Business

SEOUL, April 14 (UPI) — South Korea’s LG AI Research said Tuesday that it will work with local brokerage Kiwoom Securities and London Stock Exchange Group to develop AI agent services for retail investors.

Under the contract, the three parties aim to provide stock-specific forecast scores alongside easy-to-understand explanations on Kiwoom’s retail trading platform. They also plan to introduce AI-powered wealth management services.

Toward that end, LG AI Research plans to leverage its EXAONE-Business Intelligence system. LG said the system is built on four specialized AI agents — AI journalist, AI economist, AI analyst and decision-maker.

They are intended to collect real-time data, analyze it to forecast market trends and generate reports before evaluating various scenarios to produce final scores for stocks.

Established in 2020 as an affiliate of LG Group, LG AI Research focuses on developing cutting-edge AI technologies and addressing related challenges.

“For financial AI agents, explainability and reliability are just as crucial as accuracy,” LG AI Research chief Lim Woo-hyung said in a statement.

“EXAONE Business Intelligence is evolving into a practical AI system that supports human judgment as expert agents collaborate to perform tasks ranging from analysis and forecasting to report preparation,” he said.

London Stock Exchange Group senior executive Nicolas Falmagne said the three-way alliance would mark a turning point in creating greater value across the entire financial ecosystem.

LG AI Research is not publicly listed. The share price of LG Group’s holding company, LG Corp., edged down 0.11% on the Seoul bourse Tuesday. Those of Kiwoom Securities rose 4%.

April 14 (UPI) — The founder and former chairman of Chinese property giant China Evergrande Group pleaded guilty Tuesday to a slew of charges, including embezzlement, securities fraud and corporate graft at a trial in the southern city of Shenzhen.

Hui Ka Yan admitted “illegally absorbing public deposits” where buyers’ down payments on apartments off-plan were used to fund hundreds of other projects in the case in which Evergrande Real Estate Group also faced a similar set of charges, the Intermediate People’s Court of Shenzhen said in a statement online.

Evergrande took in millions of dollars from buyers that, instead of being used to complete the properties they were purchasing, were diverted to new developments, the court heard.

Hui also admitted fundraising fraud, illegal issuance of loans and unauthorized disclosure of “important information” during the high-profile two-day trial, which was attended by deputies from the National People’s Congress, the Chinese People’s Political Consultative Conference of which he was once a standing committee member, and investors.

The court statement said China Evergrande Group and Evergrande Real Estate Group were also indicted on charges of illegally collecting public deposits, fundraising fraud, illegal issuance of loans and fraudulent issuance of securities.

The downfall of the business tycoon, once Asia’s richest with a net worth of more than $42 billion, began in 2021 when the property empire he founded 25 years earlier collapsed after a massive Chinese property bubble burst, leaving 1,300 half-finished Evergrande developments financed with $300 billion of debt.

Hui was placed under house arrest in September 2023, prompting the suspension of trading in Evergrande shares by market regulators across the border in Hong Kong, only a month after trading had resumed following a 17-month suspension.

The company was also the subject of a winding-up petition in a Hong Kong court brought by creditors and had sought protection from being made bankrupt in the United States in a New York court the previous month.

Hong Kong regulators initially suspended Evergrande for failing to issue financial results for two years. When it did report in July 2023, it said it had lost $81.1 billion total in 2021 and 2022, mostly through payments to suppliers and lenders, as it battled to finish thousands of housing projects across 280 Chinese cities.

In January 2024, after repeated reprieves to allow it time to come up with a viable plan to restructure liabilities that had by then grown to at least $325 billion, the court in Hong Kong placed Evergrande into liquidation.

Hui was handed a $6.5 million fine in March 2024 for Evergrande, stating in its results that revenue was $78 billion more than it actually was and was handed a lifetime ban from participating in China’s capital market.

The final blow came in August 2025 with the delisting by regulators of Evergrande shares from the Hong Kong Stock Exchange, almost 16 years to the day after it was the most oversubscribed IPO of 2009 with a valuation in excess of $50 billion.

The ban was imposed after an 18-month deadline for Evergrande stock to resume trading passed the previous month, with the company opting not to appeal the decision.

Hui had led a 15-year drive to grow Evergrande into one of China’s largest businesses, spending billions expanding into tourism and recreation, healthcare, finance, EV manufacturing and infrastructure, entertainment and agribusiness.

In 2020, it began work on a new $1.7 billion, 100,000-seat stadium for Guangzhou FC, the soccer club it had purchased 10 years earlier.

However, the company’s growth was delivered through massive borrowing, much of it highly leveraged, with the result that six years on the stadium, like many of Evergrande’s projects, it remains incomplete after it was seized by the government in November 2021.

South Korean stocks rose nearly 3 percent Tuesday to inch toward the 6,000-point mark on hopes for renewed negotiations between Washington and Tehran. The local currency sharply gained against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 159.13 points, or 2.74 percent, to close at 5,967.75, after reaching as high as 6,026,52.

The index swerved over and under the 6,000-point mark, marking the first such move since March 3, when the index traded at 6,180.45, the first trading day after the United States and Israel carried out air strikes on Iran on Feb. 28.

Trading volume was moderate at 881.9 billion shares worth 26.7 trillion won (US$18 billion), with gainers beating losers 669 to 197.

Foreigners and institutions scooped up a net 830 billion won and 1.25 trillion won, respectively, while individuals sold a net 2.4 trillion won.

The U.S. military began a blockade of the Strait of Hormuz on Monday after a breakdown of weekend talks in Islamabad, Pakistan, between Washington and Tehran.

However, Donald Trump said Iran wants to reach a deal with the U.S., raising hopes that the two sides could return to negotiations.

“Investors anticipate a second round of peace talks between the U.S. and Iran after Trump’s comments,” said Kang Jin-hyuk, an analyst at Kyobo Securities. “The Wall Street Journal also reported that the two sides have exchanged detailed terms on uranium enrichment, raising further hopes for a deal.”

Tech and financial shares led the rally.

Tech giant Samsung Electronics rose 2.74 percent to 206,500 won and SK hynix jumped 6.06 percent to 1.1 million won ahead of its first-quarter earnings report next week.

Major banking group Hana Financial Group increased 0.67 percent to 120,800 won and Samsung Fire & Marine Insurance added 3.82 percent to 489,500 won.

Top carmaker Hyundai Motor advanced 2.72 percent to 491,500 won and major gamemaker NC climbed 3.97 percent to 248,500 won.

Leading mobile carrier SK Telecom gained 3.24 percent to 95,500 won and retail giant Shinsegae rose 1.02 percent to 346,500 won.

However, defense shares went south as industry leader Hanwha Aerospace fell 0.46 percent to 1.52 million won and LIG D&A, formerly LIG Nex1, declined 0.53 percent to 934,000 won.

The local currency was quoted at 1,481.2 won against the greenback as of 3:30 p.m., up 8.1 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 4.3 basis points to 3.339 percent, and the return on the benchmark five-year government bonds dropped 3.5 basis points to 3.519 percent.

Copyright (c) Yonhap News Agency prohibits its content from being redistributed or reprinted without consent, and forbids the content from being learned and used by artificial intelligence systems.

April 13 (Asia Today) — Chung Eui-sun said robotics and artificial intelligence will be central to Hyundai Motor Group’s future growth, as the company plans to invest $26 billion in the United States by 2028.

Hyundai Motor Group aims to expand beyond its traditional automotive business into “physical AI,” integrating robotics and AI into real-world industrial applications.

In an interview with Semafor published Saturday, Chung said robotics and physical AI are key to the group’s evolution beyond mobility, adding that the company is working to develop robots that collaborate with humans.

The chairman reiterated a human-centered AI robotics strategy introduced earlier this year and confirmed plans to deploy humanoid robots in manufacturing by 2028. The company intends to build an annual production capacity of up to 30,000 units by 2030.

The initiative includes the use of humanoid robots developed by Boston Dynamics, which is affiliated with Hyundai Motor Group.

Chung said robotics and AI will play a growing role in improving manufacturing efficiency and product quality as customer demands evolve. He added that integrating innovation into real-world applications will enable collaboration between humans, robots and AI to enhance productivity.

He also underscored the strategic importance of the U.S. market, calling it a key foundation for long-term resilience and sustainable growth.

The group has invested about $20.5 billion in the United States over the past 40 years and plans to increase that figure to $26 billion by 2028, he said. The company is also advancing software-driven manufacturing innovation through its U.S. production operations.

To address global uncertainty, Chung said the company is pursuing a strategy that combines global expansion with localization, citing shifts in regulations, supply chains and customer demand across regions.

He also reaffirmed Hyundai’s commitment to hydrogen energy, saying rising demand driven by AI infrastructure and data centers makes hydrogen a critical alternative energy source.

The company is expanding its hydrogen ecosystem under its HTWO brand, covering production, storage, transportation and utilization.

Chung emphasized that hydrogen and electric vehicles are complementary technologies, adding that offering diverse energy options will be key to competitiveness in the energy transition era.

He cited quality and brand trust as the foundation of the group’s competitiveness, noting that Hyundai, Kia and Genesis sell more than 7 million vehicles annually across more than 200 countries, supported by 16 global production facilities.

— 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=20260413010003703

NEW YORK — For decades, presidents avoided even the appearance of profiting from their office.

Harry Truman refused to lend his name to any business, even in retirement. Richard Nixon so feared a brother might profit off their ties, he had his phone tapped. And George W. Bush dumped his individual stock holdings before taking office.

President Trump is taking a different approach.

The family real estate business is undergoing the fastest overseas expansion since its founding a century ago, each deal potentially shaping everything including tariffs and military aid.

Led by Eric Trump and his brother, Donald Jr., the family business has expanded into cryptocurrencies with ventures that brought in billions of dollars but raised questions about whether some big investors received favorable treatment in return.

The brothers have also joined or invested in a number of companies that aim to do business with the government their father runs. Last month, they struck a deal giving them stakes worth millions in an armed drone maker seeking contracts with the Pentagon and with gulf states under attack by Iran and dependent on the U.S. military led by their father.

The White House and the Trump Organization deny there are any ethical problems. Asked about the issue at a recent crypto conference, Donald Jr. said, “Frankly, it’s gotten old.”

The problem of conflicts of interest goes back a decade to when Trump first ran for office, but some government ethics experts and historians argue it’s more pressing than ever as conflicts pile up in his second term that they consider unprecedented, blatant and dangerous to democracy.

“I don’t think there’s any line right now between policy decisions and political calculations and the interest of the Trump family,” said Julian Zelizer, a presidential historian at Princeton University.

Deal-making spree abroad

In Trump’s first term, the Trump Organization did zero deals in foreign countries. In a little over a year into his second term it did eight, all ostensibly complying with the Trump Organization’s self-imposed rule not to do business directly with foreign governments.

But governments in authoritarian and one-party states rarely take a hands-off approach — especially when the business belongs to a sitting president.

In Qatar, a Trump golf club and villa project is being developed in part by a company owned by the Qatari government. In Vietnam, where The New York Times reported the government pushed farmers off their land to make way for a Trump resort, the country’s deputy prime minister signed off on the deal at a ceremony. And in Saudi Arabia, a planned “Trump Plaza” resort on the Red Sea is being built by a Saudi real estate developer close to the ruling family.

Whether the deals played any role in changing U.S. policies in ways these countries sought is nearly impossible to know, but the countries did get what they wanted — access to advanced U.S. technology for Qatar, tariff relief for Vietnam and fighter jets for Saudi Arabia.

And the Trump Organization got something too: tens of millions in fees.

Asked about those projects, the Trump Organization said it has done no deals with governments so far, noting that the Saudi company was private, and has said it is “collaborating” with the Qatari business and had not struck a “partnership” with it that would have broken its self-imposed rules.

The UAE, crypto and Binance

Another deal raising conflicts of interest questions first came to light in a Wall Street Journal article in January — a year after it was struck.

Days before the inauguration, the Trump family sold nearly half of its World Liberty Financial crypto business to a UAE government-linked company run by a member of the UAE royal family for $500 million.

A second UAE entity, a government fund, invested in the offshore cryptocurrency exchange Binance using $2 billion worth of a digital currency called a stablecoin issued by World Liberty. That allowed the Trump company that received the dollars to put it in safe investments such as bonds or money market funds and keep the tens of millions of dollars in interest for itself.

Shortly after, the Trump administration reversed a Biden-era restriction and granted the UAE access to advanced U.S. chips. Binance’s founder, Changpeng Zhao, later got a pardon from Trump, despite having pleaded guilty to failing to stop criminals from using his platform to move money connected to child sex abuse, drug trafficking and terrorism.

A lawyer for Zhao denied any connection between Binance’s business with the Trump family and the pardon.

“Any claim of a quid pro quo by Binance or CZ, or preferential financial treatment by Binance, is a clear misstatement of the public record,” said Teresa Goody Guillen in a email to the AP, referring to Zhao by his initials.

Asked about the pardon, the White House said federal authorities had unfairly punished Zhao in what it called “The Biden Administration’s war on crypto.”

World Liberty dismissed the notion of a conflict, saying the UAE deal had no connection to the president’s chips policy.

Crypto billions

World Liberty has also provided a separate income stream to a new Trump limited liability corporation through sales of “governance tokens” that give owners certain voting rights in its business, though not equity stakes, raising $2 billion last year. That translates into hundreds of millions of dollars for the Trumps through their World Liberty ownership stake and a separate side deal allowing them a cut of these sales.

One big token investor was Justin Sun, a cryptocurrency billionaire who as a foreign citizen would be banned under U.S. law from making political donations to U.S. politicians. Between Trump’s election and inauguration, Sun spent $75 million on the tokens.

In February last year, a federal lawsuit charging Sun with duping investors was paused before being settled last month for a $10-million fine.

Then there are the souvenir-type “meme” coins stamped with Trump’s face that went on sale days before he took the oath of office last year.

Over the next four months, the coins generated $320 million, mostly going to Trump-related entities, according to blockchain tracker Chainalysis. That is more than double the money collected in four years running his Washington hotel in Trump’s first term.

Unlike the lobbyists or campaign donors trying to influence Trump, the coin buyers can buy anonymously. One who chose to make his purchase public was Sun, who spent $200 million on the coins and got access to Trump at a gala party he held for the biggest buyers.

Another family cryptocurrency business, American Bitcoin, went public in September, giving Donald Jr. and Eric about $1 billion in paper wealth at that time. Months earlier, their father announced a new national bitcoin reserve, sending the price for the cryptocurrency soaring to a record.

The Trump businesses aren’t completely immune to crypto’s notorious volatility. The value of bitcoin and other digital tokens has since plunged and rattled investors. Both American Bitcoin stock and the value of Trump’s souvenir meme coins have collapsed 90% from their highs.

Last month, Trump announced he would hold another dinner with new top holders of his meme coins, giving the coin a boost before it fell back again.

“Whatever constraints there were in the first term appear to have completely disappeared,” says Columbia University historian Timothy Naftali. “Do you want future presidents to be open to the highest bidder?”

Trump thinks people don’t care

Asked to comment for this story, the White House said Trump acts in an “ethically-sound manner” and that any suggestion to the contrary is either “ill-informed or malicious.” It reiterated that his assets are in a trust managed by his children and stated he has “no involvement” in family business deals.

“There are no conflicts of interest,” said spokesperson Anna Kelly.

In a separate statement, the Trump Organization said it is “fully compliant with all applicable ethics and conflicts of interest laws” and added, “The implication that politics has enriched the Trump family is unfounded.”

Trump in January told the New York Times that when it comes to potential conflicts of interest, “I found out that nobody cared, and I’m allowed to,” alluding to an exemption the president gets from the federal statute banning federal officials from holding financial interests in businesses impacted by public policy they help shape.

It’s not clear he’s wrong about American attitudes, though they appear to be changing even among Republicans. In a Pew Research Center poll in January, 42% of those voters said they were confident that Trump acts ethically in office, down from 55% at the start of his second term a year ago.

Change of fortune

Forbes estimates Trump’s net worth is now $6.3 billion, soaring 60% from before he returned to office, a striking development given how much the Trump Organization struggled before.

The Trump International Hotel in D.C. never turned a profit before being sold. Two Trump hotel chains catering to middle-class travelers in his first term shut down for lack of demand. Condominium buildings stripped the Trump name off their facades after discovering that instead of attracting buyers, it was repelling them.

No new U.S. condominiums are putting the Trump name above their entrances in his second term, but his name is prized in Washington, where people have business before the federal government.

Donald Jr., Trump’s oldest son, opened a private club in the Georgetown section of Washington that is charging initiation fees as high as $500,000 for founding members.

One of the few clubs with comparable fees, the Yellowstone Club in Montana, offers access to multiple resorts, 50 ski trails and more than a dozen restaurants across a members-only area the size of Manhattan.

Donald Jr.’s club is in the basement of a building but offers something else — proximity to power.

The club’s name is “Executive Branch.”

Bibles, guitars and sneakers

Other presidents and their families have done things in pursuit of profit that stained that high office.

Hunter Biden got paid as a director of a Ukrainian gas company while his father was vice president. The Clinton Foundation got foreign donations, though after Bill Clinton had left office. And Jimmy Carter’s brother Billy cashed in on the family name by selling beer.

In Trump’s case, the president himself is hawking goods, including $59.99 “God Bless the USA” Bibles, $399 sneakers stamped “Never Surrender” and electric guitars priced up to $11,500 — shipping not included — for a model autographed by the president.

New year, new profits

In the first months of Trump’s second year back in the White House, the momentum hasn’t let up.

In January, the Trump Organization announced its third deal involving Saudi Arabia in less than a year, this time a “collaboration” with a company more directly tied to the government because it is owned by the country’s sovereign wealth fund chaired by its crown prince, Mohammed bin Salman. Asked by the AP whether the project outside Riyadh for Trump mansions, a hotel and golf course violated the company’s pledge not to strike deals with foreign governments, the Trump Organization said it doesn’t “conduct business with any government entity” but didn’t address the project specifically.

Meanwhile, as the two oldest brothers’ new drone company seeks Pentagon contracts, other government contractors in which one or both have gotten ownership stakes this past year are taking in tens of millions of dollars of new taxpayer money. That includes a rocket motor maker, an AI chip supplier and a data analytics company, according to government contracting records.

Asked about potential conflicts after the drone deal was announced, Eric said, “I am incredibly proud to invest in companies I believe in.” A spokesman for Donald Jr. said he doesn’t “interface” with the government on companies in his portfolio, adding that “the idea that he should cease living his life and making a living to provide for his five kids just because his dad is president, is quite frankly, a laughable and ridiculous standard.”

A new investment firm that the brothers joined as advisors last year has raised $345 million in an initial public offering to buy stakes in U.S. companies designed to help their father revive America’s manufacturing base. After the AP asked Trump’s chief business lawyer about language in a regulatory filing stating the firm would target companies seeking federal grants, tax credits and government contracts, he filed a new document with that language removed.

Zelizer, the Princeton historian, says he expects future presidents will show more restraint in enriching themselves, but worries about the message Trump is sending.

“He has shown politically there is no price to be paid to making money,” he said. “You know you can go there.”

Condon writes for the Associated Press.

A NEW “holiday tax” will add £500million a year to the cost of UK breaks, business leaders warn.  

Chancellor Rachel Reeves has been urged not to allow mayors the power to raise funds by slapping a levy on overnight stays at hotels, campsites and B&Bs.

The Confederation of British Industry said it will drive up inflation, hamper investment and mean more red tape. 

Two hundred bosses from firms such as Butlin’s and Haven have written to Ms Reeves hitting out at the plans.

A consultation closed in February.

CBI head of tax policy Alice Jeffries said: “The Government should be sending a clear message that Britain is open for business and tourist visitors alike — not making it harder for people to spend their time and money here.” 

TAXING TIMES

Holiday tax will ‘wipe billions from economy & threaten jobs for young people’

JOBS CULL

Iconic UK holiday chain to axe 250 jobs as boss issues warning over ‘tourist tax’

She said the policy could apply a handbrake to investment, jeopardise jobs and squeeze margins for a sector facing one of the country’s heaviest tax burdens. 

UK Hospitality say it could add £100 to a two-week family stay based on £2 per person per night.  

Its boss, Allen Simpson said: “The Government should keep holidays relaxing, not taxing.”  

A Government spokesman said: “The final design of the visitor levy has not been decided.  

“We are clear it will ensure hugely popular areas benefit even more from tourism and mayors will have more money to invest in local priorities.” 

April 11 (UPI) — Police arrested a 20-year-old man for allegedly throwing a Molotov cocktail at OpenAI CEO Sam Altman’s home in San Francisco.

Around 4:00 a.m. local time, the man reportedly threw the incendiary device at Altman’s house, causing a fire to a gate outside the home.

The man was arrested less than an hour later when he was allegedly attempting to burn down OpenAI’s offices, police said in a statement.

In a lengthy blog post on Friday night, Altman said that he was “underestimated the power of words and narratives,” after an actual incendiary device was hurled at his house following the publication of an article about him that he also called “incendiary.”

“We should de-escalate the rehtoric and tactics and try to have fewer explosions in fewer homes, figuratively and literally,” he wrote, having noted that “thankfully [the Molotov cocktail] bounced off the house and no one got hurt.”

Similarly, OpenAI said in a statement that nobody was hurt at the company’s offices and said they are assisting law enforcement with their investigation, CNN reported.

Altman, whose home is located in San Francisco’s Russian Hill neighborhood, about three miles from the OpenAI offices, is one of several tech industry CEOs who are behind the burgeoning artificial intelligence industry, The New York Times reported.

In his blog post, Altman said that he understands the debate around AI and how it is being used, and could be used in the future, and that he believes debates around its use are essential but should stop short of violence.

“I empathize with anti-technology sentiments and clearly technology isn’t always good for everyone,” Altman wrote. “We should have that debate.”

April 11 (UPI) — A federal judge upheld a previous ruling that that a Reconstruction-era federal ban on home distilling of alcoholic spirits is unconstitutional.

The 158-year-old law was aimed at preventing people from skirting tax collectors when it was enacted in an 1868 law that imposed excise taxes on distilled spirits and tobacco that was challenged by a man who wanted to distill bourbon whiskey at home.

The Fifth Circuit Court of Appeals on Friday overturned the law that has barred people from producing liquor in their homes because the federal government does not have the right to use its power of taxation to criminalize at-home distilling, FoxDC5 reported.

“The government contends that this prohibition was enacted to prevent tax evasion because ‘[a] distiller can more easily conceal a spirit’s strength (and thus avoid the proper tax rate) or conceal a distilling operation altogether if his still is in his house or connected with it,” the court said in its opinion.

“Congress’s taxing power ‘reaches only existing subjects,’ not activity that may generate subjects of taxation,” the court said. “Put otherwise, preventing activity that lest it give rise to tax evasion places no limit whatsoever on Congress’s power under the taxation clause.”

Although in-home production of beer and wine for personal or family use is legal, producing spirits at any location that is not an Alcohol and Tobacco Tax and Trade Bureau-qualified and licensed facility is not legal, the U.S. Department of Treasure, under which the Bureau exists, said on its website.

The lawsuit was brought primarily by Rick Morris who manufactures stills for legally approved distilling operations and wanted to distill bourbon whiskey at his home for his brother and friends.

Upon finding that he could not legally do this, Morris founded the Hobby Distillers’ Association, members of which joined him in the legal battle.

While the ruling does not mean in-home distilling is a free-for-all, it means that people can obtain permits from the bureau to set up a distillery, follow federal regulations and pay applicable taxes, the HDA said in a blog post.

“This is a major victory for the plaintiffs — including members of the Hobby Distillers’ Association — and a turning point for hobby distillers nationwide,” the organization said.

April 10 (Asia Today) — Bank of Korea Gov. Rhee Chang-yong said Thursday that uncertainty in the Middle East is having a greater impact on South Korea’s economy than interest rate policy, calling for a cautious, wait-and-see approach.

Speaking after a monetary policy meeting, Rhee said policymakers should first assess how the Middle East situation and related negotiations unfold before making decisions on rates.

“There was little discussion about raising or lowering rates, and many members agreed to monitor the situation for now,” he said.

The central bank held its benchmark interest rate steady at 2.50%, marking a seventh consecutive freeze since July.

Markets had expected that rising oil prices linked to the Middle East conflict could push inflation higher and prompt a policy shift. Consumer prices rose 2.2% in March, up 0.2 percentage points from a month earlier, adding to upward pressure.

Rhee dismissed concerns about stagflation – a combination of slowing growth and rising prices – as unlikely if the current crisis is resolved soon.

“If the situation ends at this point, the possibility of stagflation is low,” he said, while warning that unpredictable developments could still lead to a worst-case scenario.

He highlighted potential damage to Iran’s energy infrastructure as a key variable, noting that prolonged disruptions could weigh on South Korea’s economy even after the crisis subsides.

The central bank also indicated that this year’s economic growth could fall below its February forecast of 2.0%, citing weaker sentiment and production disruptions since March despite earlier gains from exports and consumption.

Inflation, however, is expected to exceed the earlier projection of 2.2% due to higher global oil prices.

Rhee gave a generally positive assessment of the government’s supplementary budget, which relies on excess tax revenue rather than bond issuance, easing concerns about fiscal stability.

However, he expressed concern that about 5 trillion won (about $3.7 billion) of the budget is allocated to local education funding under existing rules, suggesting the need to review whether such allocations are appropriate during an economic slowdown.

On exchange rates, Rhee said the value of the Korean won should be assessed relative to the U.S. Dollar Index rather than focusing solely on the won-dollar rate, noting that short-term fluctuations can be driven by domestic supply and demand factors.

Thursday’s meeting was Rhee’s final rate-setting session before his term ends April 20.

— 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=20260410010003215

April 10 (Asia Today) — More than 1,000 subcontractor unions have requested collective bargaining with primary contractors in the first month since South Korea’s revised labor law took effect, though relatively few negotiations have begun.

According to the Ministry of Employment and Labor, 1,011 subcontractor unions representing 145,860 workers filed bargaining requests with 372 primary companies as of Wednesday.

In the private sector, 616 unions sought talks with 216 companies, while 395 unions in the public sector filed requests with 156 organizations.

Despite the surge in requests, only 33 companies – about 8.9% – have formally announced the start of negotiations, and just 19 completed the process confirming bargaining parties. Handong Global University is the only case so far where formal talks have begun, holding an initial meeting with a subcontractor union Wednesday.

Officials said the process remains in an early stage, as companies and unions work through procedures such as determining employer status and separating bargaining units.

A total of 170 complaints were filed with the labor commission over companies failing to publicly acknowledge bargaining requests. Of those, 110 were withdrawn and 54 remain under review. In six completed cases, authorities recognized the primary contractor as the employer.

Applications to divide bargaining units have also increased, with 117 filed so far. Thirteen were approved and six rejected. Cases involving Korea Electric Power Corp. and major bank call centers were approved by job function, while other cases were split by union affiliation.

The ministry said the rulings show bargaining structures are not being fragmented indefinitely, countering concerns from businesses.

The government described the current phase as part of establishing a new bargaining framework between contractors and subcontractors.

However, business groups warned the law could increase the burden of negotiating with multiple unions and potentially extend into management decisions. Labor groups, meanwhile, criticized delays by companies in initiating the process.

Even within labor circles, there has been a cautious approach as both sides monitor early rulings and precedents.

Labor Minister Kim Young-hoon said the revised law is intended to institutionalize dialogue between contractors and subcontractors.

“Legal procedures such as bargaining requests and unit separation are part of building a stable framework for dialogue,” he said, adding that the government will continue to support the law’s implementation.

— 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=20260410010003225

SEOUL, April 10 (UPI) — The Korea Federation of Community Credit Cooperatives said Friday it launched a savings product that offers an annual interest rate of up to 12% in an attempt to boost childbirth.

The one-year installment savings product provides a base rate of 4%, which increases by steps to 12% depending on the number of the customer’s children. It is subject to a deposit limit, though.

For savers with a newborn in areas experiencing population decline, the country’s top apex organization said that the maximum 12% interest would be guaranteed regardless of the number of children.

“We have introduced dedicated financial products every year since 2023 in an effort to help address the low birth rate,” cooperative Director Cho Bong-eop said in a statement.

“As a community-based financial institution, we will keep fulfilling our social responsibilities by supporting vulnerable groups and revitalizing local economies, in addition to tackling the low birth rate,” he added.

South Korea has one of the world’s lowest fertility rates, which fell to 0.72 in 2023, according to Statistics Korea. The figure rebounded slightly to 0.75 in 2024 and 0.8 last year, still far below the replacement level of 2.1.

This means that for every 100 South Korean women, only 80 babies are expected to be born over their lifetimes, leading to a gradual population decline. The country’s population stands at 51.6 million.

To address the challenge, the Seoul government has funneled a huge amount of money over the past decades to little avail. In recent years, even private companies stepped in, providing bonuses and various benefits to employees who have a baby.

Last month, Statistics Korea reported nearly 27,000 births in January, the highest monthly figure in nearly seven years. However, the fertility rate still remained below 1.

April 9 (UPI) — Mexican President Claudia Sheinbaum signaled a major shift in the country’s energy policy aimed at reducing its dependence on natural gas imports from the United States, including a possible reopening of hydraulic fracturing under stricter controls.

“Mexico must guarantee its sovereignty. And a fundamental part of sovereignty is energy sovereignty,” Sheinbaum said Thursday during a press conference.

The president said her administration is exploring new domestic production pathways, including using fracking, a technique she previously opposed due to environmental concerns.

Sheinbaum described the move as a “responsible decision” to be carried out under “strict scientific oversight” with the support of a specialized committee.

The proposal centers on creating a technical and scientific panel of experts from the National Autonomous University of Mexico and the National Polytechnic Institute.

The group will have two months to develop a protocol for extracting unconventional reserves, while minimizing environmental impact and prioritizing using treated or non-potable water.

The initiative marks a departure from the policy of former President Andrés Manuel López Obrador, who maintained a strict ban on fracking on environmental grounds.

Mexico currently imports about 75% of the natural gas it consumes, mostly from Texas, exposing the country to price volatility and geopolitical risks that could affect the National Electric System.

“We cannot achieve energy sovereignty if we depend on a valve that can be shut outside our borders,” Sheinbaum said.

Government projections estimate gas demand could rise by about 30% by the end of the administration, driven by new power plants, industrial expansion, petrochemicals and fertilizer production, according to local media reports.

Energy Secretary Luz Elena González Escobar outlined a plan Wednesday to strengthen energy security by increasing domestic gas production and reducing reliance on imports.

She also said the government will accelerate its energy transition plan, aiming for renewable sources to account for 38% of electricity generation by 2030 while reducing the share of fossil fuels.

The strategy envisions starting unconventional extraction by late 2027, with a goal of increasing production to more than 8 billion cubic feet per day by 2035 from about 2.3 billion cubic feet.

The administration has invited private sector participation in renewable energy projects and combined-cycle power plants under a mixed model in which the state, through the Federal Electricity Commission and Pemex, retains 54% of generation and strategic control, leaving 46% to private investment.

Officials say the model is designed to attract capital for storage and extraction infrastructure that the public sector cannot fully finance in the short term.

Energy analysts say the policy shift responds in part to nearshoring trends, as multinational companies relocating operations to Mexico require reliable and affordable electricity supply.

The proposal has drawn criticism from environmental groups, which called it a “green setback” and warned that fracking could threaten aquifers in regions already facing severe water stress.

April 9 (UPI) — Disney plans to lay off up to 1,000 employees and cut their positions, focusing largely on its marketing department.

The Wall Street Journal first reported Thursday, with CNBC and Variety also reporting that the mass layoffs will occur in the coming weeks. It is the first big move by the media giant under the leadership of new CEO Josh D’Amaro, who took the reins in March.

Disney’s marketing department was consolidated earlier this year under Asad Ayaz, its new chief marketing and brand officer. Ayaz, who was named to the role in January, oversees marketing for all of Disney.

Former CEO Bob Iger was still at the helm when Disney restructured its marketing department, bringing marketing for all its divisions together for the first time in the company’s history.

The last time Disney conducted mass layoffs was in 2023 when it cut about 7,000 employees.

Disney employs about 231,000 people, either full-time or part-time. About 172,000 of its employees are based in the United States.

Disney’s stock climbed to $99.18 per share on Wednesday, nearly a $3 increase over Tuesday. It is up about 3% over a week ago, though it slid down by about 0.25% for the day on Thursday morning.

April 9 (UPI) — The U.S. Bureau of Economic Analysis revised the rate of economic growth for the fourth quarter of 2025 down Thursday due largely to slower-than-expected investment.

The annual rate of growth for gross domestic product was revised downward from 0.7% to 0.5% to end 2025. The Commerce Department said the revision primarily reflects a downward revision to investment.

“Within investment, the downward revision was led by private inventory investment, particularly wholesale trade, based on updated U.S. Census Bureau inventory data,” Thursday’s GDP report said.

Thursday’s report is the third estimate of economic growth for the fourth quarter of 2025. It was slated to be published on March 27 but was delayed due to the government shutdown in October and November.

Gains in wholesale trade, information services and healthcare were offset by declines in the federal government and nondurable goods manufacturing. Private service-producing industries tallied a 2.3% gain in real value added to the GDP while the federal government’s contribution decreased by 7.8%.

Thirty-five states posted gains to GDP, led by North Dakota at 3.8%. The District of Columbia, where many federal employees are located, had a decrease of 8.3%.

North Dakota was also one of three states with a decrease in personal incomes, down 4%. Personal incomes also declined in South Dakota by 2% and Iowa by 1.5%.

What exactly is stagflation, and why do some economists and investors believe the global economy could be heading toward it? Al Jazeera’s Yasmeen ElTahan explains.

Sony Pictures Entertainment plans to lay off a few hundred employees globally in a move to restructure its business.

The cuts, announced Tuesday afternoon, are set to affect employees who work across Sony’s film, TV and corporate divisions the company said, declining to specify how many would lose their jobs.

Sony said the cuts reflect a shift in business strategy under its new chief executive, Ravi Ahuja.

“As we lean into those priorities, we need to operate with greater focus, speed, and alignment to strengthen our differentiated capabilities,” said Ahuja in a statement. “To support our growth, we are aligning our organization with where the business is going — not where it has been. That requires changes to how we are structured and where we invest.”

Ahuja, who was promoted just over a year ago, added that the company is ”reducing roles in certain areas while increasing focus and investment in others that are most critical to our future.”

Sony plans to focus on franchise strategy and brand extension with game shows, as well as develop more anime, experiences and invest in content that will connect with a younger audience. This includes more game adaptations and growing its YouTube capabilities.

One of the studio’s biggest franchises is the “Spider-Man” universe, which includes both live-action films starring actors like Tom Holland and the Oscar-winning animated “Spider-Verse” movies. The studio is set to release the latest live-action installment, “Spider-Man: Brand New Day,” this summer. The previous movie “Spider-Man: No Way Home” was a major win for Sony as it generated $1.9B globally.

Sony Pictures operates under its Japanese parent company Sony Group Corp, alongside other subsidiaries like Sony Music Group and Sony Electronics. The film studio was established in 1987 and maintains a strong presence in Culver City.

Recently, the studio acquired the “Peanuts” comic in a $457-million deal, reupped the “Reading Rainbow” for a YouTube audience and is working on PlayStation adaptations for video games like “Helldivers” and “God of War.”

The company has also combined its game-show group with its nonfiction TV department and is slowing down areas of its business that have low growth, like the VFX and virtual production studio, Pixomondo.

The layoffs are the latest to hit Hollywood, which has been hard hit by the exodus of film and TV jobs to other states and countries, a cutback in the number of films being released and media consolidation. Last year, Paramount cut 10% of its workforce after it was acquired by David Ellison’s Skydance Media.

April 7 (UPI) — Bill Gates is expected to give testimony to the House Oversight Committee in its investigation of convicted sex offender Jeffrey Epstein, the Microsoft co-founder’s representative said Tuesday.

Gates will appear for a transcribed interview June 10, unnamed sources familiar with the arrangement told Politico, CNBC and CBS News.

A representative for Gates told Politico he “welcomes” the testimony.

“While he never witnessed or participated in any of Epstein’s illegal conduct, he is looking forward to answering all the committee’s questions to support their important work,” the representative said.

Gates’ relationship with the late Epstein has drawn scrutiny after documents released by the Justice Department included email drafts by Epstein implicating Gates. In the drafts, Epstein claims he arranged sexual encounters for Gates.

Gates has denied that Epstein arranged such encounters and said he interacted with Epstein only on philanthropic discussions. He said he also never traveled to Epstein’s island, Little St. James, and “never met any women.”

April 6 (UPI) — Samsung said on Monday that it will discontinue its messages app and told users to upgrade to Google Messages as their default method for sending texts.

The move is being billed as an upgrade, as Google Messages includes spam and scam filters, RCS-enabled messaging, artificial intelligence features because the app is integrated with Google’s Gemini, and the ability to continue chats across multiple devices without interruption.

The Samsung Messages app will not be available to download and will stop functioning in July, Samsung said in an end-of-service announcement.

Samsung Messages was the pre-installed, default texting app on all the company’s smartphones until 2021, CNET reported.

In 2024, it stopped pre-installing it and gradually started to motivate users to switch to the Google service with the release of its Galaxy Z Flip 6 and Z Fold 6 phones, and the Galaxy S26 — the newest version of its flagship smartphone — is not able to download the app.

“Once the Samsung Messages app is discontinued, sending messages via Samsung Messages on your phone will no longer be possible, except for emergency service numbers or emergency contacts defined on your device,” Samsung said in the announcement.

In the announcement, Samsung said that depending on the operating system on the device, some users may receive a notification in Samsung Messages about migrating to Google Messages, if the user opts for it.

For some users, the company said, Google Messages will not instantly be set as the default texting app and may not appear in the home screen doc, with Samsung providing instructions for accomplishing both.

It also noted in the announcement that watches launched before the Galaxy Watch4 do not support Google’s texting app, and that Samsung devices released before 2022 will require users on both ends of a text conversation to switch to Google Messages for full RCS conversations to be available.

RCS, or Rich Communication Services, is a SMS/MMS standard that has been adopted by most messaging apps, including the iMessage app on iPhones, that provides end-to-end encryption, ensuring a “more dynamic and secure conversation,” according to Google.

April 6 (UPI) — The Department of the Treasury announced Monday that The Bank of New York Mellon Corporation will handle the Trump Accounts program and that Robinhood will be the brokerage and initial trustee.

BNY will manage the initial accounts and develop the Trump Accounts app.

“Together, these partners will support Treasury’s goal of ensuring every eligible child can access a Trump Account quickly and easily,” a press release from the Treasury said.

The accounts are tax-deferred investing accounts for children born between 2025 and 2028. They are scheduled to launch on July 4 with a $1,000 deposit from the Treasury.

BNY and other large employers have pledged to match the government’s deposits for children of their U.S. employees.

“We are honored to be selected as financial agent for Trump Accounts,” BNY CEO Robin Vince said in a statement. “In collaboration with Robinhood, a leading financial technology platform committed to democratizing the markets for investors, we are helping to expand access to financial opportunity for all Americans.”

The Treasury press release said the app is being developed as a custom, white-label product. The National Design Studio, along with Robinhood, is creating an intuitive user interface and user experience that allows “families to explore their Trump Accounts with confidence and ease.”

Vlad Tenev, chair and CEO of Robinhood Markets, said in a statement that the company is “proud to power Trump Accounts with Robinhood’s technology and to work alongside a historic and trusted institution like BNY.”

“Our task is clear: to provide the next generation of Americans with a world-class, intuitive platform to jumpstart their financial future,” Tenev said.

The IRS said that as of March 31, more than 4 million children were signed up for Trump accounts, and more than 1 million were eligible for the $1,000 pilot program.

“The IRS has been working closely with the Treasury Department to make the election process as simple and easy as possible by permitting taxpayers to fill out a one-page form when they file their tax return,” IRS Chief Executive Officer Frank J. Bisignano said in a statement. “Families with eligible children born between 2025 and 2028 just need to check the box on a form to stake their claim for the $1,000 contribution. It’s that simple.”

Parents can sign up for the funds by filing IRS Form 4547 with their tax returns or via TrumpAccounts.gov. There will be an authentication process in May, and the money will be in accounts on July 4, the IRS said.

Parents and others can contribute up to $5,000 a year. Companies can deposit up to $2,500 pre-tax per year for kids of employees, within the $5,000 limit.

“It’s good to see BNY and Robinhood being named, it gives us more clarity,” Madeline Brown, senior policy associate at the Urban Institute, told CNBC.

“There are certainly still questions that remain about what the interface and product will look like for account holders … and how financial planning and coaching may be integrated. Given that at least some participants will be new to long-term savings, there is this need for advisor-type guidance.”

April 6 (UPI) — Colombian President Gustavo Petro asked Brazil to extend its instant payment system Pix to Colombia and questioned U.S. financial sanctions in a message posted on X, amid Washington investigations into the Brazilian system.

In his post, Petro called for regional integration of the Pix system and criticized international financial control mechanisms, particularly the Office of Foreign Assets Control, the U.S. Treasury agency responsible for enforcing economic sanctions.

“I ask Brazil to extend the Pix system to Colombia and hopefully stop considering the OFAC list, which no longer works,” Petro wrote Saturday.

The message comes after the U.S. government last week published the 2026 National Trade Estimate Report on Foreign Trade Barriers, which mentions the Pix system.

The report includes concerns from U.S. companies that the system, operated by Brazil’s central bank, may have regulatory advantages over foreign private competitors such as Visa and Mastercard.

Pix has gained popularity for allowing fast and free transfers, which has generated tensions over its impact on the traditional financial system.

In the same message, Petro criticized the international sanctions system. “OFAC only serves to persecute political opposition and domesticate them around the world. It is an aberrant system of political control,” he said.

He also contended that drug trafficking has managed to evade these mechanisms.

“Drug trafficking mocks it, and they stay in Dubai, where they buy residency for about $4,000 and live in luxury,” he added.

The message also included references to international politics and armed conflicts. Petro said that “no war is good” and said he had asked U.S. President Donald Trump to stop ongoing conflicts.

“His circle wants blood and leads him to make mistakes all the time,” he wrote.

Petro also criticized Israeli Prime Minister Benjamin Netanyahu, whom he accused of committing crimes against humanity in Gaza and Iran, and called for him to be tried.

Petro added that the homicide rate in Colombia has decreased, adding he hopes the trend is not temporary.

So far, the Brazilian government has not publicly responded to the request.

SEOUL, April 6 (UPI) — South Korea’s KB Financial Group said Monday that Jeremy Allaire, founding CEO of U.S. digital currency firm Circle, will visit early next week to meet with its senior executives.

The Seoul-based financial group noted that the meeting would focus on strengthening bilateral collaboration and discussing concrete action plans for innovations in next-generation financial infrastructure.

In the latter part of last year, KB Financial started proof-of-concept tests using Circle Mint, a platform that enables companies to issue and manage stablecoins, primarily Circle’s USD Coin, or USDC.

From the testing, KB Financial said it was able to gain knowledge and capabilities necessary to manage digital assets via such platforms as Circle Mint.

The two firms are exploring joint business opportunities in various areas, including the domestic use of USDC, cross-border transactions and potentially issuing a Korean currency-backed stablecoin.

“The upcoming meeting with Allaire will go beyond a simple one-off event. It will serve as a catalyst to elevate the partnership between the two companies, which have already completed in-depth technical verification,” KB Financial said in a statement.

“Based on the robust cooperation framework established with Circle, we will keep beefing up our leadership in the digital asset markets at home and abroad,” KB said.

Sogang University economics professor Yoon Suk-bin pointed out that competition will intensify sharply in the market, which combines traditional money and digital currency.

“It is a major industry trend for traditional financial institutions to partner with emerging digital asset firms to build integrated platforms,” he told UPI. “Circle CEO’s visit to Seoul can be understood in that context.”

Meanwhile, Dunamu also confirmed that Allaire would meet its executives next week. The digital powerhouse is an operator of South Korea’s leading cryptocurrency exchange, Upbit.