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April 17 (Asia Today) — Corporate loan delinquency rates in South Korea are rising three times faster than household debt, increasing pressure on banks as lending expands, financial data showed Thursday.

According to the Financial Supervisory Service, the delinquency rate on corporate loans at domestic banks reached 0.76% at the end of February, up 0.09 percentage points from a month earlier and 0.08 points from a year earlier.

By comparison, the household loan delinquency rate rose 0.03 percentage points from the previous month to 0.45%, highlighting a much steeper increase in corporate defaults.

The corporate delinquency rate marked its highest level in nine months. Small and medium-sized enterprises recorded a rate of 0.92%, with small corporations at 1.02% and sole proprietors at 0.78%, indicating rising stress across the sector.

Delinquency rates among large corporations also increased, reaching 0.19% – the highest level in 28 months – suggesting that financial strain is spreading beyond smaller firms.

The trend comes as banks expand corporate lending under policies aimed at boosting “productive financing.” Outstanding corporate loans at the country’s five major commercial banks totaled about 859.8 trillion won ($573 billion) as of the end of March, up roughly 15.0 trillion won ($10 billion) in three months.

Loans to small and medium-sized enterprises accounted for about 79% of the total, while large corporate loans made up about 21%.

Regulators said rising delinquencies are most pronounced among smaller firms but warned that broader economic uncertainty could push default risks higher across the corporate sector.

Banks are responding by tightening risk management while maintaining lending growth. Major lenders are strengthening oversight from initial loan screening to post-loan monitoring, using systems such as early warning tools and AI-based credit assessments to identify high-risk borrowers.

Industry officials said the combination of expanding corporate lending and rising delinquency rates is rapidly increasing the burden on banks to maintain asset quality.

— 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=20260417010005508

Field Marshal Asim Munir leaves Tehran while premier Shehbaz Sharif heads home from Turkiye amid hopes of another round of US-Iran talks.

Pakistan’s army chief and the prime minister have wrapped up separate diplomatic visits aimed at advancing efforts to end the United States-Iran conflict, with Field Marshal Asim Munir leaving Tehran and Prime Minister Shehbaz Sharif returning from Turkiye.

Munir met Iran’s leadership and peace negotiators during a three-day visit to Tehran, a Pakistani military statement said on Saturday.

The visit demonstrated Pakistan’s “unwavering resolve to facilitate a negotiated settlement… and to promote peace, stability and prosperity,” the military said ahead of expected US-Iran talks in Islamabad in the coming days.

Munir held talks with the country’s president, foreign minister, parliament speaker and head of Iran’s military central command centre.

Parliament Speaker, Mohammad Bagher Ghalibaf, and Foreign Minister, Abbas Araghchi, led the Iranian delegation to Islamabad for peace talks with the US last week, the highest level face-to-face contact between Washington and Tehran in decades.

Those talks ended without agreement, and a ceasefire is due to expire on April 22.

But diplomacy has continued, with Pakistan’s Prime Minister, Shehbaz Sharif, visiting Saudi Arabia, Qatar and Turkiye to push the peace process.

His three-country trip concluded on Saturday, with Sharif and Foreign Minister Ishaq Dar departing a diplomacy forum in Antalya, according to statements from both officials.

“I leave Antalya [Turkish city] with fond memories and a renewed commitment to further strengthening the enduring fraternal bonds between our two nations, and to continuing our close cooperation to advance dialogue and diplomacy for lasting peace and stability in the region,” Sharif posted on X.

The flurry of diplomacy comes as further negotiations are expected in Pakistan in the coming days as Islamabad intensifies contacts with regional and global leaders in an effort to sustain momentum towards a US-Iran deal.

Pressure for a deal between the two countries has grown after Iran reimposed restrictions on the Strait of Hormuz, hours after its reopening following the start of a ceasefire in Lebanon. Tehran accused the US of violating a deal to reopen the strategically important waterway.

Donald Trump has said a second round of talks with Iran could be held in Pakistan in the coming days. The New York Post reported that Trump praised Munir, saying he was “doing a great job”.

Reporting from Islamabad, Al Jazeera’s Kamal Hyder said Munir landed back home on Saturday as Pakistan prepared for another round of US-Iran talks expected “within the next few days”.

“We have also seen a lot of praise from the Trump administration on social media, praising the Pakistani leadership. So all eyes are on Islamabad. Serious differences remain, but there is a flurry of diplomatic activity and a hope and expectation that some sort of breakthrough may happen,” he said.

April 17 (Asia Today) — South Korea will provide 462.2 billion won ($308 million) in emergency support for small businesses and exporters affected by the prolonged Middle East war, the government said Thursday.

Han Seong-sook, minister of SMEs and Startups, visited South Gyeongsang Province to inspect local business conditions and pledged swift policy support for small businesses, exporters and young entrepreneurs.

Han first toured a “glocal” commercial district in Tongyeong, where officials highlighted a local revitalization model that has helped boost sales in the area. The ministry said it plans to expand support for local entrepreneurs and foreign tourism infrastructure beginning in 2026.

Han then visited the Korea SMEs and Startups Agency in Jinju and emphasized special extensions of policy loan maturities and expanded emergency financing. The ministry is pushing to disburse more than 90% of the supplementary budget for logistics support by June to help exporters cope with rising shipping costs.

At Gyeongsang National University, Han discussed expanding the government’s “Startup for All” project with aspiring young entrepreneurs before heading to K-Tech, a defense exporter, for the final stop of the trip.

Companies at the meeting cited soaring raw material costs and higher logistics expenses caused by shipping delays as major difficulties. Han said it could take considerable time for logistics to normalize and for Middle East energy facilities to be fully restored.

“This is a critical moment for a closely woven support safety net to prepare for the fallout from the war,” Han said, pledging to relay companies’ concerns through an inter-ministerial emergency economic response system and to mobilize all available policy tools.

The ministry said the emergency support is part of a broader 1.69 trillion won ($1.13 billion) supplementary budget approved this month, with 462.2 billion won ($308 million) earmarked to minimize damage to export-oriented small and medium-sized firms from the Middle East conflict.

— 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=20260417010005540

Video shows Israeli police confiscating and destroying footballs that were being played with by children in the courtyards of Al-Aqsa mosque in occupied East Jerusalem, in what mosque authorities described as part of ongoing restrictions on Palestinians inside the holy site.

April 18 (UPI) — On this date in history:

In 1506, the cornerstone was placed for St. Peter’s Basilica in Rome.

In 1775, U.S. patriot Paul Revere began his famous ride through the Massachusetts countryside, crying out “The British are coming!” to rally the minutemen.

In 1906, an earthquake estimated at magnitude-7.8 struck San Francisco, collapsing buildings and igniting fires that destroyed much of what remained of the city. Researchers and historians concluded that about 3,000 people died in the quake and its aftermath, and roughly 250,000 were left homeless.

In 1912, three days after the sinking of Titanic, her survivors arrived in New York City aboard the RMS Carpathia.

In 1923, the original Yankee Stadium opened in New York. The stadium was demolished in 2010 after it was replaced a year prior by the new Yankee Stadium.

File Photo by Monika Graff/UPI

In 1942, Lt. Col. James Doolittle led a squadron of B-25 bombers in a surprise raid against Tokyo in response to the Japanese sneak attack on Pearl Harbor on Dec. 7, 1941.

In 1945, U.S. journalist Ernie Pyle, a popular World War II correspondent, was killed by Japanese machine-gun fire on the island of Ie Shima in the Pacific.

In 1949, the Republic of Ireland formally declared itself independent from Britain.

In 1968, McCulloch Oil Corp. paid $2.24 million to buy London Bridge, which was sinking into the Thames under the weight of 20th century traffic. The oil company rebuilt the bridge bloc by block over Lake Havasu in Arizona.

In 1980, Rhodesia became the independent African nation of Zimbabwe.

In 1983, the U.S. Embassy in Beirut, Lebanon, was severely damaged by a car-bomb explosion that killed 63 people, including 17 Americans.

In 1992, an 11-year-old Florida boy sued to “divorce” his natural parents and remain with his foster parents. The boy eventually won his lawsuit.

In 2002, former U.S. Sen. Bob Kerrey, D-Neb., revealed that at least 13 civilians were killed by his U.S. Navy unit in a Vietnamese village in 1969.

File Photo by Ezio Petersen/UPI

In 2007, more than 125 people were killed in a suicide car-bomb explosion near a Baghdad market.

In 2014, an avalanche on what is known as a particularly dangerous route to the top of Mount Everest in the Himalayas killed 16 Sherpa guides.

In 2018, the first movie theaters in Saudi Arabia opened with a public screening of Black Panther.

In 2024, police arrested more than 100 protesters at Columbia University for refusing to leave a large pro-Palestinian encampment on campus. The incident sparked more protests at the school and other campuses across the country.

File Photo by John Angelillo/UPI

April 17 (Asia Today) — Kang Chang-il, the new senior vice chairman of South Korea’s Peaceful Unification Advisory Council, called Thursday for joint efforts to improve inter-Korean relations and said he would work to revitalize the council’s public role.

Speaking at his inauguration ceremony in Seoul, Kang said many South Koreans are familiar with the Unification Ministry but know little about the advisory council itself. He said he would work to make the body more visible and active in promoting peaceful unification.

Kang said the council has strengths in gathering public opinion and building consensus on peaceful unification, and that it should use that role to recommend policy to the president and broaden public awareness.

He said inter-Korean relations remain difficult amid debate over a “two-state” framework and described the current moment as serious. Kang also referred to messages from Unification Minister Chung Dong-young, who is serving in that post as of April, and said recent remarks by President Lee Jae-myung had been positively received by North Korea.

“I hope we can all join forces to gradually resolve issues in inter-Korean relations,” Kang said.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260417010005550

Transit fares from New York to MetLife Stadium in New Jersey for World Cup matches will rise to $150, with officials citing costs not covered by FIFA, drawing criticism as other host cities kept prices lower for years.

April 17 (UPI) — An Irish man who allegedly laundered money and trafficked drugs and firearms throughout Europe was arrested in Dubai after officials in Ireland tracked him around the world.

Law enforcement officials in the United Arab Emirates said in a statement that Daniel Joseph Kinahan was arrested on Wednesday after a joint international criminal investigation, The Guardian and The Washington Post reported.

Officials from both Ireland and the UAE noted that the arrest comes after work in recent years to rein in “serious and organized crime.”

“The arrest comes as part of efforts to combat cross-border crime,” Dubai police said in a statement.

“The arrest followed the receipt of a judicial file from Irish authorities detailing the suspect’s alleged crimes and his involvement in an international criminal organization,” they said.

Kinehan is one of the leaders of the Kinahan Organized Crime Group and the founder of the MTK Global boxing management company.

In addition to Irish authorities, he was also being pursued by U.S. law enforcement because he was “believed to run the day-to-day operations” of the cartel, the Biden administration said when it announced sanctions against the group in 2022.

Officials in Dubai issued an arrest warrant after getting word from Irish authorities as part of a larger operation between Ireland and the UAE to stem criminal enterprises that operated in or through the two nations.

The report from Irish law enforcement had traced in him around the globe, including the use of fake names and other methods of avoiding arrest, and Kinehan was arrested within 48 hours of the the UAE warrant being issued.

April 17 (UPI) — The Supreme Court ruled unanimously in favor of Chevron in a case related to damage to wetlands in Louisiana that dates to World War II.

The case was brought more than a decade ago and relates to damage allegedly done when Chevron’s corporate predecessors were refining aviation gas on behalf of the federal government during the war, Scotusblog and The Washington Post reported.

The 8-0 ruling sent the federal lawsuit back to a lower court in a move that could jeopardize a $745 million ruling against the company to restore the wetlands, as well as other similar cases with fossil fuel companies before courts in the United States.

Parishes in Louisiana filed the case with the help of state officials against oil and gas companies refining crude oil along the coast during the war, claiming that proper permits were never obtained for their work and that they had not followed “prudent industry practices.”

The previous decision on the $745 million ruling was made by a state court, which Chevron contended does not have the jurisdiction to rule because it was working under the auspices of the federal government.

After the state court judgement was handed down, the company’s lawyers asked the U.S. Supreme Court to move the case to a federal court, where it may be able to have the ruling thrown out.

Ruling is latest loss for Trump administration, which has sought access to state voter data ahead of the US midterms.

A federal judge in the United States has dismissed a Department of Justice lawsuit seeking to access voter data from Rhode Island.

The decision on Friday was the latest loss for the administration of President Donald Trump, which has sought to access voter data in dozens of states across the country.

In the ruling, US District Court Judge Mary McElroy sided with election officials and civil rights groups, writing that the Justice Department does not have the authority “to conduct the kind of fishing expedition it seeks here”.

Rhode Island Secretary of State Gregg Amore praised the ruling in a statement afterwards.

“The executive branch seems to have no problem taking actions that are clear Constitutional overreaches, regularly meddling in responsibilities that are the rights of the states,” Amore wrote.

“But the power of our democratic republic, built on three, coequal branches of government, is clearer than ever before.”

The Justice Department has sued at least 30 states for their voter information, maintaining it needs the information to secure election security. State officials have said that turning over the data raises an array of privacy concerns.

Under the US Constitution, state officials administer elections. Only Congress can pass laws related to how states oversee voting.

But Trump has sought to transform election administration, claiming that voting has been marred by widespread fraud.

In particular, Trump has continued to maintain that the 2020 election, in which he lost to former President Joe Biden, was “stolen”.

No evidence has ever been put forward to support the claims.

Federal judges have rejected attempts in California, Massachusetts, Michigan and Oregon to force the states to hand over voter files to the federal government. At least 12 states, however, have willingly provided or pledged to provide voter information to the Trump administration.

The push for voter information is one of several actions that have raised concerns over how the Trump administration will approach the midterm elections in November, which will decide the makeup of the US Congress.

He is currently calling on Republicans to pass the so-called SAVE America Act, a bill that would create higher documentation standards for voters to prove their citizenship when registering to vote and casting ballots.

The majority of Republican lawmakers have embraced Trump’s claim that the law is needed to prevent non-citizens from registering to vote, despite studies showing that instances of voter fraud are glancingly rare.

Critics say the measure would risk disenfranchising millions of voters, particularly those who have legally changed their names, which is a common practice in US marriages.

Emergency Relief Coordinator Tom Fletcher told the UN Security Council that South Sudan is at risk of slipping into ‘full-scale famine and collapse’ as fighting intensifies and the UN peacekeeping mission is cut back.

The vote count continues to determine who will join conservative Keiko Fujimori in Peru’s presidential run-off in June.

Calls to remove the head of Peru’s electoral authority have intensified as delays and alleged irregularities clouded the presidential vote count.

As of Friday, no clear challenger has emerged to face conservative frontrunner Keiko Fujimori in the June 7 run-off.

The general election was held on Sunday, but an extension was granted to accommodate for the difficulties in ballot distribution.

Pressure has mounted against the head of Peru’s National Office of Electoral Processes (ONPE), Piero Corvetto. Complaints over errors and logistical problems during Sunday’s election have been compounded by a slow tally that has rattled investor confidence and heightened uncertainty.

According to the ONPE, leftist Roberto Sanchez and ultraconservative former Lima Mayor Rafael Lopez Aliaga remain locked in a close battle for second place, separated by about 13,000 votes as of Friday.

With 93.3 percent of the ballots counted, Sanchez held 12.0 percent of the vote and Lopez Aliaga 11.9 percent.

Fujimori, meanwhile, remained firmly in first place with 17 percent, positioning her for the run-off. Final results could take up to two weeks, according to local election-monitoring group Transparencia.

The vote counting has been further delayed by the roughly 5 percent of ballots that were identified for review due to missing information or errors in polling station records, according to ONPE data. Those ballots will be reviewed by a special electoral jury before being included in the final count, officials said.

Business leaders and lawmakers from across the political spectrum have called on Corvetto to step down, arguing that a replacement should oversee the second round.

“Errors this serious have consequences,” Jorge Zapata, head of business chamber CONFIEP, told local radio station RPP.

Earlier this week, Corvetto acknowledged that there had been some logistical delays that forced voting to be extended by a day, mainly in Lima. Those delays triggered fraud allegations, notably from Lopez Aliaga, who has called for counting to be suspended. Corvetto has denied that any irregularities took place.

Even so, Peru’s top electoral court, the National Jury of Elections, filed a criminal complaint with prosecutors against Corvetto, citing alleged offences, including violations of voting rights. Representatives for Corvetto did not immediately respond to a Reuters request for comment.

An investigation is also under way after materials from four polling stations were found on a public road in Lima on Thursday, the police said. ONPE said on the social media platform X that the votes from those stations had already been recorded for counting.

European Union election observers said this week that they found no evidence of fraud.

April 16 (Asia Today) — South Korean tech company Naver is expanding its artificial intelligence capabilities with robots operating throughout its headquarters, as the firm ramps up investment in next-generation technologies.

At the company’s second headquarters in Seongnam, south of Seoul, robots are deployed across the building, which spans from a basement level to 28 above-ground floors. The facility has been described by the company as functioning like a “living laboratory” for AI and robotics.

About 100 service robots, known internally as “Rookie,” assist employees by delivering food, beverages and packages, as well as transporting documents. Workers can summon the robots through a mobile application and verify their identity upon arrival.

The robots are designed to move autonomously throughout the entire building. They can pass through security gates, use elevators and navigate between floors without human assistance, a capability that sets them apart from robots typically confined to a single floor or designated area.

“The ability for robots to use elevators and travel across the entire building is a distinctive feature,” a company official said, adding that the machines are positioned for easy access and operate based on time-specific tasks.

The robotics technology is being developed by Naver Labs, a research subsidiary focused on advancing automation systems. Inside the facility, various robots – including wheeled service units and bipedal machines – are being tested as part of efforts to build a broader robotics ecosystem.

A key component of the system is “ARC Brain,” a cloud-based platform that allows centralized control and coordination of multiple robots. The system is designed to improve efficiency by enabling simultaneous management of a fleet of machines.

“Improving productivity by having robots perform tasks traditionally done by humans is essential,” the official said. “That requires an integrated system capable of managing multiple robots at once.”

Beyond robotics, the company is also strengthening AI features in its core search business. It plans to introduce an “AI tab” following the rollout of its AI briefing service last year.

Naver reported record results in 2025, with revenue reaching 12.35 trillion won ($8.2 billion) and operating profit of 2.21 trillion won ($1.47 billion). Market forecasts suggest the company will post another record this year, with revenue projected at 13.41 trillion won ($8.9 billion) and operating profit at 2.45 trillion won ($1.63 billion).

— 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=20260416010005223

President Joseph Aoun promised to work to preserve Lebanon’s sovereignty and freedom.

Lebanese President Joseph Aoun has said that the country would no longer be an “arena for anyone’s wars”, and that the ceasefire with Israel should lead to work on permanent agreements.

In a televised address to the Lebanese public on Friday, he said that Lebanon was no longer “a pawn in anyone’s game, nor an arena for anyone’s wars, and we never will be again”.

His speech comes a day after a 10-day ceasefire was announced between Lebanon and Israel, bringing respite from Israeli attacks that began on March 2, after Hezbollah fired at Israel, and have left more than 2,200 dead and more than a million displaced.

Aoun said that they were entering a phase of “transition from working on a ceasefire to working on permanent agreements that preserve the rights of our people, the unity of our land, and the sovereignty of our nation.”

He expressed gratitude to those who he said helped end the hostilities, naming United States President Donald Trump and “all our Arab brothers, foremost among them the Kingdom of Saudi Arabia”.

Aoun promised that any agreement reached would not infringe on the country’s rights or relinquish any of its land, and that the negotiations were not a weakness or a concession.

The ceasefire was announced days after Lebanon and Israel held their first direct talks in decades in Washington, which prompted criticism from the Lebanese population.

“Our objective is clear and declared: to stop Israeli aggression against our land and our people, to obtain Israeli withdrawal, to extend state authority over all its land by its own forces, to ensure the return of prisoners, and to enable our families to return to their homes and villages, in safety, freedom and dignity,” the president said.

Israel continues to occupy areas of southern Lebanon despite the truce, with Israeli Prime Minister Benjamin Netanyahu saying troops would not withdraw during the ceasefire.

Iran’s Foreign Minister Abbas Araghchi and United States President Donald Trump have said that the Strait of Hormuz is open to commercial vessels.

Araghchi declared on Friday that the strategic waterwat was “completely open” in line with the ceasefire between Israel and Lebanon that took effect the previous day.

Trump affirmed on social media that the strait was open, later claiming that Iran had agreed to “never close the Strait of Hormuz again”. However, he also posted that the US naval blockade on Iranian ports would “remain in full force”.

In parallel, France and the United Kingdom hosted a meeting in Paris involving about 40 countries, which agreed to play a role in restoring freedom of navigation in the Strait of Hormuz once the US-Israeli war on Iran stops.

The blocking of tankers from using the strait, through which about 20 percent of the world’s crude flows on a typical day, has led to a global surge in fuel prices.

World leaders have welcomed the news with cautious optimism amid mixed messages from the US and Iran:

United States

“The Strait of Hormuz is completely open and ready for business and full passage, but the naval blockade will remain in full force and effect as it pertains to Iran, only, until such time as our transaction with Iran is 100% complete,” Trump wrote on Truth Social.

Minutes later, he issued another post saying the US Navy’s blockade on Iranian ships and ports “will remain in full force” until Tehran reaches a deal with the US, including on its nuclear programme.

Later, Trump told the news agency AFP that a deal to end the war on Iran was “close”, saying there were “no sticking points” left between Washington and Tehran.

Iran

Foreign Minister Abbas Araghchi posted on X that the strait was “declared completely open” and would remain open for the remaining period of the 10-day Israel-Lebanon ceasefire, which took effect overnight Thursday into Friday.

Some Iranian state media reports later appeared to contradict Araghchi’s announcement, with a senior military official telling state media that only nonmilitary vessels would be allowed to transit with permission from the Iranian Islamic Revolutionary Guard Corps (IRGC) Navy.

The Fars news agency, which is close to the IRGC, noted a “strange silence from the Supreme National Security Council”, the de facto top decision-making body in the country, as the status of the new supreme leader, Mojtaba Khamenei, remains unknown.

United Kingdom

UK Prime Minister Keir Starmer cohosted a summit on a potential military mission to secure the Hormuz Strait with French President Emmanuel Macron in Paris on Friday, with about 30 to 40 countries participating in person or by video conference.

On the sidelines, Starmer cautiously welcomed news of the strait’s reopening but said it must become “both lasting and a workable proposal”.

He said the UK and France would lead a “strictly peaceful and defensive” multinational mission to protect freedom of navigation as soon as conditions allow.

France

Speaking after the gathering, Macron said, “We all demand the full, immediate and unconditional reopening of the Strait of Hormuz by all parties.”

“We all oppose any restrictions or system of agreements that would, in effect, amount to an attempt to ⁠privatise the strait – and, of course, any toll system,” he added.

Macron’s office said roles for members of the international coalition working to reopen the strait could include “intelligence, mine-clearing capabilities, military escorts [and] communication procedures with coastal states”.

Germany

Chancellor Friedrich Merz said Germany could contribute mine clearance and intelligence capabilities to the international mission, but would need parliamentary support and a ″secure legal basis″ such as a UN Security Council resolution.

He said he wanted US involvement in the international mission to secure shipping through the Strait of Hormuz. “We believe this would be desirable,″ he said.

Trump later appeared to rebuff his overtures, saying on social media that he had received a call from NATO, but declined its assistance in no uncertain terms.

Finland

Finnish President Alexander Stubb, who participated in the Paris summit, said on X, “We welcome Iran’s announcement on opening the Strait. Lasting solutions require diplomacy,”

United Nations

United Nations Secretary-General Antonio ⁠Guterres on ⁠Friday welcomed the opening ‌of Strait of Hormuz by Iran ⁠and said ⁠it was “a ⁠step in the ⁠right ⁠direction”.

International Maritime Organisation

Arsenio Dominguez, secretary-general of the UN shipping agency said, “We are currently verifying the recent announcement related to the reopening of the Strait of Hormuz, in terms of its compliance with freedom of navigation for all merchant vessels and secure ‌passage.”

Shipping companies

The Norwegian Shipowners’ Association said several things had to be clarified before any ships can transit the strait, including the presence of mines, Iranian conditions and practical implementation.

“If this represents a step towards an opening, it is a welcome development,” said Knut Arild Hareide, CEO of the association, which represents 130 companies with some 1,500 vessels.

A spokesperson for Germany’s Hapag-Lloyd Shipping Company said, “We are now beginning to assess the new situation and the risks involved … For the time being, therefore, we are still refraining from passing through the strait.”

In a statement, Denmark’s Maersk said: “We have noted the announcement. The safety of our crew, vessels and customers’ cargo remains our priority. Since the outbreak of the conflict, we have followed the guidance of our security partners in the region, and the recommendation so far has been to avoid transiting the Strait of Hormuz.

“Any decision to transit the strait will be based on risk assessments and close monitoring of the security situation, with the latest developments also included in the ongoing assessments.”

Markets

Oil prices plunged after Iran’s announcement that passage for commercial vessels would remain “completely open” for the duration of a 10-day ceasefire in Lebanon.

“This news is having an immediate impact on markets,” said Kathleen Brooks, research director at XTB. “This is the biggest development so far during the ceasefire, and it gives hope that the war will end soon, and supply chains will return to some normality.”

Shipping companies said several things had to be clarified, including the presence of mines, Iranian conditions, practical implementations.

Shipping companies have cautiously welcomed Iran’s announcement that the Strait of Hormuz is open but said they would require clarifications, including about the risk of mines, before vessels move through the entry point to the Gulf.

Iran’s Foreign Minister Abbas Araghchi said on Friday that the Strait of Hormuz was open to all commercial vessels during a 10-day Lebanon ceasefire accord, prompting a fall in oil and other commodity prices while stock markets rose.

All commercial ships, including United States vessels, can sail through the strait, although their plans need to be coordinated with Iran’s Islamic Revolutionary Guard Corps, a senior Iranian official told the Reuters news agency.

Transit would be restricted to lanes which Iran deemed safe, adding that military vessels were still prohibited, the official said.

“We are currently verifying the recent announcement related to the reopening of the Strait of Hormuz, in terms of its compliance with freedom of navigation for all merchant vessels and secure passage,” said Arsenio Dominguez, secretary-general of the United Nations shipping agency, the International Maritime Organization.

The Norwegian Shipowners’ Association said several things had to be clarified before any ships could transit the strait, including the presence of mines, Iranian conditions and practical implementation.

“If this represents a step towards an opening, it is a welcome development,” said Knut Arild Hareide, CEO of the association which represents 130 companies with some 1,500 vessels.

Shipping association BIMCO cautioned members on returning to the strait.

“The status of mine threats… is unclear and BIMCO believes shipping companies should consider avoiding the area,” said Jakob Larsen, BIMCO’s chief safety and security officer.

The threat posed by mines in parts of the strait is not fully understood, and avoidance of the area by ships should be considered, a US Navy advisory on Friday, seen by Reuters, also said.

German shipping group Hapag-Lloyd on Friday said it was working for its ships to sail through the strait “as soon as possible”, but added that several questions remained.

“Our crisis committee is in session and will try to resolve all open items with the relevant parties within the next 24-36 hours,” it added.

Its Danish peer Maersk said it was closely monitoring the security situation and would act based on its risk assessment.

France’s CMA CGM and Norwegian oil tanker group Frontline declined to comment.

A recent route imposed by Tehran through its territorial waters near Larak Island would present navigational challenges even if vessels were not required to pay a toll, and would raise questions regarding compliance and insurance, said Matt Wright, lead freight analyst at data intelligence firm Kpler.

US President Donald Trump on Friday said Iran had agreed to never close the strait again, and that it was removing sea mines from it.

One of the world’s most important maritime chokepoints, disruption in the strait has forced shipping companies to suspend sailings, reroute cargo and rely on costly workarounds to keep goods moving in and out of the Gulf.

April 16 (Asia Today) — South Korea will begin receiving 27 million barrels of alternative crude oil in June, part of a broader effort to stabilize energy supplies and diversify import sources amid disruptions linked to conflict in the Middle East.

The Ministry of Trade, Industry and Energy said the shipments are part of crude secured by a presidential envoy team, with additional policy measures being introduced to support refiners facing supply uncertainty.

A senior ministry official said the envoy team secured about 223 million barrels of alternative crude, excluding 50 million barrels previously allocated from Saudi Arabia. Of that, 27 million barrels are scheduled for shipment beginning in June.

The earlier 50 million barrels are expected to be shipped in April and May through the Red Sea port of Yanbu, with confirmation from Saudi Aramco that deliveries will proceed as planned, the ministry said.

South Korean refiners had faced disruptions despite existing contracts, as shipments were affected by instability and constraints linked to the Strait of Hormuz, a key global oil transit route.

The envoy delegation has secured a total of about 273 million barrels of crude from countries including Kazakhstan and Saudi Arabia. Of that, roughly 250 million barrels from Saudi Arabia – which accounts for about one-third of South Korea’s crude imports – are expected to be delivered by the end of the year.

Officials said the government has already secured about 118 million barrels for April and May combined, indicating no immediate risk to domestic supply. Remaining volumes are expected to be shipped sequentially through the end of the year.

In parallel, the government is introducing measures to help refiners diversify import sources. For crude imported between April and June, authorities will ease requirements for refunds of the petroleum import levy and temporarily expand refund limits.

The ministry said it simplified freight cost calculations using an international benchmark index and removed restrictions on shipment volume, duration and frequency. It also temporarily lifted caps on freight cost compensation for diversified imports to expand financial support.

The program is backed by about 127.5 billion won (approximately $95 million) in funding, based on estimated demand from domestic refiners.

Officials said broader reforms may be considered if the situation persists.

The ministry also pushed back against claims that fuel consumption has increased following the introduction of a price cap. Data showed that weekly gasoline and diesel sales fell in five of seven weeks from late February to mid-April compared to the same period last year.

From mid-March to mid-April, after the price cap took effect, total fuel sales declined 12.4% year-over-year, the ministry said, urging observers to focus on overall trends rather than short-term fluctuations.

— 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=20260416010005112

Arsenal travel to Manchester City knowing their Premier League could be eradicated by next Wednesday.

Mikel Arteta has urged spluttering Arsenal to embrace the “huge privilege” of facing Manchester City in a potentially decisive showdown in the Premier League title race.

Arteta’s side are six points clear of second-placed City ahead of their blockbuster clash at the Etihad Stadium on Sunday.

But City have a game in hand on the Gunners and a victory for Pep Guardiola’s men would tilt the balance of power in their favour heading into the final weeks of the season.

Adding to the drama of the do-or-die battle, Arsenal are enduring an untimely loss of form after losing three of their last five games in all competitions.

They were beaten by City in the League Cup final, suffered a shock FA Cup quarterfinal exit at second-tier Southampton and slumped to a home league defeat against Bournemouth.

The Gunners were well below their best once again on Wednesday when they edged past Sporting Lisbon, drawing 0-0 to secure a 1-0 aggregate victory in the Champions League quarterfinals.

But, despite criticism of Arsenal’s perceived mental weakness under pressure, Arteta is convinced his players have the right character to take a huge step towards winning the Premier League.

“We have earned the right to be in this position and to be challenging, with an opportunity to win against arguably the best team and best manager this league has ever seen,” Arteta told reporters on Friday.

“That is a huge privilege. We see this as a big opportunity for us. Who is more privileged to be in this position?

“I don’t know how Pep and Man City are feeling, but I feel very privileged to have earned the right to be in this position to play such a big and great game.”

Arsenal are chasing a first English title since 2004 after finishing as runners-up for the last three seasons.

In 2023 and 2024, they squandered substantial leads that allowed City to pip them to the title.

But Arteta knows that beating City this weekend would put Arsenal in a virtually unassailable position of strength.

“Winning at this stage, then you are a bit closer,” he said.

“There are six games to go. Obviously, it is a really important one for both teams.

“It will incline the balance a little bit, but winning a game in the Premier League is so tough for everybody.”

Arsenal ‘prepare to win’ against Man City

Arteta has challenged Arsenal to learn from the pain of their League Cup loss to City in a rematch with even higher stakes.

“The pain we felt afterwards, [we need] to use that the right way on Sunday,” he said. “To learn from that game and the things that we want to change for the next one.”

Arteta refused to deny a report that a fire was lit at the club’s training ground this week in a motivational ploy after he told his team to play with “pure fire” against Sporting.

“Every game we use different themes to try and prepare for the game in the best possible way, and that depends on what we do,” he said.

“The best ones are the players’ initiative; those are the ones I love the most.”

Arsenal have failed to win any of their past 10 league games at the Etihad Stadium, losing seven of those meetings, in a barren run stretching back to 2015.

Arteta dismissed suggestions that he could tell Arsenal to play for a draw to maintain their six-point lead over City.

“We prepare every game to win, that is why we are where we are, and we are going to continue to do the same,” he said.

April 17 (UPI) — Pope Leo XIV held a mass on Friday in Douala, Cameroon, in a stadium with an estimated 120,000 people, marking Catholicism’s growth in Africa.

The pope discussed poverty, violence and corruption in his address to the people of Cameroon, where about 30% of the population is Catholic.

About 20% of the world’s Catholic population lives in Africa.

“Do not give in to distrust and discouragement,” the pope said. “Reject every form of abuse or violence, which deceives by promising easy gains but hardens the heart and makes it insensitive. Do not forget that your people are even richer than this land, for your treasure lies in your values: faith, family, hospitality and work.”

More than 37.7 million people live in poverty in Cameroon. The pope shared the story of Jesus multiplying loaves and fish, saying the “miracle” happened when they were shared.

“Yet this alone is not enough,” he said. “The food that sustains the body must be accompanied, with equal charity, by nourishment for the soul. A nourishment that sustains our conscience and steadies us in dark hours of fear and amid the shadows of suffering.”

The mass was held at Japoma Stadium on the third day of the pope’s 10-day tour of Africa. He will next visit Angola and later Equatorial Guinea during his trip.

Pope Leo spent Thursday in Bamenda, Cameroon, the epicenter of the Anglophone Crisis or Ambazonia War, an armed conflict between the government and separatist groups that has waged for nearly a decade.

Frenchman Herve Renard, who won AFCON with Zambia and Ivory Coast, departs Saudi role despite World Cup qualification.

Frenchman Herve Renard has been relieved of his duties as Saudi Arabia coach, less than two months before the start of the FIFA World Cup 2026 in North America.

The 57-year-old had returned for a second spell as Saudi coach at the end of 2024, having led them at the last World Cup four years ago in Qatar.

“That’s football … Saudi Arabia have qualified for the World Cup seven times, including twice with me,” Renard told the news agency AFP on Friday.

“And there’s only one coach who has led them through both the qualifiers and the World Cup; that’s me, in 2022. At least there will be that sense of pride.”

Renard, a two-time Africa Cup of Nations (AFCON) winner with Zambia and the Ivory Coast, was in charge of Saudi Arabia from 2019 to 2023 before being replaced by Italian coach Roberto Mancini.

From 2023 to 2024, he served as coach of the France women’s team and reached the quarterfinals of both the 2023 Women’s World Cup and the 2024 Paris Olympics.

Ex-Morocco coach Renard was later brought back by Saudi Arabia to succeed Mancini, as the Italian left his role after an underwhelming 14-month stint.

Former Greece international Georgios Donis is reportedly being lined up as the man to take over from Renard. A source close to the negotiations told AFP that talks are under way between the federation and Saudi club Al Khaleej, where Donis has been in charge since 2024.

Saudi Arabia are in Group H at the 2026 World Cup, alongside two former champions, Spain and Uruguay, and debutants Cape Verde. All their group games are scheduled to be played across the United States.

The Arab nation has made six World Cup appearances, with a round of 16 finish in 1994 in the US their best result thus far.

The Saudi team suffered a group-stage exit in the last World Cup in 2022, but made headlines worldwide with a shock 2-1 group win over eventual champions Argentina.

Saudi Arabia is also due to host the 2034 World Cup.

Iran says ‘passage for all commercial vessels through Strait of Hormuz’ open during the Israel-Lebanon ceasefire.

The Strait of Hormuz is “completely open” for all commercial vessels and will remain so during the Israel-Lebanon ceasefire, Iran’s foreign minister has said.

“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire,” Abbas Araghchi said in a post on X on Friday.

A 10-day ceasefire was agreed between Israel and Lebanon late on Thursday.

The passage of ⁠vessels through the ⁠strait will be on the coordinated route as ⁠already announced by ⁠Ports and ⁠Maritime Organisation of Iran, Araghchi added.

United States President Donald Trump confirmed in a social media post that the strait was “completely open and ready for business and full passage”.

More to come…