Business

Billionaire hedge fund founder turned environmental warrior Tom Steyer, a leading Democratic candidate for California governor, is facing mounting questions about how he earned his wealth — notably investments in private prisons that are now being used to house undocumented immigrants facing deportation.

Some of the most vicious political attacks come from his Democratic rivals and Sacramento special interest groups as the June 2 primary election fast approaches, but Steyer has been dogged for years about his past, controversial business ventures and how they help fund his unbridled campaign spending.

Steyer, 68, faced that ire during a town hall event in San Diego last week.

“Tom, you’re not going to come to San Diego and ignore this detention center,” Holly Taylor, a 37-year-old Democrat screamed at Steyer, holding signs with QR codes to help detainees at an Otay Mesa private prison that Steyer’s hedge fund backed. “It’s a concentration camp. They’re drinking water out of a toilet.”

Taylor, a crime scene cleaner from Pacific Beach, is among scores of people who gather weekly at the facility to raise money for detained immigrants to provide them some comfort amid the Trump administration’s Immigration and Customs Enforcement raids.

In 1986, Steyer, co-founded Farallon Capital, which had shares valued at $89.1 million in the Corrections Corp. of America in 2005, according to the Securities and Exchange Commission. That company, now known as CoreCivic, operates private prisons around the nation that are housing people picked up by federal immigration agents, including the one in Otay Mesa.

It is not the first time Steyer has faced criticism about the connection with private detention facilities. At the California Democratic Party convention in February, protesters dressed in orange prison jumpsuits sought to draw attention to the controversy.

His Democratic rivals have also seized upon the issue to question the billionaire’s progressive credentials.

“Before he was a progressive, he made millions off of companies that operate ICE detention centers, that operate private prisons that incarcerated young children,” state Supt. of Public Instruction Tony Thurmond said during a recent interview with a political influencer known as Mrs. Frazzled.

“His entire campaign is built on the backs of kids in cages,” Rep. Eric Swalwell, (D-Dublin) wrote Tuesday in a post on X.

People protest outside of a lunch held by California gubernatorial candidate Tom Steyer at the 2026 California Democratic Party State Convention in San Francisco on Feb. 21.

(Jeff Chiu / Associated Press)

Several years earlier, Yale University’s graduate teachers union called upon the school — Steyer’s alma mater — to divest from Farallon because of concerns about how the private prison company treated detainees, notably minorities.

Steyer has repeatedly expressed remorse about his former firm’s ties with the detention company. In 2012, he sold his stake in Farallon, which was named in reference to islands off the coast of San Francisco and was once one of the largest hedge funds in the world.

“I deeply regret that Farallon made that investment, and I personally ordered the investment in CCA to be sold because it did not accord with my values then or now,” Steyer told The Times in 2019 after he launched a short-lived presidential campaign.

Asked to comment about the latest iteration of the controversy, Steyer’s campaign pointed to comments he made in March at a town hall in San Francisco about how among the hundreds of thousands of companies his hedge fund invested in, the private prison company changed the course of his life.

“It was a mistake, and I sold it over 20 years ago, thinking, not that it won’t be profitable, it’s just a mistake. I don’t want to be in that business. But let me say this, it wasn’t just a mistake,” Steyer said. “It was also a big wake-up call that I was in the wrong place, that I was in a business that was taking me to places I absolutely didn’t want to go. And there’s a reason I walked away from that business and walked away from a ton of money, because I felt like that is not the life I want.”

He added that he and his wife, Kat Taylor, have spent the past two decades pushing for rehabilitative justice — treatment instead of mass incarceration except for violent felons.

“Am I a perfect person? No, have I made mistakes? Yes,” Steyer said. “But for those of you who like to read the Bible, there is a moment on the road to Damascus when someone makes a change, and I have made a big change, and I did it a long time ago, and I’ve been pushing very, very hard the other way.”

Farallon also invested in fossil fuel projects, including an Australian coal mine that denuded thousands of acres of koala habitat and generated an enormous amount of carbon emissions.

Steyer, who has a net worth of $2.4 billion according to Forbes, has painted himself as a reformed billionaire who walked away from Farallon because of angst about how he earned his fortune. He has spent hundreds of millions of dollars supporting Democratic causes, notably efforts to fight climate change.

“The truth is that is not where I think there is value, and that is not what I’m seeking in my life,” he said at a Sacramento town hall in March when retired state employee Gina Coates asked how, as a woman of color, she could believe his promises given his privilege as a wealthy white man.

“In terms of trusting me, let me say this, I left my business 14 years ago, and anybody who cared about money would not have done it,” Steyer said.

Steyer later said at the town hall that he left Farallon because he realized that he didn’t want to remain on that path.

“I want to have a meaningful life,” he said. “I want to stand with the people of this state and have actual prosperity. Twelve trillionaires and 40 million people who can’t make rent is not success.”

But Steyer and his wife continue to receive significant income from the hedge fund, including millions of dollars in investments, holdings and various complicated transactions in 2024, according to a statement of economic interest and tax returns he was required to file with the California Secretary of State’s office because of his gubernatorial run.

A Steyer campaign spokesman said Steyer created guardrails to ensure that he does not profit off companies he morally disagrees with.

“Tom has put in place an investment policy to ensure that he does not directly invest in fossil fuels, payday lending, or private prisons,” spokesman Anthony York said. “To the extent he inadvertently incurs exposure to those industries through third-party managers or liquid legacy investments, Tom will donate all profits to charity.”

After leaving Farallon, Steyer became one of the nation’s top Democratic donors. And he has used his wealth to fund his political ambitions. Steyer contributed nearly $342 million of his own money to his short-lived 2020 presidential campaign, according to the Federal Election Commission.

In the 2026 governor’s race, Steyer has donated nearly $112 million to his campaign as of Thursday, according to the California secretary of state’s office. He has been an ubiquitous presence on the airwaves, including local news programs and campaign ads that aired during the “Puppy Bowl” on the Animal Planet channel on Super Bowl Sunday. In the past month, Steyer has aired more than 5,000 ads, according to iSpot, which tracks television commercials.

California, home to 23.1 million registered voters, is home to some of the nation’s most expensive media markets. And candidates, particularly those who are not well known, need to spend heavily on television advertising if they hope to have a successful campaign.

But money is no guarantee of success. Billionaire Meg Whitman, the former eBay chief and formerly a longtime Republican donor, spent $144 million of her money on her 2010 gubernatorial bid. That set a record for a candidate’s contribution in a state race at the time, but Whitman lost to Jerry Brown by nearly 13 percentage points.

In 1998, Democratic multimillionaire Al Checchi who had been the co-chair of Northwest Airlines spent $40 million of his wealth on an unsuccessful run for governor, also a record at the time.

Steyer is one of the top three Democrats in the sprawling field to replace termed-out Gov. Gavin Newsom. And his liberal positions are drawing the ire of powerful forces in Sacramento. On Tuesday , the state’s Realtors donated $5 million to an independent expenditure committee opposing Steyer’s bid.

Taylor, who confronted Steyer at the San Diego town hall, said she had not planned to be so vocal. But as the event unfolded, she decided she had to speak, not only to Steyer but to the attendees. She and her compatriots gather every Sunday outside the Otay Mesa facility to raise money to help detainees buy food in the prison commissary and call their families.

“My main issue is that he has gotten financial gain off of these people suffering,” she said.

April 5 (UPI) — Members of the Organization of the Petroleum Exporting Countries said Sunday they will again modestly boost oil production as war rages in Iran and the Persian Gulf, although the move is largely symbolic as the Strait of Hormuz remains closed.

As first they did in March, the eight OPEC+ countries — Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman — on Sunday agreed to a 206,000 barrel-per-day production increase amid attacks by Iran on the oil and gas facilities of several of its members in the Persian Gulf.

Iran has blocked the key Strait of Hormuz shipping lane in response to the American and Israel attacks that started on Feb. 28.

Since then the global price of oil has shot up by close to 60% while gas prices at the pump in the United States have surpassed $4 per gallon.

Although the waterway remains choked off, the OPEC+ move indicated producers will likely ramp up production to help alleviate the worldwide oil shock once the Strait is reopened and production facilities in the Gulf states are secured from Iranian drones and missiles.

U.S. President Donald Trump on Sunday continued to threaten Iran with destruction of civilian and military infrastructure by Tuesday unless Tehran loosens its grip on the Strait.

But Iran has remained defiant, continuing to launch drone attacks against OPEC members who host U.S. military facilities, particularly targeting Kuwait, Bahrain and the UAE, where critical infrastructure again came under attack on Sunday.

Damage was sustained at civilian facilities in all three countries, officials reported.

The Kuwait Petroleum Corp. announced “significant material losses” after Iranian drone attacks on several of its facilities, the KUNA news agency reported.

Meanwhile, Kuwaiti Interior Ministry spokesman Brig. Gen. Nasser Bousleib said officials had registered nine reports of falling shrapnel during the preceding 24 hours, boosting the total of such incidents since the beginning of the Iranian aggression to 678.

Ho Chi Minh City, Vietnam – After a long day of ferrying passengers to and fro recently, e-hailing driver Nguyen was dejected to find he had spent half of his earnings on fuel.

“I drove for around seven or eight hours, making around 240,000 Vietnamese dong [$9.11] and then I paid 120,000 Vietnamese dong [$4.56] on petrol,” Nguyen, a motorcyclist who connects with passengers via the locally developed super-app Be, told Al Jazeera, asking not to be identified by his real name.

“I can’t survive with this amount of money in the city.”

In Vietnam, the ripples of the US-Israel war on Iran are hitting many gig workers hard.

The Southeast Asian country normally sources about 80 percent of its crude oil from Kuwait, but shipments have dried up amid Iran’s effective blockade of the Strait of Hormuz, driving up fuel prices.

Diesel prices have more than doubled, while petrol prices have risen almost 30 percent, making getting from point A to point B an increasingly expensive proposition in cities such as Ho Chi Minh City, home to more than 7 million motorcycles.

“Because the petrol price is so high, so many drivers are turning off the app, going home and just not working,” Nguyen said.

“After today, I will turn off the app and stop working for a few days to see if the price goes down or if the government is helping in any way.”

Vietnam’s government has rolled out a series of emergency measures to cushion the blow for citizens.

Prime Minister Pham Minh Chinh last month announced that an environmental tax on diesel, petrol, and aviation fuel would be suspended until April 15 to help stabilise prices.

Nguyen Khac Giang, a Vietnamese-born visiting fellow at the ISEAS-Yusof Ishak Institute in Singapore, said authorities had been forced to act to stave off rising disgruntlement among citizens.

“There are a lot of complaints and frustrations about rising living costs, because gas prices are everything in Vietnam,” Giang told Al Jazeera.

“It’s not only necessary in terms of making the population feel relief about the rise of gas prices, but at the same time, it will keep the macroeconomic stability intact, given the turbulence outside Vietnam.”

Despite the government sacrificing an estimated $273m in revenue via the tax cut, signs of strain are mounting across the economy.

Public transportation is stretched to capacity in major cities, while domestic carriers such as Vietnam Airlines and Vietjet Air have slashed flights.

“As a very, very open economy, Vietnam is super vulnerable to international shocks,” Giang said.

Gig workers have been particularly exposed due to the double whammy of heavy fuel consumption and minimal labour protections.

“Their income is changeable due to factors beyond their control,” Do Hai Ha, a research fellow at the University of Melbourne who has studied Vietnam’s gig platforms, told Al Jazeera.

“They have no chance to negotiate with the platforms.”

Many drivers have had no choice but to work longer hours as they are “excluded from labour protection, so there’s no guarantee in terms of minimum wages or overtime pay”, Do said.

Companies, too, are feeling the crunch.

Anh Dao, who collects fares on Ho Chi Minh City’s bus route 13, said the bus operator has been losing money due to the surge in diesel prices, despite raising ticket prices by 3,000 Vietnamese dong ($0.11).

“As we already signed the contract, we cannot just stop running the buses,” Ahn told Al Jazeera.

For one fisherman in the coastal region of Binh Thuan, about 200km (124 miles) from Ho Chi Minh City, rising fuel costs have prompted a frantic search for cheaper options to power his basket boat.

“Now that fuel prices are rising, it’s having a big impact,” the fisherman told Al Jazeera, asking not to be identified by name. The middlemen he does business with have been citing weak demand to justify offering lower prices for his catch, he said.

“What I was usually able to sell for 800,000 Vietnamese dong [$30] is now only selling for 650,000 Vietnamese dong [$24],” he said.

Families kept apart

For some low-income families, the rising costs are reshaping daily life in other ways.

After a weeklong trip to the Mekong Delta region, Uyen Pham, a communications manager for the Saigon Children’s Charity, said she has seen the strain firsthand.

“Several parents noted that the cost of bottled cooking gas has nearly doubled,” Pham told Al Jazeera.

“Most of our beneficiary families have always relied on wood-fired stoves or a hybrid of wood and gas to save money. With the recent price hike, they are now strictly limiting their gas usage even further, relying almost entirely on wood to cut every possible expense.”

For many parents, the rising fuel costs have also meant less time with family.

“Many parents in remote areas must leave their children with grandparents to work in cities,” Pham said.

“Rising fuel prices directly increase their commuting costs, while manual labour wages remain stagnant. This pinches their take-home pay and, in some cases, reduces how often they can afford to travel home to see their children.”

For the government in Hanoi, the price volatility has intensified the focus on greater energy independence, Giang, the visiting fellow, said.

“The longer-term question this crisis has enacted is a very important question about the strategic autonomy of Vietnam in terms of energy dependencies, especially when we are a net importer of oil,” he said.

Policymakers will need to “more aggressively accelerate Vietnam’s energy independence by building more refineries,” Giang said, “because now we only have two refineries, which is not enough for the Vietnamese market.”

With long-term solutions likely to take years to come to fruition, authorities are scrambling for short-term fixes.

Late last month, Vietnam’s prime minister and a delegation from the Ministry of Industry and Trade visited on the Nghi Son Refinery and Petrochemical Complex, the country’s largest refinery, in Thanh Hoa, a coastal city about 1,500km (932 miles) north of Ho Chi Minh City.

During their visit, officials said the refinery, which supplies about 40 percent of Vietnam’s petrol needs, would urgently need to find alternative sources of crude, as current supplies were expected to run out by the end of May.

The war on Iran also appears to be reshaping at least some domestic investment.

Vingroup, Vietnam’s largest conglomerate, last month informed authorities that it wanted to halt plans to build the country’s largest liquefied gas-fired power plant and put the funds towards a renewable energy project instead, according to a letter reported by the Bloomberg and Reuters news agencies.

In the letter, the company cited “the significant risk of high fuel prices for LNG power projects” due to the war.

In the meantime, Duy, who works at a cafe tucked behind a Ho Chi Minh City petrol station, is feeling some relief after the government’s fuel tax cut, which authorities projected would reduce petrol prices by about one-quarter and diesel prices by about 5 percent.

“I usually pay 100,000 Vietnamese dong [$3.80] a week on gas, but at the peak of the high prices a few days ago, it was almost double that,” she told Al Jazeera.

“It affected my income.”

Additional reporting by Nguyen Hao Thanh Thao

One of the hottest tickets for the events surrounding Super Bowl LX in February was a party thrown at the Cow Palace in San Francisco by Sports Illustrated, where attendees could hang with Justin Bieber, Kevin Hart and Travis Kelce.

The magazine’s logo and a team of models from its latest annual swimsuit issue were present at another pre-game bash at the Michelin three-star restaurant Quince.

Sports Illustrated journalists were getting requests from peers looking to score invites to the gatherings, which symbolized a turnaround at the 72-year-old title. Just two years earlier, many of its writers were told their jobs were being eliminated.

But Authentic Brands Group, the New York-based company that purchased Sports Illustrated in 2019 for $110 million, says the title is now thriving after reducing its reliance on advertising and circulation revenue. The privately held firm — which expects $38 billion in global retail sales this year, up from $35 billion in 2025 — does not break out the finances for its businesses but says SI is highly profitable after a rocky period. Less than half of SI’s revenue comes from its media business.

“It took us a little while and we had a couple of bumps along the way,” Daniel W. Dienst, executive vice chairman for Authentic, said in a recent interview from his New York office, where a photo of baseball legend Hank Aaron taken by acclaimed SI photographer Neil Leifer hangs on the wall behind his desk.

For decades, SI was where every sports journalist aspired to work, hoping to become the next Frank DeFord or Gary Smith, whose 32-year career at the magazine is highly revered. Cover images of Muhammad Ali, Michael Jordan and other superstars are emblazoned in the memories of fans who eagerly awaited the title to arrive in the mail each week. For athletes and sports institutions, the cover remains a coveted honor.

“You go to LeBron James’ office in Akron, it’s got his 30 covers on the walls,” Dienst said. “You go to USC, they’ve got 21 covers with their athletes and coaches all over their athletic department.”

Now a monthly magazine, the flagship business of Sports Illustrated is no longer the first stop for fans looking for game analysis or profiles of athletes, many of whom have asserted greater control over their images through social media and podcasts.

Like other print magazines, SI has seen a sharp falloff in its circulation, currently at 400,000, down from 3 million in 2010. Authentic says SI has 52 million users a month on its web site and 21 million social media followers. ESPN had 229 million digital users in November.

But the famous SI name still resonates with generations of consumers and Authentic has sought ways to capitalize on it, from selling replica covers to opening branded resort hotels in Chicago and Nashville. International editions of the magazine have been launched in Germany, China and Mexico, with plans to launch in France and the U.K.

In January, Sports Illustrated launched its own free ad-supported streaming TV channel called SITV that features live shows with its journalists and includes films and shows from an archive stocked with documentaries and swimsuit issue specials going back decades.

The channel, which along with the other SI assets is managed by New York-based Minute Media, will also carry live sports coverage including college basketball. While Minute Media did not reveal early viewership figures, the company said the audience for the channel has grown 60% since its launch.

Cincinnati Bengals quarterback Joe Burrow on the cover of Sports Illustrated.

(Clay Patrick McBride)

The streaming channel is a major media initiative for brand that has seen more activity in other sectors.

In 2023, Authentic put the SI name on Lunatix, a sputtering ticket marketplace. Now called Sports Illustrated Tickets, the business has signage deals with 13 venues around the world including a New Jersey-based stadium — the home of the New York Red Bulls soccer team. The service expects to generate $500 million in revenue this year.

Authentic also uses Sports Illustrated-sponsored events such as the ones held at the Super Bowl to entertain clients for its other businesses and makes tickets available to the public. SI will host an event for Authentic at the Masters golf tournament in Augusta this week and has a permanent high-end, track-side hospitality space at Churchill Downs in Kentucky called Club SI.

Authentic specializes in acquiring and investing in famous retail properties that have foundered. The firm has acquired such names as the outerwear retailer Eddie Bauer, Brooks Brothers and Reebok, and in January took a 51% share in the fashion brand Guess.

ABG enlists outside operators to run the brands. Those operators pay an ongoing license fee to ABG, which also takes a cut of the revenues.

That was the plan when Authentic bought Sports Illustrated from Meredith Corp., now known as People Inc.

After the purchase, Authentic entered a $15-million-a-year licensing agreement with Arena Group (at the time known as Maven) to run Sports Illustrated. A New York-based digital media company, Arena operated such well-known titles as Men’s Journal, Parade and TheStreet. But the partnership unraveled when Arena used AI for sponsored content on Sports Illustrated’s website, which sounded alarm bells at the esteemed publication.

Sports Illustrated’s 2026 Super Bowl party at the Cow Palace in San Francisco.

(Sports Illustrated)

The Arena Group acknowledged it hired an outside firm to create product reviews that used fake bylines. The scandal coincided with the termination of its chief executive, Ross Levinsohn, who once held a leadership role at the Los Angeles Times.

The relationship with Authentic worsened when Arena’s majority owner, Manoj Bhargava, took over as interim chief executive. The founder of 5-Hour Energy, Bhargava tried to fire Sports Illustrated’s unionized editorial staff and renegotiate a lower licensing fee from Authentic. He also used the magazine’s editorial pages and website to promote his energy drink business.

The SI media business was unprofitable under Bhargava and Arena missed a payment to Authentic on its licensing deal. In March 2024, Arena announced it was shutting down the print edition of SI.

Around the same time, Authentic hired Minute Media, which runs the digital sites Fansided and Players’ Tribune, to take over Sports Illustrated. Bhargava didn’t go quietly; according to legal filings, he threatened to delete Sports Illustrated’s archive of intellectual property.

Authentic sued Arena for breaching the SI licensing agreement, which was settled. Many of the title’s laid-off journalists were rehired.

The experience with Arena was a harsh lesson for Authentic, which never had owned a media property before.

“The minute I make that phone call or anybody perceives that Authentic could control the newsroom, forget it, game over,” Dienst said, referencing Bhargava. “We had to move on.”

Minute Media has gotten high marks from the SI staff for its repair work on the media side of the business.

“It’s been a long time since we felt like we had an operator and support from the very top to not just grow what we’re doing day to day, but to grow what Sports Illustrated is going to look like 10 years down the road,” said Steve Cannella, editor in chief of Sports Illustrated.

SI’s union representing editorial employees praised Minute Media when it took over, and is close to agreeing on a new contract deal with the company.

Minute Media is aiming to expand the SI brand‘s reach across other media platforms to make up for the time lost under previous regimes.

“I’ve asked, ‘guys, what are all the things you wanted to do that you haven’t been able to do?’ ” said Minute Media President Rich Routman. “If we’re not trying new stuff, we’re failing.”

Some sports media types believe SI is largely a nostalgia play in a landscape where young fans go elsewhere for game highlights and turn to provocative hosts such as Pat McAfee on YouTube. But awareness goes beyond the audience of baby boomers and Gen Xers who grew up with the brand.

Lisa Delpy Neirotti, who leads the sports management program at George Washington University, recently conducted a study with her students on their media consumption habits. She said she was surprised to see high recognition of Sports Illustrated with the Gen Z crowd, and credits SI for Kids, the spin-off publication for younger readers launched in 1989.

“They would remember getting it in the mail, and it was the first thing that got them interested in sports,” Neirotti said. “There are a lot of positive memories that keep the brand alive.”

Dienst said the audience for SI has gotten younger under Authentic’s ownership. But he doesn’t disregard the oldsters who grew up with it.

“They’re very affluent and they’re super loyal,” he said.

April 4 (UPI) — President Donald Trump on Saturday reminded Iran that his 10-day deadline for it to reopen the Strait of Hormuz is 48 hours away and “all Hell will reign down” if the trade route is not made passable.

Trump said on March 26 that he had given Iran 10 days to start allowing ships to transit the Strait of Hormuz, through which roughly 20% of the world’s oil and gas supply travels, or he would direct the U.S. military to attack the nations energy sites.

Iran on Wednesday requested a ceasefire in the war launched in February by the United States and Israel, which Trump said he would consider when the Strait is “open, free and clear.”

Saturday morning, in a post on Truth Social, Trump reiterated his expected time frame for the Strait to open, the deadline for which is April 6.

“Remember when I gave Iran ten days to MAKE A DEAL or OPEN UP THE HORMUZ STRAIT,” Trump said. “Time is running out — 48 hours before all Hell will reign [sic] down on them. Glory be to GOD!”

U.S. Sen. Lindsey Graham, R-S.C., said later Saturday after speaking with Trump that he is “convinced that he will use overwhelming military force against the regime if they continue to impede the Strait of Hormuz and refuse a diplomatic solution to achieve our military objectives,” Axios reported.

Iran’s Gen. Ali Abdollah Aliabadi in a statement reportedly called Trump’s post “a helpless, nervous, unbalanced and stupid action,” and then Aliabadi returned Trump’s threat that “the gates of hell will open for you.”

In indirect negotiations, Iran has said that it would not accept a temporary ceasefire, and instead wants an end to the war and promises that the United States and Israel will not stage future attacks against it.

April 3 (UPI) — A French-owned shipping vessel on Friday was the first Western ship permitted to transit the Strait of Hormuz since the United States and Israel started the war in Iran.

The container ship, owned by the company CMA CGM, is one of several that were permitted to transit the Strait after weeks of Iran permitting few, if any, vessels to pass through it.

The French ship sailed under the flag of Malta and is believed to have been idling in the Persian Gulf since early March, similar to many other vessels, after Iran choked off non-Iranian traffic in response to the war.

The ship switched on its transponder and looked to leave the gulf Thursday afternoon after Iran permitted several ships to transit the Strait, Euronews and The Guardian reported.

The other vessels were three tankers, at least one of which was a liquefied natural gas tanker with a Panamian flag that is owned by a Japanese company.

The Strait of Hormuz is one of the busiest trade routes in the world and, among other things that are shipped through it, sees roughly 20% of the world’s oil and gas supply transit daily under normal circumstances.

The United States has discussed sending U.S. Navy vessels to escort ships through the Strait, although that could be expensive, time consuming and put U.S. troops and assets in danger. Other nations — including Britain — were beginning to look for ways to move vessels through the Strait regardless of the war in Iran.

France, for example, struck a deal with South Korea on Friday to work together to secure safe passage for their vessels through the strait.

Both nations rely on oil and gas from the region, on top of other parts of the global supply chain in which they participate, and said they are working together to deal with the economic and energy crises that have been triggered by the war in Iran.

April 3 (Asia Today) — South Korea’s major business groups on Thursday pledged to support government efforts to stabilize energy supply, announcing voluntary measures to reduce consumption as risks grow from instability in the Middle East.

Six economic organizations – including the Korea Economic Association, the Korea Chamber of Commerce and Industry and other industry groups – said in a joint statement they would take part in nationwide conservation efforts.

“We strongly agree with the government’s call to ensure stable energy supply and promote conservation in preparation for a prolonged Middle East conflict,” the groups said. “We will actively participate in efforts to overcome the crisis.”

The statement comes as the government raised its energy security alert level and introduced additional conservation measures, including expanded vehicle restrictions at public institutions.

Business leaders said ensuring stable energy supplies and improving efficiency have become more urgent than ever, pledging to expand private-sector efforts.

Proposed measures include broader use of flexible work arrangements, such as staggered commuting hours, to reduce traffic demand and energy consumption. Companies also plan to improve manufacturing efficiency and optimize facility operations to cut energy use.

Additional steps include turning off office lighting during lunch breaks and after work hours, as well as encouraging employees to use public transportation.

The groups emphasized that coordinated action among the government, businesses and the public will be essential to address the crisis.

“Voluntary participation is key to spreading a culture of energy conservation,” the statement said, adding that the private sector would play an active role in responding to the situation.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260403010001104

South Korean stocks soared by nearly 3 percent Friday, as Iran’s discussions with Oman on a protocol to monitor traffic through the Strait of Hormuz boosted hopes of easing oil supply disruptions despite heightened tensions in the Middle East. The Korean won strengthened sharply against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 143.25 points, or 2.74 percent, to 5,377.30, rebounding from sharp losses in the previous session.

Trading volume was moderate at 1.12 billion shares, with a total value of 22.13 trillion won (US$14.69 billion), as gainers outnumbered losers 664 to 224.

Foreign and institutional investors bought a net 814.57 billion won and 716.93 billion won worth of shares, respectively, while individuals sold a net 2.09 trillion won worth of shares.

The rebound followed news that Tehran was drafting a protocol with Oman to monitor maritime traffic through the Strait of Hormuz, raising hope of progress toward reopening the waterway.

The strategic waterway has effectively been shut since the outbreak of war in the Middle East in late February, driving up global oil prices due to supply disruptions.

Dozens of countries are also seeking ways to resume shipments through the Strait of Hormuz after U.S. President Donald Trump warned of an “extremely hard” attack on Iran within the next two to three weeks, while urging countries that rely on the key shipping route for energy imports to “take care of” it themselves.

“Iran has said the measure is intended to ensure safety and improve services, suggesting that the blockade of the waterway may be easing,” Seo Sang-young, a researcher at Mirae Asset Securities, said.

Top-cap shares finished mixed.

Market bellwether Samsung Electronics surged 4.37 percent to 186,200 won, while chip giant SK hynix soared 5.54 percent to 876,000 won.

Defense giant Hanwha Aerospace climbed 2.26 percent to 1,449,000 won, and artificial intelligence investment firm SK Square went up 2.88 percent to 483,000 won. Nuclear power plant builder Doosan Enerbility jumped 3.21 percent to 96,600 won.

Shipbuilders gathered ground. Local industry leader HD Hyundai Heavy spiked 9.23 percent to 479,000 won, and its rival Hanwha Ocean went up 7.29 percent to 128,000 won.

Carmakers finished mixed. Top automaker Hyundai Motor advanced 1.18 percent to 471,000 won, while its affiliate Kia fell 0.27 percent to 150,200 won.

Leading battery maker LG Energy Solution fell 1.48 percent to 398,500 won, and bio giant Samsung Biologics lost 1.96 percent to 1,554,000 won. Leading financial firm KB Financial shed 0.68 percent to 145,500 won.

The local currency was quoted at 1,505.2 won against the U.S. dollar as of 3:30 p.m., up 14.5 won from the previous session.

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SEOUL, April 1 (UPI) — South Korean discount chain Home Plus said Tuesday that a court has begun to review the sale of its neighborhood grocery store chain, Home Plus Express.

Home Plus, which is under receivership, said the court started the procedure of selecting a preferred bidder after receiving reports from its sales adviser, Samil PricewaterhouseCoopers.

“Prior to the March 31 deadline, multiple companies were confirmed to have participated in the bidding process to acquire Home Plus Express,” the firm said in a statement.

Home Plus did not disclose further details, including the number of bidders and their identities.

However, Mega MGC Coffee has reportedly presented a bid for Home Plus Express. The budget coffee chain, which is owned by MGC Global, operates nearly 4,000 stores across South Korea.

Both MGC Global and Home Plus declined to confirm the reports.

Following unsuccessful attempts to sell Home Plus as a single entity, the divestment of Home Plus Express has emerged as a key pillar of its rehabilitation plan. The unit generated $730 million in revenue in 2024.

The Express division has a network of almost 300 stores and most of them are located in high-density urban areas. Home Plus also runs more than 100 large-format outlets.

In 2015, South Korea’s leading private equity fund, MBK Partners, purchased Home Plus from Tesco in a landmark $5 billion deal. In recent years, the retailer has struggled amid pandemic-related disruptions and the rise of e-commerce giants.

Since early last year, MBK Partners has tried to dispose of Home Plus to little avail. As a result, the company has shifted its focus to the sale of Home Plus Express.

March 30 (UPI) — The founder of the orgasm-based wellness company OneTaste, Nicole Daedone, was sentenced on Monday to nine years in jail for forced labor conspiracy.

Daedone was sentenced after being found guilty last year for grooming vulnerable women into working under the guise of helping women heal from various traumas, the New York Daily News reported.

Along with her director of sales, Rachel Cherwitz, who was sentenced to six and 1/2 years in prison on Monday, Daedone recruited women to purchase sexual wellness therapy programs — which included “orgasmic meditation” — and then turned them into “handlers” who would recruit “marks” into the program, ex-employees testified during trial.

Over the course of the decade-long sex abuse scheme, Daedone forced ex-employees to engage in sex acts under the guise of meditation sessions, often forcing them to work for free, the New York Post reported.

Daedone, and her attorneys, have maintained that the company is “rooted 100% in consent.”

“If I talk to you about the practice … you can say yes or no, and no is a perfectly acceptable answer throughout the practice itself,” she told NBC News last year. “It’s all based in consent. We had an ethics committee. This is the antithesis of what this company was.”

Although Daedone was not sentenced to the 20 years in prison that prosecutors sought, she will have to forfeit the $12 million she sold OneTaste for and pay $900,000 to ex-employees who were not paid for their work.

“Ms. Daedone exploited certain women in a calculated way and made money off of that exploitation,” Federal Court Judge Diane Gujarati said at the sentencing.

“What she was doing was not about enlightenment or operating on a different dimension,” Gujarati said. “It wasn’t a game or a show. It wasn’t ‘Harry Potter‘ or ‘The Matrix.’ It was criminal.”

OneTaste operated centers in cities across the United States that offered it’s orgasmic meditation practice, which involved sessions where one person performed a sex act on another for 15 minutes “with no goal except to feel.”

Former employees who testified during the trial called the company a sex cult that was ruled through fear and intimidation, The New York Times reported.

The women said that they were tasked with offering sexual services to clients and investors, as well as care for the company’s communal homes.

One woman testified that she was forced to receive a meditation session and prosecutors alleged that Daedone used the practice as a “means of encouraging productivity,” The Times reported.

After Daedone and Cherwitz were convicted, the Department of Justice said the jury had revealed the duo as “grifters who preyed on vulnerable victims by making empty promises of of sexual empowerment and wellness only to manipulate them into performing labor and services for the defendants’ benefit.”

People who continue to support the company, which has attempted to re-brand itself, have said the trial is prosecuting consenting adults who have chosen to participate in its programs.

While women who testified during the trial said they fell into Daedone’s trap as vulnerable targets — who were referred to internally as marks, according to trial testimony — the company’s current CEO, Anjuli Ayer, called the sentence “a terrifying day for freedom.”

“Once persuasion becomes a crime, anyone can be a defendant, and anyone can be a victim,” Ayer said. “We must correct the record or everyone will suffer.”

Attorney Alan Dershowitz told NBC News earlier this month that he considers the conviction to be “a miscarriage of Justice” based on his reading of the trial materials and plans to help both Daedone and Cherwitz request a presidential pardon.

“With a few changes of words, this indictment could have been directed against Mormon groups, against Hasidic groups, against various Protestant or Catholic sects,” he said. “There’s so many people who join ideological or religious groups, volunteer their time and later become disillusioned.”

US Department of Defense demands retraction of report alleging broker sought multimillion-dollar investment for Hegseth.

The United States Department of Defense has demanded the retraction of a newspaper report alleging that a broker for defence chief Pete Hegseth attempted to make a large investment in weapons companies in the run-up to the war on Iran.

Pentagon spokesman Sean Parnell demanded the “immediate” retraction on Monday after The Financial Times reported that a wealth manager for the defence secretary contacted BlackRock about making a multimillion-dollar investment in a defence-related fund in the weeks leading up to the war.

Hegseth’s broker at Morgan Stanley ultimately did not go ahead with the investment in the exchange-traded fund, whose holdings include Lockheed Martin and Northrop Grumman, because it was not yet available for purchase at the time, The Financial Times reported, citing three unnamed sources.

“This allegation is entirely false and fabricated. Neither Secretary Hegseth nor any of his representatives approached BlackRock about any such investment,” Parnell said in a post on social media.

“This is yet another baseless, dishonest smear designed to mislead the public.”

Hegseth and his department “remain unwavering in their commitment to the highest standards of ethics and strict adherence to all applicable laws and regulations,” Parnell said.

Al Jazeera could not independently confirm the Financial Times report.

The Defense Department did not immediately respond to a request for comment sent outside of usual business hours.

The Financial Times and Morgan Stanley also did not immediately respond to inquiries.

BlackRock declined to comment.

The report comes amid scrutiny of well-timed trades in financial and prediction markets that have fuelled speculation that figures with insider knowledge may be profiting off of US President Donald Trump’s war plans.

While The Financial Times reported that the attempted investment by Hesgeth’s broker did not go ahead, the defence chief would not have made money on such a purchase in the month since the war began.

While the iShares Defense Industrials Active ETF has risen more than 25 percent over the past year, it has fallen nearly 13 percent since the US and Israel launched strikes on Iran on February 28.

March 29 (UPI) — Egypt is ordering stores and malls to close early, asking people to work from home and dimming street lights as energy costs have skyrocketed since since January.

The North African country put energy saving efforts into effect because the U.S. and Israeli war in Iran has sent the cost of importing oil and natural gas — which is how Africa gets the vast majority of its energy supplies — through the roof, The BBC and Anadolu Agency reported.

Many nations globally have seen the cost of fuel and natural gas increase, and several African and Asian nations have enacted efforts similar to Egypt, because Iran has blocked the Strait of Hormuz to attempt to get the two nations to end the airstrikes aimed at regime change there.

Roughly 20% of the world’s oil and natural gas supply moves through the Strait and choking it off has had a significant effect on Egypt.

Egypt imports liquefied natural gas from the United States and Qatar, among others, and recently signed a deal with Israel for gas that will be delivered via a pipeline, the Financial Times reported.

Although Egypt, with Pakistan and Turkey, are involved with talks to end the war, Egyptian Prime Minister Mostafa Madbouly said that because “there is no clarity about the duration of this war,” the energy reduction measures, which go into effect .

“These measures aim to mitigate the effects of energy import costs due to high global oil prices,” Madbouly said during a press conference.

Since January, Madbouly said that natural gas imports tripped from $560 million per month in January to $1.65 billion per month in March and that its petroleum bill more than doubled in the same time period from $1.2 billion per month to $2.5 billion per month.

Among the “exceptional measures” that will go into effect include stores, restaurants, cinemas and gathering places closing by 9:00 p.m. five nights per week; most employees being told to work from one or two days per week; street lighting and street advertisement lighting will be dimmed by 50% and government vehicles will see be required to use 30% less gas.

Despite talks starting to end the war, the price of Brent crude oil on Friday surpassed $111 per barrel as Iran continued to block most ships from passing through the Strait of Hormuz.

Although Iran allowed a handful of oil tankers through the Strait last week, which U.S. President Donald Trump called a show of good faith, global markets have been hit hard, even beyond energy, as a result of limited traffic transiting the passage.,

March 28 (UPI) — Bank of America reached a settlement with a survivor of deceased sex predator Jeffrey Epstein that will distribute $72.5 million to his victims.

The survivor, named in the case as “BOA Jane Doe,” and her attorneys told a federal judge on Friday that a settlement had been reached with the bank on a proposed class-action suit over Epstein’s decades of abuse and trafficking of women and teenage girls, The Charlotte Observer reported.

The suit alleged that the bank ignored signals of Epstein’s crimes by continuing to do business with him while he was committing his crimes.

Doe’s attorneys said they are aware of at least 60 women who were abused or trafficked by Epstein, however the settlement covers all women who experienced either at Epstein’s hands or those “connected to or otherwise associated” with him between June 30, 2008, and July 6, 2019, NBC News reported.

Bank of America, which is the largest bank in the United States, denied liability or wrongdoing in providing Epstein banking services but settled in order to avoid a trial.

“While we stand by our prior statements made in the filings in this case, including that Bank of America did not facilitate sex trafficking crimes, this resolution allows us to put this matter behind us and provides further closure for the plaintiffs,” the bank told The Observer and NBC in a statement.

With the settlement filed, a judge will still have to approve it at a hearing, which is scheduled for April 2.

Bank of America now joins JPMorgan, which settled for $290 million, and Deutsche Bank, which settled for $75 million, in paying what is thought to be more than 1,000 women that Epstein abused in his years-long scheme.

March 28 (UPI) — Law enforcement in Paris arrested one person and is pursuing another after they allegedly tried to detonate an explosive device outside a bank there.

The two suspected attackers attempted to detonate the device near Bank of America’s headquarters in France’s capitol, French officials confirmed on Saturday afternoon.

“Bravo for the swift intervention of a prefecture of of police crew that made it possible to thwart a violent action of a terrorist nature last night in Paris,” France’s minister of the interior, Laurent Nunez, said in a post on X.

“The investigation continues … Vigilance remains more than ever at a high level,” he said.

Around 3:30 a.m. early Saturday morning, officers in the area saw two people carrying a shopping bag, out of which came a container of some type of fuel taped to a tube that the duo attempted to light, the French radio station RTL reported.

The suspect who was caught by police told them he had been recruited online and was paid about $700 for the attempted attack.

Attacks have been committed at synagogues, Jewish schools and facilities, and near businesses associated with the United States and Israel in a handful of countries since the start of the war in Iran.

France, in particular, has ramped up security on the lookout for terrorist attacks.

The Iran-linked group Harakat Ashab al-Yamin al-Islamiyya posted video on Telegram of a bank in France last week which included a push to attack Bank of America in Paris because it “is not just a bank, but a shadowy Zionist force,” The Telegraph reported.

“This bank sends vast investments to Israel, while simultaneously strengthening Jewish economy, culture and politics in France,” the group said in the video. “Through its support for Zionist schools, associations, companies and urban development projects, Bank of America has become a ‘financial and strategic force’ in the European Zionist arena.”

March 27 (UPI) — Argentina’s government praised a U.S. court decision Friday that overturned a ruling ordering the country to pay more than $16.1 billion in a lawsuit tied to the 2012 expropriation of oil company YPF.

“We won the case,” President Javier Milei wrote on X, noting the amount at stake was comparable to key financial obligations, including recent loans from the International Monetary Fund.

According to a statement from the presidential office, the Court of Appeals for the Second U.S. Circuit reversed a lower court’s decision that had ordered Argentina to pay billions in damages over how the state renationalized the company.

“The court fully overturned the ruling against the Argentine state in what represents the best possible outcome, with less than a 15% probability of occurrence, and avoided an estimated payment of approximately $18 billion,” the statement said.

The case stems from Argentina’s 2012 expropriation of a 51% stake in YPF, which was owned by Spanish energy company Repsol, during the second presidential term of Cristina Fernández de Kirchner.

The dispute arose because Argentina did not launch a tender offer to purchase shares held by minority investors, as required under the company’s bylaws.

Following that omission, litigation fund Burford Capital acquired the rights to pursue the claim and sued Argentina in New York, securing a record $16.1 billion judgment in 2023 that has now been overturned.

Argentina’s legal defense, maintained across multiple administrations, including those of Mauricio Macri, Alberto Fernández and Milei, argued that the appropriate jurisdiction for the case was Argentine courts, not U.S. tribunals, local newspaper Ámbito reported.

The country had also appealed a June 2025 order requiring it to transfer YPF shares as partial payment of the judgment. With the ruling now vacated, the U.S. Court of Appeals for the Second Circuit also nullified that order.

The removal of the ruling and its associated payment could improve Argentina’s country risk outlook, ease pressure on international reserves and send a positive signal to investors regarding international litigation, local outlet Perfil reported.

Burford Capital can petition the U.S. Supreme Court for review. If the court takes up an appeal, the final outcome could be moths or years away.

FORMER glamour model Katie Price has sparked mystery as her new travel business venture has been shut down just two weeks after its launch amid backlash.

The 47-year-old had created a “Katie Price Travels” Instagram page, trying to recruit agents for InteleTravel under the brand Travel Smarter Group.

She set up the part-time venture alongside her pal TV personality Danielle Lloyd.

Travel Smarter Group “co-founded” by Danielle, promises travel perks, training and financial protection but does not include clear details of its host agency.

One advert on her feed encouraged people to: “Join Katie Price and Danielle Lloyd.

“Hear how you can earn more from travel around your other commitments. Work flexibly. Travel more. Earn extra income.”

WHY SO SERIOUS?

Katie Price slams GMB hosts Susanna Reid & Ed Balls after recent interview

family woes

Katie Price admits hospitalised mum cried and ‘was traumatised’ after marriage

The podcast host received a slew of backlash from the travel industry, who branded the venture a “gimmick” and a “slap in the face.”

Katie was most notably called out by Inspire Europe chief executive Lisa Henning.

She criticised the star’s move and accused her of bringing down the industry name amid the ongoing war in the Middle East.

Lisa wrote, as reported by Travel Weekly: “I very rarely comment publicly on things like this. But seeing this today is a step too far.

“For the past 12 days I have worked non-stop, 24/7, supporting our clients and our agents through the disruption affecting Dubai and other destinations.

“I’ve seen agents in tears because they care so much about their clients and are genuinely worried about what’s happening.

“To see promotions suggesting that you can simply ‘earn money from travel’ with a glossy campaign featuring Katie Price and Danielle Lloyd — positioning the role of a travel agent as something you do casually around other commitments — honestly feels like a huge mockery of our industry.

“This isn’t a side hustle. This isn’t a gimmick. And it certainly isn’t ‘easy money while you travel’.”

Lisa continued: ” Seeing this kind of messaging feels like a real slap in the face to the thousands of dedicated agents who work tirelessly behind the scenes every single day.

“Well done and thank you to all of those who continue to give our industry a good name by doing this job ‘properly’. Always book with a ‘real travel agent’.”

Following the negative response, the model appears to have now deleted her travel page on Instagram.

Katie’s PA has responded to the remarks, according to Travel Gossip.

“Katie has never stated that she personally books travel. She is simply sharing this platform with others to help people become independent travel agents and create an additional income – whether that be part-time or full-time.

“All agents within the community receive full training and are committed to supporting their clients.”

She added: “Katie was simply advertising an opportunity call.”

March 25 (UPI) — A 2023 Justice Department disclosure to Congress revealed that President Donald Trump had documents so secretive that only six people had received copies among classified documents he kept at his Mar-a-Lago estate in Florida after he left office.

The disclosure was part of former special counsel Jack Smith’s report on his investigation into Trump, which has not been made public. Elements of the report, though, were distributed to the House and Senate judiciary committees and subsequently made public this week as part of their own probes.

The disclosure detailed the types of documents Trump took with him to his home in Palm Beach after leaving office in 2020. Smith was appointed by former President Joe Biden to investigate the mishandled classified documents, resulting in 41 criminal counts against Trump. Trump-appointed U.S. District Judge Aileen Cannon dismissed the case in 2024 and recently ruled that Smith’s full report can’t be released publicly.

Rep. Jamie Raskin, D-Md., the ranking member of the House Judiciary Committee, sent a letter to Attorney General Pam Bondi on Tuesday questioning why the Justice Department is “fighting tooth and nail to gag Special Counsel Jack Smith and bury his report.” He said the Justice Department’s disclosure sent to the committee earlier this month included “cherry-picked” documents related to the investigation.

“You have, quite amazingly, missed the fact that some of the documents you provided include damning evidence about your boss’s conduct and may well violate the gag order your DOJ and Donald Trump demanded from Judge Aileen Cannon,” the letter read.

Raskin’s letter said that the Justice Department disclosure included information that Trump held documents at Mar-a-Lago that only six people in the government had access to and that other documents related to his business interests.

The disclosure also indicated that White House chief of staff Susie Wiles — then the CEO of Trump’s super PAC — said she observed Trump showing off a classified map to fellow passengers on his private plane.

“This glimpse into the trove of evidence behind the coverup release a president of the United States who may have sold out our national security to enrich himself,” Raskin wrote.

SK hynix Inc. said Wednesday it has begun taking steps for listing on the U.S. stock market as the chipmaker aims to improve access to global investors amid its artificial intelligence (AI) drive.

The South Korean chipmaker filed a “confidential submission” to the U.S. Securities and Exchange Commission (SEC) the previous day, with a goal to have its American depositary receipts (ADRs) listed on the U.S. stock exchange within the year, it said in a regulatory filing.

“We are preparing with the goal of listing in the second half,” Chief Executive Officer (CEO) Kwak Noh-jung said during a general shareholders meeting in Icheon, some 50 kilometers southeast of Seoul.

“As the issuance size and method have not yet been finalized and the listing review process has begun, I cannot disclose specific details in accordance with domestic and international laws and regulations,” he said. “We plan to proceed in a way that helps enhance shareholder value.”

ADRs refer to securities issued in the U.S. stock market that allow the trading of shares in foreign firms. They allow companies to attract U.S.-based investors without a full listing of common shares.

The size, schedule and other details of the process have not yet been confirmed and will largely be determined by market environments, the company noted, adding the final decision will be made by the SEC.

SK hynix’s move is expected to help the chipmaker broaden its funding base in overseas markets, industry watchers said.

The chipmaker said it plans to make another related regulatory filing within six months or earlier if there are further updates.

Separately, Kwak outlined plans to secure more than 100 trillion won (US$66.8 billion) in net cash to support long-term strategic investment for further growth.

“Financial soundness that enables stable investment is essential to respond to structural demand growth and maintain competitiveness,” Kwak said. “We will secure world-class financial strength to lay the foundation for long-term growth.”

According to an annual report, SK hynix maintained net cash of 12.7 trillion won as of end-2025.

Kwak added the company will continue shipments of its high bandwidth memory (HBM) chips as planned this year and aims to release samples of the next-generation HBM4E product later this year.

“HBM3E chips remain the mainstay, and shipments of HBM4 will increase in the second half. Our overall shipment schedule remains largely unchanged,” he said. “We plan to present samples of HBM4E within the year.”

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.

As the United States-Israeli war with Iran sends tremors through the global economy, the poorest members of the Global South are the most exposed to the fallout.

In Asia, Africa and the Middle East, developing economies are bearing the brunt of surging energy costs prompted by the closure of the Strait of Hormuz and attacks on oil and gas facilities across the Gulf.

From Pakistan to Bangladesh and Sri Lanka, through to Jordan, Egypt and Ethiopia, policymakers are facing the double whammy of being both heavily dependent on imported energy and having limited financial firepower to absorb the shock of spiking prices.

In Pakistan, which imports about 80 percent of its energy from the Gulf and has lurched between economic crises for years, authorities have scrambled to roll out measures to conserve fuel.

Facing the depletion of the country’s petrol and diesel reserves within weeks, officials have closed schools, introduced a four-day working week for government offices, ordered half of the country’s public sector employees to work from home, and slashed fuel allowances for official business.

Pakistani Prime Minister Shehbaz Sharif said last week that he had decided against a proposed hike in petrol and diesel prices before the Eid Al-Fitr celebration, saying the government would “bear the burden” of rising costs.

Sharif’s announcement came after the government had earlier this month approved a 55 rupee ($0.20) rise in the price of a litre (0.26 gallons) of petrol or diesel.

While government subsidies have helped cushion the blow for the public, there are fears that petroleum prices will surge and bring economic activity to a halt if the war drags on, said S Akbar Zaidi, the executive director of the Institute of Business Administration in Karachi.

“The overall shock is quite severe, although it has not been fully passed on to consumers and to industry,” Zaidi said.

“I expect the next few weeks to make things far worse once the disruption and price factors pass through.”

In Bangladesh, which imports about 95 percent of its oil and is expected to run through its fuel reserves within days, petrol pumps in some districts have run dry despite the introduction of fuel rationing.

Sri Lanka, which imports about 60 percent of its energy needs and is still reeling from an economic meltdown that began in 2019, has declared every Wednesday a public holiday and introduced a mandatory fuel pass for vehicle owners to conserve petrol and diesel, stockpiles of which are projected to run dry within weeks.

In Egypt, one of the biggest energy importers and among the most indebted economies in the Middle East, the government has ordered malls, shops and cafes to close by 9pm on weekdays and 10pm during weekends, and cut back on public lighting.

Facing growing pressure on public finances due to the government’s heavy subsidisation of fuel prices, Egyptian officials on March 10 announced price hikes of between 15 and 22 percent for petrol, diesel and cooking gas.

While acknowledging the burden on the public, Egyptian President Abdel Fattah el-Sisi said the move was necessary to avoid “harsher and more dangerous outcomes”.

“For a majority of developing economies, especially those already grappling with debt and high import dependence, they are facing a potent mix of inflation, currency pressures and fiscal strains,” said Yeah Kim Leng, a professor of economics at the Jeffrey Cheah Institute on Southeast Asia at Sunway University in Kuala Lumpur, Malaysia.

“The hardest hit are net energy and food importers, especially those with fragile macroeconomic foundations and pre-existing vulnerabilities that typified countries with low per capita income and high poverty rates,” Yeah added.

Pakistan, Bangladesh, Sri Lanka, Jordan, Senegal, Egypt, Angola, Ethiopia and Zambia are among the most at risk, according to a recent analysis by the Washington-based Centre for Global Development, which looked at factors including dependence on fuel imports, public debt levels and foreign exchange reserve/import ratios.

Currency depreciation

The weakening of many developing countries’ currencies against the US dollar – the result of investors buying the greenback amid heightened geopolitical uncertainty – has compounded the situation by further driving up costs.

“Countries such as Indonesia and the Philippines have already seen their currencies at near record lows even before the start of the conflict, making imports, including oil, much more expensive,” said Azizul Amiludin, a non-resident senior fellow at the Malaysia Institute of Economic Research in Kuala Lumpur.

Much as the fallout of the war poses particular challenges for governments in developing countries, the effect on citizens is disproportionate, too.

In less advanced economies, citizens spend much more of their pay cheques on fuel and food, leaving them more exposed to rising living costs.

At the same time, governments in developing countries have less capacity to provide a safety net for those at risk of falling through the cracks.

“In vulnerable economies, governments often attempt to shield their populations from price hikes by subsidising fuel and food,” said Yeah, the Jeffrey Cheah Institute professor.

“However, with depleted fiscal buffers and shrinking revenues, this becomes unsustainable. The ensuing austerity, combined with hyperinflation, can trigger widespread social unrest and a full-blown fiscal crisis.”

With the US and Israel barely a month into their war and no clear timetable for its end in sight, many analysts expect things to get worse before they get better.

Khalid Waleed, a research fellow at the Sustainable Development Policy Institute in Islamabad, said rising transport costs would soon be felt at supermarket checkouts.

“Diesel is the backbone of Pakistan’s freight and agricultural economy,” Waleed said.

“Trucking costs have started climbing, and that will feed into everything from flour to fertiliser in the weeks ahead.”

Once Pakistan’s wheat harvest gets under way in April, food prices could spike well beyond their current levels, Waleed said.

“Combine harvesters, threshers, tractors for haulage from field to market, and the trucks that move grain from fields to flour mills and storage facilities all run on high-speed diesel,” he said.

“For a country where wheat flour is the single largest item in the food basket of the bottom two income quintiles, this is not a marginal concern,” Waleed added.

“If diesel prices stay elevated through April and May, Pakistan will harvest its wheat at the most expensive input cost in years, and that cost will transmit directly into food inflation at a time when households have almost no capacity left to absorb further price shocks.”

SANTIAGO, Chile, March 20 (UPI) — Mining companies BHP and U.S.-based Freeport-McMoRan submitted two copper projects worth more than $12.5 billion combined to Chile’s Environmental Impact Assessment System, marking one of the clearest signs of a revival in mining investment in the country.

BHP, through Minera Escondida, the world’s largest copper producer, submitted the “Nueva Concentradora Escondida” project valued at $5 billion, which would allow it to continue operations by replacing the Los Colorados plant. That plant is at the end of its useful life.

The project includes an ore processing capacity of 460 thousands of tons per day in the Antofagasta region. If approved, it would begin operations between 2031 and 2032.

Minera El Abra, the Chilean subsidiary of Freeport-McMoRan, is seeking to invest $7.5 billion to extend its operations by 40 years and increase its production by more than 300,000 metric tons of copper annually starting in 2033, once it becomes operational.

The initiative includes the construction of a concentrator plant, a desalination facility, among other projects.

Analysts say these investments respond to sustained growth in global copper demand, driven by electrification, power grids and the energy transition, although they also note that they are being accelerated by a shift in the local political environment after the arrival of a government led by José Antonio Kast.

As one of its first measures, the administration introduced the National Reconstruction Bill, which includes initiatives to reduce bureaucracy and streamline permitting.

The proposal includes lowering the corporate tax rate from to 23% from 27% to align it with countries in the Organization for Economic Cooperation and Development.

Finance Minister Jorge Quiroz told local media this week that the government aims to offer clear rules, legal certainty and an agile, non-discriminatory process that respects the environment.

“This investment will move forward smoothly,” he said, referring to the Escondida project.

The president of the Chilean Mining Chamber, Manuel Viera, said about $18 billion in projects are stalled due to bureaucratic hurdles in the permitting process.

“And in just one week, the president of the republic has indicated that they should be unlocked. That is a sign that signal has been well received by investors, and we expect news like those of Escondida and El Abra to continue in the coming months because Chile also needs more and better mining,” he said.

Cristian Cifuentes, senior leader of studies and content at the Center for Copper and Mining Studies, or Cesco, told UPI that the announcements represent a clear indication of a revival in mining investment, although the trend already had been emerging without such concrete evidence.

“It is a validation of Chile as a competitive jurisdiction in a highly capital-intensive global context,” he said.

He added that while investment decisions respond to global copper demand, their execution depends “critically on local conditions: permitting, institutional stability and political signals.”

“Any improvement in regulatory certainty or pro-investment narrative accelerates decisions that, in many cases, were already in the pipeline. At the same time, these filings show that, despite recent regulatory tensions, the country maintains baseline conditions that allow investment decisions to move forward,” he said.

Víctor Frangi, managing director of Delivery & Transformation at KPMG Chile, said the country is creating more favorable conditions to activate projects, in an environment in which copper demand is projected to increase by about 40% by 2040.

“Chile approved the Framework Law on Sectoral Authorizations, which seeks to reduce permitting times by between 30% and 70%, along with the modernization of the Environmental Impact Assessment System regulations to focus evaluations on projects with significant impact,” he said.

Frangi said that Chile now offers greater business certainty and a more limited level of risk, which facilitates large-scale investment decisions.

Analysts warn, though that growing regional competition to attract mining investment exists.

“Countries such as Argentina have improved their macroeconomic environment and promoted initiatives such as the Incentive Regime for Large Investments, positioning themselves to attract large-scale projects, such as Vicuña, a joint venture between Lundin Mining and BHP, with an estimated investment of $18 billion,” Frangi said.

He added that Peru and even the Democratic Republic of Congo also show dynamism.

“Chile faces the challenge of remaining competitive against other destinations that are also capturing investment. There are replacement and efficiency projects, such as the new Escondida concentrator, and changes in the operating model, such as the advance of desalination as a standard in water use,” Frangi said.

Viera said mining companies are seeking more copper deposits amid growing global demand.

He added that armed conflicts between the United States and Iran, as well as between Russia and Ukraine, have disrupted the balance between supply and demand.

“They have broken the balance of supply and demand. As armed conflicts increase, demand rises for critical minerals used in weapons manufacturing. These are factors driving the search for copper, iron and other minerals, in addition to demand linked to the development of technologies associated with climate change,” he said.

March 20 (UPI) — The White House released a new legislative framework for artificial intelligence creating a federal policy to prevent states from making their own laws about it.

“The Administration recognizes that some Americans feel uncertain about how this transformative technology will affect issues they care about, like their children’s wellbeing or their monthly electricity bill,” a White House press release said. “These issues, along with other emerging AI policy considerations, require strong federal leadership to ensure the public’s trust in how AI is developed and used in their daily lives.”

The framework lists six areas where legislation is needed: protecting children and empowering parents, “to give parents tools such as account controls to protect their children’s privacy and manage their device use”; safeguarding and strengthening American communities, “through economic growth and energy dominance”; respecting intellectual property rights and supporting creators, by “enabling AI to thrive while ensuring creativity continues propelling our country’s greatness”; preventing censorship and protecting free speech, “AI cannot become a vehicle for government to dictate right and wrong-think”; enabling innovation and ensuring American AI dominance, by “calling on Congress to take steps to remove outdated or unnecessary barriers to innovation”; and educating Americans and developing an AI-ready workforce, by “encouraging Congress to further workforce development and skills training programs.”

President Donald Trump‘s administration has embraced AI. But in December, he signed an executive order for a single national regulatory standard on the industry.

He posted on Truth Social in early December: “There must be only One Rulebook if we are going to continue to lead in AI. We are beating ALL COUNTRIES at this point in the race, but that won’t last long if we are going to have 50 States, many of them bad actors, involved in RULES and the APPROVAL PROCESS.”

He then described the consequences if states all create laws.

“THERE CAN BE NO DOUBT ABOUT THIS! AI WILL BE DESTROYED IN ITS INFANCY! I will be doing a ONE RULE Executive Order this week,” he wrote. “You can’t expect a company to get 50 Approvals every time they want to do something. THAT WILL NEVER WORK!”

The press release said the administration wants to work with Congress to create a bill in the coming months that follows the framework.

Lawmakers in New York, California and other states have worked to enact their own state-level regulations, which AI industry leaders oppose.

They argue that a “patchwork” of laws would stifle innovation and give other competitors like China an advantage.

Michael Kratsios, director of the White House Office of Science and Technology Policy, in a Friday press release, said, ″The White House’s national AI legislative framework will unleash American ingenuity to win the global AI race, delivering breakthroughs that create jobs, lower costs, and improve lives for Americans across the country.”

It does so while reining in challenges, he added.

“At the same time, it tackles real concerns head-on — protecting our children online, shielding families from higher energy costs, respecting creators’ rights, and supporting American workers — so every citizen can trust and benefit from this incredible technology,” Kratsios said.

SEOUL, March 20 (UPI) — Korea Zinc’s incumbent management and its major shareholder, Young Poong, are locked in a fierce showdown ahead of a regular shareholders’ meeting Tuesday.

The world’s largest non-ferrous metal producer said Friday that it posted record sales and profits last year, which led to high dividends and other shareholder-friendly policies.

Citing the strong performance, Korea Zinc has called for the leadership continuity, as the 2026 shareholders’ meeting would select at least five board members out of 15 seats. The term of Chairman Yun B. Choi is also set to expire.

“We believe that our continued efforts to improve corporate governance and expand shareholder returns have laid the foundation to steadily grow our business and operate our organization in a stable manner,” the firm said in a statement.

But, Young Poong argued that proxy advisers and the National Pension Service, another key Korea Zinc shareholder, have effectively supported its position by opposing the reappointment of Choi as an inside director.

According to Young Poong, such decisions suggest that “this is no longer merely a management control dispute, but judgment over potential structural flaws in corporate governance and failures of oversight.”

Since early 2025, Korea Zinc has been fighting to repel an aggressive takeover bid from Young Poong, which has teamed up with the country’s leading private equity firm, MBK Partners.

The battle came to a head at the March 2025 shareholders’ meeting, and another high-stakes clash is looming at this month’s gathering.

Each side reportedly controls roughly 40% of the voting shares, while NPS holds a 5.2% stake.

Meanwhile, the labor union at Korea Zinc expressed strong support for the current board, urging the NPS to immediately reverse its decision.

“We will fight to the end to prevent the dark hand of speculative capital from tainting our sacred workplace at this shareholders’ meeting,” the union said in a statement.

“If our warning is ignored and the company is undermined, we will mobilize all possible means, including a general strike, to wage an all-out struggle,” it said.