatalities and power outages affecting millions. The storm's impact on oil and gas production, however, is expected to be minor.

(With inputs from agencies.)