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SEOUL, Feb. 23 (UPI) — South Korea’s Samsung SDI said Monday it collaborated with Columbia University to publish a paper on what it described as a major advance in futuristic lithium-metal batteries.

The study, published in Joule, one of the world’s leading peer-reviewed journals in energy science, discussed the development of a new electrolyte formulation designed to improve the lifespan and safety of lithium-metal batteries, according to Samsung SDI.

Lithium-metal batteries have been regarded as a next-generation technology because they can offer very high energy density, around 1.6 times that of conventional lithium-ion batteries.

However, their commercialization has been constrained by limited charge-discharge lifespans. Samsung SDI expected that the new findings could help address the challenges.

Once commercialized, Samsung SDI projected that lithium-metal batteries could bolster industries that require high energy density, including advanced wearable devices.

“The publication in Joule provides academic validation of our technology that improves the safety of lithium-metal batteries, which had long been considered a key weakness,” Samsung SDI Executive Vice President Joo Yong-lak said in a statement.

“We will continue to accelerate the development of next-generation battery technologies based on our global research network,” he added.

Yuan Yang, an associate professor of materials science and engineering at Columbia University, echoed the sentiment.

“This study represents a major improvement in lithium-metal battery performance through a new electrolyte formulation and brings commercialization of next-generation batteries one step closer,” he said.

The share price of Samsung SDI fell.61% on the Seoul bourse Monday. As a major affiliate of Samsung Group, the company is one of the world’s largest battery manufacturers.

NEW YORK — JPMorgan Chase acknowledged for the first time that it closed the bank accounts of Donald Trump and several of his businesses in the aftermath of the Jan. 6, 2021, attacks on the U.S. Capitol, the latest development in a legal saga between the president and the nation’s biggest bank over the issue known as “debanking.”

The acknowledgment came in a court filing submitted this week in Trump’s lawsuit against the bank and its leader, Jamie Dimon. The president sued for $5 billion, alleging that his accounts were closed for political reasons, disrupting his business operations.

“In February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgan’s CB and PB would be closed,” JPMorgan’s former chief administrative officer Dan Wilkening wrote in the court filing. The “PB” and “CB” stands for JPMorgan’s private bank and commercial bank.

Until now, JPMorgan has never admitted it closed the president’s accounts in writing after Jan. 6. The bank would only speak hypothetically about when the bank closes accounts and its reasons for closing accounts, citing bank privacy laws.

A spokeswoman for the bank declined to comment beyond what the bank said in its legal filings.

Trump originally sued JPMorgan in Florida state court, where the president’s primary residence is now located. The filings this week are part of an effort by JPMorgan Chase to have the case moved from state to federal court and to have the jurisdiction of the case moved to New York, which is where the bank accounts were located and where Trump kept much of his business operations until recently.

Trump originally accused the bank of trade libel and violating state and federal unfair and deceptive trade practices.

In the original lawsuit, Trump said he tried to raise the issue personally with Dimon after the bank sent him notices that JPMorgan would close his accounts, and that Dimon assured Trump he would figure out what was happening. The lawsuit alleges Dimon failed to follow up with Trump.

Further, Trump’s lawyers allege that JPMorgan placed the president and his companies on a reputational “blacklist” that both JPMorgan and other banks use to keep clients from opening accounts with them in the future. The blacklist has yet to be defined by the president’s lawyers.

“If and when Plaintiffs explain what they mean by this ‘blacklist,’ JPMorgan will respond accordingly,” the bank’s lawyers said in a filing.

JPMorgan has previously said that although it regrets that Trump felt the need to sue the bank, the lawsuit has no merit.

The issue of debanking is at the center of the case. Debanking occurs when a bank closes the accounts of a customer or refuses to do business with a customer in the form of loans or other services. Once a relatively obscure issue in finance, debanking has become a politically charged issue in recent years, with conservative politicians arguing that banks have discriminated against them and their affiliated interests.

“In a devastating concession that proves President Trump’s entire claim, JPMorgan Chase admitted to unlawfully and intentionally de-banking President Trump, his family, and his businesses, causing overwhelming financial harm,” the president’s lawyers said in a statement. “President Trump is standing up for all those wrongly debanked by JPMorgan Chase and its cohorts, and will see this case to a just and proper conclusion.”

Debanking first became a national issue when conservatives accused the Obama administration of pressuring banks to stop extending services to gun stores and payday lenders under “Operation Choke Point.”

Trump and other conservative figures have alleged that banks cut them off from their accounts under the umbrella term of “reputational risk” after the Jan. 6, 2021, attack on the U.S. Capitol. Trump was impeached on a charge of inciting insurrection on Jan. 6, though not convicted in the Senate; and he was criminally indicted for his role in the riot and his attempt to overturn his 2020 election defeat, but that case was dismissed after he won the 2024 election.

Since Trump came back into office, the president’s banking regulators have moved to stop any banks from using “reputational risk” as a reason for denying service to customers.

This is not the first lawsuit Trump has filed against a big bank alleging that he was debanked. The Trump Organization sued credit card giant Capital One in March 2025 for similar reasons and allegations. The case is ongoing.

Sweet writes for the Associated Press.

Feb. 20 (UPI) — The Dominican Republic opened the year with 1.22 million tourists in January, a 5.5% increase compared with the same month last year. The increase was driven by growth in air arrivals and sustained demand from the United States.

Tourist arrivals to the island by air surpassed the 800,000-passenger mark for the first time in a single month, posting year-over-year growth of 8.7%, according to the Ministry of Tourism,. The figure exceeds pre-pandemic levels and is 61% higher than recorded in January 2019.

“Receiving 1,219,606 visitors for the first time in the history of Dominican tourism tells us how extraordinary this year will be for the sector,” Dominican Republic Tourism Minister David Collado said.

Collado held meetings in New York with representatives of JPMorgan, Bank of America, Standard & Poor’s and American Express, as well as other key players in the international financial system, as part of a strategic agenda to position tourism as the country’s leading productive sector.

According to information released Thursday by the presidency, Collado presented projections for Dominican tourism for this year, highlighting the sector’s sustained growth and predicting that if the current trend continues, 2026 could close with new record figures for the industry.

Dominican tourism continues to position itself as a reliable destination for investment, authorities said, backed by what they describe as “a vision of sustainable development that inspires confidence in international markets.”

According to information from the Ministry of Tourism, North America is the main source market for tourists to the island, accounting for 59% of air arrivals, led by the United States and Canada. Latin America also showed solid performance and expanded its share of total visitors.

Punta Cana accounted for the largest share of the country’s air traffic during the month. The cruise segment recorded a slight decline compared with the same period last year, while hotel occupancy averaged 82% nationwide during peak season.

Tourism is one of the main generators of foreign exchange and employment. In 2025, the country received more than 11.6 million visitors, consolidating its position as the Caribbean’s leading tourist destination.

As part of its international promotion strategy, the Ministry of Tourism signed a strategic alliance with Visa Inc., making the Dominican Republic the first country in the Caribbean to finalize an agreement of this kind with the global payments company.

The alliance includes joint campaigns, targeted promotions and exclusive benefits for international travelers, with emphasis on key markets such as the United States, Canada, Europe and Latin America.

The Dominican Republic is projected to be the fastest-growing economy in Latin America and the Caribbean in the coming years, according to the most recent forecasts by the World Bank and the International Monetary Fund.

Growth projections for 2026 place real GDP expansion between 4.0% and 4.5%, positioning the country as one of the economic leaders in the Caribbean region.

In that scenario, tourism is a strategic engine and the backbone of the Dominican economy. Its role is not only to generate revenue, but also to act as a catalyst for other key sectors, such as construction, commerce and transportation.

In 2025, the sector contributed approximately $21.1 billion, representing about 16% of the gross domestic product.

Feb. 20 (UPI) — Microsoft Gaming Chief Executive Officer Phil Spencer is retiring after 38 years at the tech giant and is being replaced by Asha Sharma, whom Microsoft hired from Instacart in 2024.

Sharma will become Microsoft’s executive vice president for gaming and report to Microsoft Chief Executive Officer Satya Nadella.

Nadella said Spencer last year announced his decision to retire, and the company officials announced the pending change to staff on Friday.

Sharma will move from Microsoft’s CoreAI wing, where he was the company’s president of product development. He formerly was Instacart’s chief operating officer and before that was Meta’s vice president of product development.

Spencer is leaving the tech giant after former business development head Chris Young and Thomas Dohmke, former GitHub chief executive, departed last year.

Microsoft’s security systems head Charlie Bell also changed his role with the company but continues working in an individual capacity.

Microsoft’s video gaming revenues declined by 10% from December 2024 to December 2025, which exceeded the company’s expectations, according to CNBC.

Despite the tech firm’s reduced gaming revenue, it posted a 17% gain in revenue during the fourth quarter of 2025 compared to a year earlier.

Microsoft in 2023 bought Activision Blizzard and made its Call of Duty gaming titles available on its cloud service.

Competition for Sony’s proprietary gaming system has impacted Microsoft’s gaming revenues due to its Xbox system not matching Sony’s PlayStation or Nintendo’s Switch in popularity.

Microsoft has closed its gaming development studios that developed new titles.

“The United States, after all, is not at war with every nation in the world.” The US Supreme Court has struck down Donald Trump’s use of a national emergency declaration to impose sweeping global tariffs. Al Jazeera’s Mike Hanna explains the court’s reasoning.

BUENOS AIRES, Feb. 20 (UPI) — The announcement of the closure of FATE, the only tire manufacturer entirely owned by the Argentine capital and with more than 80 years of history, became the most visible symbol of the fracture facing industry under the government of Javier Milei.

FATE’s decision, announced on Wednesday, was made due to the company’s inability to compete with a wave of imported tires arriving from Asia at prices far below local costs.

FATE’s case was not isolated. According to the association Industriales Pymes Argentinos, or IPA, more than 22,000 companies have closed and more than 300,000 formal jobs have been lost over the past two years as a result of a trade liberalization policy that reduced tariffs with the promise of lowering consumer prices.

This strategy left local production facing competition that many business owners describe as unequal and difficult to sustain.

Daniel Rosato, the IPA president, told UPI that over the past two years, the country experienced an avalanche of imports, ranging from capital goods to food products.

He said Milei’s government reduced tariffs to boost competitiveness, but the outcome was different.

“Argentina has very high dollar-denominated costs and the domestic industry was unable to compete against cheaper imported products, many of these come from Asia,” Rosato said.

“It is very difficult to compete with China. This led the industry to begin producing less due to a lack of competitiveness. The recession is deepening. Factory closures affect not only small companies, but the entire industrial sector,” he said.

Economist Leonardo Park, a researcher at the think tank Fundar, said the government implemented a sweeping deregulation of foreign trade.

Some of these measures, he said, were necessary, such as eliminating bureaucratic systems that previously delayed or limited product imports and simplifying the permits companies needed to bring goods from abroad.

However, tariffs were also reduced, technical standards relaxed, customs controls loosened and the anti-dumping system was reformed.

“All of these reforms generated strong growth in imports since last year,” he said.

Park warned that a rapid increase in foreign purchases creates a risk for local production, as it competes directly with it.

“A drop in production can translate into a risk for the employment associated with that activity,” he said, adding that FATE’s case illustrates such an impact.

“More imported tires mean less domestic production,” Park said. “When production falls, companies downsize or close. The final effect is layoffs and job losses.”

The economist also pointed to two central concerns: the loss of industrial capabilities the country already developed and employment.

“Displaced workers often face difficulties finding jobs in other sectors, whether due to a lack of dynamism in the labor market, a shortage of new skills or because growing activities are concentrated in other regions,” Park said.

From a legal perspective, labor attorney Walter Mañko, partner at Deloitte Legal Argentina, said the company cited a loss of competitiveness that made the business unviable.

“It is true that tires coming from China have a much lower cost than those manufactured in Argentina and that generates a decline in domestic demand,” he said.

Mañko also underscored the social impact. The 920 jobs lost with FATE’s closure represent families that could be left without income. In economic terms, he added, the country loses its main tire manufacturer, a loss that he said cannot be overlooked.

After the closure announcement, Milei’s government intervened through the Labor Secretariat and ordered mandatory conciliation. It is a legal tool the state can activate without prior request from the company or the union to halt the conflict and restore the situation to the point before the crisis.

For 15 days, with the possibility of extending the period by five more, both sides must sit down to negotiate. The room for agreement is narrow. What happens in those talks will not only define FATE’s future, but also send a signal about Argentina’s industrial direction in this new economic phase.

Feb. 20 (UPI) — The 43-day government shutdown in the fall stymied U.S. gross domestic product growth in the fourth quarter, the Bureau of Economic Analysis reported Friday.

GDP for the fourth quarter of 2025 grew by 1.4% on an annual basis, more than a full point below the Dow Jones estimate of 2.5%. Consumer spending climbed more slowly than expected, while government spending lagged behind greatly.

The slowdown in growth is significant when compared to the 4.4% growth recorded in the third quarter.

While economic growth slowed, inflation continued to apply pressure. The personal consumption expenditures price index, the key measurement of inflation used by the Federal Reserve, increased by 2.9%, well above the Fed’s 2% target.

The price index for GDP purchases rose 3.7%, accelerating from 3.4% in quarter three.

The BEA report says the full effects of the record government shutdown “cannot be quantified” as the data cannot be separated. It still estimated the effects of reduced labor services by government employees.

Hundreds of thousands of government employees were furloughed during the shutdown.

“BEA estimates that this reduction in services provided by the federal government subtracted about 1.0 percentage point from real GDP growth in the fourth quarter,” the report says.

Government spending in defense and nondefense declined, as did spending on exports.

Health care services were a leading source of growth in consumer spending. Decreased spending on goods offset this growth.

SEOUL, Feb. 20 (UPI) — South Korea’s benchmark KOSPI index continues to set records, driven by strong corporate performances, including semiconductor giants Samsung Electronics and SK hynix.

The index more than doubled over the past year to surpass 5,800 points Friday. Also fueling the bullish rally are Mirae Asset Securities and SK Telecom, which have invested in promising U.S. firms expected to list in the near future.

The share price of Mirae Asset Securities, South Korea’s leading brokerage house, more than tripled this year, buoyed by strong earnings. It reported $1.1 billion in net profit for 2025, up 72% from a year earlier.

In addition, observers point out the company’s investment in SpaceX, which is expected to go public this summer with a market capitalization of around $1.25 trillion, has also underpinned its stock.

In 2022 and 2023, Mirae Asset Group reportedly channeled $278 million into SpaceX, and roughly half of that came from Mirae Asset Securities, although It does not confirm the detailed figures. A listing could deliver significant windfalls for the brokerage.

Yuanta Securities analyst Woo Do-hung said that Mirae Asset Securities is likely to remain strong through SpaceX’s IPO.

SpaceX is the world’s top private aerospace manufacturer, while xAI is an artificial intelligence startup founded by Elon Musk. Earlier this month, the former acquired the latter in an all-stock deal.

“Following its merger with xAI, SpaceX’s current valuation is estimated at around $1 trillion,” Woo said in a report, expecting the figure to rise to as much as $1.5 trillion after listing, further supporting Mirae Asset Securities on the Seoul bourse.

Reflecting confidence in its long-term upside potential, Mirae Asset Securities also plans to keep holding stakes in innovative companies like SpaceX before they go public.

“We are not yet considering an exit strategy, as our investments in innovative companies remain unlisted,” CFO Lee Kang-hyuk told a conference call earlier this month.

“We aim to pursue exits at the most optimal timing and then reinvest the recovered funds into high-growth assets or use them for M&A, thus establishing a stable virtuous cycle,” he added.

Another beneficiary in the Korean stock market is SK Telecom, the country’s largest mobile carrier, which made a strategic equity investment of $100 million in Anthropic in mid-2023 through its venture arm.

Known for its Claude family of artificial intelligence models, Anthropic is also projected to go public in the coming years.

With its valuation estimated at about $380 billion, the value of SK Telecom’s stake has jumped several-fold to more than $2 billion, or nearly 20% of the company’s market capitalization.

The successful investment has bolstered its share price, which surged over 50% this year.

“The value of SK Telecom’s stake in Anthropic is estimated at around $2.1 billion,” Korea Investment & Securities analyst Kim Jeong-chan said in a report. “It has lifted SK Telecom’s valuation.”

He expected that AI-related revenue, including AI data centers and AI transformation, could put the firm on track to approach $1.4 billion in 2026 operating profit from $740 million last year.

Against this backdrop, industry watchers note that an increasing number of Korean corporations are likely to pursue long-term investments in promising startups from the advanced markets.

“As predicting the future has become increasingly difficult, companies are more often building portfolios of smaller investments rather than making large bets on a handful of prominent firms,” economic commentator Kim Kyeong-joon, formerly vice chairman at Deloitte Consulting Korea, told UPI.

“In the past, they might have made major investments in around five companies, but now it’s common to spread smaller investments across 30 firms. Even if only a few succeed, that is considered a success,” he said.

Kim noted that such a trend would accelerate across the country’s corporations with the advent of the AI era, when the future becomes even more challenging.

South Korean stocks topped the 5,800-point mark for the first time Friday to end at a fresh record high amid expectations that upcoming investor-friendly measures will help lift market valuations. The local currency fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 131.28 points, or 2.31 percent, to close at an all-time high of 5,803.53.

Trade volume was heavy at 1.73 billion shares worth 32.74 trillion won (US$22.64 billion), with winners outnumbering losers 543 to 340.

Institutions scooped up a net 1.61 trillion won worth of shares, while foreign and retail investors sold a net 745.06 billion won and 986.12 billion won worth of shares, respectively, for profit-taking.

After a three-day Lunar New Year holiday break, the index surged Thursday to top the 5,600 level, with experts saying pent-up demand accumulated during the holiday continued to flow into the stock market.

The KOSPI has been on a bull run recently, surpassing the 5,000 mark for the first time ever on Jan. 27 and the 5,500 level on Feb. 12.

“Geopolitical tensions have heightened after U.S. President Donald Trump signaled the possibility of military action against Iran following a 10-day negotiation deadline, and some analysts suggest the risk of a full-scale conflict is not negligible,” Kim Seok-hwan, an analyst at Mirae Asset Securities, said.

“But investors have maintained expectations for a series of measures by the government and companies to boost shareholder returns and overall market valuations,” he added.

U.S. shares lost ground Thursday (U.S. time) amid concerns about the U.S.-Iran situation and risks linked to massive investments in artificial intelligence (AI), as the U.S. private market and alternative assets manager Blue Owl Capital announced it is going to tighten investor liquidity.

Most large-cap shares finished higher, with chip and defense shares leading the market advance.

Market bellwether Samsung Electronics edged up 0.05 percent to 190,100 won, and chip giant SK hynix surged 6.15 percent to 949,000 won.

Carmakers traded mixed. Top automaker Hyundai Motor went down 0.78 percent to 509,000 won, while its sister affiliate Kia soared 1.06 percent to 171,800 won.

Leading battery maker LG Energy Solution fell 0.5 percent to 401,500 won, but AI investment firm SK Square advanced 2.47 percent to 580,000 won.

Nuclear power plant builder Doosan Enerbility surged 5.18 percent to 103,500 won, and defense giant Hanwha Aerospace spiked 8.09 percent to 1,242,000 won.

Leading shipbuilder HD Hyundai Heavy jumped 4.88 percent to 602,000 won, and its rival Hanwha Ocean shot up 6.61 percent to 149,900 won.

Pharmaceutical giant Samsung Biologics went up 0.93 percent to 1,736,000 won, while Celltrion dipped 1.02 percent to 242,000 won.

Financials gathered ground. KB Financial added 1.38 percent to 168,800 won, and Shinhan Financial grew 1.69 percent to 102,000 won.

Samsung Life Insurance climbed 4.78 percent to 219,000 won, and Mirae Asset Securities rose 0.57 percent to 70,900 won.

The Korean won was quoted at 1,446.65 won against the U.S. dollar at 3:30 p.m., down 1.15 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys lost 3.5 basis points to 3.143 percent, and the return on the benchmark five-year government bonds also shed 3.5 basis points to 3.391 percent.

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A NEW economy seat has been revealed but it isn’t your normal limited leg-room option.

Dubbed the ‘SkyNook’, there’s a new economy seat that could offer passengers a “semi-private” retreat when flying.

The seat would feature at the back of a plane, transforming the underutilised space into an area that could host families, travellers with service animals or pets, travellers with sensory sensitivities or even someone flying with either a bulky or fragile item that cannot go into hold.

The reason the seat would feature at the back of a plane, is because widebody aircraft often taper inwards at the back – which means a triple row of seats cannot fit.

Instead, two seats are usually put in this area, but there is still some extra room between the side of the plane and the window seat.

The SkyNook would fill this space so that a secure car seat would fit or a pet carrier or service animal.

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Mock-ups of the cabin show how the armrest of the seat nearest the window could lay flat to be used as a table or to sit a baby carrier on.

A bassinet could also be fitted into the space and secured onto the armrest.

Travellers in this seat could also make use of a privacy divider which is designed to reduce cabin noise and separate the seats from the aisle, which can often fill with people waiting for the toilet.

The screen could be particularly useful for passengers who want to feed children, for example.

Created by Collins Aerospace, an RTX business, the seat is up for a 2026 Crystal Cabin Award in the Passenger Comfort category.

The award recognises innovation, excellence and creativity in aircraft cabin interior design.

The winner of the award will be announced on April 14.

Another concept that has been named a finalist is Airbus’ new Airspace A350-1000 first class cabin concept.

The new first class cabin experience would be similar to flying in a private jet and would feel more like an apartment.

A master suite would be in the middle of the cabin of the aircraft and for two travellers with a double bed, a private toilet, a changing area and a bar.

And to make the experience not feel claustrophobic, there are virtual panoramic windows that wrap around the suite which stream images from outside the aircraft.

So, essentially, you will always have a view.

Another finalist is Spaceframe, which is another take on an economy seat.

The seat would have a mesh backrest with foam to make it more comfortable for longer journeys and they would also slide forwards, to recline, which would mean they don’t invade the passenger’s space behind.

The seats would also have integrated power, lighting and wireless charging.

Some airlines are already well-known for their economy seats, such as Emirates.

The Sun’s Head of Travel Lisa Minot recently flew in economy with Emirates and said: “Even in economy it’s easy to see how Emirates is in a different league to other long haul airlines.

“Launching their first London flights back in 1991, the next year they were the first ever airline to install in flight entertainment screens in all seats across every class.

“And as the first airline to order the game-changing Airbus A380 and I was among the first to travel on the two-deck leviathan capable of holding up to 615 passengers.

“The in-flight catering always feels generous compared to other airlines and while the seats may not be any more generous than our flag-carrier, the plush padding makes it much more comfortable over a long flight.

“And unlike the service I’ve received on some American airlines over the years, the Emirates crew have been faultless on every trip I’ve been on.”

In other aviation news, here’s the airline with the best economy seats in the world – and you can even book private beds.

Plus, the UK airline with the comfiest Economy seats revealed.

SEOUL, Feb. 19 (UPI) — South Korea’s Samsung C&T said Thursday it would invest up to $6.5 billion during the next three years to nurture future growth engines.

Samsung C&T is a diversified Samsung affiliate that builds major infrastructure, trades global materials and energy, and operates fashion and resort businesses.

Through 2028, the Seoul-based company is scheduled to allocate between $4.5 billion and $5.2 billion to next-generation growth areas, including energy and bio. However, it did not disclose further details.

In addition, Samsung C&T plans to spend a maximum of $1.3 billion to beef up competitiveness in its existing operations by shifting toward a high-margin business model and expanding into overseas markets.

The firm also unveiled a three-year plan to raise its dividend per share by 25%.

“Over the next three years, we will focus on delivering results from growth businesses centered on energy and bio while strengthening our existing portfolio,” Samsung C&T said in a regulatory filing.

“On the back of a stable financial structure, we strive to pursue investments in future growth areas alongside shareholder returns,” it added.

The construction unit is one of the country’s leading contractors. It was lead builder of Dubai’s Burj Khalifa in the United Arab Emirates, the world’s tallest skyscraper.

The company saw its 2025 operating profit rise 10.4% to $2.27 billion, while annual sales edged down 3.2% to $28 billion year-on-year.

The share price of Samsung C&T climbed 0.47% on the Seoul bourse Thursday.

United States President Donald Trump has imposed tariffs on European goods, made a bid to take over Greenland and demanded Europe foot the bill for its own defence. European leaders now fear the era of US-led security protections may be over. They’re accelerating efforts to reduce their military and economic dependence on the US.

At the Munich Security Conference, US Secretary of State Marco Rubio insisted his nation is not walking away from its allies. But few in the room were convinced. Instead, leader after leader took to the podium with the same message: Europe must stand on its own.

Feb. 18 (UPI) — White House economic adviser Kevin Hassett on Wednesday said that employees at the New York Federal Reserve should face punishment for publishing “the worst paper I’ve ever seen in the history of the Federal Reserve System.

The research published Feb. 12 concluded that most of President Donald Trump‘s tariffs are being paid by U.S. businesses and consumers. The authors said 90% of the costs are being passed on, though it acknowledged that the effect had dropped slightly as the year went on.

In an appearance on CNBC’s Squawk Box, Hassett, the director of the National Economic Council, called it an “embarrassment” and said of the four authors, “the people associated with this paper should presumably be disciplined.”

He argued that tariffs are responsible for a higher standard of living.

“Prices have gone down. Inflation is down over time,” Hassett said. “Import prices dropped a lot in the first half of the year and then leveled off, and [inflation-adjusted] wages were up $1,400 on average last year, which means that consumers were made better off by the tariffs. And consumers couldn’t have been made better off by the tariffs if this New York Fed analysis was correct.”

Harvard Business School, Yale’s Budget Lab, the Kiel Institute for the World Economy and the Congressional Budget Office have published similar findings, Politico reported.

“Our results imply that U.S. import prices for goods subject to the average tariff increased by 11% … more than those for goods not subject to tariffs,” the paper, written by Mary Amiti, Chris Flanagan, Sebastian Heise and David E. Weinstein, said. “U.S. firms and consumers continue to bear the bulk of the economic burden of the high tariffs imposed in 2025.”

Hassett was on Trump’s short list for Fed chair, but Kevin Warsh was chosen.

Feb. 18 (UPI) — Tesla will stop using the term “Autopilot” in marketing of its vehicles in California, the state’s Department of Motor Vehicles announced.

In December, a judge ruled that the company was using deceptive wording in its marketing of the cars in California and recommended a suspension of sales and manufacturing in the state. But the DMV allowed the company 60 days to change its wording.

Autopilot is Tesla’s driver-assistance mode, and its self-driving setting is called Full Self-Driving. The DMV argued that both terms mislead customers and distort the abilities of the driver-assistance systems.

Tesla had changed the self-driving system to be called “Full Self-Driving (Supervised)” to indicate that drivers must still monitor the system. But it stayed with “Autopilot,” prompting the DMV to refer the case to the California Office of Administrative Hearings.

The judge ruled with the DMV and recommended the suspension. But the DMV gave the company the grace period.

“Since then, Tesla took corrective action and has stopped using the misleading term ‘Autopilot’ in the marketing of its electric vehicles in California,” the DMV said in a press release Tuesday. “Tesla had previously modified its use of the term ‘Full Self-Driving’ to clarify that driver supervision is required. By taking this prescribed action, Tesla will avoid having its dealer and manufacturer licenses suspended in the state for 30 days by the DMV.”

But Tesla went a step further and changed its driver-assistance plan altogether. It discontinued the former Autopilot mode and now requires owners to pay for an FSD Supervised subscription. Until last week, owners paid a one-time fee of $8,000 for FSD. Now, they pay a $99 monthly fee. CEO Elon Musk has said the fee will increase as FSD Supervised improves, TechCrunch reported.

California is Tesla’s biggest market, with about 30% of its sales. Tesla recently announced that its Fremont, Calif., factory will begin making its Optimus humanoid robots by the end of 2027. It discontinued its Model S and X cars, previously manufactured there.

Feb. 17 (UPI) — The Venezuelan government on Tuesday released Evanan Romero, a Venezuelan-American oil consultant detained four days earlier at the Maracaibo airport, without a judicial warrant or formal charges publicly announced.

Romero, 86, a Venezuelan with U.S. citizenship, was detained by authorities under Delcy Rodríguez’s government while attempting to travel from Maracaibo to Caracas, where he had scheduled a series of meetings with companies in the oil sector.

After an initial detention, Romero spent the first night at Interpol facilities at the airport. The next day, due to his advanced age and medical condition, authorities authorized his transfer to a private clinic in Maracaibo, where he remained under guard, local outlet Efecto Cocuyo reported.

The release occurred without official statements from the government. Local journalists and media outlets, such as Spain’s ABC, reported Romero’s detention.

“I’ve been here since Friday,” the expert said from a private clinic, while guards remained in an adjacent room.

Romero had planned to meet with the local management of Repsol and to participate in a videoconference with Reliance’s leadership in India to discuss a possible return to oil blocks in the Orinoco Belt.

He also had meetings scheduled with investors interested in the energy stabilization phase that would reportedly be coordinated from Washington after the capture of President Nicolás Maduro in a U.S. military operation Jan. 3.

The consultant had arrived in Venezuela from Panama, with a stop in Colombia, intending to visit a relative before traveling to the capital.

In statements to ABC, Romero said his detention could be linked to a past administrative dispute related to a family investment, which he said was resolved in his favor by the Supreme Court of Justice.

No Venezuelan authority has publicly confirmed that or provided details about the case.

Romero is part of a committee of about 400 former state-owned oil company Petróleos de Venezuela technicians and executives dedicated to developing proposals for rebuilding the energy sector under a future government, Infobae reported.

He has maintained contacts with U.S. oil companies such as Exxon and ConocoPhillips, and his name has appeared in discussions about compensation for expropriated assets and the opening of new blocks, the publication added.

Romero is considered a veteran expert in Venezuela’s oil sector, with more than six decades of experience. He served on the board of PDVSA, since the 1960s, with responsibilities in operational oversight, capital projects and maritime operations.

He later served as president and chief executive officer of Grupo Asesor Petrolero Venezolano LLC, a firm specializing in reservoir performance studies, reserves evaluation, thermal recovery of heavy crude and basin master development plans.

He has also been affiliated with the Harvard Electricity Policy Group at Harvard University.

The detention occurred just days after the visit to Caracas by U.S. Energy Secretary Chris Wright at a time when the White House has intensified pressure for the release of political prisoners and reiterated that reconstruction of the oil sector will depend on clear legal and political guarantees.

President Donald Trump has publicly argued that major U.S. companies should invest billions of dollars to repair deteriorated infrastructure and restore production.

Feb. 17 (UPI) — Artificial intelligence and software analytics firm Palantir Technologies Inc. has moved its headquarters from Denver to Miami, company officials announced on Tuesday.

The announcement was made on social media and says only that Palantir has moved its headquarters to Miami without providing other information.

The tech firm has many government contracts, including with federal immigration law enforcement agencies and the military, which recently triggered protests and vandalism at Palantir’s Denver headquarters.

Palantir co-founder and Chief Executive Officer Alex Karp recently described it as a “completely anti-woke” firm that seeks employees who share its values, according to the Denver Gazette.

Palantir accepted a $30 million contract to create the ImmigrationOS app that enables Immigration and Customs Enforcement to support self-deportation, and the U.S. Army awarded the tech firm an up-to-$10 billion contract to provide data and software tools over the next decade.

Palantir also is among the corporate donors that contributed $300 million to build a ballroom on the site of the former East Wing of the White House.

Palantir’s co-founders established the tech firm in Palo Alto, Calif., in 2003 and in 2020 moved its headquarters to Denver.

The move to Miami follows that of many other tech firms and positions the coastal city as a rival to California’s Silicon Valley.

Florida’s tax-friendly business environment has helped the state to lure many tech billionaires from California, where lawmakers are wrangling over a proposed 5% wealth tax on residents who have a net worth of $1 billion or more.

Palantir co-founder Peter Thiel has relocated to Miami ahead of the tech firm’s headquarters move, and Karp in 2020 said the tech firm does not share the same values as many others in Silicon Valley’s tech community.

Meta Platforms Chief Executive Officer Mark Zuckerberg also is among wealthy big-tech bosses who have moved from California to Florida, and many tech firms have established hubs in Miami.

Shia LaBeouf’s Mardi Gras celebrations in New Orleans allegedly took a violent turn Tuesday morning, landing him in the hospital and facing charges of battery.

The New Orleans Police Department confirmed that officers arrested the “Megalopolis” and “Honey Boy” actor, 39, at 12:45 a.m. in the city’s famed French Quarter. He was charged with two counts of simple battery for allegedly assaulting two men.

A representative for the “Transformers” star did not immediately respond to a request for comment.

Police arrived at a business on the 1400 block of Royal Street, responding to a reported assault, officials said. The two men alleged they were assaulted by LaBeouf. The former “Even Stevens” child star was “causing a disturbance” at the business, prompting staff to remove him from the premises, police said. LaBeouf allegedly struck one of the victims and “used his closed fists on the victim several times.”

Police say LaBeouf left the business but returned “acting even more aggressive.” According to the incident report, an unspecified number of people tried to subdue LaBeouf and eventually let him go “in hope that he would leave.” Instead, he allegedly began assaulting the same man as before, hitting his upper body with closed fists. The actor is accused of punching the second man in the nose.

Investigators say people held LaBeouf down again until officials arrived. The actor was transported and treated for unknown injuries and was arrested and charged upon his release. TMZ published bystander video of multiple men standing over LaBeouf as he lies shirtless on a street. The video shows one man punching LaBeouf as he tries to get to his feet. Other bystanders can be heard telling both the man hitting and LaBeouf to “chill.” The video ends with two men holding LaBeouf down.

TMZ also published video of LaBeouf sitting shirtless in the trunk of a police vehicle and video of LaBeouf walking through the French Quarter on Monday.

Los Angeles native LaBeouf has a history of violent and disorderly behavior that shadowed his efforts to move past his Disney Channel days in the early aughts. Following his comeback in the form of filmmaker Alma Har’el’s “Honey Boy,” LaBeouf was sued in 2020 by his ex-girlfriend, musician FKA twigs, for assault, sexual battery and emotional abuse. The lawsuit also alleged LaBeouf abused another former girlfriend. He denied her allegations.

“I am not in the position to defend any of my actions. I owe these women the opportunity to air their statements publicly and accept accountability for those things I have done,” he told the New York Times amid the lawsuit.

The exes settled the lawsuit 2025.

LaBeouf is married to Mia Goth, the horror star known for films including “Frankenstein,” “Infinity Pool” and Ti West’s “X” trilogy.

Feb. 17 (UPI) — Spanish authorities plan to investigate social media giants X, Meta and TikTok over the distribution of child sex abuse materials on their respective social media platforms, the government announced Tuesday.

Spanish Prime Minister Pedro Sanchez said there is a pending investigation by state prosecutors into the alleged spread of artificial intelligence-generated material.

“These platforms are jeopardizing the mental health, dignity and rights of our sons and daughters,” Sanchez said in a translated post on X.

“The state cannot allow this,” he said. “The impunity of the giants must end.”

The Spanish government said it is looking at options for holding tech firms accountable for “potential criminal liability of increasingly widespread practices in the digital environment, such as the generation and dissemination of sexual content and child sexual abuse through deepfakes and the manipulation of real images to create others with explicit sexual content, thereby undermining the dignity of the victims,” as reported by The Guardian.

A recently produced report suggested that social media platforms enable the creation and rapid distribution of offensive content that enables their makers to elude detection and potential criminal prosecution.

Meanwhile, the respective social media sites profit from such activities, officials said.

Sanchez said Spain’s Council of Ministers will invoke Article 8 of the Organic Statute of the Public Ministry to ask it to investigate the alleged crimes that the three tech firms might be committing via the creation and distribution of AI-generated child sexual abuse materials using their respective AI tools.

The Spanish probe into the social media giants arose after French authorities raided X’s offices in Paris over similar accusations, but X officials there have denied any wrongdoing.

X recently added Grok AI, which is the creation of Elon Musk’s xAI artificial intelligence company. Musk also owns X.

TikTok offers AI tools, while Meta AI is integrated into Meta’s Facebook, Instagram, Messenger and WhatsApp platforms.

The issue raises the matter of free speech laws in the European Union and the United States.

Ireland’s Data Protection Commission is among European regulatory bodies leading the European Commission’s inquiry into X over the use of the Grok AI tool to generate deepfake and sexualized images of real people, including children.

The investigation is to determine if X is complying with European laws regarding personal data and how algorithms might protect lawbreakers.

Feb. 17 (UPI) — The European Commission announced Tuesday that it has opened formal proceedings against online retailer Shein “for its addictive design, the lack of transparency of recommender systems, as well as the sale of illegal products, including child sexual abuse material.”

The Commission said in a press release it was specifically investigating: the systems Shein has to limit the sale of illegal products in the European Union; risks linked to the addictive design of the service and the systems to mitigate those risks; and transparency of the recommender systems that it uses to propose content and products to users.

Under the Digital Services Act, Shein must disclose the parameters used in its recommender systems and it must provide users with at least one easily accessible option that is not based on profiling for each recommender system, the release said. The EU said it found that Shein only explained its recommender “in a very general manner.”

“In the EU, illegal products are prohibited — whether they are on a store shelf or on an online marketplace,” Henna Virkkunen, executive vice president for Tech Sovereignty, Security and Democracy, in a statement. “The Digital Services Act keeps shoppers safe, protects their wellbeing and empowers them with information about the algorithms they are interacting with. We will assess whether Shein is respecting these rules and their responsibility.”

If the investigation finds that Shein has broken EU law, Brussels can impose interim measures, accept binding commitments from Shein or give a non-compliance decision that could lead to large fines, EuroNews reported.

Shein released a statement saying it always “cooperates fully” with the Commission and the Coimisiún na Meán, the Digital Services Coordinator for Ireland involved in the investigation.

“Over the last few months, we have continued to invest significantly in measures to strengthen our compliance with the DSA. These include comprehensive systemic-risk assessments and mitigation frameworks, enhanced protections for younger users, and ongoing work to design our services in ways that promote a safe and trusted user experience,” Shein said in the statement. “Protecting minors and reducing the risk of harmful content and behaviors are central to how we develop and operate our platform. We share the authorities’ objective of ensuring a safe and trusted online environment and will continue to engage constructively.”

The retailer has recently come under fire in France because, in November, it was found to be selling weapons and sex dolls designed to look like young children. Around the same time, Shein opened its first brick-and-mortar shop in Paris to protests for its sale of the dolls and its environmental impact.

Singapore-based Shein issued a statement on Nov. 4 saying it had removed the dolls and permanently banned “all seller accounts linked to illegal or non-compliant sex-doll products.”

A Shein spokesperson said in December that the platform would not reopen in France right away. It was doing an internal audit to find weaknesses in its marketplace operations.

Feb. 16 (UPI) — Thomas Pritzker, executive chairman of Hyatt Hotels Corporation, announced that he would leave his role at the company, weeks after his association with sex predator Jeffrey Epstein came to light.

Pritzker, who is the cousin of Illinois Gov. J.B. Pritzker, on Monday said in a letter to Hyatt’s board that he decided to leave in order to provide “good stewardship” to the company he has led for more than two decades, CBS News and CNBC reported.

In the letter, which was released by the Pritzker Organization, the 75-year-old said that he had “regret” over his connection to both Epstein and convicted sex trafficker Ghislaine Maxwell, who helped the pedophile in his schemes of abuse.

“Good stewardship also means protecting Hyatt, particularly in the context of my association with Jeffrey Epstein and Ghislaine Maxwell, which I deeply regret,” Pritzker said. “I exercised terrible judgement in maintaining contact with them, and there is no excuse for failing to distance myself sooner.”

Hyatt’s board named Mark Hoplamazian, who already is the company’s president and chief executive officer, as chairman of its board effective immediately, the company said in a press release.

“Tom’s leadership has been instrumental in shaping Hyatt’s strategy and long-term growth, and we thank him for his service and dedication to Hyatt,” Richard Tuttle, chair of the company’s board’s nominating and corporate governance committee, said in the release.

Epstein pleaded guilty in 2008 to soliciting a minor for prostitution and was arrested in 2019 on federal child sex trafficking charges but killed himself in jail before being brought to trial.

Pritzker, who had been a member of Hyatt’s board and its executive chairman since 2004, was named in Epstein court documents released on Jan. 3 by the Department of Justice, which also named Britain’s now-former Prince Andrew, former President Bill Clinton and current President Donald Trump, none of whom were accused of wrongdoing in the filings.

The documents showed that Pritzker continued to communicate with Epstein after his 2008 plea deal.

In addition to being named in the documents, Pritzker had previously been accused by Epstein accuser Virginia Giuffre as one of several men she was trafficked to for sex, although Pritzker has denied the allegations, according to CBS News.

Pritzker is the latest person to face consequences for a relationship with Epstein and Maxwell since the Jan. 3 release and the Jan. 30 release of more than 3 million more investigative and court documents related to the two sex offenders.

Among others, ex-Prince Andrew vacated the Royal Lodge, Britain’s former ambassador to the United States is being investigated for links to Epstein, lawyer Brad Karp has resigned and Davos CEO Borge Brende is also being investigated for his links.

Feb. 16 (UPI) — California Gov. Gavin Newsom announced an agreement with Britain on Monday that will bring $1 billion in investments into his state.

The climate agreement sets a framework for British companies to expand their access to California’s market and for cooperation on decarbonization and clean energy technology.

British energy company Octopus Energy is among the companies that will expand its access in California. It has committed nearly $1 billion to clean energy companies and projects based in California. Newsom announced the partnership after meeting with British Energy Secretary Ed Miliband in London.

“California is the best place in America to invest in a clean economy because we set clear goals and we deliver,” Newsom said in a statement.

“Today, we deepened our partnership with the United Kingdom on climate action and welcomed nearly a billion dollars in clean tech investment from Octopus Energy. California will continue showing the world how we can turn innovation and ambition into climate action.”

Newsom visited Octopus Energy’s headquarters in London during his trip.

California has climate agreements with several countries around the world. During the 2025 United Nations Climate Change Conference, it entered new partnerships with Chile, Colombia, Nigeria and Brazil.

President Donald Trump criticized the new agreement between California and Britain on Monday, saying it was “inappropriate” for the two sides to be working with each other.

“The worst thing that the U.K. can do is get involved in Gavin,” Trump told POLITICO. “If they did to the U.K. what he did to California, this will not be a very successful venture.”

The Trump administration has rolled back federal climate-focused initiatives, most recently eliminating greenhouse gas emissions standards.

Feb. 16 (UPI) — Warner Bros. Discovery is considering reopening talks with Paramount Skydance after Paramount sweetened its offer to buy the company last week, sources say.

Bloomberg News first reported Sunday that WBD was considering the offer.

In October, Warner Bros. said it was open to offers, and on Dec. 5, after a bidding war between Netflix and Paramount, WBD agreed to Netflix’s offer. Then Paramount launched a hostile bid to buy WBD, but the board wasn’t budging. Then Paramount announced that Oracle creator Larry Ellison was backing the deal with $40 billion in equity. On Jan. 20, Netflix changed its offer to all cash, then on Feb. 10, Paramount did the same and added some sweeteners.

The sweetened deal included paying the $2.8 billion termination fee that WBD would owe Netflix and an agreement to back WBD’s debt costs. It also agreed to pay a ticking fee of 25 cents per share for each quarter the deal is delayed, starting in 2027, totalling about $650 million in cash per quarter.

Paramount and Netflix have both said they would be willing to raise their bids, Bloomberg reported. This is the first time, though, that WBD has given serious consideration to Paramount’s offer. It has until Feb. 25 to respond to Paramount’s offer.

Some WBD shareholders, including the investment firm Ancora, have expressed concerns with Netflix’s deal. One main issue is whether it would pass federal scrutiny. Paramount’s connection with Larry Ellison is a bonus because he’s friendly with President Donald Trump, who has said he would get involved with the process.

Last week, Paramount appointed Rene Augustine as its senior vice president of global public policy. Augustine is a former lawyer in the Trump administration, further bolstering Paramount’s regulatory clout.

Netflix has said it’s confident it can pass regulatory scrutiny. Its co-CEO Ted Sarandos faced a Senate hearing on Feb. 4 about the deal. Paramount didn’t participate.

Warner Bros. is waiting for the Security and Exchange Commission to approve its filings, which would allow it to schedule a shareholder vote on the Netflix offer.