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June 6 (UPI) — A second case of New World screwworm was confirmed in Texas this week in a one-month old calf nearly six miles from where the first case was detected.

The U.S. Department of Agriculture announced the second confirmed case on Friday, which was detected in Zavala County, Texas, but 5.6 miles away from the first one.

The second case was confirmed just 24 hours after the first, which had been detected in a three-week old calf, and has spurred the USDA to step up surveillance, as well as take other actions to prevent the infestation from spreading.

New World screwworm is spread by flies that lay their eggs in the exposed flesh of living animals — livestock, pets, wildlife and humans are all susceptible — and when the fly larvae, or maggots, emerge from the eggs they burrow through muscle as they grow.

Although screwworm was eradicated from the United States in the 1960s, severe infestations in recent years in Central America slowly moved toward the southern border and was detected here in 2025, according to the USDA.

“With our partners in Texas, we are responding with speed and strength,” the USDA said in a statement about the second case that was posted on X.

“We have defeated this pest before, and we will do it again,” the agency said. “America’s livestock producers have USDA’s FULL support.”

The primary way of controlling the spread of New World screwworm is a combination of trapping flies for testing, implementing detection and quarantine zones where it confirmed, and releasing sterile flies into the area it has been detected to prevent infected insects from reproducing, the agency said.

The USDA has encouraged people in the area of the two cases to check their pets and livestock for draining or enlarging wounds, if not maggots or eggs around bodily opening such as the nose, ears or genitals, or around the navel of newborn animals.

Although screwworm infection in humans is relatively rare, the infestations can happen in ways similar to animals and require immediate medical attention.

June 6 (UPI) — Peru will choose its next president Sunday in a runoff election between Keiko Fujimori, leader of the right-wing Popular Force party, and Roberto Sánchez, candidate of the leftist coalition Together for Peru.

Nearly 28 million Peruvians are eligible to vote for what will be the country’s ninth president in just 10 years, a figure that reflects Peru’s deep institutional crisis and political fragmentation.

Recent polls show Sánchez and Fujimori in a statistical tie, meaning the final outcome could depend on undecided voters and the share of blank ballots.

For many observers, the central question is not only who will win the presidency, but whether Peru can break the cycle of political instability that has defined the past decade.

Fujimori’s candidacy once again places Fujimorismo at the center of Peruvian politics. The daughter of former President Alberto Fujimori remains one of the country’s most influential and polarizing political figures. Sunday’s vote marks her fourth consecutive attempt to win the presidency in a runoff election.

Sánchez, meanwhile, is a far less familiar figure outside Peru. His campaign has evolved throughout the race and has sought to appeal to supporters of former President Pedro Castillo, who was removed from office in 2022 after attempting to dissolve Congress.

Fujimori maintains a strong advantage in Lima, while Sánchez dominates much of the country’s interior, particularly in the Andean regions.

The election is taking place amid growing public frustration with Peru’s political system.

Beyond the traditional divide between Fujimorismo and anti-Fujimorismo that has shaped much of Peru’s politics over the past two decades, several analysts argue that the country’s deeper problem is a broader crisis of political representation.

Luis Lira, a researcher at the International Affairs Observatory at Finis Terrae University in Chile, said Peru has become one of the clearest examples of a “democracy without parties,” where political organizations have lost their ability to channel voter demands and have been replaced by highly personalized leadership.

“The presence of two candidates viewed as strongmen demonstrates the deterioration of political parties,” Lira told UPI.

Raúl La Torre, a Peruvian academic and professor at the University of the Andes in Chile, offered a similar assessment.

According to La Torre, Peru enters the runoff burdened by a representation crisis that has deepened over the past decade. Political parties remain weak, Congress continues to suffer from low public trust and the gap between citizens and political elites continues to widen.

Carlos Escaffi, founder of consulting firm Relaxiona Internacional, said the Fujimorismo versus anti-Fujimorismo divide remains relevant, but is no longer sufficient to explain voting behavior.

Issues such as public security, informal employment, economic opportunity and growing rejection of the traditional political class now play a larger role in shaping voter preferences, he said.

“The demand for order, security and concrete solutions to everyday problems appears to be playing an increasingly important role in voters’ decisions,” Escaffi told UPI.

Analysts also point to Peru’s political structure as a factor behind its persistent instability.

Juan Jiménez, a former prime minister under President Ollanta Humala, said the country has long experienced a contentious relationship between the executive branch and Congress, marked by frequent confrontations and repeated efforts to remove presidents from office.

“In the last 10 years we have had eight presidents. On Sunday we will have the ninth,” Jiménez told UPI.

He attributed part of the crisis to the repeated use of constitutional mechanisms that allow Congress to remove presidents from office, as well as to the country’s fragmented political landscape.

Questions over whether the eventual winner will be widely accepted have become another source of concern.

Polls released in recent days suggest an extremely close race, increasing the likelihood of legal challenges or accusations from the losing side.

Jiménez said the country’s first challenge after Sunday’s vote will be ensuring that all political actors accept the result.

“It is highly foreseeable that there will be a conflict over the outcome,” he said, noting that narrow margins in previous elections have repeatedly fueled allegations of fraud.

The former prime minister also argued that problems during the first round undermined confidence in electoral authorities and could contribute to renewed disputes once the final results are announced.

Escaffi, however, urged caution regarding claims of fraud. He said there is no evidence to support allegations of a systematic effort to alter the popular vote.

“What we have seen is that the fraud narrative has become a political tool used by different sectors to mobilize their supporters or preemptively challenge the results,” he said.

Political analyst and commentator Jorge “Coco” Salazar expressed a similar view, saying either candidate could challenge the outcome if the margin is extremely narrow.

Salazar told UPI that the climate of mistrust generated during the first round has created conditions for electoral disputes to once again dominate the political debate.

Regardless of who wins, analysts agree the next president will face structural challenges that extend far beyond the campaign.

The most pressing task will be restoring governability in a country where political confrontation has become routine.

According to La Torre, that will require building minimum agreements with a fragmented Congress, strengthening weakened institutions and rebuilding public confidence.

Corruption and public security also rank among voters’ top concerns.

Lira said Peruvians increasingly demand greater transparency and accountability from the political class, while rising crime has become one of the country’s most pressing social issues.

Escaffi warned that Peru’s ability to maintain economic stability despite years of political turmoil should not be taken for granted.

Institutions such as the Central Reserve Bank of Peru and the country’s fiscal discipline have helped cushion the effects of repeated political crises, he said, but prolonged uncertainty could eventually affect investment, economic growth and job creation.

Several analysts also believe the restoration of a bicameral legislature could help counter the institutional drift behind the recent instability.

Jiménez said the return of the Senate may make it more difficult to carry out rapid presidential removals and could create greater opportunities for political deliberation.

Even so, few experts are optimistic about a quick resolution to Peru’s political troubles.

“The election offers an opportunity to begin a more stable period, but by itself it does not guarantee that outcome,” La Torre said.

For many observers, the question that will remain after Sunday’s vote is not simply who wins the presidency but whether Peru’s political system can regain the legitimacy and stability it has steadily lost over the past decade.

June 5 (UPI) — The Treasury Department on Friday issued an advisory that financial institutions, including banks and casinos, to “be vigilant” against signs of unlawful employment of illegal immigrants.

The Department’s Financial Crimes Enforcement Network, called FinCEN, in the advisory calls on the institutions employ methods to detect schemes covering up the employment of people who are not authorized to work in the United States.

Treasury Secretary Scott Bessent said in a FinCEN press release that part of the Trump administration’s crackdown on illegal immigration includes “securing our financial system.”

“This administration will not allow illegal aliens to abuse financial institutions to steal billions of dollars from hardworking American taxpayers,” Bessent said.

In order for non-immigrants to work in the United States, employers are required to petition with U.S. Citizenship and Immigration Services for eligibility, before a prospective employee either applies to the State Department for a visa or enters the country through a port of entry, according to USCIS.

FinCEN said in the release that the hiring, concealing and exploiting of workers without visas can give employers advantages over other businesses, depress wages, facilitate identity theft and steal tax revenue from the United States.

The agencies additionally said that the hiring of these workers can also help fund and assist criminal enterprises that include drug trafficking and human trafficking.

The financial institutions are being asked to watch out for red flags of shell companies, identity theft, fraudulently used social security and worker identification numbers, shell companies and a raft of other detectable signs of fraud.

In addition to depository institutions such as banks, credit unions, money services businesses and securities and futures firms, FinCEN has aimed the advisory at casinos, the insurance industry, mortgage companies and brokers, and the precious metals and jewelry industries.

The Treasury Department said that more than $2.5 billion in suspicious activity reported by financial institutions was linked to payroll fraud schemes in 2025 alone, noting one multi-year scheme that cost the United States more than $38 million in tax revenue.

SEOUL, June 5 (UPI) — South Korea’s KB Securities said Friday it teamed with global blockchain network operator Canton Foundation and domestic digital asset company Wavebridge.

The Seoul-based brokerage said the three firms would explore ways to take advantage of the Canton Network, a blockchain platform built for regulated financial markets, to support distributed ledger-based capital market transactions.

Over the longer term, they also hope to collaborate on adopting distributed ledger-based financial products in South Korea.

KB Securities said that its ultimate goal is to enable the issuance and cross-border distribution of financial products backed by Korean assets.

Enabled by smart contracts, Canton Network allows participants to exchange data and value for the trading of real-world assets.

Several major global financial organizations participate in the Canton ecosystem, including Goldman Sachs, BNP Paribas, HSBC and Nasdaq, according to KB Securities.

“The transition to a distributed ledger-based capital market is an essential step for future finance. This transformation is already moving from concept to execution globally,” KB Securities CEO Kang Jin-doo said in a statement.

Canton Foundation leader Viv Diwakar welcomed the three-way partnership.

“Korea’s capital markets have the institutional depth and regulatory foundation to move decisively in the shift to distributed ledger infrastructure,” he said.

“This partnership with KB Securities and Wavebridge is an important first step in building that future, and Canton Foundation is committed to supporting Korea’s leadership in this space.”

KB Securities is not publicly listed. The share price of its parent company, KB Financial Group, rose 4.51% on Friday, while the benchmark KOSPI plunged 5.54%.

June 5 (UPI) — The attorneys general of several states are preparing to file a lawsuit in the coming weeks to prevent the $111 billion merger of Paramount Skydance and Warner Bros. Discovery.

As many as 10 states are involved in a California-led antitrust investigation of the merger, which would create an entertainment monolith comprised of two of the biggest major players in television, film and streaming globally, the Los Angeles Times, Bloomberg and The Wrap reported.

Officials in the states have started working on the lawsuit and where to file it, the news organizations confirmed, and the litigation could potentially be filed before the end of June.

Although California Attorney General Rob Bonta told The Wrap in early April that “red flags are everywhere when you have a merger of this type,” his office did not confirm that the lawsuit was taking shape and could be filed soon.

“The Paramount acquisition of Warner Brothers remains an active investigation, and we do have any updates to share at this time,” Bonta’s office told the news organizations in a statement.

The states that have been involved in Bonta’s investigation and may join the lawsuit, aside from California, are Colorado, Connecticut, Massachusetts, Nevada, New York, Oregon, Pennsylvania and Tennessee.

Paramount and Netflix competed for months to win the right to buy Warner Bros. Discovery, with Warner’s shareholders voting to approve selling the company to Paramount for $31 per share.

The merger has been controversial because Paramount Chairman David Ellison has said that after the company receives regulatory approval, he plans to make $6 billion in cuts between both companies.

Although Ellison said that the Paramount and Warner Bros. film studios will maintain their current pace of 15 theatrical releases per year, the deal has drawn sharp rebukes from across Hollywood and some parts of the federal government because the downsizing will most likely include job cuts.

BUENOS AIRES, June 5 (UPI) — Argentine retirees have become one of the groups hardest hit by President Javier Milei’s fiscal austerity measures, which have pushed a growing number of older adults back into the workforce to supplement incomes that no longer cover the cost of living.

Over the past two years, the number of employed Argentines age 65 and older increased 12.7%, sociologist Candelaria Rueda, a researcher at the Argentina Grande Institute, told UPI.

The trend has had a particularly strong impact on women. Labor force participation among people older than 65 increased 14.5% for women, nearly four percentage points higher than the 10.8% increase recorded among men, according to a report by the think tank based on official data from the National Institute of Statistics and Census, known as INDEC.

One of those women is Patricia Guscione, 63. She worked as a teacher for decades and retired in 2021 at age 60, the legal retirement age for women in Argentina.

But rising living costs gradually eroded the value of her pension, leaving her unable to cover household expenses. When a call for retired teachers was issued in 2024, she applied. Today, she is back teaching in public schools.

“I lived on my pension for three years, but the reality is that it lost so much value that there came a point when I could no longer make it to the end of the month. I still have two teenage children who depend on me,” she told UPI.

Rueda said inflation remains a defining factor in Argentina’s economy and “causes incomes to lose value at an unusually rapid pace.”

“In addition, there has been a clear political decision to deregulate prices, which has led private health insurance premiums to rise 400% over the past two years,” she said.

At the center of the issue is Argentina’s minimum pension, the basic benefit received by more than half of the country’s retirees. It currently totals 450,300 Argentine pesos per month, or about $320. That includes a government assistance bonus that has remained frozen since early 2024.

Because the supplement has not been adjusted, the purchasing power of the minimum pension has fallen by nearly 10% compared with late 2023.

At the same time, food prices have continued to rise sharply, further reducing retirees’ spending power. Economic pressures have also intensified following cuts to free prescription drug coverage provided through the Comprehensive Medical Care Program, known as PAMI, Argentina’s main public healthcare system for retirees and pensioners.

Mario Perelli, 70, spent most of his career as an accountant, but now drives for ride-shareing platforms to supplement his income.

“I had never seen an economic situation like the one we are living through now. It keeps getting harder. I thought I had completed my working years and that retirement would allow me to enjoy life, travel and rest. Instead, I ended up driving for an app because I need to help support my household,” he said.

Juan Gómez, 76, faces a similar reality. After years working at an accounting firm, he now work for Uber and drives a taxi.

“I lived through different economic periods, and there were difficult moments under other governments, but this is terrible. I see it in retail stores, butcher shops, auto parts stores and oil-change businesses. There are hardly any customers. I hope things can be resolved and that we can move forward,” he said.

Gala Díaz Langou, executive director of the International Panel on Social Progress, linked the crisis to public spending cuts implemented by the current administration.

“In 2024, which was the year of the deepest adjustment, 19% of fiscal spending cuts were applied to the pension system,” she told UPI.

She also pointed to the continued freeze on the bonus supplement for lower pensions and the end of a program that allowed workers who had not completed the legally required 30 years of contributions to qualify for retirement benefits.

The trend of older adults extending their working lives is not limited to Argentina. It has become a regional phenomenon as Latin America faces a rapid demographic transition, lower levels of economic development and weaker social protection systems.

According to the Economic Commission for Latin America and the Caribbean, employment among older adults is increasing across much of the region because pensions are insufficient to cover basic living expenses.

“As a result, employment among retirees functions as a refuge from the shortcomings of the system rather than a choice. When someone who contributed for decades ends up cleaning houses at age 82 or selling goods on the street, what that reflects is a protection system that failed to sustain the old age it helped create,” the commission said.

Carlos Román, executive director of SeniorLab UC, an aging innovation laboratory at the Pontifical Catholic University of Chile, told UPI that 1 in 4 older adults in Latin America was part of the labor force in 2024.

He said the trend is particularly visible in Chile among older age groups, where a significant share of people who have already reached retirement age continue working.

For Román, the phenomenon raises two key questions: Under what conditions do older adults work and what drives them to remain economically active?

Regarding working conditions, he warned that labor informality rises sharply with age.

“Labor informality does not decline over time. It accelerates, rising from 27.7% among people ages 60 to 64 to nearly 48% in the next age group and exceeding 60% among those older than 70,” he said.

He added that the impact is uneven across social groups.

“Among the poorest women ages 65 to 69, nearly 9 out of 10 work without a contract or pension coverage. About half of older adults working informally are self-employed workers without access to social protection,” he said.

While some older adults continue working because they are living longer and want to remain active, Román said “the evidence shows that, in most cases, the primary reason is economic necessity.”

He contended that the trend reflects a deeper structural problem that goes beyond national circumstances.

“Aging arrived in Latin America before the region built the economic model and social protection system capable of supporting it,” he said. “Economists often summarize this reality with a phrase that has become common in regional discussions: We will grow old before we grow rich.”

He said the region’s long-term challenge is to ensure that longer life expectancy does not translate into more years of economic insecurity and precarious living conditions.

Nvidia Corp. Chief Executive Officer (CEO) Jensen Huang said Friday that he views robotics as the next major growth sector in South Korea, adding that the domestic market is well-positioned for growth.

Huang, a central figure in the global artificial intelligence (AI) boom, made the remarks after arriving at Gimpo International Airport in western Seoul aboard his private jet for a four-day visit.

“(South) Korea has many sectors to invest in. Robotics is going to be the next major sector,” Huang told reporters, adding that the Korean “market is doing very well.”

Asked whether he had brought any gifts for South Korea, Huang responded with a smile.

“Did I bring any gifts for Korea? I brought a lot of business for Korea,” he said. “I have some surprises.”

The trip comes less than a year after Huang’s previous trip to South Korea in October, which coincided with the Asia-Pacific Economic Cooperation (APEC) CEO Summit in the southeastern city of Gyeongju.

During that visit, Huang drew widespread attention when he joined Samsung Electronics Chairman Lee Jae-yong and Hyundai Motor Group Executive Chair Euisun Chung for a late-night meal of Korean fried chicken and beer, commonly known as “chimaek.”

One of the most anticipated events during Huang’s visit is an informal dinner with SK Group Chairman Chey Tae-won, LG Group Chairman Koo Kwang-mo and Naver Chairman Lee Hae-jin. Hyundai Motor Group’s chief who had earlier been expected to join the group has since confirmed he will be unable to attend.

Together, the companies represented at the gathering span nearly every layer of the AI value chain, including semiconductors, data centers, AI models, software and robotics.

Huang is also set to hold talks with executives from the gaming industry, AI and robotics startups, university researchers and students, according to industry sources.

“Because Korea is a manufacturing center of the world, we can apply the robotics technology, the physical AI technology that we invent here for the industry,” he said.

He further said Nvidia will partner with domestic manufacturing firms in robotics and AI.

“The manufacturing of semiconductors will become increasingly robotics and increasingly AI driven in the future, and so we have a great opportunity to partner with the semiconductor companies here as well,” he added.

Later in the day, Huang visited an internet cafe in Seoul and met with esports players, including gaming superstar Faker.

“This is the birthplace of esports,” Huang said, emphasizing that Korean gamers have long been among the world’s most competitive players who are using Nvidia’s graphics processing units (GPUs).

Nvidia’s GeForce graphics cards are designed to deliver the high frame rates demanded by professional gamers.

Huang is also expected to meet Krafton Executive Director Chang Byung-gyu and other senior executives from the gaming company, though the exact schedule has yet to be confirmed.

The two companies are expected to discuss potential cooperation involving Nvidia’s RTX Spark platform for premium Windows laptops, as well as physical AI technologies.

Earlier this year, Krafton established a robotics subsidiary called Ludo Robotics.

During his stay, Huang is also expected to meet Science Minister Bae Kyung-hoon to discuss cooperation in AI, including the supply of GPUs.

Details regarding the timing, venue and agenda of the meeting are still being finalized.

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June 4 (UPI) — Thousands of Albanians marched in the capital Tirana for a third day straight to protest against a $1.6 billion luxury resort backed by Donald Trump‘s son-in-law, Jared Kushner, in a national marine park off the country’s Adriatic Sea coast.

Some demonstrators in Wednesday’s protest held inflatable flamingos aloft to highlight the impact they fear the project will have in and around Sazan Island, where work recently got underway in the midst of one of the Mediterranean’s most environmentally-vulnerable areas.

Scuffles broke out with police who fired water canon at protesters.

An offer to meet with opponents from Prime Minister Edi Rama, who has staked his premiership on what he has billed as a developmental coup for the former communist state, was rejected as calls for the project to be halted grew, with protests also set to spread to the south of the country.

“From start to finish there has been a total lack of transparency. We have seen no public consultation or public documentation regarding permits, and so now what we are saying is, if they remove the bulldozers, remove the fence and restore the habitats to what they were, then we can start talking,” said Aleksandr Trajce, executive director of Protection and Preservation of the Natural Environment in Albania.

Kushner stumbled upon the site by chance while vacationing in Albania with his wife, Ivanka Trump.

“We were on a friend’s boat, and we stopped for a swim. Effectively, that’s how we found it. We swam to the island. We went on a hike, barefoot all the way up to the top, and we were just captivated,” Ivanka Trump said.

Environmentalists are worried about the effect the resort will have on an area that includes the currently uninhabited Sazan Island and the nearby wetlands and coastal habitats of the Karaburun-Sazan Marine Park.

BirdLife International said the park’s waters around Sazan and the Karaburun peninsulta were among the last places where Mediterranean monk seals survive and support populations of flamingos and Dalmatian pelicans as well as 200 other species of birds, many of which are endangered.

Sazan Real Estate Development, which is developing the plans in partnership with Kushner’s Miami-based investment firm, Affinity Partners, insisted it was committed to sustainable development.

“Our focus remains on responsible stewardship, environmental enhancement, job creation, and creating long-term value for local communities. We respect the ongoing public and institutional processes,” said Sazan Real Estate Development chair Asher Abehsera.

Jensen Huang, chief executive officer (CEO) of U.S. chip giant Nvidia Corp., will visit South Korea later this week for a series of meetings with the heads of major conglomerates and researchers that could pave the way for broader cooperation in artificial intelligence (AI) and robotics, industry sources said Thursday.

Huang is scheduled to arrive at Gimpo International Airport in western Seoul aboard his private jet on Friday afternoon for a four-day visit, following his appearance at the Computex trade show in Taipei, the sources said.

During his stay, Huang is expected to meet with leading business figures, as well as executives from the gaming industry, AI and robotics startups, university researchers and students.

On Friday evening, he is expected to visit a Korean barbecue restaurant in Seoul’s Seongsu neighborhood for a gathering with SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Euisun Chung, LG Group Chairman Koo Kwang-mo and Naver Chairman Lee Hae-jin.

Industry observers expect the participants to discuss a wide range of potential cooperation areas between Nvidia and South Korean companies, including high-bandwidth memory (HBM), AI data centers, autonomous driving, robotics and physical AI.

During his previous visit to South Korea in October, which coincided with the Asia-Pacific Economic Cooperation (APEC) CEO Summit in the southeastern city of Gyeongju, Huang drew widespread attention when he joined Samsung Electronics Chairman Lee Jae-yong and Chung for a late-night meal of Korean fried chicken and beer, commonly known as “chimaek.”

On Sunday, Huang is expected to meet with Kim Taek-jin, CEO of NC Corp., a South Korean gaming company, they said.

While the agenda has not been disclosed, discussions are expected to focus on cooperation in gaming and AI.

On Monday, Huang is also expected to hold a closed-door meeting with executives from South Korean AI and robotics startups in Seoul.

The meeting would mark the first known occasion on which Huang has met with robotics startup founders in South Korea.

The Nvidia chief is also coordinating plans to visit the country’s top-notch Seoul National University’s AI institute and robotics research center.

Separate from the visits, Huang has reportedly expressed interest in meeting directly with university students.

Huang is reportedly meeting Krafton’s Executive Director Chang Byung-gyu, and other senior managers from the company, though the exact dates have yet to be confirmed, the sources said.

The two companies are likely to discuss gaming partnerships related to Nvidia’s RTX Spark, a type of semiconductor designed for premium Windows laptops, as well as physical AI.

Krafton has founded a robotics company called Ludo Robotics early this year.

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Three years ago, Mattel Inc. struck box-office gold — or rather, pink — with the billion-dollar success of “Barbie.”

In its first return to theaters since the female-forward phenomenon, the El Segundo toymaker is turning to the brawny He-Man for another box-office lift.

Its latest film, “Masters of the Universe,” opens this weekend, as Mattel looks to build on that previous success and continue extending its signature toy brands into the entertainment arena.

“The movie is very much in tune with culture,” said Mattel Chief Executive Ynon Kreiz. “Everything is much more contemporary relative to what was created more than 40 years ago, but it’s still very true to the origin story and to the DNA of the brand.”

The new film arrives at a pivotal time for Mattel, which is facing pressure from investors to grow its business. The maker of Hot Wheels, American Girl and Uno has recently confronted a challenging market for toys, beset by tariffs on goods produced overseas and weaker-than-expected demand for Barbie dolls and Fisher-Price preschool products.

Amid uncertainty in the toy market and the fallout from tariffs, Mattel’s net income dropped 25% to $398 million in 2025. And since the company announced disappointing holiday sales totals in February, its stock has dropped more than 30%, closing at $14.34 on Wednesday.

“Masters of the Universe” toys at Mattel headquarters in El Segundo.

(Myung J. Chun / Los Angeles Times)

The share price slide prompted investor Southeastern Asset Management to send a letter last month to Mattel leadership suggesting the toy maker should sell itself and go private. Southeastern manages about 4% of the company’s stock on behalf of its clients.

“The frustration among investors has been the fact that if you look at the business from 2021 through 2025 and even this year … the business really hasn’t grown,” said Eric Handler, a Roth Capital senior media and entertainment analyst, referring to Mattel. “This is a company that needed something fresh in the portfolio, and there’s a wide range of investments being made, of which ‘Masters of the Universe’ is one part.”

Kreiz pushed back on the idea that the company is not growing. In the fourth quarter of 2025, net sales were up 7% to $1.8 billion, though the result was not as strong as the company expected.

Mattel has spent $1.2 billion in the last three years to buy back shares, with an additional $1.5-billion share repurchase planned for the next three years.

“We’re investing in our own stock because we believe it is undervalued,” he told The Times in an interview at his office, which has floor-to-ceiling windows that give an expansive view of El Segundo. “We absolutely agree that the share price doesn’t reflect the progress that we’ve achieved over the last few years financially, operationally, our place in culture, the strength of our brands, and the continued expansion of the business. And more importantly, the potential that we have down the road.”

“Masters of the Universe” is a key variable in that equation.

Ynon Kreiz, chief executive of Mattel.

(Myung J. Chun / Los Angeles Times)

The movie, which had a budget of roughly $170 million, is expected to bring in $25 million to $35 million in the U.S. and Canada during its debut weekend. That’s a far cry from the $162-million opening haul of “Barbie,” but box-office analysts say that film captured the cultural zeitgeist in a way that’s hard to replicate.

The ‘80s-era “Masters of the Universe” is “a property that was famous with a certain group of fans, but it hasn’t had much of a pop culture presence,” said Shawn Robbins, who directs movie analytics at Fandango and founded the forecasting site Box Office Theory. The movie has notched a respectable 74% approval rating from critics on aggregator Rotten Tomatoes.

“There’s been so many callbacks to nostalgic franchises,” he said. “Some people are always on board for them, and maybe the positive reviews bring people in who were on the fence. But people are also ready for something fresh and new and exciting.”

Kreiz said he’s often asked how the company will match the success of “Barbie.”

“The answer is, we don’t need to match ‘Barbie’s’ success for movies to have a meaningful economic impact on the company,” he said. “Not every movie will be ‘Barbie.’ If we create quality content that people want to watch and create quality experiences that people are engaged with, good things happen, and these brands will resonate and will be here for years to come.”

While theatrical revenue is important, the measure of success for “Masters of the Universe” could also include its eventual reception on streaming platforms and, of course, toy sales, analysts said.

There are hundreds of products tied to the movie, from collectible action figures of Nicholas Galitzine’s He-Man and Camila Mendes’ Teela, to branded Uno decks, Legos, clothing and skateboards.

Skeletor from “Masters of the Universe.”

(Myung J. Chun / Los Angeles Times)

“For us, it’s a huge win already,” said Robbie Brenner, president of Mattel Studios and chief content officer, who also served as a producer on the film. “We have reinvigorated and relaunched this brand that has been around for decades … and done it in a way with just the best-in-class toys. Obviously that’s our bread and butter. And then to have made an epic, incredible movie … is a huge win.”

While Mattel does not yet have sales totals for its “Masters of the Universe” toys, executives said during an earnings call in late April that product sales were “growing double digits” amid strong customer demand, particularly from adults.

When Kreiz was named CEO in 2018, he saw the potential for Mattel to expand beyond toys. In an entertainment landscape dominated by known franchises and intellectual property, the former TV and media executive wanted to leverage the company’s IP in new ways to attract consumers.

Hence, Mattel has expanded into real-world experiences such as a Barbie pop-up at Coachella or a traveling Hot Wheels monster truck show. In February, the company fully acquired Mattel163 mobile game studio after buying out a stake held by Chinese tech firm NetEase. The studio has released games based on Uno, Skip-Bo and other Mattel intellectual property.

And on the film and television front, the Mattel Studios division now has 51 people — most of whom are based in El Segundo — focused on projects across platforms.

After “Masters of the Universe,” Mattel Studios plans to release a “Matchbox” streaming movie in October. The division has more than a dozen films in development that have been announced, including an American Girl movie with Paramount, Polly Pocket with Amazon MGM Studios, as well as a live-action Magic 8 Ball series from M. Night Shyamalan.

“The journey for the company was to evolve from being a toy manufacturer that was making items to become an IP company that is managing franchises,” Kreiz said. “It’s not that we’re not creating toys — it’s obviously a big part of our business — but the opportunity is to expand so much more than the physical product.”

“Masters of the Universe” was in development for years at several different studios before it was picked up by Amazon MGM.

That partnership stemmed from Mattel’s work on the “Barbie” movie with Courtenay Valenti, then president of production and development at Warner Bros. Pictures who is now head of film at Amazon MGM.

“Masters of the Universe” felt like a good property for Mattel to bet on because of its nostalgia factor and deep bench of colorful characters, from the green tiger Battle Cat to the heavily armored Ram Man and ever meme-able Skeletor, which the company hopes will attract new audiences, Brenner said.

The movie is directed by Travis Knight — chief executive of stop-motion studio Laika who also led the 2018 “Transformers” spin-off “Bumblebee” — who Brenner said “nailed” the narrative’s tone. (It didn’t hurt that Knight was already a fan of the franchise and had sported the He-Man haircut as a child.)

“It’s a property that’s kind of out there,” said Brenner, who grew up watching He-Man and his twin sister She-Ra. “It’s got all these crazy characters. But just riding that line between what is funny and kind of irreverent and then kind of heartfelt, that is a very hard thing to put in a blender and to get right.”

On a 75-mile cliff-hugging stretch of highway in California, traffic is way up, despite soaring gas prices. And locals expect the busiest summer in years.

The road is Highway 1 in Big Sur, which reopened in January after three years of repair and reconstruction following a pair of landslides. Drivers can once again embark on the state’s most famous road trip, covering the 100 miles between Cambria to the south and Carmel to the north without leaving the two-lane coastal highway. And they’re heading out in big numbers.

Caltrans estimates that as of May, Big Sur restaurant and retailer guest counts are up 40% from last year, and that northbound traffic at Ragged Point, the southern gateway to Big Sur, has risen 900% year-over-year.

People pose for photos near Bixby Bridge. Monterey County’s Board of Supervisors voted to explore a 12-month ban on parking around the bridge.

Safety cones prevent parking along Coast Road near the Bixby Bridge.

“Take your time,” said Kirk Gafill, co-owner of the popular Nepenthe restaurant and president of the Big Sur Chamber of Commerce, offering advice to travelers. “You’re going to be sharing the road with a number of people.”

As travelers rediscover the road, the cost of driving has been shooting skyward. California’s average gas price ($6.11 per gallon as of May 26) is up 26% from the year before. In early April, rates hit $9.99 at the isolated gas station in the Big Sur community of Gorda.

For spring and summer travelers, these numbers would seem to pose a stark question: Stay home and save money, or head for the coast because the road is finally open and it’s still cheaper than flying?

So far, the latter answer is winning big.

Fog lingers off the coast of Highway 1.

“We are definitely seeing a huge uptick in our reservations,” said Megan Handy, assistant general manager at the upscale Treebones resort. She estimated that bookings are 30% or more ahead of last year, and rates are unchanged since then. But “it’s still not feeling super crowded, which is nice. Everything still feels kind of calm.”

But added traffic has raised some anxiety. On May 19, Monterey County’s Board of Supervisors voted to explore a 12-month ban on parking at Bixby Bridge, one of the region’s top photo spots.

Over the years, the number of cars parking near the bridge — often illegally, sometimes impeding emergency vehicles — has risen. The proposed parking moratorium won’t take effect until the supervisors discuss it further.

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Busy as things are, several business owners pointed out that many international travelers have not yet returned — perhaps because most make their plans more than six months ahead, perhaps because of global politics, perhaps a little of each.

The biggest challenge for businesses during this resurgence? “Restaffing and retaining,” said Handy at Treetops.

At Nepenthe, Gafill said his business has seen a 45% boost in guest volume since the road’s reopening. Gafill said he would have expected a 35% pickup, “simply by virtue of reopening the highway.” The additional 10%, he said, might be “all that pent-up demand,” aided by “a very beautiful and very dry winter,” followed by a mild spring.

A lunch crowd dines at popular restaurant Nepenthe.

Another possible factor: Nobody can be sure how long the road will remain open.

To cope with the influx of people, Gafill said, “everybody is trying to recruit and retain their existing staff.”

At the Ragged Point Inn, where rates dropped as low as $149 nightly last fall, rates are back over $200 and staffers are suggesting that customers book at least six months ahead. The inn has reopened its snack bar for the first time since early 2023, and management is investing in capital upgrades and staging live music on weekends throughout the summer.

Business “is up over 100%,” said Diane Ramey, whose family owns the inn. “I know not all of our neighbors are having the same lift, but everybody is doing better.”

Traffic approaching Bixby Bridge.

A visitor poses in an oversized chair at Big Sur River Inn.

Even at the New Camaldoli Hermitage, a Benedictine monastery above Lucia, the road’s reopening and coming summer season have made a difference. Bookings are up an estimated 30% at the hermitage, which rent rooms and cottages (for two nights or more) to visitors who agree to its requirement of silence.

Big Sur business owners advise visitors to travel on weekdays for less traffic and the best hotel rates, and to get on the road as early as possible.

Since its opening in 1937, the highway has been vulnerable to landslides and shifting ground, operating on a longstanding cycle of landslide, closure, repair, reopening and then another landslide, or sometimes a fire. The U.S. Geological Survey has identified the Big Sur coastline as one of the most landslide-prone areas in the western United States. The 2023-2026 closure was the longest in the highway’s history.

Over time, road crews have used increasingly sophisticated strategies. In the most recent efforts, Caltrans said, it used drones to help survey the slopes and remotely operated bulldozers and excavators to reduce risks to workers.

During the closure, no traffic was allowed on 6.8-mile span from just north of Lucia until about a mile south of the Esalen Institute. Drivers detoured inland by way of U.S. 101.

June 3 (UPI) — CBS News fired veteran journalist Scott Pelley from 60 Minutes after an argument with its new executive producer two days before.

Pelley, 68, is a former anchor of the CBS Evening News and joined the network in 1989. Pelley is a familiar face on Sunday evenings as a correspondent for 60 Minutes.

On Monday, Pelley took issue with the recent firing of two correspondents and the show’s leadership team. He told his new producer Nick Bilton, a tech journalist hired last week, that CBS News editor-in-chief Bari Weiss was “murdering 60 Minutes.”

“She was brought in to kill it, and she’s been doing exactly that,” The Hill reported Pelley told Bilton.

In a memo to staff Tuesday evening, Bilton said, “We have parted ways with Scott Pelley,” The New York Times reported. The network chose not to comment.

Bilton wrote a formal letter to Pelley explaining his termination, which was shared with The Times. He told Pelley he was “terminated for cause effective immediately.”

“I have been in combat in Afghanistan,” Pelley told The Times in an interview. “I have been in combat in Iraq. I have been in the war zone in Ukraine multiple times, risking my life and the happiness of my family because of my devotion to the broadcast.”

He said he still cares deeply about the show.

The program is CBS News’ most successful show, and its ratings were up 9% over last year. It’s often among the highest-rated weekly broadcasts in the country, according to Nielson.

In the letter from Bilton, he said Pelley “hijacked” the meeting Monday

“Yesterday’s performative display of hostility enacted in front of the staff instead of in a civil, private conversation, demonstrated that you have no interest in contributing to the future success of the show, or approaching my new tenure with a mind open to collaboration and progress,” Bilton wrote. “I am here to deliver first-in-class news programming, not to make headlines about newsroom drama. I am eager to work alongside those who share this goal.”

Pelley, in The Times interview, said the letter “betrays a complete misunderstanding of what we work for and what we live for at 60 Minutes.”

He also told The Times on Tuesday that “incompetence and unprofessionalism in the new management have wreaked havoc” at the network. “The collapse of values at the top has become untenable.”

He alleged that management had pressured him to insert bias into his stories over the past season, though he didn’t give details.

Now the show is down four of its correspondents: Sharyn Alfonsi and Cecilia Vega were fired last week, and Anderson Cooper left the show in May at the end of the season.

Weiss was hired last year by David Ellison, CBS owner and son of tech mogul Larry Ellison. She was given the order to revamp the news for the digital era. Weiss is an opinion writer with little broadcast experience. Bilton is a tech journalist with no experience in broadcasting.

CBS management had a meeting with Pelley on Tuesday to discuss the situation and find a way to move forward, but it turned contentious, some people with knowledge told The Times. Pelley said in the interview with The Times that Weiss wouldn’t answer his questions about why Simon, Alfonsi and Vega were fired.

Pelley said Weiss’ behavior “was cold and callous and beneath the dignity of CBS News.”

Weiss told staff Wednesday morning that “despite our attempts to engage with Scott Pelley and to find a way back, unfortunately we weren’t able to do so, and so we had to part ways.”

But Pelley said it wasn’t true. “At no point did anyone at the Tuesday meeting suggest that there could be steps taken by either side that would lead to a resolution,” he said.

June 3 (UPI) — Spanish hotel operator Meliá Hotels International said Wednesday it will stop managing 15 hotels linked to Cuba’s military-run conglomerate GAESA, expanding the withdrawal of foreign operators from the island just days before new U.S. sanctions take effect.

The decision makes Meliá the fourth international hotel company to reduce or end operations in Cuba in less than a week, following the departures announced by Blue Diamond, Iberostar and Archipelago International under its Aston brand.

Meliá informed Spain’s National Securities Market Commission that its Portuguese subsidiary, Ilha Bela, will immediately terminate management, marketing and brand-use services at hotels associated with entities controlled by GAESA, according to Forbes España.

The company said the economic impact will be limited because many of the affected properties already were closed or only partially open.

In February, the Spanish hotel chain confirmed the temporary closure of several properties due to fuel shortages, transportation problems affecting workers and a sustained decline in tourism demand, CiberCuba reported.

At that time, the company operated 35 hotels on the island and said it was not considering leaving the Cuban market.

The latest move comes two days before the deadline set by President Donald Trump‘s administration for foreign companies to sever commercial ties with Cuba’s military conglomerate or face potential economic sanctions.

GAESA controls a significant portion of the Cuban economy and dominates large segments of the tourism sector through companies such as Gaviota Tourism Group.

On Tuesday, Archipelago International withdrew from several hotels operated under the Aston brand for Gaviota, including properties in Havana, Varadero and Cuba’s northern cays.

Days earlier, Canada’s Blue Diamond announced the end of its operations on the island, while Spain’s Iberostar stopped managing 12 hotels linked to GAESA assets.

None of the companies officially attributed their departure to the U.S. measures.

The withdrawals coincide with a deep crisis in Cuba’s tourism sector. According to data cited by IndexBox, Cuba received 328,608 international visitors between January and April 2026, a 55.8% decline from the same period a year earlier.

The deterioration is also affecting air transportation, as at least 11 airlines have suspended or reduced flights to Cuba this year.

The withdrawal of Meliá and Iberostar has also raised concerns in Spain.

Jaume Bauzà, tourism, culture and sports minister for the Balearic Islands regional government, said Wednesday that authorities are closely monitoring the situation facing the two Mallorca-based companies and offered institutional support.

“We will look after them. This is a commercial matter, but if we can help in any way, we will do so,” Bauzà said, according to Forbes España.

He said he hopes the situation can be resolved “as quickly as possible” for the companies and the Cuban population.

June 1 (UPI) — Florida’s attorney general announced Monday that the state is suing OpenAI and its founder and CEO, Sam Altman, saying the company chose “profits over public safety” in creating a dangerous product in the form of ChatGPT. It is the first state to sue the company over these design and safety concerns.

“The rise of OpenAI is attributable to a web of deceit and the exploitation of users (including Floridians), leveraging their data and safety to boost OpenAI’s market value at unacceptable costs,” the complaint filed by Attorney General James Uthmeier said, NBC News reported.

The lawsuit claims that OpenAI violated Florida’s rules on deceptive business practices and knew that its chatbot could be dangerous to children and others through actions such as providing “harmful information such as tips on eating disorders, self-harm and mass murder,” The New York Times reported. It says OpenAI presents “a great danger of addiction, cognitive decline, suicide, violence and related harms.”

The civil suit is separate from Florida’s ongoing criminal investigation into OpenAI, which Uthmeier openedin April. It includes multiple counts of deceptive and unfair trade practices, negligence, violations of product liability laws, fraudulent misrepresentation and causing a public nuisance.

OpenAI representatives have not yet commented on this lawsuit. Representatives have said in response to past claims that the company designs its systems with safety in mind and that there are “safeguards in placeto help people, especially teens, when conversations turn sensitive.”

“We continue improving ChatGPT’s training to recognize and respond to signs of mental and emotional distress, de-escalate conversations and guide people toward real-world support,” the company said in a prior statement.

The lawsuits also mentions OpenAI’s connections to a mass shooting at Florida State University and killings at the University of South Florida. In both cases, suspects asked ChatGPT for information connected to the attacks.

June 2 (Asia Today) — Nvidia CEO Jensen Huang visited the SK hynix booth at Computex 2026 in Taipei on Tuesday, meeting SK Group Chairman Chey Tae-won for a second straight day as the companies deepen their artificial intelligence partnership.

Huang, who met privately with Chey on Monday, examined SK hynix’s major memory products and wrote “Please Make More” on an HBM4E wafer displayed at the booth.

Chey also signaled that SK plans to expand production. He said the group aims to double wafer production capacity within five years as demand for memory chips is expected to surge.

Huang toured the booth with Chey and SK hynix executives. He signed the HBM4E wafer with the message “Please Make More” and wrote “LOVE SOCAMM” on a 192GB SOCAMM product.

SK hynix currently supplies Nvidia with its latest high-bandwidth memory, including sixth-generation HBM4, as well as high-performance low-power LPDDR5X memory. Huang said in his GTC Taipei keynote Monday that Nvidia will begin full-scale production of its next-generation AI accelerator, Vera Rubin, in the second half of this year.

As AI demand increases and memory supply shortages deepen, Chey said SK is moving quickly to expand production.

“The memory bottleneck is expected to continue until 2030,” Chey told reporters at the SK hynix booth. “We are pushing forward at full speed to expand production capacity.”

“Building new memory fabs requires enormous investment and takes at least three years,” he said. “Despite these challenges, we plan to double wafer production capacity over the next five years.”

It was the first time SK Group publicly presented a specific goal of doubling its overall production capacity within five years. SK hynix is making large-scale investments to strengthen production capacity, including projects at its M15X and P&T7 facilities in Cheongju, the Yongin semiconductor cluster and an advanced packaging plant in the United States.

— 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=20260602010000823

Getting a visa can be expensive, frustrating, and for many people, unsuccessful. So what happens when governments outsource that process to private companies? An investigation by Lighthouse Reports examines VFS Global, the world’s largest visa processing firm, revealing how billions in applications generate enormous profits, even when visas are denied.

In this episode: 

• May Bulman (@maybulman), Investigative Editor, Lighthouse Reports

Episode credits:

This episode was produced by our guest host, David Enders, Sarí el-Khalili, and Catherine Nouhan. It was edited by Alexandra Locke. 

Our sound designer is Alex Roldan. Rick Rush mixed this episode. Our video editors are Hisham Abu Salah and Mohannad al-Melhem. Alexandra Locke is The Take’s executive producer. 

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June 1 (UPI) — Artificial intelligence company Anthropic confidentially filed Monday for an initial public offering with the Securities and Exchange Commission, joining SpaceX and OpenAI in plans to go public this year.

“This gives us the option to go public after the SEC completes its review,” Anthropic said in a statement, CNBC reported. “The proposed initial public offering will depend on market conditions and other factors.”

That makes three prominent companies with IPO plans in 2026. SpaceX plans to debut next week, while OpenAI is preparing to file. Anthropic’s filing did not give any further information on timing, but it could go public as soon as this fall, The New York Times reported.

Last week, Anthropic passed OpenAI in valuation, reporting $965 billion as opposed to OpenAI’s $852 billion reported in March, CNBC reported. The company, based in San Francisco, is the creator of the Claude chatbot and the Claude Mythos Preview AI model. It has a focus on software coding.

Anthropic’s founders left OpenAI in 2021 to found the new company after concerns about OpenAI’s direction. Anthropic leaders have stressed safety in the use of AI, which caused issues with the U.S. Department of Defense after the company wanted limits on military and intelligence usage of its products.

President Donald Trump then called it a “radical left, woke company” and ordered federal agencies to stop using Anthropic products, while Pete Hegseth, the secretary of defense, called the company a supply chain risk to national security. Anthropic has sued the Trump administration to reverse the blacklisting, and that lawsuit is ongoing. Meanwhile, the company’s growth in the private sector has accelerated, CNBC reported.

June 1 (UPI) — People Inc. issued an $18 billion takeover bid for MGM Resorts, CEO Barry Miller announced Monday.

People Inc., which already owns 26.1% of the outstanding common stock of MGM, offered to acquire all remaining outstanding shares for $48.30 per share. The offer represents a 10.6% premium over MGM Resorts’ closing price Friday and 30% premium to the stock’s volume-weighted average price for 90 days.

“We began investing in MGM nearly six years ago because we believed it represented a rare kind of business: one with real-world assets that [artificial intelligence] cannot easily replicate or disintermediate and exceptional digital growth opportunities,” said Miller, who is also chairman of the board at People Inc.

“We continue to believe the market materially undervalues the power and durability of MGM’s assets. We believe MGM’s management team is superb and that there is a compelling opportunity to support MGM’s next phase of growth and help unlock its full value.”

Diller also sits on the board of directors at MGM.

People Inc., previously known as Dotdash Meredith until a 2025 rebranding, is a digital media company that operates dozens of brands, including People magazine, Investopedia, Serious Eats, Entertainment Weekly and Martha Stewart Living.

Jerome Powell says the US central bank is undergoing a ‘stress test’ like other institutions in the current era.

Former US Federal Reserve Chair Jerome Powell has warned against the politicisation of monetary policy amid President Donald Trump’s repeated attacks on the independence of the central bank.

In a speech at an awards ceremony in Boston on Sunday, Powell said that the Fed had been undergoing a “stress test” like many other institutions in the Trump era.

Powell said the US Congress had “wisely” chosen to insulate the central bank from political pressure and that all other advanced economies had similar norms upholding the independence of monetary policy.

“These protections have served the public well, and administrations from both parties have respected them,” Powell said after accepting the 2026 John F Kennedy Profile in Courage Award.

“If any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well,” Powell said.

“The public would lose faith that the central bank will make decisions based only on what’s best for all Americans.”

Powell, who stepped down as the head of the central bank last month, said that the Fed’s credibility would be “lost” in such a scenario.

“That credibility enables the Fed to support a strong and stable economy for the benefit of American families and businesses,” he said.

“Our credibility has been built and sustained over many decades, and we have a duty to safeguard that priceless asset for our fellow citizens and for generations to come.”

Powell, who made the usual decision to stay on as one of the seven members of the Fed’s Board of Governors after stepping down as chair, also offered a broader defence of democratic institutions generally.

“Partisan political differences are normal – indeed essential – in a thriving democracy. But we ought to be united in our commitment to the higher principles that define our nation,” Powell said.

“Chief among them is respect for the rule of law. As John Adams wrote, ours is ‘a government of laws and not of men’. Our public institutions carry us forward through change. These institutions embody our commitment to freedom, democracy, and service of the public good.”

While Powell did not mention Trump by name, the US president has waged a sustained pressure campaign against the central bank for not heeding his demands to cut interest rates more sharply.

Trump repeatedly threatened Powell with dismissal during his tenure, while Trump appointee and ally Jeanine Pirro opened a short-lived criminal investigation into Powell’s congressional testimony about ongoing renovation works at the Fed’s headquarters.

Trump also ordered the removal of Fed governor Lisa Cook over unproven claims of mortgage fraud, though the Supreme Court has ruled that she can remain in her position while it considers a legal challenge against her firing.

Under the Federal Reserve Act, the US president must demonstrate “cause”, widely interpreted to mean malfeasance, to remove any of the Federal Reserve’s governors.

The John F Kennedy Profile in Courage Award was created in 1989 to honour those who demonstrate courage in public service without regard to professional or personal consequences.

Past winners of the award, which is named after Kennedy’s Pulitzer-winning book Profiles in Courage, include former US President Barack Obama, then-Ukrainian President Viktor Yushchenko, and then-UN Secretary-General Kofi Annan.

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.