Business

May 6 (UPI) — The FBI raided the offices of and a cannabis business co-owned by L. Louise Lucas on Wednesday in Portsmouth, Va.

Lucas is a Virginia state senator, president pro tempore of the state Senate and a vocal leader of Virginia redistricting efforts.

Officials told The Washington Post that the investigation has to do with corruption and bribery allegations involving the business. Lucas was not arrested, and an FBI spokesperson said the investigation was ongoing.

Democrats called in question the motivation behind the raid; Lucas has often criticized President Donald Trump and was instrumental in the successful Virginia referendum in April to redraw the state’s congressional maps. However, The Washington Post, NBC News and The New York Times reported that sources familiar with the case claimed the investigation was opened during the Biden administration and has to do with the marijuana dispensary.

Rep. Robert C. “Bobby” Scott, D-Va., said that the raid “occurs in the broader context of President Trump’s repeated abuse of the Department of Justice to target his perceived political opponents.”

Don Scott, speaker of the Virginia House of Delegates, emphasized that Lucas has not been charged with anything.

“I am deeply concerned by today’s raid,” he said, WAVY-TV reported. “Given the politicization of this administration — an FBI led by Kash Patel and a Justice Department led by President Donald Trump’s former personal attorney — I think people should take this with a grain of salt and allow the facts to come out before jumping to conclusions,” he said.

Scott said he spoke with Lucas after the search, The New York Times reported.

“She basically said, ‘They’re not going to find anything there and I didn’t do anything wrong,’ ” he said. “She’s very upset and she’s very angry and she won’t back down.”

Lucas was elected to the Virginia General Assembly in 1991.

Ted Turner, the brash media mogul who created CNN and revolutionized how Americans watched television, and who wielded his media empire and wealth to pursue liberal global causes and land conservation, has died. He was 87.

Turner died Wednesday, according to his family.

In 2018, he revealed he had been diagnosed with Lewy body dementia, a neurodegenerative disease, which had been progressing in recent years.

Turner’s outsized public persona — some called him the “Mouth from the South” for his free-wheeling trash talk — matched the Georgian’s influence on news, politics, sports and entertainment in the late 20th century. Turner repeatedly shook up established industries by invading quickly and expanding options for consumers, while railing against monolithic competitors who were less daring or nimble than his maverick Turner Broadcasting System.

Turner created the cable stations TBS and Turner Classic Movies; he owned the Atlanta Braves baseball team, the Atlanta Hawks basketball team and revitalized professional wrestling with World Championship Wrestling.

Turner was one of the first adopters of cable and satellite broadcasting technology, and for many rural Americans living beyond the tower signals of major cities, he was the first person to bring them interesting TV.

The media baron constantly generated headlines. He had a Clark Gable pencil mustache, raced sailboats, cavorted with the late communist leader Fidel Castro in Cuba, and at one point married Academy Award-winning actress and activist Jane Fonda. His wealth enabled him to become one of the largest private landowners and wealthiest philanthropists in the U.S.

July 1990 image of Ted Turner with Jane Fonda.

(Tony Duffy/Getty Images)

His crowning cultural achievement was the creation of the Cable News Network in 1980, which created the model for today’s cable news titans. The 24-hour news channel was not widely expected to be a success. All-night broadcasting had not been proven as a business model in an industry dominated nationally by corporate monoliths like ABC, NBC and CBS, where news programming was something that happened on a set schedule. And CNN’s headquarters weren’t in media centers like New York or Los Angeles, but Atlanta.

But Turner believed that “over-the-air networks would decline as audiences turned to videos and other outlets for entertainment on demand,” wrote the late journalist Daniel Schorr in a 2001 memoir.

“The network future belonged to whoever would deliver what was happening now — live news and live sports. That was why he wanted to be the first to deliver all news, all sports, all the time,” wrote Schorr, whom Turner courted to join CNN.

Within two years, CNN had more than 9 million subscribers. By the 2000s, Turner’s once far-flung idea for an around-the-clock news service had become so successful that it had attracted imitators like MSNBC (now called MS NOW) and Fox News.

“We not only became profitable, but also changed the nature of news — from watching something that happened to watching it as it happened,” Turner said of CNN in 2004. “If we needed more money for [broadcasting from] Kosovo or Baghdad, we’d find it. If we had to bust the budget, we busted the budget. We put journalism first, and that’s how we built CNN into something the world wanted to watch.”

Fox Corp. Chairman Emeritus Rupert Murdoch, who was both a rival and friend of Turner, said his “vision for 24-hour cable news transformed the media industry and gave viewers everywhere a front seat to witness history unfold. His impact as a trailblazer has left an indelible mark on our cultural landscape.”

Turner recognized the value of global distribution long before his rivals, launching CNN’s international business in the mid-1980s. He bought his first western property, The Bar-None Ranch in Montana, and would eventually become one of the nation’s largest individual landowners with nearly 2 million acres, which provide habitat for threatened species and his beloved American bison.

“Ted’s entrepreneurial spirit, creative ambition and willingness to take risks changed the media industry forever,” David Zaslav, chief executive of Warner Bros. Discovery, which owns CNN, said Wednesday in a note to employees. “He believed deeply in the power of ideas, in doing things differently and in building platforms that could inform, inspire and connect people around the world.”

Robert Edward Turner III was born in Cincinnati on Nov. 19, 1938, and raised in Georgia. A mischievous child — who later became a mischievous adult despite attending the Georgia Military Academy — he had a tough childhood at the hands of his alcoholic father, Ed.

“Ninety percent of the arguments I had with Ed were over his beating Ted too hard,” Ted’s mother, Florence Turner, recalled later.

“My dad ran an old-fashioned household and he insisted that pretty much everything had to be his way,” Ted Turner said in a 2008 memoir. “My father and I had a complex relationship but I loved him.”

The younger Turner attended Brown University but dropped out before graduating. His savings had run out, his father had stopped financially supporting his tuition, and in his final days on campus, he was suspended for bringing a woman to his dorm room, according to his memoir.

He soon joined his father’s expanding billboard advertising company, Turner Advertising, where he had been working off and on for years since childhood.

He inherited the business at the age of 24 after his father died by suicide. By then, Turner had already had years of experience , and he worked furiously to reverse his father’s recent sale of part of the company to a competitor and paid down its daunting debt, an act that presaged the empire-building to come.

While growing the business, Turner also pursued his passion for competitive sailing, which is how he met his first wife, Judy Nye, in college. It’s also how their marriage ended. Turner intentionally hit his wife’s boat during a 1963 race to keep her from passing him, and the pair, who had two children, split immediately afterward.

It was to be the first of three divorces. . “My problem is I love every woman I meet,” Turner has said. He would go on to win the America’s Cup in 1977 while expanding his father’s company into a modern multimedia conglomerate.

Leveraging the billboard business, Turner started buying local radio stations across the South in the late 1960s. In 1970, he bought the Channel 17 television station in Atlanta, competing with local network affiliates by airing old movies whose rights were affordable and picking up programming dropped by the less nimble competition. He didn’t like putting news on prime time back then — too negative — and soon picked up broadcast rights for the Braves, Hawks and other local sports.

Oct. 1998 photo of former President Jimmy Carter, right, and Atlanta Braves team owner Ted Turner, during Game 6 of the National League Championship Series in Atlanta.

(PAT SULLIVAN/AP)

The Braves were a ratings hit, and when the team flailed and went up for sale, Turner’s company became its owner in 1976. The team continued to flail but Turner boosted its profile with gimmicks such as sewing “Channel 17” on the back of a pitcher’s jersey and dressing up as the team’s batboy and manager, to the league’s disdain. Turner bought the Hawks shortly after.

Facing entrenched local network affiliates, Turner expanded his independent station’s reach across the South and then the U.S. by embracing the new technologies of cable and satellite broadcasting. Channel 17 became nationally known as the “SuperStation,” with call letters WTBS, later shortened to TBS.

The quirky Atlanta station’s local broadcasts of old movies and sports games had become national broadcasts.

Still hungry for more, Turner finally turned his attention to news programming. He launched CNN in 1980 in a desperate bid to create a national 24-hour news channel before the broadcast titans ABC, NBC and CBS — and their gargantuan budgets — could beat him to it.

“The 24/7 genre started with Ted Turner,” veteran CNN journalist Christiane Amanpour said Wednesday on CNN. “He was the original, and he made us all proud, and he made us all hopeful, and he made us all strive for his vision of a better world.”

There were some lean early years. But the nascent channel fended off an attempt by ABC to create a competitor, and critics could see the value of an ever-present news channel, even if quality was a little thin at times.

“Non-viewers of CNN are missing a lot. There are so many reasons to watch,” Los Angeles Times critic Howard Rosenberg wrote in 1986, hailing the 6-year-old channel as an “institution.” “It’s not always good, but it’s always there.”

In 1986, CNN was the only broadcaster running live coverage when the Challenger shuttle liftoff ended in disaster. In 1991, the network gave Americans a live and uninterrupted look at the invasion of Iraq. American officials held news conferences knowing that Iraqi leader Saddam Hussein was watching them on CNN.

Americans had seen images of war before, but not broadcast nonstop into their homes.

“CNN seeks to be a stethoscope attached to the hypothetical heart of the war, and to present us with its hypothetical pulse,” the French theorist Jean Baudrillard wrote, critiquing the conflict as a media spectacle. Media scholars began to wonder whether a “CNN effect” was influencing government policy. Officials found that they now had to respond much more quickly to crises unfolding on live television.

Turner was not adversarial to communist countries of the era and even tried his own version of the Olympics, called the Goodwill Games, a bit of private-sector peace-craft that brought the Soviet Union and the U.S. out of their respective Olympic boycotts and back into direct competition in the 1989s. All on television, of course.

Turner also saw professional wrestling as part of his sports portfolio, at one point trying to pit his World Championship Wrestling program against competitor Vince McMahon’s wrestling empire, then called the World Wrestling Federation. Turner similarly tried to take a bite out of MTV with the Cable Music Channel, with a promise “to stay away from the excessive, violent or degrading clips to women that MTV is so fond of putting on.”

Moralism was a Turner hallmark. Turner had started his life as a conservative — Turner had met his second wife, Jane Smith, at a 1964 fundraiser for Republican presidential candidate Barry Goldwater — and turned toward more liberal-leaning causes, such as world peace, nuclear nonproliferation and fighting climate change, later in life.

At the 1990 American Humanist Assn.’s annual convention, Turner presented his “Ten Voluntary Initiatives” — his atheistic version of the Ten Commandments — which included pledges to world peace, environmentalism, nonviolence and “to have no more than two children, or no more than my nation suggests.” He would become a major private donor to the United Nations, pledging $1 billion and launching the United Nations Foundation nonprofit.

In 1991, a year marked by the collapse of the Soviet Union, the first U.S. war against Iraq and the confirmation hearings of Supreme Court Justice Clarence Thomas, Time magazine named Turner its “Man of the Year” for his “visionary” creation of CNN, which covered those events live. He also married Fonda that year (the ceremony was reported by CNN) and his Braves narrowly lost the World Series.

Time’s honorific was also a nice bit of corporate synergy. The magazine’s parent company, Time Warner, owned about 20% of Turner Broadcasting System stock.

Turner launched the Cartoon Network in 1992, which helped introduce his then-newly acquired Hanna-Barbera characters — including Fred Flintstone, Yogi Bear and Scooby-Doo — to a new generation of viewers.

Adversaries thought that Turner’s ventures could be reckless and impulsive. Far-seeing accomplishments in national broadcasting and the creation of CNN were also paired with several expensive misadventures, including a failed attempt to buy CBS.

Turner had to unwind a purchase of the MGM film studio less than a year after buying it, though he held onto one valuable asset: The studio’s film library, which became the foundation of the Turner Classic Movies channel and, later, jewels in the Burbank-based Warner Bros. studio vault.

In 1996, Turner Broadcasting merged with Time Warner to form the world’s largest media company, marking the beginning of the end of Turner’s apex in corporate media. Time Warner’s 2000 merger with budding internet giant AOL, then the largest-ever corporate merger, ended in disaster. Turner, who had not been a key player in the negotiations and had made no secret of his disdain for that deal, was fired as an executive.

“Ted Turner was one of the rare leaders who truly changed the trajectory of an industry,” Versant Media Chief Executive Mark Lazarus, a former Turner underling, said in a statement. “I saw firsthand his willingness to take risks and his belief that media could be something bigger and more impactful.”

CNN Worldwide Chairman Mark Thompson added: “He was and always will be the presiding spirit of CNN. Ted is the giant on whose shoulders we stand.”

Turner resigned from the AOL Time Warner board in 2003, and in 2007, announced he had sold his company shares. In his later days, one of his best-known ventures was his Ted’s Montana Grill restaurant chain. His philanthropy and land conservation efforts and protection of the American bison became guide posts during his retirement years.

While CNN maintains influence in the U.S. and abroad, its TV ratings have declined in recent years — a casualty of changing consumer behavior, the rise of social media, derision from President Trump — and several ownership changes.

During the past decade, CNN has had three different corporate owners. The company is poised to be sold again, this time to billionaire David Ellison’s Paramount Skydance. That proposed merger would bring CNN under the same roof as CBS News.

“I’ve often considered and joked about what I might want written on my tombstone,” Turner said in a 2008 memoir. “At one point, when I felt like I could get out of the way of the press, ‘You Can’t Interview Me Here’ was a leading candidate. … These days, I’m leaning toward, ‘I Have Nothing More to Say.’”

Turner is survived by his five children — Laura Turner Seydel (Rutherford), Robert Edward “Teddy” Turner IV (Blair), Rhett Turner, Beau Turner, Jennie Turner Garlington (Peek) — 14 grandchildren and a great granddaughter. The family plans a private and public service at a later date.

Pearce is a former Times reporter. Times Staff Writer Stephen Battaglio contributed to this report.

SEOUL, May 6 (UPI) — World-leading non-ferrous metal maker Korea Zinc said Wednesday it posted record results during the first three months of this year despite a challenging business environment.

The Seoul-based company said its first-quarter sales were $4.2 billion, up 58.4% from a year before, while operating profit nearly tripled to $515 million year-on-year. Both were all-time quarterly highs.

Korea Zinc’s operating margin almost doubled to 12.3% during the January-March period. The company said said its diversified product portfolios and stable production capabilities led to the strong profit.

Robust demand for precious metals and critical minerals, including gold, silver and antimony, supported the company’s stellar performance, Korea Zinc said.

Separately, the company’s board approve Wednesday a first-quarter dividend of $3.46 per share, totaling $71 million, with payouts scheduled for early next month.

“Despite the sudden outbreak of war, rising raw material prices, and supply chain disruptions, we achieved record quarterly results thanks to our diverse product portfolio, stable production capacity, and growth in new business sectors,” Korea Zinc said in a statement.

“Down the road, we will keep putting forth efforts to maintain stable growth and solid profitability despite an uncertain global environment,” it added.

The company also said that it would focus corporate capabilities on the successful execution of Project Crucible, a $7.4 billion initiative to build an integrated smelter in Tennessee in partnership with the U.S. government.

The program aims to roll out 13 types of nonferrous metals, including 11 critical minerals, as well as semiconductor-grade sulfuric acid, beginning in 2029. Last month, Washington designated it under the FAST-41 permitting program for fast-track procedures.

The share price of Korea Zinc jumped 7.24% on the Seoul bourse Wednesday.

South Korean stocks shot up nearly 6.5 percent Wednesday, extending a record-breaking run to top the 7,300-point mark, driven by a semiconductor rally and optimism for a potential peace deal in the Middle East. The local currency also strengthened against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 447.57 points, or 6.45 percent, to a fresh record high of 7,384.56.

It marked the second-largest daily gain in terms of points following 490.36 points reached on March 5.

Trade volume was heavy at 984.4 million shares worth 58.2 trillion won (US$40 billion), with losers outnumbering winners 199 to 677.

Foreigners bought 3.1 trillion won worth of local shares, while institutions and individuals dumped a net 2.3 trillion won and 571.2 billion won, respectively.

Overnight, U.S. President Donald Trump said he would pause operations to escort ships through the Strait of Hormuz as part of efforts to reach a final agreement with Iran.

The KOSPI opened 2.25 percent higher to surpass the landmark 7,000-point threshold for the first time and extended the gains throughout the session.

The main index has been on a bullish run in recent months, surpassing the 5,000-point mark in late January and topping another milestone of 6,000 points in February.

After recouping its losses in March following the outbreak of the U.S.-Iran war in late February, the KOSPI breached the 7,000-point level on continued optimism over the artificial intelligence (AI) boom and hopes for the reopening of the key waterway.

“Global tech giants’ strong performances and the strengthened value chain for AI data centers boosted the AI-related shares,” Lee Kyung-min, an analyst at Daishin Securities, said. “In particular, the market’s top-three shares of Samsung Electronics, SK hynix and SK Square led the rally.”

Top-cap Samsung Electronics surged 14.41 percent to close at 266,000 won, pushing its market capitalization above 1.5 quadrillion won and becoming the second Asian company to surpass the $1 trillion milestone after Taiwan Semiconductor Manufacturing Co.

SK hynix soared 10.64 percent to 1.6 million won, and AI investment firm SK Square jumped 9.89 percent to 1.1 million won.

Hanmi Semiconductor, a chip manufacturing company, rose 4.37 percent to 394,500 won, and LG Electronics vaulted 8.17 percent to 154,900 won.

However, shipbuilding and defense shares dropped. Major shipyard HD Hyundai Heavy Industries fell 4.71 percent to 648,000 won, and defense giant Hanwha Aerospace lost 2.18 percent to 1.4 million won.

Leading biotech firm Samsung Biologics declined 0.34 percent to 1.48 million won, and top mobile carrier SK Telecom backtracked 1.95 percent to 95,500 won.

The Korean won was quoted at 1,455.1 won against the U.S. dollar at 3:30 p.m., up 7.7 won from the previous session.

The quotation marks the highest since February 27, when the currency closed at 1,439.7 to the greenback.

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May 5 (UPI) — The Center for AI Standards and Innovation, part of a U.S.government agency, announced Tuesday that it will test artificial intelligence models from some top firms before release to vet them for security risks.

CAISI has deals with Microsoft, xAI and Google DeepMind for this testing and targeted research “to better assess frontier AI capabilities and advance the state of AI security,” it said in a release. The center is part of the U.S. Department of Commerce’s National Institute of Standards and Technology.

This follows similar deals in 2024, under the Biden administration, with prominent AI leaders OpenAI and Anthropic, which have been “renegotiated” to fit Trump administration directives, Politico reported.

The government has increasingly shown interest in matters of AI technology and security. CNBC also reported Tuesday that the Trump administration is considering an executive order to create a process for AI oversight by the White House.

Some of this interest has been heightened by the announcement last month of Anthropic’s new Mythos AI model. The company described the model as excelling “at identifying weaknesses and security flaws within software” and limited its initial use to certain companies. These companies, including Amazon and Microsoft, will use it as part of defensive security work and as part of Project Glasswing, a cybersecurity initiative, Anthropic said.

The announcement Tuesday from CAISI said that the center has completed more than 40 evaluations of AI models so far.

“Independent, vigorous measurement science is essential to understanding frontier AI and its national security implications,” CAISI director Chris Fell said in a statement. “These expanded industry collaborations help us scale our work in the public interest in a critical moment.”

May 5 (UPI) — Colombian singer Shakira drew an estimated 2 million people to a free concert on Copacabana beach, generating an estimated $160 million economic impact, according to data from the city government and municipal agencies.

The show, held Saturday in front of the Copacabana Palace hotel, was part of the third edition of the “Todo Mundo no Rio” program, an initiative led by the Rio city government to attract tourism and economic activity during May, traditionally a low season.

According to Riotur and the Municipal Secretariat of Economic Development, the event boosted sectors such as hospitality, food services, transportation and retail. The city deployed a comprehensive operation covering security, logistics and public services, with the Operations and Resilience Center running at full capacity.

The concert opened with a show of 1,500 drones — described as one of the largest displays of its kind at a music event — forming a she-wolf in the sky, a symbol associated with the artist. Minutes later, Shakira appeared on stage dressed in the colors of Brazil.

During the show, the artist spoke in Portuguese and recalled her early years in the country.

“Brazil, I love you. It is magical to see millions of souls together, ready to sing, feel and dance,” she told the crowd.

The performance included more than two hours of hits spanning different stages of her career, along with segments dedicated to women.

“Women don’t cry anymore. Alone we may be more vulnerable, but together we are invincible,” she said.

The show also featured appearances by well-known Brazilian artists, such as Anitta, Caetano Veloso, Maria Bethania and Ivete Sangalo.

The “Todo Mundo no Rio” program aims to position Rio as a global destination for large-scale events. It was launched in 2024 with Madonna, who drew 1.6 million people, and continued in 2025 with Lady Gaga, who attracted 2.5 million.

Copacabana has also hosted some of the largest concerts in the world. Rod Stewart drew 3.5 million people in 1994, The Rolling Stones, about 1.5 million in 2006, and Stevie Wonder, some 2 million in 2012.

According to official data released by Agencia Brasil, medical services handled about 400 cases during the event, with 64 transfers to hospitals due to general discomfort, minor injuries and alcohol consumption. Cleanup crews collected about 362 tons of waste, with nearly 2,000 workers deployed.

After her stop in Brazil, Shakira will head to the North American leg of her tour, with concerts in the United States between June and July. These include dates in Inglewood, Palm Desert and San Jose, Calif., Dallas, Atlanta, Miami, Baltimore, Boston, Newark, N.J., and New York, before ending this leg in Atlantic City, N.J. on July 25.

May 5 (UPI) — Brian Armstrong, CEO of cryptocurrency exchange Coinbase, announced the company is downsizing about 14% of its workforce.

Armstrong posted a memo to employees on X saying he had made “the difficult decision to reduce the size of Coinbase” by approximately 14%, explaining it is the result of “two forces” that “are converging at the same time.”

The first of the “forces” at play is the current downturn in the crypto market, leading to a “need to adjust our cost structure now so that we emerge from this period leaner, faster and more efficient for our next phase of growth.”

The second reason cited by Armstrong is the rise of AI “changing how we work.”

“All of this has led us to an inflection point, not just for Coinbase, but for every company. The biggest risk now is not taking action. We are adjusting early and deliberately to rebuild Coinbase to be lean, fast, and AI-native. We need to return to the speed and focus of our startup founding, with AI at our core,” Armstrong wrote.

Coinbase is scheduled to report its first-quarter earnings on Saturday, with shares up nearly 4% in premarket trading.

The announcement follows other companies including Block, Pinterest, CrowdStrike and Chegg making the decision to cut jobs as a result of AI integration.

May 4 (UPI) — Elon Musk on Monday settled a lawsuit filed against him by the Securities and Exchange Commission for $1.5 million after the agency accused him of breaking securities laws.

The SEC alleged in January 2025 that Musk cost Twitter shareholders $150 million because he delayed disclosing his purchase of more than 5% of shares in the company within the 10 days required by law.

Musk’s purchase of Twitter led to a series of lawsuits because of how he purchased the company, which has since been renamed to X, which saw him become its biggest shareholder before he launched a successful hostile takeover, The Washington Post reported.

In the settlement, which still needs to be approved by a judge, would see Musk pay a $1.5 million penalty while allowing him to admit no wrongdoing, CNBC reported.

“A trust vehicle has agreed to a small fine for being late on one filing,” Musk attorney Alex Spiro said of the agreement, which will see one of his client’s revocable trusts paying the fine.

Musk made a play to buy Twitter in 2022, first buy purchasing more than 5% of the company, which he did not disclose and was the reason the SEC filed suit, which allowed him to put other investors in a poor position before he launched his takeover.

May 4 (UPI) — Retail giant Amazon announced Monday that it will open its supply chain networks to other businesses as part of its new Amazon Supply Chain Services, which includes freight, distribution, fulfillment and shipping aspects.

Stocks for FedEx and UPS, both competitors in this field, sank about 10% Monday afternoon in response, CNBC reported, while Amazon stocks stayed steady.

The announcement from Amazon said the company has built “one of the most reliable and efficient supply chains on Earth — from freight that moves cargo across air, land and sea, to fulfillment centers that pick and pack millions of orders a day, and a parcel shipping network that delivers packages every day of the week.”

It listed the company’s more than 80,000 trailers, more than 24,000 intermodal containers and more than 100 aircraft operated with carrier partners and said that services will be offered to businesses of all types and sizes.

As part of Monday’s announcement, Amazon also announced that companies Procter & Gamble, 3M, Lands’ End and American Eagle Outfitters have signed on to use Amazon Supply Chain Services.

South Korean stocks shot up by more than 5 percent to close at a fresh high Monday, approaching the 7,000-point mark, as investors scooped up semiconductor shares while awaiting developments in U.S.-Iran peace talks. The Korean won rose sharply against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 338.12 points, or 5.12 percent, to a fresh record high of 6,936.99.

Trade volume was heavy at 864.3 million shares worth 41.3 trillion won (US$28.2 billion), with losers outnumbering winners 473 to 392.

Foreigners bought 3 trillion won worth of local shares, and institutions purchased a net 1.9 trillion won, while retail investors dumped a net 4.8 trillion won.

The index opened 2.79 percent higher after U.S. President Donald Trump announced a plan to guide ships not involved in the Iran conflict through the Strait of Hormuz as a “humanitarian gesture” starting this week.

Later, a senior Iranian official warned that Tehran would consider any U.S. interference in the strait a ceasefire breach.

However, the KOSPI extended its gains in the afternoon, supported by foreign and institutional buying.

“Tech shares were driven by gains on Wall Street over the weekend,” Lee Kyung-min, an analyst at Daishin Securities, said. “Also, foreign investors expanded their net purchase ahead of the market closure for Children’s Day on Tuesday.”

The main index surpassed the 5,000-point mark in late January and topped another milestone of the 6,000-point level in February.

After recouping its losses in March following the outbreak of the U.S.-Iran war in late February, the KOSPI is now approaching the uncharted 7,000-point level on continued optimism over the AI boom and hopes for the reopening of the key waterway.

Semiconductor stocks led the rally.

Chip giant Samsung Electronics jumped 5.44 percent to 232,500 won, and its chipmaking rival SK hynix surged 12.52 percent to a fresh record high of 1.4 million won, surpassing 10 trillion won in market capitalization for the first time.

Hanmi Semiconductor, a chip equipment manufacturer, rose 2.72 percent to 378,000 won, and Samsung Electro-Mechanics, an electronic components affiliate of Samsung Electronics Co., soared 10.34 percent to 918,000 won.

Defense shares were also strong as industry leader Hanwha Aerospace advanced 3.39 percent to 1.4 million won and LIG D&A gained 4.46 percent to 983,000 won.

Top carmaker Hyundai Motor climbed 1.51 percent to 539,000 won, and leading battery maker LG Energy Solution increased 2.5 percent to 472,000 won.

However, bio shares went south as Celltrion fell 1.35 percent to 197,800 won, and Samsung Biologics dropped 2.58 percent to 1.4 million won.

The Korean won was quoted at 1,462.8 won against the U.S. dollar at 3:30 p.m., up 20.5 won from the previous session.

The quotation marks the highest since February 27, when the currency closed at 1,439.7 to the greenback.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys added 2 basis points to 3.615 percent, while the return on the benchmark five-year government bonds gained 1.7 basis points to 3.797 percent.

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Why go now

My favourite way to enter Rione Sanità is by elevator: descending from a bridge into cobblestoned streets buzzing with mopeds and flanked by opulent but decaying 18th-century palazzi. Through the grand doorways of these once noble palaces are courtyards where bakers, butchers, cobblers and the odd contraband cigarette vendor do business.

La Sanità – to the locals – is a thriving working-class district with a grand history. In the 17th century, the Spanish viceroys took a fancy to the area perched on the hill above the dense and crowded streets of the old town. Its name, which translates as “healthy district”, reflected a cleaner reputation (rainfall ran downhill, depositing debris and waste in the historic centre below). They built vast houses here in the 18th century (see Palazzo dello Spagnolo and Palazzo San Felice), with architects vying for attention as the court passed through to Capodimonte, the royal summer residence above the city. Business flourished until Napoleon arrived in the early 19th century, found the route too slow, and built the overpass that eventually suffocated the area and left it fighting for its life.

Emboldened by one too many fatal gang wars and a blighted reputation, local residents came together several years ago to form associations such as Napoli in Vita, with the aim of opening up the area, supporting local business and creating employment. The result is a neighbourhood renaissance led by the community for the community, which has quickly become an example for the whole city in the midst of mass touristification.

Where to eat and drink

Trying the local pizzerias is non-negotiable. It was in La Sanità that Sophia Loren famously kneaded pizza dough in Vittorio De Sica’s film L’oro di Napoli (Gold of Naples); and the award-winning Isabella De Cham runs the city’s first all-female fried pizza spot – her tiny montanare pizzas are loaded with cheese, vegetables and ham.

Pizzeria Oliva da Carla e Salvatore, the locals’ favourite, has a view of the majolica-clad basilica. Concettina ai Tre Santi draws food pilgrims from across the world for head chef Ciro Oliva’s deconstructed pizza and his focus on using the best local producers and ingredients. Wash it down with Vesuvian wine at Antica Cantina Sepe on Via Vergini, a fixture for generations and one of the forces quietly reshaping the neighbourhood by hosting community events and keeping prices affordable and inclusive.

Cultural experiences

There is as much to see below ground in La Sanità as above. In the Hellenistic period, it was a sacred burial ground and beneath the soft tufo stone lies a warren of tunnels and hollowed-out chambers, now home to garages and workshops such as Fonderia Mercogliano, which casts religious objects from metal. The San Gennaro and San Gaudioso catacombs are run by a social cooperative, La Paranza, which employs young people from the neighbourhood and offers a fascinating tour, showing how the ancient populations negotiated death and legacy. The highlight is the Ipogeo dei Cristallini, a Greco-Roman crypt, recently uncovered beneath a 17th-century apartment block, featuring a perfectly intact relief sculpture of Medusa. It’s a marvel.

Where to shop

La Sanità is a den of indulgence, but it is the bakeries that set it apart, each with its own speciality. You can find taralli (crunchy savoury biscuits made with fennel seed and black pepper to accompany a beer) at Panificio Coppola Antonio; a perfectly moist rum babà at Pasticceria Mignone; and for La Sanità’s most famous sweet export head to Pasticceria Poppella for fiocchi di neve (snowflakes), small, soft brioche filled with a secret recipe of cream and ricotta.

Don’t miss

La Sanità has long been home to craftsmen and artists, their workshops tucked into courtyards and up hidden stairways. Omega Guanti has been hand-stitching leather gloves since the Bourbon period for the likes of Dior. Michele Iodice, a celebrated Neapolitan sculptor, works and exhibits from his studio dug into the tufo stone that is in itself a masterpiece. Atelier Alifuoco, a shared studio space, is home to the next generation of the city’s artists.

Where to stay

Casa D’Anna ai Cristallini (doubles from €220) is more sumptuous private home than hotel, where tasteful art lines the walls and photography books are stacked on antique furniture. Down the road, artist Vincenzo Oste and his wife Inès Sellami incorporate art, design and artisan work at their guesthouse Atelier Inès (doubles from €265), inside their newly restored palazzo, set within a leafy courtyard.

May 3 (UPI) — Oil exports from the United States have increased by more than 30% the U.S.-Israeli war in Iran started and the Strait of Hormuz was blockaded in response.

The Port of Corpus Christie has overtaken the ports in Saudi Arabia and Iraq in the last few weeks as the two Persian Gulf ports have been cut off from the rest of the world since the Strait has been blockaded.

Over the past two months, the United States has sold more than 250 million barrels of oil to foreign buyers as exports have increased by 30%, from 3.9 million barrels per day in February to 5.2 million barrels per day in April, Bloomberg and CNBC reported.

Experts have warned, however, that domestic oil inventories are depleting stockpiles and there is a question of how long the country will be able to continue replacing oil on the market that is stuck in the Strait.

Although selling oil is good for business, oil producers are struggling to keep up with the demand and it is possible that selling so much could have an add-on effect of pushing gas prices for American consumers even higher than they have gone since the war started.

“Ships are coming to take our oil, but once significant volumes of are leaving the United States, it can be expected that balances will tighten,” Clayton Seigle, senior fellow at the Center for Strategic and International Studies, told Bloomberg.

“We are digging ourselves a hole in terms of spending down inventories,” he said.

Roughly 20% of global oil supplies pass through the Strait of Hormuz and Iran’s shutting of it has caused gas and fuel prices to skyrocket over the last two months, including massive effects on the airline industry, which has seen seen the price of jet fuel double since before the war.

Oil from the United States, Latin America and West Africa could for a short time be a substitute for Middle Eastern oil for countries in Asia, which has been hurt the most, but it is not ideal, Matt Smith, director of commodity research at Kpler, told CNBC.

“Asian markets are buying whatever they can get their hands on, so they’re taking a lot of light sweet [American] crude [oil],” Smith said, but their refineries are optimized for the heavier oil produced in the Middle East.

“It’a hole that can’t be plugged,” Smith told CNBC. “The answer has to be ensuring secure supply from the Middle East.”

[kicker]

Ministry of Commerce says sanctions against refineries accused of importing Iranian oil violate international law.

China has announced an injunction to block US sanctions placed on five Chinese refiners accused ‌of buying oil from Iran.

The sanctions announced by the United States Department of the Treasury late last month bar the companies from the US financial system and seek to penalise anyone doing business with the firms.

In a statement on Saturday, China’s Ministry of Commerce said the sanctions “improperly” restrict business between Chinese enterprises and third countries “in violation of international law and the basic norms governing international relations”.

The Commerce Ministry said it had issued a “prohibition order” stipulating that the sanctions “shall not be recognized, enforced, or complied with” to “safeguard national sovereignty, security, and development interests”.

“The Chinese government has consistently opposed unilateral sanctions that lack UN authorisation and basis in international law,” the ministry added.

It said the order blocked US measures against Hengli Petrochemical (Dalian) Refinery and four other so-called “teapot” refineries: Shandong Jincheng Petrochemical Group, Hebei Xinhai Chemical Group, Shouguang Luqing Petrochemical and Shandong ⁠Shengxing Chemical.

Announcing the sanctions on April 24, the US Treasury Department called Hengli “one of Tehran’s most valued customers”, saying it had generated hundreds of millions of dollars in revenue for the Iranian military through crude oil purchases.

The Trump administration imposed sanctions on the other four refineries named by the Chinese ministry, among other facilities, last year.

China gets more than half of its oil from the Middle East, much of it from Iran.

According to commodities data firm Kpler, China bought more than 80 percent of the oil Iran shipped in 2025.

China’s “teapot” refineries operate independently and are generally smaller than the facilities run by state-owned oil giants, such as Sinopec.

The facilities, which have been crucial to China’s efforts to secure its oil supplies, capitalise on heavily discounted crude sold by countries under sanctions, such as Iran, Russia and Venezuela.

Teapots account for a quarter of Chinese ⁠refinery capacity, operate with narrow and sometimes negative margins, and have been squeezed recently by tepid domestic demand.

US sanctions have created additional hurdles for refiners, including difficulties selling refined products under their correct place-of-origin markings.

May 2 (UPI) — Spirit Airlines closed Saturday morning, with no options for those already booked on the airline.

“Unfortunately, despite the company’s efforts, the recent material increase in oil prices and other pressures on the business have significantly impacted Spirit’s financial outlook,” the airline said in a statement. “With no additional funding available to the company, Spirit had no choice but to begin this wind-down.”

All flights are canceled, and passengers shouldn’t go to the airport, Spirit said. Those who booked directly with the company will get refunds, but others should reach out to their travel agent or booking site, the company said.

The company reported around 17,000 employees as of the shutdown.

“We’ve activated our airline partners to ensure passengers are not stranded, communities maintain route access, fares do not skyrocket, and Spirit’s workforce is connected to new job opportunities,” Secretary of Transportation Sean Duffy said in a statement.

United, Delta, JetBlue and Southwest are all capping ticket prices for Spirit customers who now need to rebook cancelled flights, Duffy’s statement said. But those prices will only be available for 72 hours.

Spirit declared bankruptcy in 2024 and 2025. The company hoped to overcome its most recent bankruptcy, but high fuel prices brought on by the war in Iran have stymied those plans.

Last week, President Donald Trump said the government could buy the airline, and it has been working on a $500 million rescue plan that would give the government a large ownership stake. But the company couldn’t get support between bondholders and the government for the deal.

Trump told reporters at the White House Friday that an announcement about Spirit was coming within the next couple of days.

“I guess we’re looking at it. If we could do it, we’d do it, but only if it’s a good deal,” Trump said about a bailout plan. “But if we can’t make a good deal – no institution’s been able to do it. I said I’d like to save the jobs. … I would say we’re driving a tough deal, but it’s one of those things. We will do it or we won’t.”

Spirit CEO Dave Davis explained the shutdown.

“The sudden and sustained rise in fuel prices in recent weeks ultimately has left us with no alternative but to pursue an orderly wind-down of the company,” Davis said in a statement. “Sustaining the business required hundreds of millions of additional dollars of liquidity that Spirit simply does not have and could not procure. This is tremendously disappointing and not the outcome any of us wanted.”

Spirit customer Angela Moreno told NBC News that she was planning to fly from Fort Lauderdale to Nashville for a wedding Saturday.

“The whole family is going there from different states, so it’s very shocking,” she said. “There’s many people who cannot attend the wedding as of now.”

She said she’s struggling to find replacement tickets.

“They’re refunding the tickets, but the only tickets right now are $600,” she said. “I hope the best for those people who really needed that flight.”

Henry Hartevelt, airline industry analyst at Atmosphere Research Group, told The Washington Post that Spirit was struggling long before the war. Bad business decisions, overexpansion and loss of focus caused its internal issues, and increased competition from other budget airlines added to its woes.

Spirit’s core demographic earns less than $80,000 per year, and those customers took the brunt of the inflation hit during the COVID-19 pandemic, he added.

“So [there’s] no single cause of Spirit’s demise, but Spirit has been teeter-tottering on the verge of shutting down for a long time,” Harteveldt told The Post. “It’s very unfortunate. More than [17,000] people may lose their jobs if it does shut down, and we lose an airline and a source of price competition.”

May 2 (UPI) — A Texas judge on Friday temporarily paused the state’s ban on smokable hemp products, such as flower and joints, after three industry groups and multiple companies based in the state sued over it.

The state in March expanded its limit on THC in hemp products from 0.3% levels of Delta-9 THC to cover any form of THC beyond the state’s previous limit of 0.3% total THC in dry weight of the intoxicating group of chemicals.

This variety of chemicals includes Delta-8, various forms of Delta-9, and all other cannabinoids, with the exception of CBD and CBG.

The rule adopted by the state’s health department effectively banned all smokable forms of hemp because vapes and e-cigarettes that contain any form of cannabinoid were banned in Texas last September, the Texas State Law Library reported.

Since the federal government fully legalized hemp with low levels of Delta-9 THC, companies have produced hemp with boosted levels of other cannabinoids, including THCA, a non-psychoactive chemical that converts to Delta-9 THC when heated.

The groups that used the state contend that the health department overstepped their constitutional authority and that the new rules have done irreparable harm to the Texas hemp industry, CBS Austin reported.

“We are obviously excited about this ruling,” said Jason Snell, one of the attorneys that represents the industry groups and companies, KUT News reported.

“[The judge] issued a statewide injunction which prohibits what we believe are illegal rules from going into effect, which would cripple the hemp industry statewide and deprive consumers and every day Texans from access to legal products,” Snell said.

The Texas legislature last May passed a bill that would have effectively banned all of the products, but Texas Gov. Greg Abbot vetoed, which led the health department attempting to ban the products itself.

A previous temporary restraining order on the rule was set to expire Friday afternoon at 5 p.m., but the ruling — which covers all consumable hemp products — will now allow the industry to keep doing business.

, wit

May 2 (UPI) — A company that makes the abortion drug mifepristone on Saturday asked the U.S. Supreme Court to immediately pause a ruling that prevents doctors from prescribing it during telehealth visits.

Late Friday, a three judge panel on the 5th Circuit Court of Appeals unanimously ruled in favor of the state of Louisiana in a case asking the court to block doctors from prescribing the drug in telehealth visits.

Louisiana in the last four years has moved to prevent women in the state from obtaining abortion care legislators there were among the first to ban abortion after the repeal of Roe v. Wade, and later blocked doctors from prescribing the medical abortion pill in virtual telehealth visits.

The company, which is not the only drugmaker planning to file an appeal, said that patients will be stuck in limbo because of the lack of clarity it leaves for legal use of the drug, NBC News and Politico reported.

Roughly half of all abortions in the United States are performed using medications.

“Danco has been free to rely on procedures set by the FDA to distribute its product,” lawyers for the company said in a filing with the court.

“The Fifth Circuit’s decision immediately ends that,” the lawyers said. “A stay should issue to prevent the disruption and confusion that will result if the decision below were to remain operative.”

In addition to Danco, Politico reported that GenBioPro, which also manufactures the drug, has indicated that it will also file an appeal with the court.

Mifepristone was approved by the U.S. Food and Drug Administration in 2000 for medical termination of pregnancy and, until the COVID-19 pandemic, could only be prescribed during in-person appointments.

Early in the pandemic and the country locked down in an effort to stem the spread of the virus, doctors sued the FDA to allow them to prescribe mifepristone during telehealth visits.

The FDA temporarily changed the rule, but in 2023 adopted it permanently as some states started to restrict access to abortion and abortion services after the Supreme Court struck down Roe v. Wade.

Pharmaceutical companies and patient advocates warned that the restriction circumvents the FDA’s regulatory authority, which is based on evidence and data, and that it may offer a path for people to challenge other medications based on personal interest or opinion.

In the case of Danco, it also immediately filed the appeal because it is the only product it makes and “without a valid legal framework for distributing that product, Danco will lose its only source of revenue and may be unable to continue operating.”

May 2 (UPI) — The United States has started warning allies that delivery of weapons systems are likely to be delayed because stockpiles have been drained during the war in Iran.

The Department of Defense has warned several allies in Europe — including the United Kingdom, Poland, Norway and Estonia — that there will be delivery delays for several missile systems, Breaking Defense and The Financial Times reported.

The delays, which may also spread to deliveries to Asian allies, have been linked to growing concerns about the numbers of U.S. weapons used since the war in Iran started.

Concerns have also come up as to whether lower stockpiles could affect the United States’ ability to defend itself and its allies.

The Department of Defense already has been relocating weapons from bases in other parts of the world both to the U.S. stockpile and for use in the Iran war, which President Donald Trump noted on Friday.

“All over the world, we have inventory,” he said. “And we can take that if we need it.”

Among the weapons systems that could be affected are the HIMARS and NASAMS missile systems, shortages of which were reported in Estonia and Norway in April.

The president of Finland also said in recent days that some U.S. weapons stockpiles normally stored in the country have been rerouted, which lines up with Trump’s comments yesterday.

In Asia, Japan and South Korea are reportedly bracing for delays beyond the ones it already has not received, including Patriot missile interceptors and Tomahawk cruise missiles.

Delays that have already happened, and the potential for more, could affect foreign nations’ reliance on weapons manufactured by the United States, experts have said.

“Japan already was deeply frustrated with delivery delays for systems they have paid for,” former Pentagon official Christopher Johnstone told the Financial Times.

“This reality will drive Japan, South Korea and other allies to focus more heavily on indigenous and non-American options, even in areas where U.S. equipment is clearly superior,” he said.

The reports of delays come after Defense Secretary Pete Hegseth on Thursday told members of the Senate Arms Services Committee that he is aware of concerns about the stockpile after two months of an intense campaign in Iran.

In response to questions about the Pentagon’s request for a nearly 50% increase in its budget, Hegseth noted that some of the increase is because of weapons used during the war, and that it could take “months and years” to fully replenish the stockpile.

Trump has asked defense companies to “quadruple” their manufacturing pace, but there are limits to how much production can be sped up, according to industry experts.

May 1 (UPI) — May Day demonstrations are expected Friday, as organizers call for boycotts of school, work and shopping in protest of the Trump administration’s policies.

The May Day Strong protests are to mark International Labor Day. While Labor Day in the United States is in September and is a celebration of the achievements of organized labor, May Day — May 1 — is traditionally a day of protest.

The message this year is that the United States should be “focusing on workers over billionaires,” National Education Association President Becky Pringle told NPR.

“We know there are bus drivers in New York and teachers in Idaho and nurses in Louisiana who are feeling the impact of a system that has decided … to put billionaires ahead of everyone else,” she said.

More than 500 labor unions, student groups and community organizations are expected to participate, organizers said.

A student group, Sunrise Movement, said on X that more than 100,000 students were expected to miss school in the one-day strike. The organization said it is made of “young people fighting fascism to win a Green New Deal.”

This year, rising prices and stagnant wages make this year’s protest especially important, Terrence Wise, an organizer with Missouri Workers Center in Kansas City, Mo., told USA Today.

“If you want to see real change, you’ve got to be a part of the solution. Because if you’re not out organizing and you’re not out in the streets and you’re not talking to your neighbors, you’re part of the problem,” Wise said.

May Day began in Chicago in 1886 as a protest demanding an eight-hour workday and is celebrated around the world.

“People have figured out who’s rigging the game and are taking action,” People’s Action Executive Director Sulma Arias told USA Today. “What we expect is people to come out and deliver a clear message. … They understand that they’re seeing broken promises by an administration that promised to make things more affordable. And yet none of that has happened for everyday people who are still struggling.”

White House spokesperson Kush Desai said the administration of President Donald Trump supports workers.

“The Trump administration has never wavered from standing up for American workers, from renegotiating broken trade deals to securing trillions in manufacturing investments to slashing taxes on overtime to securing our border. President Trump will always have the backs of American workers,” Desai said.

WEST PALM BEACH, Fla. — Spirit Airlines, an impish upstart that shook the industry with its irreverent ads and deep discount fares, announced Saturday that it has gone out of business after 34 years.

The ultra-low-cost airline that once operated hundreds of daily flights on its bright yellow planes and employed about 17,000 people said it had “started an orderly wind-down of our operations, effective immediately.”

Although Spirit had gone bankrupt twice before, the company said high oil prices, which have been rising because of the U.S.-Israeli war with Iran, made it impossible to stay aloft.

The airline said on its website that all flights have been canceled and customer service is no longer available.

“We are proud of the impact of our ultra-low-cost model on the industry over the last 34 years and had hoped to serve our guests for many years to come,” the announcement said.

U.S. Transportation Secretary Sean Duffy said Saturday that Spirit had a reserve fund set up for customers who bought directly from the airline to get refunds. People who bought from third-party vendors such as travel agents would have to seek refunds from them. He had a stark message for people flying with Spirit.

“If you have a flight scheduled with Spirit Airlines, don’t show up at the airport. There will be no one here to assist you,” Duffy said.

He said United, Delta, JetBlue and Southwest were offering $200 one-way flights for people who could confirm that they had Spirit confirmation numbers and proof of purchase for a limited time. Duffy also said other airlines would help with Spirit employees who might be stranded and would offer them a preferential application process as they look for work.

Spirit said in a statement that it was working to get more than 1,300 crew members to their home bases and that the final Spirit flight landed early Saturday at Dallas Fort Worth International Airport from Detroit Metropolitan Airport.

The company advised customers that they could expect refunds but there would be no help in booking travel on other airlines.

The Trump administration had considered a government bailout for the cash-strapped business to keep it from going under, but a deal was not reached. Of the potential bailout, Duffy said Saturday that “we oftentimes don’t have half a billion dollars laying around.”

President Trump had floated the idea of a bailout last week after the airline found itself in bankruptcy proceedings for the second time in less than two years with jet fuel prices soaring since the start of the Iran war.

‘They get you there’

Five Spirit flights were still showing as “on time” on Saturday morning on the departure board in Atlanta. A trickle of passengers who hadn’t heard the news were still showing up.

“What!?” exclaimed Taylor Nantang as she, her husband and four children arrived for a Saturday afternoon Spirit flight from Atlanta to Miami for a spur-of-the-moment vacation. The family had driven down from Tennessee to the Atlanta airport.

“So the whole airline at every airport is out of business?” asked Nantang. “Oh my, that’s crazy.”

Other passengers wondered whether the airline would still answer its customer service phone, or when the refunds for canceled flights might arrive on their credit cards.

Joshua Sigler, who had bought a ticket Friday for a flight Saturday to Miami, said he would just return home after learning of the cancellation rather than try to take advantage of deals other airlines were offering to stranded Spirit passengers. He said he had gotten no communication from Spirit, which he had flown multiple times in the past.

“They get you there,” he said of his Spirit travels. “It was cheap.”

Waking to the news

Former Spirit flight attendant Freddy Peterson was on a Spirit flight from Detroit that arrived in Newark, N.J., around 11 p.m. Friday. He said that despite rumors flying on social media Friday, things seemed kind of normal, with more than 200 passengers on the plane.

“All our aircraft were packed,” he said.

Peterson, 60, said he set his alarm clock for 3 a.m. Saturday to check the company website at the hour of the rumored shutdown and learned all Spirit flights were canceled. He said Delta Air Lines brought him and another flight attendant back to Atlanta on Saturday morning, with Peterson leaving from there to drive to his home in Shellman in southwest Georgia.

“I’ll probably do my boo-hoo crying and all that other stuff once I get in the car.”

Peterson said he had been a flight attendant with Spirit for 10 years and the company has “done wonders for me.” He said the airline’s reputation for bargain-basement chaos was largely undeserved, but he did fault management for not communicating with the employees in the closing days, saying a promised employee town hall was canceled.

Bailout fizzles

As late as Friday afternoon, Trump had said his administration was looking at a bailout for Spirit and had given the budget carrier a “final proposal” for a taxpayer-funded takeover.

Spirit proudly disrupted the penny-pinching portion of the airline industry with its no-frills, low-cost flights and provocative ads like its “Check Out the Oil on Our Beaches” campaign after the Deepwater Horizon disaster in 2010, referencing suntan oil but alluding to the massive spill of crude along the Gulf Coast.

But Spirit has struggled financially since the COVID-19 pandemic, weighed down by rising operating costs and growing debt. By the time it filed for Chapter 11 protection in November 2024, Spirit had lost more than $2.5 billion since the start of 2020.

The budget carrier sought bankruptcy protection again in August 2025, when it reported having $8.1 billion in debts and $8.6 billion in assets, according to court filings.

White House blames Biden

The White House had blamed the Biden administration for Spirit’s tenuous financial situation, noting that President Biden opposed a proposed merger between Spirit and JetBlue in 2023. On Saturday, Trump administration officials took to social media to amplify voices of conservative critics who faulted that decision.

On Saturday, Duffy concentrated blame on Biden as well as Duffy’s predecessor, Pete Buttigieg. “Many at the time said that this was a disaster. This merger should have been allowed,” he said.

Tad DeHaven, a policy analyst at the Cato Institute, a libertarian think tank, said the Trump administration also bears responsibility, arguing that the airline’s latest crisis reflected a chain reaction of policy missteps rather than a single decision. He pointed specifically to Trump’s decision to strike Iran as “bad foreign policy,” noting the conflict drove up jet fuel prices and therefore Spirit’s operating costs.

“They were already in trouble,” DeHaven said, describing the situation as “a compounding effect in terms of policy.”

Supporters of a rescue including labor unions representing Spirit’s pilots, flight attendants and ramp workers said a collapse would put thousands of Americans out of work and hurt consumers by reducing airline competition and increasing airfares. About 17,000 jobs could be impacted, according to Spirit lawyer Marshall Huebner.

Budget-conscious and leisure travelers are likely to feel Spirit’s absence the most, especially in places where the airline has a big footprint such as Las Vegas and the Florida cities of Fort Lauderdale and Orlando.

The carrier flew about 1.7 million domestic passengers in February, roughly half a million fewer than during the same month a year earlier, according to aviation analytics firm Cirium. Spirit also has sharply reduced its capacity; about half as many seats had been available this month as in May 2024.

Madhani, Yamat, Amy and Catalini write for the Associated Press and reported from West Palm Beach, Las Vegas, Atlanta and Morrisville, Pa., respectively. AP writer Josh Funk in Omaha contributed to this report.

May 1 (UPI) — Former U.S. Rep. David Rivera, R-Fla., was found guilty on Friday of being paid to secretly lobby elected U.S. officials to ease sanctions against Venezuela.

Rivera and a co-conspirator were each found guilty of taking payment from Nicholas Maduro to try to repair ties between the South American nation and the United States but never registering as an agent of a foreign country, The Miami Herald and NBC News reported.

A 12-person jury found the former Miami-Dade congressman and consultant Esther Nuhfer guilty of lobbying Secretary of State Marco Rubio and Rep. Pete Sessions, R-Texas, and attempting to set meetings up for Delcy Rodriguez, Venezuela’s then-foreign minister and current acting president.

Rivera was also found guilty of conspiring to commit money laundering and tax evasion.

Rivera had long been friends with his former roommate Rubio and became friends with Sessions when he was in Congress, and after Maduro gave him a $50 million contract he attempted to leverage those relationships.

Both Rivera and Nuhfer were caught having not registered themselves of lobbying for the federal government on behalf of another nation.

The convictions come after a 5-week trial that saw Rubio, who was in the Senate in 2017, when he met with Rivera and was told a plan to convince Maduro to step down was afoot.

Rivera denied that he was working on behalf of Maduro and the Venezuelan government, insisting that he was working to overthrow the now-deposed ruler rather than to promote his interests.

Nuhfur was released on bond ahead of her sentencing, while Rivera was judged to be a flight risk and will remain in jail until he is sentenced.

Rivera also still faces charges in another foreign lobbying case, as well.

May 1 (UPI) — President Donald Trump on Friday said that his administration had made a “final” bailout offer to Spirit Airlines as reports suggest it is on the verge of shutting down.

Although Trump said his administration is still discussing a $500 million bailout for the beleaguered airline, its investors have not agreed to the government’s proposal and Spirit could shut down as soon as Saturday, The Wall Street Journal and CBS News reported.

Trump has for the past two weeks said the government would try to get involved to save the airline and its 7,500 employees, unveiling last weekend a plan to loan Spirit $500 million under the Defense Production Act and become its main debtor.

The price of jet fuel has doubled since Feb. 28 because of the war in Iran, raising costs for all airlines globally, but Spirit has been working to emerge from bankruptcy for the second time in a year and its financial plan has been completely upended.

“We’re looking at it,” Trump told reporters on Friday, hours after reports of the airline’s demise started to spread.

“If we could do it, we’d do it, but only if it’s a good deal,” he said. “No institution has been able to do it. I said I’d like to save the jobs but we’ll have an announcement sometime today … We gave them a final proposal.”

Spirit told a bankruptcy court on April 23 that its cash was “not going to last for very much longer” and that, without some sort of bailout, it would likely have to cease operations within a matter of days.

The Trump administration’s bailout plan — of which some Republicans and members of Trump’s administration have been critical — would give Spirit the loan it needs in exchange for the government becoming its largest debtor and potentially owning 90% of the airline.

The Fort Lauderdale-based airline told the South Florida Sun-Sentinel that it is “operating as usual,” and travelers at its main hub at Fort Lauderdale-Hollywood International Airport said that their flights had not been canceled.

Officials at Miami-International Airport also told the Sentinel that they had not been notified by Spirit that it was shutting down.

Spirit is said to have revolutionized air travel as one of the first of several value airlines that has managed to offer flights at rock-bottom prices, but it also has struggled since the COVID-19 pandemic.

The company flew less than half the number of flights in April than it had two years ago — it dropped from roughly 25,000 to 12,000 — and has not turned an annual profit since 2019, The New York Times reported.

Having renegotiated contracts with its employees, shook off engine defects that doomed parts of its fleet and charted a path forward, Spirit was expected to emerge from bankruptcy in better shape sometime this summer.

After the war in Iran launched, affecting oil and gas prices worldwide, the cost of jet fuel doubled and tanked the company’s financial plan.

In the event that Spirit does shut down, United Airlines, American Airlines and JetBlue Airways all have said they are preparing to assist the airline’s customers and employees, which includes helping customers to travel in places where they operate routes similar to Spirit, CNBC reported.

April 30 (UPI) — President Donald Trump on Thursday lifted tariffs that he had levied but limited business between bourbon makers in Kentucky and Scotland.

Trump announced he was scrapping the tariffs after King Charles III and Queen Camilla were starting to wrap up their visit to the United States this week, which included the king addressing a joint session of Congress, a state dinner at the White House and a trip through Virginia before they head home.

King Charles and Queen Camilla have just wrapped up a four-day trip to the United States, which Trump scheduled and invited them for after a state dinner in the United Kingdom last year.

“In honor of the King and Queen of the United Kingdom … I will be removing the Tariffs and Restrictions on Whiskey having to do with Scotland’s ability to work with the Commonwealth of Kentucky on Whiskey and Bourbon, two very important Industries within Scotland and Kentucky,” Trump said in a post on Truth Social.

“People have wanted to do this for a long time, in that there had been great Inter-Country Trade, especially having to do with the Wooden Barrels used,” he said.

Trump reinstituted a tariff on whiskey and other spirits coming out of the European Union in March 2025 that he had instituted during his first term in the White House that had been discontinued by the Biden administration in 2021.

Some whiskey distilleries in Kentucky age their bourbon in barrels that have been used to age Scotch and the tariff had increased costs for U.S. whiskey manufacturers — and in the absence of a U.K. tariff on American spirits — had been a problem, USA Today reported.

In the reverse, bourbons that are sold as “Kentucky bourbon” — a specific product unique to Kentucky, and which includes brands such as Jim Beam, Woodford Reserve and Buffalo Trace, among many others — are required to be aged in new, charred oak barrels that are later sold to some scotch distillers who use them to age their spirits, Politico reported.