Business

May 4 (UPI) — Elon Musk on Monday settled a lawsuit filed against him by the Securities and Exchange Commission for $1.5 million after the agency accused him of breaking securities laws.

The SEC alleged in January 2025 that Musk cost Twitter shareholders $150 million because he delayed disclosing his purchase of more than 5% of shares in the company within the 10 days required by law.

Musk’s purchase of Twitter led to a series of lawsuits because of how he purchased the company, which has since been renamed to X, which saw him become its biggest shareholder before he launched a successful hostile takeover, The Washington Post reported.

In the settlement, which still needs to be approved by a judge, would see Musk pay a $1.5 million penalty while allowing him to admit no wrongdoing, CNBC reported.

“A trust vehicle has agreed to a small fine for being late on one filing,” Musk attorney Alex Spiro said of the agreement, which will see one of his client’s revocable trusts paying the fine.

Musk made a play to buy Twitter in 2022, first buy purchasing more than 5% of the company, which he did not disclose and was the reason the SEC filed suit, which allowed him to put other investors in a poor position before he launched his takeover.

May 4 (UPI) — Retail giant Amazon announced Monday that it will open its supply chain networks to other businesses as part of its new Amazon Supply Chain Services, which includes freight, distribution, fulfillment and shipping aspects.

Stocks for FedEx and UPS, both competitors in this field, sank about 10% Monday afternoon in response, CNBC reported, while Amazon stocks stayed steady.

The announcement from Amazon said the company has built “one of the most reliable and efficient supply chains on Earth — from freight that moves cargo across air, land and sea, to fulfillment centers that pick and pack millions of orders a day, and a parcel shipping network that delivers packages every day of the week.”

It listed the company’s more than 80,000 trailers, more than 24,000 intermodal containers and more than 100 aircraft operated with carrier partners and said that services will be offered to businesses of all types and sizes.

As part of Monday’s announcement, Amazon also announced that companies Procter & Gamble, 3M, Lands’ End and American Eagle Outfitters have signed on to use Amazon Supply Chain Services.

South Korean stocks shot up by more than 5 percent to close at a fresh high Monday, approaching the 7,000-point mark, as investors scooped up semiconductor shares while awaiting developments in U.S.-Iran peace talks. The Korean won rose sharply against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 338.12 points, or 5.12 percent, to a fresh record high of 6,936.99.

Trade volume was heavy at 864.3 million shares worth 41.3 trillion won (US$28.2 billion), with losers outnumbering winners 473 to 392.

Foreigners bought 3 trillion won worth of local shares, and institutions purchased a net 1.9 trillion won, while retail investors dumped a net 4.8 trillion won.

The index opened 2.79 percent higher after U.S. President Donald Trump announced a plan to guide ships not involved in the Iran conflict through the Strait of Hormuz as a “humanitarian gesture” starting this week.

Later, a senior Iranian official warned that Tehran would consider any U.S. interference in the strait a ceasefire breach.

However, the KOSPI extended its gains in the afternoon, supported by foreign and institutional buying.

“Tech shares were driven by gains on Wall Street over the weekend,” Lee Kyung-min, an analyst at Daishin Securities, said. “Also, foreign investors expanded their net purchase ahead of the market closure for Children’s Day on Tuesday.”

The main index surpassed the 5,000-point mark in late January and topped another milestone of the 6,000-point level in February.

After recouping its losses in March following the outbreak of the U.S.-Iran war in late February, the KOSPI is now approaching the uncharted 7,000-point level on continued optimism over the AI boom and hopes for the reopening of the key waterway.

Semiconductor stocks led the rally.

Chip giant Samsung Electronics jumped 5.44 percent to 232,500 won, and its chipmaking rival SK hynix surged 12.52 percent to a fresh record high of 1.4 million won, surpassing 10 trillion won in market capitalization for the first time.

Hanmi Semiconductor, a chip equipment manufacturer, rose 2.72 percent to 378,000 won, and Samsung Electro-Mechanics, an electronic components affiliate of Samsung Electronics Co., soared 10.34 percent to 918,000 won.

Defense shares were also strong as industry leader Hanwha Aerospace advanced 3.39 percent to 1.4 million won and LIG D&A gained 4.46 percent to 983,000 won.

Top carmaker Hyundai Motor climbed 1.51 percent to 539,000 won, and leading battery maker LG Energy Solution increased 2.5 percent to 472,000 won.

However, bio shares went south as Celltrion fell 1.35 percent to 197,800 won, and Samsung Biologics dropped 2.58 percent to 1.4 million won.

The Korean won was quoted at 1,462.8 won against the U.S. dollar at 3:30 p.m., up 20.5 won from the previous session.

The quotation marks the highest since February 27, when the currency closed at 1,439.7 to the greenback.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys added 2 basis points to 3.615 percent, while the return on the benchmark five-year government bonds gained 1.7 basis points to 3.797 percent.

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Why go now

My favourite way to enter Rione Sanità is by elevator: descending from a bridge into cobblestoned streets buzzing with mopeds and flanked by opulent but decaying 18th-century palazzi. Through the grand doorways of these once noble palaces are courtyards where bakers, butchers, cobblers and the odd contraband cigarette vendor do business.

La Sanità – to the locals – is a thriving working-class district with a grand history. In the 17th century, the Spanish viceroys took a fancy to the area perched on the hill above the dense and crowded streets of the old town. Its name, which translates as “healthy district”, reflected a cleaner reputation (rainfall ran downhill, depositing debris and waste in the historic centre below). They built vast houses here in the 18th century (see Palazzo dello Spagnolo and Palazzo San Felice), with architects vying for attention as the court passed through to Capodimonte, the royal summer residence above the city. Business flourished until Napoleon arrived in the early 19th century, found the route too slow, and built the overpass that eventually suffocated the area and left it fighting for its life.

Emboldened by one too many fatal gang wars and a blighted reputation, local residents came together several years ago to form associations such as Napoli in Vita, with the aim of opening up the area, supporting local business and creating employment. The result is a neighbourhood renaissance led by the community for the community, which has quickly become an example for the whole city in the midst of mass touristification.

Where to eat and drink

Trying the local pizzerias is non-negotiable. It was in La Sanità that Sophia Loren famously kneaded pizza dough in Vittorio De Sica’s film L’oro di Napoli (Gold of Naples); and the award-winning Isabella De Cham runs the city’s first all-female fried pizza spot – her tiny montanare pizzas are loaded with cheese, vegetables and ham.

Pizzeria Oliva da Carla e Salvatore, the locals’ favourite, has a view of the majolica-clad basilica. Concettina ai Tre Santi draws food pilgrims from across the world for head chef Ciro Oliva’s deconstructed pizza and his focus on using the best local producers and ingredients. Wash it down with Vesuvian wine at Antica Cantina Sepe on Via Vergini, a fixture for generations and one of the forces quietly reshaping the neighbourhood by hosting community events and keeping prices affordable and inclusive.

Cultural experiences

There is as much to see below ground in La Sanità as above. In the Hellenistic period, it was a sacred burial ground and beneath the soft tufo stone lies a warren of tunnels and hollowed-out chambers, now home to garages and workshops such as Fonderia Mercogliano, which casts religious objects from metal. The San Gennaro and San Gaudioso catacombs are run by a social cooperative, La Paranza, which employs young people from the neighbourhood and offers a fascinating tour, showing how the ancient populations negotiated death and legacy. The highlight is the Ipogeo dei Cristallini, a Greco-Roman crypt, recently uncovered beneath a 17th-century apartment block, featuring a perfectly intact relief sculpture of Medusa. It’s a marvel.

Where to shop

La Sanità is a den of indulgence, but it is the bakeries that set it apart, each with its own speciality. You can find taralli (crunchy savoury biscuits made with fennel seed and black pepper to accompany a beer) at Panificio Coppola Antonio; a perfectly moist rum babà at Pasticceria Mignone; and for La Sanità’s most famous sweet export head to Pasticceria Poppella for fiocchi di neve (snowflakes), small, soft brioche filled with a secret recipe of cream and ricotta.

Don’t miss

La Sanità has long been home to craftsmen and artists, their workshops tucked into courtyards and up hidden stairways. Omega Guanti has been hand-stitching leather gloves since the Bourbon period for the likes of Dior. Michele Iodice, a celebrated Neapolitan sculptor, works and exhibits from his studio dug into the tufo stone that is in itself a masterpiece. Atelier Alifuoco, a shared studio space, is home to the next generation of the city’s artists.

Where to stay

Casa D’Anna ai Cristallini (doubles from €220) is more sumptuous private home than hotel, where tasteful art lines the walls and photography books are stacked on antique furniture. Down the road, artist Vincenzo Oste and his wife Inès Sellami incorporate art, design and artisan work at their guesthouse Atelier Inès (doubles from €265), inside their newly restored palazzo, set within a leafy courtyard.

May 3 (UPI) — Oil exports from the United States have increased by more than 30% the U.S.-Israeli war in Iran started and the Strait of Hormuz was blockaded in response.

The Port of Corpus Christie has overtaken the ports in Saudi Arabia and Iraq in the last few weeks as the two Persian Gulf ports have been cut off from the rest of the world since the Strait has been blockaded.

Over the past two months, the United States has sold more than 250 million barrels of oil to foreign buyers as exports have increased by 30%, from 3.9 million barrels per day in February to 5.2 million barrels per day in April, Bloomberg and CNBC reported.

Experts have warned, however, that domestic oil inventories are depleting stockpiles and there is a question of how long the country will be able to continue replacing oil on the market that is stuck in the Strait.

Although selling oil is good for business, oil producers are struggling to keep up with the demand and it is possible that selling so much could have an add-on effect of pushing gas prices for American consumers even higher than they have gone since the war started.

“Ships are coming to take our oil, but once significant volumes of are leaving the United States, it can be expected that balances will tighten,” Clayton Seigle, senior fellow at the Center for Strategic and International Studies, told Bloomberg.

“We are digging ourselves a hole in terms of spending down inventories,” he said.

Roughly 20% of global oil supplies pass through the Strait of Hormuz and Iran’s shutting of it has caused gas and fuel prices to skyrocket over the last two months, including massive effects on the airline industry, which has seen seen the price of jet fuel double since before the war.

Oil from the United States, Latin America and West Africa could for a short time be a substitute for Middle Eastern oil for countries in Asia, which has been hurt the most, but it is not ideal, Matt Smith, director of commodity research at Kpler, told CNBC.

“Asian markets are buying whatever they can get their hands on, so they’re taking a lot of light sweet [American] crude [oil],” Smith said, but their refineries are optimized for the heavier oil produced in the Middle East.

“It’a hole that can’t be plugged,” Smith told CNBC. “The answer has to be ensuring secure supply from the Middle East.”

[kicker]

Ministry of Commerce says sanctions against refineries accused of importing Iranian oil violate international law.

China has announced an injunction to block US sanctions placed on five Chinese refiners accused ‌of buying oil from Iran.

The sanctions announced by the United States Department of the Treasury late last month bar the companies from the US financial system and seek to penalise anyone doing business with the firms.

In a statement on Saturday, China’s Ministry of Commerce said the sanctions “improperly” restrict business between Chinese enterprises and third countries “in violation of international law and the basic norms governing international relations”.

The Commerce Ministry said it had issued a “prohibition order” stipulating that the sanctions “shall not be recognized, enforced, or complied with” to “safeguard national sovereignty, security, and development interests”.

“The Chinese government has consistently opposed unilateral sanctions that lack UN authorisation and basis in international law,” the ministry added.

It said the order blocked US measures against Hengli Petrochemical (Dalian) Refinery and four other so-called “teapot” refineries: Shandong Jincheng Petrochemical Group, Hebei Xinhai Chemical Group, Shouguang Luqing Petrochemical and Shandong ⁠Shengxing Chemical.

Announcing the sanctions on April 24, the US Treasury Department called Hengli “one of Tehran’s most valued customers”, saying it had generated hundreds of millions of dollars in revenue for the Iranian military through crude oil purchases.

The Trump administration imposed sanctions on the other four refineries named by the Chinese ministry, among other facilities, last year.

China gets more than half of its oil from the Middle East, much of it from Iran.

According to commodities data firm Kpler, China bought more than 80 percent of the oil Iran shipped in 2025.

China’s “teapot” refineries operate independently and are generally smaller than the facilities run by state-owned oil giants, such as Sinopec.

The facilities, which have been crucial to China’s efforts to secure its oil supplies, capitalise on heavily discounted crude sold by countries under sanctions, such as Iran, Russia and Venezuela.

Teapots account for a quarter of Chinese ⁠refinery capacity, operate with narrow and sometimes negative margins, and have been squeezed recently by tepid domestic demand.

US sanctions have created additional hurdles for refiners, including difficulties selling refined products under their correct place-of-origin markings.

May 2 (UPI) — Spirit Airlines closed Saturday morning, with no options for those already booked on the airline.

“Unfortunately, despite the company’s efforts, the recent material increase in oil prices and other pressures on the business have significantly impacted Spirit’s financial outlook,” the airline said in a statement. “With no additional funding available to the company, Spirit had no choice but to begin this wind-down.”

All flights are canceled, and passengers shouldn’t go to the airport, Spirit said. Those who booked directly with the company will get refunds, but others should reach out to their travel agent or booking site, the company said.

The company reported around 17,000 employees as of the shutdown.

“We’ve activated our airline partners to ensure passengers are not stranded, communities maintain route access, fares do not skyrocket, and Spirit’s workforce is connected to new job opportunities,” Secretary of Transportation Sean Duffy said in a statement.

United, Delta, JetBlue and Southwest are all capping ticket prices for Spirit customers who now need to rebook cancelled flights, Duffy’s statement said. But those prices will only be available for 72 hours.

Spirit declared bankruptcy in 2024 and 2025. The company hoped to overcome its most recent bankruptcy, but high fuel prices brought on by the war in Iran have stymied those plans.

Last week, President Donald Trump said the government could buy the airline, and it has been working on a $500 million rescue plan that would give the government a large ownership stake. But the company couldn’t get support between bondholders and the government for the deal.

Trump told reporters at the White House Friday that an announcement about Spirit was coming within the next couple of days.

“I guess we’re looking at it. If we could do it, we’d do it, but only if it’s a good deal,” Trump said about a bailout plan. “But if we can’t make a good deal – no institution’s been able to do it. I said I’d like to save the jobs. … I would say we’re driving a tough deal, but it’s one of those things. We will do it or we won’t.”

Spirit CEO Dave Davis explained the shutdown.

“The sudden and sustained rise in fuel prices in recent weeks ultimately has left us with no alternative but to pursue an orderly wind-down of the company,” Davis said in a statement. “Sustaining the business required hundreds of millions of additional dollars of liquidity that Spirit simply does not have and could not procure. This is tremendously disappointing and not the outcome any of us wanted.”

Spirit customer Angela Moreno told NBC News that she was planning to fly from Fort Lauderdale to Nashville for a wedding Saturday.

“The whole family is going there from different states, so it’s very shocking,” she said. “There’s many people who cannot attend the wedding as of now.”

She said she’s struggling to find replacement tickets.

“They’re refunding the tickets, but the only tickets right now are $600,” she said. “I hope the best for those people who really needed that flight.”

Henry Hartevelt, airline industry analyst at Atmosphere Research Group, told The Washington Post that Spirit was struggling long before the war. Bad business decisions, overexpansion and loss of focus caused its internal issues, and increased competition from other budget airlines added to its woes.

Spirit’s core demographic earns less than $80,000 per year, and those customers took the brunt of the inflation hit during the COVID-19 pandemic, he added.

“So [there’s] no single cause of Spirit’s demise, but Spirit has been teeter-tottering on the verge of shutting down for a long time,” Harteveldt told The Post. “It’s very unfortunate. More than [17,000] people may lose their jobs if it does shut down, and we lose an airline and a source of price competition.”

May 2 (UPI) — A Texas judge on Friday temporarily paused the state’s ban on smokable hemp products, such as flower and joints, after three industry groups and multiple companies based in the state sued over it.

The state in March expanded its limit on THC in hemp products from 0.3% levels of Delta-9 THC to cover any form of THC beyond the state’s previous limit of 0.3% total THC in dry weight of the intoxicating group of chemicals.

This variety of chemicals includes Delta-8, various forms of Delta-9, and all other cannabinoids, with the exception of CBD and CBG.

The rule adopted by the state’s health department effectively banned all smokable forms of hemp because vapes and e-cigarettes that contain any form of cannabinoid were banned in Texas last September, the Texas State Law Library reported.

Since the federal government fully legalized hemp with low levels of Delta-9 THC, companies have produced hemp with boosted levels of other cannabinoids, including THCA, a non-psychoactive chemical that converts to Delta-9 THC when heated.

The groups that used the state contend that the health department overstepped their constitutional authority and that the new rules have done irreparable harm to the Texas hemp industry, CBS Austin reported.

“We are obviously excited about this ruling,” said Jason Snell, one of the attorneys that represents the industry groups and companies, KUT News reported.

“[The judge] issued a statewide injunction which prohibits what we believe are illegal rules from going into effect, which would cripple the hemp industry statewide and deprive consumers and every day Texans from access to legal products,” Snell said.

The Texas legislature last May passed a bill that would have effectively banned all of the products, but Texas Gov. Greg Abbot vetoed, which led the health department attempting to ban the products itself.

A previous temporary restraining order on the rule was set to expire Friday afternoon at 5 p.m., but the ruling — which covers all consumable hemp products — will now allow the industry to keep doing business.

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