Bank of Korea’s Yoo says Middle East tensions raise need for regional safety net, backs CMIM funding shift Bank of Korea Deputy Gov. Yoo Sang-dae met with Asian counterparts to strengthen the region’s financial safety net and build a next-generation framework for financial cooperation, including a plan to overhaul the safety net’s funding structure and broaden cooperation to stock and derivatives markets. Yoo attended the 29th ASEAN+3 finance ministers and central bank governors meeting on May 3 (local time) in Samarkand, Uzbekistan, where participants discussed those steps. Timor-Leste, which joined ASEAN as its 11th member in October last year, attended the meeting for the first time, expanding the scope of regional financial cooperation. Members shared the view that downside risks to the regional economy have increased amid rising tensions in the Middle East. They said a prolonged conflict could spread beyond energy to industrial raw materials, logistics and food prices, with broad and lasting effects. They agreed to continue policy responses tailored to each country’s conditions to support macroeconomic and financial stability. South Korea has also faced persistent upward pressure on prices since the outbreak of war. The consumer price index rose 2.2% in March from a year earlier, driven by a sharp jump in petroleum product prices. Producer prices rose 1.6% in March from the previous month, the biggest monthly increase in more than four years since April 2022. The meeting approved a detailed roadmap to improve the effectiveness of the Chiang Mai Initiative Multilateralization, or CMIM, the region’s financial safety net. Members agreed to push for the swift entry into force of a Rapid Financing Facility, or RFF, to respond to external shocks such as natural disasters. They also agreed to shift CMIM resources to a paid-in capital, or PIC, model to increase certainty of funding support. The Bank of Korea is co-chairing a technical working group studying the funding-structure shift and is leading the institutional design. It plans to review specific PIC models. The working group, launched in late 2024 under the leadership of the Bank of Korea and Malaysia’s central bank, has studied models to reshape CMIM into a structure similar to the International Monetary Fund. “With the Middle East situation increasing the importance of the regional safety net, the shift to PIC will strengthen the safety net’s credibility, availability and responsiveness,” Yoo said. “As co-chair of the TWG, I will responsibly push ahead with PIC governance issues and model design.” Members also agreed to significantly broaden the scope of financial cooperation. They decided to expand and reorganize the existing Asian Bond Markets Initiative, or ABMI, into the Asian Bond and Financial Markets Development Initiative, or ABFMI, to cover stock and derivatives markets as well. The 30th ASEAN+3 finance ministers and central bank governors meeting will be held next year in Nagoya, Japan. South Korea and Singapore are set to serve as co-chairs.* This article has been translated by AI. 2026-05-03 21:48:19

OPEC+ Producers Agree to Raise Oil Output by 188,000 Barrels a Day Starting in June Saudi Arabia, Russia and other major oil producers have agreed to modestly increase crude output starting in June. Yonhap reported on the 3rd, citing an OPEC announcement, that seven OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — agreed in a joint statement to raise production. The countries said they will implement production adjustments totaling 188,000 barrels a day from June under the “additional voluntary production adjustments” plan announced in April 2023, calling it part of a joint effort to stabilize the oil market. They said it is important to keep “full flexibility” to increase, pause or reverse the voluntary adjustments while maintaining a cautious approach to market stability. Figures attached to the statement show Saudi Arabia and Russia could each raise output by 62,000 barrels a day from June. Iraq could increase by 26,000 barrels a day, Kuwait by 16,000, Kazakhstan by 10,000, Algeria by 6,000 and Oman by 5,000. The countries said they will meet June 7 to discuss oil market conditions and compliance with production cuts, and plan to hold regular monthly meetings afterward. The statement did not mention it, but markets have viewed the move as a response to the United Arab Emirates’ recent declaration that it would leave OPEC and OPEC+. The UAE previously announced it would quit the “oil producers’ cartel” amid Middle East tensions and increased volatility in international oil prices, and signaled it could raise output. Saudi-led OPEC and OPEC+ have managed oil prices by limiting production through country-by-country quotas. The latest step is seen as a buffer that effectively allows more output to prevent further departures after the UAE.* This article has been translated by AI. 2026-05-03 20:42:18

Lee Jae-myung Shares Photo of Pet Dog Wearing Gift From Indonesia’s Prabowo President Lee Jae-myung posted photos and video on social media showing his pet dog wearing clothes given by Indonesian President Prabowo Subianto, continuing a public exchange between the two leaders. In an Instagram post on the 3rd, Lee wrote, “Bobby wearing the outfit President Prabowo sent,” and shared footage of the dog walking on a lawn. In the images, Bobby wears an outfit and leash with the dog’s name on them. Prabowo previously gave clothing and a leash for Lee’s dog during his state visit to South Korea last month. Lee said in the post that the dog was “playing excitedly in new clothes and then resting,” and tagged Prabowo’s account to ask, “Is Indonesia’s Bobby doing well, too?” Prabowo’s pet cat is also named “Bobby,” the same name as Lee’s dog. The post was written in both Korean and Indonesian. During a summit with Prabowo on April 1, Lee said the state visit had produced a “historic outcome” by elevating bilateral ties to a “special comprehensive strategic partnership.”* This article has been translated by AI. 2026-05-03 20:09:15

Iran’s IRGC says Trump faces only ‘impossible’ military option or ‘bad deal’ Iran’s Islamic Revolutionary Guard Corps said President Donald Trump has sharply limited diplomatic and military options, stepping up pressure as tensions rise again. According to Yonhap News Agency, the IRGC’s Intelligence Organization said in a statement on the 3rd that Trump is left to choose between an “unworkable military operation” and an “unfavorable deal with Iran.” As grounds for its assessment, the group cited what it called a “blockade deadline” Iran presented to the U.S. Defense Department, shifts in the attitudes of China, Russia and Europe toward the United States, a private letter Trump sent to the U.S. Congress, and partial acceptance of Iran’s negotiating terms. It said U.S. room for decision-making is “gradually shrinking.” Iran has recently been reported to have proposed a 14-point revision in response to a nine-point cease-fire plan presented by the United States. The revisions reportedly include compensation for war damage, guarantees against renewed military attacks, withdrawal of U.S. forces from areas around Iran, lifting a maritime blockade, easing sanctions on Iran, ending regional conflicts including in Lebanon, and resetting the operating mechanism for the Strait of Hormuz. The United States and Iran agreed to a cease-fire on April 8, but tensions have escalated again after cease-fire talks held April 11 in Islamabad, Pakistan, fell into deadlock.* This article has been translated by AI. 2026-05-03 19:51:14

Mayon Volcano Erupts in Philippines, Forcing Thousands to Evacuate as Alert Raised Mayon Volcano, considered the Philippines’ most active volcano, has erupted, prompting the evacuation of thousands of nearby residents. Philippine authorities said the 2,463-meter (8,081-foot) volcano in Albay province on Luzon began spewing ash, smoke and lava starting on May 2 (local time), affecting 52 nearby villages, Yonhap News Agency reported on May 3. Authorities raised the volcano alert to Level 3 on a five-step scale and ordered the emergency evacuation of about 1,500 households. Evacuees were staying in temporary shelters while waiting for activity to subside. Access near the volcano was restricted under the Level 3 alert, and flights in surrounding airspace were also limited. The Philippine Institute of Volcanology and Seismology said intensifying activity sent lava flowing for several kilometers, and rockfalls and pyroclastic density currents were observed within the 6-kilometer (3.7-mile) permanent danger zone. Pyroclastic density currents are fast-moving flows of superheated ash, rocks and toxic gases. The institute said 32 volcanic earthquakes were detected over the past 24 hours and warned that additional hazards, including moderate explosions, could not be ruled out in the coming days. It urged the public not to enter the danger zone. The Philippines sits on the Pacific “Ring of Fire,” where volcanic eruptions and earthquakes are frequent. Mayon is regarded as the country’s most active volcano. A major eruption in 1814 killed about 1,200 people, and another in 1993 left 79 dead. 2026-05-03 19:45:15

South Korea’s Next-Generation Mid-Sized Satellite 2 Reaches Orbit After Falcon 9 Launch Next-Generation Mid-Sized Satellite 2, an Earth-observation satellite designed for land monitoring and disaster response, has successfully entered orbit and begun preparations for its mission. According to Yonhap News Agency on Saturday, the satellite was launched at 4 p.m. from Vandenberg Space Force Base in California aboard a SpaceX Falcon 9 rocket and was placed into orbit as planned. The Korea AeroSpace Administration said the satellite separated normally from the launch vehicle about 60 minutes after liftoff and made its first contact about 15 minutes later with the Svalbard ground station in Norway, confirming the spacecraft’s systems were in normal condition. The satellite will observe Earth from a sun-synchronous orbit at an altitude of about 498 kilometers. SpaceX also said the satellite separation and separation of additional payloads proceeded normally. Built on a standard 534-kilogram-class platform, the satellite has ground-imaging capability with 0.5-meter resolution in black-and-white and 2-meter resolution in color. Officials said key components of the satellite bus and payload were independently developed with domestic technology, improving technological self-reliance. Korea Aerospace Industries led the development. The satellite had been scheduled for launch in 2022 on a Russian rocket, but the timeline was delayed by about four years due to the Russia-Ukraine war before Saturday’s successful launch. The Korea AeroSpace Administration called the launch a milestone symbolizing a shift toward a private-sector-led space industry and said it strengthens the foundation for independently securing high-resolution land and disaster-monitoring data. The Ministry of Land, Infrastructure and Transport said simultaneous operation of Land Satellite 1 and 2 is expected to expand capabilities for geospatial information services. Oh Tae-seok, administrator of the Korea AeroSpace Administration, said, “The successful launch of Next-Generation Mid-Sized Satellite 2 is an important milestone that opens the era of a private-sector-led NewSpace.” He added that by mounting high-resolution black-and-white and color optical cameras on a 500-kilogram-class standard platform and independently securing ultra-precise imagery needed for land and disaster management on the Korean Peninsula, the launch “greatly strengthened” the localization of satellite technology and the industry’s competitiveness. Also aboard the rocket was BusanSat, a CubeSat developed with participation from the city of Busan, the Korea Astronomy and Space Science Institute and Nara Space Technology, among others.* This article has been translated by AI. 2026-05-03 19:18:27

An Se-young routs Wang Zhiyi in Uber Cup final opener for 20th career win vs. rival South Korea’s women’s badminton team got off to a strong start in the Uber Cup final as its top singles player, An Se-young of Samsung Life Insurance, won the opening match. Yonhap reported that An, the world No. 1, defeated world No. 2 Wang Zhiyi of China 21-10, 21-13 in the first women’s singles match of the 2026 Uber Cup final in Horsens, Denmark, on Saturday (Korea time). An controlled the match throughout. Wang never drew level in either game. An jumped ahead 7-1 with a seven-point run early in the first game and led 11-2 at the interval, then closed it out 21-10 by varying pace with half smashes and tight net shots. The second game followed a similar pattern. An led 11-5 at the interval and briefly allowed Wang to close to 12-9 after three straight points, but she steadied, forced errors and finished on a net shot at 20-13. With the win, An improved to 20-5 all-time against Wang. Wang had snapped a losing streak against An in the All England Open final in March, but An has beaten her again, including in the Asian Championships final in April and now in this tournament, maintaining the one-sided rivalry. An has played the first singles match from the group stage through the quarterfinals, semifinals and final, winning every match without dropping a game. The Uber Cup, held every two years, is the women’s world team championship. Teams play five matches — three singles and two doubles — with the first to three wins taking the title. South Korea is seeking its third championship after winning in 2010 and 2022. After An, South Korea’s lineup is Lee So-hee (Incheon International Airport)-Jeong Na-eun (Hwasun County Office), Kim Ga-eun (Samsung Life Insurance), Baek Ha-na (Incheon International Airport)-Kim Hye-jeong (Samsung Life Insurance), and Sim Yu-jin (Incheon International Airport).* This article has been translated by AI. 2026-05-03 19:12:16

Rubio to Visit Rome and Vatican as Trump-Pope Tensions Test Ties U.S. Secretary of State Marco Rubio will visit Rome and the Vatican this week, a trip that comes amid a series of public clashes between President Donald Trump and Pope Leo XIV and will test whether the sides can ease tensions. Yonhap News, citing AFP and other foreign media, reported on May 3 (local time) that Rubio is scheduled to travel to Rome and the Vatican on May 7-8 for talks with Vatican Secretary of State Cardinal Pietro Parolin and Italian Foreign Minister Antonio Tajani. A meeting with Italian Defense Minister Guido Crosetto is also expected, the report said. The visit comes as strains between the United States and the Vatican have intensified. Since taking office, Pope Leo XIV has criticized the Trump administration’s immigration policy. After U.S. and Israeli military action against Iran in late February, he also issued a series of strong anti-war messages. In early April, the pope called Trump’s hard-line remarks on Iran “unacceptable,” stressing the need for peace and saying “no war can be justified.” Trump responded by publicly criticizing the pope, saying diplomatic and public security responses were inadequate. Italy has also been drawn into the dispute. Prime Minister Giorgia Meloni has maintained close ties with Trump but has shown differences over Iran. She said the U.S. and Israeli military action went beyond international law and expressed regret over Trump’s remarks aimed at the pope. Trump then escalated his criticism of Meloni, keeping the war of words going. Italian media have described Rubio’s visit as a “thaw” meeting.* This article has been translated by AI. 2026-05-03 19:06:15

Citi Cuts Samsung Electronics Target to 300,000 Won, Citing Union Strike Risk Global investment bank Citigroup slightly lowered its target price for Samsung Electronics, citing the potential cost burden from a possible union-wide strike. While near-term earnings risks have increased, Citi said the broader industry direction remains intact. According to Yonhap News Agency on Saturday, Citi analyst Peter Lee said in an April 30 report that he cut Samsung Electronics’ target price to 300,000 won from 320,000 won. He maintained a “buy” rating. The reduction was limited, but the report formally factored in labor-management risks. Lee said that if a strike materializes, provisions tied to performance pay could rise and weigh on results. He cited the strike’s intensity and duration as key variables that could expand costs. Reflecting that risk, he lowered his operating profit forecasts by 10% for this year and 11% for next year. He described the impact as largely one-time in nature, but said it could still pressure short-term profitability. He said Samsung Electronics remains a leading beneficiary of improving memory-market conditions, but warned that escalating labor tensions could make near-term earnings more volatile. With market expectations elevated, unexpected costs could also increase share-price swings, he added. Samsung Electronics’ union joint struggle headquarters has demanded performance pay equal to 15% of operating profit with no cap and has warned of a general strike from May 21 to June 7. Because the strike’s scale could change depending on negotiations, investors are watching the risk of a prolonged walkout and when related costs might be reflected. Hana Securities recently said uncertainty over operating profit estimates rose due to the bonus-related strike issue, contributing to relatively weak share performance. Even so, analysts said stronger memory demand tied to expanding artificial intelligence investment remains in place. With continued demand from data centers and high-performance computing, the upward trend in DRAM and NAND prices is expected to persist, and demand is forecast to outpace supply for some time. Many see the medium- to long-term upcycle as still solid. Separately, BNK Investment & Securities previously lowered its rating on SK hynix to “hold,” citing weaker profitability as the company increases the share of next-generation products such as HBM4. The firm said that even in an improving market, shifts in product mix and cost structures can lead to diverging results by company. * This article has been translated by AI. 2026-05-03 18:55:08

South Korea deploys CAS500-2 satellite in milestone for domestic space technology SEOUL, May 3 (AJP) — South Korea successfully launched its next-generation midsized Earth observation satellite on Sunday, marking a major step forward in the country’s push to strengthen homegrown space technology and private-sector satellite capabilities. The satellite, known as CAS500-2 or Next-Generation Mid-Sized Satellite No. 2, lifted off aboard SpaceX’s Falcon 9 rocket from Vandenberg Space Force Base in California at 4 p.m. Korea time Sunday, according to the Korea AeroSpace Administration (KASA). CAS500-2 separated from the launch vehicle about an hour after liftoff and later established its first communication with a ground station in Svalbard, Norway, confirming that onboard systems were operating normally. Developed primarily by Korea Aerospace Industries under South Korea’s next-generation satellite program, CAS500-2 is designed for high-precision Earth observation missions including land resource management, disaster monitoring and agricultural analysis. The satellite will orbit Earth at an altitude of about 498 kilometers in a sun-synchronous orbit. It is equipped with domestically developed optical imaging technology capable of identifying objects as small as 0.5 meters in black-and-white imagery and 2 meters in color imagery. KASA said the successful launch demonstrated a significant advancement in South Korea’s satellite independence, as key satellite body systems and payload components were developed using domestic technology. The satellite is expected to undergo about four months of initial operational testing before beginning full-scale missions later this year alongside CAS500-1, which was launched in 2021. The project was originally scheduled to launch aboard a Russian Soyuz rocket in 2022, but the plan was delayed for nearly four years following Russia’s invasion of Ukraine and the resulting disruption in the global launch market. SpaceX said the mission, dubbed “CAS500-2,” carried a total of 45 payloads for multiple international customers including KAI, Planet Labs and other commercial operators. The company also noted that the Falcon 9 first-stage booster used for the mission was making its 33rd flight before successfully landing at Landing Zone 4 at Vandenberg Space Force Base. “The successful launch of CAS500-2 is an important milestone opening the era of private-led New Space,” KASA Administrator Oh Tae-seok said in a statement. “By independently securing ultra-high-resolution imagery needed for land and disaster management on the Korean Peninsula, we have significantly strengthened the technological competitiveness of Korea’s satellite industry.” The Ministry of Land, Infrastructure and Transport, which will utilize the satellite’s imagery services, said the launch would improve the country’s ability to provide faster and more diverse geospatial information services through the combined operation of national satellites. The Falcon 9 mission also carried 44 additional payloads, including “BusanSat,” a cube satellite jointly developed by the city of Busan, the Korea Astronomy and Space Science Institute and Nara Space Technology. 2026-05-03 18:34:08