business

The race for access to Central Asia’s natural resources is intensifying.

United States President Donald Trump has set his sights on the C5 nations, comprised of Kazakhstan, Uzbekistan, Kyrgyzstan, Turkmenistan and Tajikistan.

He hosted a summit with their leaders at the White House, as Washington aims to get access to the mineral-rich region and reduce its reliance on China for imports of critical minerals.

But the leaders of the C5 face a delicate balancing act to make deals with the US without annoying Moscow or Beijing.

The meeting in Washington came just a month after Russia’s Vladimir Putin attended a summit with the C5.

And earlier in the year, the Chinese president also met C5 leaders, hoping to maintain China’s role in the region.

So, can Washington succeed in a region long dominated by Russia, and where China is making inroads?

Presenter: Nick Clark

Guests:

Zhumabek Sarabekov – Acting Director at the Institute of World Economics and Politics in Kazakhstan

William Courtney – Senior Fellow at the RAND Corporation

Dakota Irvin – a Senior Analyst at PRISM Strategic Intelligence

Nov. 7 (UPI) — Tesla shareholders approved an unprecedented new package for CEO Elon Musk that could see him become the world’s first trillionaire.

The firm said 75% of shareholders with voting rights on Thursday backed Musk’s 10-year pay deal, which could net him $1 trillion over that time by boosting his stake in Tesla by more than 423 million shares.

The share bonanza is contingent on him delivering on a promise to drive up Tesla’s market capitalization five-fold from is current level of around $1.5 trillion to $8.5 trillion, roughly double the size of the Japanese economy.

Shareholders at the annual general meeting at Tesla HQ in Austin, Texas, voted it through on the recommendation of Tesla’s board, arguing Musk might quit if it were rejected and that the company could not afford to lose him.

Counsel from independent advisors Glass Lewis and Institutional Shareholder Services who said the “astronomical” deal should be rejected due to “unmitigated concerns surrounding the special award’s magnitude and design,” was largely ignored.

Addressing the meeting after the result, Musk thanked the board and shareholders, saying what Tesla was poised to do was not just “a new chapter in the future of Tesla, but a whole new book.”

Under the deal, Musk will receive the stock in tranches tied to delivering financial and production targets, including 20 million new electric vehicles rolling off production lines, 10 million full self-driving subscriptions​, 1 million Optimus humanoid robots and 1 million robotaxis in service.

The first block of stock gets paid to Musk when Telsa market capitalization reaches $2 trillion with the next nine awarded each time the company’s value rises by another $500 billion, up to $6.5 trillion.

Two additional rises in market capitalization, each of $1 trillion, bringing the value to $8.5 trillion, are required for the final two stock grants to kick in.

While the deal is performance-based, it’s not set in stone — with Musk still in line to earn more $50 billion even if he fails to meet the bulk of the targets — and includes riders for so-called “covered events” with the potential to impact Tesla’s future designs, manufacturing and sales.

These include natural disasters, wars, pandemics and changes to “international, federal, state and local law, regulations or other governmental action or inaction.”

In June 2024, Musk reincorporated Tesla in Texas, the company’s headquarters and center of operations, moving from Delaware six months after a court there struck down a $56 billion pay deal the board awarded to Musk in 2018, ruling it was “unfair” and that Musk held excessive power over the rules and size of the deal.

On the same day, shareholders voted to reinstate the package, at the time the largest in corporate history.

In December 2024, the Delaware judge in the case reaffirmed her ruling in favor of the complainant, shareholder Tornetta, and ordered Musk must return what he had already received from the package.

The board eventually awarded Musk a $29 billion “good faith” package in August, aimed at keeping Musk at the helm, that would see him granted 96 million shares after two years of service in a “senior leadership role” at Tesla.

Musk’s mega-deal on Thursday came three weeks after Tesla reported Tesla reported third quarter profits down 37%, despite a jump in revenue to a record $28.1 billion on stronger sales of its electric cars in the domestic market.

SEOUL, Nov. 7 (UPI) — After the inauguration of the Donald Trump in January, the South Korean government and its corporations were pressed to invest hundreds of billions of dollars in the United States to avoid high tariffs.

Observers expressed concern Friday that such large-scale overseas investments could end up harming Asia’s fourth-largest economy, which heavily depends on the manufacturing industry.

Late last month, Seoul agreed to invest $200 billion in cash and $150 billion in shipbuilding and other industrial projects in the United States over the coming years, with an annual ceiling of $20 billion.

In return, Washington would reduce tariffs on Korean exports to 15% from 25%, honoring the terms agreed upon in late July. Trump also vowed to provide propulsion technology to help the key U.S. ally in East Asia build a nuclear-powered submarine.

The deal coincided with Trump’s visit to Korea to meet his counterpart, President Lee Jae Myung, on the sidelines of the Asia-Pacific Economic Cooperation Summit.

“Beginning next year, our annual investments in the United States are expected to double compared to 2025. When corporate funds move abroad, companies will have less capacity to invest at home,” Sogang University economics Professor Hur Jung told UPI.

“The problem is that it appears to become a long-term trend, which is feared to lead to the hollowing out of Korea’s manufacturing sector. The government is required to put forth great efforts to address this,” he said.

Hur recommended the country to prioritize traditional industries, such as semiconductors and automobiles, rather than concentrate on artificial intelligence-based innovations, which have been the main focus of the incumbent Seoul administration.

Other analysts note that the worries go beyond the $350 billion investment plan, as many Korean corporations have announced major spending initiatives in the United States to avoid high tariffs.

For example, Korea’s state-backed companies and private enterprises promised up to $150 billion in investments in the United States in August, when Lee had his first summit with Trump.

Back then, Hyundai Motor Group unveiled a plan to funnel $26 billion in the United States until 2028, while Hanwha Group committed $5 billion to expand its shipyard in Philadelphia, which the Korean conglomerate acquired late last year.

Korean Air also plans to purchase 103 aircraft from Boeing by the end of the 2030s, which is expected to total $36.2 billion in value.

“Korea Inc. invested $106 billion in domestic facilities last year. And its companies are now ready to spend $150 billion in the United States alone after a single meeting between the two countries’ political leaders in August. Does it make sense?” economic commentator Kim Kyeong-joon, formerly vice chairman at Deloitte Consulting Korea, asked rhetorically in a phone interview.

“Our foreign exchange reserves stand at just over $400 billion, and we are preparing to pour more than that amount into a single foreign market. Such an approach could weaken our ability to invest domestically, weighing heavily on the manufacturing-based economy,” he said.

According to the Organization for Economic Cooperation and Development, manufacturing accounts for 27% of South Korea’s gross domestic product, which is almost double the average among other member countries.

Against this backdrop, the Ministry of Trade, Industry and Resources is set to establish a forum involving related researchers and businesses to deal with the expected crisis. The Bank of Korea also warned of the gravity of the situation in an August report.

“As in past crises, our corporations, the government and households need to share a sense of urgency and work together to overhaul the country’s aging economic structure,” the central bank said at the time.

However, critics take issue with the complacency of top policymakers like Kim Yong-beom, chief presidential secretary for policy in the current administration, who downplayed fears about the hollowing out of the domestic manufacturing sector.

“Such assessments may be premature because many partner firms and key operations, including research and development centers, still remain based in Korea,” Kim told a conference in early September.

Nov. 6 (UPI) — A reduction in flights will affect 40 airports amid the federal government shutdown, which has put a strain on air traffic control staffing, unnamed sources said Thursday.

The Federal Aviation Administration hasn’t listed the airports, but sources released the tentative list to ABC News, CBS News and The Washington Post.

Most of the airports affected are in major cities, such as New York, Chicago, Houston and Los Angeles. But other, less-busy airports are also on the list, such as Tampa Bay, Fla.; Anchorage, Alaska; and San Diego.

Transportation Secretary Sean Duffy announced the 10% flight reduction on Wednesday, and said the cuts will begin on Friday.

“Our sole role is to make sure that we keep this airspace as safe as possible. Reduction in capacity at 40 of our locations. This is not based on light airline travel locations. This is about where the pressure is and how to really deviate the pressure,” FAA Administrator Bryan Bedford Bedford said Wednesday.

​​”If you bring us to a week from today, Democrats, you will see mass chaos,” Duffy said on Tuesday.

A source told ABC News that the flight reductions will start at 4% Friday and work up to 10%. The flight reductions will be from 6 a.m. to 10 p.m. and tentatively affect the following airports:

1. Anchorage International (Alaska)
2. Hartsfield-Jackson Atlanta International (Georgia)
3. Boston Logan International (Massachusetts)
4. Baltimore-Washington International Marshall (Maryland)
5. Charlotte Douglas International (North Carolina)
6. Cincinnati/Northern Kentucky International (Ohio/Kentucky)
7. Dallas Love Field (Texas)
8. Reagan National (District of Columbia/Virginia)
9. Denver International (Colorado)
10. Dallas-Fort Worth International (Texas)
11. Detroit Metropolitan Wayne County (Michigan)
12. Newark Liberty International (New Jersey)
13. Fort Lauderdale-Hollywood International (Florida)
14. Honolulu International (Hawaii)
15. Houston Hobby (Texas)
16. Washington Dulles International (District of Columbia/Virginia)
17. George Bush Houston Intercontinental (Texas)
18. Indianapolis International (Indiana)
19. John F. Kennedy International (New York)
20. Las Vegas Reid International (Nevada)
21. Los Angeles International (California)
22. LaGuardia Airport (New York)
23. Orlando International (Florida)
24. Chicago Midway (Illinois)
25. Memphis International (Tennessee)
26. Miami International (Florida)
27. Minneapolis/St. Paul International (Minnesota)
28. Oakland International (California)
29. Ontario International (Canada)
30. Chicago O’Hare International (Illinois)
31. Portland International (Oregon)
32. Philadelphia International (Pennsylvania)
33. Phoenix Sky Harbor International (Arizona)
34. San Diego International (California)
35. Louisville International (Kentucky)
36. Seattle-Tacoma International (Washington)
37. San Francisco International (California)
38. Salt Lake City International (Utah)
39. Teterboro (New Jersey)
40. Tampa International (Florida)

The reduction could affect cargo and commercial travelers. It could also cause issues as people prepare to travel for Thanksgiving.

Nov. 5 (UPI) — The French government said it would begin action against online retailer Shein on Wednesday, just hours after the company opened its first brick-and-mortar store in Paris.

An outcry erupted last weekend after it was discovered that Shein was selling sex dolls that look like children, but on Tuesday, the company announced it was banning all sex dolls from the site.

On Wednesday, the government issued a statement saying: “On the instructions of the Prime Minister [Sébastien Lecornu], the government is initiating the procedure to suspend Shein for the time necessary for the platform to demonstrate to the public authorities that all of its content is finally in compliance with our laws and regulations.”

The store, which is the first Shein store in the world, also opened to chaos, as shoppers lined up to get in and protesters shouted at them, “Shame!”

Andreia Chavent, a worker at BHV Marais, said many employees were upset by the opening of Shein in Paris.

“We are directly concerned by how people work, what the conditions are like and how the clothes are made, even if it’s not in France,” Chavent, a member of the CFDT, France’s largest union, told The New York Times.

Shein has seen criticism over the way workers are treated in the Chinese factories that sell on the site.

The sex dolls controversy made things worse, Chavent added.

But not everyone is against the store.

“When I saw that Shein was coming to France, I said, ‘Yay!’ Because it still takes 20 weeks” for clothing from the site to arrive, Philippe Hamard, 27, told The Times.

He said that he doesn’t buy from Shein often because of “environmental issues and all that.” But said “I still buy from time to time for fun.”

On the sex doll controversy, he said, “I think there are a lot of controversies at the moment. But people will forget about it.”

Shein has plans to open seven stores in other cities in France.

Shein and AliExpress are also facing investigation in France over the dissemination of pornographic content to children, the prosecutor’s office told the BBC.

The Paris Office des Mineurs will handle the cases. The office oversees the protection of minors.

AliExpress said the adult listings violated its policies and were removed once the company learned of them.

“Sellers found to violate or trying to circumvent these requirements will be penalized in accordance with our rules,” AliExpress said in a statement, the BBC reported.

Nov. 5 (UPI) — ADP reported Wednesday that jobs growth for October provided better insight after fears of further decline after September’s report.

Some 42,000 jobs were added over the month in companies with at least 250 workers following September’s drop of around 29,000, according to Automatic Data Processing Inc. However, a revision showed 3,000 fewer jobs in September.

“Private employers added jobs in October for the first time since July, but hiring was modest relative to what we reported earlier this year,” said Nela Richardson, ADP’s chief economist.

ADP data showed that small business lost around 34,000 employees.

“Meanwhile, pay growth has been largely flat for more than a year, indicating that shifts in supply and demand are balanced,” Richardson said in a release.

Job categories in utility, transpiration and trade gained 47,000, which offset losses in other job areas. In addition, around 26,000 jobs were added in health and education services with 11,000 in finance.

A decline in some 17,000 roles in the area of information services was seen despite the ongoing boom in the artificial intelligence industry.

But the manufacturing sector continues to struggle in the growing aftermath of tax-like tariffs imposed by U.S. President Donald Trump in his bid to revive American manufacturing jobs.

Small business account for three of every four U.S. jobs, according to ADP.

ADP’s chief economist stated the shift away from growth in small business is noteworthy.

“While big companies make headlines, small companies drive hiring,” Richardson told CNBC.

“So to see that weakness at the small company level is still a concern, and I think that’s one of the reasons why the recovery has been so tepid.”

The payroll processing giant reported an average monthly growth of 60,000 jobs a month for the first half of the year, but that figure showed a decline in the year’s second half.

The historic ongoing shutdown by the Republican-controlled federal government resulted in a suspension in data released by the Bureau of Labor Statistics, which typically is at the forefront of detailed job data. In addition, a temporary stop in SNAP benefits is poised to heighten food insecurity in the United States.

SEOUL, Nov. 5 (UPI) — Non-ferrous metal giant Korea Zinc said Tuesday it nearly doubled its profit in the third quarter of 2025 overa year ago, driven by strong demand across its product lines.

Korea Zinc reported $2.87 billion in revenue during the July-September period, up 29.7% year-on-year, for an operating income of $189 million, up 82.3%. The company said that it has remained profitable for 103 consecutive quarters since 2000.

The Seoul-based corporation said the strong sales of critical raw materials, including antimony, indium and bismuth, as well as precious metals, boosted performance during the three-month period.

Through its integrated smelting process for zinc, lead and copper, Korea Zinc also recovers about 10 by-products of critical raw materials and precious metals, such as gold and silver.

Korea Zinc said that gold and silver contributed about $2.5 billion to revenue during the first nine months of this year, as metal prices remained strong.

The world’s largest zinc manufacturer has also expanded its portfolio of strategic materials. Antimony, indium and bismuth are classified as “critical minerals” by Washington and Seoul.

Early this year, it started exporting antimony, a vital component in electronic and defense production, to the United States. Its global sales of antimony reached $173 million so far this year.

In August, Korea Zinc signed a memorandum of understanding with Lockheed Martin to supply germanium, another critical mineral, to the U.S.-headquartered defense contractor.

“On the back of proactive investments and a diversified portfolio, our strategic minerals and precious metals business did well. New growth areas such as resource recycling are also on a stable trajectory,” Korea Zinc said in a statement.

SANTIAGO, Chile, Nov. 4 (UPI) — Latin America is projected to receive $239 billion in mining investments through 2033, a study by consulting firm PwC indicates. Chile, Brazil, Argentina and Peru are expected to be the main beneficiaries, although most of the projects are not new initiatives.

“It’s a large and strategic figure in absolute terms and competitive compared with other resource-rich regions. Latin America maintains a leading position in transition minerals such as copper and lithium, as well as base minerals like iron,” Carlos Rivas, senior manager for PwC Chile’s mining sector consulting division, told UPI.

The analysis included projects from major mining companies such as BHP, China Shenhua Energy, Rio Tinto Group, Freeport-McMoRan, Zijin Mining Group and Glencore.

Rivas said much of the projected investment is needed for companies to maintain production levels amid declining ore grades and increasing environmental, social and governance requirements.

“New capital investment is required to address issues such as environmental permits, water, energy and logistics needs, and to diversify supply in the face of global concentration risks,” Rivas said.

Chile, which accounts for 22% of global copper production and 17% of lithium output, will receive the largest share of investments — about $83.2 billion — of which only 20% is earmarked for new projects.

“The predominance of brownfield projects [those developed on existing sites or infrastructure] at 80% reflects the maturity of Chile’s mining assets and a rational strategy,” Germán Millán, a partner in PwC Chile’s mining sector consulting division, told UPI.

“These projects generally carry lower financial risk and involve faster permitting processes. Exploration continues, but it competes for capital with emerging hubs such as Argentina and faces longer development cycles,” he said.

Millán said expansion projects include a significant component of technology investment that is highly relevant to the industry.

Brazil is projected to attract about $68.5 billion in mining investments, while Peru is expected to receive roughly $54.6 billion over the next eight years, with 60% of those projects focused on new developments.

Millán cited Argentina, where investments of about $33 billion are projected, with 70% of the total earmarked for new projects.

Among greenfield projects — those launched from scratch — new initiatives stand out in mining districts such as Vicuña, with ventures like Filo del Sol for copper, gold and silver exploration and Josemaría, which is related to copper.

Under development scenarios, Argentina could reach 1.2 million metric tons of copper production within a decade.

“For that to materialize, infrastructure must be secured in areas such as water, energy, roads and ports, along with predictable permitting processes, strong community engagement and access to capital,” Rivas said.

He added that with Chile’s support and expertise, “Argentina’s learning curve could be accelerated. There is strong growth potential if institutional frameworks, infrastructure and financing align, with partnerships that share risk and accelerate the development of studies and the execution of projects.”

PwC’s Mine 2025 study noted that the global mining supply is becoming increasingly concentrated, and that “in several cases, there is a growing mismatch between where mineral reserves are located and where they are produced. This situation creates both opportunities and supply risks.”

For copper, Chile and Peru remain among the world’s leading centers of production and reserves, reinforcing their role in new value chains despite rising output in other jurisdictions, such as the Democratic Republic of Congo.

For lithium, Australia, Chile and China lead production, while the largest reserves are situated in the Lithium Triangle — Chile, Argentina and Bolivia — “opening room for further development and potential cross-border synergies in South America. This concentration calls for responsible diversification and solid investment frameworks,” the report said.

Starbucks has announced it will sell the majority stake in its Chinese business for $4bn to a Hong Kong-based private equity firm after years of losing market share to local competitors in China.

Starbucks announced the sale on Monday, which will see the firm Boyu Capital take a 60 percent stake in its Chinese retail operations through a joint venture.

Boyu Capital has offices in Shanghai, Beijing and Singapore, and its cofounders include Alvin Jiang, the grandson of former Chinese President Jiang Zemin, according to the Reuters news agency.

The US coffee giant will retain a 40 percent interest in its China operations while maintaining its ownership of the company’s brand and intellectual property, the company said.

The deal marks a “new chapter” in Starbucks’s 26-year-long history in China, the company said in a statement.

It will also give Starbucks a much-needed injection of funding and logistical support as it tries to expand its business deeper into China, according to Jason Yu, the Shanghai-based managing director of CTR Market Research.

Starbucks has 8,000 locations across China, but it aspires to open as many as 20,000 through its joint venture, the company said in a statement.

“Starbucks used to be a pioneer in coffee in China, where it was probably the first coffee chain in many cities, but this is no longer the case as the local competition already outpaced Starbucks in their expansion,” Yu told Al Jazeera.

Top competitors include homegrown Luckin Coffee, which has more than 26,000 locations worldwide, mostly in China.

Starbucks has historically been concentrated in first- and second-tier cities like Shanghai, Beijing and Shenzhen while Luckin has expanded into much smaller cities.

Luckin has also built a reputation around offering customers much cheaper drinks than Starbucks through its loyalty programme and in-app discounts.

A small Americano coffee at Starbucks costs 30 yuan ($4.21), but at Luckin, the same drink retails on average for about 10 yuan ($1.40), according to Yu.

Olivia Plotnick, founder of the Shanghai-based social marketing company Wai Social, told Al Jazeera that Starbucks has been unable to keep up with competitive pricing and consumer preferences.

“Between domestic players such as Luckin and later Cotti Coffee undercutting Starbucks on price, footprint and flavour fuelled by tech, wider beverage competition from the rise of milk tea brands and delivery platform wars, Starbucks have lost their once very competitive edge,” Plotnick said. By “delivery platform wars”, Plotnick referred to the cutthroat competition between apps for delivery services that drives down prices of goods like coffee.

Starbucks’s joint venture with Boyu Capital will offer the company more capital for investment but also help with logistics, infrastructure and managing commercial property as it opens more storefronts in regional cities, Yu said.

The company is following a familiar playbook used by other international brands in China, he said.

In 2016, after a major food safety scandal, KFC and Pizza Hut owner Yum Brands sold a stake in their China business to the China-based Primavera Capital and an affiliate of the e-commerce giant Alibaba Group, according to Reuters. The China business was later spun off into an independent entity.

In 2017, McDonald’s sold off a majority stake in its China, Hong Kong and Macau businesses to the Chinese state-backed conglomerate CITIC and the private equity group Carlyle Capital although it later bought back some of its business, according to CNBC.

After the deal with CITIC, McDonald’s doubled its outlets in China to 5,500 as of late 2023, CNBC said, and aims to open 10,000 restaurants by 2028.

Nov. 3 (UPI) — The French government threatened to ban Chinese retailer Shein for selling a “childlike” sex doll online.

France’s consumer fraud agency got an anonymous tip about the dolls on the site. It said their “description and categorization on the site leave little doubt as to the child pornography nature of the content,” said a press release issued Saturday by the French Directorate General for Competition Policy, Consumer Affairs and Fraud Control.

One of the ads on Shein, first reported by Le Parisien newspaper, showed a life-size doll of a little girl wearing a white dress and holding a teddy bear. The description clearly states its intended use.

“This has crossed a line,” said France’s economy minister, Roland Lescure, said in an interview with French radio, adding that a formal investigation was underway, The New York Times reported. “These horrible objects are illegal.”

The company issued a statement saying it removed the items.

“We take this situation extremely seriously,” Quentin Ruffat, a spokesperson for Shein France, told BFMTV, a French TV channel. “This type of content is completely unacceptable and goes against all the values ​​we stand for. We are taking immediate corrective action and strengthening our internal mechanisms to prevent such a situation from happening again.”

Shein will soon open a store at BHV Marais, a department store in Paris. But in the wake of the doll discovery, employees have protested the move, and some French cosmetics and clothing brands have pulled their items from BHV Marais.

Société des Grands Magasins is the French company that is helping Shein move into the French market. It’s the parent company of BHV Marais. SGM President Frédéric Merlin said in an Instagram post that SGM “obviously condemns the recent events related to the doll controversy. Like everyone else, I expect clear answers from SHEIN.” But he said it hasn’t changed his plans. “I have decided not to reverse my decision, despite the controversy and the pressure because we’re doing things by the book, with ethics and transparency.”

The consumer fraud agency noted that the distribution, via an electronic communications network, of representations of a pedopornographic nature is punishable by sentences of up to seven years imprisonment and a fine of $115,000. The statement alleges that Shein doesn’t effectively filter out pornographic content to protect minors or vulnerable audiences.

For this, the law allows penalties of up to three years in prison and $86,000.

Nov. 3 (UPI) — The Texas-based Kimberly-Clark Corporation announced Monday it reached a deal to purchase Kenvue — the maker of Band-Aid and Tylenol products — for $48.7 billion.

The combination cash and stock transaction will see Kimberly-Clark acquire all outstanding shares of Kenvue common stock. A news release from Kimberly-Clark said the sale will put 10 billion-dollar brands together under the same company.

Kimberly-Clark’s brands include Kleenex, Cottonelle, Huggies, Poise, Pull-Ups, Scott, Viva and Kotex.

“We are excited to bring together two iconic companies to create a global health and wellness leader,” CEO Mike Hsu said.

“With a shared commitment to developing science and technology to provide extraordinary care, we will serve billions of consumers across every stage of life.”

Kimberly-Clark said the sale is expected to close in the second half of 2026 upon approval by shareholders of both companies. Upon completion, Hsu will serve as chairman of the board and CEO of the combined company. Meanwhile, three board members from Kenue will join Kimberly-Clark’s board.

In the wake of the news, Kenvue’s shares increased 20% in premarket trading, and Kimberly-Clark’s decreased by 14% Monday, CNBC reported.

Less than a week before the announcement, Texas Attorney General Ken Paxton announced he was suing Kenvue and its parent company, Johnson & Johnson, for “deceptively marketing” Tylenol as a safe pain reliever.

The Trump administration announced in September that there was a link between Tylenol and an increased risk of autism, though, on Thursday, Health and Human Services Secretary Robert F. Kennedy said there wasn’t sufficient evidence to explicitly claim that Tylenol causes autism.

SEOUL, Nov. 3 (UPI) — General Motors Korea saw its sales plunge more than 20% in October from a year earlier due to a slump at home and abroad amid high tariffs under the United States’ Trump administration.

GM Korea, based west of Seoul, said Monday that it sold 50,021 vehicles last month, down 20.8% year-on-year. The company’s domestic sales dropped 39.5%, while exports declined 20%.

Citing statistics from the Korea Automobile & Mobility Association, GM Korea Vice President Gustavo Colossi offered an optimistic view about its performance this year.

“Despite the production losses in the third quarter, demand for Chevrolet vehicles remains strong both domestically and globally, as evidenced by the Chevrolet Trax Crossover ranking No. 1 in domestic passenger car exports from January to September this year,” he said in a statement.

However, some observers remain worried about the future of GM Korea.

“Most of GM Korea’s turnover comes from exports to the United States. But the 25% tariffs have weighed on the company this year. Even if the duties go down to 15%, the struggle is feared to continue,” Daelim University automotive professor Kim Pil-soo told UPI.

“Worse, its domestic sales accounted for only about 3% in October, with just over 1,000 units sold. If the situation continues, speculation about GM’s withdrawal from Korea is unlikely to fade,” he added.

Originally, South Korean automakers did not pay any tariffs when exporting their cars to the United States, thanks to the bilateral free trade agreement that went into effect in early 2012.

The Trump administration imposed tariffs of up to 25% on Korean-made automobiles earlier this year, although Washington agreed to reduce the rate to 15% late last month in return for Seoul’s promise to make major investments in the United States.

GM Korea has denied rumors that it plans to leave South Korea.

When much of Altadena burned in January, it affected not just the city’s homes but also its businesses. Popular local shops went up in flames just like everything else, and work-from-home artisans — displaced from not just their residences but also their work spaces and all the materials contained within — were suddenly without a place to live or a place to work.

On the Westside, the Palisades fire, also in January, tore through Pacific Palisades and Malibu, forever changing the fabric of these tight-knit neighborhoods and small businesses. Although rebuilding efforts are underway, progress and construction are expected to take several years as residents and business owners deal with permit approval, insurance hindrances and inflation.

Even now, local businesses that remain have struggled to regain a foothold.

With the giving spirit in mind this holiday season, we’ve put together this list of gifts from Altadena, Pacific Palisades and Malibu businesses, all of whom were affected in some way by the Eaton and Palisades fires. Purchase one of these items and you’ll spread good cheer (and good money) around areas that still need all the help they can get.

If you make a purchase using some of our links, the L.A. Times may be compensated. Prices and availability of items and experiences in the Gift Guide and on latimes.com are subject to change.