Business

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

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

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

Presenter: Scott McLean

Guests:

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

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

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

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

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

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

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

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

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

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

Koo also called for early investment and technological innovation.

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

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260522010006606

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Inflationary pressures

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Times staff writer Suhauna Hussain contributed to this report.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

China will buy ‘at least’ $17bn worth of US agricultural goods annually, the White House says.

China will buy “at least” $17bn worth of agricultural goods from the United States annually following US President Donald Trump and Chinese leader Xi Jinping’s summit in Beijing, the White House has said.

China will make the purchases through 2028, with the 2026 target applying to the remainder of the year on a proportionate basis, according to a fact sheet released on Sunday.

The White House said the deal is in addition to China’s commitment to buy at least 87 million metric tonnes of US soya beans, which was made at Trump and Xi’s summit in South Korea in October.

China will also restore market access for US beef by renewing the expired listings of more than 400 production facilities, and resume imports of poultry from states determined by the US Department of Agriculture to be free of avian influenza, according to the fact sheet.

Trump and Xi also agreed to establish two new bodies – the US-China Board of Trade and the US-China Board of Investment – to manage trade and investment between the sides, the White House said.

China has yet to confirm or comment on the White House’s announcement.

The Chinese Embassy in Washington, DC, did not immediately respond to a request for comment.

The White House’s update provides further clarity on the outcome of Trump and Xi’s two-day summit, which was heavy on pageantry and camaraderie but light on concrete agreements.

During their two days of talks in Beijing, Trump and Xi sought greater alignment on economic issues and trade, while largely skirting the sensitive issues of Taiwan and the US-Israel war on Iran.

In a readout after the summit wrapped up on Friday, the White House said the two sides had discussed ways to “enhance economic cooperation”, and that they agreed on the need to keep the Strait of Hormuz open and that Iran “can never have a nuclear weapon.”

Beijing did not explicitly state that Iran should not have nuclear weapons, but stressed the importance of reaching “a settlement on the Iranian nuclear issue and other issues that accommodates the concerns of all parties”.

Neither White House statement contained any mention of Taiwan, the self-governing island that Beijing views as an integral part of its territory.

The omission of any reference to the island – the defence of which Washington is committed to supporting under the 1979 Taiwan Relations Act – came after Xi warned of “clashes and even conflicts” between the superpowers if the issue is not “handled properly”.

After nearly a decade of tit-for-tat economic salvoes between Washington and Beijing, US-Chinese trade is down sharply from its peak.

Their bilateral trade in goods last year came to some $415bn, down from more than $690bn in 2022.

HONG KONG — As President Trump left Beijing on Friday, Chinese social media resurfaced a familiar nickname for the president — flattering at first glance — declaring that Chuan Jianguo, the “Nation Builder,” had returned.

It was not meant as a compliment. The nation he is building, according to the Chinese, is not the United States but their own, through a series of inadvertent yet costly mistakes inflicted by Trump at home and abroad.

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If the Chinese government was self-assured entering Trump’s summit with Xi Jinping, then the results of the state visit, in which Beijing refused to offer Trump any meaningful deals or concessions, signal their unmistakable confidence in American decline.

Chinese government statements in local media stating as much made their way back to Trump as he was departing, aggravating the president, a U.S. official said. But the White House secured a clarification from the Chinese that seemed to placate Trump. America was only declining under President Biden, they said — not anymore.

President Trump and President Xi Jinping tour Zhongnanhai Garden on Friday in Beijing.

(Evan Vucci / Pool via Getty Images)

The Trump administration argues the trip was a success, having secured the display of conciliation and partnership the president had sought after years of increasingly dangerous acrimony.

Foreign policy hawks on China will be displeased with his new direction of friendship and cooperation with a government they view as openly hostile to the United States. But Trump seems to have reached a similar conclusion as past administrations, that China might require a relationship in pursuit of, as Xi put it, “constructive strategic stability.”

Trump was notably out of character throughout his stay here, deferential to his host, marveling at displays of Chinese power and reticent to speak with the press.

Five times over two days, Trump referred to Xi as his friend, taking every public opportunity to offer his compliments and pats on the back. None of it was reciprocated. The Chinese leader, Trump told Fox News in an interview, was “all business” in private, as well, apparently uninterested in his overtures of personal goodwill.

Presidents Xi and Trump tour Zhongnanhai Garden on Friday.

(Evan Vucci—Pool/Getty Images)

The summit may ultimately be remembered as the moment when Trump recognized a shifting power dynamic, where an American president had the rare and uncomfortable experience of entering a meeting clearly overmatched.

“I think the most important thing is relationship,” Trump said in the interview, describing the summit as “historic.”

“It’s all about relationship,” he added. “I have a very good relationship with President Xi.”

Taiwan was discussed ‘the whole night’

Little of substance was accomplished over two days of talks. But Chinese officials expected no less after warning Trump’s team before the summit that its minimal preparation had failed to lay the groundwork for diplomatic agreements.

Still, the lack of breakthroughs may come as a relief to some in Washington. Trump appears to have held to a long-standing U.S. line on Taiwan, for now, refusing to provide Xi with clarity on whether the United States would defend the self-ruled island if China tries to reclaim it by force.

The two men discussed the matter “the whole night,” Trump told Fox.

If China attacked, “they would be met harshly, and bad things will happen,” Trump said. Yet within the same answer, he questioned Taiwan’s “odds” against China if war were to break out, even with U.S. help, noting its proximity to the Chinese mainland and its vast distance away from the United States.

Whether Trump will proceed with arms sales to Taiwan — passed by Congress and obligated by law under the Taiwan Relations Act — is still an open question.

“If you kept it the way it is, I think China is going to be OK with that,” Trump said, referencing an ambiguous status quo around Taiwan’s status, “but we’re not looking to have somebody say, ‘Let’s go independent because the United States is backing us.’ ”

“Taiwan would be very smart to cool it a little bit,” he added. “China would be smart to cool it a little bit. They ought to both cool it.”

President Trump departs as President Xi looks on after a visit to Zhongnanhai Garden on Friday.

(Evan Vucci/ Pool via Getty Images)

Curious company

Trump’s choice of company in the U.S. delegation left the Chinese with questions over the purpose of the trip.

Lara Trump, a Fox News host and the president’s daughter-in-law, attended alongside her husband, Eric Trump, whose presence as a private citizen running the Trump Organization was a direct appeal to Beijing to treat the administration like a family business. Brett Ratner, director of the “Rush Hour” series and a documentary on the first lady that bombed at the box office, was given prime placement along with America’s top business leaders.

The last time a secretary of Defense attended a presidential state visit to China was on Richard Nixon’s famous trip in 1972. Chinese officials were unsure what to make of Pete Hegseth’s presence — whether it was meant to convey a softer stance, a hardening one, or simply an ignorance of basic diplomatic protocol.

Trump said he felt personally honored by the lavish welcome he received on the edge of Tiananmen Square, outside the Great Hall of the People, where China hosts all visiting dignitaries.

Before a lunch at Zhongnanhai, the secretive headquarters of the Chinese Communist Party, Trump asked Xi if he was special for getting to visit the compound. He was the fourth U.S. president to do so.

While the Trump administration offered itself glowing reviews of the outcome of the summit, the Chinese government offered little to say as he departed. And Chinese media highlighted Beijing’s resolute stance on American priorities — from trade to the Iran war — as evidence of Chinese confidence and American decline.

But all that business wasn’t the point of the trip, Trump told Fox’s Bret Baier. For the president, it was all personal.

“I want to thank President Xi, my friend, for this magnificent welcome,” Trump said in his toast at the state banquet, repeating the personal overture. “The American and Chinese people share much in common. We value hard work. We value courage and achievement. We love our families and we love our countries.

“Together, we have the chance to draw on these values to create a future of greater prosperity, cooperation and happiness and peace for our children,” Trump added. “We love our children. This region and the world — it’s a special world, with the two of us united and together.”

May 15 (Asia Today) — Hyundai Motor Group said Friday it has launched a vehicle-to-grid pilot service for general customers on Jeju Island, using electric vehicles as mobile energy storage systems.

Vehicle-to-grid technology, or V2G, allows electricity to move both ways between an electric vehicle battery and the power grid. The system can store surplus power in EV batteries and send it back to the grid when demand rises.

The pilot program will involve 40 Jeju residents who own Hyundai Ioniq 9 or Kia EV9 vehicles equipped with V2G functions. Hyundai Motor Group selected customers in cooperation with the Jeju provincial government.

The company will provide bidirectional chargers free of charge and cover EV charging costs during the trial period.

Hyundai said it selected participants with different occupations and residential locations to test the service under a range of real-life conditions. The participants include early adopters interested in clean energy and new technology.

The project fits Jeju’s power structure because the island relies heavily on wind and solar energy. Surplus electricity generated during the day can be stored in EV batteries and supplied back to the grid at night when demand increases.

Hyundai Motor Group previously operated a V2G demonstration project in Jeju with mobility platform Socar in the second half of last year. The latest pilot expands the test to ordinary customers.

Industry officials say V2G commercialization could turn electric vehicles into key assets in the energy industry, supporting local energy independence and distributed power systems rather than relying only on centralized power plants.

“We expect this pilot service, directly involving Jeju residents, to contribute to local energy production and consumption in the region,” a Hyundai Motor Group official said. “It will also play a meaningful role in achieving Jeju’s 2035 carbon neutrality vision.”

— 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=20260515010004112

May 15 (Asia Today) — SK Group will merge its annual strategy meeting with the Icheon Forum, its knowledge management platform, industry officials said Friday.

The group plans to hold the New Icheon Forum from June 11-13 at the SKMS Research Institute in Icheon, Gyeonggi Province.

The event combines SK’s management strategy meeting, usually held in June, with the Icheon Forum, which has been held in August. The company plans to hold the New Icheon Forum every June.

The move is aimed at strengthening execution by bringing strategic discussions into a single forum.

This year’s forum is expected to focus on accelerating artificial intelligence.

SK Group Chairman Chey Tae-won and chief executives from major affiliates including SK Innovation, SK Telecom and SK hynix are expected to attend.

Participants plan to discuss specific measures for each affiliate to secure leadership in the AI industry and strategies to create groupwide synergy.

— 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=20260515010004232

SANTAIGO, Chile, May 15 (UPI) — The departure of more than 30,000 Venezuelan workers from Chile’s labor market in recent months has become an unprecedented trend that analysts say appears linked to tougher immigration policies under President José Antonio Kast and, to a greater extent, Venezuela’s political reconfiguration.

A study by the Economic Context Observatory at Diego Portales University found that the Venezuelan labor force in Chile fell 5.4% during the January-March quarter, marking five consecutive months of year-over-year declines.

Over that period, Chile’s overall labor force grew 1.1%.

“This is not an isolated phenomenon. The magnitude of the decline in the Venezuelan labor force had not been observed in previous periods,” economist Juan Bravo, director of the Economic Context Observatory and author of the study, told UPI.

Bravo said the gradual, but noticeable, return home of Venezuelans living in Chile began after the arrest of Venezuela’s president, Nicolás Maduro during a U.S. military operation Jan. 3.

“Venezuela is undergoing a transition and internal reconfiguration process, with some signs of change, but still facing high social tensions and a fragile economic situation,” he said.

With Kast taking office in March after campaigning on stricter measures against undocumented immigrants, Venezuela’s recovery process has become a more significant factor in migration patterns.

“While it is not appropriate to assume that the entire Venezuelan population in Chile will return to their country, it is also unrealistic to assume that no one will,” Bravo said.

The decline in Venezuela’s labor force is concentrated among people who have lived in Chile for fewer than five years, are age 34 or younger, male, single and hold university degrees. That group represents 80.1% of the total decrease.

Researchers warned that the reduced Venezuelan presence is directly affecting jobs in sectors that include delivery services, hospitality and customer service.

“By far, the occupation that could face the greatest labor shortage is motorcycle drivers, where 61.1% of workers are Venezuelan,” Bravo said.

He said Venezuelan workers also are heavily represented among vehicle cleaners, gas station attendants, hotel receptionists, electronics technicians and mechanics, cosmetologists and restaurant servers.

The drop in Venezuelan participation also comes as Kast’s government advances another campaign promise: the construction of a border trench aimed at stopping undocumented migration.

The so-called Border Shield Plan calls for a 37-mile trench in northern Chile along the borders with Peru and Bolivia. Authorities said in late April that 20% of the project had been completed, including an initial 7.5-mile stretch.

At the same time, Kast is seeking to restore diplomatic relations with the government of interim Venezuelan President Delcy Rodríguez to begin deporting undocumented foreigners living in Chile.

Authorities estimate that 75% of undocumented migrants in Chile are Venezuelans who cannot be deported because the lack of consular relations prevents Chilean authorities from verifying their identities and Venezuela will not accept them back.

Ernesto León, national director of migration and international police at Chile’s Investigative Police Department, or PDI, told Spanish newspaper El País that 6,000 deportations to Venezuela remain pending, while another 2,000 Venezuelans have left Chile voluntarily.

Before arriving for his high-stakes summit with Chinese leader Xi Jinping, United States President Donald Trump aimed to set expectations high.

He said he would urge Xi to “open up” China’s economy and announced a delegation of top business executives, including Tesla’s Elon Musk, Apple’s Tim Cook and Nvidia’s Jensen Huang, to accompany him.

As Trump and Xi prepare to wrap up two days of meetings on Friday, the expectations for their summit’s outcome among observers generally are modest at best.

While Trump and Xi are anticipated to extend the one-year pause in their trade war agreed to in South Korea in October, the expectations are for a stabilisation – not revitalisation – in ties between the world’s two largest economies, which are locked in a rivalry that spans everything from trade and artificial intelligence to the status of Taiwan.

“It is important to be clear-eyed about the state of relations here,” Claire E Reade, a senior counsel at Arnold & Porter who previously worked on China at the Office of the US Trade Representative (USTR), told Al Jazeera.

“China does not trust the US, and China wants to beat the US in what it sees as long-term global competition,” Reade said.

“This limits what can be agreed.”

While Trump and Xi have yet to announce the final contours of any trade agreement, the US side has flagged various business deals in the pipeline.

In a pre-recorded interview with Fox News that aired on Thursday, Trump said that China would invest “hundreds of billions of dollars” in companies run by the CEOs in his delegation, without providing further details.

Trump also said that Beijing had agreed to purchase US oil and 200 Boeing aircraft.

Trump administration officials have said that the sides are also discussing the establishment of a “Board of Investment” to manage investments between the countries.

“A realistic ‘opening up’ of the Chinese market would likely focus first on sectors where the economic complementarity is most obvious,” Taiyi Sun, an associate professor of political science at Christopher Newport University in Newport News, Virginia, told Al Jazeera.

“Agricultural goods such as soybeans and beef, as well as high-value-added manufacturing products like Boeing aircraft, are natural areas for expansion because they match existing Chinese demand with American export strengths.”

Sun said a “gradual” opening for US firms in sectors such as financial services could also be possible.

“But those areas are politically and institutionally more sensitive inside China, so progress would likely be incremental rather than immediate,” he said.

Gabriel Wildau, a senior vice president at global business advisory firm Teneo, said both sides will be seeking to address supply-chain vulnerabilities exposed by their trade war.

“The Iran war has likely increased the US’s vulnerability to export controls on rare earths, given the need to rebuild the munition stocks depleted in that war,” Wildau told Al Jazeera.

“Washington will therefore be willing to offer tariff relief – or at least assurances not to impose new tariffs – in exchange for Beijing’s commitment to keep rare earth exports flowing.”

While Trump and Xi agreed to roll back some trade barriers at their summit in South Korea, US-Chinese business and trade remain severely constrained after a decade of tit-for-tat economic salvoes between the sides.

The average US tariff on Chinese goods stood at 47.5 percent after the South Korea summit, up from 3.1 percent before Trump’s first term, according to the Peterson Institute for International Economics.

China’s average tariff on US goods stood at 31.9 percent, up from 8.4 percent in 2018, according to the think tank.

Two-way goods trade amounted to about $415bn in 2025, down sharply from its 2022 peak of $690bn.

Carsten Holz, an expert on the Chinese economy at the Hong Kong University of Science and Technology, said China has less incentive to make concessions to the US than before, amid the rise of its domestic industries.

“Across many industrial sectors, PRC [People’s Republic of China] firms hold leading or controlling positions,” Holz told Al Jazeera.

“As a result, the PRC economy has little to gain from opening further to the US and is likely to only offer largely symbolic gestures.”

Deborah Elms, head of trade policy at the Hinrich Foundation in Singapore, voiced similar sentiments about the limits of US leverage.

“Basically, Trump expects China to buy more stuff from America and let US companies operate more freely in China,” Elms told Al Jazeera.

“What is he offering?” Elms said. “Very little, largely because Trump sees the bilateral relationship as one where the US has been fair and China has not.”

Reade, the former USTR official, said Xi would not agree to any measures that “harm Chinese interests in any way.”

“Instead, China will potentially give the US no-cost ‘gifts,’” Reade said, suggesting such measures could include the removal of trade barriers it placed on US beef.

“It may buy US goods it needs,” Reade said.

“If it allows purchases of US tech products, it will only be because it needs them right now,” she added, “But this does not interfere with China’s strategic plans to eliminate dependence on US technology over the longer term.”

May 14 (UPI) — U.S. consumers spent $757.1 billion on retail and food services in April, a 0.5% increase over March, the U.S. Census Bureau reported Thursday.

For 12 months ending in April, not adjusted for price changes, sales increased by 4.9%. Total sales for February through April increased 4.4% over the same period in 2025.

Gasoline sales climbed 2.8% in April after jumping 13.7% in March.

Retail trade sales increased by 0.5% over March and 5.2% over last year. Non-store retail went up 11.1% for the year. Sales minus gasoline and building materials increased 0.46%.

While retail sales increased in April, they did so at a slower rate than in March, which increased by 1.6% for the month. Yet it was still the third consecutive monthly increase.

Retail sales as a whole grew but several categories experienced declines, including furniture store sales, down 2%, car dealerships, down 0.5%, department stores, down 3.2%, and clothing stores, down 1.5%.

A consumer survey conducted by the University of Michigan found that consumer sentiments are low due to concerns about high prices and current economic conditions. This has caused consumers to hold off on making major purchases, such as furniture and automobiles.

May 13 (UPI) — Final demand wholesale inflation rose by 6% on an annual basis in April, marking the largest increase since 2022, the U.S. Bureau of Labor Statistics reported Wednesday.

More than three-quarters of the 2% increase in final demand goods in April was attributed to a 7.8% increase in energy prices. Final demand services moved up 1.2%, pushed along largely by a 2.7% increase in trade services.

The producer price index increased by a seasonally adjusted 1.4% in April, double the rate increase in March. The increase outpaced the Dow Jones consensus estimate of 0.5%. It is the largest monthly increase since March 2022.

The annual 6% wholesale inflation increase is the largest since December 2022.

Machinery and equipment wholesaling was another big factor in rising inflation. Final demand service prices for machinery and equipment rose by 3.5%.

Final demand excluding volatile food and energy rose 0.6%, the largest bump since October. For the year ending in April, final demand excluding food and energy was up 4.4%, the largest increase since February 2023.

By commodity type, the index for unprocessed goods went up 4.1%. Intermediate demand goods increased 2.7% for the month, the sixth consecutive monthly increase.

About 80% of the index increase for unprocessed goods for intermediate demand can be attributed to unprocessed energy materials which increased 9.2%. Crude petroleum rose by 11.3%.

Unprocessed non-food materials and excluding energy fell by 1%.

TOWIE star Jake Hall was battling crippling debts of nearly £1.5million before his tragic death in Majorca last week.

The 35-year-old reality TV personality was found dead in an Airbnb after running through a single-glazed glass door.

It has now emerged the artist had been struggling financially after his fashion company collapsed, according to the Daily Mail.

Companies House shows his business, Prevu London Limited, went into liquidation in 2025 owing around £1.49million.

The company reportedly owed £181,581 to HMRC, as well as a £1.1million loan to an Essex-based property business.

Prevu London also racked up hundreds of thousands of pounds in debts to other unnamed creditors.

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May 11 (Asia Today) — Hyundai Motor Company has surpassed 13.5 million cumulative vehicle sales in India, underscoring the company’s three-decade push to localize production and develop models tailored to Indian consumers.

According to the automaker on Sunday, Hyundai Motor India Ltd., established on May 6, 1996, has sold about 13.5 million vehicles cumulatively, including 9.6 million domestic sales and 3.9 million exports.

The Indian unit has also become a strategic export hub for markets in the Middle East, Africa and Latin America, shipping models such as the Verna and Grand i10 to about 150 countries, including Saudi Arabia, South Africa and Mexico.

Hyundai entered India in the 1990s after identifying the country as a high-growth market with low vehicle ownership despite its large population. The company built its first assembly plant in Chennai, in the southern state of Tamil Nadu, and began production in 1998.

Hyundai later expanded the site with engine and transmission facilities, creating the company’s first comprehensive overseas manufacturing base.

The first model produced in India was the Santro, a localized version of the Atos compact car sold in South Korea. Hyundai modified the vehicle to better fit local conditions, including adopting a “tall-boy” design with increased cabin height that proved popular among Sikh drivers who wear turbans.

The company further expanded production capacity by opening a second Chennai plant in 2007 to support growing domestic demand and exports.

Industry analysts said Hyundai’s momentum in India accelerated after the launch of the Creta SUV in 2015. The model helped expand demand for sport utility vehicles in a market previously dominated by sedans.

Hyundai’s India Technology and Engineering Center also adapted vehicles to local consumer preferences, increasing cabin space and ground clearance to accommodate large families and rough road conditions.

To strengthen competitiveness, Hyundai launched a localization initiative in 2013 to expand sourcing from Indian suppliers. The company worked with industry groups and formed joint ventures with global suppliers, eventually achieving an average local parts sourcing rate of 82%.

“Hyundai successfully localized its operations to the point where many consumers see it as an Indian company,” an industry official said.

India’s automobile market grew from about 370,000 vehicles in 1998, when Hyundai entered the market, to approximately 4.56 million vehicles in 2025, representing annual average growth of about 10%, the official added.

— 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=20260511010002552

May 12 (UPI) — Prices for consumer goods rose faster than expected in April, with food and energy prices driving the spike, the Bureau of Labor Statistics said Tuesday.

The Consumer Price Index for All Urban Consumers increased 0.6% on a seasonally adjusted basis in April, after rising 0.9% in March, the BLS said. Over the past 12 months, the all-items index increased 3.8% before seasonal adjustment.

The energy index rose 3.8% in April, which was more than 40% of the increase. That put the 12-month rise at 17.9%. The gasoline index rose 28.4% annually.

Airline fares rose 2.8%, making the 12-month rise at 20.7%, CNBC reported.

Food prices rose 0.5% for the month. The price of food at home rose 0.7%, which is the biggest monthly rise since August 2022, CNBC reported. The price for food away from home increased 0.2%, the BLS said.

When excluding energy and food, prices rose 0.4% in April. Those prices are calculated from household furnishings and operations, airline fares, personal care, apparel and education. That number puts inflation higher than the 2% goal set by the Federal Reserve, with the monthly rate at its highest since January 2025.

But the index for new vehicles, communication and medical care decreased in April. New vehicles and communication declined 0.2%, while medical care declined 0.1%. Used vehicle prices stayed flat.

Workers are feeling the pinch, too, as real average hourly wages dropped 0.5% for the month and 0.3% annually.

“Inflation is the key drag on the U.S. economy now,” said Heather Long, chief economist at Navy Federal Credit Union, CNBC reported. “This is hurting Americans. There is a real financial squeeze underway. For the first time in three years, inflation is eating up all wage gains. This is a setback for middle-class and lower-income households and they know it.”

Whether the Fed will lower interest rates in the wake of rising inflation is a concern for economists.

“Given that inflation is heading in the wrong direction and the labor market is holding up, it’s very unlikely that the Fed will be able to lower interest rates any time soon, and it’s possible that we may start pricing in rate hikes for next year,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management, CNBC reported.