chairman

Alan Greenspan, one of the most influential economic policymakers in modern US history, has died aged 100. Greenspan led the Federal Reserve for nearly two decades under four presidents, overseeing a long period of economic growth but also faced criticism linked to the 2008 financial crisis.

WASHINGTON — A rare lapse in a law that allows the United States to gather intelligence abroad appears likely after the House failed on Thursday to temporarily extend the program, in a protest of President Trump ‘s refusal to name a permanent head of the nation’s intelligence agencies.

Trump has doubled down on his temporary pick for director of national intelligence, federal housing finance regulator Bill Pulte, even though Pulte has little experience for the job. Democrats say they won’t support the renewal of Section 702 of the Foreign Intelligence Surveillance Act, known as FISA, unless the Republican president withdraws Pulte’s appointment and nominates a permanent replacement.

The House vote collapsed in bipartisan fashion, with some Republicans and nearly all Democrats rejecting the temporary measure, 198-218. The Senate may try its own vote later Thursday, but hopes are dimming to prevent what could be an unprecedented lapse in the surveillance tool. The law expires on Friday at midnight.

The impasse could soon result in limitations on what intelligence the U.S. government can collect abroad just as World Cup games begin in cities around the country and ahead of celebrations for the nation’s 250th anniversary.

“We can’t let them extort us,” Trump said of Democrats.

Trump has stuck with Pulte as the acting head, rebuffing demands from lawmakers for a more qualified nominee. Trump asked Congress for a short-term extension of the law to “provide time for the selection and confirmation” of a permanent director. He said he wants Pulte to begin downsizing intelligence agencies.

The parties leveled blame for the potential interruption in what has been seen as an essential, if long-debated, surveillance program for keeping the country safe.

“We’re going to ask every member here to do the right thing,” said House Speaker Mike Johnson, R-La. “We cannot allow that to go dark.”

The House Democratic leadership announced its opposition, saying Pulte has no relevant intelligence background, in defiance of the law’s requirement for “extensive” national security experience.

“The apparent motivation for his elevation is the demonstrated willingness of Bill Pulte to search government databases for alleged dirt on President Trump’s chosen political enemies,” Democratic leader Hakeem Jeffries of New York and the leadership team said in a joint statement. They said there is a path to reauthorizing FISA, “but it will require enacting meaningful reforms.”

GOP leaders lobby the White House, to no avail

Congressional Republicans have lobbied Trump all week to quickly nominate a permanent replacement. But he said he needs more time to do so.

Senate Majority Leader John Thune, R-S.D., said Republican leaders have “made our views known” to the White House.

Trump has said that he is interviewing five candidates for his pick to lead the agency permanently, after the resignation of Tulsi Gabbard.

Johnson said the president has made it very clear that Pulte will serve a “very short term — a sort of renovation role” to help the Office of the Director of National Intelligence be “renovated and downsized.”

But Democrats on the House Intelligence Committee led by Rep. Jim Himes of Connecticut said in a letter to the president that Pulte is a “uniquely poor choice” to serve even in the acting capacity.

Both Republican and Democratic lawmakers skeptical of Pulte have pointed to his lack of intelligence experience and also his record at the Federal Housing Finance Agency. In the position, he has been linked with criminal referrals over allegations of mortgage fraud by public officials Trump sought to punish, including New York Attorney General Letitia James, a Democrat; Sen. Adam Schiff, D-Calif.; and Lisa Cook, a board member of the Federal Reserve.

“He has distinguished himself only as someone who will do or say anything to stay in your good graces,” Himes and the other lawmakers wrote, “qualities that are precisely the opposite of what our nation needs.”

FISA will lapse at midnight Friday

Section 702 of FISA allows agencies such as the CIA, National Security Agency and FBI to collect communications from foreign targets overseas without a warrant.

While members of both parties who cite privacy issues have long wanted to limit the authority, there was broad bipartisan support to renew it, especially after Republicans and Democrats recently worked out a compromise bill.

Virginia Sen. Mark Warner, the top Democrat on the Senate Intelligence Committee, has worked with Republicans on the compromise legislation to renew the authority. But he called Pulte’s appointment to replace Gabbard “a live hand grenade” disrupting the process.

Warner said the only way he’ll support a short-term extension of the surveillance law is if the principal deputy director of national intelligence, Aaron Lukas, is the acting leader during the duration of that extension.

Arkansas Sen. Tom Cotton, the chairman of the Senate Intelligence Committee, and Iowa Sen. Chuck Grassley, chairman of the Senate Judiciary Committee, have warned the administration that the spy tool is likely to lapse.

The administration should prepare “for a potential significant gap in foreign intelligence collection,” they wrote in a letter.

Trump doesn’t back down on Pulte

After bipartisan pushback to Pulte’s temporary appointment, Trump said last week that he would not permanently nominate him to the position. But Democrats, and some Republicans, want his appointment pulled immediately and for Trump to nominate a replacement that can be confirmed by the Senate.

On Tuesday, though, Trump announced that Pulte would not only take over as acting director — he’d also start earlier than expected, on June 19.

One of several possible replacements could be Pete Hoekstra, Trump’s ambassador to Canada and a former chairman of the House Intelligence Committee. The White House has reached out to Hoekstra about the job and conversations are ongoing, according to a person familiar with the outreach who requested anonymity to discuss the private conversations.

Jalonick, Mascaro and Kim write for the Associated Press. AP reporters Joey Cappelletti, Kevin Freking and Eric Tucker contributed to this report.

Before last month’s FA Cup final victory over Chelsea, Guardiola was asked whether the visit to Wembley Stadium would be his last. He replied by saying “no way”, and that he had “one more year [on his contract]”.

But the playful way in which he delivered that line and his quick exit from the room raised a few eyebrows, adding to the mounting speculation.

Guardiola was asked after the draw at Bournemouth on 19 May whether he would still be in charge next season and he replied by saying he had to talk to Khaldoon. His decision was confirmed three days later.

“He’s more than just the manager of the club,” said Khaldoon. “To me, he’s a friend. Over these years we have become close friends and I don’t know if he will admit it, but I consider myself his psychiatrist.

“Inevitably we have had a lot of ups and some downs and in the downs, he must have quit 100 times over these 10 years.

“There is the story as you all know, The Boy that Cries Wolf. In the case of Pep, when he says I quit, it doesn’t mean he’s quitting. You don’t take it that seriously – you have to manage him.”

Guardiola joined the club in 2016 and signed contract extensions in May 2018, November 2020, November 2022 and November 2024.

Khaldoon said: “He never thought he would stay more than four years, then more than five years. So in his mind, even year four and five it was always ‘OK, how much more time? How much more time?’ And it always had to be done in the correct way.

“There was always going to be one moment where it was going to be real.”

May 29 (Asia Today) — SK Group Chairman Chey Tae-won said generalist talent will become more important in the artificial intelligence era as workers need to develop abilities that remain uniquely human.

Chey, who also serves as chairman of the Korea Chamber of Commerce and Industry, said South Korea should accelerate the expansion of AI infrastructure based on speed, scale and safety.

SK Group said Friday that Chey appeared Thursday on KBS1’s “Documentary Insight – Talent War 2: Chey Tae-won’s Answer,” where he discussed what people should learn and what abilities they should develop as AI advances faster than humans.

“I wanted to share the perspective I have gained by speaking directly with many people in the AI industry and working with them in business,” Chey said.

Chey said the world is now moving through the era of “reasoning AI,” in which AI responds to human questions, and will enter the era of “agentic AI,” in which AI can make decisions and act on its own.

“In this period, the gap in ability between people who actively use AI and those who do not could become much wider than it is now,” Chey said. “The same polarization could deepen among individuals, companies and countries depending on how quickly and effectively they use AI.”

Over the longer term, however, Chey said the rise of artificial general intelligence could narrow gaps in knowledge and productivity among people.

He said that if two people now have ability levels of 10 and 100, their gap is 10 times. But in an AGI era, if everyone receives a baseline AI-powered ability of 1,000, those levels could become 1,010 and 1,100, sharply reducing the relative gap.

“In the future, what matters more than what job a person has will be how that person can use and connect humans and AI together,” Chey said.

He said generalists who can move across different fields and design new systems and societies where humans and AI coexist will become more important than specialists who deeply understand only one field.

Chey also said AI could perform a large share of work tasks, making it possible for people to take on multiple roles and jobs at the same time. He said the conventional “9 to 6” work structure and fixed ideas about occupations could gradually change.

Chey presented four core “muscles” that individuals should build in the AI era: a thinking muscle to ask fundamental questions, an adaptation muscle to respond to rapid change, an empathy muscle that reflects uniquely human compassion and “body skills” that create value through physical activity such as music, art and sports.

“The ability to quickly acquire knowledge and do well on tests will be replaced in large part by AI,” Chey said. “It is important to build the areas that only humans can do.”

Chey also presented a national strategy, saying South Korea needs “3S” — speed, scale and safety — to become a competitive “AI nation.”

He said South Korea should speed up technological development, expand large-scale AI infrastructure and investment and build an institutional foundation that allows citizens to use AI safely.

“AI talent does not simply mean engineering talent,” Chey said. “Education and social systems must also change quickly so future generations can naturally use AI and coexist with it.”

— 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=20260529010008715

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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