business

Nov. 7 (UPI) — Tesla shareholders approved an unprecedented new package for CEO Elon Musk that could see him become the world’s first trillionaire.

The firm said 75% of shareholders with voting rights on Thursday backed Musk’s 10-year pay deal, which could net him $1 trillion over that time by boosting his stake in Tesla by more than 423 million shares.

The share bonanza is contingent on him delivering on a promise to drive up Tesla’s market capitalization five-fold from is current level of around $1.5 trillion to $8.5 trillion, roughly double the size of the Japanese economy.

Shareholders at the annual general meeting at Tesla HQ in Austin, Texas, voted it through on the recommendation of Tesla’s board, arguing Musk might quit if it were rejected and that the company could not afford to lose him.

Counsel from independent advisors Glass Lewis and Institutional Shareholder Services who said the “astronomical” deal should be rejected due to “unmitigated concerns surrounding the special award’s magnitude and design,” was largely ignored.

Addressing the meeting after the result, Musk thanked the board and shareholders, saying what Tesla was poised to do was not just “a new chapter in the future of Tesla, but a whole new book.”

Under the deal, Musk will receive the stock in tranches tied to delivering financial and production targets, including 20 million new electric vehicles rolling off production lines, 10 million full self-driving subscriptions​, 1 million Optimus humanoid robots and 1 million robotaxis in service.

The first block of stock gets paid to Musk when Telsa market capitalization reaches $2 trillion with the next nine awarded each time the company’s value rises by another $500 billion, up to $6.5 trillion.

Two additional rises in market capitalization, each of $1 trillion, bringing the value to $8.5 trillion, are required for the final two stock grants to kick in.

While the deal is performance-based, it’s not set in stone — with Musk still in line to earn more $50 billion even if he fails to meet the bulk of the targets — and includes riders for so-called “covered events” with the potential to impact Tesla’s future designs, manufacturing and sales.

These include natural disasters, wars, pandemics and changes to “international, federal, state and local law, regulations or other governmental action or inaction.”

In June 2024, Musk reincorporated Tesla in Texas, the company’s headquarters and center of operations, moving from Delaware six months after a court there struck down a $56 billion pay deal the board awarded to Musk in 2018, ruling it was “unfair” and that Musk held excessive power over the rules and size of the deal.

On the same day, shareholders voted to reinstate the package, at the time the largest in corporate history.

In December 2024, the Delaware judge in the case reaffirmed her ruling in favor of the complainant, shareholder Tornetta, and ordered Musk must return what he had already received from the package.

The board eventually awarded Musk a $29 billion “good faith” package in August, aimed at keeping Musk at the helm, that would see him granted 96 million shares after two years of service in a “senior leadership role” at Tesla.

Musk’s mega-deal on Thursday came three weeks after Tesla reported Tesla reported third quarter profits down 37%, despite a jump in revenue to a record $28.1 billion on stronger sales of its electric cars in the domestic market.

SEOUL, Nov. 7 (UPI) — After the inauguration of the Donald Trump in January, the South Korean government and its corporations were pressed to invest hundreds of billions of dollars in the United States to avoid high tariffs.

Observers expressed concern Friday that such large-scale overseas investments could end up harming Asia’s fourth-largest economy, which heavily depends on the manufacturing industry.

Late last month, Seoul agreed to invest $200 billion in cash and $150 billion in shipbuilding and other industrial projects in the United States over the coming years, with an annual ceiling of $20 billion.

In return, Washington would reduce tariffs on Korean exports to 15% from 25%, honoring the terms agreed upon in late July. Trump also vowed to provide propulsion technology to help the key U.S. ally in East Asia build a nuclear-powered submarine.

The deal coincided with Trump’s visit to Korea to meet his counterpart, President Lee Jae Myung, on the sidelines of the Asia-Pacific Economic Cooperation Summit.

“Beginning next year, our annual investments in the United States are expected to double compared to 2025. When corporate funds move abroad, companies will have less capacity to invest at home,” Sogang University economics Professor Hur Jung told UPI.

“The problem is that it appears to become a long-term trend, which is feared to lead to the hollowing out of Korea’s manufacturing sector. The government is required to put forth great efforts to address this,” he said.

Hur recommended the country to prioritize traditional industries, such as semiconductors and automobiles, rather than concentrate on artificial intelligence-based innovations, which have been the main focus of the incumbent Seoul administration.

Other analysts note that the worries go beyond the $350 billion investment plan, as many Korean corporations have announced major spending initiatives in the United States to avoid high tariffs.

For example, Korea’s state-backed companies and private enterprises promised up to $150 billion in investments in the United States in August, when Lee had his first summit with Trump.

Back then, Hyundai Motor Group unveiled a plan to funnel $26 billion in the United States until 2028, while Hanwha Group committed $5 billion to expand its shipyard in Philadelphia, which the Korean conglomerate acquired late last year.

Korean Air also plans to purchase 103 aircraft from Boeing by the end of the 2030s, which is expected to total $36.2 billion in value.

“Korea Inc. invested $106 billion in domestic facilities last year. And its companies are now ready to spend $150 billion in the United States alone after a single meeting between the two countries’ political leaders in August. Does it make sense?” economic commentator Kim Kyeong-joon, formerly vice chairman at Deloitte Consulting Korea, asked rhetorically in a phone interview.

“Our foreign exchange reserves stand at just over $400 billion, and we are preparing to pour more than that amount into a single foreign market. Such an approach could weaken our ability to invest domestically, weighing heavily on the manufacturing-based economy,” he said.

According to the Organization for Economic Cooperation and Development, manufacturing accounts for 27% of South Korea’s gross domestic product, which is almost double the average among other member countries.

Against this backdrop, the Ministry of Trade, Industry and Resources is set to establish a forum involving related researchers and businesses to deal with the expected crisis. The Bank of Korea also warned of the gravity of the situation in an August report.

“As in past crises, our corporations, the government and households need to share a sense of urgency and work together to overhaul the country’s aging economic structure,” the central bank said at the time.

However, critics take issue with the complacency of top policymakers like Kim Yong-beom, chief presidential secretary for policy in the current administration, who downplayed fears about the hollowing out of the domestic manufacturing sector.

“Such assessments may be premature because many partner firms and key operations, including research and development centers, still remain based in Korea,” Kim told a conference in early September.

Nov. 6 (UPI) — A reduction in flights will affect 40 airports amid the federal government shutdown, which has put a strain on air traffic control staffing, unnamed sources said Thursday.

The Federal Aviation Administration hasn’t listed the airports, but sources released the tentative list to ABC News, CBS News and The Washington Post.

Most of the airports affected are in major cities, such as New York, Chicago, Houston and Los Angeles. But other, less-busy airports are also on the list, such as Tampa Bay, Fla.; Anchorage, Alaska; and San Diego.

Transportation Secretary Sean Duffy announced the 10% flight reduction on Wednesday, and said the cuts will begin on Friday.

“Our sole role is to make sure that we keep this airspace as safe as possible. Reduction in capacity at 40 of our locations. This is not based on light airline travel locations. This is about where the pressure is and how to really deviate the pressure,” FAA Administrator Bryan Bedford Bedford said Wednesday.

​​”If you bring us to a week from today, Democrats, you will see mass chaos,” Duffy said on Tuesday.

A source told ABC News that the flight reductions will start at 4% Friday and work up to 10%. The flight reductions will be from 6 a.m. to 10 p.m. and tentatively affect the following airports:

1. Anchorage International (Alaska)
2. Hartsfield-Jackson Atlanta International (Georgia)
3. Boston Logan International (Massachusetts)
4. Baltimore-Washington International Marshall (Maryland)
5. Charlotte Douglas International (North Carolina)
6. Cincinnati/Northern Kentucky International (Ohio/Kentucky)
7. Dallas Love Field (Texas)
8. Reagan National (District of Columbia/Virginia)
9. Denver International (Colorado)
10. Dallas-Fort Worth International (Texas)
11. Detroit Metropolitan Wayne County (Michigan)
12. Newark Liberty International (New Jersey)
13. Fort Lauderdale-Hollywood International (Florida)
14. Honolulu International (Hawaii)
15. Houston Hobby (Texas)
16. Washington Dulles International (District of Columbia/Virginia)
17. George Bush Houston Intercontinental (Texas)
18. Indianapolis International (Indiana)
19. John F. Kennedy International (New York)
20. Las Vegas Reid International (Nevada)
21. Los Angeles International (California)
22. LaGuardia Airport (New York)
23. Orlando International (Florida)
24. Chicago Midway (Illinois)
25. Memphis International (Tennessee)
26. Miami International (Florida)
27. Minneapolis/St. Paul International (Minnesota)
28. Oakland International (California)
29. Ontario International (Canada)
30. Chicago O’Hare International (Illinois)
31. Portland International (Oregon)
32. Philadelphia International (Pennsylvania)
33. Phoenix Sky Harbor International (Arizona)
34. San Diego International (California)
35. Louisville International (Kentucky)
36. Seattle-Tacoma International (Washington)
37. San Francisco International (California)
38. Salt Lake City International (Utah)
39. Teterboro (New Jersey)
40. Tampa International (Florida)

The reduction could affect cargo and commercial travelers. It could also cause issues as people prepare to travel for Thanksgiving.

Nov. 5 (UPI) — The French government said it would begin action against online retailer Shein on Wednesday, just hours after the company opened its first brick-and-mortar store in Paris.

An outcry erupted last weekend after it was discovered that Shein was selling sex dolls that look like children, but on Tuesday, the company announced it was banning all sex dolls from the site.

On Wednesday, the government issued a statement saying: “On the instructions of the Prime Minister [Sébastien Lecornu], the government is initiating the procedure to suspend Shein for the time necessary for the platform to demonstrate to the public authorities that all of its content is finally in compliance with our laws and regulations.”

The store, which is the first Shein store in the world, also opened to chaos, as shoppers lined up to get in and protesters shouted at them, “Shame!”

Andreia Chavent, a worker at BHV Marais, said many employees were upset by the opening of Shein in Paris.

“We are directly concerned by how people work, what the conditions are like and how the clothes are made, even if it’s not in France,” Chavent, a member of the CFDT, France’s largest union, told The New York Times.

Shein has seen criticism over the way workers are treated in the Chinese factories that sell on the site.

The sex dolls controversy made things worse, Chavent added.

But not everyone is against the store.

“When I saw that Shein was coming to France, I said, ‘Yay!’ Because it still takes 20 weeks” for clothing from the site to arrive, Philippe Hamard, 27, told The Times.

He said that he doesn’t buy from Shein often because of “environmental issues and all that.” But said “I still buy from time to time for fun.”

On the sex doll controversy, he said, “I think there are a lot of controversies at the moment. But people will forget about it.”

Shein has plans to open seven stores in other cities in France.

Shein and AliExpress are also facing investigation in France over the dissemination of pornographic content to children, the prosecutor’s office told the BBC.

The Paris Office des Mineurs will handle the cases. The office oversees the protection of minors.

AliExpress said the adult listings violated its policies and were removed once the company learned of them.

“Sellers found to violate or trying to circumvent these requirements will be penalized in accordance with our rules,” AliExpress said in a statement, the BBC reported.

Nov. 5 (UPI) — ADP reported Wednesday that jobs growth for October provided better insight after fears of further decline after September’s report.

Some 42,000 jobs were added over the month in companies with at least 250 workers following September’s drop of around 29,000, according to Automatic Data Processing Inc. However, a revision showed 3,000 fewer jobs in September.

“Private employers added jobs in October for the first time since July, but hiring was modest relative to what we reported earlier this year,” said Nela Richardson, ADP’s chief economist.

ADP data showed that small business lost around 34,000 employees.

“Meanwhile, pay growth has been largely flat for more than a year, indicating that shifts in supply and demand are balanced,” Richardson said in a release.

Job categories in utility, transpiration and trade gained 47,000, which offset losses in other job areas. In addition, around 26,000 jobs were added in health and education services with 11,000 in finance.

A decline in some 17,000 roles in the area of information services was seen despite the ongoing boom in the artificial intelligence industry.

But the manufacturing sector continues to struggle in the growing aftermath of tax-like tariffs imposed by U.S. President Donald Trump in his bid to revive American manufacturing jobs.

Small business account for three of every four U.S. jobs, according to ADP.

ADP’s chief economist stated the shift away from growth in small business is noteworthy.

“While big companies make headlines, small companies drive hiring,” Richardson told CNBC.

“So to see that weakness at the small company level is still a concern, and I think that’s one of the reasons why the recovery has been so tepid.”

The payroll processing giant reported an average monthly growth of 60,000 jobs a month for the first half of the year, but that figure showed a decline in the year’s second half.

The historic ongoing shutdown by the Republican-controlled federal government resulted in a suspension in data released by the Bureau of Labor Statistics, which typically is at the forefront of detailed job data. In addition, a temporary stop in SNAP benefits is poised to heighten food insecurity in the United States.

SEOUL, Nov. 5 (UPI) — Non-ferrous metal giant Korea Zinc said Tuesday it nearly doubled its profit in the third quarter of 2025 overa year ago, driven by strong demand across its product lines.

Korea Zinc reported $2.87 billion in revenue during the July-September period, up 29.7% year-on-year, for an operating income of $189 million, up 82.3%. The company said that it has remained profitable for 103 consecutive quarters since 2000.

The Seoul-based corporation said the strong sales of critical raw materials, including antimony, indium and bismuth, as well as precious metals, boosted performance during the three-month period.

Through its integrated smelting process for zinc, lead and copper, Korea Zinc also recovers about 10 by-products of critical raw materials and precious metals, such as gold and silver.

Korea Zinc said that gold and silver contributed about $2.5 billion to revenue during the first nine months of this year, as metal prices remained strong.

The world’s largest zinc manufacturer has also expanded its portfolio of strategic materials. Antimony, indium and bismuth are classified as “critical minerals” by Washington and Seoul.

Early this year, it started exporting antimony, a vital component in electronic and defense production, to the United States. Its global sales of antimony reached $173 million so far this year.

In August, Korea Zinc signed a memorandum of understanding with Lockheed Martin to supply germanium, another critical mineral, to the U.S.-headquartered defense contractor.

“On the back of proactive investments and a diversified portfolio, our strategic minerals and precious metals business did well. New growth areas such as resource recycling are also on a stable trajectory,” Korea Zinc said in a statement.

SANTIAGO, Chile, Nov. 4 (UPI) — Latin America is projected to receive $239 billion in mining investments through 2033, a study by consulting firm PwC indicates. Chile, Brazil, Argentina and Peru are expected to be the main beneficiaries, although most of the projects are not new initiatives.

“It’s a large and strategic figure in absolute terms and competitive compared with other resource-rich regions. Latin America maintains a leading position in transition minerals such as copper and lithium, as well as base minerals like iron,” Carlos Rivas, senior manager for PwC Chile’s mining sector consulting division, told UPI.

The analysis included projects from major mining companies such as BHP, China Shenhua Energy, Rio Tinto Group, Freeport-McMoRan, Zijin Mining Group and Glencore.

Rivas said much of the projected investment is needed for companies to maintain production levels amid declining ore grades and increasing environmental, social and governance requirements.

“New capital investment is required to address issues such as environmental permits, water, energy and logistics needs, and to diversify supply in the face of global concentration risks,” Rivas said.

Chile, which accounts for 22% of global copper production and 17% of lithium output, will receive the largest share of investments — about $83.2 billion — of which only 20% is earmarked for new projects.

“The predominance of brownfield projects [those developed on existing sites or infrastructure] at 80% reflects the maturity of Chile’s mining assets and a rational strategy,” Germán Millán, a partner in PwC Chile’s mining sector consulting division, told UPI.

“These projects generally carry lower financial risk and involve faster permitting processes. Exploration continues, but it competes for capital with emerging hubs such as Argentina and faces longer development cycles,” he said.

Millán said expansion projects include a significant component of technology investment that is highly relevant to the industry.

Brazil is projected to attract about $68.5 billion in mining investments, while Peru is expected to receive roughly $54.6 billion over the next eight years, with 60% of those projects focused on new developments.

Millán cited Argentina, where investments of about $33 billion are projected, with 70% of the total earmarked for new projects.

Among greenfield projects — those launched from scratch — new initiatives stand out in mining districts such as Vicuña, with ventures like Filo del Sol for copper, gold and silver exploration and Josemaría, which is related to copper.

Under development scenarios, Argentina could reach 1.2 million metric tons of copper production within a decade.

“For that to materialize, infrastructure must be secured in areas such as water, energy, roads and ports, along with predictable permitting processes, strong community engagement and access to capital,” Rivas said.

He added that with Chile’s support and expertise, “Argentina’s learning curve could be accelerated. There is strong growth potential if institutional frameworks, infrastructure and financing align, with partnerships that share risk and accelerate the development of studies and the execution of projects.”

PwC’s Mine 2025 study noted that the global mining supply is becoming increasingly concentrated, and that “in several cases, there is a growing mismatch between where mineral reserves are located and where they are produced. This situation creates both opportunities and supply risks.”

For copper, Chile and Peru remain among the world’s leading centers of production and reserves, reinforcing their role in new value chains despite rising output in other jurisdictions, such as the Democratic Republic of Congo.

For lithium, Australia, Chile and China lead production, while the largest reserves are situated in the Lithium Triangle — Chile, Argentina and Bolivia — “opening room for further development and potential cross-border synergies in South America. This concentration calls for responsible diversification and solid investment frameworks,” the report said.

Starbucks has announced it will sell the majority stake in its Chinese business for $4bn to a Hong Kong-based private equity firm after years of losing market share to local competitors in China.

Starbucks announced the sale on Monday, which will see the firm Boyu Capital take a 60 percent stake in its Chinese retail operations through a joint venture.

Boyu Capital has offices in Shanghai, Beijing and Singapore, and its cofounders include Alvin Jiang, the grandson of former Chinese President Jiang Zemin, according to the Reuters news agency.

The US coffee giant will retain a 40 percent interest in its China operations while maintaining its ownership of the company’s brand and intellectual property, the company said.

The deal marks a “new chapter” in Starbucks’s 26-year-long history in China, the company said in a statement.

It will also give Starbucks a much-needed injection of funding and logistical support as it tries to expand its business deeper into China, according to Jason Yu, the Shanghai-based managing director of CTR Market Research.

Starbucks has 8,000 locations across China, but it aspires to open as many as 20,000 through its joint venture, the company said in a statement.

“Starbucks used to be a pioneer in coffee in China, where it was probably the first coffee chain in many cities, but this is no longer the case as the local competition already outpaced Starbucks in their expansion,” Yu told Al Jazeera.

Top competitors include homegrown Luckin Coffee, which has more than 26,000 locations worldwide, mostly in China.

Starbucks has historically been concentrated in first- and second-tier cities like Shanghai, Beijing and Shenzhen while Luckin has expanded into much smaller cities.

Luckin has also built a reputation around offering customers much cheaper drinks than Starbucks through its loyalty programme and in-app discounts.

A small Americano coffee at Starbucks costs 30 yuan ($4.21), but at Luckin, the same drink retails on average for about 10 yuan ($1.40), according to Yu.

Olivia Plotnick, founder of the Shanghai-based social marketing company Wai Social, told Al Jazeera that Starbucks has been unable to keep up with competitive pricing and consumer preferences.

“Between domestic players such as Luckin and later Cotti Coffee undercutting Starbucks on price, footprint and flavour fuelled by tech, wider beverage competition from the rise of milk tea brands and delivery platform wars, Starbucks have lost their once very competitive edge,” Plotnick said. By “delivery platform wars”, Plotnick referred to the cutthroat competition between apps for delivery services that drives down prices of goods like coffee.

Starbucks’s joint venture with Boyu Capital will offer the company more capital for investment but also help with logistics, infrastructure and managing commercial property as it opens more storefronts in regional cities, Yu said.

The company is following a familiar playbook used by other international brands in China, he said.

In 2016, after a major food safety scandal, KFC and Pizza Hut owner Yum Brands sold a stake in their China business to the China-based Primavera Capital and an affiliate of the e-commerce giant Alibaba Group, according to Reuters. The China business was later spun off into an independent entity.

In 2017, McDonald’s sold off a majority stake in its China, Hong Kong and Macau businesses to the Chinese state-backed conglomerate CITIC and the private equity group Carlyle Capital although it later bought back some of its business, according to CNBC.

After the deal with CITIC, McDonald’s doubled its outlets in China to 5,500 as of late 2023, CNBC said, and aims to open 10,000 restaurants by 2028.

Nov. 3 (UPI) — The French government threatened to ban Chinese retailer Shein for selling a “childlike” sex doll online.

France’s consumer fraud agency got an anonymous tip about the dolls on the site. It said their “description and categorization on the site leave little doubt as to the child pornography nature of the content,” said a press release issued Saturday by the French Directorate General for Competition Policy, Consumer Affairs and Fraud Control.

One of the ads on Shein, first reported by Le Parisien newspaper, showed a life-size doll of a little girl wearing a white dress and holding a teddy bear. The description clearly states its intended use.

“This has crossed a line,” said France’s economy minister, Roland Lescure, said in an interview with French radio, adding that a formal investigation was underway, The New York Times reported. “These horrible objects are illegal.”

The company issued a statement saying it removed the items.

“We take this situation extremely seriously,” Quentin Ruffat, a spokesperson for Shein France, told BFMTV, a French TV channel. “This type of content is completely unacceptable and goes against all the values ​​we stand for. We are taking immediate corrective action and strengthening our internal mechanisms to prevent such a situation from happening again.”

Shein will soon open a store at BHV Marais, a department store in Paris. But in the wake of the doll discovery, employees have protested the move, and some French cosmetics and clothing brands have pulled their items from BHV Marais.

Société des Grands Magasins is the French company that is helping Shein move into the French market. It’s the parent company of BHV Marais. SGM President Frédéric Merlin said in an Instagram post that SGM “obviously condemns the recent events related to the doll controversy. Like everyone else, I expect clear answers from SHEIN.” But he said it hasn’t changed his plans. “I have decided not to reverse my decision, despite the controversy and the pressure because we’re doing things by the book, with ethics and transparency.”

The consumer fraud agency noted that the distribution, via an electronic communications network, of representations of a pedopornographic nature is punishable by sentences of up to seven years imprisonment and a fine of $115,000. The statement alleges that Shein doesn’t effectively filter out pornographic content to protect minors or vulnerable audiences.

For this, the law allows penalties of up to three years in prison and $86,000.

Nov. 3 (UPI) — The Texas-based Kimberly-Clark Corporation announced Monday it reached a deal to purchase Kenvue — the maker of Band-Aid and Tylenol products — for $48.7 billion.

The combination cash and stock transaction will see Kimberly-Clark acquire all outstanding shares of Kenvue common stock. A news release from Kimberly-Clark said the sale will put 10 billion-dollar brands together under the same company.

Kimberly-Clark’s brands include Kleenex, Cottonelle, Huggies, Poise, Pull-Ups, Scott, Viva and Kotex.

“We are excited to bring together two iconic companies to create a global health and wellness leader,” CEO Mike Hsu said.

“With a shared commitment to developing science and technology to provide extraordinary care, we will serve billions of consumers across every stage of life.”

Kimberly-Clark said the sale is expected to close in the second half of 2026 upon approval by shareholders of both companies. Upon completion, Hsu will serve as chairman of the board and CEO of the combined company. Meanwhile, three board members from Kenue will join Kimberly-Clark’s board.

In the wake of the news, Kenvue’s shares increased 20% in premarket trading, and Kimberly-Clark’s decreased by 14% Monday, CNBC reported.

Less than a week before the announcement, Texas Attorney General Ken Paxton announced he was suing Kenvue and its parent company, Johnson & Johnson, for “deceptively marketing” Tylenol as a safe pain reliever.

The Trump administration announced in September that there was a link between Tylenol and an increased risk of autism, though, on Thursday, Health and Human Services Secretary Robert F. Kennedy said there wasn’t sufficient evidence to explicitly claim that Tylenol causes autism.

SEOUL, Nov. 3 (UPI) — General Motors Korea saw its sales plunge more than 20% in October from a year earlier due to a slump at home and abroad amid high tariffs under the United States’ Trump administration.

GM Korea, based west of Seoul, said Monday that it sold 50,021 vehicles last month, down 20.8% year-on-year. The company’s domestic sales dropped 39.5%, while exports declined 20%.

Citing statistics from the Korea Automobile & Mobility Association, GM Korea Vice President Gustavo Colossi offered an optimistic view about its performance this year.

“Despite the production losses in the third quarter, demand for Chevrolet vehicles remains strong both domestically and globally, as evidenced by the Chevrolet Trax Crossover ranking No. 1 in domestic passenger car exports from January to September this year,” he said in a statement.

However, some observers remain worried about the future of GM Korea.

“Most of GM Korea’s turnover comes from exports to the United States. But the 25% tariffs have weighed on the company this year. Even if the duties go down to 15%, the struggle is feared to continue,” Daelim University automotive professor Kim Pil-soo told UPI.

“Worse, its domestic sales accounted for only about 3% in October, with just over 1,000 units sold. If the situation continues, speculation about GM’s withdrawal from Korea is unlikely to fade,” he added.

Originally, South Korean automakers did not pay any tariffs when exporting their cars to the United States, thanks to the bilateral free trade agreement that went into effect in early 2012.

The Trump administration imposed tariffs of up to 25% on Korean-made automobiles earlier this year, although Washington agreed to reduce the rate to 15% late last month in return for Seoul’s promise to make major investments in the United States.

GM Korea has denied rumors that it plans to leave South Korea.

When much of Altadena burned in January, it affected not just the city’s homes but also its businesses. Popular local shops went up in flames just like everything else, and work-from-home artisans — displaced from not just their residences but also their work spaces and all the materials contained within — were suddenly without a place to live or a place to work.

On the Westside, the Palisades fire, also in January, tore through Pacific Palisades and Malibu, forever changing the fabric of these tight-knit neighborhoods and small businesses. Although rebuilding efforts are underway, progress and construction are expected to take several years as residents and business owners deal with permit approval, insurance hindrances and inflation.

Even now, local businesses that remain have struggled to regain a foothold.

With the giving spirit in mind this holiday season, we’ve put together this list of gifts from Altadena, Pacific Palisades and Malibu businesses, all of whom were affected in some way by the Eaton and Palisades fires. Purchase one of these items and you’ll spread good cheer (and good money) around areas that still need all the help they can get.

If you make a purchase using some of our links, the L.A. Times may be compensated. Prices and availability of items and experiences in the Gift Guide and on latimes.com are subject to change.

Nov. 1 (UPI) — Berkshire Hathaway has a record-high cash reserve of $381.7 billion after increasing its third-quarter earnings by 34% from a year ago, the firm said in its quarterly report on Saturday.

Berkshire Hathaway generated $13.485 billion in revenue during the third quarter, which is a 34% increase from $10.1 billion a year earlier.

“Investment income continues to benefit from rising cash balances and relatively high, though declining, yields on cash and short-term securities,” Edward Jones analyst James Shanahan wrote after the earnings report was released, as reported by MarketWatch.

Income from insurance underwriting topped $2.37 billion during the quarter, which was a 200% increase, partly due to relatively little by way of natural disasters and other common drivers of catastrophic losses.

The Omaha, Neb.-based conglomerate’s primary insurance and reinsurance companies produced pre-tax quarterly profits after reporting losses a year ago.

Although its insurance sectors posted profits, property and casualty insurer GEICO’s underwriting profits dropped by 13% due to an increase in claim amounts, according to Bloomberg.

Berkshire Hathaway’s Class A and Class B shares each rose 5%in value so far in 2025, and the firm did not undertake share buybacks through the first nine months of the year, CNBC reported.

It’s also the fifth consecutive quarter in which Berkshire Hathaway did not buy back any shares, which boosted its cash reserves to its current record of $381.6 billion.

That amount exceeds the prior record of $347.7 billion, which was set during the year’s first quarter.

Berkshire Hathaway also continued its recent trend of selling more equities than it buys, with a $10.4 billion gain from equities sales.

Nov. 1 (UPI) — Canadian Prime Minister Mark Carney on Saturday said he apologized to U.S. President Donald Trump for a TV ad by the Ontario Province’s government against U.S. tariffs.

The 60-second ran during the World Series on Fox TV in the United States and on Sportsnet in Canada.

Ontario Premier Doug Ford announced the ad would be paused starting last Monday “so that trade talks can resume.”

“I did apologize to the president,” Carney told reporters Saturday in South Korea. “I told Ford I did not want to go forward with the ad.”

Carney said he spoke to Trump at a dinner hosted by South Korea’s president on Wednesday.

Trump told reporters that the Canadian prime minister had expressed his remorse.

“I have a very good relationship,” Trump said. “I like him a lot, but what they did was wrong. He was very nice. He apologized for what they did with the commercial.”

Trump has said he had a “very nice” conversation with Carney.

The ad first ran during Game 1 of the World Series on Oct. 24 between the Toronto Blue Jays and the Los Angeles Dodgers. It featured remarks in 1987 by former President Ronald Reagan that were critical of tariffs, but they were edited.

“You know why President Trump is so upset right now? Because it was effective,” Ford said of the ad. “It was working, it woke up the whole country.”

Trump called it “FAKE,” although Reagan’s words were not changed in the commercial.

In response to the ad, he ended trade talks and later raised the tariffs another 10% from 25% on most Canadian imports that do not comply with the United States-Mexico-Canada Agreement.

There also is a 50% tariff on most steel, aluminum, copper products as have been put in place for other nations.

The ad included a clip of Reagan during a radio address in his second term saying that “when someone says, ‘Let’s impose tariffs on foreign imports,’ it looks like they’re doing the patriotic thing by protecting American products and jobs. And sometimes for a short while, it works, but only for a short time.”

The White House objected, noting that the ad omitted another part of Reagan’s address.

“As I’ve often said, our commitment to free trade is also a commitment to fair trade,” the former president also said in the remarks.

In a post on X on Oct. 23, the Ronald Reagan Presidential Foundation and Institute said the ad “misrepresents” the late president’s radio address.

The next morning, Trump posted on Truth Social that Canada “fraudulently” used a “FAKE” advertisement.

“TARIFFS ARE VERY IMPORTANT TO THE NATIONAL SECURITY, AND ECONOMY, OF THE U.S.A.” Trump wrote. “Based on their egregious behavior, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED.”

After the ad ran again on Friday, Oct. 24, Trump posted on Truth Social while en route to Asia that “Reagan LOVED Tariffs for purposes of National Security and the Economy, but Canada said he didn’t!”

“Their Advertisement was to be taken down, IMMEDIATELY, but they let it run last night during the World Series, knowing that it was a FRAUD. Because of their serious misrepresentation of the facts, and hostile act, I am increasing the Tariff on Canada by 10% over and above what they are paying now,” he continued in the post.

On Oct. 23, Carney appeared with Ford at an announcement for a $3 billion investment in a new nuclear facility next to the Darlington power plant.

Ford said the two leaders were the “same page” and he supports the prime minister “1,000 percent.”

“It might be a little easier for me to sit here, and say what I say, but it’s a little tougher when someone is sitting across from Donald Trump, and he has a big hammer in his hand,” Ford said.

Oct. 31 (UPI) — The Panama Canal Authority plans to move forward with construction and subsequent concession of two new port terminals, with an estimated investment of $2.6 billion.

According to information released by the authority in a press release, the terminals are planned for two strategic areas along the canal, one on the Pacific coast in Corozal and the other on the Atlantic side at Telfers Island.

The goal of both projects is to expand container-handling capacity and strengthen Panama’s position as an interoceanic logistics hub.

With the addition of these two terminals, the goal is to increase container capacity from about 9.5 million (20-foot equivalent units per year to roughly 15 million. The projects also aim to expand port capacity in the interoceanic area, which is operating near its limit.

The Corozal port, on the Pacific coast, would take advantage of its proximity to the canal’s western entrance to capture container traffic using the interoceanic route. The Telfers Island project, on the Atlantic side, would cover the other end of the canal, facilitating both transshipment and cargo transfers between ocean routes.

Together, the two projects would reinforce Panama’s strategy to move beyond a transit route and establish itself as a logistics center, transshipment port and industrial platform for the region.

The authority said it expects to award the concessions by late 2026, allowing the terminals to begin operations in early 2029. It has begun discussions with representatives from about 20 global maritime operators to identify potential partners for the port development.

Representatives from APM Terminals (Denmark), Cosco Shipping Ports (China), CMA Terminals-CMA (France), DP World (United Arab Emirates), Hanseatic Global Terminals (Germany), MOL (Japan), PSA International (Singapore), SSA Marine-Carrix Group (United States) and Terminal Investment Limited (Switzerland) took part in the initial round of talks.

However, in Panama’s public debate, there is discussion over whether the concession model is the most appropriate way to develop the projects or if the authority should operate the terminals.

The discussion follows an audit by the Office of the Comptroller General into Panama Ports Co. — a subsidiary of China’s CK Hutchison that operates key terminals in the country– that found multimillion-dollar shortfalls in payments owed to the state, though the discrepancies were attributed to a “poorly negotiated” initial contract.

The Panama Canal also faces additional challenges in developing the new ports, including the need to secure supporting infrastructure, such as road access, dredging, water supply, logistics services and environmental impact studies required for these large-scale projects.

The initiative comes amid a global context in which container ships continue to grow in size, maritime routes seek greater efficiency and logistics hubs compete fiercely across Latin America.

As part of the Panama Canal’s Vision 2025-2035 plan, container terminals are seen as key components of the supporting infrastructure, second in importance only to the locks and navigation channels. Their development aims to strengthen port capacity and ensure the competitiveness of Panama’s maritime route.

In mid-September, the authority also announced development of a natural gas pipeline. The project aims to create a new overland energy route that would complement the existing canal by linking the Pacific and Atlantic coasts across Panama.

The pipeline would transport liquefied natural gas and other gases, such as propane and butane, from one ocean to the other without ships having to transit the canal. It would extend 47 miles and have the capacity to transfer up to 2.5 million barrels of gas per day.

The authority estimates that the project, which has drawn interest from about 45 energy companies, will cost between $4 billion and $5 billion. It also expects the concession to be awarded in the fourth quarter of 2026.

BUENOS AIRES, Oct. 30 (UPI) — The Incentive Regime for Large Investments, or RIGI, is one of the main pillars of Argentine President Javier Milei’s economic plan. A recent report from the Rosario Board of Trade said projected investments under the program total $33.9 billion over a period of five to 10 years.

Of that amount, 46.5%, or $15.7 billion).already has been approved across eight projects. The most recent addition is one by Canada’s McEwen Copper, which plans to invest $2.7 billion in the Los Azules copper mine.

The remaining 53.5% is still under review, with only one project valued at $273 million rejected so far. It is the “Mariana” project by China’s Ganfeng Lithium, which began to produce lithium chloride in Salta earlier this year.

“Energy and mining are the leading sectors among RIGI applications. Together they account for 98.3% of the total so far, with 64.8% in mining and 33.5% in energy. Rounding out the total are investments in port infrastructure and steelmaking, each representing about 0.9% of all applications,” the report said.

The RIGI aims to provide stable conditions and a viable tax framework so that both foreign and Argentine investments can develop in a more favorable environment.

“Argentina is a country that has repeatedly failed to honor its commitments,” said Gonzalo Brest, tax and legal partner at KPMG Argentina. That’s why the measure seeks to address a longstanding problem in the country related to the lack of investor confidence, he said.

The RIGI’s benefits operate on two levels. One is exchange-rate, tax and customs stability for 30 years The state cannot alter the regime granted under RIGI during that period.

“That provides a degree of certainty that’s necessary for long-term investment,” Brest said.

In addition, significant tax reductions are available.

“That doesn’t mean they won’t pay taxes, but they’ll pay them at a much more reasonable level,” Brest said.

“RIGI addresses two of Argentina’s longstanding problems. One is the lack of investor confidence, and the other is a heavy tax burden. Now those conditions are reduced and maintained for 30 years,” he said.

Brest noted that the approved projects represent major investments, as each exceeds $200 million, (the minimum amount required to qualify.

“Most of the approved projects are in sectors that are strategic for the country,” he said.

“RIGI is a framework that covers many sectors of the economy, but the projects submitted so far focus mainly on three: energy, mining and oil and gas,” he added.

The BCR report said that of the $11.3 billion invested in energy projects, $6.9 billion corresponds to a natural gas liquefaction project by Southern Energy, which is owned by Pan American Energy and Golar LNG. The project involves Norwegian and Argentine capital.

Another venture, the Vaca Muerta Oleoducto Sur project, unites the country’s leading energy companies with an investment of $2.5 billion.

Together, the two projects account for 83% of RIGI energy investments.

Santiago Liaudat, a researcher at the National University of La Plata, said the purpose of the program is largely to draw outside investors and spur sales overseas.

“The goal is to create the argument that RIGI will generate favorable conditions for foreign investment, job creation and export growth. It is argued that Argentina’s legal uncertainty, instability and excessive regulation are the reasons foreign investment does not come to the country,” he said.

Liaudat said some of those arguments are valid and justify a special incentive regime, but he wasn’t so sure about creating jobs.

“But there is no guarantee that RIGI will generate local jobs. In fact, it does not specify anywhere that investment must be accompanied by job creation,” he said.

He also argued that the initiative does not include any incentives for investment to create demand for capital or intermediate goods within the country.

“It could be an investment that simply imports everything it needs for its production process. As a result, it creates unfair competition for Argentina’s industrial sector,” he said.

“These actors, who are part of RIGI, could import technology, capital goods and intermediate goods without paying taxes. This regime would have the unintended effect of harming Argentina’s productive network. Far from promoting job creation, it could affect local employment,” he said.

“Large capital, all large foreign capital — since there are few companies in Argentina capable of investing more than $1 billion — will enjoy exceptional investment conditions at the expense of Argentine capital that cannot benefit from those same advantages,” he said.

Oct. 29 (UPI) — The U.S. Senate has passed legislation terminating the national emergency declared by President Donald Trump to impose tariffs on Canada, a day after it terminated the United States’ tariffs on Brazil.

Republicans Sens. Susan Collins of Maine, Mitch McConnell of Kentucky, Lisa Murkowski of Alaska and Rand Paul, also of Kentucky, joined their Democratic colleagues in a 50-46 vote to pass S.J. Res. 77 on Wednesday evening.

“Tonight, the Senate came together and sent President Trump a clear, bipartisan message: he cannot continue to abuse his power and unilaterally wage a trade war against one of our strongest allies,” Sen. Amy Klobuchar, D-Minn., said in a statement.

“We cannot afford to keep raising costs, hurting businesses and eliminating jobs by attacking our neighbor and ally.”

The move is mostly symbolic as it is not expected to be taken up by the Republican-controlled House.

Tariffs have been a central mechanism in Trump’s trade and foreign policy, using them to right what he sees as improper trade relations as well as to penalize nations he feels are doing him and the United States wrong.

In February, Trump announced 25% tariffs on Canadian imports under the International Emergency Economic Powers Act, attracting retaliatory tariffs from Ottawa.

Then, in August, Trump raised tariffs on Canada to 35%.

Over the weekend, Trump announced a further 10% tariff on Canada over anti-tariff aired by Ontario’s provincial government.

The legislation passed Wednesday seeks to cancel the declared emergency, under which the tariffs were imposed.

“In order to strengthen our weakening economy, we need stability and strong relationships around the world — not chaotic trade wars that raise prices, shut American businesses out of foreign markets and decrease tourism to the U.S.,” Kaine, who sponsored the bill, said in a statement.

Relations between Canada and the United States, the closest of allies, have greatly soured under the second Trump administration. From tariffs to comments about annexing Canada, Ottawa and its citizens have begun to turn away from the United States in distrust and frustration to strengthen trade and defensive relations with Europe.

On Tuesday, five Republicans joined the Democrats to pass a similar bill seeking to end Trump’s tariffs on Brazil.

Walt Disney Co. on Wednesday said it finalized its deal to acquire a majority stake in FuboTV and swiftly combined its Hulu + Live TV business with the sports-focused operation.

The union creates the nation’s sixth largest pay-TV service with nearly 6 million domestic subscribers.

Financial terms were not disclosed.

Similar to competitors DirecTV, YouTube TV and Charter Spectrum, both Hulu + Live TV and Fubo distribute traditional channels including broadcasters ABC, CBS and cable channels Fox News, Bravo and ESPN.

The combined company will be overseen by a nine-member board led by Brad Bird, former chairman of Walt Disney International. The firm will continue to offer Fubo and Hulu + Live TV as separate services available through their respective apps.

Disney’s investment plans were announced in January, after the much smaller Fubo sued Disney and two other media companies over their plans to launch a high-profile streaming joint venture, Venu Sports. Fubo argued the collaboration of Disney, Fox Corp. and Warner Bros. Discovery was “a sports cartel,” one that would crush its business.

A judge agreed based on anti-trust concerns, blocking further development of Venu.

Disney’s deal to acquire 70% of New York-based Fubo ended that litigation.

The combined business will be led by Fubo Chief Executive David Gandler, who co-founded the service, and Fubo’s management team.

“Since Fubo’s founding a decade ago, our vision has always been to build a consumer-first streaming platform defined by innovation and value,” Gandler said in a statement. “Together with Disney, we’re creating a more flexible streaming ecosystem that gives consumers greater choice, while driving profitability and sustainable growth.”

His firm will have access to a $145 million term loan that Disney agreed to provide. Fubo’s ad sales team will join Disney’s sales organization.

The company’s stock will continue to be publicly traded under the FUBO ticker. Existing Fubo shareholders represent about 30% of the company. Shares were up slightly to $3.95 in mid-day trading.

SEOUL, Oct. 29 (UPI) — South Korea’s Mirae Asset Global Investments said Wednesday it would take legal action against North America’s Brookfield Asset Management unless Brookfield returns $140 million related to a collapsed property sale in Seoul.

Mirae Asset noted that it made the decision after Brookfield failed to comply with a Singapore International Arbitration Center ruling, which required the company to return that amount and associated costs to Mirae Asset by Tuesday.

Earlier this month, the arbitration center ruled in favor of Mirae Asset in a three-year dispute over the failed sale of the International Finance Center in western Seoul, a mixed-use complex composed of three office towers, a shopping mall and hotel.

“Until the arbitration award is fully enforced, Brookfield will bear full responsibility for the accumulation of daily interest and additional damages,” Mirae Asset said in a statement.

“Mirae Asset has completed preparations to initiate follow-up legal proceedings under international law and applicable regulations. The company intends to take all possible legal actions,” it added.

To ensure compliance with the arbitration ruling, Mirae Asset said it may seek provisional seizure of Brookfield assets in South Korea and overseas.

When contacted, Brookfield’s Korean unit declined to comment.

Brookfield, a multinational alternative asset manager, is based in New York after relocating from Toronto last year. It has more than $1 trillion in assets under management across infrastructure, renewable energy, real estate and credit businesses.

The firm entered the South Korean market in 2014 and operates assets worth about $12 billion in the country.

In 2022, Mirae Asset signed a memorandum of understanding with Brookfield to acquire the International Finance Center for $2.9 billion, depositing $140 million as part of the deal. But the transaction later unraveled after Mirae Asset could not receive approval for a related investment vehicle.

Mirae Asset subsequently demanded a full refund of its down payment, but Brookfield refused, arguing that Mirae Asset had not made best efforts to gain regulatory approval, thereby breaching the agreement.

This prompted Mirae Asset to file for arbitration in September 2022.

Oct. 28 (UPI) — Tech mogul Elon Musk launched his own online encyclopedia with his company xAI, calling it Grokipedia as a rival to the non-profit Wikipedia.

Grokipedia, named for xAI’s chatbot Grok, uses Wikipedia as its source and it’s modeled like Wikipedia. But it has sanitized versions of pages about Musk, reporting nothing critical of him. The page says it has 885,279 pages.

The venture launched on Monday, with the site initially crashing then coming back online later. It has been reported by Musk as an improved and less biased version of Wikipedia.

Republican lawmakers and White House AI czar David Sacks have called Wikipedia “hopelessly biased.”

On X, Sacks said, “An army of left-wing activists maintain the bios and fight reasonable corrections. Magnifying the problem, Wikipedia often appears first in Google search results, and now it’s a trusted source for AI model training. This is a huge problem.”

The Wikimedia Foundation, which operates Wikipedia, said in a statement last month, “Wikipedia informs; it does not persuade.”

“Unlike newer projects, Wikipedia’s strengths are clear: it has transparent policies, rigorous volunteer oversight, and a strong culture of continuous improvement. Wikipedia is an encyclopedia, written to inform billions of readers without promoting a particular point of view,” Lauren Dickinson, a spokesperson for the Wikimedia Foundation, said in a statement.

“This human-created knowledge is what AI companies rely on to generate content; even Grokipedia needs Wikipedia to exist,” she added.

On Monday, Musk posted on X that the launch was “Grokipedia version 0.1,” but that “Version 1.0 will be 10X better, but even at 0.1 it’s better than Wikipedia imo.”