Business

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.

• Share via Close extra sharing options

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. 

Connect with us:

@AJEPodcasts on X, Instagram, Facebook, and YouTube

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.

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The revised outlook broadly aligned with forecasts from other institutions.

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

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

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

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

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

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

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

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

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

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

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.

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

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

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

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

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

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

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

Times staff writer Broderick Turner contributed to this report.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Trade tensions

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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

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

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

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

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

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

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

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

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

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

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260522010006592

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

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

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

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

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

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

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

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

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260522010006601