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Seoul shares fall again, dropping over 6 pct on tech losses amid Middle East tensions

This photo, taken Thursday, shows the trading room of Hana Bank in Seoul as South Korean stocks fell by more than six percent on tech stock losses amid Middle East tensions. Photo by Yonhap

Seoul shares again plummeted Thursday, led by steep losses in technology heavyweights, as escalating tensions in the Middle East weighed on investor sentiment. The Korean won rose against the U.S. dollar.

After opening 4.45 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) extended its losses to close at 6,820.60, down 463.81 points, or 6.37 percent from the previous session, after falling as low as 6,730.87.

The Korea Exchange, the country’s bourse operator, activated a sell-side sidecar on the KOSPI for 20 minutes at around 9:10 a.m. after the benchmark index fell more than 5 percent.

The decline came after the index surged 6.24 percent Wednesday as softer-than-expected U.S. inflation data eased concerns about near-term Federal Reserve interest rate hikes.

Adding to investor jitters, the Bank of Korea (BOK) raised its benchmark interest rate by a quarter percentage point to 2.75 percent earlier in the day, the first increase in 3 1/2 years, to curb inflation amid escalating tensions in the Middle East.

The U.S. launched fresh strikes on Iran, escalating tensions in the Middle East and renewing concerns over potential disruptions to regional energy supplies.

“Profit-taking followed sharp gains in technology stocks a session earlier, while persistent concerns over the semiconductor industry kept the index under pressure,” Kang Jin-hyeok, an analyst at Shinhan Securities Co., said.

Institutional and foreign investors sold a net 2.37 trillion won (US$1.6 billion) and 1.38 trillion won worth of shares, respectively, while retail investors bought a net 3.66 trillion won.

Technology stocks led the decline.

Market bellwether Samsung Electronics plunged 8.77 percent to 255,000 won, while rival chipmaker SK hynix tumbled 11.53 percent to 1,842,000 won.

Top automaker Hyundai Motor fell 2.07 percent to 425,000 won, while steelmaker POSCO Holdings slipped 0.95 percent to 311,500 won.

Among gainers, shipbuilder Hanwha Ocean rose 5.73 percent to 86,700 won, while leading beverage firm Hitejinro gained 2.47 percent to 14,910 won.

The Korean won was quoted at 1,480.4 won against the U.S. dollar at 3:30 p.m., up from 1,484.7 won the previous session.

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Seoul shares nose-dive 9 pct on tech losses amid Middle East tensions

This photo, taken Monday, shows the trading room of Hana Bank in Seoul as South Korean stocks plunged by nine percent on tech stock losses amid Middle East tensions. Photo by Yonhap

Seoul shares plunged 9 percent Monday as investors dumped technology stocks for profit-taking amid renewed tensions in the Middle East. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 669.01 points, or 8.95 percent, to close at 6,806.93 after falling as low as 6,783.43.

Trade volume was moderate at 469.86 million shares worth 39.8 trillion won (US$26.5 billion), with decliners far outnumbering gainers 713 to 179.

Institutions and foreigners sold a net 2.22 trillion won and 1.7 trillion won worth of shares, respectively, while individuals bought a net 3.9 trillion won.

After opening 0.85 percent lower, the KOSPI extended its losses, triggering a circuit breaker that temporarily halted trading of KOSPI-listed stocks for 20 minutes. It marked the seventh activation of the measure this year.

On Friday, U.S. stocks advanced, buoyed by South Korean chipmaker SK hynix’s multibillion-dollar U.S. share offering. The Dow Jones Industrial Average gained 0.29 percent, while the tech-heavy Nasdaq Composite also rose 0.29 percent.

SK hynix’s American depositary receipts (ADRs) on the Nasdaq closed at US$168 each, well above the offering price of $149.

Despite the successful U.S. market debut, SK hynix shares tumbled as investors took profits and shifted to the company’s ADRs, analysts said.

Investor sentiment was also dampened by heightened uncertainty in the Middle East after the United States and Iran exchanged fresh strikes over the status of the Strait of Hormuz.

“The country’s newly introduced single-stock leveraged exchange-traded funds linked to Samsung Electronics and SK hynix continued to fuel volatility in the stock market,” Samsung Securities said in a research note.

Tech stocks led the decline.

Market bellwether Samsung Electronics plunged 10.7 percent to 254,500 won, while its chipmaking rival SK hynix plummeted 15.37 percent to 1,845,000 won.

Top carmaker Hyundai Motor fell 2.95 percent to 444,000 won, and defense giant Hanwha Aerospace declined 3.21 percent to 936,000 won.

Among gainers, leading battery maker LG Energy Solution rose 0.77 percent, and leading refiner SK Innovation climbed 7.09 percent to 110,200 won.

The Korean won was quoted at 1,503.4 won against the U.S. dollar at 3:30 p.m., down 2 won from the previous session.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 4.1 basis points to 3.809 percent, and the return on the benchmark five-year government bonds climbed 3.3 basis points at 4.041 percent.

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Women’s T20 World Cup: 17 World Cup games, 17 losses, can Ireland break duck?

It would be fitting if Ireland’s first win in the T20 World Cup came against the Scots given they denied the Irish a place in the tournament two years ago as they pulled off a shock victory to reach the tournament for the first time.

Lewis said there was “major heartbreak” in the Ireland camp after that sore defeat that forced the squad to have to watch the World Cup from home.

Ireland are in a better place now and come into the tournament off the back of a productive Tri-Nations series in Clontarf where they beat both Pakistan and the West Indies.

“The series was a great success, we’ve got the results behind us. Confidence is high and that’s exactly what you want going into a World Cup,” Lewis added.

Lloyd Tennant’s side are ranked ninth in the world but are in a tough Group B which also has hosts England, holders New Zealand, Sri Lanka and West Indies alongside the Scots.

They will face all five sides with the top two in the group moving through to the semi-finals where they will face the top two from Group A.

Scotland won by 39 runs the last time the two sides met in Nepal in January and Lewis believes getting off to a good start in their first game is “massive” for Ireland in terms of momentum.

“There’s a big rivalry between us and them. They’ve probably got one up on us at the moment after beating us in Nepal. I think we’re looking good and we’re really excited for it.

“They’ve got a new addition in Kirsty Gordon [a former England spinner] which is a boost for them.

“If we get the win, then you never know against England.”

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USAF Scrambling To Buy What Few MQ-9 Reapers It Can Find After Epic Fury Losses

After reportedly losing dozens of MQ-9 Reaper drones while battling Iran, the Air Force on Friday confirmed to TWZ that it is planning to purchase an undisclosed number of unused ones from General Atomics, who made the aircraft. The company, however, said it has less than 10 of these drones to offer, and it remains unclear where else the Air Force can find more.

All of this continues to raise serious questions about the Air Force’s near-term ability to plug gaps left by the losses fighting against Iran and in other recent operations in and around the Middle East. The downed Reapers have a reported combined value of about $1 billion.

The Air Force has reportedly lost dozens of MQ-9 Reaper drones. (USAF)

Furthermore, despite the top Air Force officer recently praising Reaper as “perhaps the most valuable player” in the air war against Iran, the aircraft have been in the crosshairs of service officials. They have openly questioned the drone’s survivability and, by extension, general value in future operations. The Air Force has made several half-hearted efforts, without success, to find a successor. It is now in the early stages of a new attempt at acquiring an “MQ-9 Next.” You can read more about that effort in our story here.

An MQ-9 Reaper. (USAF)

It will be years, if ever, before “MQ-9 Next” comes online. Meanwhile, the search is on for existing replacements.

“The USAF intends to purchase several unused MQ-9A Block 5 from GA-ASI [General Atomics Aeronautical Systems, Inc.],” a spokesperson for the service told TWZ today. “A number of MQ-9A Block 5 aircraft were manufactured based on forecasted purchases for other customers but are no longer needed. The available aircraft are currently GA-ASI owned aircraft.”

“The USAF has received funds to begin the acquisition process,” they added.

A U.S. Air Force service member assigned to the 46th Expeditionary Attack Squadron, conducts pre-flight checks on an MQ-9 aircraft in preparation for an Operation Agile Spartan mission departing from Ali Al Salem Air Base, Kuwait, August 21, 2023. This MQ-9 and three others conducted the 386 AEW's first full air tasking order (ATO) cycle using satellite launch and recovery (SLR), providing crucial time-sensitive intelligence, surveillance and reconnaissance to leaders throughout the CENTCOM area of responsibility. (U.S. Air Force photo by Tech. Sgt. Isaac Garden)
A U.S. Air Force service member assigned to the 46th Expeditionary Attack Squadron, conducts pre-flight checks on an MQ-9 aircraft in preparation for an Operation Agile Spartan mission departing from Ali Al Salem Air Base, Kuwait, August 21, 2023. (U.S. Air Force photo by Tech. Sgt. Isaac Garden) Tech. Sgt. Isaac Garden

The Air Force was responding to our questions about congressional testimony from a top officer highlighting the service’s plans to backfill the combat losses. 

“We’re looking at options to buy back as many of the MQ-9As as we possibly can right now,” Air Force Lt. Gen. David Tabor, Deputy Chief of Staff for Plans and Programs, had told members of Congress at a hearing back on May 13. “So there’s a bit of a short-term effort to buy back things immediately, in this fiscal year.”

Tabor also said at that time that the Air Force’s total MQ-9A fleet had shrunk to 135 aircraft. Official budget documents say the Air Force had 165 Reapers in inventory as of the start of Fiscal Year 2026, which began on October 1 of last year. This had already marked a significant year-over-year decrease, down from 231 MQ-9As at the beginning of Fiscal Year 2025.

Despite Air Force needs, General Atomics told us the number of available Reapers is in short supply.

“Between parts in stock for new builds, and company-owned Reapers with some number of flight hours on them, there are less than 10 total ‘new’ MQ-9As available to any customers anywhere in the world,” General Atomics spokesperson C. Mark Brinkley told TWZ earlier this week. “There are some number of decommissioned Reapers out there, and some number of those could potentially be brought back into service.”

MQ-9A Reaper in flight. (General Atomics)

One place the Air Force won’t be able to find any Reapers is in storage. 

The 309th Aerospace Maintenance and Regeneration Group (The Boneyard) has zero MQ-9s in storage nor have they ever regenerated a MQ-9 back into service,” the spokesperson told us.

The MQ-9A is out of production. General Atomics has moved on to the MQ-9B, and currently offers those drones in multiple configurations. Though an evolution of the original Reaper, the core B model design differs in significant ways from its predecessor. Any new Air Force purchases of drones in this broader family would have to be of the B model and worked into the existing production schedule.

How many MQ-9As the Air Force has lost in operations in and around the Middle East since January 2025 is unclear, but is understood to be substantial. As of May, “nearly 30 MQ-9 Reapers have been lost in the course” of Operation Epic Fury against Iran, Air & Space Forces Magazine reported, citing “people familiar with the matter.” This is on top of dozens of Reapers reportedly downed while conducting operations targeting Iranian-backed Houthi militants in Yemen in the past year or so.

At the hearing last month, Tabor did not provide any official accounting of Reaper losses, but did acknowledge that “we are concerned about how they’ve attrited.”

In another effort to bolster the supply of operational Reapers, the Air Force told us that while it never regenerated MQ-1 Predator drones back into service, it was repurposing parts from these aircraft that the service stopped using in 2020. There were dozens on hand after they were retired.

More than 50 were sent to the 309th Aerospace Maintenance and Regeneration Group (AMARG) “and heavily cannibalized for spare parts for the MQ-9 aircraft,” the spokesperson told us.

An MQ-1 Predator flies above the flight line during launch and recovery training at Creech Air Force Base, Nev. Aircrew will fly the MQ-1 for the final time at Creech on March 9, 2018 before it is officially retired from the Air Force inventory. (U.S. Air Force photo by Senior Master Sgt. Cecilio Ricardo)
An MQ-1 Predator flies above the flightline during launch and recovery training at Creech Air Force Base, Nev. Aircrew will fly the MQ-1 for the final time at Creech on March 9, 2018, before it is officially retired from the Air Force inventory. (U.S. Air Force photo by Senior Master Sgt. Cecilio Ricardo) Senior Master Sgt. Cecilio Ricardo

Questions about the status of the MQ-1 fleet arose last week after U.S. Central Command (CENTCOM) acknowledged the loss of an “MQ-1” drone to Iranian fire. This has led many to question whether American forces are flying the venerable Predator again as a result of the Reaper losses.

At the time, the Air Force declined to say if it lost any of theirs and referred us to CENTCOM, which declined comment. However, on Friday, the Air Force told us that in addition to the Predators being used for parts, 20 had been transferred to the Navy. We reached out to them for comment. 

As we previously noted, it is also very possible, if not likely, that the uncrewed aircraft in question was an MQ-1C Gray Eagle, a related but different design still in active U.S. Army service. You can read more about this event in our original story here.

A U.S. Army MQ-1C seen being prepared for a mission somewhere in the Middle East on April 18, 2026. The official caption for this picture erroneously says the drone is an MQ-1 Predator. USAF/Master Sgt. James Cason

At the time of the incident, CENTCOM declined to tell us which variant of the MQ-1 was lost.

Regardless, the Air Force’s mad scramble to find additional Reapers highlights the value of having a high-flying, long-loitering drone that can gather intelligence and fire off munitions, no matter how slow it flies.

Contact the author: howard@twz.com

Howard is a Senior Staff Writer for The War Zone, and a former Senior Managing Editor for Military Times. Prior to this, he covered military affairs for the Tampa Bay Times as a Senior Writer. Howard’s work has appeared in various publications including Yahoo News, RealClearDefense, and Air Force Times.


Joseph has been a member of The War Zone team since early 2017. Prior to that, he was an Associate Editor at War Is Boring, and his byline has appeared in other publications, including Small Arms Review, Small Arms Defense Journal, Reuters, We Are the Mighty, and Task & Purpose.


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DACA recipients face job losses, deportation amid renewal delays

WASHINGTON, May 14 (UPI) — Every day at 4 a.m., Cesar wakes up to sell burritos on the streets of Los Angeles. He spends a few hours preparing food in his apartment kitchen and later sets up a small canopy tent with a grill, several coolers and a large sign, made by his sister, advertising “burritos for sale.”

He has done this for the last three weeks, after finding out just over a month ago that he was terminated from his human relations job. He lost the job because of renewal delays to his status under the Deferred Action for Childhood Arrivals, or DACA, program.

Sen. Dick Durbin, D-Ill, said Tuesday that 32,000 people have lost their DACA status largely as a result of delays. The Department of Homeland Security has not released data on the number of people waiting for renewals.

More than 500,000 people rely on DACA, according to the United States Citizenship and Immigration Services. The program requires recipients to renew their status every two years.

“At first, when I was let go, I was feeling devastated, defeated,” said Cesar, who came to the United States when he was 4 and who did not want his last name used for fear of government retribution. “But, after going through those feelings, I knew I couldn’t just sit there.”

Cesar is one of many DACA recipients who have lost their jobs in recent months due to renewal delays, largely caused by increased vetting procedures. The program requires recipients to renew their status every two years.

The Obama-era immigration program provides work authorization to those who qualify, as well as protection from deportation. When their status expires, DACA recipients lose both protections. Many, like Cesar, now have been terminated from their jobs as a result and fear deportation.

Cesar applied for his renewal in early December, nearly six months ago. Like many others, he has received no communication since from USCIS. Previously, renewal applications took one to two months on average, according to the Department of Homeland Security. Last year, the median processing time was 15 days, according to DHS data.

“In its 14 years, we have certainly seen the DACA program face a whole host of attacks,” said Anabel Mendoza, a spokesperson from United We Dream, a youth-led immigrant network. “But what we’re seeing now is truly the most dangerous moment in DACA’s history.

More than 700 people attended a Zoom event hosted by United We Dream last week to help DACA recipients navigate the instability created by these delays. There was a distinct sense of anxiety among the attendees.

Participants flooded the chat feature of the call with anecdotes of losing solid jobs and questions on whether DACA recipients qualified for paid leave or unemployment.

One attendee wrote that, although he would prefer not to use unemployment, he had been waiting five months to receive his renewal. Like many others, he was worried about his ability to pay off significant bills and loans after losing his job.

One person even questioned whether they could sue the current administration.

Another asked whether they could now be deported, with many worrying whether they may even be detained at their immigration appointments.

The two central benefits of DACA, historically, have been legal protection from deportation and work authorization. However, a recent ruling by the Board of Immigration Appeals, an arm of the Department of Justice, said that judges can no longer stop deportation proceedings simply based on the plaintiff having DACA status. This marked a significant shift in immigration policy.

Organizers at the event stressed that DACA still protects recipients from deportation, but judges now have to consider DACA cases more closely. They later acknowledged that many DACA recipients were detained and deported by ICE last year, even before the ruling.

Acting ICE Director Todd Lyons confirmed in April that 343 people with DACA status were detained between January and November 2025, while 176 were deported.

Former DHS Secretary Kristi Noem said in a statement in February that most of these people had “criminal histories.” However she did not specify their crimes or whether they had been arrested, charged or convicted.

“It is part of a broader pattern of really trying to undermine DACA and erode the very protections that the program was meant to uphold,” Mendoza said.

This was a sentiment echoed by Maria Fernanda Madrigal, a mother of three who recently lost her job as an immigration attorney after losing her work permit because of the delays.

In an interview, she questioned whether the delays were an intentional strategy by the Trump administration. She explained that the renewal process had previously been very straightforward for many of her clients — sometimes taking just a week.

“I’m still trying to figure out what the goal is,” Madrigal said. “Because it’s hard, do they want us to leave?”

She highlighted Trump’s attempted termination of the DACA program in 2017 during his first term. The Supreme Court blocked him and preserved the program in 2020.

Now, she wonders whether it may be easier for her and her family to leave the United States. She explained that, unlike their parents, “a lot of us [DACA recipients] have degrees and careers, so we know that we’ll be able to build lives somewhere else.”

Madrigal now keeps the doors of her house locked at all times out of fear of being detained while she awaits her renewal. She said she and her husband have had discussions about whether their small children should share a bed with them.

“If I’m ever detained, these are the moments that I’m going to want, right? I’m going to look back and say I wish I would have cuddled with them a little longer,” Madrigal said.

As Cesar’s new business continues to grow, he faces similar fears, worrying whether he might be “taken away at any moment.”

“I know a lot of people say we’re resilient and we’ll figure it out. And that’s very true,” Madrigal said. “But, I think the main thing that our people understand is, even though we might be able to stick together and get over this, we shouldn’t have to.”

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Hezbollah Suffers Heavy Losses as War with Israel Deepens Political and Military Strain

The latest escalation between Hezbollah and Israel began in early March following strikes linked to a wider regional conflict involving Iran and the United States. Hezbollah entered the conflict shortly after, positioning itself as part of a broader regional confrontation.

Since then, the group has faced significant battlefield losses, territorial setbacks in southern Lebanon, and growing domestic criticism. Israeli forces have established a buffer zone inside Lebanese territory, while large numbers of civilians have been displaced, particularly from Shiite communities that form Hezbollah’s core support base.

The conflict follows an earlier war that severely weakened Hezbollah, including the killing of its long time leader Hassan Nasrallah. Despite rearming and adapting its tactics, the group now faces mounting pressure on both military and political fronts.

Hezbollah’s Strategic Gamble
Hezbollah officials suggest the decision to re enter conflict was calculated. By aligning more closely with Tehran during a wider regional war, the group aims to ensure Lebanon becomes part of any future negotiations between Iran and the United States.

The expectation is that Iranian leverage could secure a stronger and more lasting ceasefire than previous agreements. However, this strategy carries high risks, especially as Washington has indicated that any deal with Iran may not include Lebanon.

Rising Human and Material Costs
The war has inflicted heavy casualties. Lebanese authorities report thousands killed since March, though the exact number of Hezbollah fighters remains disputed. Reports from within the group suggest losses could be substantial, with some fighters’ bodies still unrecovered in frontline towns.

Entire communities in southern Lebanon have been devastated, with villages destroyed and new graves appearing rapidly after ceasefire periods. Displacement has also intensified sectarian tensions, as affected populations seek refuge in other regions where resentment toward Hezbollah is growing.

Domestic Political Fallout
Inside Lebanon, opposition to Hezbollah’s armed status has hardened. Critics argue that its actions continue to expose the country to repeated wars. In a significant shift, the Lebanese government has engaged in direct talks with Israel, a move Hezbollah strongly opposes.

The government has also taken steps to limit Hezbollah’s military role, including banning its armed activities earlier this year. However, enforcing such measures remains difficult given the group’s entrenched influence and the risk of internal conflict.

Continuing Clashes Despite Ceasefire
Although a ceasefire announced in mid April reduced large scale fighting, hostilities have not fully stopped. Both sides continue to exchange strikes in southern Lebanon, and Hezbollah has dismissed the truce as ineffective due to ongoing Israeli attacks.

Israel maintains that its operations are necessary to eliminate threats to its northern regions and has indicated that dismantling Hezbollah’s military capacity will be central to any long term agreement.

Analysis
Hezbollah’s current position reflects a complex mix of resilience and vulnerability. While it has demonstrated the ability to regroup and continue fighting, this alone does not translate into strategic success. The group is increasingly constrained by battlefield losses, internal Lebanese opposition, and uncertainty over external support.

Its reliance on Iran introduces another layer of risk. If a broader agreement between Tehran and Washington excludes Lebanon, Hezbollah may find itself bearing the costs of a war without securing meaningful political gains.

At the same time, Israel appears determined to reshape the security landscape in southern Lebanon, potentially prolonging the conflict. Without a comprehensive regional settlement, the most likely outcome is a prolonged stalemate marked by intermittent violence and continued suffering on both sides.

With information from Reuters.

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