Business

April 21 (UPI) — Retail sales rose by 1.7% in March mostly due to high gas prices from the ongoing conflict with Iran, the Commerce Department announced Tuesday.

It was the fastest monthly change in three years, according to a release.

In February, sales rose 0.7%.

Retail sales are seasonally adjusted but not for inflation. In March inflation rose by 0.9%, which was three times the February rate, according to the latest Consumer Price Index.

The war between the United States, Israel and Iran has caused gas prices to spike. The Strait of Hormuz, a critical transportation route for oil, has been closed to most traffic throughout the fighting. It has dramatically affected the price of gas in the United States and abroad.

Gas station sales jumped in March by 15.5% from February. Without gas station sales, retail rose 0.6% in March, which was at 0.7% in February.

Some categories were stronger. Furniture and home furnishing sales were up 2.2% in March.

Electronics and building materials held up well, too.

Gary Schlossberg, global strategist at Wells Fargo Investment Institute, said in commentary to investors on Tuesday: “Pressure on household budgets is being cushioned, for now, by sizable increases in tax refunds tied to last year’s legislation.”

Consumers adjusted their spending in other areas. Apparel sales were flat, and restaurant sales rose only 0.1%.

Gas prices likely caused that, said Dan North, Allianz Trade senior economist for North America.

“Gasoline is a thing you love to hate, because you have to buy it; there’s really no substitute,” North told CNN in an interview.

Eventually, consumers will deplete savings and tax refunds, and for lower-income Americans, it could be a struggle, North said.

“If we can wind this up, so to speak, in the next few months, the damage to the consumer and economy might not be so bad,” North said. “If you start stretching it out for months and months and toward the end of the year, then consumers and the rest of the economy get in trouble.”

April 20 (UPI) — A Southwest Airlines flight arriving at Nashville International Airport over the weekend was directed into the path of another Southwest flight that was taking off, causing them to pass within 500 vertical feet of each other.

A flight arriving from Myrtle Beach, S.C., on Saturday evening initiated a go-around before landing because it was facing “gusty winds” during it’s approach, but air traffic controllers directed the crew into the path of another flight, USA Today, WSMV and WTVF reported.

The other flight was departing NIA on a parallel runway, which caused the close call, and “both flight crews responded to onboard alerts” because the two aircraft were 500 feet apart, the Federal Aviation Administration said in a statement.

Five hundred feet is equivalent to 1 2/3 football fields, including the end zones, or two Boeing 747s lined up nose-to-tail, which is half the 1,000-foot distance the FAA requires aircraft to maintain.

The air traffic controller who gave the errant order recognized the mistake and corrected himself with both flight crews, who had already responded to alerts from their Traffic Collision Avoidance System, devices that are standard on all commercial aircraft.

“We are engaged with the FAA as part of the investigation,” Southwest said in a statement.

“Southwest appreciates the professionalism of its Pilots and Flights Crews in responding to the event,” the company said. “Nothing is more importing to Southwest than the Safety of our Customers and Employees.”

April 20 (UPI) — The Federal Aviation Administration grounded Blue Origin‘s New Glenn rocket after it botched the release of a satellite following its successful launch two hours earlier.

The third launch of New Glenn and second landing of its reusable booster stage “Never Tell Me The Odds” on a drone ship in the Atlantic Ocean was a success in those terms, but the spacecraft delivered AST SpaceMobile’s BlueBird 7 satellite to an orbit too low for it to operate properly.

Blue Origin said Monday that it is leading an investigation into one of New Glenn’s engines producing insufficient thrust to reach the mission’s target orbit.

“While we were pleased with the nominal booster recovery, we clearly didn’t deliver the mission our customer wanted, and our team expects,” Blue Origin CEO Dave Limp said in a post on X.

The FAA, NASA, the National Transportation Safety Board and the U.S. Space Force also have been monitoring the situation and will require Blue Origin to complete its investigation and report on the engine anomaly, the Orlando Sentinel reported.

“A return to flight is based on the FAA determining that any system, process or procedure related to the mishap does not affect public safety,” the FAA said in explaining why it grounded the rocket.

The New Glenn-3 rocket launched around 7:30 a.m. EDT on Sunday morning, nailing the flight and landing portion of its mission, and successfully released the BlueBird 7 satellite once it reached orbit.

Because one of the two BE-3U engines that power New Glenn’s upper stage didn’t produce sufficient thrust on its second engine burn, which is meant to boost the spacecraft to its target orbit above Earth, it never got there.

Although the satellite was released and powered on properly, the off-nominal orbit — which was too low for it to be useful — AST said it would be jettisoned.

BlueBird 7 is one of 45 satellites that AST SpaceMobile hopes to get in orbit by the end of 2026 as part of a satellite-based cellular network designed to operate with standard smartphones.

The satellite would have been the companies eighth to reach orbit, and it’s share price Feller by more than 6% on Monday, The BBC reported.

Limp said Blue Origin is analyzing data as it conducts the investigation and is “in steady communication with the team at AST SpaceMobile.”

“We appreciate their partnership, and we’re looking forward to many flights together,” Limp said.

April 20 (UPI) — Venezuela’s interim president, Delcy Rodríguez, said her government is talking with two major companies to address the country’s power crisis, citing recent diplomatic engagement with the United States.

“Thanks to that diplomatic dialogue, I can say we are now in direct contact with Siemens and General Electric to resolve the electricity problem in Zulia state,” Rodríguez said Sunday during a public event broadcast by state television.

She said the government decided to “open a new chapter in national political life” and in Venezuela’s international relations following a Jan. 3 U>S> military operation that captured President Nicolás Maduro and his wife, Cilia Flores.

Analysts say Zulia, a key oil-producing region in western Venezuela, is critical to the country’s hydrocarbons industry. Persistent electricity shortages have limited efforts to boost crude production, making restoration of the power system a strategic priority for economic recovery.

Situated at the western edge of the national grid, Zulia is the last region to receive electricity transmitted from the south. Failures in the transmission network often leave it disconnected. The system in the region operates at less than 40% of installed capacity.

According to local outlet El Tequeño, both companies conducted technical missions in March to assess Venezuela’s electrical infrastructure and present rehabilitation proposals.

The inspections included hydroelectric facilities in the Bajo Caroní complex in Bolívar state, following a February visit to Caracas by U.S. Energy Secretary Chris Wright.

Rodríguez made the remarks at the launch of a 13-day pilgrimage she called to demand the full lifting of economic sanctions imposed on Venezuela.

“Enough sanctions against the noble Venezuelan people,” she said, addressing the governments of the United States and Europe, according to Globovisión. She added that economic freedom is a sovereign right, not a concession from foreign powers.

The mobilizations began in Zulia, Amazonas and Táchira states and were led by Rodríguez, National Assembly President Jorge Rodríguez and ruling party leader Diosdado Cabello.

International sanctions have worsened Venezuela’s electricity crisis by limiting access to financing and technology needed to maintain and upgrade infrastructure.

A partial easing of U.S. sanctions on the oil and mining sectors has opened the door to talks with companies such as Siemens and General Electric to address those gaps.

April 19 (UPI) — Citing steep tariffs imposed by U.S. President Donald Trump, Canadian Prime Minister Mark Carney said Sunday his country’s historically close trade and economic ties to the United States have become a “weakness.”

In a video statement posted to YouTube, the Canadian leader asserted the United States has “fundamentally changed its approach to trade, raising its tariffs to levels last seen during the Great Depression.”

This has meant that “many of our former strengths, based on our close ties to America, have become our weaknesses — weaknesses that we must correct.”

Carney’s comments as Trump’s trade war with Canada has disrupted decades of cross border cooperation, triggered in part by a broad 10% tariff slapped by Washington onto all goods not excluded under the Canada-US-Mexico free trade agreement known as CUSMA.

Significantly higher U.S. levies have also been imposed on key strategic sectors, including a 50% tariff on Canadian products that are almost entirely made of steel, aluminum or copper, and a 25% tariff on products that are “largely” made of those metals.

Many types of Canadian heavy equipment also face a 15% tariff upon entry into the United States.

Ottawa says the effect of these measures has been profound, “displacing workers, disrupting supply chains, forcing companies to rethink where they source their materials and products, and causing uncertainty that is curbing investment.”

Although Canada still has the best deal of any U.S. trading partner in an era when Trump has used the threat of tariffs and against both allies and adversaries for strategic and political ends, “we cannot rely on our most important trade relationship as we once did. We must build our strength at home,” Carney said.

“Workers in our industries most affected by U.S. tariffs in autos and steel and lumber are under threat,” he added. “Businesses are holding back investments restrained by the pall of uncertainty that’s hanging over all of us.”

Triggered by the U.S. trade actions and Trump’s oft-repeated desire to annex Canada as the “51st state,” Carney’s Liberal Party government in January made a milestone deal with China to lower some of the tariffs imposed by one another on some of their trade goods.

Under that pact, China lowered its tariffs on Canadian agricultural products, while Canada slashed its tariffs on up to 49,000 electric vehicles that are made in China.

The deal was denounced by Trump, who threatened to impose a 100% tariff on all Canadian goods sent to the United States in response.

“China will eat Canada alive, completely devour it, including the destruction of their businesses, social fabric and general way of life,” the U.S. president asserted.

But Carney on Sunday again defended his expansion of trade away from the United States, saying, “We will attract new investment so we can build more for ourselves, striking new partnerships abroad so we can sell into new markets.

“It’s about taking back control of our security, our borders and our future.”

April 19 (UPI) — U.S. Customs and Border Protection is expected to launch a website on Monday to process refund requests for some Trump administration tariffs, although there are limits to which ones will be processed.

The first phase of tariff refunds comes after the Supreme Court ruled in February that President Donald Trump could not use the International Emergency Economic Powers Act (IEEPA) to generate revenue by imposing tariffs.

Although Trump decided to use Section 122 of the Trade Act of 1974 to justify new tariffs after the Court’s decision, the administration still is required to refund duties collected under the now-nullified tariffs.

CBP has estimated that it owes about $166 billion in refunds, with the agency’s announcement of phase 1 expected to take care of the vast majority of expected claims, NPR reported.

The website is specifically aimed at letting businesses request refunds, and experts have said that consumers are unlikely to be affected by the refunds, CBS News reported.

“[The Consolidated Administration and Processing of Entries] is being deployed in phases, and CBP will launch the first phase of CAPE on April 20,” the agency said in an update last week.

“Phase 1 is limited to certain unliquidated entries and certain entries within 80 days of liquidation,” the agency said.

The refunds are linked to lawsuits filed in December by Costco and other companies — more than 50 companies brought filed suit for refunds — asking for duties to be returned to them if the Supreme Court ruled against the administration.

In March, CBP raised concern in court that it could not immediately handle refunding the duties based on 53 million entries from 330,000 importers who had paid tariffs as of March 4.

Mukalla, Yemen – The Yemeni government’s measures to curb the devaluation of the Yemeni riyal have finally borne fruit, but they have created another problem: A severe liquidity crunch.

The government’s central bank, based in the southern city of Aden, has shut down unauthorised exchange firms it says were involved in currency speculation, centralised internal remittances under a controlled system, and formed a committee to oversee imports and provide traders with hard currency.

These measures have helped curb the riyal’s freefall, from about 2,900 to the United States dollar months ago to about 1,500 today, a move that was initially welcomed. But the gains have been short-lived, as public frustration has grown over a worsening shortage of cash in riyals.

People across government-controlled cities such as Aden, Taiz, Mukalla and others have said they are facing an unprecedented shortage of Yemeni riyals in the market. Many, particularly those holding US dollars or Saudi riyals, said local banks and exchange firms are refusing to convert foreign currency, or are limiting daily exchanges to as little as 50 Saudi riyals per person, citing a shortage of local cash.

This has left many Yemenis unable to access cash or use their savings in hard currency at a time of mounting economic pressure, paralysing businesses and giving rise to a black market where traders exchange foreign currency at more unfavourable rates to the customer.

Businesses grind to a halt

Mohammed Omer, who runs a small grocery shop in Mukalla, said he has spent hours crisscrossing the city’s exchange firms trying to convert a few hundred Saudi riyals he received from customers. “I’ve gone from one exchange to another, and they refuse to exchange more than 50 riyals,” said Omer, a man in his early 50s with a salt-and-pepper goatee. “It’s a waste of time and effort – I’ve had to close my shop.”

Yemen has endured an economic meltdown for more than a decade, stemming from a war between the Saudi-backed government and the Iran-aligned Houthis that has killed thousands and displaced millions.

Alongside the fighting on the battlefield, the warring sides have targeted each other’s main sources of revenue, leaving both the Houthis and the government strapped for cash, struggling to pay public-sector salaries and fund basic services in areas under their control.

At a board meeting in March, the Central Bank in Aden said it was aware of the cash shortage and had approved several unspecified “short- and long-term” measures to address the problem, noting that it is pursuing “conservative precautionary policies” to stabilise the riyal and curb inflationary pressures.

Government employees have also complained that the cash-strapped Yemeni government is paying salaries in low-denomination banknotes – mainly 100 riyals – forcing them to carry their wages in bags.

Munif Ali, a government employee in Lahj, took to Facebook to express his frustration, posting a video of himself sitting beside large, tightly packed bundles of 100- and 200-riyal notes that he said he received from the central bank. Munif, like many Yemenis on social media, said traders are refusing to accept large quantities of low-value notes. “Merchants are refusing to recognise this,” Munif said, referring to the stacks of 100- and 200-riyal notes in front of him. “Legal action should be taken against them.”

People who have kept their savings in Saudi riyals, the de facto currency in parts of Yemen, as well as Yemeni expatriates who send remittances in hard currency to their families, and soldiers paid in Saudi riyals, are among those most affected by the cash shortage.

Finding workarounds

To cope with cash shortages and the refusal of exchange firms to convert hard currency, Yemenis have adopted a range of workarounds. Some rely on trusted shopkeepers who allow delayed payments, while others exchange foreign currency at local groceries or supermarkets, often at lower, unfavourable rates. Banks and exchange firms have also introduced online money transfers, which have helped ease the crisis for some.

In rural areas, where internet access is limited and exchange shops are scarce, the problem is even more acute.

Saleh Omer, a resident of the Dawan district in Hadramout, told Al Jazeera that he received a remittance of 1,300 Saudi riyals sent from Saudi Arabia. But the exchange firm that handed him the money refused to convert it into Yemeni riyals, citing a lack of cash, and advised him to try nearby shops.

With the official exchange rate at about 410 riyals to the Saudi riyal, a shopkeeper agreed – after repeated appeals – to exchange only 500 riyals, and at a lower rate of 400. “I nearly begged the shopkeeper to exchange 500 riyals,” Saleh said. To convert the remaining 800 riyals, he added, he would have to return another day and go from one shop to another. “We are suffering greatly just to convert Saudi riyals into Yemeni riyals.”

Connections matter

Well-connected individuals are often better positioned than others to navigate the cash shortage, with some relying on personal contacts at banks and exchange firms to access cash. Khaled Omer, who runs a travel agency in Mukalla, said most of his business transactions are conducted in Saudi riyals or US dollars. But when he needs Yemeni riyals to pay employees or cover utilities, he turns to a trusted contact at a local exchange firm. “We work with a money exchange trader when we need riyals to pay salaries or meet basic expenses,” Khaled told Al Jazeera. “Exchange companies say they are facing a liquidity crunch.”

On social media, Yemenis say some patients have been denied medication as health facilities refuse to accept payment in Saudi riyals, while exchange firms decline to convert the currency into Yemeni riyals.

In Taiz, Hesham al-Samaan said a local hospital refused to accept Saudi riyals from a relative of a patient, forcing him to roam the city in search of someone to exchange the money to pay for treatment. “Is there any justice for the people, oh government? Will anyone hold accountable those who refuse to exchange currency and exploit people’s needs?” al-Samaan wrote in a Facebook post that drew dozens of comments from others reporting similar experiences, including being denied medical services because they did not have local currency.

For traders who import goods from Saudi Arabia, the cash crisis has become something of a blessing in disguise, as Saudi riyals are increasingly available at discounted rates. A clothing trader in Mukalla told Al Jazeera that he accepts payments in both Yemeni riyals and Saudi riyals, partly to attract customers and partly to secure the foreign currency he needs for his business. “As a businessman who sells goods in Yemeni riyals, I benefit from the cash shortage,” he said on condition of anonymity. “Exchange companies that need local currency I hold sell me Saudi riyals at lower rates.”

April 18 (UPI) — Just one day after the Strait of Hormuz was declared open, Iran has blocked the passage again, citing “breach of promise” by the United States, and has begun firing on commercial ships.

Iran accused the United States of “banditry and piracy under the guise of a so-called blockade.”

“Until the United States ends its interference with the full freedom of movement for vessels traveling to and from Iran, the status of the Strait of Hormuz will remain under intense control and in its previous state,” Iran’s semiofficial Fars media said on X.

On Friday, Iranian Foreign Minister Seyed Abbas Araghchi said the Strait of Hormuz was open after a cease-fire in Lebanon.

But by Saturday morning, that had changed. President Donald Trump said the United States would continue blocking Iranian ships.

Gunboats fired on a tanker in the strait Saturday morning, CNN reported the United Kingdom Maritime Traffic Organization said.

The UKMTO said a tanker captain reported that it was “being approached by 2 [Islamic Revolutionary Guard Corps] gun boats,” about 20 nautical miles off the coast of Oman.

The captain said there had been no radio warning before the ship was fired on.

“Tanker and crew are reported safe,” UKMTO posted.

Just hours later, a container ship was hit by “unknown projectile which caused damage to some of the containers” about 25 nautical miles off the coast of Oman, CNN reported the UKMTO said. In the second event, the UKMTO did not say who was responsible for the attack. No fires or environmental damage have been reported.

Trump reported Saturday that talks between Iran and the United States were continuing but that “Iran got a little cute,” CNN reported.

“We have very good conversations going on,” Trump said. “They got a little cute, as they have been doing for 47 years.”

“They wanted to close up the strait again, as they’ve been doing for years. They can’t blackmail us,” the president said.

“We’re talking to them, and you know, we’re taking a tough stand. They killed a lot of people. A lot of our people have been killed,” Trump said.

On Friday, Trump told CBS News in a phone interview that Iran had “agreed to everything.”

He said that the United States would remove Iran’s enriched uranium but would not involve ground troops.

“No. No troops,” he said. “We’ll go down and get it with them, and then we’ll take it. We’ll be getting it together because by that time, we’ll have an agreement and there’s no need for fighting when there’s an agreement. Nice right? That’s better. We would have done it the other way if we had to.”

“Our people, together with the Iranians, are going to work together to go get it. And then we’ll take it to the United States,” he said.

But hours later, a spokesperson for Iran’s foreign ministry said in a statement, “Enriched uranium is as sacred to us as Iranian soil and will not be transferred anywhere under any circumstances. … Transferring uranium to the United States has not been an option.”

Football can teach many life lessons and no one knows that better than Jazmin Gamble, the new varsity head coach at Hawthorne High.

As a woman in a male-dominated profession, one could define her as a trailblazer — and that would be accurate — but while she acknowledges the historical significance of what she is doing, Gamble is not letting it distract her from the task at hand — turning around a program that has fallen on hard times.

“It’s less about proving a point and more about giving all these boys a better experience,” Gamble said. “I’m not downplaying the impact of it, rather I want to leverage the attention in a way that benefits the players and opens doors for them. I’m elated and honored that the district saw my vision and said ‘this girl can do that.’ I have to ask myself how I can use this opportunity to spotlight our team.”

Gamble, who turns 36 in June, is a running back and linebacker for the Los Angeles Legends in the Women’s National Football Conference, a full-contact professional league consisting of 16 franchises across the United States.

Gamble was selected defensive player of the year in 2024 and offensive player of the year in 2025 when she gained a league-leading 549 yards rushing (averaging 11.9 yards per carry) while scoring three touchdowns.

“I tore my ACL my first season and was on injured reserve, but I came back in 2022 and have been playing ever since,” she said. “We made the playoffs last season but lost in the first round. We’re 2-1 right now with three games left. We played our first home game at Long Beach Poly, so the boys got to see their coach in action. We won 23-0 and I scored a touchdown, but it got called back due to holding.”

Hawthorne High football coach Jazmin Gamble calls for her players to huddle during a recent practice.

(Steve Galluzzo / For The Times)

The Legends’ next home game is April 25 against the Utah Falconz at St. Anthony Sports Complex in Lakewood.

“This is my last year playing, but I’ve been wanting to transition more into coaching,” said Gamble, a certified personal trainer and fitness instructor who started a business 10 years ago called the Jazz Standard. “I first heard about the job through my coaching network and it sounded very appealing. I applied, I interviewed and I got it. Football takes up so much of your time and energy. I’ve done enough in this sport. This is a good time for me to stop, and although this is my first crack as a football head coach I’ve been coaching athletes for six or seven years, including some of my teammates, and they got better.”

A Bakersfield native, Gamble was an exceptional all-around athlete. Growing up she was a gymnast and a cheerleader. She played club volleyball, ran track and played basketball while attending four high schools, two in Bakersfield and two in the Bay Area, and graduated from Mt. Diablo High in Concord.

Upon moving to Los Angeles 13 years ago, she was in survival mode.

“I was homeless and slept in the back seat of my car for a couple of months until I got a job in human resources,” she recalled. “I started training and working in the fitness field and after struggling to make it for a few years I decided I wanted to be a business owner and things took off from there. Now I have 33 active clients that I see two to four times a week and even train the No. 2 rusher in the WNFC.”

Gamble lives in Inglewood but her business is in Gardena near Serra High, where she got involved behind the scenes with the flag football team before the sport was officially sanctioned by the CIF in 2023.

“A few of those girls trained with me and I learned to adopt a different schematic approach. Boys are playing football as early as 5 or 6 years old, whereas women are starting at 20 or even their early 30s and their bodies aren’t prepared for it. I didn’t start playing tackle until I was 31.”

Gamble is still assembling a staff but one of her assistants will be her brother, Kenneth Davis, a former receiver at Liberty High in Bakersfield.

Hawthorne does not have a junior varsity team. There were 29 players on the roster last year and nine graduated.

“On Day 1, I had 22 come to the weight room,” Gamble said. “Some players are in track right now, but in May I’ll have ‘em all. My strong suit is development so I’m ready for this. Right now, we’re at ground zero. We’ve only had a handful of practices, mainly conditioning. The boys have been super receptive. I’m just going to be me!”

Hawthorne went 2-8 last season, finishing fourth in the Ocean League and being outscored by 281 points. The Cougars were shut out three times.

“Jazmin’s a breath of fresh air,” said athletic director Mario Romero, who was involved in the hiring process. “She’s brought enthusiasm across the entire school community and I’m excited about where her leadership is going to take us.”

Hawthorne High football coach Jazmin Gamble shows her players how to run a drill during practice.

(Steve Galluzzo / For The Times)

Fifteen players showed up for a one-hour workout Wednesday at HalCap Field. One of them was quarterback Anthony Green, who played in the last two games as a sophomore last year after transferring from King/Drew and is the projected starter next season.

“She made a good impression,” he said. “I like the workouts — they’re very intense — and I like the competition. Coach expects a lot and she pushes us.”

Gamble put her players through a series of drills to test their stamina, quickness and technique. The penalty for walking was push-ups.

“Everything out here is earned … may the best man win!’ she shouted.

“Her practices are intense — she knows what she’s doing,” added junior linebacker Adrian Lopez, who was an All-League first teamer last fall. “She has a home game coming up and I think I’ll go out and watch. My goal for us is to have at least a .500 season and make the playoffs.”

Gamble is not the first female to coach varsity football at Hawthorne. Monique Boone was the varsity defensive line and assistant offensive line coach in 2021 under previous head coach Corey Thedford. However, overseeing the entire program puts Gamble in rarefied air.

What convinced Romero that Gamble was the right person for the job?

“Her background, her skill set and also the fact that she plays the sport herself at a high level,” he said.

April 18 (UPI) — The Federal Aviation Administration is working with three bidders to develop artificial intelligence software to help air traffic controllers manage flights across the nation’s airspace.

Transportation Secretary Sean Duffy discussed the effort during a media event on Friday, and said the goal is to help anticipate schedule conflicts and improve planning for bottlenecks at busy airports.

“This software, as they look at the flight paths, won’t see [potential issues] 15 minutes before it happens .. a controller will get a notice that they could change one of the airplane’s flight paths slightly and they can deconflict it an hour and a half or two hours before the conflict even happens,” Duffy said during a media event hosted by Semafor.

The program is aimed at fundamentally changing how airspace in the United States operates, The Air Current reported, and is a major part of the agency’s efforts at modernization and redesign.

The FAA has mounted an effort to see how AI can improve the functionality and safety of the country’s air traffic control systems, especially amid a growing shortage of controllers, at least partially because political debates that have hampered the agency’s funding.

The system that the FAA is looking to develop — called SMART, which stands for Strategic Management of Airspace Routing Trajectories — is part of a $32.5 billion modernization program that includes replacing hundreds of radars and growing its air controller staff, The Next Web reported.

Development of the new system, which follows a series of issues at airports across the country that have seen near-misses and actual crashes that have raised concerns among experts and travelers alike, is being bid on by the companies Palantir, Thales and Air Space Intelligence.

The system could begin to be operational some time later this year, with an update on progress expected from the Department of Transportation and FAA on April 21.

The world is reckoning with the biggest oil supply disruption in history, one that has sent energy prices soaring, rattled stock markets and exposed the deep vulnerabilities of economies still hooked on fossil fuels. While millions face higher fuel and energy bills, top oil and gas companies are reportedly profiting about $30m per hour since the war began.

This week on UpFront, Redi Tlhabi speaks with renowned economist Mariana Mazzucato about what a genuine green industrial strategy looks like, why the World Bank has fallen short, and how her concept of the “common good economy” offers a new compass for governments navigating crises.

April 17 (UPI) — A federal judge on Friday blocked a lawsuit against the state of Hawaii that the federal government filed to prevent it from suing oil companies.

The Department of Justice last year sued Hawaii to stop a suit against fossil fuel companies for the impact of climate change on the state, but Senior Judge Helen Gillmor of the U.S. District Court in Hawaii said they it has no standing, The Hill and The New York Times reported.

In the ruling, Gillmor said that an “abstract, theoretical future harm” is not a valid basis for a lawsuit because stating an intention to file suit — which the state’s governor declared on television that he planned to do — does not amount to “concrete harm” that would allow an entity to sue.

Gillmor blocked the lawsuit because the DOJ’s theory of harm would require predicting claims brought against unknown companies; predicting that the lawsuit would be successful; “guessing” that oil companies would react in specific way; and then hypothesizing that the reaction would somehow harm the United States’ commerce and future energy policy, she wrote in the 30-page decision.

The DOJ’s suit, which was filed by now-former Attorney General Pam Bondi, alleged that Hawaii’s action was a “burdensome and ideologically motivated” lawsuit that could cause “crippling damages” with the energy and climate policies the state allegedly is pursuing.

“We disagree with the Hawaii District Court’s ruling, which ignored Supreme Court precedent regarding the United States’ interest in the supremacy of federal law,” the DOJ’s principal deputy assistant attorney general Adam Gustafson said in a statement. “We are exploring all options.”

April 17 (UPI) — The Supreme Court ruled unanimously in favor of Chevron in a case related to damage to wetlands in Louisiana that dates to World War II.

The case was brought more than a decade ago and relates to damage allegedly done when Chevron’s corporate predecessors were refining aviation gas on behalf of the federal government during the war, Scotusblog and The Washington Post reported.

The 8-0 ruling sent the federal lawsuit back to a lower court in a move that could jeopardize a $745 million ruling against the company to restore the wetlands, as well as other similar cases with fossil fuel companies before courts in the United States.

Parishes in Louisiana filed the case with the help of state officials against oil and gas companies refining crude oil along the coast during the war, claiming that proper permits were never obtained for their work and that they had not followed “prudent industry practices.”

The previous decision on the $745 million ruling was made by a state court, which Chevron contended does not have the jurisdiction to rule because it was working under the auspices of the federal government.

After the state court judgement was handed down, the company’s lawyers asked the U.S. Supreme Court to move the case to a federal court, where it may be able to have the ruling thrown out.

FORGET battling for the armrest or squinting your eyes at the tiny screen – the future of flying has been revealed.

We all love to try and make a flight as comfortable as possible, whether that be upgrading to premium economy or taking a cosy jumper onboard, but a new business class plane seat has been revealed and it is more like a private cinema.

In a collaboration between plane seating provider Safran and in-flight entertainment system provider RAVE Aerospace, a new plane suite with U-shaped TV screen and seat headrest speakers has been revealed.

Known as Origin, the suite’s will bring greater comfort to passengers with a giant screen that travels across the front and sides of the pod, essentially looking like a wraparound cinema screen.

The screen can be used for in-flight entertainment such as films, but can also be used as a wallpaper.

As such, the screen can show all sorts from the inside of a cafe to a cosy library, reports Flight Global.

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In addition to the screen, Origin has a number of other cool technologies.

For example, the suite has a temperature management system which allows passengers to create their own microclimate.

The seat also has Euphony, which is Safran’s headset-free audio system, meaning that there are speakers built in the headrest so passengers don’t have to plug in headphones.

The entire suite also has lighting that changes to match the screen’s visuals.

And the seat has cushions that have been made to improve comfort on long-haul flights.

The new concept was revealed at the annual Aircraft Interiors Expo in Hamburg and while the concept isn’t in any planes yet, the show often allows airlines to essentially ‘shop’ for future features of their service offering.

Ben Asmar, Vice President, Products and Strategy at RAVE Aerospace said: “Future display technologies are about more than just consuming content.

“They enable curated experiences, whether that’s deep immersion or the ability to escape into environments beyond the physical.”

Asmar added that the suite could be the future of premium travel and that it could be flying within the next five to 10 years.

Jean-Christophe Gaudeau, VP Marketing at Safran Seats said: “Our ambition is to redefine the future of premium travel.

“With Origin, we bring together seating innovation and future display technologies to create an immersive, adaptive environment that puts comfort, well‑being and passenger control at the forefront.”

Safran already has other seat designs on a number of airlines including Emirates, Japan Airlines, Air France, United Airlines and Air New Zealand.

Its designs usually include privacy doors, wireless charging and premium comfort.

In other flight news, there’s a new unusual double decker plane seat that could make economy travel much better.

Plus, a budget airline has axed all London flights to long-haul holiday destination despite only launching three years ago.

The International Monetary Fund has downgraded its global growth forecast for 2026 from 3.3 to 3.1 percent, citing the impact of the United States-Israeli war on Iran and the shutdown of the Strait of Hormuz on the world economy.

The war has damaged energy infrastructure across the Gulf, while critical exports like oil, gas, chemicals and fertiliser remain largely stranded by Iran’s shutdown of the strait and the subsequent US naval blockade of Iranian ports.

In the worst-case scenario of a prolonged war, the IMF said global growth could fall to 2.5 percent in 2026, with low-income and developing economies hit the hardest by soaring commodity and energy prices. The global shipping and logistics industry is facing a separate crisis.

But every economic crisis also has beneficiaries: despite the dire macroeconomic outlook, some corners of the global economy are thriving on the uncertainty.

Here’s a look at five industries that are doing well either despite – or because of – the darkening economic outlook.

Wall Street investment banks

Global investors have been on a rollercoaster since the start of US President Donald Trump’s second term last year. The president’s erratic decision-making, where he often issues an ultimatum one day and then changes it the next, has led traders to coin the term “TACO trade”, where TACO stands for “Trump Always Chickens Out”.

The recent volatility has made some investors anxious, but it’s been a boon to investment banks, which make millions in commissions and revenue from the surging volume of trade, according to Sean Dunlap, a director of equity research at Morningstar Research Services.

“Clients want to reposition, so they trade frequently,” he told Al Jazeera. “Spreads tend to increase, which increases the profitability for trade intermediaries like banks.”

First-quarter results for 2026 – released this week – showed that Morgan Stanley reported a profit of $5.57bn, up 29 percent year on year, while Goldman Sachs reported a profit of $5.63bn, up 19 percent year on year.

JP Morgan Chase also reported major gains, with first-quarter earnings of $16.49bn, up 13 percent year on year. The banks all cited high levels of trading, deal-making, and “robust client engagement” as the reasons behind surging profits.

The boomtime for banks could reverse course, however, if volatility persists for too long, Dunlap warned, because investors may become increasingly cautious and less willing to borrow money to make trades.

Prediction markets

As mainstream Wall Street banks reap profits, the crypto-based prediction platform Polymarket has been earning upwards of $1m a day since the start of the month by letting users make peer-to-peer bets on everything from sports tournaments to elections.

Polymarket has been doing well since the start of the war, but it revised its fee structure on March 30 to cash in even more on its popularity.

Rival platforms like Kalshi, Novig and Robinhood also follow the same business model, but Polymarket has been the standout winner of 2026 because it controversially allows users to bet on the outcome of conflicts like the Iran war.

Polymarket revised its fee structure on March 30 to cash in on its popularity. The change has already netted the platform more than $21m in fees since April 1, up from $11.6m for all of March and $6.23m for all of February, according to DefiLlama, a website that provides data analysis for decentralised finance platforms.

If the current trend continues, Polymarket could make $342m in fees this year alone, according to DefiLlama’s analysis.

Anonymous users have also made millions correctly predicting the dates of major events like the US-Iran ceasefire, but the outcomes for rank-and-file users are typically less impressive.

Researchers found that the top 1 percent of Polymarket users captured 84 percent of all trading gains, according to a new report released this month analysing 70 million trades from 2022 to 2025. The returns are so high that US federal regulators have pledged to crack down on insider trading in prediction markets following suspiciously well-timed bets on Iran war outcomes.

Aerospace and defence

Unsurprisingly, the aerospace and defence industries are booming this year due to major conflicts in Ukraine, Iran, Sudan, Gaza and Lebanon and a surge in global defence spending.

About half of the world’s countries have increased their military budgets over the past five years, according to an April report from the IMF, which means they are also buying everything from drones to missiles — more than ever before. Demand is growing particularly fast in Europe, where NATO countries have committed to raising defence spending to 5 percent of gross domestic product (GDP) by 2035.

The defence industry has, in turn, seen major gains on the stock market. The MSCI World Aerospace and Defence Index – which tracks aerospace and defence stocks across 23 global markets – reported net returns of 32 percent year on year at the end of March.

The defence index outpaced the MSCI World Index, which tracks 1,300 large and mid-cap companies across the same 23 markets. The index, which gives a broader overview of global stock markets, reported net returns of 18.9 percent over the same period.

Artificial intelligence

Last year, the United Nations Trade and Development (UNCTAD) office predicted that the AI industry would grow from $189bn in 2023 to $4.8 trillion by 2033, and the Iran war does not seem to have dented the outlook.

“Despite the shocks from the Iran war, we’re still seeing resilience in a lot of sectors like artificial intelligence and renewable energy,” said Nick Marro, lead analyst for global trade at the Economist Intelligence Unit.

One metric for the AI boom has been the high volume of semiconductor chips still being exported out of East Asia, he said. At the top of the chart is chipmaking powerhouse Taiwan, which reported record-breaking merchandise exports of $80.2bn in March, up 61.8 percent year on year, according to EIU analysis.

The surge was led by exports to the US, which grew by 124 percent year on year, the EIU said.

Taiwan Semiconductor Manufacturing Company, the world’s top chipmaker better known by its acronym “TSMC,” on Thursday posted a net income of 572.8 billion New Taiwan Dollars (NTD) ($18.1bn) for the first three months of 2026 – up 58 percent year on year in NTD.

Another metric, initial public offerings or “IPOs,” also shows that the industry is confident for the moment, with industry leaders Anthropic and OpenAI both planning to go public this year.

Renewable energy

The Iran war has highlighted the need to transition from fossil fuels not only for environmental reasons, but also for reasons of energy security. The war marks the third major energy shock this decade, following the COVID-19 pandemic and the 2022 Russian invasion of Ukraine.

The Iran war has “boosted” renewable energy “given the urgency to switch away from fossil fuels and diversify towards renewable sources,” Marro of the EIU said.

Even before the Iran war began, the International Energy Agency reported that global governments were already taking active measures to invest in renewable energy for geopolitical reasons.

According to an IEA report released this month, “150 countries have active policies to advance renewable and nuclear deployment, 130 have energy efficiency and electrification policies, and 32 have policies to incentivise supply chain resilience and diversification across critical minerals and clean energy technologies.”

The Iran war has triggered another flurry of policymaking in Asia, which typically buys 80 to 90 percent of the oil and gas that transits through the Strait of Hormuz. Since the shutdown, the region has been struggling to find alternative sources of energy, forcing governments to deploy emergency measures like fuel rationing and price caps.

South Korea, Thailand, India, Cambodia, Indonesia, Vietnam and the Philippines have all announced a variety of measures from tax breaks for at-home solar panels to commissioning new renewable energy projects – and even restarting nuclear reactors.

The surge in policymaking has been good for the renewable industry. The S&P Global Clean Energy Transition Index, which tracks 100 companies that produce solar, wind, hydro, biomass and other renewable energy across emerging and developed markets, is up 70.92 percent year on year.

SEOUL, April 16 (UPI) — South Korea’s Penetrium Bioscience unveiled a novel approach to cancer treatment that targets the environments surrounding tumors. That announcement came during a press conference in Seoul on Thursday.

The company said that its drug candidate, Penetrium, developed by its major shareholder CNPharm, is designed to overcome a key problem of traditional cancer treatments — drug resistance caused by “sublethal” dosing.

Thus far, such resistance has been attributed to genetic mutations within cancer cells. However, Penetrium Bioscience shifted its focus to the tumor microenvironment, which it identified as a critical factor behind inadequate dosing.

Its rationale is that cancer cells can undergo adaptive changes, which reinforce the physical and metabolic barriers of the tumor microenvironment, enabling them to withstand further treatment.

Based on this concept, the company said that it has targeted the “soil,” which means the environment surrounding cancerous cells, rather than the “seed,” or the tumors themselves.

Penetrium aims to disrupt this process, and the company noted that its mechanism has been checked by three independent institutes, including Seoul National University Hospital and KAIST, one of Korea’s leading science and engineering universities.

“Penetrium is the ideal strategic partner capable of restoring drug efficacy by overcoming the sub-lethal dose limitations faced by targeted anticancer therapies from global big pharmaceutical firms,” Penetrium Bioscience CEO Cho Won-dong told the press meeting.

“This research will usher in a new era for targeted cancer treatments,” he added.

Penetrium Bioscience plans to present its research findings at the upcoming AACR Annual Meeting 2026, one of the world’s most prominent scientific conferences on cancer research.

Hosted by the American Association for Cancer Research, the yearly event is scheduled to begin Friday and run through Wednesday in San Diego.

The share price of Penetrium Bioscience dipped 9.55% on the Seoul bourse on Thursday.

Modern warfare has dramatically changed as we have seen from the Russia-Ukraine war, conflicts involving Gaza, India and Pakistan, and the recent US-Israeli strikes on Iran. At the centre of this shift is a surging global reliance on drone and missile technology as well as advanced air defence systems.

Turkiye, one of the largest military powers in the Middle East, is increasingly positioning itself as a major supplier in the global defence sector. Central to this effort is Roketsan, a company founded in 1988 to supply the Turkish Armed Forces, which has since evolved into the country’s primary manufacturer of missile and rocket systems.

Currently exporting to approximately 50 countries, the firm is one of the fastest-growing defence companies globally.

So how did Roketsan secure a large share of the global arms trade?

Bypassing Western embargoes

Turkiye’s defence expansion was largely accelerated by restrictions placed upon it. Western embargoes aimed at halting its military advancement meant Ankara could not acquire the necessary technical systems or components.

In 2020, the United States imposed Countering America’s Adversaries Through Sanctions Act (CAATSA) restrictions on Turkiye – a key member of the transatlantic military alliance NATO. These sanctions targeted Turkiye’s military procurement agency, its chief Ismail Demir, and three other senior officials. Washington also ejected Ankara from the F-35 stealth jet programme in July 2019.

The measures came after Ankara purchased Russia’s S-400 missile defence system, which was seen as a potential threat to NATO security. The European Union also prepared limited sanctions and discussed restricting arms exports following energy exploration disputes in the Eastern Mediterranean.

To circumvent this, the country built an integrated, domestic defence ecosystem. Today, Turkiye relies on a vast supply chain of nearly 4,000 small and medium-sized enterprises (SMEs) scattered across the country. As a result, the Turkish defence industry now operates with a local production rate exceeding 90 percent.

This shift has yielded significant financial returns for Ankara. In 2025, Turkiye’s defence industry reported $10bn in exports. Roketsan’s General Manager Murat Ikinci told Al Jazeera that the company currently ranks 71st among global defence firms, with ambitions to break into the top 50, then the top 20, and ultimately the top 10.

To support this expansion, Turkish President Recep Tayyip Erdogan inaugurated several large-scale facilities last week, including:

• Europe’s largest warhead facility.
• new research and development (R&D) centre housing 1,000 engineers.
• the “Kirikkale” facility dedicated to rocket fuel technology.
• new infrastructure for the mass production of ballistic and cruise missiles.

These projects represent a $1bn investment, with the company planning to inject an additional $2bn to expand mass production capabilities.

The ‘Tayfun’ and modern warfare

Roketsan’s R&D strategy – which employs 3,200 engineers and makes the company the third-largest R&D institution in Turkiye – is heavily influenced by data gathered from ongoing global conflicts.

According to Ikinci, the war in Ukraine highlighted the impact of cheap, first-person view (FPV) and kamikaze drones supported by artificial intelligence. In response, Roketsan developed air defence systems like “ALKA” and “BURC,” alongside the “CIRIT” laser-guided missile.

The regional landscape was further complicated during the US-Israel war on Iran, as cheap Iranian-designed Shahed drones – recently upgraded by Russia with “Kometa-B” anti-jamming modules – overwhelmed defences and even struck a British base in Cyprus in March 2026. During the same month, NATO air defences were forced to intercept three Iranian ballistic missiles that entered Turkish airspace.

Meanwhile, the recent conflict between Israel and Iran showcased the use of complex attacks combining ballistic missiles with “swarms” of kamikaze drones designed to overwhelm air defences. This environment makes hypersonic technology a critical asset.

This brings the Tayfun (Typhoon) project into focus. Tayfun is a developing family of long-range ballistic missiles. Its most advanced iteration, the Tayfun Block 4, is a hypersonic missile engineered to penetrate advanced air defence systems by travelling at extreme speeds.

When Al Jazeera asked for specific details regarding the Tayfun’s exact operational range, Ikinci was elusive. “We avoid mentioning its range; we just say its range is sufficient,” he noted.

Similarly, historical Western sanctions have pushed Turkiye to form new cooperation initiatives, effectively accelerating an “Eastern shift” away from Western defence dependence. Turkish drones are now being used by a growing number of countries, including by Pakistan during its war against India last May.

Based on these threat assessments, Roketsan has prioritised five key areas of production:

1. long-range ballistic and cruise missiles.
2. air defence systems, including the “Steel Dome”, Hisar-A, Hisar-O, and Siper.
3. submarine-launched cruise missiles, utilising the AKYA system to leverage Turkiye’s large submarine fleet.
4. smart micro-munitions designed specifically for armed drones.
5. long-range air-to-air missiles, a need highlighted by the brief India-Pakistan skirmish.

A strategic export model

Unlike traditional arms procurement, Turkiye is marketing its defence industry to international buyers as a strategic partnership.

“Our offer to our partners… is as follows: Let’s produce together, let’s develop technology together,” Ikinci stated.

By establishing joint facilities and R&D centres in allied nations across the Middle East, the Far East, and Europe, Turkiye is attempting to secure long-term geopolitical alliances rather than purely transactional sales. Ikinci highlighted Qatar as a prime example of this model, describing it as a benchmark for technological, military, and security cooperation in the region.

Filling the global stockpile gap

This rapid expansion comes at a critical time for the global arms trade. Ongoing wars have severely depleted the stockpiles of advanced weapon systems worldwide.

During the recent US-Israel war on Iran, Washington relied heavily on multimillion-dollar Patriot and Terminal High Altitude Area Defense (THAAD) systems to intercept cheap Iranian drones targeting US assets across Qatar, Kuwait, Bahrain, Saudi Arabia, and the United Arab Emirates. With growing concerns that US interceptor supplies could run low, Gulf states – which have collectively detected over 1,000 drones in their airspace – are actively seeking alternative defence technologies, creating a highly lucrative opening for Turkiye’s missile industry.

Defence analyses indicate that even military superpowers like the US will require significant time to replenish their current air defence inventories due to the complexity and massive infrastructure required to build them.

Turkish defence officials view this shortage as a strategic opening. Having localised its supply chain, Turkiye claims it can manufacture and export these highly sought-after complex systems independently.

As global demand for air defence and ballistic technologies rises, Roketsan is aggressively reinvesting its revenues into production infrastructure to expand its footprint in the international arms market.

April 15 (UPI) — Nevada and the online gaming platform Roblox have reached a unique settlement that will help protect young online gamers and pour money into the state’s youth programs, the state’s attorney general said Wednesday.

“This settlement will create a safer environment for our children online,” Attorney General Aaron Ford told reporters during a press conference. “I hope that it will serve as a bellwether for how online interactive platforms allow our state’s youth to use the products.”

Nevada opened an investigation into children’s safety on the popular online game creation platform in 2024. There have been lawsuits in that state and others alleging that Roblox has failed to protect young gamers from online predators and other issues.

As part of the settlement, Roblox will spend about $10 million on non-digital youth programs in the state, plus contribute toward an online safety awareness program.

In addition, the company will start using stricter age-verification measures, which will restrict what children under certain ages can see and with whom they can communicate. These measures will include facial age-estimation technology, robust parental controls, expanded parental oversight and dedicated law enforcement support.

Roblox has also committed to using government-issued ID for age assurance as well as behavioral monitoring to identify users who may have been assigned the wrong age, Ford said during the press conference.

Roblox will also include tighter controls for parents and a ban on encrypted messaging involving minors. If a parent account isn’t linked to a child account, the latter will be limited to a restricted child mode. Adults must have a “trusted friend” label, which requires parental consent, before they can chat with those under the age of 13. The changes will also include limits on notifications during nighttime hours.

Roblox told UPI in a statement that while it disputes the claims in the complaint it is “pleased” to have reached a settlement with Ford, stating it reflects the company’s “continued commitment to fostering online health and safety for kids.”

“Roblox is proud to have worked alongside Attorney General Ford to reach this landmark agreement, which builds on our work to establish a new standard for digital safety,” Roblox Chief Safety Officer Matt Kaufman said.

“This resolution creates a blueprint for how industry and regulators can work together to protect the next generation of digital citizens.”

Roblox told UPI that the agreement helped shape several safety measures, including two new age-based accounts announced Monday: Roblox Kids for users between the ages of 5 and 8 and Roblox Select for users ages 9 to 15.

Beginning in June, the accounts will “more closely align content access, communication settings and parental controls with a user’s age,” Roblox said Monday in a statement.

April 15 (UPI) — President Donald Trump again threatened to fire Federal Reserve Chair Jerome Powell if he doesn’t step down from his position in May.

“Then I’ll have to fire him,” the president said on Fox Business. “If he’s not leaving on time — I’ve held back firing him. I’ve wanted to fire him, but I hate to be controversial. I want to be uncontroversial.”

Powell’s term as chair ends on May 15 and Trump does not have the authority to fire him without cause. But his nominated replacement, Kevin Warsh, hasn’t been confirmed by the Senate. If he doesn’t get confirmed, Powell could stay on as chair pro tempore.

“That’s what the law calls for. That’s what we’ve done on several occasions,” Powell said.

He said he plans to stay on the board.

“I have no intention of leaving the board until the investigation is well and truly over with transparency and finality,” Powell said.

The Senate Banking Committee is scheduled to have hearings on Warsh’s nomination on April 21.

Powell’s term as a Fed governor goes until 2028, but he said he hasn’t decided if he’ll serve out that term.

Complicating matters, the Trump administration has been trying to prosecute Powell for his role in the $2.5 billion renovation of the Fed headquarters. The building went far over budget, and Trump has implied that something illegal is happening.

U.S. attorney for the District of Columbia Jeanine Pirro tried to subpoena Powell over the renovation, but a judge denied it. Pirro admitted she had no evidence.

Sen. Thom Tillis, R-S.C., who is on the Senate Banking Committee, said he will continue to block Warsh’s confirmation until the investigation into Powell ends.

But Trump said he isn’t worried about Tillis.

Tillis “is an American; he knows what to do,” he said.

Trump said the investigation must happen.

“What they’ve done to that, so it is probably corrupt, but what it really is is incompetent, and we have to show the incompetence of that,” he said.

Trump has wanted Powell out of the Fed since he was elected to office for the second term. He has said he wants interest rates dropped, but Powell has taken a more conservative approach. Powell has lowered the rates, but not fast enough for the president.

“Does that mean we stop a probe of a building that I would have done for $25 million that’s going to cost maybe $4 billion? Don’t you think we have to find out what happened there?” Trump said in the interview at the White House. “I have to find out.”

He called Powell “a disaster.”

“Here’s a man who took this little, tiny building and a couple of other little, tiny complex, and he’s spending more than $3 billion. I want to know who the contractor is, because that contractor is making billions of dollars, perhaps.”

The Fed said the building’s cost overruns are due to “unforeseen conditions” requiring more spending, including “more asbestos than anticipated, toxic contamination in soil, and a higher-than-expected water table.”

Trump has also tried to oust Fed governor Lisa Cook on the allegation that she committed mortgage fraud.

April 14 (UPI) — Kevin Warsh, the presidential pick for the next Federal Reserve chairman, has wealth greater than any other recent chairman, his financial disclosures released Tuesday show.

The filings were part of the usual consideration process for the role. Warsh, if confirmed, would succeed current Chairman Jerome Powell, whose second term ends May 15. A Senate hearing on the matter is expected to take place April 21.

CNBC reported that Warsh’s disclosure forms show that the nominee has about $192 million in assets in combination with his wife, Jane Lauder, who is an heir to the Estee Lauder fortune. Warsh’s solo assets equal about $135 million to $226 million. These numbers show a large range because they can include variable items such as bonds, stocks and other assets.

By comparison, Powell’s financial filings for 2025 showed assets of between $19 million and $75 million, while former Chairman Ben Bernanke, who left office in 2014, submitted filings that year of about $2.3 million in assets, CNBC reported.

If the Senate confirms Warsh, he has said that he will divest a large amount of assets, of which about 1,800 were listed in the forms. Some of these were undisclosed because of cited “preexisting confidentiality agreements,” The New York Times and CNBC reported.

Warsh, who served as a governor at the Federal Reserve from 2006 to 2011, also said that he would resign posts such as his role as financial adviser to investor Stanley Druckenmiller, as well as several other positions including a board seat at UPS.

Warsh will face the Senate Banking Committee in the planned hearing before a full Senate vote. However, an ongoing Department of Justice investigation into Powell has further complicated matters. Sen. Thom Tillis, R-N.C., a member of the Senate Banking Committee, has said he will not vote on Warsh or any other nominee for the role until the investigation is completed.

April 14 (UPI) — Ecuador’s government will formally accept the Coca Codo Sinclair hydroelectric plant this week, nearly a decade after technical disputes first delayed final delivery of the Chinese-built facility.

The handover follows resolution of an international arbitration dispute with Sinohydro, a subsidiary of PowerChina, over structural defects at the plant.

Ecuadorian Environment and Energy Minister Ines Manzano said the transfer will proceed under guaranteed conditions, allowing immediate operation and maintenance of the infrastructure.

Since the plant began partial operations in 2016, Ecuador and the Chinese contractor remained locked in a legal dispute over major structural flaws that prevented final acceptance of the project.

A 2018 report by Ecuador’s comptroller identified more than 7,600 cracks in the plant’s eight water distributors — key components that channel water to the turbines, local newspaper La Hora reported.

Subsequent technical reports and audits raised that figure to more than 17,000 cracks, fueling concerns over material quality, welding processes and possible design flaws.

The comptroller’s office warned the defects pose serious risks, including possible flooding of the powerhouse, total shutdown of the plant and danger to workers.

After Sinohydro declined to undertake permanent repairs, Ecuador took the dispute to the International Chamber of Commerce’s arbitration court.

The dispute was resolved through a financial and operational agreement under which Ecuador will receive $400 million in compensation. The government will next sign an operation and maintenance contract with PowerChina requiring the company to repair damage and replace defective water distributors, local newspaper El Comercio reported.

Separate from the structural issues, the facility also faces a broader environmental threat from regressive erosion of the Coca River, a geological process that has altered the surrounding area since the plant entered service.

The erosion has advanced toward the plant’s water intake structures, prompting the government to carry out emergency work that includes construction of permeable dams to slow the river’s force and retain sediment at a cost of $19 million.

The Coca Codo Sinclair plant is Ecuador’s largest and most strategic power generation facility.

With installed capacity of 1,500 megawatts, it supplies about 30% of Ecuador’s electricity demand on average and can account for more than half of the country’s hydropower generation during peak operations.

According to Infobae, the Coca Codo Sinclair case has become a symbol for analysts citing problems in Chinese-financed infrastructure projects across Latin America.

The plant was built with loans from the Export-Import Bank of China during the administration of Rafael Correa and has been at the center of investigations into alleged corruption tied to its contracting.

SEOUL, April 14 (UPI) — South Korea’s LS Electric said it secured a contract worth $115 million to supply power infrastructure for a large-scale data center in the United States.

Under the deal, the Seoul-based power solutions provider will deliver switchgear and distribution transformers.LS Electric did not disclose the identity of its customer.

The agreement, announced Monday, came as demand for data center infrastructure accelerates alongside the growing adoption of artificial intelligence services, which are driving a sharp increase in electricity consumption.

Power consumption at the global data centers surpassed 400 terawatt-hours in 2024, a level comparable to that of a sizable country, according to the International Energy Agency. The figure is projected to more than double by the end of the decade.

LS Electric forecasts that the North American infrastructure market for data centers will grow at a compound annual growth rate of 6.7%, expanding to $23.5 billion in 2031 from $15.8 billion last year.

To target the market, LS Electric operates two production hubs in the United States, MCM Engineering II in Utah and a campus in Texas.

“In line with the rapid expansion of hyperscale data centers, demand for power infrastructure is surging, and our technological capabilities are being recognized in the global market,” LS Electric said in a statement.

“We will strategically expand our data center power business in North America as a base to strengthen our market leadership,” it said.

The share price of LS Electric soared 13.71% on the Seoul bourse on Monday. It rose 3.57% on Tuesday.