rises

Seoul shares shoot up nearly 6.5 pct to over 7,300 on chip rally, Mideast hopes; won rises

Employees take part in a ceremony at the trading room of Woori Bank in Seoul on Wednesday to celebrate the benchmark KOSPI closing at an all-time high of 7,384.56. Photo by Yonhap

South Korean stocks shot up nearly 6.5 percent Wednesday, extending a record-breaking run to top the 7,300-point mark, driven by a semiconductor rally and optimism for a potential peace deal in the Middle East. The local currency also strengthened against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 447.57 points, or 6.45 percent, to a fresh record high of 7,384.56.

It marked the second-largest daily gain in terms of points following 490.36 points reached on March 5.

Trade volume was heavy at 984.4 million shares worth 58.2 trillion won (US$40 billion), with losers outnumbering winners 199 to 677.

Foreigners bought 3.1 trillion won worth of local shares, while institutions and individuals dumped a net 2.3 trillion won and 571.2 billion won, respectively.

Overnight, U.S. President Donald Trump said he would pause operations to escort ships through the Strait of Hormuz as part of efforts to reach a final agreement with Iran.

The KOSPI opened 2.25 percent higher to surpass the landmark 7,000-point threshold for the first time and extended the gains throughout the session.

The main index has been on a bullish run in recent months, surpassing the 5,000-point mark in late January and topping another milestone of 6,000 points in February.

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

“Global tech giants’ strong performances and the strengthened value chain for AI data centers boosted the AI-related shares,” Lee Kyung-min, an analyst at Daishin Securities, said. “In particular, the market’s top-three shares of Samsung Electronics, SK hynix and SK Square led the rally.”

Top-cap Samsung Electronics surged 14.41 percent to close at 266,000 won, pushing its market capitalization above 1.5 quadrillion won and becoming the second Asian company to surpass the $1 trillion milestone after Taiwan Semiconductor Manufacturing Co.

SK hynix soared 10.64 percent to 1.6 million won, and AI investment firm SK Square jumped 9.89 percent to 1.1 million won.

Hanmi Semiconductor, a chip manufacturing company, rose 4.37 percent to 394,500 won, and LG Electronics vaulted 8.17 percent to 154,900 won.

However, shipbuilding and defense shares dropped. Major shipyard HD Hyundai Heavy Industries fell 4.71 percent to 648,000 won, and defense giant Hanwha Aerospace lost 2.18 percent to 1.4 million won.

Leading biotech firm Samsung Biologics declined 0.34 percent to 1.48 million won, and top mobile carrier SK Telecom backtracked 1.95 percent to 95,500 won.

The Korean won was quoted at 1,455.1 won against the U.S. dollar at 3:30 p.m., up 7.7 won from the previous session.

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

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World Press Freedom Day marked in Gaza as journalist death toll rises | Gaza

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Palestinian journalists in Gaza marked World Press Freedom Day by honouring colleagues killed and targeted by Israel, as the territory becomes the deadliest place ever recorded for media workers. Pope Leo XIV called for greater protection of reporters ‘pursuing the truth’, especially in war zones.

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Oil rises above $106 per barrel as US, Iran deadlocked in Strait of Hormuz | US-Israel war on Iran

Jump in prices comes as Donald Trump says vessels will need permission of US Navy to transit key waterway.

Oil prices have jumped on heightened tensions between the United States and Iran in the Strait of Hormuz following Washington and Tehran’s tit-for-tat captures of commercial vessels.

Brent crude, the international benchmark, topped $106 per barrel early on Friday morning as Washington and Tehran stepped up their confrontation over the key maritime route for transporting the world’s energy.

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Brent stood at $106.80 as of 01:00 GMT, up nearly 5 percent from its closing price on Wednesday, when it surpassed $100 per barrel for the first time in two weeks.

US stocks fell overnight, with the benchmark S&P 500 index dipping 0.41 percent and the tech-heavy Nasdaq Composite dropping 0.89 percent.

Shipping in the Strait of Hormuz, which normally carries about one-fifth of the world’s supply of oil and natural gas, remains at a standstill as Iran continues to demand the right to decide which vessels may pass and the US blocks Iran’s maritime trade.

US President Donald Trump said in a Truth Social post on Thursday that he had ordered the US Navy to destroy any Iranian boats laying mines in the strait, shortly after the Pentagon announced that it had seized a tanker carrying sanctioned Iranian oil for the second time in less than a week.

Trump also appeared to expand the scope of the US naval blockade beyond Iranian ports, writing on Truth Social that no ship “can enter or leave” the strait without the approval of the US Navy.

“It is ‘Sealed up Tight,’ until such time as Iran is able to make a DEAL!!!” Trump said.

Trump’s threats came a day after Iran’s Islamic Revolutionary Guard Corps announced the capture of two foreign cargo ships in the waterway.

The IRGC said it had seized the Panamanian-flagged MSC Francesca and Greek-owned Epaminondas after the vessels had endangered maritime security “by operating without the necessary permits and tampering with navigation systems”.

The Greek Maritime Affairs and Insular Policy Ministry has denied that the Epaminondas was captured and said the vessel remains under the control of its captain.

Only nine commercial vessels transited the strait on Wednesday, compared with seven on Tuesday and 15 on Monday, according to maritime intelligence platform Windward.

Before the US and Israel launched their war against Iran on February 28, the waterway saw an average of 129 transits each day, according to United Nations Trade and Development.

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Prep talk: Finley Suppan rises as a sophomore pitcher for Chaminade

The Suppan name is well known in West Hills. Jeff Suppan was a superstar at Westhills Pony Baseball before moving on to Crespi and having a 17-year career in MLB. His sister, Karen, was once the girls’ volleyball coach at Chaminade. Brother Mike has been a longtime teacher at Chaminade. Jeff still helps at Westhills Pony Baseball.

Now there’s a new Suppan making a name for herself. Jeff’s daughter, Finley, is the star pitcher as a sophomore for Chaminade (10-2-1).

Asked about her father’s contributions, Finley said, “He’s helped me a lot. We’ve had many car rides together. He told me a lot about the mental side of softball. Also how important it is to just focus one pitch at a time as a pitcher and to control the controllable.”

Dad is learning it’s much harder to watch his daughter pitch than pitch himself.

“I have to admit I don’t know how my parents and my family watched me pitch for all those years,” Jeff said. “I guess that’s why my mom always kept score and now I do to.”

Finley’s complete interview will be on Thursday’s edition of Friday Night Live at 5 p.m. via X at LATSondheimer.

This is a daily look at the positive happenings in high school sports. To submit any news, please email eric.sondheimer@latimes.com.

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Oil rises above $116 a barrel as Iran accuses US of preparing invasion | Oil and Gas News

DEVELOPING STORY,

Crude prices continue to climb as world faces its biggest energy crisis in decades.

Oil prices have surged to their highest level in nearly two weeks amid escalation on multiple fronts of the US-Israel war on Iran.

Brent crude, the global benchmark, rose more than 3 percent on Monday morning to top $116 a barrel.

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The latest climb took the global benchmark to its highest point since March 19, when it briefly touched $119 a barrel.

The surge came after Iran said it was prepared for a US ground invasion, with the speaker of the country’s parliament warning that Tehran was waiting for the arrival of US troops to “set them on fire” and “punish” their regional allies.

Tehran’s warning came as the conflict deepened over the weekend, with the Iranian-backed Houthis launching missiles at Israel for the first time in the war, and Israel expanding its invasion of southern Lebanon.

Iran’s effective closure of the Strait of Hormuz in retaliation for the US-Israel war has disrupted about one-fifth of global oil and liquified natural gas (LNG) supplies, plunging the world into its biggest energy crisis in decades.

Oil prices have risen nearly 60 percent since the start of the war, driving up fuel prices worldwide and forcing numerous countries to adopt emergency measures to conserve energy.

Analysts have warned that oil prices are likely to keep rising unless maritime traffic returns to normal levels in the strait.

Greg Newman, the CEO the Onyx Capital Group, which began as an oil derivatives trading house, said that energy markets were only beginning to feel the fallout of the turmoil.

“Physical oil moves around the world in loading cycles , and Europe has taken around three weeks to really start feeling the effects of the oil shortage,” Newman told Al Jazeera.

“Brent is starting to reflect the reality, and we think it’s a steady rise from here towards $120 and beyond.”

Newman said the scale of the disruption had yet to be fully appreciated.

No one in the market has ever seen the outages we are now suffering from – physical premiums are the highest ever. There is still a sense that the macro world is not taking this seriously enough, but it is worse than anything that has come before it,” he said.

“The reality will come out in the economic numbers over the coming months.”

More to follow…

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Smoke rises after Iranian missile attack on Israel oil refinery in Haifa | Oil and Gas

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An Iranian missile struck an oil refinery in the Israel city of Haifa. The plant produces half of Israel’s domestic fuel supplies. Power was briefly disrupted before being restored, with no casualties reported. Iran’s Revolutionary Guard said it targeted refineries and military sites in the attack.

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Blow for millions of holidaymakers as price of passports rises again to over £100

A black British passport next to a paper titled "Your new passport".

BRITS applying for a new standard passport will be charged more than £100 for the first time ever.

The fee for online applications for adults within the UK will rise on April 8 from £94.50 to £102.

A black British passport next to a paper titled "Your new passport".
Passport fees will rise from April 8

Holidaymakers looking to renew their passport before the summer holiday rush will be stung unless they get their bid in soon.

The Home Office says the hike is to “move towards a system that meets its costs through those who use it, reducing reliance on funding from general taxation.”.

But it will likely spark a backlash for putting up prices as many families face the pinch in a cost of living crisis.

The standard fee for kids will rise from £61.50 to £66.50.

Postal applications will increase from £107 to £115.50 for adults and £74 to £80 for children.

The charge for a next-day premium service made from within the UK will rise from £222 to £239.50. 

The Home Office said: “The fees contribute to the cost of processing passport applications, consular support overseas, including for lost or stolen passports, and the cost of processing British citizens at UK borders.  

“In 2025, where no further information was required, 99.7 per cent of standard applications from the UK were processed within three weeks.” 

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Anti-Muslim rhetoric rises among Republicans; GOP leaders silent

Anti-Muslim rhetoric from some Republicans in Congress intensified this week against the backdrop of the Iran war, with several lawmakers — including one who said that “Muslims don’t belong in American society” — drawing condemnation from Democrats but little response from GOP leaders.

The derogatory language has been percolating among Republican officials for months, often prominent when criticizing New York Mayor Zohran Mamdani, who is Muslim. But against the backdrop of the Iran war, a country with an overwhelmingly Muslim population, and attacks at a synagogue in Michigan and a college in Virginia, the tone sharpened this week.

“The enemy is inside our gates,” Sen. Tommy Tuberville of Alabama wrote Thursday in response to a photo of Mamdani sitting on the ground during an iftar dinner at New York City Hall. The photo was juxtaposed with a picture of the Sept. 11 attacks.

Hours later, Tuberville added: “To be clear, I didn’t ‘suggest’ Islamists are the enemy. I said it plainly.”

The rhetoric intensified Friday as GOP lawmakers responded to the attacks in Michigan and Virginia by urging a halt to all immigration into the United States. Some singled out Muslims specifically.

For many Muslims, it’s a political moment that carries echoes from the early 2000s, when the Sept. 11 attacks and the Afghanistan and Iraq wars generated hostility toward Muslim communities in the United States, often accompanied by discrimination and racist violence.

“When members of Congress speak, it’s not just words,” said Iman Awad, the national director for policy and advocacy for the Muslim American advocacy group Emgage Action. “It shapes public perception. It legitimizes prejudice.”

GOP rhetoric targeting Muslims spreads online

Rep. Andy Ogles (R-Tenn.) in his social media post stated flatly that Muslims don’t belong in the United States. He stood behind it after criticism mounted, later writing that “paperwork doesn’t magically make you American” and that “Muslims are unable to assimilate; they all have to go back.”

Asked about Ogles’ post Tuesday, House Speaker Mike Johnson (R-La.) said he had spoken to members “about our tone and our message and what we say.” He said Ogles used “different language than I would use,” but added that he believes the issue raised by the comments is “serious.”

“There’s a lot of energy in the country, and a lot of popular sentiment that the demand to impose sharia law in America is a serious problem,” Johnson said. “That’s what animates this.”

Sharia is a religious framework that guides many Muslims’ moral and spiritual conduct. References to “sharia law” have often been invoked by officials to suggest Muslims are attempting to impose religious practices on communities in the United States.

Many Republicans point to a Muslim-centered planned community near Dallas as proof of “sharia law” — though the developers have denied the allegations and said they are being targeted only because they are Muslim.

With Johnson not condemning Ogles’ remarks — or recent comments from Rep. Randy Fine (R-Fla.) that “the choice between dogs and Muslims is not a difficult one” — the anti-Muslim rhetoric grew louder. After the photo circulated of Mamdani at the iftar dinner, several Republicans responded with critical posts.

Democrats broadly condemned the Republican messages. Sen. Chuck Schumer of New York, the leader of Senate Democrats, called Tuberville’s post “mindless hate.”

“Islamophobic hate like this is fundamentally un-American and we must confront and overcome it whenever it rears its ugly head,” Schumer said.

Mamdani — in response to Tuberville’s post that “the enemy is inside our gates” — said: “Let there be as much outrage from politicians in Washington when kids go hungry as there is when I break bread with New Yorkers.”

Attacks in Michigan and Virginia spark more rhetoric

Federal officials identified a man who rammed his vehicle into a hallway at Temple Israel in West Bloomfield Township, Mich., this week as a naturalized citizen born in Lebanon. Officials have said that the man — who was killed by security guards at the temple — had lost four family members in an Israeli airstrike in Lebanon during the ongoing war in the Middle East, just after sunset as they were having their fast-breaking meal during the Muslim holy month of Ramadan.

In Virginia, Mohamed Bailor Jalloh opened fire in a classroom at Old Dominion University before ROTC students subdued and killed him. Court documents showed that he had served time for attempting to aid the militant group Islamic State and was released less than two years ago.

Some Republican lawmakers claimed vindication for their views. Others pushed for legislation. Rep. Tom Emmer of Minnesota, the House Republican whip, said that “the security of our nation hinges on our ability to denaturalize and deport terrorists.”

Rep. Riley M. Moore (R-W.Va.) said he would introduce a bill to denaturalize and deport any naturalized citizen who “commits an act of terrorism, plots to commit an act of terrorism, joins a terrorist organization or otherwise aids and abets terrorism against the American people.”

Similar rhetoric and policy efforts have surfaced before and stoked controversy. Protesters connected to demonstrations in recent years over the Israel-Hamas war were arrested and targeted by authorities, including former Columbia University graduate student Mahmoud Khalil, a Palestinian activist the government has sought to detain and deport.

Mamdani responds

Middle East conflicts bringing domestic tensions is nothing new. With the war in Gaza, both Muslim and Jewish communities have faced faith-based discrimination and attacks.

Mamdani said the posts invoking the 9/11 attacks are problematic not just because of the words, but because of “the actions that often accompany them.”

“I think too of the smaller indignities, the indignities that many New Yorkers face, but that Muslims are expected to face in silence,” the mayor said. “Of the exhaustion of having to explain yourself to those who are not interested in understanding. Of the men who introduce themselves by their given name only to be called Muhammad for years on end.”

The stark silence from Republican leaders, including President Trump, reflects a broader change in the party. After the Sept. 11 attacks in 2001, Republican President George W. Bush visited the Islamic Center of Washington to explicitly warn against Muslim discrimination.

“America counts millions of Muslims amongst our citizens, and Muslims make an incredibly valuable contribution to our country,” Bush said during the visit, adding: “They need to be treated with respect. In our anger and emotion, our fellow Americans must treat each other with respect.

“Those who feel like they can intimidate our fellow citizens to take out their anger don’t represent the best of America, they represent the worst of humankind, and they should be ashamed of that kind of behavior,” Bush said.

Cappelletti writes for the Associated Press.

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