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June 18 (Asia Today) — South Korea is again considering changes to a local education funding system that automatically receives a fixed share of national tax revenue, as a semiconductor-driven rise in government receipts is expected to increase grants despite a shrinking student population.

The debate centers on local education finance grants, the main source of funding for elementary, middle and high schools administered by regional education offices.

The grants have risen to about 76 trillion won ($50 billion) under this year’s supplementary budget, according to the National Assembly Budget Office and education officials.

Some projections suggest the total could exceed 80 trillion won ($52.6 billion) if stronger tax revenue from the semiconductor industry is fully reflected.

The grant system receives 20.79% of internal tax revenue along with part of the national education tax. That means the amount increases when tax receipts rise, regardless of changes in student enrollment.

The number of elementary, middle and high school students fell from 5.96 million in 2016 to 4.92 million this year, a decline of 1.04 million, or 17.4%.

Over the same period, local education grants increased from 43 trillion won ($28.3 billion) to 76 trillion won, an increase of 33 trillion won ($21.7 billion), or 76.7%.

Budget officials and public finance experts say the automatic link to tax revenue makes government spending less flexible.

They argue that funding for primary and secondary education continues to expand despite falling enrollment while early childhood, higher education and lifelong learning programs face comparatively greater financial constraints.

Proposals include adjusting the percentage of internal tax revenue allocated to the grants or incorporating changes in the school-age population and nominal economic growth into the funding formula.

Education officials have strongly opposed reducing the grants based mainly on student numbers.

Superintendents-elect from South Korea’s ninth nationwide local elections issued a joint statement Monday warning that students would ultimately bear the cost of a funding overhaul driven primarily by fiscal considerations.

“Personnel expenses for teachers and other employees, school operating costs and facility safety and maintenance expenses arise at the school and classroom level, not simply on a per-student basis,” they said.

Schools also face growing fixed costs for meal services, after-school care and administrative support.

Personnel costs for permanent contract employees at public schools, including cafeteria workers, care staff and administrative assistants, reached 5.74 trillion won ($3.77 billion) last year.

That was a 61% increase from 2021. The figure is expected to exceed 6 trillion won ($3.94 billion) this year.

Three major teachers’ organizations also rejected claims that regional education offices have excess money.

They said the combined initial budgets of special education accounts fell by about 1 trillion won ($657 million) this year.

Funding for teaching and learning support declined 14.9%, while spending on school facility improvements fell 22.4%, they said.

The groups described education office reserve funds as a financial safeguard rather than unused money.

The Education Ministry is reportedly considering alternatives to immediately lowering the legally mandated allocation rate.

Possible measures include retaining the link to internal tax revenue while placing a ceiling on annual increases or allowing regional education offices to use more of the money for early childhood, higher education and lifelong learning.

The approach is intended to avoid a sudden reduction in primary and secondary school funding while directing more resources toward other parts of the education system.

Park Nam-gi, an emeritus professor at Gwangju National University of Education, said many necessary programs remain underfunded despite claims that schools have surplus resources.

“There are many things schools cannot do because they lack funding,” Park said.

He cited the expansion of special education, separate spaces and personnel needed to protect teachers and investment in education suited to the artificial intelligence era.

“It is wrong to conclude that education funding is excessive without properly supporting these needs,” Park said.

He said cash assistance programs introduced by some superintendents should be corrected where necessary, but that such concerns should not be used to justify reducing the overall education budget.

“Unlike welfare spending for the present, education funding is an investment in the country’s future,” Park said.

— 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=20260618010006611

The New York Knicks celebrated their first NBA title in 53 years with a frenzied ticker-tape parade through Manhattan. The Knicks, along with finals MVP Jalen Brunson were awarded keys to the city by Mayor Zohran Mamdani in front of thousands of fans.

June 18 (Asia Today) — Japanese Prime Minister Sanae Takaichi has left open the possibility of deploying the Self-Defense Forces to the Strait of Hormuz following an agreement between the United States and Iran to end hostilities.

“Nothing has been decided at this point,” Takaichi said Wednesday when asked about a possible deployment during a news conference marking the end of the Group of Seven summit near Évian-les-Bains, France, Japanese media reported Thursday.

Takaichi said Japan must closely examine the U.S.-Iran agreement and conditions in the region before making a decision.

The Strait of Hormuz is a critical shipping route for crude oil from the Middle East. Instability in the waterway could directly affect shipping, energy prices and Japanese industry because the country relies heavily on imported energy.

The U.S.-Iran agreement has shifted Japan’s immediate focus from preventing further fighting to securing freedom of navigation and considering its role in post-conflict efforts.

Even after fighting ends, naval mines and other threats to commercial vessels could remain. Japan would then have to determine whether its involvement should be limited to diplomatic support or include operations by the Maritime Self-Defense Force.

Security in the Strait of Hormuz and other major shipping routes was among the issues discussed at the G7 summit.

Japan faces the challenge of coordinating with its allies and partners while keeping any military involvement within the limits imposed by its pacifist Constitution.

“We will continue every possible diplomatic effort, including those related to reconstruction,” Takaichi said of the situation in the Middle East.

She said Japan would consider necessary measures to secure freedom of navigation through the strait and “steadily carry out what we are capable of doing,” including diplomatic efforts.

Britain, France and other countries have called for the unconditional reopening of the waterway and indicated that mine-clearing operations could be required. Japan has signaled its willingness to participate in a related joint statement.

Takaichi said Japan’s participation in such a statement would remain within constitutional limits.

The central issue is how extensively the Self-Defense Forces could participate.

Article 9 of Japan’s Constitution prohibits the use of force except in circumstances involving the country’s right to self-defense. Mine-clearing operations conducted while fighting continues could therefore be viewed as the use of force against the country that placed the mines.

Clearing mines left behind after a cease-fire, however, may be permitted under Japan’s Self-Defense Forces Act.

Japan deployed Maritime Self-Defense Force minesweepers to the Persian Gulf after the 1991 Gulf War cease-fire. The mission marked the Self-Defense Forces’ first operational deployment overseas and became a turning point in Japan’s debate over its international security role.

Takaichi’s remarks did not amount to an immediate deployment decision. They indicated, however, that Japan could consider participating in maritime security operations depending on implementation of the U.S.-Iran agreement and conditions in the Strait of Hormuz.

Japan’s possible role in the post-conflict Middle East – whether limited to diplomatic and reconstruction support or expanded to include Maritime Self-Defense Force operations – is expected to remain a major foreign and security policy issue.

— 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=20260618010006401

June 18 (UPI) — The U.S. military on Thursday lifted naval blockades in the Persian Gulf and Gulf of Oman, with reports showing that shipping vessels have departed the region through the Strait of Hormuz.

U.S. Central Command said in a series of posts on X that, following direction from President Donald Trump, blockades on maritime traffic along the coasts of Iran have ended.

Centcom noted, however, that the U.S. Navy will stay in the “general area” to be sure that “all aspects” of the peace agreement signed by the United States and Iran “are adhered to, obeyed and in full force and effect.”

Trump signed the agreement Wednesday at the Palace of Versailles in France after the G7 Summit wrapped up, which included among its 14 points reopening the Strait of Hormuz, which is a vital shipping route for the region and much of the world.

Iranian President Masoud Pezeshkian had signed the deal earlier in the day.

“American forces are not impeding the transit of vessels to or from Iranian ports,” Centcom said in one of the posts on X on Thursday.

“All U.S. military blockade efforts have ceased,” it said.

At least 12 energy tankers transited the Strait on Thursday, reopening a sailing route through which roughly 20% of the world’s oil supply is shipped around the globe, CNBC and the New York Post reported.

Among the vessels that transited the Strait were three Saudi Arabian supertankers, which together are carrying six million barrels of crude oil and are the kingdom’s first tankers to sail the shipping route since before the three-month-long U.S.-Iran war launched in February.

Vice President JD Vance also told reporters that more than 12 million barrels of oil had shipped through the Strait overnight Wednesday after the deal had been signed.

June 18 (UPI) — Sen. Elissa Slotkin, D-Mich., introduced a bill Thursday called the Protect Our Polls Act that would block the president from sending soldiers or federal agents to voting sites during elections.

The bill comes after President Donald Trump said he wouldn’t rule out sending the National Guard or Immigrations and Customs Enforcement to polling places in November.

“I’d do anything necessary to make sure we have honest elections,” The Hill reported Trump told reporters in May.

Slotkin said the bill would prevent Trump from “weaponizing our military and armed federal officers to interfere in our elections.”

The legislation, if passed, would require approval from Congress before a president could send uniformed military or federal law enforcement to polling sites. It would also require 48 hours’ notice to lawmakers, intel, legal justification and evidence that proves a state can’t handle a threat on its own.

The bill is backed by senators Tammy Baldwin, Wis.; Ruben Gallego, Ariz.; Mark Kelly, Ariz.; Amy Klobuchar, Minn.; Alex Padilla, Calif.; Jacky Rosen, Nev.; and Raphael Warnock, Ga.

In a statement, White House spokesperson Abigail Jackson told NBC, “If Democrats really cared about securing our elections, they would pass the SAVE America Act which includes commonsense election integrity measures supported by the vast majority of Americans.”

Federal and state laws already ban deployment of troops and agents from elections, except “to repel armed enemies of the United States.”

“The idea that a president would send troops or armed agents to polling places to intimidate voters is un-American and illegal,” Kelly said in a statement. “Federal law has protected polling places from military interference since the Civil War for a reason. President Trump has made clear he thinks he can ignore those limits. We’re making sure he can’t.”

Secretary of Homeland Security Markwayne Mullin said in March that he wouldn’t send agents to polling places without good reason.

“The only reason why my officers would be there is if there was a specific threat for them to be there, not for intimidation,” Mullin said. “There will be a reason for us to be there, and it’ll be known why we’re there.”

June 18 (UPI) — Israeli Foreign Minister Gideon Sa’ar announced Thursday that he is cutting all contact with Kaja Kallas, the European Union’s foreign policy chief, after she compared Israel to South Africa under apartheid.

The two had a public argument on X. Sa’ar said Kallas “has for some time now been acting obsessively and with blatant unfairness toward the State of Israel,” and pointed to a report that she made the apartheid comment in May.

Sa’ar accused Kallas of directing a “blood libel” at Israel and said he would “sever all contact with Ms. Kallas” until she took back what she said.

Kallas has not confirmed or denied the comments but tried to defuse the spat on Thursday.

“Dialogue is the foundation of diplomacy, especially when differences arise. The EU is always committed to a constructive relationship with Israel,” Kallas said on X.

“To bring peace to the Middle East, the Two-State Solution remains the only viable path. The EU has condemned the illegal Israeli settlements in the West Bank that make it increasingly difficult to get to that goal. That is the EU position,” she said.

But Sa’ar wasn’t buying it.

“With all due respect, even in your remarks here you refrain from denying or condemning what has been attributed to you and published publicly,” Sa’ar said. “If you did indeed make these vile and defamatory statements, stand behind them. If you did not make them, deny it. Until this matter is cleared up, my decision will remain unchanged.”

EU leaders are in Brussels for a European Council summit, and divisions over Israel are likely to be discussed. Some countries want to sanction Israel, while others vow to block stronger actions against it, Politico reported.

June 18 (UPI) — Brazilian Sen. Flávio Bolsonaro, a presidential hopeful and son of former President Jair Bolsonaro, unveiled a public security plan that includes chemical castration for convicted rapists and the construction of maximum-security prisons modeled after those implemented by Salvadoran President Nayib Bukele.

Bolsonaro presented the proposals during an event on Faria Lima Avenue in São Paulo, where he launched “Brasil Sem Medo” (“Brazil Without Fear”), a package of 12 measures he described as “urgent” to combat organized crime if elected president.

“I support chemical castration for those convicted of sexual crimes,” the senator said during the event, according to Brazilian media reports.

Brazilian press reports confirmed that the lawmaker also proposed building five new maximum-security prisons based on the penitentiary model adopted by El Salvador, better known as the “Bukele model,” which has become a reference for conservative sectors across Latin America because of its crackdown on gangs.

“We will build five new maximum-security prisons based on the El Salvador model,” Bolsonaro said, noting that allied politicians have visited that country to gain firsthand knowledge of the security policies promoted by its president.

Other measures presented include lowering the age of criminal responsibility to 16 and to 14 for crimes considered heinous, increasing penalties and classifying criminal organizations as narco-terrorist groups, SBT News reported.

During the event, the senator was accompanied by former judge and Sen. Sergio Moro and Rep. Guilherme Derrite, the former public security secretary of the state of São Paulo.

Bolsonaro also called for support from the financial sector to combat money-laundering networks linked to organized crime.

“I want to ask the entire financial market for unity so that we can suffocate these narco-terrorist organizations,” he said.

Bolsonaro said that, if elected president, he would seek to designate the First Capital Command, known as PCC, Comando Vermelho and militias as narco-terrorist organizations, according to UOL Brasil.

“We will declare PCC, Comando Vermelho and the militias to be narco-terrorist organizations,” he said. “Any criminal armed with a rifle will be taken down by the security forces.”

The proposal comes weeks after the United States designated PCC and Comando Vermelho as international terrorist organizations.

The decision was formalized in early June by the administration of President Donald Trump and was welcomed by Flávio Bolsonaro, who held meetings in Washington before the announcement.

The government of President Luiz Inácio Lula da Silva has opposed adopting a similar classification in Brazil.

The issue comes amid growing tensions between Lula’s government and Bolsonaro allies in the United States.

During a news conference following the Group of Seven summit in France, Lula asked President Donald Trump not to intervene in Brazil’s elections and said the electoral process is exclusively a Brazilian matter.

“I think he knows very little about Brazil. If he knows it through his relationship with the Bolsonaro family, he knows very little about Brazil,” Lula said when asked about recent comments by Trump related to Brazil and the conviction of Eduardo Bolsonaro.

Brazil will hold general elections in October 2026. Lula da Silva remains one of the leading contenders and is tied in opinion polls with Flávio Bolsonaro.

June 18 (UPI) — The Obama Presidential Center will open Thursday in Chicago with a long list of celebrities attending.

The grand opening will be livestreamed starting at 11 a.m. CDT Thursday on Obama.org and on the Obama Foundation’s social media accounts. The opening is invitation-only, and there are no more tickets for the Midway Plaisance Park watch party in Chicago.

The center will be open to the public beginning Friday, and it’s expected to see up to 1 million visitors per year. Tickets, which are $30, are sold out through October.

The center is a 19-acre space on the south side of Chicago that features a tall building that includes a museum of the Obamas’ lives. It shows what life was like in the Obama White House.

The campus also has a branch of the Chicago Public Library, an NBA regulation-size basketball court and Women’s Garden dedicated to women leaders in Chicago. It also has an auditorium, a media suite that visitors can use, a Wetland Walk, a fruit and vegetable garden and a playground.

But it’s not a presidential library and doesn’t house the Obama presidential documents. Those are in the mostly digital Barack Obama Presidential Library run by the National Archives, though the center does have some artifacts on display that are on loan.

Some of the celebrities planning to perform are Bruce Springsteen, Christina Aguilera, John Legend, Stevie Wonder, Jennifer Hudson, Marc Anthony, The Roots, Common, Eddie Vedder, Bono and The Edge, Tems and Marsai Martin.

Every living president will be there except President Donald Trump.

CEO of the Obama Foundation Valerie Jarrett has said Trump is welcome to visit the museum, and they’d love to give him a tour. She said he simply was not invited to the dedication.

“I can tell you that this is a celebration for those who helped get President Obama where he is. And this is a gift to them,” Jarrett said. “And so the people who will be here are the people who’ve been helpful along the way.”

June 18 (UPI) — President Donald Trump said Thursday that Apple is partnering with Intel to design computer chips that will be manufactured in the United States.

The U.S. government took a 10% stake in Intel last year, investing $8.9 billion in its stock as it sought to boost its manufacturing capabilities in the United States.

“I decided to help Intel because we need to design and build our Chips right here in America,” Trump posted on social media.

Premarket trading of Intel stock jumped by more than 9% on Thursday.

Apple, based in California, currently produces a majority of its processors for devices like the iPhone, iPad and Mac computer in Taiwan.

Computer chips are becoming more and more crucial to the U.S. and global economy due to the demand for processing power, memory and storage chips from artificial intelligence.

Tim Cook, CEO of Apple, said the company’s efforts to “mitigate the huge increases that are being passed to us,” as well as “shield our customers from the increases.”

“But the situation has become unsustainable,” Cook told the Wall Street Journal earlier this week, noting that price hikes on Apple products are “unavoidable.”

June 18 (UPI) — Prince Harry and Meghan Markle are planning to visit Britain in July with their children for the start of the one-year countdown to the Invictus Games, sources say.

The Duke and Duchess of Sussex are planning to bring their children, Archie, 7, and Lilibet, 5, according to reporting by the BBC, ITV and The Telegraph.

Harry hasn’t been assured that there will be a security detail in place, and it isn’t clear if King Charles III will be able to meet the children, The Telegraph said.

The prince has said that he wants to bring Prince Archie and Princess Lilibet back to England to meet his friends and family and teach them more about British culture. The children haven’t seen their grandfather in person since they were last in England in 2022 for the late Queen Elizabeth II’s Platinum Jubilee.

A Los Angeles business associate told The Telegraph that there was a “warming of the frost” between Harry and Charles in recent months. Harry had fallen out with his family after his memoir, Spare, made several accusations against them.

The unnamed source said, “Harry says he’s coming back before the end of the year with the children with the express intent to reunite with his dad.

“The way in which he said it seems to make it clear that he believes that this is happening and will pave the way for a longer-term peaceful relationship between them.

“He has wanted to have his kids meet their grandfather, especially after their summit in London last year.

“While there have been deep-seated trust issues around Harry, there is a sense now that all parties want peace.”

The source said that there was still distrust of Harry among the king’s friends but that Charles wants to find a way to reconcile.

Harry lost an appeal last year challenging the dismissal of his claim against the Home Office over the decision that he should have a different degree of taxpayer-funded protection when in the country.

Harry and Meghan moved to Canada then California after they decided they no longer wanted to serve as senior royals.

The value of Iran’s currency has risen by more than 15 percent against the US dollar, and its stock market has shattered records in the wake of the memorandum of understanding agreed between the United States and Iran on Sunday.

However, Iranians suffering for years from extremely high inflation and a plunging rial have found little economic relief as the prices of basic goods, such as food, remain high despite the diplomatic breakthrough.

The Iranian economy has suffered due to decades of US sanctions. The economic crisis was exacerbated after the US and Israel launched a war against Iran on February 28. As subsequent US naval blockade on Iranian ports further added to the misery of Iranians.

In Ferdowsi Street, the beating heart of Tehran’s foreign exchange market, the scene on Thursday was a stark departure from the panic of recent months. Exchange office boards flashed rapidly changing numbers as foreign currencies, led by the dollar, took a sharp dive.

“We closed our doors just hours before the official announcement of the US-Iran understanding at a rate of 1.8 million rials to the dollar,” Amir, a 35-year-old exchange office worker who asked to remain anonymous, told Al Jazeera. “Now it has fallen to 1.54 million rials, and we expect further declines.”

Amir noted a significant increase in sales volumes although buyers remained scarce as many anticipated the rial would strengthen further, potentially dropping to 1.4 million to the dollar or lower.

The recent gains mark a sharp turnaround. After the outbreak of the war, the exchange rate jumped to a historic peak of 1.9 million rials (190,000 tomans) to the dollar in March before settling at about 1.685 million just before recent attacks carried out despite a ceasefire.

A disconnect in the grocery aisles

Despite the rial’s recovery, a walk through Tehran’s grocery stores reveals a starkly different reality. For Iranians grappling with the economic fallout of crippling sanctions and the US naval blockade, the diplomatic thaw has yet to lower the cost of living.

Reza, a 42-year-old Tehran resident, told Al Jazeera that prices for daily staples like milk, cheese, cooking oil and flour remain unchanged. “They say the dollar dropped, but my shopping basket costs the same as last week,” he said. “This means the agreement hasn’t reached our pockets yet.”

From behind the cash register, 55-year-old shop owner Ramin echoed his customer’s frustration. He explained that while the government continues to distribute subsidised goods like bread, the fluctuations of the free-market dollar do not immediately impact basic food prices.

The value of the dollar on the free market varies from the official exchange rate.

Pointing to a shelf of imported goods, another shopkeeper named Karim noted that items like shampoo, toothpaste and laundry detergent are still locked at inflated prices.

“Distributors say they bought these goods two months ago at the old dollar rates,” Karim explained. “Prices will remain high until the old stock runs out and new goods enter at the lower exchange rates.” He estimated it would take at least two weeks for the market to adjust, meaning Iranians will continue to face compounding inflation in the interim.

Euphoria on the trading floor

While Main Street struggles, Tehran’s stock market is experiencing an unprecedented boom amid expectations of improved economic conditions. The trading floor has been awash in green since the initial leaks of the Washington-Tehran agreement emerged.

On Monday, the main index jumped by a record-breaking 161,000 points in a single session, marking the highest-ever influx of cash from individual investors.

By Tuesday, the market continued its staggering ascent, climbing another 112,000 points to cross the psychological barrier of 5 million, ultimately settling at a historic high of 5.1 million.

Saeed, a 40-year-old investor, called it a “historic day”. He noted that investors are rushing to buy shares in the energy and petrochemical sectors, betting heavily on the resumption of exports and the reopening of global markets.

However, Saeed remained cautiously optimistic. “The stock market is often driven by rumours,” he warned. “I don’t want to repeat the experience of the 2015 nuclear deal when the market soared and then collapsed after the US withdrawal.”

He was referring to US President Donald Trump’s 2018 withdrawal from the agreement, under which Iran agreed to restrictions on its nuclear programme in exchange for sanctions relief.

Stagnation in real estate and electronics

The wait-and-see approach in effect has paralysed other sectors of the economy. In central Tehran’s electronics hubs, 38-year-old shop owner Reza reported that while the prices of imported appliances have dropped in tandem with the dollar, sales have stalled because customers are holding out for steeper discounts.

A similar freeze has gripped the housing market. Nasrin, a 36-year-old real estate agent in northern Tehran, observed that a recent price surge that accompanied the initial truce has now given way to stagnation. Many property owners are clinging to inflated prices, seemingly unaware that the market dynamics have shifted, bringing property transactions to a virtual standstill.

‘Not a magic wand’

For macroeconomic experts, the mixed market signals are entirely expected. Hossein Selahvarzi, the former head of the Iran Chamber of Commerce, Industries, Mines and Agriculture, cautioned that the new agreement is “not a magic wand” capable of instantly fixing years of structural issues in the economy.

While the war severely damaged Iran’s infrastructure, Selahvarzi emphasised that the roots of the country’s economic malaise were firmly planted well before the bombing began.

“War is the enemy of investment, production, trade and public welfare,” Selahvarzi told Al Jazeera. He warned against the analytical mistake of believing that a peace memorandum alone would revive the economy.

“Ending the military confrontation does not necessarily mean the beginning of economic prosperity,” he said, stressing that restoring stability to the business environment remains the country’s most urgent priority.

“What we have before us is a limited and fragile opportunity to correct course and rebuild the economy, and this opportunity could be lost quickly if not managed correctly.”

June 18 (UPI) — Korea Hydro & Nuclear Power said Thursday that it has selected two sites in the country’s southeastern region for the construction of three new nuclear reactors over the next decade.

The state-backed utility noted that its committee, comprising outside experts, chose Yeongdeok County, located about 185 miles southeast of Seoul, and Gijang County, roughly 200 miles southeast of the capital, after a year-long evaluation process.

Yeongdeok County will host two 1.4-gigawatt large-scale nuclear reactors, while Gijang County will be home to a 0.7-gigawatt small modular reactor, or SMR, according to KHNP. Two local governments competed for each project.

Earlier this year, the Ministry of Climate, Energy and Environment said that it aims to secure construction approval for the three reactors in the early 2030s and bring them online by 2037 and 2038.

The incumbent administration was initially skeptical about building additional nuclear plants but later changed its stance as electricity demand surged amid the AI boom and the rapid expansion of data centers.

As of the end of last year, KHNP operated 26 nuclear reactors across South Korea and was building four additional units. Currently, nuclear power accounts for around one-third of the nation’s energy mix.

“We extend our gratitude to all local governments and residents who showed such passionate interest in hosting the projects, and we express our sincere regret to the regions that were not selected,” KHNP said in a statement.

The utility added that residents’ opinions gathered during the selection process, including both support for and opposition to nuclear development, would be reflected in future cooperation plans with local communities.

KHNP is not publicly listed.

June 18 (UPI) — South Korea’s SK hynix said Thursday that the company has shipped samples of its next-generation high-bandwidth memory chips, or HBM4E, to major customers.

SK hynix provided samples of the 12-stack HBM4E, which it says shows improvements in both performance and power efficiency, on schedule, according to the tech giant.

The firm noted that the new product delivers a data-processing speed of up to 16Gbps per pin while enhancing power efficiency by more than 20% compared with previous-generation models.

The corporation stated that the HBM4E features an upgraded interface and optimized architecture, which reduce data-transfer latency while ensuring reliable performance in high-bandwidth environments.

SK hynix expected the improvements to enable clients to process data more efficiently in AI data centers and large-scale computing systems.

Amid the AI boom, high-bandwidth memory, or HBM, has emerged as one of the most sought-after semiconductor products. SK hynix and its local rival, Samsung Electronics, are global leaders in the HBM supply chain.

“SK hynix has laid the foundation to strengthen its AI leadership with HBM4E based on its market-leading technological capabilities and manufacturing expertise,” SK hynix Chief Development Officer Ahn Hyun said in a statement.

“Through close collaboration with our partners, we will deliver the value needed in the market while reinforcing our technology leadership as a full-stack AI memory creator,” he added.

Seoul stocks surged by more than 2 percent past another historic landmark, surpassing the 9,000-point level for the first time in history, as investors bet on chipmakers in the face of a hawkish stance by the Federal Reserve and Iran uncertainty.

The benchmark Korea Composite Stock Price Index (KOSPI) closed up 199.6 points, or 2.25 percent, to 9,063.84, after rising as high as 9,106.07.

The KOSPI continued its winning streak for the sixth consecutive session on the back of optimism over artificial intelligence (AI) and related sectors.

Trade volume was heavy at 505.9 million shares worth 49.9 trillion won (US$32.7 billion). Foreigners were net buyers, snatching up 1.3 trillion won, while retail and institutional investors net sold a combined 1.2 trillion won.

Losers outnumbered gainers 109 to 788.

The index bucked overnight losses on Wall Street caused by Fed policymakers’ remarks that a rate hike would be inevitable to tame inflation.

The continued rally was led by the country’s two major chipmakers, Samsung Electronics and SK hynix, said analyst Kim Seok-hwan from Mirae Asset Securities.

“Investors are anticipating that semiconductor companies could gain better bargaining power due to a sustained supply bottleneck,” the analyst said.

A risk appetite was also revived on anticipation the U.S.-Iran war is nearing its end. The United States has said Iran has agreed to reopen the Strait of Hormuz, a key oil shipping route, and revealed a signed memorandum of understanding on ending the war.

The rate freeze from the Fed, the fourth consecutive on-hold decision, appeared to have a limited impact on investor sentiment.

Market top cap Samsung Electronics rose 4.62 percent to 362,500 won, while its rival SK hynix jumped 6.51 percent to 2,685,000 won.

Non-semiconductor sectors lost ground.

Defense giant Hanwha Aerospace fell 2.86 percent to 1,189,000 won, ship builder HD Hyundai Heavy Industries retreated 3.25 percent to 684,000 won, and major financial firm KB Financial inched down 0.55 percent to 163,100 won.

The Korean won was quoted at 1,527.1 won against the U.S. dollar, down 13.7 won from the previous session.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 4 basis points to 3.75 percent, and the return on the benchmark five-year government bonds added 5.2 basis points to 3.949 percent.

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The Senate has confirmed Michelle Steel, a former two-term Korean American congresswoman, as the United States’ ambassador to South Korea.

The upper chamber approved Steel in a 55-39 vote on Wednesday (U.S. time), clearing the way for her to take the ambassadorial post as Seoul and Washington face a series of joint tasks, including “modernizing” their alliance and implementing bilateral security and trade agreements.

In April, U.S. President Donald Trump nominated her for the ambassador post, which has been left vacant since former Ambassador Philip Goldberg left Korea in January last year.

Steel would become the second Korean American to serve as the U.S.’ top envoy to South Korea, following former Ambassador Sung Kim, who served in Seoul as ambassador from 2011-2014.

The South Korean government granted agrement on Thursday, the host country’s prior consent for the appointment of a foreign envoy, for Steel’s appointment, according to Seoul’s foreign ministry.

With administrative procedures on both sides effectively completed, observers say Steel is likely to take up her post no later than next month.

“The exact timing of her arrival will depend on remaining U.S. procedures, including the issuance of her credentials by U.S. President Donald Trump,” a ministry official said. “We expect Steel to contribute to strengthening the alliance between the two countries once she formally assumes her post.”

During her confirmation hearing last month, she vowed to ensure that American companies operating in South Korea are not discriminated against, if she is confirmed.

While in Congress, Steel was active in pushing for legislation to address the issue of Korean Americans who have been separated from their relatives in North Korea in the wake of the 1950-53 Korean War.

She was first elected to the House in 2020 and then reelected in 2022. She lost to her Democratic rival by a small margin in the 2024 general election.

She previously served as a member of the Orange County Board of Supervisors and the California State Board of Equalization.

Her husband is Shawn Steel, an attorney who served as the California Republican Party chairman from 2001 to 2003. He has been the Republican national committeeman from California since 2008.

Born in Seoul in June 1955, Steel grew up and studied in South Korea, Japan and the U.S. She speaks fluent Korean.

She earned a bachelor’s degree from Pepperdine University in Malibu, California, and an MBA from the University of Southern California in Los Angeles.

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Russia’s oil refineries have been heavily targeted, damaging its energy facilities and the country’s fuel crisis.

Ukrainian drones have hit a Moscow oil refinery for the second time ⁠this week while Russia fired missiles at Kyiv, as President Volodymyr Zelenskyy seeks support from the United States and Europe to reach a deal to end the war.

Russia’s Defence Ministry said on Thursday that its air defences shot down 555 Ukrainian drones over several regions overnight, with almost 200 intercepted as they were approaching the Russian capital.

Moscow Mayor Sergey Sobyanin said several drones hit an oil refinery.

“Air defence forces continue to repel a massive attack. Several drones managed to reach the Moscow oil refinery,” Sobyanin said, adding that a shopping centre also suffered minor damage.

The attack on the oil facility is the second this week, after a drone attack on Tuesday halted operations at the refinery, according to the Reuters news agency, as widespread damage to Russian energy facilities worsens the country’s fuel crisis.

The regional governor said that in the surrounding Moscow region, a high-rise residential building, an industrial facility and a number of private houses were also damaged in the drone attack. The Sheremetyevo airport, Moscow’s busiest, suspended flights and evacuated people, as several sought shelter in the car park, the airport said in a statement.

Kyiv meanwhile came under a second Russian air attack this week, as ballistic missiles were unleashed on the Ukrainian capital, city officials said. Earlier this week, a major attack on Kyiv by Russia killed 11 people and damaged a UNESCO-listed 1,000-year-old monastery, drawing condemnation from European leaders. Russia denied striking the monastery.

The attacks come as Zelenskyy works to pressure Russia into negotiating an end to its more than four-year-long war. Zelenskyy said he had spoken to US President Donald Trump, French President Emmanuel Macron and other leaders from G7 countries to coordinate ways to end the ⁠war.

G7 leaders pledged to strengthen Ukraine’s air defences and increase pressure on Moscow’s war economy, including by tightening sanctions on the Russian oil and gas sectors.

Trump told reporters he was “gonna do whatever I can” to end the war.

Zelenskyy said he received important commitments from the G7, including “more air defence missiles along with licenses to produce them, and a winter support package.”

“Importantly, the US is ready to provide backstop across these lines of effort,” Zelenskyy wrote on X. “It is key that everything discussed be implemented. Russia must come to learn that its war will never be normalised.”

Israeli Prime Minister Benjamin Netanyahu is facing mounting pressure after he was cut out of the US-Iran agreement. Crucially, the Memorandum of Understanding includes Israel’s war on Lebanon. Al Jazeera’s Nour Odeh explains.

Israel may ‘symbolically’ pull back its troops from southern Lebanon after the US and Iran signed a peace deal which included an end to Israel’s war on Lebanon, according to analyst Rami Khouri. But he attests, real policy change will only happen when the US forces Israel’s hand.

Palestinian activist Mahmoud Zaiter consoled Algerian fans after their team’s World Cup defeat to Argentina, praising Algeria’s support for Gaza’s orphans. He said the sponsorship of more than one thousand orphans represented a greater victory.

June 17 (UPI) — Shortly after President Donald Trump rescinded his endorsement of Jackson Lahmeyer, a Republican candidate for the House of Representatives from Oklahoma, Lahmeyer dropped out of the race, saying he didn’t want to be “a distraction.”

“After prayerful consideration with my wife, Kendra, and my team over the past 24 hours, I’ve made the difficult decision to suspend my campaign for Congress,” Lahmeyer said in a statement, CNN reported. “I do not want to be a distraction to my family, my church and the great people of Oklahoma’s 1st Congressional District, who deserve a strong conservative voice representing them in Congress.”

Trump endorsed Lahmeyer, a right-wing megachurch pastor and founder for Pastors for Trump, before Tuesday’s primary, after which the candidate was expected to advance to a runoff for the Republican nomination against Rep. Mark Tedford.

On Sunday, however, The Daily Mail published texts between Lahmeyer and a former Miss Oklahoma pageant winner in which the candidate called her “cute” and mentioned an invitation to his hotel room, The New York Times reported. Lahmeyer acknowledged sending the messages but said they were “carefully cherry-picked,” the Times said.

Trump previously called Lahmeyer a “MAGA Warrior,” saying, “Jackson Lahmeyer has my Complete and Total Endorsement to be the next Representative from Oklahoma’s 1st Congressional District — HE WILL NEVER LET YOU DOWN!” But in a social media post on Wednesday, he threw his support behind Tedford.

“I greatly appreciate Jackson Lahmeyer’s hard work under difficult circumstances — he has always been with me, and I will always be wit hhim,” Trump wrote. “But, when it comes to the current Congressional race for Oklahoma’s 1st Congressional District, I will be supporting America First Patriot, Mark Tedford. Mark is Pro Trump and MAGA all the way!”

“HE WILL NEVER LET YOU DOWN!” Trump added.

Tedford and Lahmeyer had been running to succeed Rep. Kevin Hern, who is running for Senate. Tedford received 32% of the vote Tuesday while Lahmeyer received 25%. Both did not receive the majority needed to advance directly to the general election. The district heavily favors Republican candidates.

June 17 (UPI) — Georgia Republicans on Wednesday rejected GOP efforts to redraw the state’s congressional and legislative maps amid a wider national push to redraw congressional maps.

Georgia Gov. Brian Kemp, a Republican, had last month scheduled the special session for Wednesday to consider redrawing the state’s maps in response to pressure to do so following the Supreme Court‘s April ruling that weakened Voting Rights Act protections for district lines drawn to preserve minority voting power.

The state’s House speaker, Jon Burns, said in a letter Wednesday to Kemp that Georgia’s House and Senate Republicans would not take up his redistricting call, citing more pressing cost-of-living issues and cases pending in court that could affect any alterations they adopt to their maps.

“Changes to Georgia’s maps should take place only when members of the General Assembly and citizens have been given ample opportunity to gather the facts, provide input and engage in meaningful discussion,” Burns said in the letter.

“For this reason, we will not be taking up congressional or legislative redistricting for the 2028 election cycle during this special session.”

Protesters swarmed the Georgia Capitol on Wednesday to demonstrate against redistricting. Videos posted online by the NAACP show supporters within the legislative building chanting “Black voters matter” at the Republican lawmakers who had congregated on the central sweeping staircase for a press conference.

When Senate Pro Tempore Larry Walker III remarked during the press conference that the Supreme Court ruling meant Georgia would need to redraw its maps, he was met with boos from the demonstrators.

“We believe it would be wise to allow the judicial process to develop in other states and see how the courts rule on redistricting maps elsewhere. With this guidance, we are confident that Georgia’s new districts will ultimately withstand legal scrutiny and that Georgia will prevail in defending these maps before the court,” he said.

“Because any changes to our current congressional or legislative districts would not go into effect until 2028, we believe it is prudent to take the appropriate and necessary time to do this important duty the right way and not to rush through it.”

Democrats celebrated the announcement, while arguing state Republicans had little choice but to shelve the effort in the face of opposition.

“State Republicans can see the backlash from voters coming this November, which is why they called off their plan to further rig maps,” Heather Williams, president of the Democratic Legislative Campaign Committee, said in a social media statement.

“But let’s be clear: The threat of future GOP gerrymandering looms, which is why building Democratic power in Georgia this year is crucial.”

Several, mostly Southern GOP-led or -aligned states have sought to redraw their maps following the Louisiana Vs. Callais decision, which threw out Louisiana’s 2023 congressional map with two majority-Black districts and cleared the way for the state to use a map with only one. The decision is widely seen as an opening to redraw maps that weaken minority voting power on partisan grounds.

Though any redrawn maps in Georgia wouldn’t take effect until 2028, Kemp called Wednesday’s special session amid a wider President Donald Trump-led effort to have GOP-led states shore up additional red seats ahead of November’s midterm elections.

Trump, who has voiced concern about impeachment proceedings and investigations if Republicans lose the House, has pushed GOP-led and -leaning states to redraw their maps to create new Republican-aligned districts and increase chances of holding onto the lower chamber.

GOP-led Texas became the first state to redraw its map last summer, setting off a gerrymandering arms race with the Democrats seeking to create new blue-leaning districts to neutralize Republican gains.

At least 10 states have completed redistricting efforts according to the National Conference of State Legislatures, which is tracking mid-decade redistricting. Eight of the 10 newly redrawn maps are expected to favor the Republican Party.

June 17 (UPI) — Israel carried out strikes on Lebanon on Wednesday as leaders prepared to sign the Iran-United States cease-fire Friday.

President Donald Trump criticized the attacks at a press conference Wednesday at the G7 Summit in Évian-les-Bains, France.

Israel and Hezbollah have attacked each other since their own cease-fire agreement was signed Sunday.

Israeli President Benjamin Netanyahu said Monday that the Israeli military would stay in Lebanon “for as long as necessary,” the BBC reported.

On Tuesday, Lebanese media reported that four people were killed in Israeli attacks, and Iran warned Israel that it would deliver a “harsh response” if it didn’t end its “malice” in Lebanon.

Naim Qasem, leader of Hezbollah, said in a televised statement on Wednesday that the memorandum of understanding between the United States and Iran was a “great victory.” He urged Lebanon to focus on restoring sovereignty with the withdrawal of Israeli troops from the country.

Lebanese President Joseph Aoun said he would work for an “independent path” when negotiating with Israel, but said he is “in favor of a cease-fire and welcome the support of any country that helps us, including Iran,” the BBC reported.

There has been a dip in violence since the MOU was announced, but attacks have not stopped, Al Jazeera reported.

Reporters on the ground reported that Israeli forces carried out an airstrike near Kfar Tebnit in the Nabatieh district. They also launched raids on the town of Nabatieh al-Fawqa and shelled the Ali al-Taher heights and the outskirts of the town.

Hezbollah launched at least 10 rockets toward Israeli forces near Kfar Tebnit. The Israeli army said ⁠an ⁠explosive Hezbollah drone detonated near ⁠its troops ⁠in southern Lebanon, wounding four of them, Al Jazeera said.

The Israeli army said that minutes later, another drone exploded and injured one more soldier.

On Tuesday, Israeli attacks killed at least four in Nabatieh, including in drone strikes on several vehicles, Al Jazeera said.

Trump’s remarks in France show his frustration with Netanyahu’s unwillingness to stop fighting.

“I think they could do better with respect to Hezbollah. I am not saying they should not protect themselves. I am saying when two drones are shot into the desert and dropped harmlessly, you do not have to knock down buildings in Beirut,” Trump said. “They could behave better and, frankly, they could do a better job.”