Business

March 3 (UPI) — The Strait of Hormuz, a waterway that runs alongside Iran and through which roughly 20 percent of the world’s oil supply, in addition to other essential commodities, runs through, has been blocked.

After the United States and Israel launched a war against Iran, blocking the key trade route has been among the reactions that what is left of the nearly half-century-long regime after the attacks were launched over the weekend.

Iranian state media reported Sunday that Iran’s Revolutionary Guard announced it would fire on any ship looking to pass the route as many shippers were looking to avoid the region amid the burgeoning war, NBC News, Barron’s and The Times of Israel reported.

Ships that look to avoid the Strait of Hormuz would be forced to sail around the Cape of Good Hope, which is the southernmost tip of Africa and will add at least several days to anything taking the alternate shipping route.

“If major carriers restrict bookings and vessels reroute round the Cape of Good Hope, you’re adding weeks to global shipping schedules,” Wasel & Wasel managing partner Mahmoud Abuswasel told NBC. “That effectively removes capacity from the system.”

Cutting off access, however, may not entirely cut off shipping along the Asia-to-Europe shipping route, but according to Barron’s, the freeze on moving through the strait is “unprecedented” and most shipping companies have advised their vessels to avoid the situation and seek safe haven.

Travelling south around Africa adds roughly 10 days and may increase costs for shipping companies by 30 percent.

Abuswasel told NBC that stretching transit times by days to weeks can slow down a range of businesses, starting with raw materials showing up late and the dominoes falling from there.

“Manufacturers feel it first, and consumers feel it soon after in the form of delays, tighter inventories and rising prices,” he said.

March 2 (UPI) — Apple on Monday introduced the iPhone 17e, the budget model in its iPhone lineup, with upgraded cameras, a stronger scratch resistant screen and MagSafe to improve attaching chargers and accessories to the phone.

The 17e will be available in three colors — black, white and pink — for pre-order on Wednesday. It is expected to hit stores on March 11, with a starting price of $599 for the 256GB-storage model, Apple said in a press release.

“iPhone 17e combines powerful performance and features our users love at an exceptional value, making it a compelling option for customers looking to upgrade to the iPhone 17 family,” Kaianne Drance, vice president of worldwide iPhone product marketing at Apple, said in the release.

“With A19 for incredible performance, double the entry storage, a smarter camera system and enhanced durability, iPhone17e is designed to stay fast, secure and valuable for years to come,” she said.

Apple launched the iPhone 16e just over a year ago in February 2025 as a lower-priced model of the iPhone 16 to replace the SE budget-level iPhone, which had been discontinued after three generations in 2022.

The 17e comes with upgrades over last year’s edition, with a 48MP fusion camera that enables optical-quality 2x telephoto and 4K Dolby Vision video, Apple said.

The new Super Retina XDR screen is said to have 3x stronger scratch resistance and reduced glare, satellite features for satellite communication when off network and Apple has added MagSafe, which allows accessories such as charges, stands and cases to more easily snap onto the back of the phone.

The 17e also includes Apple Intelligence, which is expected to include a new version of the Siri assistant on the phone, and will be powered by Google‘s Gemini AI.

Apple and many phone carriers offering trade-in deals for customers who would like to upgrade, with the oldest models available for trade-in credit starting with the iPhone 11 and the iPhone 13.

Feb. 28 (UPI) — OpenAI announced it secured a deal to provide artificial intelligence services to the Defense Department hours after the Trump administration directed all federal agencies to stop using those provided by Anthropic.

OpenAI is the San Francisco-based tech research company founded by Sam Altman, Elon Musk and others behind applications including ChatGPT and DALL-E.

“Tonight, we reached an agreement with the Department of War to deploy our models in their classified work,” OpenAI CEO Altman said late Friday in a post on X.

The Pentagon had previously used Anthropic’s AI model Claude in much of its classified work, including its operation to capture Venezuelan President Nicolas Maduro.

Contract negotiations between the tech company and the Defense Department soured after the Trump administration demanded it be allowed to use the AI system for “all lawful purposes.” Anthropic, though, wanted certain guardrails in place to prevent the government from using its AI system for surveilling Americans or to create autonomous weapons.

Friday evening, President Donald Trump directed all federal agencies to stop using Anthropic, accusing it of being a “radical left, woke company” attempting “to dictate how our great military fights and wins wars!”

“The Leftwing nut jobs at Anthropic have made a DISASTROUS MISTAKE trying to STRONG-ARM the Department of War, and force them to obey their Terms of Service instead of our Constitution. Their selfishness is putting AMERICAN LIVES at risk, our Troops in danger, and our National Security in JEOPARDY,” Trump wrote in a post on Truth Social.

In his post on X, Altman said OpenAI’s agreement with the Defense Department includes similar protections against domestic surveillance and weapons sought by Anthropic.

“Two of our most important safety principles are prohibitions on domestic mass surveillance and human responsibility for the use of force, including for autonomous weapon systems,” he said. “The DoW agrees with these principles, reflects them in law and policy, and we put them into our agreement.”

The New York Times reported that unlike Anthropic, OpenAI included in its contract with the Pentagon phrasing that allows the government to use its AI product for all lawful purposes.

Fortune reported that Altman told OpenAI employees that the government is allowing the company to build its own “safety stack” and that if the AI model refuses to allow the government to do a certain task, the government won’t force it to.

SCOTTSDALE, Ariz. — Much has been made of the Dodgers’ exorbitant spending, magnified by a pair of World Series titles for the franchise, as Major League Baseball enters the final year of the current collective bargaining agreement.

The Dodgers open 2026 with a record $381 million payroll, while having over $1 billion in deferrals. As if signing Shohei Ohtani, Teoscar Hernández and Blake Snell, and extending Tyler Glasnow and Will Smith weren’t enough, the club once again opened up its wallet this winter, spending a combined $309 million on four-time All-Star outfielder Kyle Tucker and three-time reliever of the year Edwin Díaz.

Relief pitcher Blake Treinen, one of the longest-tenured players on the Dodgers heading into his seventh season with the team, did not mince words when asked about how outsiders view the organization.

“Perception is built from the media and maybe owners that don’t like what the Dodgers are doing because they would have to do something similar,” Treinen said earlier this week. “And I say to that, ‘Maybe you’re in the wrong business.’”

Treinen thinks more teams should spend the way that the Dodgers do.

“Is it a bad thing that the people who pay our checks and our salaries want a winning product?” Treinen said. “If you’re going to complain about a team willing to do what it takes to win, then I think you’re in the wrong business. And, if you win, to say that you lose money by winning is a wild statement, so I think the perception is more or less if you don’t like what the Dodgers are doing, either take a look in the mirror or look at the people who aren’t putting a product on the field.”

Treinen went on to say that teams don’t necessarily need to be lavish spenders in order to compete, pointing to how the Milwaukee Brewers posted baseball’s best record a season ago, with the 22nd-highest payroll. The Brewers bested the Chicago Cubs in the NL Central by five games, despite having a payroll nearly $100 million lower than their rival, and reached the National League Championship Series.

“You don’t always have to spend money to be great, look at the Brewers,” Treinen said. “But to say that you can’t compete — like they did — is a wild thing, because [they had] the best record in baseball last year. Draft and development is a big deal, a lot of teams have leaned into it. So, if you either invest heavily in one or the other, and the Dodgers have done a great job of doing both and that’s why players sign here. If you don’t like it, then maybe find a new business model.”

How the Dodgers operate has garnered some praise — the Padres’ Manny Machado and the Phillies’ Bryce Harper weighed in on the subject early in spring training — but the front office wasn’t really seeking it out.

“We’re not looking externally for validation,” Dodgers general manager Brandon Gomes said earlier this month at Camelback Ranch. “The validation is winning championships and putting out as good a team as we can each and every year, and all we’re trying to do is get a little bit better each and every season, with the goal of winning championships. [Our] coaching staff, our players I think view it as that. Good, bad or indifferent, the external stuff is something we can’t worry about.”

Dodgers manager Dave Roberts, speaking at Cactus League media day earlier this month, said the fixation on the money spent makes people miss the things they do well.

“It does get lost, the things that we do well,” Roberts said. “Scouting and player development, I think we do as well as anybody in baseball … to get superstars to play well every night, to put out a good product every single night, I think we do a good job at that.”

“That’s why the biggest conversation should be that instead of a payroll question,” Roberts added. “Why are we good for baseball? Because our players play the game the right way.”

Feb. 27 (UPI) — Amazon, Nvidia and Softbank collectively invested $100 billion dollars in OpenAI, which is double the amount of money the company raised in a 2025 funding round and pushes it to a $730 billion pre-money valuation.

The funding round is one of the largest private funding rounds in history — $50 billion from Amazon, $30 billion from Nvidia and $30 billion from Softbank — and OpenAI said the fundraising round has not closed, with more investors expected, CNBC and TechCrunch reported.

The new investment from Amazon builds on the existing $38 billion multi-year agreement the two companies already have, which OpenAI said in a press release is planned to expand by $100 billion over the next 8 years.

“We’re super excited about this deal,” OpenAI CEO Sam Altman said in an interview with CNBC. “AI is going to happen everywhere. It’s transforming the whole economy, and the world needs a lot of collective computing power to meet the demand.”

At the core of the broadening collaboration between Amazon and OpenAI is the development of a Stateful Runtime Environment that runs on Amazon Web Services.

AWS also will be the exclusive third-party vendor for OpenAI Frontier, an enterprise platform for AI agent deployment.

The power required to run AI systems continues to grow exponentially, and the Amazon deal also will allow OpenAI to start building custom AI applications — most notably, one for Amazon’s customer-facing applications.

In a joint statement with Microsoft, which OpenAI has been working with since 2019, the two companies said that the new investment deals will not affect their relationship and that the partnership “remains strong and central.”

Microsoft Azure remains the exclusive cloud provider of stateless OpenAI APIs and OpenAI Frontier will continue to be hosted on Azure, the companies said.

Reporting from Sacramento — Toni Atkins is one of California’s most powerful lawmakers, ascending to leadership roles in the Assembly and Senate the last five years.

As Atkins’ clout has soared, so too has the consulting businesses of her spouse, Jennifer LeSar.

The clientele for LeSar’s two affordable housing and economic development firms has grown nearly fourfold since 2013, the year before Atkins became Assembly speaker, according to Atkins’ economic disclosure forms.

In 2018, the year that Atkins’ colleagues elevated her to Senate president pro tem, her spouse’s firms had contracts with 86 public agencies, developers, nonprofits and other clients, the forms indicate, which was more than in any previous year. The year before, LeSar had received a lucrative contract from a Bay Area agency without going through a competitive bidding process — a rare step allowed in emergencies, when a company offers a unique service or when the agency can justify a compelling reason to do so.

LeSar is now in a position to potentially garner even more business as Gov. Gavin Newsom and legislative leaders, including her spouse, propose increasingly bold responses to the state’s housing affordability crisis.

In the last three years, LeSar’s firms have received $1.3 million from state agencies alone, including contracts to implement one of the state’s largest low-income housing programs, which Atkins, a Democrat from San Diego, supports. Additionally, over the last 18 months, LeSar worked on a plan that calls for a package of state legislation that would rewrite major California housing policies. The Metropolitan Transportation Commission, a Bay Area public agency, is paying LeSar’s firm more than half a million dollars for the effort, through the no-bid contract.

Agency executives said LeSar’s relationship with Atkins had no bearing on their decision to hire her, and the Senate leader said she wouldn’t treat the bills any differently than any other proposals from her colleagues.

Atkins and LeSar, who has worked in affordable housing for nearly three decades, both said they are concerned about a perception of conflicts of interest and, as a result, consult with attorneys about possible intersections in their work.

“We spend a lot of time trying to make sure in our very busy days that we’re following the letter of the law,” Atkins said.

“These questions have been asked and answered before by the press and have largely been accepted as a nonissue,” LeSar said in an email response to The Times. She declined an interview request.

Rey Lopez-Calderon, executive director of the government ethics group California Common Cause, said the dramatic increase in LeSar’s clientele could raise concerns from the public that outside groups are trying to curry favor with a powerful politician by hiring her spouse.

“That’s really obviously a number that’s eyebrow raising,” Lopez-Calderon said. “It definitely runs the risk of the public thinking something shady is going on.”

Still, he said, absent evidence LeSar or Atkins used their relationship to leverage new business, there wasn’t anything illegal or unethical about LeSar’s consulting work.

Source: State Sen. Toni Atkins’ Annual Statements of Economic Interest

(Kyle Kim / Los Angeles Times)

Lawmakers have faced questions about potential conflicts involving a spouse and development issues before. In 2011, opponents of redevelopment agencies, which provided significant funding for low-income housing, criticized then-state Sen. Bob Huff about his efforts to save the program, noting that Huff’s wife was a paid consultant for a developer with a financial stake in the issue.

Political rivals have alleged Atkins’ relationship with LeSar is also a conflict, given Atkins’ outsized role in housing debates. In 2015, Atkins, then in the Assembly, proposed legislation to impose a fee on real estate transactions, such as mortgage refinancing, to fund low-income housing development. A version of the bill passed in 2017. When she first introduced the measure, Atkins requested an opinion from the Office of Legislative Counsel, which assured her that the bill presented no conflict of interest because the funding was not tied to any specific company or project. LeSar has vowed not to bid on funding directly tied to the bill.

Assembly leader Toni Atkins denies conflict of interest in funds proposal »

The couple married in 2008 after meeting while running in housing, LGBT advocacy and political circles in San Diego, where Atkins once served as a city councilwoman. Just before her election to the Legislature, Atkins worked for LeSar Development for about 18 months. While there, she wrote a report on development near transit and handled other housing work across the state. As of last month, Atkins was pictured on the business’ website, listed as an alumna of the firm. She no longer appears on a redesign of the site that became public Wednesday.

In 2011, after Atkins had been elected to the Legislature, LeSar opened a second firm, Estolano LeSar Advisors, with Cecilia Estolano, an attorney who worked in housing and economic development for the city of Los Angeles. Last year, Atkins abstained from voting on Estolano’s appointment to the powerful UC Board of Regents, which governs the state’s flagship university system.

Recent clients for the two firms, according to Atkins’ economic disclosures, have included the city and county of Los Angeles, UC Berkeley, USC, the California Endowment, the Metropolitan Water District of Southern California, for-profit and nonprofit developers and the Open Society Foundations, the organization founded by billionaire George Soros.

Rick Gentry, president of the San Diego Housing Commission, praised LeSar. Among other work, he said, she guided his public housing agency in 2014 into expanding its portfolio to provide homelessness services.

“She knows as much about the industry as anyone I’ve ever met,” Gentry said.

Officials with the Metropolitan Transportation Commission cited LeSar’s experience as their reason for hiring her.

The agency was finishing an effort to plan for growth in the Bay Area through 2040 and realized that project was futile without a comprehensive attempt to deal with the nation’s worst housing affordability challenges.

“Jennifer LeSar is extremely qualified and well-positioned to take on multiple roles for this project,” wrote Vikrant Sood, a senior planner with the Metropolitan Transportation Commission, in a June 2017 memo justifying her hiring.

LeSar’s firm researched prior studies on the region’s housing problems and planned and attended the group’s meetings. The result of the effort was a proposal, known as the CASA Compact, which said the Bay Area could fix its housing problems only through a suite of state legislation.

The CASA Compact calls for new state laws to boost protections for tenants, increase apartment construction near transit and help raise more than $1 billion to build low-income housing, among other things. Bay Area legislators have introduced more than a dozen bills that align with the plan, nearly all of it affecting the entire state.

Metropolitan Transportation Commission officials said LeSar did not recommend any of the policies the region decided to pursue but, rather, packaged together the conclusions into a final report. LeSar also said she declined additional work with MTC once it became clear that the CASA Compact was going to advance state bills.

She said she sought a legal opinion in January after the agency discussed offering her a new contract to help implement the plan.

LeSar initially told The Times that her attorney had advised her that the second contract would be a potential conflict so she declined the work. But in later correspondence with The Times, she said that she had been mistaken. The attorney’s advice, LeSar said, was that the new contract wouldn’t pose a conflict, but she decided to forgo the work to avoid any appearance of a problem.

Commission officials anticipated the CASA Compact process would lead to state legislation from the beginning. Sood said in the June 2017 memo that originally justified LeSar’s hiring that CASA “will yield a package of legislative and funding solutions at the state and regional level.”

Despite that, agency officials decided to pursue LeSar directly rather than putting the initial contract out to a competitive bid, a process designed to ensure an agency receives the best services for the lowest cost and without bias. The agency said it could do so because it had a compelling reason — LeSar’s background and the ambitious nature of the project — to hire her without first seeking out other firms.

No MTC officers publicly opposed hiring LeSar. Following agency rules, then-Executive Director Steve Heminger signed off on the first $200,000 of the contract himself. The agency’s administrative committee, which is made up of Bay Area elected officials, voted unanimously and without comment in December 2017 to increase the amount to $450,000. (The contract value rose to $511,000 when it was extended again at the beginning of this year.)

Some local government officials in the Bay Area’s smaller cities oppose the CASA Compact because they believe it takes away their power. Michael Barnes, a councilman in the city of Albany — a community that borders Berkeley — said LeSar’s extensive work with the MTC over the last 18 months adds to fears that lawmakers, out of deference to Atkins, will overlook local leaders’ concerns when evaluating the legislation.

“We have very strict guidelines for our ethical behavior,” Barnes said. “For me, as someone who has lived under these guidelines as an elected official, this doesn’t seem ethical.”

LeSar’s businesses also have seen an increase in contracts with state agencies, per Atkins’ economic disclosures. Since February 2016, the two firms have received at least nine contracts from four state departments. All but one — a $5,000 contract to advise housing department employees on evaluating loan documents — were awarded through competitive bidding processes.

Much of the contract work has come from the Governor’s Office of Planning and Research, which is responsible for administering housing and planning efforts funded by the state’s cap-and-trade program, which taxes polluters. The state has provided roughly $400 million annually through Affordable Housing and Sustainable Communities program, one of the largest budget allocations for low-income development and one that Atkins has said she “led the effort” in the Legislature to fund. Estolano LeSar was hired to help applicants from disadvantaged communities write grants and provide other support for their projects.

Newsom’s office declined to comment, but Ken Alex, who was OPR director under former Gov. Jerry Brown, said he was unaware of Atkins and LeSar’s relationship.

“I have heard from staff that the work was good and would have been advised if it was not,” Alex said.

Atkins said she has sometimes voted in ways that have hurt her spouse’s business. In 2011, she supported ending the state’s redevelopment program, the property tax set aside for local governments that funded local affordable housing and economic development.

“I was part of a vote that actually almost killed her business for a period of time,” Atkins said.

Atkins said she doesn’t plan to write any of the bills recommended in the CASA Compact proposal. She said she wouldn’t abstain from voting on them or otherwise handle them differently than any other piece of legislation because the bills address broad policy matters and therefore don’t present a conflict.

But if CASA Compact measures pass, it could be a signal to outside groups that hiring LeSar could be beneficial to getting similar efforts through the Legislature, given Atkins’ substantial influence over the fate of legislation at the Capitol, said Lopez-Calderon of Common Cause.

“I definitely think that some businesses will imagine that exact scenario and act accordingly,” he said.

liam.dillon@latimes.com

@dillonliam

President Trump on Friday directed federal agencies to stop using technology from San Francisco artificial intelligence company Anthropic, escalating a high-profile clash between the AI startup and the Pentagon over safety.

In a Friday post on the social media site Truth Social, Trump described the company as “radical left” and “woke.”

“We don’t need it, we don’t want it, and will not do business with them again!” Trump said.

The president’s harsh words mark a major escalation in the ongoing battle between some in the Trump administration and several technology companies over the use of artificial intelligence in defense tech.

Anthropic has been sparring with the Pentagon, which had threatened to end its $200-million contract with the company on Friday if it didn’t loosen restrictions on its AI model so it could be used for more military purposes. Anthropic had been asking for more guarantees that its tech wouldn’t be used for surveillance of Americans or autonomous weapons.

The tussle could hobble Anthropic’s business with the government. The Trump administration said the company was added to a sweeping national security blacklist, ordering federal agencies to immediately discontinue use of its products and barring any government contractors from maintaining ties with it.

Defense Secretary Pete Hegseth, who met with Anthropic’s Chief Executive Dario Amodei this week, criticized the tech company after Trump’s Truth Social post.

“Anthropic delivered a master class in arrogance and betrayal as well as a textbook case of how not to do business with the United States Government or the Pentagon,” he wrote Friday on social media site X.

Anthropic didn’t immediately respond to a request for comment.

Anthropic announced a two-year agreement with the Department of Defense in July to “prototype frontier AI capabilities that advance U.S. national security.”

The company has an AI chatbot called Claude, but it also built a custom AI system for U.S. national security customers.

On Thursday, Amodei signaled the company wouldn’t cave to the Department of Defense’s demands to loosen safety restrictions on its AI models.

The government has emphasized in negotiations that it wants to use Anthropic’s technology only for legal purposes, and the safeguards Anthropic wants are already covered by the law.

Still, Amodei was worried about Washington’s commitment.

“We have never raised objections to particular military operations nor attempted to limit use of our technology in an ad hoc manner,” he said in a blog post. “However, in a narrow set of cases, we believe AI can undermine, rather than defend, democratic values.”

Tech workers have backed Anthropic’s stance.

Unions and worker groups representing 700,000 employees at Amazon, Google and Microsoft said this week in a joint statement that they’re urging their employers to reject these demands as well if they have additional contracts with the Pentagon.

“Our employers are already complicit in providing their technologies to power mass atrocities and war crimes; capitulating to the Pentagon’s intimidation will only further implicate our labor in violence and repression,” the statement said.

Anthropic’s standoff with the U.S. government could benefit its competitors, such as Elon Musk’s xAI or OpenAI.

Sam Altman, chief executive of OpenAI, the company behind ChatGPT and one of Anthropic’s biggest competitors, told CNBC in an interview that he trusts Anthropic.

“I think they really do care about safety, and I’ve been happy that they’ve been supporting our war fighters,” he said. “I’m not sure where this is going to go.”

Anthropic has distinguished itself from its rivals by touting its concern about AI safety.

The company, valued at roughly $380 billion, is legally required to balance making money with advancing the company’s public benefit of “responsible development and maintenance of advanced AI for the long-term benefit of humanity.”

Developers, businesses, government agencies and other organizations use Anthropic’s tools. Its chatbot can generate code, write text and perform other tasks. Anthropic also offers an AI assistant for consumers and makes money from paid subscriptions as well as contracts. Unlike OpenAI, which is testing ads in ChatGPT, Anthropic has pledged not to show ads in its chatbot Claude.

The company has roughly 2,000 employees and has revenue equivalent to about $14 billion a year.

BUESOS AIRES, Feb. 27 (UPI) — Argentina’s government took a new step in its strategy to meet upcoming dollar-denominated debt maturities without again relying on international markets. In a challenging financial context, President Javier Milei’s administration launched a new U.S. dollar bond aimed at raising up to $2 billion.

The goal is to get ahead of payments scheduled for July, when about $4.2 billion in private loans come due. Instead of seeking funds on Wall Street or using the swap line negotiated with the United States, the Economy Ministry chose to raise those dollars domestically.

The decision comes amid a recent increase in Argentina’s sovereign risk, an indicator that reflects how investors perceive a nation’s ability to repay its debt and that, when it rises, makes external borrowing more expensive.

With that roadmap, the economic team faced the first test of the new instrument on Wednesday. In the initial issuance, it placed $150 million at an annual rate of 5.89%, below what market analysts had estimated.

The response exceeded official expectations. The Finance Secretariat reported receiving bids totaling $868 million, nearly six times the amount ultimately taken by the government. For the government, that level of interest confirms there is demand for Argentine dollar debt even in a volatile environment.

The bond, which can only be subscribed to and paid for in U.S. dollars, will be included in the regular biweekly auctions alongside peso-denominated securities. In each initial auction, up to $150 million will be offered, with the possibility of expanding by another $100 million in a second round the following day, until the planned program is completed.

Identified as BONAR 2027 or AL27 in some markets, the security will mature on Oct. 29, 2027, after Argentina’s 2027 presidential election. It offers a 6% nominal annual rate, with monthly interest payments, and will repay principal in a single installment at maturity.

The initiative comes at a key moment for Argentina, which faces heavy foreign-currency commitments midyear. In that context, securing dollar financing without turning abroad becomes central to organizing the payment schedule and maintaining investor confidence.

Financial adviser Gastón Lentini, founder of consulting firm Doctor de tus Finanzas, told UPI that the dollar bond launched by Argentina has sparked strong interest among local investors.

“Unlike almost any bond issued before, this one pays interest every month,” he said.

In practice, this means that if someone invests $10,000, they will receive $50 each month until October 2027, when the bond matures and the invested principal is returned.

Economist Elena Alonso, co-founder of consultancy Esmerald Capital, noted that anyone can invest in this bond.

“The minimum amount is one dollar. Anyone who has never invested before only needs to open an investment account,” she said.

Lentini explained that in July the government faces a debt payment of about $4.2 billion, which includes interest and principal repayments on certain bonds.

“The limited level of international reserves and restricted access to dollars forces the government to be creative in raising the necessary funds and meeting payments,” he added.

Regarding the decision to finance domestically instead of going to international markets, the specialist said the current sovereign risk level would require Argentina to offer rates above 9% if it turned to foreign investors.

“Taking advantage of the restrictions that still exist on taking foreign currency out of the country, the economy minister is managing to finance with Argentines’ own dollars at a rate close to 6%, which is an achievement for the government,” he said.

On the currency swap line with the United States, Lentini said it will not be necessary. According to him, the combination of agro-industrial exports, oil, gas, minerals and incentives from the RIGI program allows the country to gather enough dollars to meet its obligations.

“The swap line serves as an additional backstop, but the strategy of paying with its own money strengthens investor confidence in respect for contracts,” he added.

Finally, Lentini said it would be positive for sovereign risk to decline to facilitate a debt rollover — a restructuring or refinancing of maturities — though if that does not happen, he does not see a risk of default this year, noting that Argentina is one of the few countries in the world with a surplus.

Alonso agreed that resorting to the swap line will not be necessary, as the country’s dollar reserves are growing. She also noted that, for the first time in years, private debt issuances and repurchase agreements with banks helped cover maturities.

“The swap line with the United States remains available as a backstop, but the government seeks to build credibility by using its own resources first,” she said.

SEOUL, Feb. 27 (UPI) — OCI Energy, a U.S. affiliate of South Korea’s OCI Holdings, said its joint venture with Arava Power has secured nearly $400 million for Project SunRoper, a 347-megawatt solar project in Wharton County, Texas.

OCI Energy joined with Israel’s Arava Power for the project. As sole lead arranger, ING Capital will underwrite the financing package, which includes a mix of loans and letters of credit.

The total investment is estimated to be about $394 million, according to OCI Energy. The construction financing is backed by a 20-year power purchase agreement with a Fortune 100 company, whose identity OCI Energy did not disclose.

Situated some 60 miles southwest of Houston, Project SunRoper is expected to begin commercial operation in the third quarter of next year, supporting grid reliability and emissions reduction.

“The close of construction financing for Project SunRoper represents an important milestone for OCI Energy and our partners,” OCI Energy CEO Sabah Bayatli said in a statement.

“This transaction reflects our continued commitment to delivering high-quality, utility-scale solar projects that strengthen grid reliability and provide affordable energy infrastructure,” he said.

ING Capital Managing Director Sven Wellock said the new initiative would deliver reliable, affordable clean energy for years to come.

“This project exemplifies the high-quality renewable infrastructure we seek to finance — a strong sponsor partnership, a long-term contracted revenue profile and a well-located asset in one of the most dynamic power markets in the United States,” he said.

This is not the first time that OCI Energy has collaborated with ING. They previously worked together on financing for the Alamo City Battery Energy Storage System project in Texas.

Feb. 27 (UPI) — Netflix has decided to let go of its attempt to buy Warner Bros. Discovery after Paramount Skydance raised its purchase offer.

On Wednesday, Paramount raised its cash offer from $30 per share to $31 per share. On Thursday, WBD decided the offer was superior to Netflix’s offer, prompting the drop out.

“This transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price,” said co-CEOs Ted Sarandos and Greg Peters in a statement.

Netflix’s bid was for $27.75 per share for the studios and streaming, while Paramount’s bid is for the entirety of the company.

“We’re super-disciplined buyers,” The New York Times reported Sarandos said earlier this month. “I’m willing to walk away and let someone else overpay for things.”

Netflix and Paramount have been duking it out over WBD since October. They had a bidding war, and WBD accepted Netflix’s offer on Dec. 5. Soon after, Paramount launched a hostile bid to buy WBD, but the board wasn’t interested. Then, Paramount announced that billionaire Oracle creator Larry Ellison would back the deal with $40 billion in equity. On Jan. 20, Netflix changed its offer to all cash, then on Feb. 10, Paramount did the same and added some extras.

Netflix granted WBD a seven-day pause on the deal to evaluate Paramount’s offer, and during that time, Paramount raised the bid even more to $31 per share.

If the deal doesn’t pass federal regulatory scrutiny, Netflix could come back and try again.

“We are pleased WBD’s Board has unanimously affirmed the superior value of our offer, which delivers to WBD shareholders superior value, certainty and speed to closing,” David Ellison, Paramount CEO, said in a statement Thursday.

Warner Bros. CEO David Zaslav expressed gratitude to Netflix.

“Netflix is a great company, and throughout this process Ted [Sarandos], Greg [Peters], [CFO Spencer Neumann] and everyone there have been extraordinary partners to us. We wish them well in the future,” CNBC reported Zaslav said in a statement. “Once our Board votes to adopt the Paramount merger agreement, it will create tremendous value for our shareholders. We are excited about the potential of a combined Paramount Skydance and Warner Bros. Discovery, and can’t wait to get started working together telling the stories that move the world.”

Netflix stock rose 10% in extended trading Thursday, while Paramount stock jumped 5%, CNBC reported. Shares of Warner Bros. Discovery dropped 2%.

BRITISH Airways have launched another sale and it could see you land some mega cheap business class flights.

British Airways and British Airways Holidays’ are launching a business class sale today.

Running until March 17, travellers can get savings on a number of business class flights and holiday packages.

For example, travellers can save up to £500 on Club World return flights.

Club World is British Airways’ long-haul business class and Club Europe is the airline’s short-haul business class.

If you fancy a European getaway, then in Club Europe you could get return flights to Berlin, Germany from £270 and Dublin, Ireland from £199.

Read more on travel inspo

CHEAP BREAKS

UK’s best 100 cheap stays – our pick of the top hotels, holiday parks and pubs

TAKING OFF

I’ve visited 50 countries & this much-loathed budget airline is the world’s best

Other cheap business class flight offers include to Amsterdam in the Netherlands, from £124 each way.

And there are lots of offers on Spain flights including to Barcelona from £132 each way, Ibiza from £119 each way, Madrid from £133 each way, Palma from £156 each way and Valencia from £138 per way.

When it comes to further afield, you could head to Barbados from £1,899 and Sao Paulo from £2,899 with Club World.

Don’t want to spend that much? Then you could opt for return flights in Club World to Agadir in Morocco for £457 return.

Or you could venture off to Cairo in Egypt for £723 return.

Perhaps you want to book an entire holiday package?

Well, you could head off to Berlin in Germany for three nights, staying at INNSiDE Berlin Mitte hotel from £399 per person.

If you would rather head to Spain, you can holiday to Valencia for three nights staying at the Senator Parque Central Hotel from £399 per person.

If you want your holiday to last longer, then you could spend seven nights in Tuscany, Italy at the four-star Ilaria & Residenza Dell’Alba, costing from £589 per person, including breakfast.

For a holiday further afield, you could go to Marrakech in Morocco, staying at the Kasbah Africa Hotel for seven nights, with breakfast, costing from £808 per person.

To get any of these offers, you must book by March 17.

In other holiday deal news, thousands of new £9.50 holidays go on sale this weekend – join Sun Club for early access.

Plus, here are the most popular UK holiday park from £9.50 Hols – with beachfront pods, hot tub lodges and a surfing simulator.

Seoul shares closed lower Friday, snapping a six-session winning streak as investors locked in profits in technology and other large-cap stocks following recent gains. The Korean won sharply fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 63.14 points, or 1 percent, to finish at 6,244.13. The index still enjoyed a weekly gain of 7.5 percent.

Trading volume was heavy at 1.14 billion shares worth 52.94 trillion won (US$36.8 billion), with decliners far outnumbering gainers 625 to 264.

The KOSPI has remained in a bullish phase since the start of the year, surpassing the 4,500-point level for the first time on Jan. 6 and crossing the 5,000-point mark on Jan. 27. It broke through the 6,000-point level Wednesday, less than a month later.

On Thursday, the index jumped 3.67 percent to finish at a record high of 6,307.27.

Institutional and retail investors purchased a net 491.99 billion won and 6.08 trillion won worth of shares, respectively, while foreign investors sold a net 6.83 trillion won.

Analysts said the decline mirrored overnight losses in U.S. technology stocks, where investors engaged in profit-taking despite strong earnings from Nvidia Corp.

The tech-heavy Nasdaq Composite fell 1.18 percent, while the Dow Jones Industrial Average edged up 0.03 percent.

“Some investors sold shares to lock in profits after the market had rallied sharply over the past six sessions,” Lee Seong-hoon, an analyst at Kiwoom Securities Co., said.

Technology stocks led the declines.

Market bellwether Samsung Electronics fell 0.69 percent to 216,500 won, and its chipmaking rival SK hynix declined 3.46 percent to 1,061,000 won.

Leading shipbuilder HD Hyundai dropped 1.02 percent to 292,500 won, and leading shipping firm HMM shed 4.26 percent to 21,350 won.

Among gainers, top carmaker Hyundai Motor jumped 10.67 percent to an all-time high of 674,000 won, and defense firm Hanwha Aerospace climbed 0.08 percent to 1,195,000 won.

Leading steelmaker POSCO Holdings jumped 1.35 percent to 413,000 won, and No. 2 steelmaker Hyundai Steel surged 19.85 percent to 46,500 won.

The Korean won was quoted at 1,439.70 won against the U.S. dollar at 3:30 p.m., down 13.9 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 2.1 basis points to 3.041 percent, and the return on the benchmark five-year government bonds declined 3.6 basis points to 3.278 percent.

Copyright (c) Yonhap News Agency prohibits its content from being redistributed or reprinted without consent, and forbids the content from being learned and used by artificial intelligence systems.

Feb. 26 (UPI) — Ecuador’s government said Thursday it will raise tariffs on imports from Colombia to 50% from 30%, effective Sunday, as tensions escalate over border security, trade and anti-narcotics cooperation between the neighboring Andean countries.

Ecuador’s Ministry of Production, Foreign Trade, Investments and Fisheries said in a statement the tariff increase follows what it described as Colombia’s “lack of implementation of concrete and effective measures” to improve security along their shared border and combat drug trafficking.

“This decision responds to national security criteria, to strengthen shared responsibility in a task that must be joint: confronting the presence of drug trafficking at the border,” the ministry said, according to Ecuadorian outlet Primicias.

Authorities have focused on sensitive border crossings, such as Rumichaca, a major commercial transit point where officials cite heightened risks of smuggling and organized crime.

The announcement came one day after Ecuadorian Foreign Minister Gabriela Sommerfeld said the government “maintains dialogue” with Colombia through diplomatic channels, including embassies and direct contacts between officials.

Analysts cited by Ecuadorian newspaper La Prensa said the tariff hike may serve as diplomatic pressure to advance a bilateral security agreement aimed at addressing cross-border crime while stabilizing trade relations.

Trade tensions began early earlier this year when President Daniel Noboa’s administration imposed a 30% tariff on Colombian goods. Officials framed the move as necessary to protect Ecuador’s trade balance and economic security.

Colombia responded with reciprocal measures. Authorities in Bogotá this week began to apply a 30% tariff to 23 categories of Ecuadorian agricultural, food and industrial goods, according to Colombian newspaper El Colombiano.

The dispute has expanded beyond tariffs. Colombia has suspended electricity exports to Ecuador, while Quito has increased fees for transporting Colombian crude oil through its pipeline system — moves that signal broader strain in bilateral economic ties.

Colombian President Gustavo Petro’s government also filed complaints with the Andean Community, a regional trade bloc, arguing Ecuador’s tariffs violate existing free trade commitments.

Economic impacts already are emerging in sectors such as border commerce, energy and oil production in Colombia’s Putumayo region. Colombia’s National Association of Financial Institutions warned costs for both economies could become significant if the dispute persists.

According to Ecuador’s Federation of Exporters, about $273 million a year in exports could be at risk if Colombia maintains its reciprocal 30% tariff. The group said roughly 580 Ecuadorian companies export to Colombia.

For some firms, up to half of their revenue depends on that market, raising concerns about potential economic fallout if tensions continue.

Tariffs: The most beautiful word in the dictionary, as Donald Trump says, or unlawful?
The Supreme Court has ruled that the president cannot use emergency powers to impose them.
It’s a significant check on his power and a major setback to his second-term agenda.
But despite the ruling, Trump has already found new ways to keep his trade barriers in place.
Tariffs remain central to his economic policy, both to boost US manufacturing and generate revenue.
The court may have disarmed one of Trump’s trade weapons, but the turn towards protectionism is far from over.

In the high-stakes world of private aviation, the acquisition of an aircraft is often celebrated as the ultimate achievement of corporate efficiency or personal success. It is the beginning of a journey defined by freedom and speed. However, the eventual divestment of that same asset is a process that is frequently underestimated, often to the financial detriment of the owner. Selling a complex machine that operates in a globally regulated environment is not merely a transaction; it is a multi-disciplinary project requiring legal, technical, and financial precision.

Unlike real estate or luxury automobiles, where value is relatively transparent and liquidity is somewhat predictable, the pre-owned jet market is opaque, fragmented, and notoriously unforgiving of unprepared sellers. A Gulfstream G650 or a Bombardier Challenger 350 does not have a “sticker price.” Its value is a floating target determined by its pedigree, its maintenance status, the geopolitical climate, and the specific micro-economics of its fleet type at the exact moment it hits the market. Navigating this exit requires a shift in mindset from “owner” to “vendor,” a transition that demands emotional detachment and rigorous attention to detail.

The Pre-Market Audit

Before a single photograph is taken or a listing is created, the aircraft must undergo a forensic internal audit. The most critical asset in a jet sale is not the leather seats or the paint job; it is the paperwork.

The Pedigree of Paper

In aviation, if a maintenance task is not documented, it effectively never happened. The value of an aircraft is inextricably tied to its logbooks. A missing logbook from ten years ago can devalue an airframe by millions of dollars. It raises the specter of “unknown damage history.” Sophisticated buyers will employ technical researchers to scan every page of the records. If they find gaps – missing 8130 forms for parts, undocumented engine cycles, or vague entries regarding repairs – they will either walk away or demand a price reduction that far exceeds the cost of the potential issue.

Therefore, the first step is digitizing and organizing the records. A seller must present a “clean bill of health” that traces the life of the aircraft from its birth on the assembly line to the present day. This includes organizing the “back-to-birth” trace for life-limited parts (LLPs). If you cannot prove the lineage of a landing gear strut, the buyer is forced to assume it is scrap metal, and the sale price will reflect that brutal reality.

Cosmetic Staging and the “Ramp Presence”

While the logs provide the technical value, the physical condition drives the emotional desire. A private jet is an emotional purchase. When a potential buyer walks up the airstairs, the sensory experience – the smell of the leather, the gleam of the woodwork, the clarity of the galley surfaces – sets the tone for the entire negotiation.

Sellers often neglect “ramp presence.” Faded paint on the wing leading edges, clouded cockpit windows, or worn carpet runners suggest a lack of care. If the owner skimped on the carpet, the buyer subconsciously wonders if they also skimped on the engine maintenance. Investing in professional detailing, wood veneer touch-ups, and even new carpet before listing can yield a return on investment of 3:1 or better. It removes the “low hanging fruit” that buyers use to justify lowball offers.

Valuation in a Fluid Market

Determining the asking price is an exercise in data analysis, not wishful thinking. Owners often fall into the trap of “book value” – what their accountant says the asset is worth – or “acquisition value” – what they paid for it plus the cost of upgrades. The market cares about neither.

The Influence of Engine Programs

One of the single largest determinants of value is the status of the engine maintenance programs. In the turbine world, these are often referred to as “Power by the Hour” programs (such as Rolls-Royce CorporateCare, JSSI, or Pratt & Whitney ESP). These programs act as a prepaid insurance policy for major engine overhauls.

An aircraft with engines “fully enrolled” on a program is a liquid asset. It transfers the liability of the next major overhaul (which can cost $2 million to $4 million per engine) from the buyer to the program provider. An aircraft that is “naked” (not on a program) is significantly harder to move. The seller must realize that if their engines are not covered, they will likely have to deduct the cost of the buy-in from the sale price, dollar for dollar.

Market Sentiment and Fleet Availability

Valuation also requires analyzing the “days on market” for comparable aircraft. If there are twenty Citation X jets for sale and only three have sold in the last six months, it is a buyer’s market. Pricing an aircraft at the top of the curve in such an environment ensures it will sit stagnant while incurring monthly hangar and insurance costs. A sharp, data-driven broker will provide a “Vref” or “Bluebook” value but will then adjust it based on real-time market intelligence, such as knowing that a competitor’s aircraft is about to drop its price by $500,000.

The Marketing Strategy

Once the aircraft is prepped and priced, the question becomes how to find a buyer. This is a small world. The strategy generally falls into two categories: On-Market and Off-Market.

The Broad Broadcast

Listing the aircraft on public-facing sites like Controller, AvBuyer, or JetNet is the standard approach. It maximizes exposure. However, it also signals to the world that the asset is available, which can sometimes be perceived as distress if it sits for too long. High-quality photography is non-negotiable here. Drone shots of the exterior, 3D walkthroughs of the cabin, and detailed shots of the galley amenities are standard expectations.

The Whisper Campaign

For ultra-high-net-worth individuals or corporations concerned with privacy, an “off-market” approach is preferred. The broker utilizes their personal network, calling other brokers and flight departments directly. “I have a turnkey Falcon 7X coming available next month, are you looking?” This creates an aura of exclusivity. It can drive a higher price because the buyer feels they are getting special access to an unlisted gem. However, it severely limits the buyer pool.

The Letter of Intent and the Deposit

When a buyer is found, the dance of documentation begins. The first major milestone is the Letter of Intent (LOI). This is a non-binding offer that outlines the price, the deposit amount (usually a refundable percentage held in escrow), and the timeline for the inspection.

The negotiation of the LOI is critical. It sets the “scope” of the Pre-Purchase Inspection (PPI). A seller wants a limited scope – “kick the tires and light the fires.” A buyer wants a deep scope – “take the plane apart and look for corrosion.” The agreed-upon scope determines how much risk the seller is exposed to. If the seller agrees to a “corrosion inspection” on an older aircraft, they might be opening a Pandora’s box of repair bills.

The Pre-Purchase Inspection (PPI): Where Deals Die

This is the most volatile phase of the transaction to sell a private jet successfully. The aircraft is flown to a neutral maintenance facility chosen by the buyer. For two to four weeks, technicians will open panels, borescope engines, and test avionics.

The Discrepancy List

The facility will produce a list of “discrepancies.” These are things that are broken or out of limits. The contract (Aircraft Purchase Agreement or APA) usually dictates that the seller is responsible for fixing “airworthy” items – things that make the plane illegal to fly. However, buyers will often try to include cosmetic items or “recommended” service bulletins in this list.

The “technical acceptance” phase is a second negotiation. The seller must decide whether to pay for the repairs, offer a credit, or refuse. If the repair bill is $50,000, it’s usually absorbed. If a major structural issue is found costing $500,000, the deal often hangs in the balance. This is where a strong technical manager on the seller’s side is vital to argue that “wear and tear” is not an airworthiness discrepancy.

The Mechanics of Closing

Once the aircraft is technically accepted, the focus shifts to the legal and financial closing. This is rarely a handshake and a check. It is a choreographed movement of funds and title transfers, often across international borders.

The International Registry

Most modern transactions fall under the purview of the “Cape Town Convention,” an international treaty intended to standardize the registration of mobile assets like aircraft. Closing requires registering the sale on the International Registry (IR). This protects the buyer’s title and the lender’s lien. If the seller has existing liens on the aircraft – perhaps a loan from a bank or unpaid maintenance bills – these must be cleared precisely at the moment of funding.

Escrow Agents

An aviation-specific escrow agent (like IATS or Insured Aircraft Title Service) acts as the traffic controller. They hold the buyer’s money and the seller’s bill of sale. They only release the money to the seller once they have confirmed that the title is clear and the registration has been filed with the FAA (or relevant civil aviation authority).

Tax Implications and Depreciation Recapture

For corporate sellers, the sale is a taxable event. If the aircraft has been fully depreciated for tax purposes (written off to zero value over five years, for example), the proceeds from the sale are considered “depreciation recapture” and are taxed as ordinary income. This can be a massive tax bill.

Sellers often utilize a “1031 Exchange” (in the US context) to defer this tax by rolling the proceeds immediately into the purchase of a replacement aircraft. However, the timing rules for a 1031 Exchange are rigid. The replacement asset must be identified within 45 days and closed within 180 days. Failing to meet these windows triggers the tax liability.

Sales and Use Tax

Furthermore, the physical location of the aircraft at the moment of closing matters. Closing in a state or country with high sales tax can trigger a liability for the buyer, which they may try to pass on or negotiate. Delivery locations are often chosen specifically for their tax-neutral status (e.g., closing while the aircraft is flying over international waters or in a state with a specific “fly-away” exemption).

The Post-Closing Detachment

Once the wire hits the account, the seller’s responsibility is largely over, but not entirely. There is the matter of insurance cancellation, hangar lease termination, and crew severance or reassignment.

If the crew is being retained by the buyer, a smooth transition of employment contracts is needed. If the aircraft is leaving the country, it must be deregistered from the national registry (e.g., the N-number removed) so it can be re-registered in its new home.

The Strategic Imperative of Patience

The timeline for a transaction of this magnitude typically runs from three to nine months. Sellers who enter the market with unrealistic expectations regarding price or timeline are often punished by the market. The “stigma of the stale listing” is real. If a jet sits on the market for 300 days, buyers assume there is something wrong with it, and the offers get progressively lower.

The most successful sellers are those who treat the divestment with the same rigor as the initial acquisition. They maintain the asset perfectly until the day it leaves, they assemble a team of specialized brokers and lawyers, and they remove emotion from the negotiation. In the end, the goal is not just to sell a plane; it is to exit a liability cleanly, maximizing capital retrieval to fuel the next mission, whether that is another acquisition or a reinvestment into the core business. The art of the exit is, ultimately, the art of preparation.

German Chancellor visits eastern city, home to AI firm DeepSeek and e-commerce giant Alibaba, with business leaders.

German Chancellor Friedrich Merz has arrived in the tech hub of Hangzhou on the second day of his first official trip to China, flanked by a delegation of business leaders seeking contracts in the eastern city.

Merz travelled from Beijing to the city of some 12 million people on Thursday, where he was due to tour some leading companies, including Germany’s Siemens Energy and Unitree, a Chinese firm producing humanoid robots.

Hangzhou is a major hub in China’s tech sector, home to giants, including artificial intelligence company DeepSeek and e-commerce platform Alibaba.

Before leaving Beijing, Merz, who is being accompanied by a delegation, including executives of German car giants Volkswagen, BMW and Mercedes, visited a Mercedes plant in the Chinese capital where he tested a self-driving vehicle.

‘Improved’ trade relationship sought

Merz’s trip to China, which became Germany’s largest trading partner last year, seeks to deepen decades-old economic ties with the world’s second-largest economy in the wake of tariffs imposed by the United States last year.

But he has also sought to address “challenges” in the relationship, most notably tackling the massive imbalance which saw Germany’s trade deficit with China hit a record 89 billion euros ($105bn) last year, fuelling complaints from German businesses that Chinese competitors are flooding the market with cheaper goods.

In a meeting with Chinese Premier Li Qiang in Beijing on Wednesday, before he met Chinese President Xi Jinping, Merz said he wanted “to improve and make fair” the cooperation between the countries.

Following the talks with Xi and top Chinese leaders, Merz said China had agreed to buy up to 120 Airbus aircraft, and said other contracts were in the pipeline.

The two leaders stressed their commitment to developing closer strategic relations, with Xi telling Merz he was willing to take relations to “new levels”.

Ukraine, Taiwan discussed

The talks between Xi and Merz also touched on geopolitical issues, with the German leader saying any “reunification” with Taiwan, the self-ruled island China claims as its territory, must be done peacefully.

Merz also told reporters that he asked the Chinese government to use its influence with Russia to help end the war in Ukraine, amid frustrations among European leaders that Beijing was not doing enough to bring the war to an end.

“We know that signals from Beijing are taken very seriously in Moscow,” Merz said.

Following the meeting, the two countries released a joint statement saying they supported efforts to achieve a ceasefire and lasting peace in Ukraine, emphasising the importance of fair competition and mutual market access, and committing to resolving any concerns through dialogue, Chinese state media reported.

Merz is the latest in a string of Western leaders to visit Beijing in recent months, including the United Kingdom Prime Minister Keir Starmer, French President Emmanuel Macron and Canadian PM Mark Carney, amid the fallout from the Trump administration’s tariffs on long-established trade partners.

Most businesses believe that sales and customer service reside in separate departments.

Every small interaction sends a message. The way you answer a question, explain a detail, or handle uncertainty all influence how comfortable someone feels pulling out their card. Spending money is personal. People need to feel looked after before they commit.

They want straight answers. They want things explained properly. And they want to sense that the person helping them actually knows what they’re doing.

To boost sales, follow these five customer service strategies below:

1. Avoid Scripts

A lot of training initiatives teach people what to say, not how to think – and customers feel that immediately.

The moment someone sounds like they’re reciting lines, trust slips. Real confidence comes from understanding, not memorisation. When your team knows the product inside out, they stop performing and start having proper conversations.

They can adapt, explain things in their own words, and, most importantly, respond without that awkward pause where they search for the “right” answer.

• Empower Staff To Solve Problems

Empowering your team means your staff can actually help, without having to “check with someone” every five minutes – that just irritates your customers and your staff lose confidence.

Trust your team to make the right call and let them approve replacements and offer sensible credits so they can fix the small stuff immediately.

Demonstrate the kind of leadership that makes your team better.

When someone buys from you, browses certain products, or asks specific questions, they’re giving you clues about what they actually want.

Good CRM solutions simply help you pay attention.

They keep track of preferences, past orders, and birthdays – the small details that are easy to forget but powerful when remembered. The plan isn’t to inundate them with generic promotions or info they never wanted.

It’s to be there at the right place at the right time. For example, send out a reminder when they’re likely running low or make a suggestion that genuinely complements what they already bought.

Following up shouldn’t feel weird. It’s just care in action.

Most customers don’t need a big song and dance. They just want to know you’re still there after the payment goes through. A simple message, a few days later, is powerfully reassuring.

Not to push, and not to upsell, but rather just to make sure they’re in the loop.

• Reward Loyalty and Referrals

Rewarding loyalty shouldn’t feel like a corporate points program with fine print nobody reads.

It should feel like appreciation.

Let your regulars feel like insiders. Give them a first look at new ranges before anyone else sees them. Move their order up the queue when you can.

When someone chooses your business again and again, that’s trust. They’re choosing you. They’re betting on your quality, your service, and your word.

Final Thoughts

When service feels thoughtful and reliable, hesitation and doubt drop. Questions get answered on time. That sense of being looked after doesn’t just close one sale – it builds loyalty.

Feb. 25 (UPI) — The Supreme Court‘s ruling to limit President Donald Trump‘s use of emergency powers to impose tariffs is forcing the administration to look to different statutory authorities to carry out its trade policy.

On Friday, the Supreme Court ruled that the president could not use the International Emergency Economic Powers Act to generate revenue through tariffs. While this caused Trump to seek another avenue to impose tariffs, landing on a global 15% rate through Section 122 of the Trade Act of 1974, his plans to use tariffs to negotiate trade deals have not changed.

The decision impacts a great deal of the tariffs Trump has enacted during his second term, Purba Mukerji, professor of economics at Connecticut College, told UPI. She said he has been using the IEEPA to give himself “flexibility” in trade negotiations since returning to the White House.

Trump expressed disappointment in the high court’s decision on Friday but Mukerji said it was expected by economists and is unlikely to disrupt the president’s broader economic policy. Tariffs on steel and aluminum, as well as those that target certain sectors, are likely to remain in place.

U.S. markets have not strongly reacted to the Supreme Court ruling in either direction. The Dow Jones Industrial Average fell by less than a point on Monday, only to rebound on Tuesday. The S&P 500 followed a similar path.

The yield on 10-year U.S. Treasury notes has reflected some uncertainty, though concerns about AI displacing workers, global tensions and broader trade concerns may be factors as well.

“For the business leaders who make decisions, for importers and exporters and foreign countries that are dealing with us in their trade negotiations, this is not a surprise,” Mukerji said. “So I don’t think there will be any long-lasting consequences of this particular Supreme Court ruling, except to put the whole trade negotiations and trade policy on much firmer footing.”

Consumers hoping to see prices come down are unlikely to see significant changes from the ruling either, Mukerji added.

“As far as consumer prices go, I am encouraged by the fact that we didn’t see the rise in consumer prices that was expected in all sectors coming out of tariffs,” she said. “I don’t expect that to be coming down in the future. I don’t think much will change on the ground.”

A study by the Federal Reserve Bank of New York published earlier this month reports that 94% of Trump’s tariffs imposed last year were paid by U.S. entities and consumers during the first eight months of 2025.

U.S. Customs and Border Protection reported in December that it had collected $200 billion in tariff revenue. The largest portion of tariffs collected was on imports from China, a report by the Federal Reserve Bank of Richmond said. The report is based on data from the U.S. Treasury Department and Census Bureau.

We Pay The Tariffs, a coalition of more than 800 small businesses, is circulating a petition to call for the federal government to refund businesses due to the tariffs being ruled unlawful.

“A legal victory is meaningless without actual relief for the businesses that paid these tariffs,” Dan Anthony, executive director of the organization, said in a statement. “The administration’s only responsible course of action now is to establish a fast, efficient and automatic refund process that returns tariff money to the businesses that paid it.”

It remains unclear what will happen to the revenue the court ruled has been unlawfully collected. The Supreme Court did not address refunds for tariffs paid.

Mukerji said reimbursing collected tariffs poses some practical challenges. She explained that while the United States maintains a database of who has paid what tariffs, it often shows a delivery company, like FedEx, as the entity that made the payment, not the importer who in reality incurred the costs.

“So you kind of have to reimburse FedEx, who then turns around and reimburses the importer,” she said. “That is a mess because then we depend on the account keeping, say by FedEx, so it becomes more complicated there.”

There is also a matter of fairness as some wholesalers pass the costs of tariffs on to retailers, who then pass them on to consumers, Mukerji said.

Following the court’s decision, U.S. Treasury Secretary Scott Bessent said the Trump administration will look to Section 122, as well as Section 301 of the Trade Act and Section 232 of the Trade Expansion Act of 1962 tariff authorities to pursue “virtually unchanged tariff revenue” this year.

These statutes notably do not require congressional approval to impose tariffs like the Supreme Court affirmed the IEEPA did.

Section 122 gives the president the authority to impose a maximum 15% tariff for up to 150 days. Tariffs imposed under this authority would remain in effect into July at the latest.

Section 301 of the Trade Act gives the president the authority to impose tariffs in response to unfair trade practices, theft of intellectual property and discriminatory policies by trade partners. An investigation by the Office of the U.S. Trade Representative must be completed to determine if there is a violation and allow for the use of Section 301 authority.

Trump’s broad tariffs on China were issued in 2018 under the authority of Section 301.

Section 232 of the Trade Expansion Act allows the president to impose tariffs and other trade restrictions on imports if they are determined to threaten national security. This must be preceded by an investigation by the Commerce Department into the potential of a threat.

Trump used Section 232 to place tariffs on steel and aluminum during his first term.

While President Joe Biden peeled back on many of Trump’s policies when he came into office, he kept some trade policies like these largely intact and reinforced them through investigations.

For Section 301 tariffs, Biden allowed the required four-year review to continue throughout his term, ultimately raising tariffs on electric vehicles from China as well as some semiconductors, critical minerals and other sectors.

For Section 232 tariffs, Biden kept Trump’s tariff framework largely in place and continued to use the national security justification to keep tariffs as a point of negotiations.

“Biden actually made them stronger,” Mukerji said. “Most of them continued under Biden and they were extended and made even stronger. So these trade policies now have the strength of a solid foundation. These stand on the shoulders of investigations so they have this lasting power.”

The Supreme Court’s decision has caused some ongoing negotiations to shift or pause.

Earlier this week, a planned meeting with India’s Prime Minister Narendra Modi in Washington, D.C., was put on hold. The sides were planning to meet for three days to discuss an interim trade deal that would likely go into effect in April.

The European Union’s parliament canceled a vote to ratify a trade deal with the United States on Monday in response to the Supreme Court decision and Trump’s subsequent new tariffs.

“A deal is a deal,” the European Commission said in a statement on Saturday. “As the United States’ largest trading partner, the EU expects the U.S. to honor its commitments set out in the Joint Statement — just as the EU stands by its commitments.”

With the Supreme Court’s decision, the Trump administration and future administrations definitively have one less tool to use when imposing tariffs. The ruling does not mark an end to Trump’s tariff plans. It only clarifies his authority to impose tariffs. Meanwhile, the president is left to negotiate trade deals under greater scrutiny.

Seoul shares surged more than 2 percent Tuesday to close at a fresh record high above the 5,900-point mark, driven by strong gains in technology shares. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 123.55 points, or 2.11 percent, to finish at an all-time high of 5,969.64.

The index has extended its upward momentum in recent weeks, surpassing the 5,000-point mark for the first time on Jan. 27 and crossing 5,500 on Feb. 12. It moved above 5,800 on Friday.

Trading volume was heavy at 1.58 billion shares worth 30.73 trillion won (US$21.3 billion), with decliners outnumbering gainers 465 to 407.

Institutions bought a net 2.37 trillion won worth of stocks, offsetting net sales of 199.16 billion won by foreign investors and 2.28 trillion won by retail investors.

The rally came despite overnight losses on Wall Street.

The Dow Jones Industrial Average fell 1.66 percent, and the tech-heavy Nasdaq Composite declined 1.13 percent.

In Seoul, investors scooped up major chip stocks ahead of an earnings report from U.S. chipmaker Nvidia later this week, while remaining cautious over U.S. President Donald Trump‘s push to impose new tariffs after the Supreme Court struck down his original sweeping duties, analysts said.

Trump signed an executive order Friday (U.S. time) authorizing new 10 percent global tariffs that took effect Tuesday. He has also threatened to raise the rate to 15 percent, though no formal order has been issued.

“Even if the global tariffs are raised to 15 percent, there will be no major impact on the local stock market because current U.S. tariffs on Korean imports already stand at 15 percent,” an analyst at IBK Securities Co. said.

Technology and automobile stocks led the gains.

Market bellwether Samsung Electronics jumped 3.63 percent to 200,000 won, while chip giant SK hynix surged 5.68 percent to a record high of 1,005,000 won.

Top automaker Hyundai Motor rose 0.19 percent to 524,000 won, and leading battery maker LG Energy Solution gained 4.17 percent to 412,500 won.

Among decliners, shipbuilder Hanwha Ocean fell 2.79 percent to 143,100 won, and Lotte Shopping declined 1.67 percent to 111,700 won.

The Korean won was quoted at 1,442.50 won against the U.S. dollar at 3:30 p.m., down 2.5 won from the previous session.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 0.4 basis point to 3.158 percent, and the return on the benchmark five-year government bonds also climbed 0.5 basis point to 3.410 percent.

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JOJO Siwa’s bank balance is set for a major boost as she relaunches a business venture that once raked in an estimated £336million.

The Celebrity Big Brother star, 22, struck a licensing deal with JennZ and Thomas Global Media to release more JoJo’s Bows, the popular hair accessory.

And there’s a new twist for the latest version of the popular brand; the introduction of Joelle Bows, a host of new shapes and designs named after JoJo’s birth name.

“JoJo’s Bows were never just about what you wore, they were about how you felt,” said JoJo. 

“Coming back as creative director means I get to personally shape every detail, making sure the heart, energy, and message behind the bows evolve with me and with the fans. This relaunch is for the fans who grew up with me, and for the next generation discovering their voice and confidence.”

JennZ founder and creative director Jennifer Saad added: “The JoJo Bow isn’t just an accessory it’s a symbol of confidence, creativity, and style. 

HARD TRUTH

JoJo Siwa opens up on ‘difficult’ part of her relationship with Chris Hughes

raw reveal

JoJo Siwa pays tribute to Chris Hughes as she admits ‘I was lost’ before CBB

“Reintroducing it for a new generation is about celebrating the magic that made it iconic and evolving it for who those fans have grown to be.”

Some 80 million JoJo Bows have been sold to date as fans flocked to replicate the dancer star’s iconic look.

The bows previously retailed between $5 to $16.

Since shooting to fame on Dance Moms as a young girl, through to a lucrative partnership with Nickelodeon as a teen, JoJo has released a huge assortment of merch.

Most of which has flown off the shelves from T-shirts and toys to shoes and accessories.

She previously told Forbes: “Early on, Nickelodeon wanted to have a meeting, where they discussed big business, and they wanted to do it without me. My Mom and I said, ‘That’s not how it works. We’ve been in this together since day one.’

“And in that meeting Pam, who is the head of consumer products, said, ‘Just so you know, if this t shirt doesn’t sell then it’s all over. That was why I didn’t want you here.’

“Now, every time I see her I laugh and say, ‘How’d that t-shirt sell?’”

Both JoJo’s business and personal life are thriving.

After meeting Chris Hughes, 33, on CBB last year, she already has one eye on marriage and kids.

But their transatlantic romance isn’t entirely smooth sailing.

She recently told fans online: “The hard part for me is like the hours that we do communicate we’re at very very different phases of our day.

“Just as I’m getting up excited to talk to him you know text him or call him he’s in the middle of his day and he’s working or he’s doing something and he’s occupied. So I find that part difficult.”

She continued: “And then the same thing like when he’s going to bed I’m in the middle of my day now occupied… so it’s a little more difficult.”

However, the pair will soon be back together to celebrate their first anniversary.

Feb. 23 (UPI) — Nearly $273 million in annual Ecuadorian exports are at stake if a reciprocal 30% tariff announced by Ecuador and Colombia takes effect, according to the Ecuadorian Federation of Exporters, Fedexpor.

The trade group said 580 Ecuadorian companies export to Colombia and warned that for several of them, the impact of new tariffs could be devastating, as up to half of their revenue depends on that market.

Although the tariff has not been implemented, Fedexpor said uncertainty is already affecting business decisions. Colombian buyers are reluctant to close deals amid the possibility that the measure could made formal in the short term, local newspaper Primicias reported.

The government of President Daniel Noboa announced Jan. 21 that Ecuador would impose a 30% tariff, described as a “security fee,” on imports from Colombia. Quito said the move responds to what it considers a lack of commitment by the government of President Gustavo Petro to border security.

Colombia responded the following day by announcing a reciprocal 30% tariff on 20 products imported from Ecuador. It also decided to cut off electricity supplies to Ecuador.

The 30% tariffs were scheduled to take effect Feb. 1, but were not implemented.

Xavier Rosero, president of Fedexpor, said there remains a “window of time” for both governments to reach an agreement on security and trade matters.

Industrial products such as fats, vegetable oils, canned tuna, plastics and rubber face high uncertainty. Orders for these goods, which are key in bilateral trade, are currently on hold, Rosero told digital outlet El Oriente.

He added that Colombian buyers are already seeking alternative suppliers in China, Brazil and Mexico to replace Ecuadorian products, a shift that could result in market losses that are difficult to recover.

Ecuadorian palm oil is among the most affected products, valued at roughly $96 million annually.

The palm oil sector generates 110,000 jobs across 14 provinces, mainly in border areas. It exports between 6,000 and 8,000 metric tons per month to the Colombian market — volumes that could be redirected to other destinations, though that would not be easy, according to Ecuavisa.

Fedexpor estimates about 40,000 jobs are tied to Ecuadorian companies with significant sales to Colombia. Once the tariff is applied, it could affect more than 50 Ecuadorian products.

Rosero acknowledged as “legitimate” the Noboa government’s concern over security conditions along the shared border with Colombia, describing it as “a key space for trade, but also one that has been vulnerable to illicit activities.”

The dispute is now under review by the Andean Community’s courts after complaints filed by Colombia and counterclaims from Ecuador, in a process that could prolong commercial uncertainty.

Feb. 23 (UPI) — A meeting on trade negotiations between the United States and India this week has been postponed in light of Friday’s Supreme Court ruling on President Donald Trump‘s tariffs.

Officials representing the United States and India were scheduled to meet for three days in Washington, D.C., to discuss their interim trade deal but the meeting has been delayed, CNBC, the BBC and Hindustan Times reported.

India’s top trade negotiator, Darpan Jain, was slated to travel to the United States for the meeting.

India is under a 25% reciprocal tariff imposed by the United States. It was expected to be reduced to 18% as part of an interim agreement between the countries earlier this month. The sides have continued to discuss future trade plans virtually since reaching the interim deal.

The United States and India were slated to finalize the interim agreement in March with it likely to go into effect in April. The framework for the agreement noted that any changes to the deal would allow the other country to “modify its commitments.”

On Friday, the U.S. Supreme Court ruled that Trump improperly applied the Emergency Economic Powers Act to impose a swath of tariffs. With those tariffs ruled unlawful, Trump announced a 15% global tariff, citing Section 122 of the Trade Act of 1974, which allows a president to impose temporary tariffs.

The act allows for the president to impose tariffs of up to 15% for 150 days.

The Trump administration continues to consider new plans to continue with its tariff policy, exploring other legal routes, U.S. Treasury Secretary Scott Bessent said in a social media post.

“We will immediately shift to other proven authorities — Actions 232, 301, and 122 — to keep our tariff strategy strong,” Bessent wrote.