Business

South Korean stocks rebounded to a fresh all-time high Friday, driven by strong gains in stocks related to artificial intelligence (AI) and renewed optimism about a potential ceasefire in the Middle East. The local currency fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 290.86 points, or 3.55 percent, to close at 8,476.15, after hitting a new intraday high of 8,615.09.

Trade volume was heavy at 701.5 million shares worth 73.7 trillion won (US$48.9 billion), with losers outnumbering winners 686 to 205.

Foreign and individual investors unloaded local shares worth a net 1.04 trillion won and 1.4 trillion won, respectively, while institutions scooped up a net 2.37 trillion won.

The index restarted its record-breaking run after losing 0.53 percent the previous day. The KOSPI had risen for four consecutive sessions starting May 21, breaching the 8,000-point level for the first time Tuesday.

Overnight news reports that the United States and Iran had reached an agreement to extend the current ceasefire for 60 days and resume talks on Tehran’s nuclear program pushed up the index.

AI shares were boosted by the latest reports that Nvidia Corp. founder Jensen Huang plans to visit South Korea next week.

“Backed by gains in major stocks, the KOSPI rallied on news of Jensen Huang’s planned visit,” said Lee Kyung-min, an analyst at Daishin Securities. “Stocks related to Huang’s Korean visit closed in positive territory.”

Market bellwether Samsung Electronics jumped 5.84 percent to 317,000 won, and its chipmaking rival SK hynix advanced 1.92 percent to 2.33 million won.

LG Electronics shot up 29.93 percent to 293,000 won, and internet giant Naver surged 14.15 percent to 234,000 won. The two companies were reportedly on the top of Jensen Huang’s Korean schedule.

Top carmaker Hyundai Motor rose 6.79 percent to 723,000 won, and its auto parts affiliate Hyundai Mobis moved up 11.95 percent to 768,000 won.

Leading battery maker LG Energy Solution advanced 3.62 percent to 458,000 won, and pharmaceutical giant Celltrion gained 1.53 percent to 192,900 won.

However, major bank share Hana Financial Group retreated 0.17 percent to 115,100 won, and food giant Nongshim was down 0.77 percent to 385,000 won.

The Korean won was quoted at 1,507.9 won against the U.S. dollar at 3:30 p.m., down 5.1 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 3.5 basis points to 3.731 percent, while the return on the benchmark five-year government bonds dropped 6.8 basis points to 3.924 percent.

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May 28 (UPI) — Nicaragua’s government said it will return mining company BHMB Mining to its original owners after the operation was confiscated in September 2025 and later transferred to Chinese firms.

The announcement came from Nicaragua’s Attorney General’s Office and follows what local media and analysts described as efforts by President Daniel Ortega and Vice President Rosario Murillo’s government to avoid additional sanctions from the Trump administration.

According to the government, officials reached an agreement with BHMB Inc., a U.S.-British company incorporated in Florida, allowing operations to resume at the BHMB Palacaguina processing plant in northern Nicaragua.

“As a result of a process of dialogue and coordination carried out in an atmosphere of cooperation and mutual respect, an understanding has been reached aimed at the orderly and secure normalization and operational reactivation of the BHMB Palacaguina plant,” the government said in a statement.

The government added that the specific terms and conditions of the agreement remain confidential.

Nicaraguan newspaper La Prensa previously reported that authorities seized the facilities in September 2025. The company operated a gold processing plant in northern Nicaragua valued at more than $80 million under a 10-year operating permit.

The owners said that after the expropriation, Nicaraguan authorities transferred the plant to Chinese companies Zhong Fu Development and Santa Rita Mining.

Environmental and Indigenous rights advocate Amaru Ruiz wrote on X that “the Ortega-Murillo regime announces an agreement with BHMB Mining Nicaragua to free itself from the complaint filed before ICSID over the expropriation suffered by the company.”

Ruiz later told Nicaraguan outlet 100% Noticias that the decision represented an unusual reversal by the government. He said the administration “feared losing the case before ICSID” because of growing international pressure and the possibility of economic sanctions.

The International Centre for Settlement of Investment Disputes, or ICSID, is a World Bank institution that resolves legal disputes between sovereign states and foreign investors.

On April 16, the U.S. Treasury Department’s Office of Foreign Assets Control announced sanctions targeting individuals and entities tied to Nicaragua’s gold sector.

According to the Treasury Department, the sanctions responded to what it described as the Ortega-Murillo government’s use of the gold industry as a major source of financing for repression and corrupt enrichment of the ruling family.

Nicaraguan journalist Miguel Mendoza said the government’s decision to return the plant to BHMB appeared aimed at avoiding political and economic pressure from the U.S. Congress.

U.S. lawmakers are scheduled to hold a hearing June 4 titled “Confronting the Ortega-Murillo Totalitarian Regime,” focused on democratic backsliding in Nicaragua and rising tensions with Washington.

Mendoza added that BHMB shareholder Baruch Rapoport maintains relationships with figures in the Trump administration, including diplomat Richard Grenell, who served as Trump’s special envoy for Venezuela.

According to Mendoza, those ties may have contributed to recent U.S. sanctions against seven Nicaraguan mining companies, targeting one of the government’s most profitable sectors.

The central bank on Thursday raised its economic growth forecast for South Korea to 2.6 percent for 2026 amid solid exports driven by a semiconductor super cycle.

The revision by the Bank of Korea (BOK) represents a 0.6 percentage-point increase from its previous forecast of 2 percent issued in February.

It is the largest upside revision since May 2021, when the BOK raised its growth projection by 1 percentage point from 3 percent to 4 percent.

For 2027, the central bank estimated its growth outlook at 2.1 percent.

The South Korean economy grew 1.7 percent in the first quarter, marking the sharpest quarterly growth in 5 1/2 years.

The revised outlook broadly aligned with forecasts from other institutions.

The International Monetary Fund (IMF) projected growth of 1.9 percent this year, while the Asian Development Bank (ADB) projected 1.9 percent growth.

The Korea Development Institute (KDI) earlier improved its growth forecast to 2.5 percent for 2026 from 1.9 percent.

The BOK also revised up its inflation prediction to 2.7 percent from 2.2 percent, citing higher international oil prices in the aftermath of the U.S.-Iran war.

For 2027, consumer prices are estimated to rise 2.3 percent, according to the BOK.

“The Korean economy is projected to expand by 2.6 percent this year, well above the February forecast of 2 percent, driven by robust semiconductor exports, while government measures, including the supplementary budget, partially offset the Middle East-driven supply shock,” the BOK said in a release.

BOK Gov. Shin Hyun-song said in a press conference that strong exports will likely contribute 0.7 percentage point to the country’s growth this year, alongside the 0.2 percentage point gains generated by the government’s fiscal support and the 0.1 percentage-point increase brought on by the local stock market rally. On the other hand, the ongoing U.S.-Iran war will drag down the economy by 0.4 percentage point, he added.

“Based on our analysis, we concluded that if the situation in the Middle East is resolved early, this year’s growth rate could exceed 2.6 percent,” he said. “We do not think the growth is a short-lived trend.”

The central bank presented an optimistic scenario in which semiconductor-driven exports gain further momentum, raising its growth forecast by 0.5 percentage point for 2026 and 0.3 percentage point for 2027.

Under a pessimistic scenario, however, a possible slowdown in artificial intelligence investments would lower economic growth by 0.3 percentage point this year and 0.2 percentage point next year, the central bank said.

In line with the upbeat outlook, the BOK kept the key interest rate unchanged at 2.5 percent but signaled a possible rate hike in the second half.

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The Lakers informed employees Wednesday there would be a round of layoffs as the organization continues restructuring under new ownership, according to multiple people.

Those familiar with the situation but unable to speak publicly confirmed to The Times that at least 15 people across multiple departments, including communications, marketing and sales, would be laid off.

Since Dodgers owner Mark Walter took over as the majority owner of the Lakers in a record-setting $10-billion deal that was finalized in October, the franchise has gradually overhauled both business and basketball operations.

The team hired a new assistant general manager this week, bringing Rohan Ramadas in from the New Orleans Pelicans to oversee strategy and data systems. The front office, led by president of basketball operations and general manager Rob Pelinka, will hire another assistant general manager focused on scouting and player development.

The Lakers functioned as a family business for more than 45 years under the ownership of the late Jerry Buss and his children. They blossomed into one of the premier sports teams in the world, but the ownership change brought swift business changes.

Former Dodgers executive vice president and chief marketing officer Lon Rosen became the Lakers’ president of business operations and created two positions to boost revenue and oversee business strategy.

Michael Spetner, who also most recently worked for the Dodgers, was hired as chief strategy and growth officer while Ryan Kantor, a former business executive with the Clippers, joined as the vice president of global partnerships.

Times staff writer Broderick Turner contributed to this report.

Canada has announced plans to buy a fleet of early warning planes from Sweden’s Saab rather than a competing option from Boeing as it seeks to reduce its reliance on the United States.

Prime Minister Mark Carney said on Wednesday that Canada would opt for Saab’s GlobalEye, which is based on Bombardier’s Global 6500 jet. Boeing’s E-7 Wedgetail plane – which has suffered from delays and cost overruns – had also been in contention.

“With a suite of advanced sensors and mission systems, Saab’s GlobalEye will be a key resource for the Canadian Armed Forces to detect and deter threats across the Arctic,” Carney told a defence conference in Ottawa.

The Prime Minister pledged in March that Canada would take full responsibility for protecting its vast Arctic territory, after relying for decades on a partnership with the US to monitor its more than 4.4 million square km (1.7 million square miles) of land and sea, a territory larger than India.

Carney’s Liberal government last year announced plans to ramp up defence spending. The US and other allies had complained for years that Canada was not meeting longstanding NATO targets on military expenditure; Carney announced in March that Canada hit that target of spending 2 percent of its GDP on defence last year.

In a statement, Saab said it planned to invest in research and development work in Canada as part of any deal.

Although Carney did not give details of the fleet size or the cost of a potential contract, military officials had earlier said they were looking to buy six early warning aircraft.

Philippe Lagasse, associate director of international affairs at Ottawa’s Carleton University, said Canada’s decision to buy the GlobalEye planes was “an important test case for the Carney government’s policy of pivoting away from American military capability”.

He said in a statement that the decision confirms Canada’s relationship with Sweden, a new NATO ally that has also been eager to strengthen its ties to the Canadian military.

Canada has previously said it wants to work more closely with the Nordic countries in the Arctic on defence and other issues, in a global environment in which the US has become a less reliable partner.

“GlobalEye is already creating jobs in Canada, and working with the Canadian supply chain. This decision ties our two nations even closer together,” Swedish Prime Minister Ulf Kristersson said in a social media post.

Saab is also in the running to sell Canada some of its Gripen fighters.

Canada has a deal to buy 88 F-35 jets from Lockheed-Martin, but last year, after the US slapped tariffs on key Canadian imports, Carney asked the military to probe whether it could cut back the order and buy some planes from another manufacturer.

Carney later told reporters Ottawa would make a decision on the fighter fleet in due course and declined to comment when asked whether the military would be operating two jets.

Last week, a Pentagon official, speaking after Washington suspended planned biannual defence talks with Canada, said the delay in making a decision on the F-35s showed how Ottawa was prioritising politics over defence issues.

Still, Lagasse of Carleton University said he expected Canada would ultimately decide to stick with a fleet of F-35 jets rather than splitting the fleet by buying some Saab Gripens.

“If the government was determined to buy Gripens, I would have expected them to make the announcement alongside this [GlobalEye] decision,” he said.

Trade tensions

The announcement came amid ongoing trade tensions between US and Canada after US President Donald Trump slapped tariffs on Canada after taking office last year, alongside multiple comments threatening to annex the country and make it the 51st state of the US.

Historically, nearly 80 percent of Canada’s exports have been to the US. While the vast majority of those were protected under the USMCA, the trade agreement between the two countries that also includes Mexico, that is now due for a review, which starts on July 1, and Trump has said the US does not really need that deal.

While the US has announced bilateral talks with Mexico, there has been no mention of Canada.

Deputy US Trade Representative Jeffrey Goettman will lead bilateral talks in Mexico City on Thursday and Friday focused on “economic security and rules of origin for key industrial goods,” the department said in a statement on Wednesday.

USTR said the US and Mexico will hold a second round of negotiations in Washington on June 16-17, focused on agriculture and “a level playing field,” with a third set of talks in Mexico City scheduled for the week of July 20.

The first Trump administration held trilateral negotiating rounds with both Mexico and Canada to create the existing USMCA, which replaced the 1994 North American Free Trade Agreement in 2020.

But so far, there have been few discussions between US Trade Representative Jamieson Greer and his Canadian counterpart, Canada-US Trade Minister Dominic LeBlanc, since early March, and no formal launch of a US-Canada negotiating process.

Samsung Electronics Co.’s unionized workers voted to approve a wage agreement that includes a substantial bonus package for chip workers, the union said Wednesday, easing concerns over potential disruptions to the global supply chain.

In the six-day vote, 73.7 percent of the 62,616 members of the tech giant’s two largest unions approved the tentative deal. The agreement was finalized after a majority of eligible voters took part in the vote and a majority voted in favor of the proposal.

Later in the day, the two sides signed the wage agreement, with management pledging to strengthen the company’s global competitiveness.

“Starting with the conclusion of this wage agreement, labor and management will work together as one to strengthen our global competitiveness,” Yeo Myeong-gu, head of the company’s Device Solutions division’s People Team, said in a press release.

The labor union and management reached the agreement just an hour before an 18-day strike was set to begin at the world’s top memory chipmaker last Thursday.

Labor and management had been deadlocked since late last year over performance-based bonuses tied to earnings from the company’s artificial intelligence (AI)-related semiconductor business amid the ongoing global memory chip boom.

Under the deal, Samsung will allocate a special semiconductor performance bonus equivalent to 10.5 percent of business performance earnings, without a cap.

The special bonuses will be paid in company stock over at least 10 years, based on targets for the chip division to achieve more than 200 trillion won (US$132 billion) in annual operating profit from 2026 to 2028 and 100 trillion won from 2029 to 2035.

Of the total bonus pool, 40 percent will be allocated to the division as a whole, while 60 percent will be distributed to individual business units.

Based on forecasts that Samsung’s operating profit could reach 300 trillion won this year, the agreement could translate into bonus payouts of up to 600 million won for each of the 28,000 employees in the company’s profitable chip division.

Following the signing, the company announced it will create a 5 trillion-won fund over the next five years to invest in future talent development and build an ecosystem supporting its suppliers and underprivileged groups.

“Over the next five years, we will raise a total of 5 trillion won to invest in win-win cooperation and building a healthy ecosystem, as well as nurturing future talent,” according to the statement attributed by company executives.

The move is widely seen as an effort to counter criticism that the company has been distributing massive profits from the semiconductor supercycle as excessive employee bonuses.

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Taipei, Taiwan – For Li, an engineer at Taiwanese computer giant ASUS, the AI boom sweeping Taiwan has made it an exciting time to work in tech.

Taiwan is a semiconductor powerhouse, producing about 90 percent of the most advanced chips used to power leading AI models such as ChatGPT and Claude.

“I’ve felt Taiwan’s tech and computer industry becoming more vibrant,” Li, who asked not to be identified by his real name, told Al Jazeera, pointing to events such as the upcoming Computex tech and AI expo running from June 2 to 6.

Still, Li worries that the spoils of Taiwan’s AI windfall are not being shared equally.

“Most industries unrelated to tech don’t seem to be feeling the benefits, so it doesn’t feel evenly distributed at the moment,” Li said, explaining that many of his former classmates working outside of tech do not appear to be doing as well.

“It’s mainly the industries at the front of this tech wave that are benefitting.”

Taiwan’s economy is growing at a pace that would be the envy of any country.

Gross domestic product (GDP) rose 8.63 percent in 2025, followed by a heady 13.69 percent expansion in the first three months of this year.

Exports surged 34.9 percent last year to $640.7bn, with more than two-thirds of the total being tech-related goods and services.

Semiconductors alone account for more than 20 percent of Taiwan’s GDP, according to US trade data, with the vast majority of production handled by Taiwan Semiconductor Manufacturing Company (TSMC), whose top customers include Nvidia and Apple.

TSMC by itself accounts for more than 40 percent of the value of the island’s stock market.

While impressive, the rapid economic expansion has raised concerns about being overreliant on the growth of AI.

Taiwan’s Central Bank Governor Yang Chin-lung has sounded the alarm about an emerging “K-shaped economy,” where certain sectors grow rapidly while others fall into stagnation.

While critical to Taiwan’s economy, the semiconductor industry is far from the largest source of jobs.

The sector employs only about 300,000 people in a workforce of 11 million, according to data compiled by Dachrahn Wu, director of National Central University’s Research Center for Taiwan Economic Development.

The broader electronics and IT manufacturing industry employs about one million people, compared with about seven million working in the service sector, according to Wu’s data.

The heavy reliance on a single industry for growth marks a shift from the Asian Tiger era of the 1960s to 90s, when Taiwan’s economy was driven by hundreds of thousands of small and medium-sized enterprises (SMEs), according to James Lin, a historian who specialises in Taiwan’s post-war economic transformation.

“From the 1970s to 1990s, economic growth was concentrated in the hands of small and medium family enterprises that exemplified the ‘living room factory’ model, where family-owned businesses focused on producing one part for a consumer product,” Lin told Al Jazeera.  

“The benefits of this period were thus more widely distributed across Taiwanese society,” Lin said.

“By contrast, today, wealth inequality is growing in Taiwan as land is becoming more expensive and large corporations like TSMC attract the lion’s share of foreign capital investment rather than small corporations.”

Alicia Garcia Herrero, chief economist for Asia Pacific at French investment bank Natixis, said Taiwan’s economic model has left it at risk of becoming a “dual society” where tech sweeps up talent, funding and resources at the expense of other industries.

“It’s very hard if you’re not in [the semiconductor] sector in Taiwan right now,” Garcia Herrero told Al Jazeera, pointing to low wages for workers in non-tech roles and rising costs for businesses.

Some of Taiwan’s challenges are out of its control, said Chao-Hsi Huang, associate dean at the Taipei School of Economics and a former director at Taiwan’s central bank.

Those challenges include US President Donald Trump’s tariffs, which have partially exempted semiconductors but hit exporters in non-tech industries.

“The traditional [manufacturing] sector suffers higher tariffs than other competing countries like Korea or Japan, or even Southeast Asian countries, due to the fact we are not able to sign free trade agreements,” Huang told Al Jazeera.

“We are treated differently, and that’s a difficulty we are facing.”

Critics have placed other issues on the shoulders of the government, including a weak currency that has made exports more competitive but chipped away at consumers’ purchasing power.

Taiwan’s government denies engaging in currency manipulation, though it acknowledges intervening in the market to smooth out “volatility” when the new Taiwan dollar falls or rises sharply against other currencies.

After two decades of stagnation through the 2010s, wages are growing again – albeit unevenly.

Real average wages grew 1.4 percent in 2025, while median wages rose 1.35 percent, according to the Directorate-General of Budget, Accounting and Statistics (DGBAS).

Still, 70 percent of Taiwanese earned less than the average, a statistic attributable to the distorting effect of much higher salaries in the tech sector, where pay is nearly double the national average.

For Taiwanese frustrated with stagnant pay, Taiwan’s soaring stock market has offered some consolation.

Riding the AI boom, the Taiwan Stock Exchange (TWSE) more than doubled in value between 2019 and 2025 to $2.2 trillion, according to HSBC.

Regulatory changes introduced in 2020 made it easier for small-time investors to buy single stocks, encouraging a rush of everyday Taiwanese into the market.

In January, the TWSE reported that the number of trading accounts had reached 13.77 million – equivalent to 60 percent of Taiwan’s population – while hailing the bourse as a “cornerstone for inclusive prosperity and shared growth”.

Though more equal than neighbours such as Singapore, Hong Kong and China, Taiwan’s wealth divide has grown over the decades.

In 1980, Taiwan had a Gini coefficient of 0.308 – a measurement of wealth distribution where 0 indicates perfect equality – putting it on par with contemporary Norway, according to the DGBAS.

By 2024, Taiwan’s Gini coefficient had grown to 0.341 – lower than many countries but still a significant rise.

“I feel that the benefits of economic growth haven’t been distributed evenly,” Ryan, an engineer in the local tech sector who asked not to be identified by his real name, told Al Jazeera.

“Some industries or asset holders benefit significantly, but ordinary office workers often experience a rise in prices and housing costs, rather than an easier life,” he said.

Wei-ting Yen, an assistant research fellow at the research institution Academia Sinica, said while the semiconductor and stock market booms have helped some Taiwanese, they have heightened the angst of others.

In a survey of 1,195 Taiwanese voters carried out last month, 40 percent said their household was financially either “anxious” or “very anxious” due to rising living costs, particularly housing.

“I think subjectively, they’re anxious that they’re not accumulating wealth and it’s not enough to help them buy a house or an apartment,” Yen told Al Jazeera.

“Housing prices have been going crazy worldwide, and the stock market has been going crazy, [but] for people who do not have extra money to invest in those two options, it creates even more frustration and anxiety around them,” she said.

May 25 (UPI) — With the United States and Iran reportedly nearing a peace deal, oil prices fell slightly below $100 per barrel early Monday, suggesting optimism from traders to start the week.

Gas prices also declined slightly in the United States in the last week, but remain above $4.50 per gallon for regular on Memorial Day.

President Donald Trump has indicated that negotiations are “proceeding nicely,” and Iran acknowledged that talks have progressed but that a deal has not been reached, The BBC reported.

In European trading, Brent crude dropped to $95.04 per barrel and WTI futures dropped dropped to $91.02 per barrel — both declines of more than 5% — the Wall Street Journal reported.

Even with gas prices high, The Hill reported that more than 39 million people were projected to travel the roads during Memorial Day weekend, even as gas prices have remained consistently high since the start of the war in Iran.

Regular gas on Monday averaged $4.50 per gallon, which is down $0.01 from one week ago, but still $0.40 higher than one month ago, AAA reported.

Similar, diesel averaged $5.59 per gallon on Monday, which is down $0.03 from one week ago, and $0.40 more than one month ago.

“Memorial Day travel is still reaching record levels, but with the smallest year-over-year increase in more than a decade,” said Tiffany Wright, spokesperson for AAA’s The Auto Club.

“Although travel demand remains strong, higher fuel prices and persistent inflation may cause some travelers to shorten trips, delay plans or stay closer to home.”

The longer that the United States and Iran take to agree on a peace plan and the Strait of Hormuz remains closed, gas prices are unlikely to decrease significantly and energy markets will take a while to get back to normal, Axios reported.

“Gas prices are currently falling, but until we see an agreement signed and a significant amount of ships transit the Strait, the national average prices of gasoline will likely remain well above $4.00 per gallon,” said Patrick De Haan, head of petroleum analysis for Gas Buddy.

Samsung Electronics Co. topped the smartphone markets in Central and South America, the Middle East and Southeast Asia in the first quarter on steady sales of its premium Galaxy S26 and budget Galaxy A series smartphones, industry data showed Monday.

According to the data compiled by industry tracker Omdia, Samsung Electronics sold some 12.9 million units of smartphones in the Central and South American market in the January-March period, accounting for 37 percent of the total 34.8 million smartphones sold there over the cited period.

Omdia said the performance was driven by solid sales of Galaxy A series smartphones as Samsung Electronics responded to market demand with a diversified product lineup.

In the Middle East market, where smartphone sales fell 6 percent on-year to 11 million units in the first quarter, Samsung Electronics led the market with a market share of 34 percent on strong demand for the latest Galaxy S26 and Galaxy A series smartphones.

The company also sold 4.6 million smartphones in the Southeast Asian market, accounting for 21 percent of all smartphones sold there in the first quarter.

Omdia said strong sales of the Galaxy S26 series, launched in January, and steady demand for the Galaxy A series helped Samsung Electronics expand its market share in Southeast Asia, where quarterly smartphone sales fell 9 percent from a year earlier.

Earlier, Omdia said Samsung Electronics ranked No. 1 in the global smartphone market in the first quarter with a 22 percent market share.

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May 22 (Asia Today) — POSCO International said Friday it plans to enter the U.S. rare earth separation, refining and permanent magnet business through a joint investment with ReElement Technologies.

The South Korean trading company said it signed an agreement with the U.S. firm to pursue a joint venture for rare earth separation and refining production in the United States.

The signing ceremony was held in Washington, D.C., with POSCO International CEO Lee Kye-in, ReElement Technologies CEO Mark Jensen, U.S. government officials and South Korean Embassy officials in attendance.

The companies plan to jointly invest $200 million to build a rare earth separation and refining plant with annual capacity of 6,000 tons. They also plan to develop an integrated production complex that can later produce permanent magnets.

Rare earth materials are used in electric vehicle motors, robots and artificial intelligence data centers. Heavy rare earths such as dysprosium and terbium are considered essential for high-performance permanent magnets.

POSCO International will lead management of the joint venture, while ReElement Technologies will provide core separation and refining technology.

The venture plans to produce neodymium-praseodymium oxide, dysprosium oxide and terbium oxide. It will first build annual production capacity of 3,000 tons before expanding to 6,000 tons.

Trial production is scheduled for the fourth quarter of 2027, with mass production targeted for 2028.

POSCO International said the project is part of its broader plan to build an integrated value chain from raw material sourcing to separation and refining, permanent magnets and electric vehicle motor cores.

“This joint venture is more than the establishment of a refining plant. It is the starting point for building a critical minerals value chain in the United States,” Lee 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=20260522010006592

May 22 (Asia Today) — HD Construction Equipment said Friday it signed an agreement with Ukraine’s Mykolaiv regional government to expand cooperation on postwar reconstruction.

The memorandum of understanding was signed Thursday at HD Hyundai’s Global R&D Center in Pangyo, south of Seoul. Attendees included Mykolaiv Gov. Vitaliy Kim, HD Hyundai Vice Chairman Cho Young-cheul and HD Construction Equipment President Moon Jae-young.

The agreement expands cooperation that began in 2023, when HD Construction Equipment worked with the Mykolaiv regional government on construction equipment donations and training.

The two sides agreed to broaden cooperation to include equipment supply, a local training center, service and maintenance support, financing systems and energy infrastructure restoration.

HD Construction Equipment has continued reconstruction talks with Ukrainian government and local officials since the war began. In 2023, Ukraine’s first deputy infrastructure minister, Vasyl Shkurakov, visited the company’s Ulsan campus, leading to further discussions on rebuilding projects.

The company later donated five major pieces of equipment, including excavators and forklifts, to Mykolaiv. The equipment is still being used for emergency recovery and infrastructure restoration work.

HD Hyundai said it plans to pursue a groupwide reconstruction cooperation model combining its construction machinery and energy capabilities.

“We will build a cooperation system that can make a practical contribution to Ukraine’s reconstruction, going beyond simple equipment supply,” Cho 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=20260522010006601

The United States and India are seeking to mend ties after a year of diplomatic see-saw during which tariffs were imposed and then quickly scrapped because of the US-Israel war on Iran.

This is just one example of how international relations and conflict have become more complex and interlinked in recent years.

So, is pragmatism replacing ideology in today’s diplomatic world?

Presenter: Scott McLean

Guests:

Brahma Chellaney – Professor emeritus of strategic studies at the Centre for Policy Research

Chris Weafer – Chief executive officer at Macro-Advisory strategic consultancy

Shaun Rein – Founder and managing director of the China Market Research Group

May 22 (Asia Today) — LS Electric Chairman Koo Ja-kyun called for stronger quality and delivery competitiveness as the South Korean company seeks to expand in the North American data center power infrastructure market.

Koo recently visited LS Electric’s Cheongju plant, a key production base for power equipment used in North American data centers, the company said Friday.

During the visit, Koo inspected switchgear production lines, the smart factory system and high-voltage circuit breaker lines.

“The U.S.-centered data center market does not allow even the slightest error in next-generation power grid fields such as direct current distribution,” Koo said. “Top-level high-end quality and flawless delivery capability are essential.”

He said the company should go beyond merely meeting customer standards.

“We must secure competitiveness strong enough to overwhelm global partners based on our smart manufacturing capabilities,” Koo said.

Industry officials say the expansion of artificial intelligence data centers has pushed the power infrastructure market into a “power supercycle,” driving demand for high-end power solutions such as high-voltage distribution equipment and circuit breakers.

Koo also called for early investment and technological innovation.

“The global power market is facing a major transition,” he said. “If we remain complacent, we will fall behind. Bold innovation that breaks through limits is necessary.”

— 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=20260522010006606

May 22 (UPI) — The Federal Communications Commission on Friday opened public comment on a petition from the Disney-owned network ABC to declare its show The View as a “bona fide news interview program.”

Disney submitted the petition in early May on behalf of its television station KTRK-TV in Houston and its parent company ABC for the declaration in order to receive an exemption from laws requiring that non-news programming include equal time for representation of political candidates for office.

The equal time rule is part of the Communications Act of 1934, which created the FCC and regulations for the use of wire and radio, and later television, communications.

The rule is meant to ensure equal access to broadcast station facilities for all candidates for office — essentially, the same amount of air time — to prevent broadcasters from using the public airwaves to push one political candidate or party over another.

Disney and ABC’s request for an exemption to the rule, which are generally granted for news broadcasts, stems from years-long squabbling between President Donald Trump and various people who have hosted The View, which is a news and pop culture analysis program hosted by a panel of women.

“Is The View a ‘bona fide news interview program?” FCC Chairman Brendan Carr said in a post on X announcing the public comment period.

“Under FCC case law, tv shows do not qualify as ‘bona fide news’ if their decisions are based on partisan purposes, such as an intention to advance or harm an individual’s candidacy,” Carr said.

Disney compared the show to NBC’s Meet The Press and CBS’ Face The Nation, which feature interviews and roundtable analysis of political and news topics.

Carr, however, contends that The View does not meet the criteria of those shows as news programs, and so should be required to offer time to multiple candidates in a political race if they feature one of them.

In its May 7 petition to the FCC, Disney and ABC noted that the FCC’s actions could upend “settled law and practice,” as well as “chill critical protected speech both with respect to ‘The View’ and more broadly.”

The filing also notes that the show has “been broadcasting under a bona fide news exemption granted to it more than 20 years ago,” and that the exemption “remains valid.”

Warsh will lead the central bank at a time when its independence has come under scrutiny amid political pressure.

Kevin Warsh has been sworn in as the new chair of the United States Federal Reserve Board of Governors, succeeding Jerome Powell, who has held the position since 2018.

Warsh took the oath of office on Friday, following a contentious nomination period, with the Senate voting along party lines on both his confirmation to the Board of Governors and as chairman. Only Pennsylvania Senator John Fetterman broke with his Democratic colleagues to advance his nomination.

Warsh, 56, will lead the central bank at a time when its independence has come under scrutiny amid political pressure on the historically non-partisan institution.

US President Donald Trump, aware of that critique, in his opening remarks said, “I want Kevin to be totally independent and do a great job. Don’t look at me and don’t look at anybody. Just do your own job”.

During his confirmation hearing before the Senate Banking Committee, ahead of a vote by the full Senate, Democratic Senator Elizabeth Warren accused Warsh of being a “sock puppet” for Trump. Warsh denied the allegations and said he would remain independent in his monetary policy decisions.

When Joe Biden was president, Warsh advocated against cutting interest rates, but changed his tune when Trump took office. In December 2025, Trump said that he would only appoint someone to lead the central bank who agreed with him on cutting rates.

Regardless, Warsh cannot unilaterally make policy decisions. He is one of 12 voting members.

The first policy meeting Warsh will lead will be on June 16-17.

Inflationary pressures

Pressure from the White House to cut rates comes amid rising inflation in the US economy.

Consumer prices increased 0.6 percent in April after a 0.9 percent rise in March, according to the most recent Consumer Price Index report released by the Labor Department’s Bureau of Labor Statistics earlier this month.

On an annual basis, prices were also higher, rising 3.8 percent compared with the same month in 2025, marking the largest increase in three years. The largest surge has been in energy prices, which have risen 17.9 percent over the last year.

US consumers are feeling the strain at the pump. The average price for a gallon of petrol (3.78 litres) is $4.56, according to the American Automobile Association (AAA), which tracks daily petrol prices. That is up from $2.98 per gallon on February 28, when the US and Israel first struck Iran.

After he was sworn in, Warsh said he was “not naive” about the challenges facing the US economy, and that inflation can be lower and growth strong.

Surging prices could put pressure on the central bank not to cut rates. Analysts from JPMorgan Chase forecasted last month that rates will likely remain unchanged until mid-2027 and anticipated then that rates could rise rather than be cut.

“With inflation having run significantly above 2 percent over the past five years, with further increases in inflation likely to occur as a result of the conflict in the Middle East, and with emergent price pressures in a few categories that appeared unrelated to tariffs or energy prices, the staff viewed the possibility that inflation would be more persistent than anticipated as a salient risk,” the central bank said in the newly released minutes of its April policy meeting.

CME Group’s FedWatch tool, which tracks the likelihood of monetary policy decisions, says there is a 97 percent chance that rates will remain unchanged at the next policy meeting.

As petrol prices rise, new survey suggests economic confidence in the US is at -45, the worst since 2022.

Only 16 percent of Americans view the economy in the United States as “good” or “excellent”, a new Gallup poll suggests, as inflation continues to rise amid the war on Iran.

The survey, released on Friday, deepens US President Donald Trump’s political woes ahead of the midterm elections in November, which will determine whether his Republican Party can retain control of Congress.

The survey, dubbed Gallup’s Economic Confidence Index, showed confidence in the economy has dropped to -45.

Forty-nine percent of respondents said economic conditions are poor and 34 percent rated them as fair. At the same time, 76 percent said they think the economy getting worse, while 20 percent said it is getting better.

The index averages the results on economic conditions, currently at -33 and economic outlook, currently at -56.

It was the worst set of findings on the economy that the index recorded since 2022 when the cost of living rose after the COVID-19 pandemic and Russia’s invasion of Ukraine.

Petrol costs in the US have skyrocketed since the start of the conflict with Iran late in February. The average price of one gallon (3.8 litres) of gasoline has risen to $4.55 from less than $3 before the US and Israel launched the war.

According to official government reports, consumer prices overall rose in March and April due to the energy crisis.

Iran has responded to the US and Israeli strikes – which killed several top officials, including Supreme Leader Ali Khamenei, as well as hundreds of civilians – by closing the strategic Strait of Hormuz, sending oil and gas prices soaring.

The US has also imposed a naval siege on Iranian ports, deepening the strain on energy supplies across the world.

Despite the ceasefire that began in April, the blockades have persisted in the absence of a permanent end to the war, and Iran is now claiming sovereignty over Hormuz, which operated as a free international passageway before the war.

Parts of the strait run through Iranian and Omani territorial waters.

Although the US is one of the world’s largest oil producers, energy prices are set globally, so the disruption has spiked costs for American consumers.

As a candidate, Trump promised to be a president of “peace”, saying he would pursue “America first” policies that would prioritise domestic issues over foreign interventions.

But the US president joined Israel in attacking Iran without direct provocation. His administration argues that the military campaign is necessary to prevent Tehran from obtaining a nuclear weapon.

Iran denies seeking nuclear weapons. And Trump’s own intelligence chief Tulsi Gabbard has said that Tehran is not building a nuclear bomb.

Trump has repeatedly argued that the cost of the war is worth it, stressing that petrol prices will drop rapidly once the conflict is over.

Last month, the US State Department released a legal justification of the war, saying that Washington joined the conflict “at the request of and in the collective self-defence of its Israeli ally, as well as in the exercise of the United States’ own inherent right of self-defence”.

The Gallup survey on Friday is the latest in a series of negative polls for the Trump administration.

A New York Times/Sienna poll released earlier this week suggested that only 31 percent of voters approve of Trump’s handling of the war with Iran.

Earlier this month, the US president suggested the economic fallout from the war and its effect on people in the US do not play a role in his approach to Iran.

“I don’t think about Americans’ financial situation. I don’t think about anybody,” he said. “I think about one thing: We cannot let Iran have a nuclear weapon. That’s all. That’s the only thing that motivates me.”

May 21 (UPI) — Eli Lilly said its weight loss drug, retatrutide, helped nearly half of participants in a phase 3 trial to lose more than 30% of their weight.

Many of the people who lost that much weight were on the highest dose of retatrutide for up to two years, but the company said that the weekly injection was effective for weight loss across all doses of the drug.

Retatrutide affects three hormones — GLP-1 and GIP, each of which are targeted by similar weight loss drugs, and glucagon, which none of them targets — and could be best for people looking to lose larger amounts of weight, said the company’s chief scientific and product officer, Dan Skovronsky.

“We haven’t seen that level of weight loss before with these kinds of medicines,” Skovronsky said, referring to a group of drugs that includes Eli Lilly’s Zepbound.

“For some patients, 30% weight loss may be more than what they’re seeking,” he said. “For other patients, that may be what they need to get healthy. So, not everyone will go up to the highest dose level and stay on it for two years.”

The phase 3 trial included 2,339 people who were obese or overweight. They were evaluated after 1 1/2 years or two years having injections.

Those who received the highest dose lost an average of 70 pounds, roughly 28% of their body weight, after 1 1/2 years, with patients who were assessed after two years losing an average of 85 pounds, or 30.3% of their weight, the company reported.

Side effects from the drug were reported to be similar to other weight loss drugs, which include nausea, diarrhea and constipation, and some patients also experienced upper respiratory tract infections and a nerve condition called dysesthesia, the company said.

The side effects were also similar to those seen in phase 3 trials evaluating retatrutide for use against diabetes and a specific type of arthritis.

Eli Lilly has not yet applied to the Food and Drug Administration for approval of the drug for any of the three uses.

SEOUL, May 20 (UPI) — South Korea’s Mirae Asset Securities said Wednesday it launched the “Sage Beyond” platform geared toward sharing its insights with young business leaders.

The Seoul-based brokerage house said Sage Beyond would pass on its philosophy of innovation-driven growth.

The platform came to light when Mirae Asset Group founding Chairman Park Hyeon-joo delivered a keynote speech to about 140 participants. He is often referred to as South Korea’s Warren Buffett, the legendary U.S. investor.

Park shared insights into the mindset and strategic vision needed for the next generation of leaders, stressing innovation and sustainable long-term growth, according to the company.

It said it plans to strengthen partnerships with young executives through various programs linked to Sage Beyond, including regular forums focused on macroeconomic insights.

The introduction of Sage Beyond is also part of the company’s broader effort to upgrade its premium wealth management service brand, “Sage,” it said.

While Sage Beyond targets young business leaders in their 30s and 40s, “Sage Jr.” is aimed at university-age children from client families as a next-generation leadership development program.

“Sage Beyond is a platform designed to build partnerships with young leaders who value innovation,” Mirae Asset Securities said in a statement. “By continuously providing insights on management and investment, we hope to help them achieve sustainable growth.”

The share price of Mirae Asset Securities dipped 6.63% on the Seoul bourse Wednesday, while the broader KOSPI edged down 0.86%.

A $30 minimum wage for hotel and airport workers will be delayed after Los Angeles elected officials persuaded a group of business leaders to drop a ballot measure that would have devastated the city budget.

On Tuesday, the City Council approved the 18-month delay, which will postpone the wage increase until after the 2028 Olympics and fend off the business-backed initiative to eliminate the gross receipts tax, which is the city’s second-largest revenue stream.

The minimum wage will still increase to $25 in July and continue in increments until reaching $30 in January 2030.

Because the 11 to 4 vote was not unanimous, the new pay schedule will head to a second vote next week. Councilmembers Eunisses Hernandez, Ysabel Jurado, Nithya Raman and Hugo Soto-Martínez cast the “no” votes.

In May 2025, the council approved a proposal that would have increased the minimum wage to $30 in July 2028 and also raised an hourly payment for healthcare coverage.

In response, a coalition of airline and hotel businesses gathered enough signatures to place a measure on the Nov. 3 ballot that took aim at the city’s gross receipts tax, which is imposed on a vast array of businesses, including entertainment companies, child-care providers, law firms, accountants, healthcare businesses, nightclubs and many others.

If approved by voters, the measure would have stripped $740 million from the city’s general fund over the first year, according to city officials, and over five years would have amounted to a $860 million loss annually on average.

City officials, hotel and airport businesses and labor unions had been in continuous negotiations since last Wednesday, when the council narrowly approved an initial postponement of the wage increase to allow time to reach an agreement. The business coalition agreed to withdraw the measure if the council permanently approved the delay.

In addition to delaying the $30 minimum wage, the council on Tuesday pushed back the hourly healthcare payment to start at $8.15 an hour for airport workers in July 2027 and $4.25 for hotel workers July 1 of this year.

The council also voted to set up a committee to study possible changes to the business tax structure.

“Imposing wages and benefits without bringing business to the table is not reasonable,” said Nella McOsker, president and CEO of the downtown business group Central City Assn., at the council meeting. “It is reasonable to ask us to partner together to be on the other side of the table and negotiate, but it is not OK to do so without that process.”

Kurt Petersen, president of Unite Here Local 11, which represents the hotel workers, accused city officials of giving “into blackmail.”

“They now have a playbook. The next time workers win something, they’ll threaten to blow up the city,” Petersen said of the business coalition. “It’s a bad day for workers.”

Council President Marqueece Harris-Dawson described the process as painful but nearing a conclusion.

“I think we walked away from the negotiating table, like many negotiating tables, where no one was happy about the outcome, but everybody came away better than when we started off,” he said.

Shortly before the council vote, Mayor Karen Bass issued a statement that said she was called in by both business and labor leaders to close the deal.

She called the proposed repeal of the gross receipts tax “an existential threat to the city budget and the services it supports,” including street repairs, public safety and efforts to clean the city.

“This agreement ensures workers are paid fairly and that businesses that create jobs can continue serving LA and hiring Angelenos,” Bass said.

On Tuesday, the council chamber was filled with union workers in red, purple and yellow shirts.

Laura Esquivel, a janitor at Los Angeles International Airport, expressed frustration that council members were not standing by their earlier commitment.

“We’re sick and tired of being exploited. Some members of the council that are here, now we know, do not stand with workers,” Esquivel said. “We are not giving up, we will continue to fight and we’ll be back here in 2028.”

Before voting against the delay, Soto-Martínez, a former Unite Here organizer, called it sad and enraging.

“I cannot support anything that is going to take away money from workers,” he said.

Councilmember Imelda Padilla, who spoke in Spanish, was critical of the way the negotiations unfolded.

“If this thing about the gross tax receipts passes, we don’t have a city,” Padilla said. “The business community has us by our necks.”

She said workers deserve the wage increase, though she voted for the delay.

“Next time, let’s negotiate, and let’s negotiate well,” she said.

Times staff writer Suhauna Hussain contributed to this report.

May 19 (UPI) — The U.S. Department of Justice announced it will drop criminal fraud charges against billionaire Indian businessman Gautam Adani.

The Justice Department submitted a motion Monday asking a federal judge to drop the indictment from 2024 brought by the U.S. Attorney’s Office in Brooklyn, N.Y. The request said the department “reviewed this case and has decided, in its prosecutorial discretion, not to devote further resources to these criminal charges against individual defendants,” NBC News reported the court filing said.

Principal Associate Deputy Attorney General Trent McCotter and Brooklyn U.S. Attorney Joseph Nocella signed the filing. Prosecutors assigned to the case were not included.

Separately, the President Donald Trump administration announced it had reached a $275 million settlement with a company founded by Adani over “egregious” apparent violations of U.S. sanctions against Iran, Politico reported.

According to the U.S. Office of Foreign Assets Control, Adani Enterprises Limited bought $191 million worth of shipments of liquefied petroleum gas from a Dubai-based trader. OFAC alleged the company overlooked indications that the gas originated from Iran, Politico said.

Adani is the founder and chair of the Adani Group, a conglomerate based in Ahmedabad, India. Brooklyn prosecutors charged him and others in a fraud and bribery scheme in November 2024, while President Joe Biden was in office.

Adani’s lawyers from Sullivan & Cromwell included two of Trump’s personal attorneys: Robert Giuffra Jr. and James McDonald, Politico reported.

Adani’s worth is estimated at more than $100 billion. He is one of the richest people in Asia, and is an ally of Indian Prime Minister Narendra Modi.

Prosecutors alleged that Adani and his co-defendants paid $250 million in bribes to Indian government officials. The bribes were to help Adani Green Energy, a subsidiary, win approval to create India’s largest solar power plant. It was projected to bring $2 billion in profits over 20 years.

They also alleged the defendants defrauded American and international investors by gaining funds “on the basis of false and misleading statements.”

Adani Group denied the allegations and called them “baseless.”

May 19 (UPI) — The National Transportation Safety Board began its two-day hearing on Tuesday on the deadly UPS cargo plane crash in Louisville, Ky., that killed 15 people on Nov. 4.

The NTSB released the agenda of the hearing as soon as it began at 8 a.m. EDT in Washington, D.C. The hearing will continue to 6 p.m. Tuesday, and 8 a.m. to 1 p.m. Wednesday at the NTSB Boardroom and Conference Center in Washington.

The NTSB has investigative hearings to find the facts and circumstances of transportation accidents or incidents under investigation, a press release said. The hearing is open to the public, but only NTSB board members, investigators, witnesses and parties to the hearing are allowed to participate.

The crash is the deadliest in the history of UPS. All three crew members on UPS Flight 2976 died, as well as 12 others on the ground, several of whom were working or shopping at nearby businesses. The crash also injured about 23 others.

The NTSB’s preliminary report showed that fatigued and overly stressed connecting pylons likely caused the left engine to detach from the McDonnell Douglas MD-11. The engine fell from the aircraft as it was taking off from the Louisville Muhammad Ali International Airport. The aircraft crashed into the ground and burst into flames. The fully fueled flight was intended for Honolulu.

The preliminary report said cracks caused by fatigue and signs of excessive mechanical stress were found in the pylon that connected the left engine to the wing. The plane was 34 years old and had recently undergone maintenance in San Antonio.

The engine-mounting hardware was last inspected in October 2021. It wasn’t due for another inspection until the aircraft completed 7,000 more flights, the NTSB said. The preliminary report showed no apparent pilot errors.

The NTSB invited several groups to participate in the hearing: the Federal Aviation Administration, UPS, The Boeing Company, GE Aerospace, Teamsters Airline Division, Independent Pilots Association and Collins Aerospace.

The hearing panel includes accident investigators and engineers. They will hear from nine witnesses on Tuesday. A new panel will hear from four witnesses from the FAA and Boeing on Wednesday.

In January, UPS announced it was retiring all MD-11 planes and was reducing its workforce by 30,000.

WHEN it comes to flying to the States, a major airline has unveiled a huge new revamp of their planes – and it’s making it much comfier to fly long-haul.

Having flown to and from America several times over the past five years to visit family, I quickly found a love for United Airlines‘.

Follow The Sun’s award-winning travel team on Instagram and Tiktok for top holiday tips and inspiration @thesuntravel.

The airline recently announced they were launching a brand new ‘Elevated’ cabin on their 787-9 Dreamliner between San Francisco and London Heathrow, upgrading every single class from economy to business.

This includes the rollout of the first ever new business class United Polaris Studio suites, which have more spacious seats, larger screens and Bluetooth connectivity.

I, however, was trying out United’s new Premium Plus Economy seat which they say has “elements normally reserved for business class customers” – a welcome sight when leaving gloomy London.

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There’s a total of 35 United Premium Plus seats arranged in a 2-3-2 configuration in the new cabin design, each with privacy dividers and a built-in reading light – both firsts for United Premium Plus seats.

And in all honesty, the seats felt closer to business class than economy and even better than some business class seats I’ve experienced on other airlines.

I opted for the very first row with enough room that when stretching out my legs straight, they still didn’t hit the wall in front of me.

Plonking myself down in my aisle seat – which actually felt more like an armchair – I was immediately impressed by how comfortable it was.

And then when it came to checking out the generous 40.6cm 4K OLED screen, I was excited to snuggle down and watch one of the latest film releases.

Pressing play on Wuthering Heights, I connected my Airpods to the Bluetooth to listen in to the film and placed my phone on the quartzite cocktail table between my seat and the next seat to connect it to the wireless charging.

As for the amenities, a small ‘United 100’ pouch to celebrate the airline’s centenary was on my seat featuring branded socks, an eye mask and some Vitamin C Perricone MD products.

Also on my seat was a Saks Fifth Avenue pillow and blanket, which added to my cinema experience when Wuthering Heights started to play.

When it comes to space, passengers get 96.5cm pitch and 50.8cm width, and then 15cm of recline – which while not much felt spacious enough and with the new privacy screen acting as a good headrest, I was more than comfortable.

Power outlets and bottle holders are located between the seats for added convenience too.

Located on one armrest is also a remote for the TV and a small cubbyhole where you’ll find your overhead earphones.

Of course, you can now also get Starlink Wi-Fi on United flights – even if it is just for messaging – which I have to admit was super speedy.

Another thing I love about United is that you are always fed well,

My first meal consisted of an artichoke salad and bread for starter, with roast chicken for my main and chocolate truffles for dessert.

Mid-flight, I then enjoyed a chicken burrito and before landing, tucked into another salad and a paneer curry.

In between these courses, the cabin crew were great at always ensuring I had enough water or a drink of my choosing – whether that be alcoholic or non-alcoholic.

United aims to have at least 30 planes with the new Elevated interior flying by the end of 2027.

So if you’re trying to decide which airline to go with on your next trip to the US? I’d recommend United – if you want a business class experience on a premium economy budget.