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China will buy ‘at least’ $17bn worth of US agricultural goods annually, the White House says.

China will buy “at least” $17bn worth of agricultural goods from the United States annually following US President Donald Trump and Chinese leader Xi Jinping’s summit in Beijing, the White House has said.

China will make the purchases through 2028, with the 2026 target applying to the remainder of the year on a proportionate basis, according to a fact sheet released on Sunday.

The White House said the deal is in addition to China’s commitment to buy at least 87 million metric tonnes of US soya beans, which was made at Trump and Xi’s summit in South Korea in October.

China will also restore market access for US beef by renewing the expired listings of more than 400 production facilities, and resume imports of poultry from states determined by the US Department of Agriculture to be free of avian influenza, according to the fact sheet.

Trump and Xi also agreed to establish two new bodies – the US-China Board of Trade and the US-China Board of Investment – to manage trade and investment between the sides, the White House said.

China has yet to confirm or comment on the White House’s announcement.

The Chinese Embassy in Washington, DC, did not immediately respond to a request for comment.

The White House’s update provides further clarity on the outcome of Trump and Xi’s two-day summit, which was heavy on pageantry and camaraderie but light on concrete agreements.

During their two days of talks in Beijing, Trump and Xi sought greater alignment on economic issues and trade, while largely skirting the sensitive issues of Taiwan and the US-Israel war on Iran.

In a readout after the summit wrapped up on Friday, the White House said the two sides had discussed ways to “enhance economic cooperation”, and that they agreed on the need to keep the Strait of Hormuz open and that Iran “can never have a nuclear weapon.”

Beijing did not explicitly state that Iran should not have nuclear weapons, but stressed the importance of reaching “a settlement on the Iranian nuclear issue and other issues that accommodates the concerns of all parties”.

Neither White House statement contained any mention of Taiwan, the self-governing island that Beijing views as an integral part of its territory.

The omission of any reference to the island – the defence of which Washington is committed to supporting under the 1979 Taiwan Relations Act – came after Xi warned of “clashes and even conflicts” between the superpowers if the issue is not “handled properly”.

After nearly a decade of tit-for-tat economic salvoes between Washington and Beijing, US-Chinese trade is down sharply from its peak.

Their bilateral trade in goods last year came to some $415bn, down from more than $690bn in 2022.

HONG KONG — As President Trump left Beijing on Friday, Chinese social media resurfaced a familiar nickname for the president — flattering at first glance — declaring that Chuan Jianguo, the “Nation Builder,” had returned.

It was not meant as a compliment. The nation he is building, according to the Chinese, is not the United States but their own, through a series of inadvertent yet costly mistakes inflicted by Trump at home and abroad.

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If the Chinese government was self-assured entering Trump’s summit with Xi Jinping, then the results of the state visit, in which Beijing refused to offer Trump any meaningful deals or concessions, signal their unmistakable confidence in American decline.

Chinese government statements in local media stating as much made their way back to Trump as he was departing, aggravating the president, a U.S. official said. But the White House secured a clarification from the Chinese that seemed to placate Trump. America was only declining under President Biden, they said — not anymore.

President Trump and President Xi Jinping tour Zhongnanhai Garden on Friday in Beijing.

(Evan Vucci / Pool via Getty Images)

The Trump administration argues the trip was a success, having secured the display of conciliation and partnership the president had sought after years of increasingly dangerous acrimony.

Foreign policy hawks on China will be displeased with his new direction of friendship and cooperation with a government they view as openly hostile to the United States. But Trump seems to have reached a similar conclusion as past administrations, that China might require a relationship in pursuit of, as Xi put it, “constructive strategic stability.”

Trump was notably out of character throughout his stay here, deferential to his host, marveling at displays of Chinese power and reticent to speak with the press.

Five times over two days, Trump referred to Xi as his friend, taking every public opportunity to offer his compliments and pats on the back. None of it was reciprocated. The Chinese leader, Trump told Fox News in an interview, was “all business” in private, as well, apparently uninterested in his overtures of personal goodwill.

Presidents Xi and Trump tour Zhongnanhai Garden on Friday.

(Evan Vucci—Pool/Getty Images)

The summit may ultimately be remembered as the moment when Trump recognized a shifting power dynamic, where an American president had the rare and uncomfortable experience of entering a meeting clearly overmatched.

“I think the most important thing is relationship,” Trump said in the interview, describing the summit as “historic.”

“It’s all about relationship,” he added. “I have a very good relationship with President Xi.”

Taiwan was discussed ‘the whole night’

Little of substance was accomplished over two days of talks. But Chinese officials expected no less after warning Trump’s team before the summit that its minimal preparation had failed to lay the groundwork for diplomatic agreements.

Still, the lack of breakthroughs may come as a relief to some in Washington. Trump appears to have held to a long-standing U.S. line on Taiwan, for now, refusing to provide Xi with clarity on whether the United States would defend the self-ruled island if China tries to reclaim it by force.

The two men discussed the matter “the whole night,” Trump told Fox.

If China attacked, “they would be met harshly, and bad things will happen,” Trump said. Yet within the same answer, he questioned Taiwan’s “odds” against China if war were to break out, even with U.S. help, noting its proximity to the Chinese mainland and its vast distance away from the United States.

Whether Trump will proceed with arms sales to Taiwan — passed by Congress and obligated by law under the Taiwan Relations Act — is still an open question.

“If you kept it the way it is, I think China is going to be OK with that,” Trump said, referencing an ambiguous status quo around Taiwan’s status, “but we’re not looking to have somebody say, ‘Let’s go independent because the United States is backing us.’ ”

“Taiwan would be very smart to cool it a little bit,” he added. “China would be smart to cool it a little bit. They ought to both cool it.”

President Trump departs as President Xi looks on after a visit to Zhongnanhai Garden on Friday.

(Evan Vucci/ Pool via Getty Images)

Curious company

Trump’s choice of company in the U.S. delegation left the Chinese with questions over the purpose of the trip.

Lara Trump, a Fox News host and the president’s daughter-in-law, attended alongside her husband, Eric Trump, whose presence as a private citizen running the Trump Organization was a direct appeal to Beijing to treat the administration like a family business. Brett Ratner, director of the “Rush Hour” series and a documentary on the first lady that bombed at the box office, was given prime placement along with America’s top business leaders.

The last time a secretary of Defense attended a presidential state visit to China was on Richard Nixon’s famous trip in 1972. Chinese officials were unsure what to make of Pete Hegseth’s presence — whether it was meant to convey a softer stance, a hardening one, or simply an ignorance of basic diplomatic protocol.

Trump said he felt personally honored by the lavish welcome he received on the edge of Tiananmen Square, outside the Great Hall of the People, where China hosts all visiting dignitaries.

Before a lunch at Zhongnanhai, the secretive headquarters of the Chinese Communist Party, Trump asked Xi if he was special for getting to visit the compound. He was the fourth U.S. president to do so.

While the Trump administration offered itself glowing reviews of the outcome of the summit, the Chinese government offered little to say as he departed. And Chinese media highlighted Beijing’s resolute stance on American priorities — from trade to the Iran war — as evidence of Chinese confidence and American decline.

But all that business wasn’t the point of the trip, Trump told Fox’s Bret Baier. For the president, it was all personal.

“I want to thank President Xi, my friend, for this magnificent welcome,” Trump said in his toast at the state banquet, repeating the personal overture. “The American and Chinese people share much in common. We value hard work. We value courage and achievement. We love our families and we love our countries.

“Together, we have the chance to draw on these values to create a future of greater prosperity, cooperation and happiness and peace for our children,” Trump added. “We love our children. This region and the world — it’s a special world, with the two of us united and together.”

May 15 (Asia Today) — Hyundai Motor Group said Friday it has launched a vehicle-to-grid pilot service for general customers on Jeju Island, using electric vehicles as mobile energy storage systems.

Vehicle-to-grid technology, or V2G, allows electricity to move both ways between an electric vehicle battery and the power grid. The system can store surplus power in EV batteries and send it back to the grid when demand rises.

The pilot program will involve 40 Jeju residents who own Hyundai Ioniq 9 or Kia EV9 vehicles equipped with V2G functions. Hyundai Motor Group selected customers in cooperation with the Jeju provincial government.

The company will provide bidirectional chargers free of charge and cover EV charging costs during the trial period.

Hyundai said it selected participants with different occupations and residential locations to test the service under a range of real-life conditions. The participants include early adopters interested in clean energy and new technology.

The project fits Jeju’s power structure because the island relies heavily on wind and solar energy. Surplus electricity generated during the day can be stored in EV batteries and supplied back to the grid at night when demand increases.

Hyundai Motor Group previously operated a V2G demonstration project in Jeju with mobility platform Socar in the second half of last year. The latest pilot expands the test to ordinary customers.

Industry officials say V2G commercialization could turn electric vehicles into key assets in the energy industry, supporting local energy independence and distributed power systems rather than relying only on centralized power plants.

“We expect this pilot service, directly involving Jeju residents, to contribute to local energy production and consumption in the region,” a Hyundai Motor Group official said. “It will also play a meaningful role in achieving Jeju’s 2035 carbon neutrality vision.”

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260515010004112

May 15 (Asia Today) — SK Group will merge its annual strategy meeting with the Icheon Forum, its knowledge management platform, industry officials said Friday.

The group plans to hold the New Icheon Forum from June 11-13 at the SKMS Research Institute in Icheon, Gyeonggi Province.

The event combines SK’s management strategy meeting, usually held in June, with the Icheon Forum, which has been held in August. The company plans to hold the New Icheon Forum every June.

The move is aimed at strengthening execution by bringing strategic discussions into a single forum.

This year’s forum is expected to focus on accelerating artificial intelligence.

SK Group Chairman Chey Tae-won and chief executives from major affiliates including SK Innovation, SK Telecom and SK hynix are expected to attend.

Participants plan to discuss specific measures for each affiliate to secure leadership in the AI industry and strategies to create groupwide synergy.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260515010004232

SANTAIGO, Chile, May 15 (UPI) — The departure of more than 30,000 Venezuelan workers from Chile’s labor market in recent months has become an unprecedented trend that analysts say appears linked to tougher immigration policies under President José Antonio Kast and, to a greater extent, Venezuela’s political reconfiguration.

A study by the Economic Context Observatory at Diego Portales University found that the Venezuelan labor force in Chile fell 5.4% during the January-March quarter, marking five consecutive months of year-over-year declines.

Over that period, Chile’s overall labor force grew 1.1%.

“This is not an isolated phenomenon. The magnitude of the decline in the Venezuelan labor force had not been observed in previous periods,” economist Juan Bravo, director of the Economic Context Observatory and author of the study, told UPI.

Bravo said the gradual, but noticeable, return home of Venezuelans living in Chile began after the arrest of Venezuela’s president, Nicolás Maduro during a U.S. military operation Jan. 3.

“Venezuela is undergoing a transition and internal reconfiguration process, with some signs of change, but still facing high social tensions and a fragile economic situation,” he said.

With Kast taking office in March after campaigning on stricter measures against undocumented immigrants, Venezuela’s recovery process has become a more significant factor in migration patterns.

“While it is not appropriate to assume that the entire Venezuelan population in Chile will return to their country, it is also unrealistic to assume that no one will,” Bravo said.

The decline in Venezuela’s labor force is concentrated among people who have lived in Chile for fewer than five years, are age 34 or younger, male, single and hold university degrees. That group represents 80.1% of the total decrease.

Researchers warned that the reduced Venezuelan presence is directly affecting jobs in sectors that include delivery services, hospitality and customer service.

“By far, the occupation that could face the greatest labor shortage is motorcycle drivers, where 61.1% of workers are Venezuelan,” Bravo said.

He said Venezuelan workers also are heavily represented among vehicle cleaners, gas station attendants, hotel receptionists, electronics technicians and mechanics, cosmetologists and restaurant servers.

The drop in Venezuelan participation also comes as Kast’s government advances another campaign promise: the construction of a border trench aimed at stopping undocumented migration.

The so-called Border Shield Plan calls for a 37-mile trench in northern Chile along the borders with Peru and Bolivia. Authorities said in late April that 20% of the project had been completed, including an initial 7.5-mile stretch.

At the same time, Kast is seeking to restore diplomatic relations with the government of interim Venezuelan President Delcy Rodríguez to begin deporting undocumented foreigners living in Chile.

Authorities estimate that 75% of undocumented migrants in Chile are Venezuelans who cannot be deported because the lack of consular relations prevents Chilean authorities from verifying their identities and Venezuela will not accept them back.

Ernesto León, national director of migration and international police at Chile’s Investigative Police Department, or PDI, told Spanish newspaper El País that 6,000 deportations to Venezuela remain pending, while another 2,000 Venezuelans have left Chile voluntarily.

Before arriving for his high-stakes summit with Chinese leader Xi Jinping, United States President Donald Trump aimed to set expectations high.

He said he would urge Xi to “open up” China’s economy and announced a delegation of top business executives, including Tesla’s Elon Musk, Apple’s Tim Cook and Nvidia’s Jensen Huang, to accompany him.

As Trump and Xi prepare to wrap up two days of meetings on Friday, the expectations for their summit’s outcome among observers generally are modest at best.

While Trump and Xi are anticipated to extend the one-year pause in their trade war agreed to in South Korea in October, the expectations are for a stabilisation – not revitalisation – in ties between the world’s two largest economies, which are locked in a rivalry that spans everything from trade and artificial intelligence to the status of Taiwan.

“It is important to be clear-eyed about the state of relations here,” Claire E Reade, a senior counsel at Arnold & Porter who previously worked on China at the Office of the US Trade Representative (USTR), told Al Jazeera.

“China does not trust the US, and China wants to beat the US in what it sees as long-term global competition,” Reade said.

“This limits what can be agreed.”

While Trump and Xi have yet to announce the final contours of any trade agreement, the US side has flagged various business deals in the pipeline.

In a pre-recorded interview with Fox News that aired on Thursday, Trump said that China would invest “hundreds of billions of dollars” in companies run by the CEOs in his delegation, without providing further details.

Trump also said that Beijing had agreed to purchase US oil and 200 Boeing aircraft.

Trump administration officials have said that the sides are also discussing the establishment of a “Board of Investment” to manage investments between the countries.

“A realistic ‘opening up’ of the Chinese market would likely focus first on sectors where the economic complementarity is most obvious,” Taiyi Sun, an associate professor of political science at Christopher Newport University in Newport News, Virginia, told Al Jazeera.

“Agricultural goods such as soybeans and beef, as well as high-value-added manufacturing products like Boeing aircraft, are natural areas for expansion because they match existing Chinese demand with American export strengths.”

Sun said a “gradual” opening for US firms in sectors such as financial services could also be possible.

“But those areas are politically and institutionally more sensitive inside China, so progress would likely be incremental rather than immediate,” he said.

Gabriel Wildau, a senior vice president at global business advisory firm Teneo, said both sides will be seeking to address supply-chain vulnerabilities exposed by their trade war.

“The Iran war has likely increased the US’s vulnerability to export controls on rare earths, given the need to rebuild the munition stocks depleted in that war,” Wildau told Al Jazeera.

“Washington will therefore be willing to offer tariff relief – or at least assurances not to impose new tariffs – in exchange for Beijing’s commitment to keep rare earth exports flowing.”

While Trump and Xi agreed to roll back some trade barriers at their summit in South Korea, US-Chinese business and trade remain severely constrained after a decade of tit-for-tat economic salvoes between the sides.

The average US tariff on Chinese goods stood at 47.5 percent after the South Korea summit, up from 3.1 percent before Trump’s first term, according to the Peterson Institute for International Economics.

China’s average tariff on US goods stood at 31.9 percent, up from 8.4 percent in 2018, according to the think tank.

Two-way goods trade amounted to about $415bn in 2025, down sharply from its 2022 peak of $690bn.

Carsten Holz, an expert on the Chinese economy at the Hong Kong University of Science and Technology, said China has less incentive to make concessions to the US than before, amid the rise of its domestic industries.

“Across many industrial sectors, PRC [People’s Republic of China] firms hold leading or controlling positions,” Holz told Al Jazeera.

“As a result, the PRC economy has little to gain from opening further to the US and is likely to only offer largely symbolic gestures.”

Deborah Elms, head of trade policy at the Hinrich Foundation in Singapore, voiced similar sentiments about the limits of US leverage.

“Basically, Trump expects China to buy more stuff from America and let US companies operate more freely in China,” Elms told Al Jazeera.

“What is he offering?” Elms said. “Very little, largely because Trump sees the bilateral relationship as one where the US has been fair and China has not.”

Reade, the former USTR official, said Xi would not agree to any measures that “harm Chinese interests in any way.”

“Instead, China will potentially give the US no-cost ‘gifts,’” Reade said, suggesting such measures could include the removal of trade barriers it placed on US beef.

“It may buy US goods it needs,” Reade said.

“If it allows purchases of US tech products, it will only be because it needs them right now,” she added, “But this does not interfere with China’s strategic plans to eliminate dependence on US technology over the longer term.”

May 14 (UPI) — U.S. consumers spent $757.1 billion on retail and food services in April, a 0.5% increase over March, the U.S. Census Bureau reported Thursday.

For 12 months ending in April, not adjusted for price changes, sales increased by 4.9%. Total sales for February through April increased 4.4% over the same period in 2025.

Gasoline sales climbed 2.8% in April after jumping 13.7% in March.

Retail trade sales increased by 0.5% over March and 5.2% over last year. Non-store retail went up 11.1% for the year. Sales minus gasoline and building materials increased 0.46%.

While retail sales increased in April, they did so at a slower rate than in March, which increased by 1.6% for the month. Yet it was still the third consecutive monthly increase.

Retail sales as a whole grew but several categories experienced declines, including furniture store sales, down 2%, car dealerships, down 0.5%, department stores, down 3.2%, and clothing stores, down 1.5%.

A consumer survey conducted by the University of Michigan found that consumer sentiments are low due to concerns about high prices and current economic conditions. This has caused consumers to hold off on making major purchases, such as furniture and automobiles.

May 13 (UPI) — Final demand wholesale inflation rose by 6% on an annual basis in April, marking the largest increase since 2022, the U.S. Bureau of Labor Statistics reported Wednesday.

More than three-quarters of the 2% increase in final demand goods in April was attributed to a 7.8% increase in energy prices. Final demand services moved up 1.2%, pushed along largely by a 2.7% increase in trade services.

The producer price index increased by a seasonally adjusted 1.4% in April, double the rate increase in March. The increase outpaced the Dow Jones consensus estimate of 0.5%. It is the largest monthly increase since March 2022.

The annual 6% wholesale inflation increase is the largest since December 2022.

Machinery and equipment wholesaling was another big factor in rising inflation. Final demand service prices for machinery and equipment rose by 3.5%.

Final demand excluding volatile food and energy rose 0.6%, the largest bump since October. For the year ending in April, final demand excluding food and energy was up 4.4%, the largest increase since February 2023.

By commodity type, the index for unprocessed goods went up 4.1%. Intermediate demand goods increased 2.7% for the month, the sixth consecutive monthly increase.

About 80% of the index increase for unprocessed goods for intermediate demand can be attributed to unprocessed energy materials which increased 9.2%. Crude petroleum rose by 11.3%.

Unprocessed non-food materials and excluding energy fell by 1%.

TOWIE star Jake Hall was battling crippling debts of nearly £1.5million before his tragic death in Majorca last week.

The 35-year-old reality TV personality was found dead in an Airbnb after running through a single-glazed glass door.

It has now emerged the artist had been struggling financially after his fashion company collapsed, according to the Daily Mail.

Companies House shows his business, Prevu London Limited, went into liquidation in 2025 owing around £1.49million.

The company reportedly owed £181,581 to HMRC, as well as a £1.1million loan to an Essex-based property business.

Prevu London also racked up hundreds of thousands of pounds in debts to other unnamed creditors.

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May 11 (Asia Today) — Hyundai Motor Company has surpassed 13.5 million cumulative vehicle sales in India, underscoring the company’s three-decade push to localize production and develop models tailored to Indian consumers.

According to the automaker on Sunday, Hyundai Motor India Ltd., established on May 6, 1996, has sold about 13.5 million vehicles cumulatively, including 9.6 million domestic sales and 3.9 million exports.

The Indian unit has also become a strategic export hub for markets in the Middle East, Africa and Latin America, shipping models such as the Verna and Grand i10 to about 150 countries, including Saudi Arabia, South Africa and Mexico.

Hyundai entered India in the 1990s after identifying the country as a high-growth market with low vehicle ownership despite its large population. The company built its first assembly plant in Chennai, in the southern state of Tamil Nadu, and began production in 1998.

Hyundai later expanded the site with engine and transmission facilities, creating the company’s first comprehensive overseas manufacturing base.

The first model produced in India was the Santro, a localized version of the Atos compact car sold in South Korea. Hyundai modified the vehicle to better fit local conditions, including adopting a “tall-boy” design with increased cabin height that proved popular among Sikh drivers who wear turbans.

The company further expanded production capacity by opening a second Chennai plant in 2007 to support growing domestic demand and exports.

Industry analysts said Hyundai’s momentum in India accelerated after the launch of the Creta SUV in 2015. The model helped expand demand for sport utility vehicles in a market previously dominated by sedans.

Hyundai’s India Technology and Engineering Center also adapted vehicles to local consumer preferences, increasing cabin space and ground clearance to accommodate large families and rough road conditions.

To strengthen competitiveness, Hyundai launched a localization initiative in 2013 to expand sourcing from Indian suppliers. The company worked with industry groups and formed joint ventures with global suppliers, eventually achieving an average local parts sourcing rate of 82%.

“Hyundai successfully localized its operations to the point where many consumers see it as an Indian company,” an industry official said.

India’s automobile market grew from about 370,000 vehicles in 1998, when Hyundai entered the market, to approximately 4.56 million vehicles in 2025, representing annual average growth of about 10%, the official added.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260511010002552

May 12 (UPI) — Prices for consumer goods rose faster than expected in April, with food and energy prices driving the spike, the Bureau of Labor Statistics said Tuesday.

The Consumer Price Index for All Urban Consumers increased 0.6% on a seasonally adjusted basis in April, after rising 0.9% in March, the BLS said. Over the past 12 months, the all-items index increased 3.8% before seasonal adjustment.

The energy index rose 3.8% in April, which was more than 40% of the increase. That put the 12-month rise at 17.9%. The gasoline index rose 28.4% annually.

Airline fares rose 2.8%, making the 12-month rise at 20.7%, CNBC reported.

Food prices rose 0.5% for the month. The price of food at home rose 0.7%, which is the biggest monthly rise since August 2022, CNBC reported. The price for food away from home increased 0.2%, the BLS said.

When excluding energy and food, prices rose 0.4% in April. Those prices are calculated from household furnishings and operations, airline fares, personal care, apparel and education. That number puts inflation higher than the 2% goal set by the Federal Reserve, with the monthly rate at its highest since January 2025.

But the index for new vehicles, communication and medical care decreased in April. New vehicles and communication declined 0.2%, while medical care declined 0.1%. Used vehicle prices stayed flat.

Workers are feeling the pinch, too, as real average hourly wages dropped 0.5% for the month and 0.3% annually.

“Inflation is the key drag on the U.S. economy now,” said Heather Long, chief economist at Navy Federal Credit Union, CNBC reported. “This is hurting Americans. There is a real financial squeeze underway. For the first time in three years, inflation is eating up all wage gains. This is a setback for middle-class and lower-income households and they know it.”

Whether the Fed will lower interest rates in the wake of rising inflation is a concern for economists.

“Given that inflation is heading in the wrong direction and the labor market is holding up, it’s very unlikely that the Fed will be able to lower interest rates any time soon, and it’s possible that we may start pricing in rate hikes for next year,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management, CNBC reported.

SEOUL, May 12 (UPI) — Korea Hydro & Nuclear Power, or KHNP, said Tuesday it partnered with Southern Nuclear Operating Co. of the United States to enhance nuclear engineering.

The state-backed enterprise signed a memorandum of understanding at its head office in Gyeongju, around 180 miles southeast of Seoul, with the U.S. nuclear company.

Under the agreement, KHNP said, the two would expand technical exchange programs and share best practices in operating nuclear facilities.

The South Korean company noted the partnership aligns with the efforts over the past few years to shift its operations toward an engineering-based system.

“This agreement is expected to help our engineers broaden their global perspective and provide an opportunity for our engineering system to advance further,” KHNP senior executive Kim Young-seung said in a statement.

“Down the road, we will do our utmost to perfect the Korean-style engineering system through close cooperation with overseas operators and international organizations,” he added.

Last June, KHNP signed a deal worth at least $18 billion to build two nuclear reactors in the Czech Republic. To support the project, the company plans to collaborate with various partners both at home and abroad.

As of the end of last year, KHNP ran a total of 26 nuclear reactors in South Korea. It is also constructing four new reactors in the country. KHNP is not publicly traded.

After successfully launching Nigeria’s only operational oil refinery in 2024, billionaire businessman Aliko Dangote has set his sights on East Africa as the next location for another mega refinery project, according to recent reports.

It comes as African countries are actively seeking ways to make energy more secure, following huge global disruptions amid the US and Israel’s war on Iran and Tehran’s subsequent closure of the Strait of Hormuz, through which about 20 percent of the world’s oil and natural gas is shipped.

Dangote, Africa’s richest man, appeared to be one of the winners from this fallout when his newly operational refinery, located in Nigeria’s commercial Lagos State, began selling large volumes of crude oil across the continent as the war on Iran escalated in March and global oil prices soared.

At present, West, South and East Africa rely primarily on importing refined petroleum products from the Middle East, meaning they are highly vulnerable to disruptions there.

Neighbours of Nigeria – Cameroon, Togo, Ghana and even Tanzania, further to the east – are among the countries that have turned to Nigeria as supplies from the Middle East dry up.

By the end of March, the refinery, which has the capacity to produce 650,000 barrels per day (bpd), reported it was also receiving orders from beyond the continent, especially for severely scarce jet fuel as hundreds of flights were cancelled across regions.

Supply from Dangote’s refinery has cushioned the impact of the war in terms of fuel supply for Nigeria and neighbouring countries, analysts say.

Nigeria is Africa’s largest oil producer, and the $19bn project in Lagos is currently the world’s largest single-train refinery, meaning it employs a single processing line rather than multiple units. But it hit full production capacity in February 2026, the same month the war with Iran started.

Nigeria has no functional state-owned refinery, so Dangote’s refinery is now positioning the country to be a net exporter of jet fuel and diesel.

Here’s why more refining capacity in Africa matters for the continent:

What is Dangote’s plan for an East Africa refinery?

In April, Kenya’s President William Ruto announced that East African countries were in talks to build a joint oil refinery at Tanzania’s Tanga port, which would have a similar capacity to Dangote’s Lagos operation.

“We do not want to be held hostage any more by the Strait of Hormuz,” Ruto said at a Nairobi business event in April, which Dangote was present at.

“We do not want to be held hostage by wars that are started by other people. We have our resources here, and we are saying we are going to use our African resources to industrialise our region.”

In an interview with the Financial Times on Sunday, however, Dangote said he would prefer to build the new operation in Kenya rather than Tanzania.

“I’m leaning more towards Mombasa because Mombasa has a much larger, deeper port,” the billionaire told the UK newspaper.

“Kenyans consume more. It’s a bigger economy,” he said, adding that “the ball is in the hands of President Ruto … Whatever President Ruto says is what I’ll do.”

He has projected construction costs of between $15bn and $17bn.

But venturing into East Africa, which has a very different commercial landscape from West Africa, could prove a challenge, analyst Dumebi Oluwole of Lagos-based intelligence firm Stears told Al Jazeera.

“Dangote has proven it [his operation] can build at scale,” she said. “The East African test will be whether it can also navigate the political and logistical landscape of a fragmented, multi-country market.”

Why aren’t African countries already producing more oil?

Despite having sizeable crude reserves, African countries only refine about 44 percent of the total oil consumed themselves, with imports making up the rest, according to a 2022 African Union report.

The top producers of refined oil are Algeria, Egypt and South Africa. There are about 21 refineries in North Africa.

Southern Africa has another seven, while West Africa has 14. However, most refineries in the two regions are either not operating or are producing below the capacity they are equipped to.

East Africa’s only existing refinery is in Mombasa, but it stopped operating in 2013 due to a combination of slow government policies and exiting investors, who deemed it commercially unviable as a result.

There is currently no refining capacity at all in East Africa, despite the region having about 4.7 billion barrels of crude reserves, according to the African Union, mainly in Uganda, South Sudan, Kenya and the Democratic Republic of the Congo.

Kenya imported 40 million barrels of petroleum in 2025. It regularly buys oil from the UAE, Saudi Arabia, India and Oman, all of which have been hampered by Iran’s closure of the Strait of Hormuz.

Nigeria itself is Africa’s biggest net crude producer with a 1.5 million to 1.6 million bpd capacity. The country has not refined meaningfully since 2019.

What difference will local refineries make for African countries?

Exporting most of its crude to then import refined products is expensive and puts Africa on the back foot, analyst Oluwole said.

More oil refined on the continent would mean lower petrol pump prices, lower transport costs, and more energy available for people and businesses, in theory. It would also mean greater access to by-products like fertilisers for farmers, for example, or petrochemicals for manufacturers.

“Dangote has demonstrated that a viable, scalable, intra-African energy supply option is possible – that proof of concept matters enormously,” said Oluwole.

“It reflects a growing continental conviction that Africa can provide for itself, and that this is no longer wishful thinking,” she added.

In Nigeria’s case, Dangote’s refinery is yet to ease pressures, though. Local airlines, for example, have complained about having to pay high prices for jet fuel even with improved local supplies. Analysts say that could be because Nigeria’s government removed fuel subsidies in 2023. Bureaucracy within the state oil company also forced Dangote’s refinery to import crude.

Still, the refinery is contributing to “a more transparent and competitive market”, Oluwole said, adding that results should eventually show.

Other countries are stepping up. Last week, Angola’s $470m Cabinda refinery began supplying domestic as well as foreign markets. The project is owned primarily by the United Kingdom’s Gemcorp Capital and has a capacity of 30,000bpd, with plans to double by the end of 2026.

Dangote’s planned refinery in Kenya, if completed, could also help to reduce East Africa’s reliance on the Middle East.

A separate, government-funded refinery project in Uganda’s Hoima region is also in the works. Authorities expect the project to be able to refine 60,000bpd when it starts operations in 2029. It will be fed by the joint Uganda-Tanzania East African Crude Oil Pipeline (EACOP), an ongoing project which will transport crude from Uganda’s Lake Albert to Tanzania’s Tanga Port.

Uganda also plans to produce diesel, jet fuel, kerosene and Liquefied Petroleum Gas (LPG).

With big plans in place, Oluwole says it’s now left to African governments to create enabling business environments for the private sector.

“Dangote has opened the door,” she said. “The question now is whether African institutions and governments will walk through it.”

Ian Bowen is manager of the “66 to Cali” shop/kiosk on the Santa Monica Pier. Many travelers go to the kiosk for the Route 66 “passports” and certificates of completion.

(Christopher Reynolds / Los Angeles Times)

Beyond the merry-go-round and before the Ferris wheel on Santa Monica Pier, Ian Bowen does business in a snug kiosk overstuffed with souvenirs, guidebooks and replica highway signs. The whole structure measures about 77 square feet. But the idea behind it sprawls for miles and keeps Bowen talking for hours on end: Route 66.

The 66 to Cali kiosk is owned by Dan Rice, who started the business in 2009 after years of travels on the Mother Road. But Bowen, 35, has been managing it for 10 years, making sales, offering advice and hearing travelers’ tales, which almost always come with surprises. He calls himself “a bona fide nerd about Route 66.”

“It took me six years to do the whole road and finish my last stretch in Arcadia, Oklahoma,” Bowen said between customers one recent night. Rather than cover more than 2,400 miles in a single trip, he has done what many American “roadies” do: biting off one chunk at a time. Before you know it, he said, “you become part of the community.”

That became obvious as Bowen flipped through the photo albums he keeps in the kiosk. There’s Harley Russell, ribald proprietor and performer at the Sandhills Curiosity Shop in Erick, Okla. There’s Fran Houser, the late, widely beloved proprietor of the Midpoint Cafe in Adrian, Texas. And there’s Bowen getting a haircut from Angel Delgadillo, the Seligman, Ariz., barber, now 99, who kicked off a resurgence of interest in Route 66 in 1987 with a call for historical recognition.

This is not the career Bowen planned for; he studied to be an industrial designer. But now that he’s in the business of celebrating Route 66, he sees it, and other highways like it, as a launching pad for independent businesses, a lifeline for small towns and an antidote to the isolation of contemporary society.

“The old roads aren’t just about nostalgia,” Bowen says on his website. “They’re about creativity, honest work, investing in ourselves and our communities, and the notion that effort is rewarded.”

For those considering a Route 66 trip, Bowen has advice of all kinds.

Want an old-school meal along the route in Santa Monica? Bowen will point you toward Bay Cities Italian Deli & Bakery, which opened in 1925.

A lunch spot near Elmer’s Bottle Tree Ranch in Oro Grande? Cross-Eyed Cow Pizza, said Bowen, is just down the road.

The backstory on Bobby Troup’s song “Route 66?” Bowen can tell you that Nat King Cole recorded it in early 1946 in a studio at 7000 Santa Monica Blvd. And that address, now occupied by the Jeffrey Deitch art gallery, is actually on Route 66.

Whatever your itinerary, Bowen urges a loose schedule, leaving plenty of room for discoveries and unplanned conversations. Otherwise, “it’s so easy to use up all your time and end up running behind,” he said.

One recent Friday, Leonidas Georgiou, 36, stepped up to the kiosk, brimming with enthusiasm.

Georgiou, who lives in Athens, only learned about Route 66 last year “from an influencer on Greek TikTok.” But once he heard about it, he acted fast. Georgiou plotted a U.S. trip, recruited his mom to ride shotgun and picked up a rented Mazda SUV in Chicago. They made the drive in 23 days, with detours to Las Vegas and Monument Valley and a stop at the Walter White house (from “Breaking Bad”) in Albuquerque.

The varying weather and landscape, Georgiou said, made it feel like a four-season trip. Several times, in cities where hotels seemed too pricey or too sketchy, he and his mom slept in their SUV. Before Bowen could speak up, Georgiou added that he’s a police officer in Athens, and that he chose their spots carefully. Georgiou’s mother, who didn’t speak much English, nodded in affirmation.

“Instead of spending $40 each and getting bedbugs, it’s better to sleep in the car,” Georgiou said. And in the larger picture, he said, it was important to give the trip all the time it needed.

“This is a lifetime journey,” Georgiou said.

Bowen nodded and smiled. Another 66 traveler, another set of surprises.

May 11 (UPI) — President Donald Trump will be accompanied by 16 senior executives of U.S. companies for his trip to Beijing to meet with Chinese President Xi Jinping.

The White House on Monday shared a list of the executives, which include Tesla’s Elon Musk, Apple’s Tim Cook, BlackRock’s Larry Fink and Boeing’s Kelly Ortberg, among others.

Cisco CEO Chuck Robbins was unable to join the trip, however executives from Blackstone, Cargill, Citigroup, Coherent, GE Aerospace, Goldman Sachs, Illumina, Matstercard, Meta, Micron Technology, Qualcomm and Visa will also travel to China with Trump.

Trump is expected to discuss trade, artificial intelligence, Taiwan and the Iran War, with the creation of a board of investment and a board of trade with China high on his list of goals for his meetings with Xi.

“We’re doing a lot of business [with China], but it’s smart business,” Trump told reporters during a press briefing in the Oval Office on Monday.

“We used to be taken advantage of for years with our previous presidents,” he said. “And now we’re doing great with China. We make a lot of Monday with China.”

The U.S. caravan will depart for Beijing on Tuesday, with meetings scheduled for the rest of the week between the two delegations.

Each of the executives traveling for the meetings has significant business interests in China, which is why they were asked to join Trump for the trip, White House officials have said.

BRITISH Airways’ multi-million pound superjumbo refit faces certification delays over fears crew cannot safely restrain drunk passengers in its new business class seats.

The airline is in the process of upgrading its Airbus A380 fleet with its latest Club Suite, which comes with a sliding privacy door.

But the makeover could hit delays because of concerns over how staff would deal with an air rage passenger on the upper deck.

BA plans to move a small section economy seats off the top floor and replace them with a larger Club World cabin.

Its passenger restraint kit is understood to be approved for economy and premium economy seats – not the new suite-style business seats.

That could leave crew with a major problem if a passenger became violent or disruptive upstairs.

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Sources said hauling a violent passenger down the A380’s narrow staircases could put crew and other passengers at risk.

The first aircraft are currently being worked on in Manila, Philippines, as part of the refurbishment programme.

Industry sources have also suggested there may be certification concerns over the weight of the new business seats, which include motors and sliding doors.

Extra weight on the upper deck could affect the plane’s payload limits.

However, any delay may also be linked to wider supply chain issues affecting premium aircraft seats across the industry.

British Airways said the A380 refit programme remains on schedule for 2026.

SEOUL, May 10 (UPI) — South Korea’s KB Financial Group unveiled a humanoid robot for senior care during AI EXPO Korea 2026 held in southern Seoul.

During the three-day event last week, KB Financial showcased the humanoid robot, named “GenP,” which was jointly developed with domestic AI company GENON.

KB Financial noted that GenP was specifically designed for senior care, as it is equipped with upgraded finger-module capabilities to perform precise movements suited for assisting elderly users.

During the exhibition, the humanoid robot carried out five demonstrations, including greeting visitors and delivering daily information, such as rehabilitation schedules.

The Seoul-based financial conglomerate said that the presentation demonstrated its transition from text-based agentic AI to physical AI geared toward engaging directly with the everyday lives of senior customers.

Next month, KB Financial’s affiliate plans to introduce an AI-powered care robot, dubbed “KeBi,” at a South Korean facility for senior citizens.

South Korea is widely regarded as having one of the world’s fastest-aging societies, as the proportion of people age 65 or older topped 20% of the population. As of the end of last year, it was 21.21%, according to the Ministry of the Interior and Safety.

“Starting with this demonstration, we plan to gradually verify the feasibility of applying physical AI to care settings. Based on those results, we will further expand our service scope and business operations,” KB Financial said in a statement.

“Going forward, we will concentrate our capabilities on realizing the future of senior care solutions, which combine advanced technology and compassionate care,” it said.

The share price of KB Financial rose 0.31% on the Seoul bourse Friday.

May 10 (UPI) — Energy Secretary Chris Wright said Sunday the Trump administration is “open” to the possibility of suspending the federal tax on gasoline sales as prices spike amid the U.S.-Israeli war against Iran.

Wright said during an appearance on NBC’s Meet the Press he and Trump are “open to all ideas” to lower energy prices, including following the lead of some U.S. states in temporarily shelving taxes on gas at the pump amid the price surge.

“All measures that can be taken to lower the price at the pump and lower the prices for Americans, this administration is in support of,” he said. “We are constantly looking for different ideas.”

Citing previous measures such as releasing oil from the U.S. strategic petroleum reserves and “revising federal regulations on summer gasoline blends to make it easier for American refineries to produce more gasoline,” Wright said the suspension of the 18-cents-per-gallon federal tax on gas is also on the table.

“We are working every day to offset this rise in prices because of a critical conflict in Iran to drive prices down, and we’re open to all such ideas,” he said.

Wright’s comments came as the average national price of a gallon of unleaded gasoline stood at $4.52 per gallon as of Sunday, according to the Automobile Association of America.

U.S. drivers have seen sharp increases in pump prices in recent weeks after Iran blocked the vital Strait of Hormuz waterway connecting Persian Gulf oil and natural gas producers with world markets.

The move came in retaliation to a wave U.S.-Israeli bombing attacks on Iran beginning Feb. 28, which Washington and Tel Aviv claim were necessary to prevent the imminent development of a nuclear weapon by Iran’s rulers.

The price of regular gas last week surged 25 cents for the second consecutive week to $4.55 — $1.40 higher than they were a year ago and marking their highest level since 2022, the AAA reported.

Crude oil prices have dipped below $100 per barrel while a fragile cease-fire between the United States and Iran has been in place and negotiations to reopen the Strait have been ongoing. But with global oil supplies tightening, upwards pressure on pump prices continues.

In a separate appearance on CBS News’ Face the Nation on Sunday, Wright refused to predict were gas prices were heading.

“I don’t know the future of gas prices,” he said while admitting that “gasoline and diesel prices are up, and they will remain up while this conflict’s in place, and then they will come back down.

“And, ultimately, they’ll come back down lower than they were before.”

For Vince Gervasi, chief executive of Triscenic Production Services, it was yet another body blow.

His company, a leading supplier of set and scenery storage and transportation for the film industry, was poised for a turnaround after nearly three years of losing money.

Then, last week, he said a line producer on “Shark Tank,” one of his long-standing clients, called him to say the hit ABC reality show was relocating production from the Sony Pictures Studios lot in Culver City to Atlanta.

“They said it was too expensive here to do anything,” Gervasi recalled being told. “I said, ‘Are you kidding me?’ This show has money.’”

For the last six years, Triscenic had dedicated a 70,000-square-foot warehouse at its Santa Clarita facility to store the show’s items, transporting them in 30 custom made semitrucks between seasons.

Battered by the pandemic, the dual labor strikes, economic downturns and consolidations, Gervasi told The Times in 2024 that he had laid off 78 of his 85 employees and winnowed down his once-buzzing operations that housed sets and scenery across 2 million square feet in 41 buildings to half that, with the expectation that things would bounce back.

Like many other local film industry veterans, he is still waiting.

Vince Gervasi, at Triscenic Production Services, in Santa Clarita.

(Bob Doyle)

“I’ve been doing this for 41 years. I’ve seen the good and the bad — this is a complete decimation. It’s unprecedented.”

From florists to prop rentals to catering and beyond, production services and craft businesses are the hub and spoke of L.A.’s film and TV industry. But many of these businesses — some of which have been family-operated for generations — are struggling to weather a post-pandemic slump in film activity deepened by runaway production, media consolidation and the end of the streaming boom.

Film shoot days in the Los Angeles region have fallen nearly 50% since 2019, according to FilmLA data reviewed by The Times. Employment in Los Angeles County’s motion picture and sound recording industry has similarly plummeted, with a loss of some 57,000 jobs in the last four years, federal labor data show.

The slowdown has become a major issue in the L.A. mayoral race as evidence mounts of the economic toll on the city.

Just last month major industry vendor Quixote — whose Star Waggons trailers were once ubiquitous on the streets of L.A. — announced that it was winding down most of its sound stage business in Los Angeles, closing its operations in Atlanta and laying off 70 employees.

In a note to its clients and partners, Hudson Pacific Properties Inc., Quixote’s parent company, said that “we have persisted through the prolonged and ongoing slowdown in commercial, television and film production. But ultimately, industry conditions have forced difficult decisions.”

Between 2022 and 2025, more than 80 such businesses across Los Angeles have closed down, according to a list compiled by the ACME Directory, a production resource that connects TV and film professionals with specialized products and services.

“It’s, in many ways, a much bigger reflection of the contraction we’re seeing in the industry right now,” said Kevin Klowden, a senior fellow at the Milken Institute, focused on entertainment and technology. “The surge in demand for streaming and the consequential demand to catch up on content hid the fact that the industry was shrinking.”

Last October, the family-run Costume Rentals Corp. began liquidating its inventory after dressing film and television characters for 50 years. The North Hollywood firm provided costumes for “Forrest Gump,” “Apocalypse Now,” “Fast and Furious” and, more recently, the 2024 Bob Dylan biopic, “A Complete Unknown.”

A year earlier, Valentino’s Costume Group closed its doors after two decades in business and sold off its 400,000 items. At the time, Shon LeBlanc, the North Hollywood shop’s last owner standing, said he had endured a “perfect storm” of calamities and was drowning in debt following the cancellation of 15 shows in a single week.

Even the legendary Western Costume, which has been in business since 1912, has been hurt by the slowdown. During the 2023 strikes by writers and actors, Western Costume furloughed 43 employees, or about two-thirds of its staff. Recently, the North Hollywood costume mecca, which has supplied such classic films as “Gone with the Wind,” “The Wizard of Oz,” “The Sound of Music” and the TV series “Mad Men,” furloughed an unspecified number of its workers, said two people familiar with the matter who were not authorized to speak publicly.

A representative of Western Costume did not respond to a request for comment.

Marc Meyer, the owner of Faux Library Studio Props, had strained to stay in business through the pandemic shutdown and the 2023 labor strikes — laying off 11 of his 13 employees.

By the start of 2024, Meyer, a set decorator who was credited with inventing the fake movie book, was drastically behind on rent, owing $500,000, he said.

Marc Meyer, closed the doors on Faux Library Studio Props in North Hollywood after almost 25 years in business.

(Mel Melcon/Los Angeles Times)

Meyer’s landlord had given him a week to come up with more than $100,000 in unpaid rent or vacate the 89,000-square-foot warehouse in North Hollywood filled with props, books, antique furniture and other items that have decorated such film and TV sets as “Angels & Demons” and “The X-Files” for almost a quarter-century.

Meyer came up with $45,000 to mollify his landlord, garnering a month’s reprieve. A GoFundMe was set up during the strikes and a host of industry colleagues such as “Top Gun: Maverick” set decorator Jan Pascale stepped up, buying props to help fill his coffers.

A year later, Meyer was out of business, selling off Faux Library for parts in a massive auction. He died last July at 77.

“The change in our city is palpable,” said writer and director Sarah Adina Smith, a co-founder of Stay in LA’s, a grassroots campaign aimed at increasing film and television production in Los Angeles. “It’s not just that so many crafts and artists are out of work, but you see small businesses, too. In L.A., we’re an ecosystem fed in large part by creative jobs, and that is quickly vanishing.”

Marlon Gilbert still waxes nostalgic about the days his Commerce-based company, Gilbert Production Service, stored and transported scenery and props for TV shows including “Dancing with the Stars” and feature films like “Batman.” At one time, he said, he was handling seven active TV shows in a single season.

“When it was still on Fox, the ‘American Idol’ finale, we had like 20 semitrucks going in and out. Money was flowing like crazy,” he said. “But eventually times got hard for them, and they cut back on their production stuff.”

By last year, Gilbert was down to just three clients. “It wasn’t sustainable,” he said.

In December, after three decades, the family-owned business filed for Chapter 11 bankruptcy and shut down too.

“I couldn’t pay rent on our warehouse lease, I blew through my savings and my 401(k),” he said. After his wife was hospitalized following multiple strokes in 2023, he said, “I didn’t have the energy to beat the bush for new business.”

“I would’ve liked to have gone out with more panache and made a big splash and money selling the business. But there was nothing left to sell.”

Scott Niner, president and owner of Dangling Carrot Creative, checks on a robotic machine as it fabricates at his shop in North Hollywood.

(Jason Armond/Los Angeles Times)

Scott Niner, president and owner of Dangling Carrot Creative, offers a case study in how production service businesses have navigated the tidal wave of upheavals.

After 18 years in business creating graphic signage, custom flooring and wallpaper to make sets look exactly as art directors dreamed up, the company filed for Chapter 11 bankruptcy last April.

Before the pandemic, Niner’s Valencia-based business was thriving.

In 2014, he opened a Georgia satellite office to service the film and TV productions that had migrated to take advantage of the state’s generous tax credits. He steadily expanded his workforce to 32 employees in L.A. and Georgia.

Production was so plentiful that he even branched into the bakery business in 2018, delivering graphics and cupcakes in the same order. At its peak, Dangling Carrot generated $800,000 a month.

When the pandemic shutdown hit, Niner’s monthly revenue dropped to $50,000, he said. He kept his workers employed by making face shields that he donated to hospitals.

“I hung in there, and it was painful,” said Niner, who received some government assistance.

During the strikes in 2023, he drained his 401(k) and his union pension to keep his shop open and his workers employed.

Niner said he deployed a strategy of “pivoting and praying.” He shifted his business to focus more on fabrication, making giant 3-D-printed items for movie premieres, 25-foot-long, 8-foot-tall and 8-foot-deep ammo chests for a “Call of Duty” promotion and even graphics at airports.

Last last month, Niner sold off his Georgia business as filming in that state shifted to the U.K. He downsized his home and moved his business from Valencia to a much smaller building in North Hollywood. He is now down to 11 employees.

“I have a very bright outlook on the future, especially because we’re getting phone calls from people who never would have called us because all the other guys are out of business,” he said. “There’s something to be said about the last man standing. But I’m the last man standing on $2 million in debt. I’m more like lying down.”

The industry got a reprieve last week when CBS announced that it was relocating its hit drama “Tracker” to Los Angeles from Vancouver, Canada, after receiving a $48-million tax credit. Many view such moves, however, as small wins over comprehensive ones.

“There’s been a fundamental change happening here over the past five years,” said Cale Thomas, a makeup artist who has worked on “Guardians of the Galaxy 3” and the recent biopic “Michael.”

Thomas, who is a member of Stay in LA, acknowledges that California’s step last year to double its tax incentives has helped to spur an uptick in local production, but that has not stopped the outflow of productions or resolved a host of restrictions and costs that have hampered the industry.

He worked on “The Mandalorian” and other Lucasfilm series that stream on Disney+ for five years. “We shot in Manhattan Beach Studios,” he said, but noted that Lucasfilm has since moved one show to the U.K. and produced two others there.

“This has been devastating for our industry,” he said. “Hundreds of generational family businesses aren’t being used anymore.”

The pain points are not confined to Hollywood.

Last year, Marvel Studios — which had made Georgia, known as Hollywood of the South, its primary filming center for such major franchises as “Avengers: Infinity War” — relocated much of its production to the U.K.

The impact has meant even fewer domestic productions causing an even bigger ripple effect.

Among the high-profile casualties was Hackman Capital Partners, which aggressively snapped up studios, acquiring $10 billion in assets under management before production activity plummeted nationwide.

In January, the company defaulted on its $1.1-billion mortgage on Radford Studio Center, the historic lot where “Seinfeld” and “Gunsmoke” were filmed and which gave Studio City its name.

Earlier this year, Hackman Capital Partners defaulted on its $1.1-billion mortgage on Radford Studio Center, the historic lot where “Seinfeld” and “Gunsmoke” were filmed.

(Gary Coronado/Los Angeles Times)

Three months later, lender Deutsche Bank filed a foreclosure complaint on the also-historic Kaufman Astoria Studios in Queens, N.Y., home to “Sesame Street” and “Succession.”

Kaufman, also owned by Hackman Capital Partners, defaulted on an outstanding loan balance of $359 million that was due to be paid last fall, according to CRE Daily.

Gregg Bilson sold ISS Props, the Sunland-based company his father founded in 1977, to Manhattan Beach Studios, part of Hackman Capital Partners, five years ago, staying on as CEO to help run and expand the company.

After 40 years in the business, he retired last August with a little more than a year and a half left on his contract.

Bilson now sees himself as a Hollywood relic.

“Many of my contemporaries and I have had conversations where we say we saw the best of the film and TV industry when it was an art form,” Bilson said. “It will never be the same.”

Caught between rising inflation and slowing growth, the United States Federal Reserve, the European Central Bank and the Bank of England are keeping interest rates and borrowing costs steady.

That’s despite rising energy bills, fuel and food costs squeezing businesses and households worldwide.

The International Monetary Fund is warning of a global slowdown, and no one knows how long the energy shock set off by the US-Israel war on Iran will last.

The impact will be felt hardest in emerging markets and developing nations. Central banks face a tough choice: fight rising prices or support a weakening economy.

May 8 (UPI) — Consumer sentiment in the United States has hit another record low as Americans worry about the cost of life as gas prices continue to rise amid the war in Iran.

A monthly University of Michigan survey found that consumer sentiment dropped 3.2% in the last month — from 49.8 to 48.2 — and was down 7.7% over the course of the year, the university’s Institute for Social Research said on Friday.

Joanne Hsu, director of the university’s Surveys of Consumers, said that consumer sentiment is “essentially unchanged” from April, while the current economic conditions survey dropped 9% because of high prices affecting personal finances and whether people will make major purchases.

The decline in the current economic conditions survey was down nearly 19% from last year.

She pegged the survey results to the effects of the U.S.-Israeli war in Iran, and specifically the widespread effects that Iranian and U.S. blockades of the Strait of Hormuz have had on the global economy.

“Taken together, consumers continue to feel buffeted by cost pressures, led by soaring prices at the pump,” Joanne Hsu, director of the survey, said in an analysis.

“Middle East developments are unlikely to meaningfully boost sentiment until supply disruptions have been fully resolved and energy prices fall,” she said.

Hsu noted that, in the surveys, “about one-third of consumers spontaneously mentioned gasoline prices, and about 30% mentioned tariffs.”

The index of consumer expectations did, however, show a 0.8% gain from last month, and is up 1.3% over last year.

May’s consumer sentiment survey is the lowest going back to 1952 — April also set a record — although markets did not react significantly after the institute published its preliminary data for this month’s surveys.

The Bureau of Labor Statistics on Friday also released its April jobs report, which showed that the economy gained 115,000 non-farm payroll jobs — more than double what Wall Street expected — but down from the 185,000 added in March.

For the 12 months ended in April, BLS noted that net payrolls were relatively unchanged.

The unemployment rate for April was unchanged from March at 4.3%.

May 8 (UPI) — President Donald Trump intends to fire Food and Drug Administration Commissioner Marty Makary because he is frustrated with the agency.

Trump signed off on the decision to replace Makary as he has clashed with Trump, officials in the Department of Health and Human Services and other officials in the administration, multiple reports said on Friday.

The reports — from NBC News, The New York Times, The Wall Street Journal and The Washington Post — all were attributed to Trump administration sources who requested anonymity because they were not authorized to comment on the issue.

Makary, a former surgeon at Johns Hopkins, was confirmed to run the FDA in March 2025 on a vote the included two Democratic members of the Senate voting yes.

His nomination carried some controversy because, like several other Trump cabinet members and nominees, is a former Fox News contributor who preferred that society develop natural immunity to the virus that causes COVID-19 instead of the CDC’s preferred method of using vaccine-induced immunity during the pandemic.

The reports suggest that Makary has struggled to run the FDA as long-time staff have left the agency and a range of healthcare, pharmaceutical and advocacy groups have been highly critical of its actions.

The Department of Health and Human Services and Makary have not commented on the reports, and sources for all four news organizations noted that the plan could change if Trump changes his mind.