Business

Kara Swisher is everywhere.

She’s filling in for Joy Behar on ABC’s “The View.” Appearing alongside Meryl Streep in “The Devil Wears Prada 2.” Starring in a CNN documentary. Preparing a national tour. And churning out four podcasts most weeks featuring long-form interviews and commentary.

It’s a ubiquity born of more than three decades chronicling the technology industry with a professed indifference to power that vaulted her into a rare echelon of journalism celebrity.

She harnessed that reputation to persuade rivals Steve Jobs and Bill Gates to appear onstage together and make Mark Zuckerberg so uncomfortable under questioning that he broke out into a sweat. She had Elon Musk’s cellphone number — the two aren’t currently speaking — and often texts tech and business leaders.

She’s betting the influence that made her a Silicon Valley force will translate into politics as podcasts supplant traditional media as a destination for candidates seeking attention.

During President Donald Trump’s second Republican term, potential Democratic presidential candidates ranging from California Gov. Gavin Newsom and former Vice President Kamala Harris to onetime Transportation Secretary Pete Buttigieg and former White House chief of staff Rahm Emanuel have appeared on Swisher’s shows. She expects that roster to grow.

“We get called by all the presidential candidates,” the 63-year-old Swisher said in an interview at her home in a leafy corner of Washington, where her trademark high self-regard was on display. “We’re going to get to all of them.”

Swisher is hardly the only podcaster talking politics. Conservatives like Megyn Kelly and Tucker Carlson and some liberals like the former Barack Obama aides who host “Pod Save America” have larger audiences. They’re all dwarfed by Joe Rogan.

But Swisher, who has evolved from a traditional print journalist to business owner and podcast host, has few rivals who can match her technology expertise and connect those observations to the broader political debate.

“When I first went on her podcast when I just got into Congress in 2017, she was very well respected in tech circles,” said Rep. Ro Khanna, the California Democrat whose district includes Silicon Valley. “But now she’s emerged as a larger cultural force, especially at a time where there’s such anger at the tech billionaires and tech arrogance.”

Interviews that produce revealing moments

When she’s not on the road, Swisher typically records from a basement studio in the Washington home she shares with her wife and children and a cat named Lovely. The conversations on her interview podcast “On with Kara Swisher” are often referenced later on “Pivot,” which she co-hosts with entrepreneur Scott Galloway.

They frequently produce revealing moments, as when Newsom filled in for Galloway on “Pivot.” Swisher derided him for being too easy on Steve Bannon when the longtime Trump aide appeared on Newsom’s own podcast.

“You had an opportunity to engage,” Swisher pressed. “Why not engage?”

Swisher pushed Buttigieg on why he took so long to say President Joe Biden, a fellow Democrat, shouldn’t have sought reelection. Buttigieg said he wasn’t consulted.

“Sure, but you have eyes,” Swisher responded.

In an interview, Newsom said Swisher calls him out.

“She’ll send me missives unsolicited,” he said. “She’s usually right, and it drives me crazy.”

Even Sen. Thom Tillis of North Carolina, a rare Republican to go on her show, said it was a worthwhile experience despite being pressed on whether his willingness to speak out against the Trump White House emerged only after he opted against reelection.

“If you’re a politician, you should be able to walk up anywhere and hold your own,” Tillis said, adding, “You may end up having an opportunity, like in my experience, to give a completely different perspective.”

‘Pivot’ was initially focused on tech and business

Shaping the political conversation wasn’t the objective when “Pivot” launched in 2018. Galloway, who hosts his own “Prof G” and “Raging Moderates” podcasts, recalled the idea for “Pivot” was to focus on the intersection of technology and business.

“Show me a big business or tech story, and I’m going to show you a political overlay,” Galloway said.

The expansion converges with a sense of urgency among Democrats to be more aggressive on digital platforms, where audiences are increasingly concentrated.

“The single most important quality that every candidate needs to have is the ability to talk and the ability to talk anywhere,” said Teddy Goff, the co-founder of Precision Strategies and the digital director for Obama’s 2012 presidential campaign.

Democrats are still stung by Rogan’s nearly three-hour Trump interview in the final weeks of the 2024 campaign. Rogan who doesn’t consider himself a journalist, has said Harris’ campaign didn’t agree to his terms. Harris has described being spurned by Rogan.

The podcasts add up to influence and financial success.

Galloway said “Pivot,” which is effectively a joint venture between himself, Swisher and Vox Media, will be a $15 million to $20 million business this year, with a staff of just five.

“Podcasts are the NBA,” Galloway said. “There’s a small amount of people making a lot of money.”

A goal to be popular ‘among the entire populace’

While Swisher largely hosts Democrats, she hopes to soon bring on additional Republicans and said she texted Steve Hilton’s wife, a former Google executive, in hopes of booking him shortly after he advanced in California’s governor’s race.

“What we’re going for is to be popular among the entire populace,” she said. “So that people who don’t feel they want to be in a constant state of anger, whether it’s on the left or the right, can have a place to go.”

But her barbed comments about Trump and other Republicans could complicate that goal. Swisher describes her work as “reported analysis.”

“We don’t shy away from our faults,” Swisher said. “We don’t shy away from our biases. You know, we don’t shy away from things that most people try to.”

Sloan writes for the Associated Press.

June 30 (UPI) — Britain is challenging Apple and Google for not allowing developers to pull users away from their app stores.

The Competition and Markets Authority said Tuesday that Google and Apple have an “effective duopoly” on mobile phones by not allowing developers to engage with users or make purchases outside of the app stores.

The CMA said at least 90% of mobile devices in the United Kingdom are running on Apple or Google platforms. It said allowing “steering” away from the platforms by developers would increase market competition.

Both companies now charge a commission of up to 30% on in-app purchases. Google said it has already made the changes.

CMA Executive Director Will Hayter said choice is important for competition and consumers.

“We think it is important to give both app developers and users more choice about how they communicate and how they transact,” Hayter said in a statement. “This is not only because choice is inherently valuable but also because we see this as the best way to introduce some competitive pressure in a vital part of the mobile ecosystem that is otherwise sorely lacking such pressure.”

Hayter said the CMA isn’t trying to take away fees altogether.

“While it is only fair for Apple and Google to be compensated for the services they provide, any fees they charge must be justified through a robust, evidence-led framework involving due reference to both cost and value,” he said.

Apple responded that steering will make users less protected from scams.

“When users are directed away from Apple’s trusted payment infrastructure, they lose the protections they rely on Apple to provide. We will continue to make our concerns clear in our ongoing dialogue with the CMA,” an Apple spokesperson told The Guardian.

South Korean stocks ended nearly 1 percent higher Tuesday, led by gains in technology shares, as investors watched for a possible resumption of U.S.-Iran talks in Qatar aimed at easing tensions in the Strait of Hormuz. The Korean won weakened against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 81.83 points, or 0.97 percent, to close at 8,476.47.

Investor sentiment improved after the United States and Iran were set to resume talks in Qatar aimed at easing tensions in the Strait of Hormuz, alleviating concerns over a prolonged disruption to global oil supplies.

Overnight, Wall Street rebounded sharply as investors returned to tech stocks.

The Dow Jones Industrial Average gained 0.59 percent to close at a record high, while the Nasdaq composite jumped 2.07 percent and the S&P 500 advanced 1.18 percent.

Crude prices rose modestly as investors monitored implementation of the U.S.-Iran peace framework.

Trade volume was moderate at 444.61 million shares worth 41.08 trillion won (US$26.51 billion), with losers outnumbering losers 621 to 261

Institutions and individuals bought a net 2.93 trillion won and 833.45 billion won worth of shares, respectively, while foreigners sold a net 3.79 trillion won.

“Investors scooped up semiconductor shares following recent losses, while IT infrastructure and electricity stocks rose on hopes for major investment in semiconductor infrastructure in the southwestern region announced by the government and chipmakers,” said Lee Kyoung-min, an analyst at Daishin Securities.

Tech shares lifted the overall market.

Market bellwether Samsung Electronics rose 3.41 percent to 334,000 won, and chip giant SK hynix gained 0.84 percent to 1.65 million won. SK Square, the parent of SK hynix, advanced 3.48 percent to 1.69 million won.

Chip components maker Samsung Electro-Mechanics jumped 7.16 percent to 1.18 million won after announcing a 454 billion-won supply deal for multilayer ceramic capacitors (MLCCs) for artificial intelligence servers to a U.S.-based customer.

Battery shares retreated on profit-taking after sharp gains the previous session.

LG Energy Solution plunged 9.61 percent to 362,000 won, and its smaller rival Samsung SDI sank 4.88 percent to 487,000 won.

The Korean won was quoted at 1,549.4 won per U.S. dollar as of 3:30 p.m., down 4.2 won from the previous session.

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South Korea plans to develop a new semiconductor production base in the country’s southwestern region through 800 trillion won (US$517.9 billion) in corporate investments that will create four memory chip fabrication plants, Industry Minister Kim Jung-kwan said Monday.

Kim unveiled the investment plan to transform the Gwangju and Jeolla regions into the nation’s second major semiconductor cluster, alongside the existing hub in the Seoul metropolitan area, during a national investment briefing chaired by President Lee Jae Myung at Cheong Wa Dae.

“Relying on a single production base in the Seoul metropolitan area is no longer sufficient to meet surging semiconductor demand,” Kim said, noting that constraints on power and water resources limit further expansion under existing plans.

The semiconductor investment is part of the government’s “three mega projects” initiative, which calls for large-scale investments by chip giants Samsung Electronics Co. and SK hynix Inc., as well as other companies, in semiconductors, physical artificial intelligence (AI) and AI data centers.

Kim said the Chungcheong region will be developed into an advanced semiconductor packaging hub through 81 trillion won in investment to meet growing packaging demand as chip production expands, while the Daegu and North Gyeongsang regions will be fostered as innovation hubs for semiconductor materials, components and equipment.

He added that the government will help companies accelerate semiconductor investment by bringing forward the construction schedule for new fabrication plants by as much as 12 years, from the mid-to-late 2040s to the mid-2030s.

To support the expansion, the government vowed to streamline permits and construction procedures while investing in critical infrastructure, including electricity and industrial water supplies.

At the meeting, attended by Samsung Electronics Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won, Kim outlined a government-industry plan to invest 30 trillion won over the next 15 years to support the entire semiconductor value chain, from research and development and chip design to testing and manufacturing.

The ambitious industrial blueprint is aimed at transforming the country from a global manufacturing powerhouse into a leader in the artificial intelligence era, anchoring its strategy on semiconductors, AI infrastructure and physical AI.

For the robotics sector, Kim said the government will foster an AI-powered robotics industry to strengthen South Korea’s manufacturing competitiveness in the intensifying global competition.

Kim warned that China has already begun mass-producing humanoid robots through regional manufacturing hubs, underscoring the need for South Korea to accelerate the commercialization and mass production of its own humanoid robots.

“We must accelerate the foundation for mass production,” Kim said, adding that the government plans to create early domestic demand by procuring humanoid robots for education, defense and disaster response.

The initiative aims to raise South Korea’s share of the global humanoid robot market from just 1 percent last year to 20 percent over the long term.

As the third pillar of the strategy, Minister of Science and ICT Bae Kyung-hoon outlined a plan to expand the nation’s AI data center infrastructure, emphasizing that ample data is important for South Korea to secure a leading position in the global physical AI race.

“The next three years will be the golden time to become No. 1 in the area of physical AI,” Bae said. “The government will lead the physical AI sector, by designating it as a national strategic industry.”

Under the plan, an initial investment of 550 trillion won will be spent to build 8.4 gigawatts (GW) of AI data centers by 2029. The ministry will gradually expand the infrastructure by 10 GW until 2035, Bae said.

To support the initiative, the government pledged to ensure adequate supplies of electricity and industrial water, and strengthen power infrastructure around existing semiconductor clusters.

Once the data infrastructure is in place, the science ministry plans to develop a general-purpose foundation model for physical AI in the next three years, based on a world model, or AI tools that understand the dynamics of the real world.

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Unionized workers of Kakao Corp., South Korea’s messenger app operator, took a day off en masse on Monday in a sign of protest amid a continued gridlock in wage negotiations.

In their second collective action, unionized members staged what they called a “Log-out Day” by taking simultaneous annual leave.

Some 2,100 workers from five units of Kakao, including its headquarters, Kakao Pay and Kakao Enterprise, have participated, the labor union claimed.

The company, however, said it estimates only 800 employees from Kakao’s headquarters took part in the latest industrial action.

Wage talks between Kakao’s labor union and management have been at a standstill since May, after the two sides failed to narrow differences in performance-based incentives.

The union is reportedly demanding the company pay around 13 to 14 percent of operating profit as bonuses, while the management has rejected such demands, claiming they put too much burden on the company.

On June 10, workers staged their first-ever strike. Some 1,500 union members walked out from their jobs for four hours and rallied near the company’s headquarters in Pangyo, south of Seoul.

Despite concerns from industry watchers, no disruptions were reported on Monday, including in the company’s key messenger service, KakaoTalk.

Kakao’s management had previously said it plans to continue negotiations with the union, while remaining on standby to ensure stable service operations.

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June 27 (UPI) — Volkswagen is set to cut as many as 100,000 jobs, and end production at four of its plants, as part of a restructuring to better counter Chinese rivals in Europe.

The company is one of several German automakers that is making cuts as Chinese companies gain ground in both Germany and the rest of Europe, The Financial Times and Wall Street Journal reported.

BMW and Mercedes-Benz, as well as Stellantis and Renault, have lost market share in Europe as BYD, Chery and other Chinese brands have surpassed 10% of car sales on the continent after years of slow growth.

Volkswagen already had agreed with its employee’s unions to cut 50,000 jobs in Germany by the end of 2030 as part of making it “more efficient and leaner,” but some experts have questioned whether the increased moves will have their intended effect, the reports said.

“Every European player is losing today,” Thomas Besson, an auto market analyst at Kepler Cheuvreux, told The Times.

“This is a highly challenging situation for European carmakers,” Besson said, “because Chinese [manufacturers] are progressing [in Europe] at a much faster pace than expected, while [European manufacturers] continue to lose volumes in China and face very adverse conditions in the United States, notably due to tariffs.”

Volkswagen, which is Europe’s largest carmaker, would be dropping about 15% of its 660,000-person workforce, in addition to ending production at three Volkswagen plants and one Audi plant, CNBC reported.

The company also plans to reduce investments by about 15% — roughly $148 billion — over the next five years, while also launching new efforts at selling its products to compete with the Chinese companies.

“The entire [Volkswagen] group — including its brands and subsidiaries — must undergo profound change,” a company spokesperson told CNBC.

June 26 (UPI) — President Donald Trump on Friday threatened to impose a 100% tariff on any country that enacts a digital services tax against a U.S. company.

The new tariff would be applied to all goods shipped into the United States and be levied on top of any other tariff already in effect for that country, Trump said in a post on Truth Social.

At least a dozen nations have digital services taxes, which are meant to limit the influence of large technology companies — especially large U.S. companies such as Apple, Amazon and Meta — and are being considered by several European countries, CNBC and Politico reported.

Canada last year rescinded a digital services tax hours before it was set to go into effect in order to restart trade negotiations with the United States, which Trump held back on until the tax was canceled.

“Please let this statement serve to represent that any Country that imposes such a Tax will immediately be met with a 100% TARIFF on any and all Goods sent to the United States of America,” Trump said in the post.

“This TARIFF will supersede Trade Deals made with the Country, whether implemented, signed, or not,” Trump said. “Additionally, the 100% TARIFF will be immediately imposed, if they proceed.”

Canada’s tax was to be levied against online marketplace and advertising services companies, as well as social media companies, but Trump called it a “direct and blatant attack” on the United States and canceled talks on the tax was rescinded.

The price of Brent crude has reached its lowest since February 27, before the war started.

Oil prices have extended their decline to levels last seen before the start of the Iran war, as expectations of rising supply from the Middle East outweighed demand concerns.

Prompt-month Brent crude futures for August delivery fell $1.06 (1.44 percent) to $72.68 a barrel by 06:39 GMT, while US West Texas Intermediate (WTI) lost 76 cents (1.08 percent) to $69.58 a barrel.

Both contracts hit their lowest since February 27.

August Brent was trading lower than September, which was priced at $73.59, signalling ample short-term supply.

Brent had fallen by more than $3 on Wednesday as supply concerns eased, while WTI settled down nearly $3.

US Energy Secretary Chris Wright told a forum that flows through the Strait of Hormuz were close to those before the start of the Iran war, with at least 20 million barrels having exited the strait in the past 24 hours.

A return to complete normality would take a few weeks, however, because the strait needs to be cleared of mines, he added.

Rising Middle East supply, together with Iran set to boost sales after a temporary reprieve from US sanctions, drove down prices of physical crude oil cargoes around the world.

New routes

An initial accord last week to end the US-Israeli war with Iran, which began on February 28, has allowed the resumption of traffic through the strait.

The accord set up a 60-day period of negotiations to tackle tougher issues, such as Iran’s nuclear programme.

Wright said oil would continue to flow through the strait even if the deal did not hold, and that Iran would not be able to close it again.

Tehran has said it plans to impose what it calls maritime service fees, as opposed to tolls, while the United States argues it is an international waterway and therefore should not be charged.

Oman opened temporary routes on Wednesday to ease tanker departures from the strait, with the International Maritime Organization and Omani authorities coordinating movements.

On Thursday, Iran’s Revolutionary Guards warned against any crossings of the Strait of Hormuz without authorisation, saying vessels not complying “will be dealt with” and condemning the new routes.

South Korean stocks soared by more than 5 percent Thursday, briefly topping the 9,000-point level again, driven by a tech rally ignited by U.S. chip giant Micron Technology’s expectation-beating earnings report. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 459.28 points, or 5.42 percent, to close at 8,930.30, following a 3.26 percent gain the previous day.

The index briefly topped the 9,000-point threshold, rising as high as 9,044.04.

Finishing at an all-time high of 9,114.55 on Monday, the KOSPI has remained in the 8,000-point range since it dived 9.99 percent Tuesday.

The index pulled off a strong start, with a buy-side sidecar issued shortly after the market opened, as Micron, the world’s No. 3 memory chipmaker, released its stronger-than-expected quarterly earnings, brushing off lingering concerns about the sustainability of an artificial intelligence (AI) rally.

Micron is a major beneficiary of the AI infrastructure spending boom along with Samsung Electronics and SK hynix thanks to rising demand for memory chips and high-bandwidth memory (HBM).

Trade volume was heavy at 449.3 million shares worth 50.4 trillion won (US$32.7 billion), with losers beating winners 588 to 289.

Institutions purchased a net 3.3 trillion won worth of stocks, while foreigners and individuals dumped a net 819.7 billion won and 2.5 trillion won, respectively.

“Micron’s strong financial report pushed up semiconductor shares here,” Kim Seok-hwan, an analyst at Mirae Asset Securities, said. “Airline shares also rose as the Strait of Hormuz seemed to reopen and global oil prices dropped.”

Samsung Electronics, the world’s largest memory chipmaker, jumped 5.29 percent to 358,500 won, and No. 2 SK hynix surged 13.06 percent to 2.9 million won.

SK Square, the parent of SK hynix, advanced 5.56 percent to 1.9 million won, and Samsung C&T, which holds a stake in Samsung Electronics, soared 7.79 percent to 519,000 won.

Flag air carrier Korean Air vaulted 6.4 percent to 29,100 won, and Asiana Airlines mounted 6.2 percent to 7,710 won.

Brokerages were also strong as Samsung Securities rose 3.07 percent to 110,800 won, and Kiwoom Securities gained 7.48 percent to 337,500 won.

The Korean won was quoted at 1,542.7 won per U.S. dollar as of 3:30 p.m., down 0.9 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 1.5 basis points to 3.757 percent, and the return on the benchmark five-year government bonds declined 2.2 basis points to 3.992 percent.

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SEOUL, June 23 (UPI) — South Korea’s LG Chem said Tuesday it will invest nearly $10 billion over the next decade to foster futuristic industries powered by the artificial intelligence boom.

The Seoul-based company plans to spend $9.7 billion on research and development through 2035, concentrating on advanced materials for semiconductors, mobility, robotics and anticancer drugs.

LG Chem said that the initiative comes as profitability in its traditional petrochemical business dipped because of global oversupply and fierce competition.

Through the investment, the chemical giant vowed to achieve a double-digit operating profit margin by the end of the decade.

To complement its organic growth strategy, LG Chem said it will pursue external growth opportunities, including mergers and acquisitions. It recently established an organization dedicated to that goal.

LG Chem unveiled the long-term strategy during a town hall meeting Monday, where CEO Kim Dong-chun stressed the need to strengthen both existing businesses and future growth engines.

“While strengthening the competitiveness of our existing businesses, we will focus our capabilities on future growth pillars to leap forward as a technology-driven converting company,” Kim said.

LG Chem defines a “tech-driven converting company” as an enterprise that leverages its accumulated technological expertise to create high-value-added products and differentiated profit streams.

The share price of LG Chem plunged 9.75% on the Seoul bourse on Monday, while the benchmark KOSPI plummeted 9.99%. LG Chem is a major subsidiary of LG Group, whose businesses also include LG Electronics, LG Display and LG Uplus.

June 22 (UPI) — Leaders in the House Energy and Commerce Committee announced a bipartisan agreement Monday to advance the Kids Online Safety Act.

Committee Chairman Rep. Brett Guthrie, R-Ky., and ranking member Rep. Frank Pallone, D-N.J., announced the agreement that will set new standards for online platforms in respect to child users.

The committee passed the Kids Internet and Digital Safety Act in March on partisan lines but Monday’s deal brings some changes to the bill.

“Coming into this Congress, we knew that protecting children and teens online would be one of the most significant challenges this committee would have to address,” Guthrie and Pallone said in a joint statement. “Through empowering parents, establishing safety as a default, strengthening privacy for children and teens, increasing transparency around data brokers, and holding Big Tech accountable, the KIDS Act delivers the 21st century protections parents have demanded and our kids deserve.”

The updated bill is expected to be considered on the House floor next week.

The Senate is considering a different version of the Kids Online Safety Act. If the House bill passes, the differences between the bills will need to be resolved.

One of the key distinctions in the House version of the bill is the absence of a duty of care standard which would require social media companies to design their platforms with the safety of children in mind. This includes implementing measures that block children from consuming age-inappropriate content and assures the platform’s design does not contribute to compulsive use.

States would be allowed to implement stricter regulations.

June 22 (UPI) — China announced Monday that it is adding 10 U.S. defense companies to its export control list, restricting business with those firms.

The move prohibits Chinese companies from exporting certain items to those companies, including drones, robotic hardware and software that is used for defense and national security capabilities. There are also items for nonmilitary uses that are restricted.

The companies added to the export control list are: AVEOX, Red Cat Holdings, Teal Drones, IMSAR, Jaia Robotics, Ball Aerospace and Technologies, Oshkosh Defense, L3Harris Maritime Services, MP Materials and USA Rare Earth.

“Exporters are prohibited from exporting dual-use items to the aforementioned 10 entities, and any organization or individual from any country or region is prohibited from transferring or providing dual-use items originating in China to the aforementioned entities; any ongoing related export activities must be immediately ceased,” the Chinese Ministry of Commerce announced.

The Chinese Finance Ministry also announced that 46 U.S. companies are banned from participating in government procurement projects. Many of those companies are also defense contractors.

Companies that are banned from participating in government procurement projects include Lockheed Martin, Raytheon and General Atomics.

Both bans take effect immediately, however China has included some flexibility in situations where exporting is “truly necessary.”

China’s new trade restrictions are in response to the Pentagon accusing a number of Chinese companies of aiding its military. The Pentagon updated its list of companies believed to be aiding the Chinese military earlier this month, blocking the Department of Defense from awarding direct contracts to those companies.

The update included the additions of Alibaba Group, Baidu and BYD, a Chinese automaker.

South Korean stocks finished at an all-time high Monday on a continued rally in semiconductor shares amid signs of progress in U.S.-Iran talks to end their monthslong war in the Middle East. The local currency lost against the U.S. dollar.

After opening 1.08 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) added 62.13 points, or 0.69 percent, to 9,114.55 after rising as high as 9,253.00.

Trade volume was moderate at 377.2 million shares worth 41.4 trillion won (US$26.9 billion) with losers outnumbering winners 739 to 148.

Retail investors and institutions were net buyers, purchasing 2.15 trillion won and 308.4 billion won, respectively, while foreign investors sold a net 2.55 trillion won.

On Sunday, Washington and Tehran wrapped up their first talks and agreed on a road map to reach a final deal within 60 days, according to a statement issued by the mediating countries of Qatar and Pakistan.

The negotiations had been at risk of breakdown as Tehran said it had closed the Strait of Hormuz and U.S. President Donald Trump had repeated his threats to resume attacks on Iran.

“Negotiations went smoothly in general despite some aggressive messages, which were considered short-lived noises,” said Kang Jin-hyeok, an analyst from Shinhan Securities.

Semiconductor shares ended in positive territory.

Chip giant SK hynix jumped 5.61 percent to 2.92 million won, surpassing Samsung Electronics in terms of market capitalization for the first time.

SK Square, the parent of SK hynix, surged 10.67 percent to 1.97 million won, and Hanmi Semiconductor, a leading chip manufacturing equipment provider, increased 2.2 percent to 301,500 won.

Defense giant Hanwha Aerospace advanced 0.27 percent to 1.13 million won, and Korea Aerospace Industries (KAI) climbed 1.43 percent to 148,600 won.

However, Samsung Electronics dropped 0.14 percent to 353,500 won, and Samsung Electro-Mechanics, an electronic components manufacturing affiliate of Samsung Electronics, lost 1.85 percent to 2.23 million won.

Top carmaker Hyundai Motor decreased 5.22 percent to 581,000 won, and leading battery maker LG Energy Solution dipped 4.7 percent to 385,500 won.

Samsung Life Insurance slid 9.36 percent to 450,500 won, and pharmaceutical giant Samsung Biologics retreated 5.75 percent to 1.3 million won.

The Korean won was quoted at 1,537 won against the U.S. dollar, down 10 won from the previous session.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 2.6 basis points to 3.810 percent, and the return on the benchmark five-year government bonds added 3.9 basis points to 4.044 percent.

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June 19 (UPI) — Cuba’s parliament approved a package of 174 economic reforms in just one week, marking the most significant shift in government policy in at least 15 years. Driven by President Miguel Díaz-Canel in response to the country’s deepening economic crisis and mounting pressure from the United States, the plan approved Thursday opens the door to private capital and reshapes the rules governing the island’s economy.

Economists and analysts, however, warned that the real impact of the measures will depend on their implementation and on broader institutional changes that remain absent from the government’s plans.

Cuban economist Alfie Ulloa, a professor at the University of Chile’s Law School, told UPI the reforms represent a significant change in official rhetoric but questioned whether they will translate into meaningful change.

“They are a profound adjustment in discourse and, if implemented, would represent an important adjustment to the model. But for now they are nothing more than another declaration like many made in the past. I do not believe they will be implemented, nor that they will truly free the private sector,” Ulloa said.

The package includes 23 areas of transformation and more than 170 measures aimed at loosening state control over the economy. Among the most significant are allowing direct foreign investment in small and medium-sized private businesses, reviewing activities currently prohibited to the private sector, authorizing direct imports and exports by both state and non-state actors, granting greater autonomy to enterprises and gradually replacing broad subsidies with targeted assistance for vulnerable populations.

The reforms also eliminate broad price controls, a policy Díaz-Canel acknowledged had failed after years of inflation, shortages and expansion of the informal market.

While presenting the plan, the president admitted that part of the country’s current crisis stems from longstanding internal problems.

“There are obstacles that do not come from abroad or from the embargo. There is bureaucracy, delays, regulations that prevent people from producing and decisions that we have postponed,” Díaz-Canel said.

The proposal amounts to an implicit acknowledgment of economic policy failures that Cuban authorities had largely attributed to the U.S. embargo for decades. Analysts noted that several of the measures had been debated previously and rejected by the country’s communist leadership.

Many of the initiatives mirror reforms introduced decades ago in China and Vietnam, although they arrive as Cuba faces one of its worst economic crises since the collapse of the Soviet Union.

Cuban economist Mauricio de Miranda, a professor at the Pontifical Xavierian University in Cali, Colombia, argued in social media posts that the program points toward a transition from bureaucratic socialism to a form of capitalism controlled by political elites.

“It will become the fast track for relatives and close associates of those in power to become shareholders without anyone knowing where their capital came from,” he warned.

De Miranda said Cuba will inevitably need to privatize part of its state-owned assets to attract investment and rebuild its struggling economy. However, he argued that the process lacks the institutional safeguards needed to prevent wealth from being concentrated among groups close to the government.

“Something like this would require a capital market with clear rules, transparency and equal opportunity,” he said.

Questions about legal protections for investors have also emerged as a central criticism.

“None. Cuba is not a state governed by the rule of law. Citizens are completely defenseless before the state,” Ulloa said when asked about protections for potential investors.

He added that investing in Cuba remains highly risky because government power faces few constraints and judicial institutions lack independence.

Cuban economist Pedro Monreal also criticized the process, questioning the secrecy surrounding the package in a lengthy post on X.

“It should not be surprising that the first act of the ‘transformation proposals’ show has reaffirmed public frustration over the secrecy of those proposals,” Monreal wrote.

Monreal also pointed to the failure of the so-called “Monetary Reorganization Task,” a 2021 reform that eliminated the country’s dual-currency system but became associated with surging inflation and declining purchasing power. He argued that experience severely undermines the credibility of the new package.

Despite the skepticism, several specialists acknowledged that some measures could help address urgent problems if fully implemented.

Ulloa said a genuine opening to private investment, particularly from Cubans living abroad, could help revive agriculture, services and food production. He cautioned, however, that critical sectors such as energy, infrastructure, transportation and banking require investment levels that are unlikely to materialize in the near term.

The Cuban government said Thursday that former President Raúl Castro explicitly endorsed the reforms and expressed full support for the package, describing it as what “best serves the Revolution today.”

For critics, that endorsement highlights one of the process’ central contradictions.

The measures acknowledge problems that independent economists have identified for years, yet leave intact the political structure that many blame for creating the crisis.

“The most important point from my perspective is that we are not talking about deep reforms within a new globalized economy. We are simply talking about removing obstacles,” Manuel Cuesta Morúa, vice president of the Council for Democratic Transition in Cuba, told Radio Martí.

He said the reforms arrive too late because Cuba’s economy now operates under extensive U.S. sanctions.

According to Cuesta Morúa, progress will require political and diplomatic negotiations to make the measures viable. He argued that the package merely liberalizes some restrictions but does not yet constitute a genuine economic reform program.

He added that authorities must first address citizens’ immediate needs, create confidence through legal certainty and open Cuban society in broader ways.

Analysts agree that the central question is whether this latest reform effort will produce tangible change or join a long list of initiatives that were announced and later postponed.

Regarding the matter, Vice President JD Vance said, “Right now, we are talking with the Cuban government about how they might change their behavior to achieve that. We’ll see what they do and, obviously, if they do one thing, we’ll do another. If they make smart decisions, we’re going to have a much better relationship with that island.”

Just hours later, details of the measures emerged. For now, however, the White House has remained silent.

June 18 (UPI) — The U.S. military on Thursday lifted naval blockades in the Persian Gulf and Gulf of Oman, with reports showing that shipping vessels have departed the region through the Strait of Hormuz.

U.S. Central Command said in a series of posts on X that, following direction from President Donald Trump, blockades on maritime traffic along the coasts of Iran have ended.

Centcom noted, however, that the U.S. Navy will stay in the “general area” to be sure that “all aspects” of the peace agreement signed by the United States and Iran “are adhered to, obeyed and in full force and effect.”

Trump signed the agreement Wednesday at the Palace of Versailles in France after the G7 Summit wrapped up, which included among its 14 points reopening the Strait of Hormuz, which is a vital shipping route for the region and much of the world.

Iranian President Masoud Pezeshkian had signed the deal earlier in the day.

“American forces are not impeding the transit of vessels to or from Iranian ports,” Centcom said in one of the posts on X on Thursday.

“All U.S. military blockade efforts have ceased,” it said.

At least 12 energy tankers transited the Strait on Thursday, reopening a sailing route through which roughly 20% of the world’s oil supply is shipped around the globe, CNBC and the New York Post reported.

Among the vessels that transited the Strait were three Saudi Arabian supertankers, which together are carrying six million barrels of crude oil and are the kingdom’s first tankers to sail the shipping route since before the three-month-long U.S.-Iran war launched in February.

Vice President JD Vance also told reporters that more than 12 million barrels of oil had shipped through the Strait overnight Wednesday after the deal had been signed.

June 18 (UPI) — President Donald Trump said Thursday that Apple is partnering with Intel to design computer chips that will be manufactured in the United States.

The U.S. government took a 10% stake in Intel last year, investing $8.9 billion in its stock as it sought to boost its manufacturing capabilities in the United States.

“I decided to help Intel because we need to design and build our Chips right here in America,” Trump posted on social media.

Premarket trading of Intel stock jumped by more than 9% on Thursday.

Apple, based in California, currently produces a majority of its processors for devices like the iPhone, iPad and Mac computer in Taiwan.

Computer chips are becoming more and more crucial to the U.S. and global economy due to the demand for processing power, memory and storage chips from artificial intelligence.

Tim Cook, CEO of Apple, said the company’s efforts to “mitigate the huge increases that are being passed to us,” as well as “shield our customers from the increases.”

“But the situation has become unsustainable,” Cook told the Wall Street Journal earlier this week, noting that price hikes on Apple products are “unavoidable.”

Seoul stocks surged by more than 2 percent past another historic landmark, surpassing the 9,000-point level for the first time in history, as investors bet on chipmakers in the face of a hawkish stance by the Federal Reserve and Iran uncertainty.

The benchmark Korea Composite Stock Price Index (KOSPI) closed up 199.6 points, or 2.25 percent, to 9,063.84, after rising as high as 9,106.07.

The KOSPI continued its winning streak for the sixth consecutive session on the back of optimism over artificial intelligence (AI) and related sectors.

Trade volume was heavy at 505.9 million shares worth 49.9 trillion won (US$32.7 billion). Foreigners were net buyers, snatching up 1.3 trillion won, while retail and institutional investors net sold a combined 1.2 trillion won.

Losers outnumbered gainers 109 to 788.

The index bucked overnight losses on Wall Street caused by Fed policymakers’ remarks that a rate hike would be inevitable to tame inflation.

The continued rally was led by the country’s two major chipmakers, Samsung Electronics and SK hynix, said analyst Kim Seok-hwan from Mirae Asset Securities.

“Investors are anticipating that semiconductor companies could gain better bargaining power due to a sustained supply bottleneck,” the analyst said.

A risk appetite was also revived on anticipation the U.S.-Iran war is nearing its end. The United States has said Iran has agreed to reopen the Strait of Hormuz, a key oil shipping route, and revealed a signed memorandum of understanding on ending the war.

The rate freeze from the Fed, the fourth consecutive on-hold decision, appeared to have a limited impact on investor sentiment.

Market top cap Samsung Electronics rose 4.62 percent to 362,500 won, while its rival SK hynix jumped 6.51 percent to 2,685,000 won.

Non-semiconductor sectors lost ground.

Defense giant Hanwha Aerospace fell 2.86 percent to 1,189,000 won, ship builder HD Hyundai Heavy Industries retreated 3.25 percent to 684,000 won, and major financial firm KB Financial inched down 0.55 percent to 163,100 won.

The Korean won was quoted at 1,527.1 won against the U.S. dollar, down 13.7 won from the previous session.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 4 basis points to 3.75 percent, and the return on the benchmark five-year government bonds added 5.2 basis points to 3.949 percent.

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For half a century, a handful of wealthy Western democracies wrote the rules of the global economy.

But the world order is becoming crowded, and even as the Group of Seven (G7) remains one of the world’s most influential clubs, a challenger has emerged.

BRICS has expanded, and says it wants a bigger voice for the Global South. This bloc of nations speaks for nearly half the world’s population – and accounts for a growing share of global output, energy and raw materials.

In the space between the two, a third force is gathering pace: the so-called middle powers, nations too big to ignore and unwilling to pick a side.

BROOKLYN Beckham spoke about struggles he was facing with his hot sauce business, Cloud23, just weeks before his controversial World Cup ad.

The aspiring chef appeared to have cashed in on his ongoing family drama this week as a new advert to promote DoorDash – a food delivery service – was released.

The big-money ad – which saw Brooklyn hint at his reason for not attending the World Cup, which his dad is currently enjoying – has been widely received as a swipe at his famous family.

Swipe or not, the payday could have come at a good time for Brooklyn, who revealed just weeks before its release that he was ‘figuring out’ things in his business.

The eldest child of David and Victoria launched hot sauce brand Cloud23 in October 2024, and has admitted he has faced ‘ups and downs’ with the brand since.

Speaking at the Tribeca Festival in New York last week, Brooklyn explained of his company: ‘I didn’t really know what I was getting into when I was creating this.

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“There have been a lot of ups and a lot of downs. There are things we’ve had to figure out.

“I’m still learning every single day. I’m going to continue to learn forever.”

Brooklyn also detailed how he wanted the brand to be much more than his famous name, which was built by his footballer dad and popstar mum.

“When I was creating this, I didn’t want to create another celebrity brand. I wanted to create the cleanest hot sauce there is with the most beautiful bottle,” explained the 27-year-old.

Brooklyn’s DoorDash ad has been widely seen as a nod to his estrangement from famous parents David, 51, and Victoria, 52, as well as his brothers and sister and wider family for over a year.

In the ad, he says to the camera: “You’re probably wondering why I’m watching the FIFA World Cup 2026 from home…”

Smirking Brooklyn then laughs: “It’s a long story.”

He goes on to throw down his tickets onto the coffee table.

The advert then says: “It’s complicated. More soon.”

Beloved England player Becks famously played in three FIFA World Cups in 1998, 2002 and 2006.

He’s out in America promoting the World Cup – watching the opening match with Tom Cruise.

June 16 (UPI) — Oil prices have fallen to their lowest levels since the start of the Iran war with Brent crude oil declining to less than $80 per barrel on Tuesday.

Brent crude oil, the international benchmark, traded for $79.96 on Tuesday morning. It is the first time since the war started that it has traded below $80 per barrel. It has since inched above the $80 mark to about $80.19.

The price of West Texas Intermediate, the U.S. benchmark, has dipped by about 3.8% on Tuesday to $77.71 per barrel.

Tuesday marks the second consecutive day of descending oil prices spurred along by Sunday’s announcement that the United States and Iran have come to terms on a peace agreement. Prior to the announcement, oil prices had risen by about 14% since the start of the war.

Iran closed the Strait of Hormuz after the United States and Israel launched attacks on Feb. 28. The United States later instituted a naval blockade on the strait, stopping any vessels using Iranian ports.

The terms of the peace deal have not been made public. The United States and Iran have electronically signed a preliminary agreement and are expected to officially sign off on the peace deal on Friday.

While oil prices have fallen significantly, gas prices have moved more slowly, dropping by three cents on Tuesday. The national average for a gallon of regular-grade gas is $4.04, AAA reports. Gas prices remain elevated by about 36% since the start of the war.

President Donald Trump said Sunday that the traffic on the Strait of Hormuz would resume immediately. However, it may still take weeks for operators on the strait to actually allow tankers to pass through.

About 20% of the Middle East oil trade uses the Strait of Hormuz.

June 15 (UPI) — The Korean Federation of Community Credit Cooperatives, or KFCC, said Monday that it will provide AI-powered companion robots to elderly residents as South Korea faces the social challenges posed by rapid population aging.

The nationwide cooperative federation noted that a total of 200 robots will be supplied to senior citizens living alone, with the aim of dealing with social isolation.

The robots are designed to offer various support functions, including interactive conversations, medication reminders, and motion-detection capabilities. When emergencies arise, they can alert authorities and connect users with relevant services, according to KFCC.

Information collected by the robots can be shared with caregivers and social welfare workers to help track their health status and identify potential signs of social isolation, the cooperative said.

“The problem of social isolation among elderly people living alone is becoming more severe amid population aging and the growing number of single-person households,” KFCC said in a statement.

“We will continue our social contribution activities to help build warm and inclusive communities where no neighbor is left behind,” it added.

South Korea is one of the fastest-aging societies in the world. Data from the Ministry of the Interior and Safety show that people aged 65 and older accounted for 21.21% of the population as of the end of last year. When the proportion surpasses the 20% mark, a country is classified as as uper-aged society.

Single-person households represented 36.1% of all households in the nation as of the end of 2024.

KFCC is not a publicly listed company.

June 15 (UPI) — South Korea’s Hyundai Rotem said Monday that the company is showcasing its AI-powered anti-drone technologies at Eurosatory 2026, a defense fair that takes place in Paris this week.

The affiliate of Hyundai Motor Group noted that it has publicly unveiled the system designed to counter unmanned aircraft, including drones, for the first time.

The solution aims to protect troops and military assets from drone attacks by combining AI-driven threat detection and automated response functions, according to Hyundai Rotem.

The firm said that the platform can assess a wide range of battlefield scenarios in real time, analyzing various factors such as the type, distance and altitude of incoming threats to determine the most effective countermeasures.

Built around an unmanned turret platform, the multi-layered defense solution integrates both soft-kill and hard-kill capabilities, Hyundai Rotem said.

The growing importance of such technologies has been recognized by recent conflicts, including the wars in Ukraine and Iran.

Hyundai Rotem is also displaying an export-oriented version of its K2 main battle tank at the exhibition. It has emerged as one of South Korea’s most successful defense exports, as Poland purchased hundreds of the tanks over the past few years.

“By strengthening our capabilities in AI-based protection solutions, including multi-layered defense systems, we will further diversify our business portfolio and enhance our presence in the global market,” Hyundai Rotem said in a statement.

“We will continue to advance key protection and unmanned technologies geared toward preserving human lives, reinforcing our leadership and competitive edge in the defense industry,” it added.

The share price of Hyundai Rotem rose 2.16% on the Seoul bourse on Monday, while the benchmark KOSPI jumped 5.2%.