chairman

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

WASHINGTON — The Senate confirmed President Trump’s nominee to lead the Federal Reserve, Kevin Warsh, bringing new leadership to the world’s most powerful central bank at a fraught moment for the global economy.

Warsh was confirmed Wednesday in a largely party-line vote. His nomination had been thrown into doubt in recent months after Republican Sen. Thom Tillis of North Carolina said he would block the nomination while the Justice Department investigated Fed Chair Jerome H. Powell. The Powell inquiry was dropped in April, clearing the way for the Senate to confirm Warsh.

Senate Majority Leader John Thune (R-S.D.) urged colleagues to support Warsh during a floor speech Wednesday morning, saying it’s crucial that a Fed chair “understand not only the macro” but also “appreciate the microeconomy: and that’s the hardworking Americans, their jobs and their livelihoods.”

“Kevin Warsh is just such a person,” Thune said.

Warsh, 56, a former top Fed official, will become chair at an unusually difficult time for the independent agency.

Inflation has topped the Fed’s 2% target for five years and is now rising faster because of surging gas prices. The Fed’s interest rate-setting committee is divided and saw the most dissenting votes in more than three decades last month. And Powell, after years of personal attacks from the Republican president and an unprecedented legal investigation by the Justice Department, plans to stay on the Fed’s board even after his term as chair ends, potentially creating a competing power center.

Trump has demanded change at the Federal Reserve

The Fed has faced numerous threats to its independence from Trump, who has repeatedly attacked Powell for not cutting interest rates. Trump also sought to fire Fed Gov. Lisa Cook and launched an investigation into brief Senate testimony by Powell on a building renovation.

Kevin Hassett, director of the White House’s National Economic Council, said in a Fox News interview on Sunday that he believes the markets are relieved that Warsh “is going to help lower interest rates over time.”

“Obviously, data driven,” said Hassett. “I’m not putting any pressure on Kevin Warsh.”

In December, Trump said on his social media platform that he wanted a Fed chair who would cut interest rates when the stock market rose — the opposite of what traditional economics would prescribe — and added, “Anyone that disagrees with me will never be the Fed chairman!”

Trump’s comments have fueled concerns over whether Warsh will set rates based on economic conditions or seek to cut rates to appease Trump, even if doing so could worsen inflation. At Warsh’s confirmation hearing last month, Sen. Elizabeth Warren, a Democrat from Massachusetts, derided him as a “sock puppet” for Trump. Warsh declined to say that Democrat Joe Biden had won the 2020 election against Trump, who has falsely claimed that voter fraud cost him reelection.

Still, Warsh denied at the hearing that Trump had pressured him to reduce the Fed’s key rate.

“The president never once asked me to commit to any particular interest rate decision, period,” Warsh said then. “Nor would I ever agree to do so if he had. … I will be an independent actor if confirmed as chair of the Federal Reserve.”

A critic of the Fed’s leadership in the past

Warsh has been highly critical of the Fed’s recent track record, particularly the inflation spike in 2021-22, the worst in four decades, and has called for “regime change.” Yet he has provided only broad outlines of what that change would involve.

He has called for limiting the Fed’s communications, which would be a sharp shift after decades of increasing transparency. He has argued that some of its communications tools, such as quarterly forecasts of where its key rate may head, have made it harder for officials to switch gears.

Senate Democrats also have condemned Warsh for not fully divulging the details of his extensive wealth, which disclosures show amounts to at least $100 million. His investments include stakes in Polymarket and SpaceX, but he hasn’t revealed how large those holdings are. He promised to sell all such assets within 90 days of being sworn in.

“He will be the wealthiest Fed chair in history, but he refuses to provide transparency to the American people about who he is entangled with,” Warren said.

Warsh faces difficult economic conditions

The Fed is still grappling with how to respond to the 50% jump in gas prices from the Iran war. The increase has boosted inflation, which reached 3.8% in April.

The Fed is tasked by Congress with keeping prices stable, which it seeks to do by raising its short-term rate to make borrowing and spending more expensive, cooling growth and inflation.

The Fed typically looks past temporary price increases that stem from supply disruptions, such as the war’s cutoff of oil through the Strait of Hormuz, because those prices typically level off — or even fall back down — once the supply is restored.

But the Fed also followed that approach after the COVID-19 pandemic snarled global supply chains for goods, lifting prices for things such as cars, furniture and electronics. Inflation turned out to last longer than expected, and Powell and other Fed officials have acknowledged they waited too long to raise rates. Inflation surged to 9.1% by June 2022.

The Fed’s rate-setting committee has kept rates unchanged for three straight meetings as it evaluates the effect of the gas price spike. At its most recent meeting last month, three members of the committee objected to language that suggested its next move would be a rate cut. They preferred more neutral language that would allow for a hike. Many Fed watchers saw those dissents as a warning shot to Warsh that he won’t be able to easily engineer rate reductions.

A fourth member of the 12-member committee, Stephen Miran, dissented in favor of a rate cut, as he has at every meeting since Trump appointed him to the Fed’s board last September. Miran is serving until a replacement is named, and Warsh will take his spot.

Powell, meanwhile, said at a news conference April 29 that he would remain as a Fed governor until the Justice Department closes its investigation into the Fed’s building project, the first time a chair may stay on the board for an extended period since 1948. His term as a governor lasts until January 2028.

U.S. Atty. Jeanine Pirro has dropped the government’s investigation, but she has said it could be reopened if the Fed’s inspector general office, which has looked into the renovation project since last July, finds evidence of criminal activity.

Rugaber and Cappelletti write for the Associated Press.

ST. LOUIS — Still smarting from their election loss and scornful of their departing leaders, ranking Republicans met Thursday to select a new party chairman, eyeing five candidates who stress unity but whose links to opposing factions and presidential hopefuls mirror the party’s deep clefts.

On the surface, the three-day meeting of the 165-member Republican National Committee to pick a new leader opened Thursday with a collegial sense of purpose: All five men seeking the post are conservatives who talk of renewing the party at the grass-roots level and loosening ties to the Washington Establishment that called the shots for 12 years.

But the mounting heat produced by this campaign has burnished the differences between the candidates and exposed hints of their ties to the forces buffeting the party–presidential aspirants, religious and anti-abortion elements, even the tattered remains of George Bush’s reelection apparatus.

Party veterans say none of the five–retiring Missouri Gov. John Ashcroft, Mississippi lawyer and political consultant Haley Barbour, Republican Congressional Committee Co-Chairman L. Spencer Abraham, former Army Secretary Howard H. (Bo) Calloway and Oregon party Chairman Craig L. Berkman–appear to have enough support to muster a first-ballot victory this afternoon.

Party regulars described Barbour and Abraham as the perceived front-runners, with Ashcroft, who gained national exposure last fall as a Bush campaign speaker, not far behind. But arriving committee members said up to 40% of the voting members appeared uncommitted.

Committed or not, some of the arriving committee members projected a prickly impatience with the soothing promises made by consultants and cellular phone-wielding floor whips. After 12 years of taking orders from Administration officials, some party officials gleefully flexed their independence.

Outside one reception, a Midwestern committeeman poked a startled staffer in the chest and huffed: “You’re beginning to sound exactly like the dolts we had to endure for the last four years.”

Karen Hughes, the executive director of the Texas Republican Party, said a “strong anti-Washington Establishment” mood pervades the gathering. “I think the deciding factor in the vote is who the members believe will allow them to be part of the process,” she said. “You don’t mind being a rubber stamp body when you win. But when you lose . . . .”

As they lobbied near well-stocked buffet tables in Hyatt Regency hotel hospitality suites and in secluded speeches in spare meeting rooms, the five contestants tried to capitalize on that sense of frustration. They echoed a growing cadre of party regulars who think that Bush’s presidential campaign was fatally flawed by the party’s failure to project a “big tent” image to a diverse nation.

“The sense that the party needs to be inclusionary is playing pretty well here,” said Eddie Mahe, a Republican political consultant who flew in from Washington to lobby for Calloway.

That yearning for a broader, more tolerant Republican Party masks a fear among many stalwarts that they are in danger of a grass-roots takeover by the religious right.

Mary Alice Lair, a national committeewoman from the small southeast Kansas town of Piqua, worries about the “new people,” her hushed description of Christian right volunteers who have swelled party membership rolls in her Republican precinct.

“We need to find ways to show the new people that we’re OK and to teach them how to operate as one group,” Lair said. “We need a chairman who can show the precincts how to organize properly.”

But even as candidates talked earnestly about tinkering with the grass roots, listening to regulars outside the Washington Beltway and turning a deaf ear to well-heeled consultants, they were relying on time-tested Capitol contacts and imported consultants to sway uncommitted members.

And, as they promised a turn in the party’s fortunes by welcoming all of its embittered factions, the five candidates were busy attacking each other for their links to future presidential contenders as varied as former Vice President Dan Quayle and Texas Sen. Phil Gramm, to Christian fundamentalist leaders like Pat Robertson and even to CBS News.

Abraham, a Michigan Republican leader, is selling himself as a leading candidate for change based on his roles in revitalizing his state’s party, in paring consultants’ costs and, as chairman of the congressional campaign committee, in funneling more money last year to Republican House candidates. But his opponents have attacked him for being openly supported by Quayle, who employed him as an aide.

Barbour, one of the earliest to announce his candidacy, has been criticized for his close ties to Gramm–thought to be a presidential possibility–and for representing CBS News against the Bush Administration in a battle over a cable TV bill last year.

Ashcroft has emphasized his recent role as a party spokesman in his bid to do similar work as party chairman. But it is Ashcroft’s very influence that may have prevented him from gaining an edge. His prominence in drafting the party’s platform last year has hurt him, some moderates say. And, like Abraham, he is burdened by his links to some of the powerful influences aiding him. Current RNC Chairman Richard N. Bond is said to favor him, as are a number of influential Christian right figures impressed with his strong anti-abortion stance. That kind of backing hurts the former governor as much as it aids him, party regulars said.

Calloway, who runs a political action committee founded by Rep. Newt Gingrich (R-Ga.), is beloved by many committee members. But he is believed to be a long shot because, at 67, “he’s just too old,” one Abraham backer said.

Berkman, an Oregon moderate who prefers that the party move away from its anti-abortion and anti-gay-rights planks, is said to be limited by his regional support.

Prosecutors said Friday they have rejected a police request for an arrest warrant for Bang Si-hyuk, chairman and founder of K-pop powerhouse Hybe, who is accused of unfair stock trading, citing insufficient evidence.

The Seoul Southern District Prosecutors’ Office sent back to the police the arrest warrant request filed against Bang earlier this week on charges of fraudulent unfair trading under the Capital Markets Act.

The chief was suspected of deceiving investors in 2019 into selling their shares in Hybe before the company held an initial public offering (IPO), through which he allegedly pocketed about 260 billion won (US$175.28 million) in illegal profits.

“At this stage, there is insufficient evidence to justify the necessity of detention, and we have therefore requested a supplementary investigation,” the prosecution said.

The act prohibits obtaining financial gains through false statements or by using deceptive schemes in connection with financial investment products, such as unlisted shares. Violations involving profits exceeding 5 billion won are punishable by life imprisonment or a minimum of five years behind bars.

Bang has denied the allegation, saying the IPO had followed the law and regulations.

Police first received a tip-off on the allegations in late 2024 and raided the Korea Exchange and Hybe’s headquarters the following year as part of the probe. Bang was banned in August from leaving the country, leading to various restrictions on his activities.

The U.S. Embassy in Seoul recently sent a letter to the police agency asking that it allow him to travel to the United States to take part in K-pop supergroup BTS‘ world tour.

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