Business

March 5 (UPI) — Argentina’s main business organizations issued an unusual public warning to President Javier Milei’s government, calling for “respect” for the private sector and warning about the difficult situation facing the country’s industrial base.

The statements followed remarks by Milei during the opening of the legislative year in Congress, when the president sharply criticized industrial business leaders and accused them of benefiting for years from a protectionist and corrupt economic system.

The reactions came mainly from the Argentine Industrial Union, known by its Spanish acronym UIA, and the Argentine Business Association, or AEA, two of the most influential groups representing the country’s private sector.

Under the premise that “without industry there is no nation,” the UIA defended the productive sector in a statement responding to the president’s comments and expressed concern about the situation of factories across several provinces.

“In this stage of transformation, we want to be clear: respect is a basic condition for development. Respect for those who produce, invest and create jobs across the country. Respect is the starting point to rebuild the confidence Argentina needs, both domestically and internationally,” the organization said, according to a report by Argentine newspaper Perfil.

The UIA also said business leaders should not be blamed for economic distortions accumulated over decades and called for clear rules to guide the transition toward a more open economic model.

Industrial representatives warned that many companies, especially small and medium-sized firms, are facing a difficult period marked by falling consumer demand, heavy tax pressure and financial constraints.

The group said Argentina’s industrial sector produces about 19% of the country’s gross domestic product and contributes 27% of national tax revenue. It also generates 19% of formal employment, with about 1.2 million workers, and supports another 2.4 million indirect formal jobs throughout the production chain.

The AEA, which represents owners of some of the country’s largest companies, adopted a more moderate tone.

The organization acknowledged progress by Milei’s administration in stabilizing the economy, but said relations between the state and the private sector must be based on respect and cooperation to facilitate new investment.

Despite the critical tone, the business statements avoided a direct confrontation with the government and stressed the need for cooperation, digital outlet Infobae reported. Both organizations said economic stabilization must be accompanied by policies that encourage productive investment and support the industrial sector.

Although much of Argentina’s business community initially supported Milei’s economic reforms, the episode marks one of the first public criticisms by major companies since he took office.

A growing number of factory closures and a slowdown in industrial activity have begun to trigger concerns within the private sector.

SEOUL, March 5 (UPI) — South Korean zinc producer Young Poong has become embroiled in a new controversy with shareholder KZ Precision, which manufactures hydraulic equipment.

Young Poong, a major shareholder of the world’s largest non-ferrous metals producer Korea Zinc, said Wednesday that it has brought KZ Precision, an affiliate of Korea Zinc, to court.

Young Poong accused KZ Precision of deliberately creating an illegal cross-shareholding structure during the Korea Zinc management control dispute ahead of Korea Zinc’s shareholders’ meeting early last year.

Young Poong alleged that KZ Precision sold its shares in Young Poong to an Australian-based Korea Zinc subsidiary with the aim of restricting Young Poong’s voting rights over Korea Zinc.

Over the past year, Korea Zinc has sought to fend off a takeover bid from Young Poong, which has joined with Korea’s top private equity firm, MBK Partners.

“We have filed a damages lawsuit against KZ Precision as our shareholder value was harmed by an unlawful restriction of voting rights,” Young Poong said in a statement.

“As the largest shareholder of Korea Zinc, we will keep playing a responsible role in normalizing the company’s corporate governance and enhancing shareholder value,” it added.

Meanwhile, KZ Precision criticized Young Poong’s management.

“Young Poong’s corporate value, reputation and internal control system have been damaged to an irreparable extent, resulting in adverse effects on shareholder value,” KZ Precision said in a statement.

“The current management of Young Poong was hesitant to make capital investments, which caused the corporation to lose competitiveness in its core smelting business and accumulate losses,” it said.

Young Poong has suffered from operating losses over the past few years, totaling $50 million in 2021, $74 million in 2022, $97 million in 2023, and $60 million in 2024. The Seoul-based company has yet to disclose last year’s results.

KZ Precision also took issue with the environmental concerns involving Young Poong, whose smelter operations in Korea were suspended for two months last year after discharging polluted wastewater without approval.

In response to Young Poong’s claim that it has channeled hundreds of millions of dollars to improve the environment around its smelter, KZ Precision argued that there may be accounting irregularities, which are reportedly under investigation by regulators.

South Korean stocks sharply rebounded on Thursday from the previous session’s sharpest decline ever, soaring almost 10 percent, amid signs of an easing oil price surge sparked by the ongoing Iran conflict. The local currency rose against the U.S. dollar.

The Korea Composite Stock Price Index (KOSPI) added 490.36 points, or 9.63 percent, to close at 5,583.9, snapping the three-session losing streak.

It marked the largest daily gain in terms of points in KOSPI history, renewing the previous record of 338.41 points set on Feb. 3.

Also, the 9.63 percent rise is the second steepest since Oct. 30, 2008, when the index rose 11.95 percent in the midst of the global financial crisis.

The country’s main bourse operator, the Korea Exchange (KRX), issued a buy-side sidecar around opening, suspending the selling of KOSPI futures for five minutes.

Trade volume was heavy at 1.6 billion shares worth 44.8 trillion won (US$30.5 billion), with gainers sharply beating decliners 898 to 21.

Individual investors drove the steep rally, scooping up a net 1.79 trillion won, while foreigners and institutions sold a net 144.6 billion won and 1.7 trillion won, respectively.

“The KOSPI experienced the sharpest decline in history and dropped near the 5,000-point line the previous day,” Roh Dong-gil, an analyst at Shinhan Securities, said. “Bargain hunters returned to the market to pull off a turnaround.”

Overnight on Wall Street, the Dow Jones Industrial Average rose 0.49 percent and the tech-heavy Nasdaq Composite climbed 1.29 percent on calmed oil price hikes.

In Seoul, market heavyweights led the rally.

Market bellwether Samsung Electronics surged 11.27 percent to 191,600 won, and chip giant SK hynix soared 10.84 percent to 941,000 won.

Top carmaker Hyundai Motor escalated 9.38 percent to 548,000 won, and its sister Kia jumped 6.19 percent to 166,400 won.

Defense shares were among the biggest winners as industry leader Hanwha Aerospace vaulted 4.38 percent to 1.38 million won and LIG Nex1 shot up 23.26 percent to 763,000 won.

Shinhan Financial Group rose 4.62 percent to 92,900 won, and internet giant Naver advanced 5.77 percent to 220,000 won.

Samsung Biologics, a leading pharmaceutical firm, mounted 8.64 percent to 1.65 million won, and entertainment giant CJ ENM increased 5.91 percent to 64,500 won.

The Korean won was quoted at 1,468.1 won against the U.S. dollar at 3:30 p.m., up 8.1 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 3.4 basis points to 3.189 percent, and the return on the benchmark five-year government bonds declined 3.5 basis points to 3.442 percent.

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

WASHINGTON, March 4 (UPI) — The Supreme Court on Wednesday considered whether the brokers who connect shippers with trucking companies can be held liable for irresponsible drivers.

The case, Montgomery vs. Caribe Transport II LLC, stems from a 2017 incident in which Shawn Montgomery, the petitioner, suffered significant injuries after a tractor-trailer hit his parked truck on the side of an Illinois highway.

A key part of the case is the interpretation of part of the Federal Aviation Administration Authorization Act of 1994. It prevents state laws “related to a price, route or service” of trucking companies or brokers that connect them to shippers.

However, the statute also provides an exception, stating that it will “not restrict the safety regulatory authority of a state with respect to motor vehicles.”

The outcome could redefine liability standards for freight brokers and impact the broader transportation industry and interstate commerce landscape.

The driver of the tractor-trailer, Yosniel Varela-Mojena, had been involved in a crash months earlier, but was still employed by Caribe Transport II, an interstate trucking company. Freight broker C.H. Robinson recruited Caribe II to deliver a cross-country shipment. After the crash, Montgomery sued the broker for negligent hiring under Illinois state laws.

During the arguments, the two sides disagreed about whether the phrase “with respect to motor vehicles” includes brokers.

“We do believe that ‘with respect to motor vehicles’ is the crucial question here,” said Theodore Boutrous Jr., Caribe II’s counsel. He argued Congress did not intend for brokers to be included.

The attorney for the United States agreed that the two different sections of the law being discussed should, in context, be taken altogether to mean that brokers are not included in the realm of “motor vehicles.”

“Paragraph one uses the phrase ‘with respect to the transportation of property,’ [and] paragraph two [says] ‘with respect to motor vehicles,'” said Sopan Joshi, assistant to the U.S. solicitor general. “That seems like a conscious choice that Congress made to parallel the language, but change the noun to a much narrower noun.”

Associate Justice Brett Kavanaugh questioned Paul Clement, Montgomery’s counsel, on how brokers would address safety concerns if the court were to rule in favor of Montgomery and say that brokers are liable for consequences of negligent hiring.

For instance, Kavanaugh suggested drivers should be proficient in English to ensure safety. In April 2025, President Donald Trump signed an executive order to enforce English-language requirements for commercial motor vehicle drivers.

“If you’re hiring drivers who can’t read the signs, that seems like a safety issue,” Kavanaugh said.

Clement said brokers could work with larger trucking companies with deeper pockets and check that they have adequate programs in place to test drivers for drug use, check on prior accidents and address other potential concerns.

“One of the reasons, I think, that you do want [brokers] to have some duty of care in these circumstances is this is a margin business,” Clement said. “If they don’t have any sort of incentive to internalize any of the cost of not asking the question, they really have no good reason to ask the question. They want the cheapest carrier.”

Associate Justice Ketanji Brown Jackson asked Joshi to explain why he thought Congress did not think brokers should share responsibility for safety given the language in the 1994 law.

“The problem, I think, with the argument in the way that you’ve set it up is that you are assuming away any responsibility that a broker might have for safety,” Jackson said.

Joshi argued that Congress did not intend for brokers to have responsibility regarding safety and could have worded the law differently if it did.

“Congress has an entire chapter, several chapters, of the U.S. Code in Title 49 that deal with safety addressing carriers, safety of motor vehicles, driver qualifications, and they’re all addressed at carriers,” Joshi said. “Not a single one is addressed at brokers.”

Joshi acknowledged that the Federal Motor Carrier Safety Administration is “understaffed,” “overworked” and unable to review all of the federally registered carriers. However, he said Congress has provided ways of bringing consequences against carriers who violate federal requirements and regulations.

In his closing rebuttal, Clement told the court that 94% of registered carriers on the road do not have meaningful federal safety inspections — a number derived from 2021 Federal Motor Carrier Safety Administration data.

He said state tort law could provide a “backstop to the federal system.”

“This case doesn’t have to be that hard. The thing that triggers state tort liability is an 80,000-pound motor vehicle. That’s what devastatingly injured my client,” Clement said.

The court is expected to issue a ruling by summer.

The torta Chingona at Tacos Don Pillo is a beast of a sandwich, a tower of asada steak, jamon asado, tomato, onion, jalapeno, avocado and big slabs of salty, squeaky queso fresco. It’s enough to share, or satiate in a way that requires a nap shortly after. It is the star of the Tacos Don Pillo menu, an expansive list of tacos, quesadillas, burritos, salads, nachos and mulitas. Some days require the heft of the torta Chingona, others lean toward the tacos camarones. The trio of corn tortillas barely contain the plump, grilled shrimp, sweet and smoky grilled onions and slivers of avocado. Expect a perpetual line anywhere near an established meal time, but things move quickly.

Show more Show less

Lutnick’s relationship with the late financier and sex offender has come under scrutiny after files revealed closer ties than previously known.

US Secretary of Commerce Howard Lutnick has agreed to give testimony to lawmakers about his ties to Jeffrey Epstein, the head of a committee investigating the late sex offender has said.

Lutnick, who lived next door to Epstein in New York for more than a decade, “proactively agreed” to provide a transcribed interview to the House Committee on Oversight and Government Reform, panel chair James Comer said on Tuesday.

“I commend his demonstrated commitment to transparency and appreciate his willingness to engage with the Committee. I look forward to his testimony,” Comer, a Kentucky Republican, said on X.

Axios, which first reported the commerce secretary’s intention to testify, quoted Lutnick as saying he had done nothing wrong and he wished to “set the record straight”.

Lutnick’s relationship with Epstein, who died in 2019 while awaiting sex trafficking charges, has come under mounting scrutiny after he appeared to misrepresent the extent of his associations with the notorious financier.

In a podcast interview last year, Lutnick said he decided to “never be in the room” with Epstein again following an uncomfortable encounter at the sex offender’s Manhattan penthouse in 2005.

But files released by the Justice Department earlier this year showed that Lutnick met and communicated with Epstein for years after the reported 2005 encounter, and the commerce secretary later acknowledged that he visited the financier’s private island of Little Saint James in 2012.

Comer said on Tuesday that he had also sent letters to seven individuals seeking written testimony about their knowledge of Epstein’s crimes, including Microsoft cofounder Bill Gates, private equity investor Leon Black, and top Goldman Sachs lawyer Kathryn Ruemmler.

Gates, Black and Ruemmler have repeatedly denied wrongdoing in connection with Epstein, or having knowledge of his abuse of women and girls.

The committee’s requests for testimony come after former US President Bill Clinton and his wife, ex-Secretary of State Hillary Clinton, appeared before lawmakers last week to answer questions about their ties to Epstein.

Bill Clinton told the committee he did nothing wrong and “saw nothing that ever gave me pause” while interacting with Epstein.

Hillary Clinton told lawmakers she had no recollection of encountering Epstein and that she never “flew on his plane or visited his island home or offices”.

March 3 (UPI) — The price of Brent crude oil rose to $80 a barrel and the price of natural gas jumped 30% to $1.97 per therm on Tuesday after Iran effectively shut the key Strait of Hormuz shipping lane, with an official threatening its forces would “set fire to anyone who tries to pass.”

Prices continued their upward trajectory from Monday when markets reopened following the military strikes over the weekend on Iran by the United States and Israel and Tehran’s strikes on its oil and gas producing neighbors across the Gulf.

Concerns over supply disruptions are growing as the conflict widens across the region with Iranian strikes going beyond military bases used to launch attacks on Iran to target oil and gas production facilities, as well as Amazon data centers in the United Arab Emirates and Bahrain.

On Monday, Qatar Energy, one of the world’s largest exporters of liquefied natural gas, shut down production following “military attacks” on its Ras Laffan plant and Saudi Arabia’s state-run Aramco shuttered its giant Ras Tanura refinery near the port city of Dammam after it was set ablaze in a drone strike.

Analysts warned the oil price could surpass $100 a barrel if the disruption continued for very long — translating to a 25-cent-a-gallon rise in U.S. petrol prices.

The risk to maritime traffic was also pushing up the cost of moving oil from the Gulf to Europe and Asia and around the world with the leasing cost of a tanker to ship Middle East to China doubling to $400,000 a day on Monday.

The president of logistics technology platform Flexport, Sanne Manders, told the BBC that while Iran had not physically blockaded the strait, through which 20% of the world’s oil and gas transits, it was closed as far as global shipping was concerned.

Manders said it was partly that shipping lines were simply unwilling to expose their vessels, cargo and crews to potential jeopardy and partly insurance companies “not being willing to insure this risk anymore.”

He warned that expectation of higher fuel costs would feed through to movement of all goods by sea with carriers hiking rates “for any shipping in the world.”

That all fed into investor fears over the consequences for inflation and interest rates, sending global stock markets tumbling overnight, led by Japan’s Nikkei 225 Index, which ended Tuesday down more than 3%.

In mid-morning trade London’s FTSE 100 was down 2.8 %, Germany’s blue-chip DAX was trading 4% lower, down more than a thousand points, and the CAC 40 in Paris was off by 3.2%.

The pan-European Stoxx 600 Index continued its retreat, with across-the-board falls in all sectors pulling it 2.9% lower, while the blue-chip Euro Stoxx 50 was even lower, down 3.1%.

However, hotels, airlines and utilities took the biggest hits while energy firms and defense contractors performed better.

Ahead of the opening of U.S. markets, S&P 500 futures fell by 1.8%, Nasdaq 100 futures were down 2.3% and Dow Jones Industrial Average-linked futures moved lower by around 1.7%, or 821 points.

Defense and energy stocks rose on Monday led by Northrop Grumman, up 6%, and Palantir, up 5.8%, which together with a surge in NVIDIA’s share price, helped the overall market erase big losses early on to end the day in the black.

U.S. President Donald Trump was due to discuss the economic and cost-of-living impacts with Treasury Secretary Scott Bessent and Energy Secretary Chris Wright on Tuesday while Secretary of State Marco Rubio trailed administration plans to cope with energy price spikes.

“We knew that going in would be a factor. Starting tomorrow you will see us rolling out those phases to try to mitigate against that,” said Rubio.

The US-Israeli military campaign that began on Saturday has already killed Iran’s Supreme Leader Ali Khamenei and senior commanders, triggered retaliatory strikes across the region and raised the spectre of prolonged disruption to global energy flows.

ADVERTISEMENT

ADVERTISEMENT

While diplomats scramble and the UN calls for restraint, certain defence contractors and energy majors have emerged as early market victors.

As the conflict enters its fourth day, demand for advanced weaponry, missile-defence systems and intelligence platforms is projected to surge.

Lockheed Martin’s stock, the world’s largest defence contractor by revenue, hit a new all-time high on Monday, closing at $676.70 after rising over 4%.

Its F-35 fighters, precision munitions and radar systems are central to the air campaign under way over Iran.

The rally extended across the defence sector.

Northrop Grumman shares jumped 6%, lifted by its stealth-bomber and missile-defence technologies.

RTX, formerly Raytheon, gained nearly 5% while L3Harris Technologies and General Dynamics also recorded solid increases.

Palantir Technologies, whose data-analytics tools support intelligence operations, rose almost 6%.

European companies followed the upward trend on a more modest scale. Germany’s Renk and Italy’s Leonardo posted gains as investors eyed possible increases in NATO procurement and export orders.

Analysts note that defence budgets, already earmarked for growth in 2026, now face even fewer hurdles in Washington and European capitals.

With President Trump stating that operations could last “four to five weeks” or “far longer”, and Iran continuing missile and drone barrages, markets are positioning for weeks of high-intensity military activity.

The gains reflect classic geopolitical risk pricing.

Other market outliers

These rises stand in sharp contrast to broader equity weakness, highlighting how narrowly the benefits are concentrated. Beyond the pure-play defence names, energy companies have been the other clear outperformers, riding the oil and gas wave.

Iranian retaliation has already included strikes to energy sites in Saudi Arabia and Qatar, threats to close the Strait of Hormuz, which could choke off roughly 20% of global oil supply and send energy prices soaring.

The international benchmarks for oil, Brent crude (BZ) and West Texas Intermediate (WTI), are trading at over $82.50 and $75.50 respectively, at the time of writing.

Alongside them, integrated oil majors moved swiftly higher.

ExxonMobil shares rose more than 4% recording a new all-time high, while Chevron, Occidental Petroleum and ConocoPhillips posted comparable gains.

In Europe, Shell and TotalEnergies advanced in line with the global pricing surge.

The QatarEnergy LNG production halt announced on Monday, following Iranian drone strikes on Ras Laffan and Mesaieed facilities, sent European benchmark TTF gas prices over 50% higher, reaching €62/MWh by Tuesday.

Markets reacted swiftly as the indefinite shutdown raised immediate fears of rerouted demand and renewed energy inflation risks in Europe.

LNG equities climbed notably since Monday’s open on the news.

Cheniere Energy, the largest LNG exporter in the US, Venture Global and Australia’s Woodside Energy, all saw intraday strength at the start of the week.

However, analysts caution that actual substitution will take time due to shipping and contract constraints, keeping price action geopolitically sensitive.

The European Commission announced it is closely tracking both price and supply developments and will convene an Energy Task Force with Member States, in liaison with the International Energy Agency, for a meeting sometime this week.

South Korean stocks plunged more than 7 percent Tuesday to close below the 5,800-point mark as investor sentiment was dampened by escalating geopolitical concerns triggered by the ongoing Middle East conflict. The Korean won lost sharply against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 452.22 points, or 7.24 percent, to close at 5,791.91, marking the lowest closing price since Feb. 20, when the index finished at 5,808.53.

It marked the largest-ever daily drop.

The country’s main bourse operator, the Korea Exchange (KRX), issued a sell-side sidecar for 5 minutes around noon, suspending the selling of KOSPI futures.

Trade volume was heavy at 1.2 billion shares worth 52.5 trillion won (US$35.8 billion). Losers sharply outnumbered winners 840 to 73.

Foreign and institutional investors led the daily sell-off, dumping a net 5.1 trillion won and 891.1 billion won, respectively. Retail investors, on the other hand, went bargain hunting and snapped up a net 5.8 trillion won.

Coordinated U.S. and Israeli air strikes on Iran over the weekend roiled global markets from the start of this week, but the Korean market closed on Monday in observation of the March 1 Independence Movement Day holiday.

“The main index experienced expanded volatility as the Middle East risk was realized after a long weekend,” Roh Dong-gil, an analyst at Shinhan Securities, said. “The stock market is expected to be affected by oil prices and interest rates as the situation develops.”

Most shares closed bearish.

Market bellwether Samsung Electronics tumbled 9.88 percent to 195,100 won, and its chipmaking rival SK hynix plummeted 11.5 percent to 939,000 won.

Top automaker Hyundai Motor dived 11.72 percent to 595,000 won, and leading battery maker LG Energy Solution sank 7.96 percent to 393,000 won.

Travel shares were among the biggest losers as flag air carrier Korean Air nosedived 10.32 percent to 25,200 won and major travel agency Hana Tour Service lost 6.65 percent to 44,900 won.

KB Financial Group, a leading banking group, fell 3.46 percent to 153,500 won, and Celltrion, a major pharmaceutical firm, dropped 5.66 percent to 225,000 won.

However, oil refinery and defense shares were bullish.

Leading refinery firm SK Innovation rose 2.51 percent to 130,900 won, and S-Oil, whose largest shareholder is Saudi Aramco, shot up 28.45 percent to 141,300 won.

Defense giant Hanwha Aerospace soared 19.83 percent to 1.43 million won, and LIG Nex1 surged 29.86 percent to 661,000 won.

The Korean won was quoted at 1,466.1 won against the U.S. dollar at 3:30 p.m., down 26.4 won from the previous session’s close. It marked the lowest since Feb. 6, when the won-dollar rate was 1,469.5 won.

Bond prices, which move inversely to yields, closed sharply lower. The yield on three-year Treasurys increased 13.9 basis points to 3.180 percent, and the return on the benchmark five-year government bonds declined 14.6 basis points to 3.424 percent.

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

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

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

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

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

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

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

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

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

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