Iran’s Infighting Deepens Over Whether to Negotiate Nuclear Program With U.S. Iran’s internal rifts have flared again over whether to negotiate with the United States, including on its nuclear program, raising fresh signs of political division, the Financial Times reported. The newspaper said Iranian factions that had rallied around the government during airstrikes have begun to fracture again since a cease-fire, with disputes widening over whether to pursue talks with Washington. According to the report, political forces closed ranks during the strikes to confront what was described as a war for survival. But three weeks after the cease-fire took effect, long-running disputes have resurfaced and debate has intensified over Iran’s next steps. The central issue is whether to negotiate with the United States over the nuclear program. Opposition to talks has grown, particularly among hard-liners, who have targeted Parliament Speaker Mohammad Bagher Ghalibaf. The report said he led outreach after meeting U.S. Vice President JD Vance in Pakistan on April 11. Politicians aligned with the hard-line Paydari faction criticized the negotiating team, saying it did not sufficiently follow guidance from the supreme leader. Mahmoud Nabavian, a lawmaker identified as part of Paydari, told local media that “negotiations are a total loss and no one should enter negotiations.” He called it a “strategic mistake” to include the nuclear program on the agenda. On April 27, 261 of Iran’s 290 lawmakers adopted a statement backing the negotiating team, but key Paydari figures did not sign, the report said. Analysts also said uncertainty is growing because of the supreme leader’s absence. Ayatollah Ali Khamenei has not appeared in public since the war, and the decision-making structure is reported to be strained. The report said veteran figures who had managed internal disputes for decades died early in the airstrikes, leaving a newer leadership with less crisis-management experience. President Donald Trump cited the turmoil when he announced over the weekend that he was canceling the dispatch of a second negotiating team. “There is tremendous infighting and chaos in Iran’s leadership. No one, including themselves, knows who is in charge,” he said. Iran has reportedly proposed an end-of-war framework to the United States that includes reopening the Strait of Hormuz, imposing transit fees on ships and maintaining its right to enrich uranium. Secretary of State Marco Rubio called the proposal “better than expected,” but said it was unclear whether the person who made it had real authority. Iranian leaders have urged unity. Ghalibaf, President Masoud Pezeshkian and the head of the judiciary wrote on X, formerly Twitter, “In our Iran, there are no hard-liners or moderates. We are all Iranians and revolutionaries.” Still, Khamenei’s seclusion is seen as making coordination difficult. One source said most people want a cease-fire, but “even minimal communication between the supreme leader and lower-level organizations is almost impossible.” Concerns are also rising inside Iran that if negotiations stall, the country could slide back toward full-scale war with the United States and Israel. Reformist politician Mohammad Sadegh Javadi Hessar criticized hard-liners for continuing to push back, calling it self-destructive and saying they were seeking room for their own political future.* This article has been translated by AI. 2026-04-29 14:58:14

UAE’s OPEC Exit May Not Break Supply Coordination, but Could Shift Oil Market After War The United Arab Emirates’ decision to leave OPEC has exposed new strains inside the group, but it is too soon to read it as a sign of collapse or a wave of departures. The main force shaking the oil market is not output levels but war-related shipping disruptions and the effective closure of the Strait of Hormuz. In that sense, the UAE move points less to an immediate supply shock than to the risk that OPEC’s ability to steer the market could weaken after the war. According to Reuters, CNBC and The Edge Malaysia, even if the UAE exits OPEC on May 1, other members are likely to keep coordinating supply for now. Reuters, citing OPEC+ sources, said producers are expected to continue aligning supply policy. Iraq, for its part, said it wants “stable and acceptable oil prices” and has no plan to leave. The UAE’s departure is drawing attention because it was one of the few countries, along with Saudi Arabia, with significant spare capacity at the core of OPEC. CNBC reported that the UAE and Saudi Arabia together held more than half of the world’s over 4 million barrels of spare production capacity. Jorge Leon of Rystad Energy said the UAE exit would make OPEC “structurally weaker.” Reuters also reported that, by International Energy Agency estimates, OPEC+ control of global production would fall to about 45% from about 50% after the UAE leaves. Still, analysts do not expect the OPEC framework to be shaken sharply in the near term. Even without the UAE, a Saudi-led system of supply management could hold for the time being, with Saudi Arabia still seen as the key holder of spare capacity. Market analyst Gary Ross said, “In the end, Saudi Arabia was effectively OPEC.” A quick drop in oil prices also appears unlikely. Even if the UAE produces more, current conditions make it difficult to export additional barrels smoothly. Reuters said the UAE would struggle to sharply raise production and exports immediately with the Strait of Hormuz effectively blocked. CNBC also reported that oil futures showed little reaction to the UAE exit news. The bigger question is what happens after the war. The UAE has shown tensions with Saudi Arabia over production quotas and has sought quotas that better reflect its expanded capacity. CNBC reported the UAE has wanted freedom to set output without OPEC constraints and is targeting production capacity of 5 million barrels a day in 2027. If the war ends and Hormuz reopens, the UAE could be more likely to boost output. That could change the direction of prices. Ole Hansen of Saxo Bank said the market could absorb additional UAE barrels in the short term. But he warned that if other producers also prioritize market share over sticking to quotas, OPEC’s ability to coordinate supply could weaken. If supply rises and OPEC’s ability to defend prices erodes, the risk of lower prices would increase. Robin Mills, CEO of Dubai-based consultancy Qamar Energy, told CNN that the UAE exit could encourage other producers to leave. Nordea’s Jan von Gerich also said the UAE’s push to raise output is negative for oil prices.* This article has been translated by AI. 2026-04-29 14:57:19

Leeum Museum Recreates Jeong Kang-ja’s Censored 1970 Immersive Work "You are now inside my work." Jeong Kang-ja’s “Non-Body Exhibition” has no solid form, yet it creates a claustrophobic tension that pushes viewers backward. White smoke seeps from the corners of a square room. A red siren blares. A flat voice repeats, “You are now inside my work,” evoking the sense of being confined in South Korea’s closed society of the 1970s. The smoke, intangible but insistent, keeps rising to knee level no matter how far one retreats. Leeum Museum of Art has revived “Non-Body Exhibition,” first shown at Jeong’s debut solo show at the National Public Information Center in 1970. The government at the time, which treated avant-garde art as political agitation, forcibly removed the work three days after the opening without consulting the artist. With Jeong now deceased, Leeum said it worked to reconstruct the original using past news reports, the artist’s notes and testimony from surviving family members. According to Leeum on the 29th, visitors will be able to enter “Non-Body Exhibition” as part of the museum’s upcoming special exhibition, “Into Another Space: Women Artists’ Synesthetic Environments 1956-1976,” opening May 5. The exhibition was organized in 2023 at Haus der Kunst in Munich and expanded as it traveled via Rome and Hong Kong before arriving at Leeum. It revisits and reconstructs pioneering “environment” works by women artists long omitted from art history. Often seen as early models for today’s “experiential” or “immersive” exhibitions, the works allow visitors to step inside and experience light, sound, color, air and movement with their whole bodies. At a press briefing, Leeum Deputy Director Kim Seong-won said environment works were often discarded, leaving little physical trace. He said two curators — Marina Pugliese, director of MUDEC in Milan, and Andrea Lissoni, artistic director of Haus der Kunst — restored the lost works one by one after three years of research. Full-scale reconstructions include Yamazaki’s “Red,” along with environment works from about 50 years ago by Judy Chicago, Lygia Clark, Laura Grisi and Lea Lublin, among others. Pugliese said the team began by reviewing magazine coverage from the period, then visited institutions where the environment works were produced to see whether photographs remained. For artists who had died, she said, they searched for interview materials and other records. She added that women artists in the past often struggled to fully realize what they wanted to express because galleries invested little and sales were rare. For living artists, she said, the team focused on realizing ideas that had been conceived but not properly executed at the time; for deceased artists, it focused on detailed re-creations of past works. Jeong’s “Non-Body Exhibition” followed a similar path. The museum said it had difficulty identifying a South Korean woman artist who presented environment work between 1956 and 1976, searching across fields including crafts and architecture before finding Jeong’s piece. Restoration was also challenging, Leeum said, because documentation was limited and the artist had died. The museum reviewed articles, notes and on-site photographs and conducted extensive verification, including meetings with family members and acquaintances, to get as close as possible to the original. Kim said there were no drawings, exact measurements, descriptions or instructions. He said the line “You are now inside my work” was originally Jeong’s own voice, but no tape survived; the museum used AI to recreate the voice based on her recorded speech. Lissoni said that among the versions presented so far, he was most proud of the one at Leeum. He said it clearly shows the period the organizers set — 1956 to 1976 — and presents works they had not been able to examine under the same criteria. Kim said the exhibition is notable for highlighting women artists who played a formally important role in the development of contemporary art history. "Exhibitions about women artists can easily fall into a trap. Social and cultural or psychological theories can bury the art itself," Kim said. "The two organizers pinpointed the core in a professional, elegant and refined way. It’s at a level where even children can immediately respond to what contemporary art is. It has professional and art-historical value, and yet it’s also popular. You could say it catches two rabbits at once." The exhibition runs May 5 through Nov. 29 at Leeum Museum of Art in Seoul’s Yongsan district. 2026-04-29 14:49:17

South Korea Designates May 1 Labor Day and July 17 Constitution Day as Public Holidays Labor Day (May 1) and Constitution Day (July 17) have been officially designated as public holidays for government offices following Cabinet approval, a move expected to broaden rest-day protections nationwide. The Ministry of Personnel Management said the Cabinet on April 28 approved a partial revision to the regulation on public holidays for government offices to add the two dates. The step follows amendments to the Public Holidays Act passed by the National Assembly in January and March. Until now, May 1 had been a paid holiday only for private-sector workers under the law establishing Workers' Day. Public officials and teachers, who are not covered by the Labor Standards Act, were not guaranteed the same day off, prompting long-running fairness concerns. After the holiday's name was changed from Workers' Day to Labor Day in November, it will now become a day off for all citizens for the first time in about 60 years. Constitution Day also marks a major shift. The day, commemorating the promulgation of the Constitution on July 17, 1948, was designated a national day and public holiday starting in 1949, but it was removed from the holiday calendar in 2008 after the adoption of a five-day workweek. Calls to restore it, citing its symbolic and historical significance, have continued, and it will regain public-holiday status after about 17 years. The change is also drawing attention among office workers looking to extend breaks by using annual leave. If Labor Day falls midweek, taking leave on adjacent days can stretch time off from at least three days to as many as five. Depending on the weekday, Constitution Day can also be turned into a four-day break with a single day of leave when it falls next to a Friday or Monday. Both holidays will be eligible for substitute holidays, creating an additional weekday off when they fall on a weekend, which can further lengthen consecutive breaks with minimal leave use. The government said it expects the measure to strengthen the public's right to rest and to have economic spillover effects, including supporting domestic consumption. It also aims to narrow gaps in time off between the public and private sectors and reinforce the meaning of national commemorations. 2026-04-29 14:48:17

South Korea's FX trading hits record high in Q1 as foreign capital inflows surge SEOUL, April 29 (AJP) - South Korea's foreign-exchange (FX) trading volume hit a record high in the first quarter amid heightened volatility and foreign capital inflows, the Bank of Korea said on Wednesday. According to the central bank, average daily foreign-exchange trading by banks in the first three months of this year including spot and derivatives trading totaled US$102.65 billion, up $18.03 billion, or 21.3 percent, from the previous quarter's $84.62 billion, and the highest since relevant statistics began being compiled in 2008. "The increase was largely attributed to an inflow of foreign investors into South Korean stocks and bonds," said a BOK official. "Growing volatility in the won-dollar exchange rate amid the prolonged conflict in the Middle East also boosted hedging demand to reduce currency risk." Their trading rose sharply to a monthly average of 855 trillion won in the first quarter, up from 475 trillion won in the previous quarter. The BOK added that non-deliverable forward (NDF) and FX swap trading also increased, mainly among companies and institutional investors seeking to lock in future prices and reduce uncertainty from exchange-rate swings. An NDF is a type of forward contract in which parties settle only the difference between the agreed exchange rate and the spot rate at maturity. Foreign investors often use NDFs to hedge currency risk. Seasonal factors also played a role, as trading typically slows in the fourth quarter due to year-end book-closing before picking up again in the first quarter. 2026-04-29 14:47:39

Naver Cloud CEO named co-chair of South Korea’s K-AI Partnership Kim You-won, CEO of Naver Cloud, has been appointed co-chair of the government-led K-AI Partnership, taking a leading role in building South Korea’s AI cooperation ecosystem and supporting global expansion. Naver Cloud said Tuesday it was selected as a co-chair organization of the K-AI Partnership alongside the Korea Association of AI and Software Industry (KOSA). Launched under the leadership of the Ministry of Science and ICT, the K-AI Partnership is described as the country’s first integrated public-private cooperation body bringing together industry, academia and research. It was formed to pool national capabilities for AI transformation and to support joint overseas expansion by large companies and small and midsize firms amid intensifying global competition in AI. Unlike groups focused mainly on academic exchange, it aims for an execution-driven structure that moves from identifying on-the-ground industry demand to business matching and generating export results. Cho Joon-hee, KOSA chairman, and Kim will serve as co-chairs. The partnership is designed to combine association leadership with private-sector participation, covering the broader industry while operating on practical technological competitiveness, the company said. Naver Cloud said it has demonstrated its capabilities through major national AI projects and has worked as a bridge between the public and private sectors while pursuing shared growth with small businesses and startups. Based on that experience, the company said it will support the partnership’s business model design and technical cooperation. It also plans to help strengthen AI competitiveness by combining large companies’ infrastructure with startups’ innovative technologies, and to serve as a field-focused channel for policy improvements by reflecting participating companies’ views. “AI is a field that is difficult to complete with the capabilities of individual companies alone, and the scale of cooperation directly translates into competitiveness,” Kim said. “A true AI ecosystem will be built when the infrastructure and technological strength of large companies, the execution power of small businesses and startups, and the research capabilities of industry, academia and research institutes come together.” * This article has been translated by AI. 2026-04-29 14:45:16

S-Oil Jumps Nearly 12% as Crude Prices Surge on Stalled U.S.-Iran Talks International oil prices surged, lifting S-Oil shares by nearly 12%. According to the Korea Exchange, as of 2:22 p.m. on the 29th, S-Oil was trading at 132,900 won, up 14,200 won (11.96%) from the previous session. At the same time, SK Innovation was up 11,900 won (8.95%) at 144,900 won. Refining stocks were seen gaining as crude prices rose after U.S.-Iran ceasefire talks remained deadlocked, despite reports that the United Arab Emirates would leave the Organization of the Petroleum Exporting Countries, or OPEC. On April 28 (local time), ICE Futures Europe June Brent crude settled up 2.8% at $111.26 a barrel. On the New York Mercantile Exchange, June West Texas Intermediate rose 3.7% to $99.93. WTI briefly climbed back above $100 a barrel intraday for the first time since the 13th. Meanwhile, CNBC reported that the UAE’s decision to leave OPEC would weaken the group’s influence in the oil market and, over the longer term, could push international oil prices lower. The UAE is set to withdraw from OPEC and OPEC+ — OPEC and a broader alliance that includes Russia and 10 other major producers — effective next month on the 1st, a move expected to reduce OPEC’s pricing power.* This article has been translated by AI. 2026-04-29 14:41:26

Hanwha Aerospace Unveils Plan to Develop Korea’s ‘Meteor’-Class Missile Engine to Boost KF-21 Exports Hanwha Aerospace said it is laying groundwork to export Korean-made air-launched weapons by developing a homegrown counterpart to the propulsion technology used in Europe’s Meteor long-range air-to-air missile. The company said it aims to reduce heavy reliance on overseas suppliers in air-weapon technologies, strengthen South Korea’s self-reliant defense capabilities and improve export competitiveness for domestically developed fighters such as the KF-21. Hanwha Aerospace on April 29 held its “Hanwha Tech Academy 2026” event at Hanwha Building in Jung-gu, Seoul, and disclosed key capabilities tied to localizing air-launched weapons. The company highlighted development status and plans centered on a ducted-ramjet propulsion system, a core technology for advanced air weapons. A ducted ramjet generates thrust by burning solid fuel using air taken in during flight. Because it does not carry a separate oxidizer, it can load more fuel, extending range and enabling rapid acceleration and sustained high speed, the company said. The technology is widely reported to be used in MBDA’s Meteor missile. Meteor is described as flying at up to Mach 4 and intercepting aircraft beyond about 200 kilometers. Hanwha Aerospace said the importance of long-range air weapons has grown as integrated air defense networks have drawn greater attention in conflicts such as the Russia-Ukraine war and fighting in the Middle East, increasing demand for precision strikes from outside an adversary’s engagement range. Industry officials expect export competitiveness to improve if domestically developed air weapons are integrated on Korean fighters such as the KF-21 and sold as a package. Hanwha Aerospace said it has conducted research since 2005 with the Agency for Defense Development on key ducted-ramjet technologies, including propellants, gas generators and combustors. Based on that work, it plans to complete localization by 2033 under a government-led air-weapon program and begin mass production in 2036. Cho Jeong-tae, propulsion development team leader in Hanwha Aerospace’s PGM business division, said the company has built localization capabilities for key components including a nozzleless booster, gas generator and rocket propellants through 20 years of research with the defense research agency. “Especially, the oxidizer, which is core to missile propulsion, can be produced in Korea only by Hanwha,” Cho said. “As we also have the country’s largest propellant and propulsion-system manufacturing facilities, we will strengthen export competitiveness in the global fighter market through package technology development.” Hanwha Aerospace also introduced advanced artillery-shell technologies aimed at improving accuracy for 155mm rounds used by the K9 self-propelled howitzer. Precision-guided shells are described as intelligent munitions that can strike key enemy facilities accurately with fewer rounds. The company said the shells incorporate a combined navigation unit using GPS and an inertial navigation system, along with guidance and control equipment and tail fins. While conventional self-propelled artillery is optimized for area fire using large volumes of rounds, pairing it with precision-guided shells can enable point strikes similar to missiles, the company said. Hanwha Aerospace also presented a trajectory-correction fuze that uses GPS to adjust a shell’s flight path and improve accuracy. The company said the technology can address declining accuracy at longer ranges and can be used by replacing the fuze on existing ammunition. Both the precision-guided shell and the trajectory-correction fuze include advanced anti-jamming functions developed with domestic technology to counter enemy electronic interference, the company said. If localization of the advanced shell technologies succeeds, the company said it would allow rapid responses to changes in military requirements and could enable additional ammunition exports to countries that have adopted the K9. A Hanwha Aerospace official said the company will “actively participate in localizing advanced defense technologies based on cooperation with the government and partner companies,” contributing to self-reliant defense and expanded exports of South Korea’s defense industry.* This article has been translated by AI. 2026-04-29 14:37:37

LG Electronics posts record first-quarter revenue; home appliances and vehicle parts top 10 trillion won LG Electronics said improved performance in its core home appliance and vehicle components businesses pushed their combined quarterly revenue above 10 trillion won for the first time. In its finalized earnings released Tuesday, LG Electronics reported first-quarter operating profit of 1.6737 trillion won, up 32.9% from a year earlier. Revenue rose 4.3% to 23.7272 trillion won. It was the company’s highest first-quarter revenue on record and its third-highest first-quarter operating profit. Despite economic uncertainty, major businesses including home appliances and TVs supported the results, the company said. It added that steady growth continued in its vehicle components business, a key driver of business-to-business growth. LG Electronics said growth also continued in B2B, platform and direct-to-consumer experience (D2X) businesses aimed at improving profitability and the quality of growth. First-quarter B2B revenue was 6.5 trillion won, up 19% from the previous quarter and up 1% from a year earlier, accounting for 36% of total company revenue. First-quarter subscription revenue, including product and service sales, was 640 billion won, up 8% from the previous quarter and up 15% from a year earlier. The HS division, which handles home appliances such as washers and refrigerators, posted revenue of 6.9431 trillion won and operating profit of 569.7 billion won. Revenue was the division’s highest for any quarter. It posted an operating margin of 8.2% despite higher raw material prices and the impact of U.S. tariffs, the company said. LG Electronics said its strategy of targeting both premium and volume segments, while expanding online sales and appliance subscriptions, helped performance. For the second quarter, the company said it plans to sustain revenue growth by strengthening product lineups and expanding efforts in the Global South, while focusing on profitability through supply chain optimization and stronger cost competitiveness. It also said it will continue developing future growth engines including home robots and robot components. The MS division, which includes TVs, reported revenue of 5.1694 trillion won and operating profit of 371.8 billion won. Operating profit rose sharply from a year earlier and returned to the black from the previous quarter, the company said. LG Electronics cited strong premium sales and growth in its webOS platform business, along with more efficient marketing spending and reduced fixed costs. For the second quarter, it said it will prioritize responding to sports events and securing profitability, while expanding partnerships and continuing content investment for the webOS platform business. The Vehicle component Solutions (VS) division posted revenue of 3.0644 trillion won and operating profit of 211.6 billion won. Both were quarterly records for the division. The company said sales increased, led by European automakers, as premium in-vehicle infotainment solutions expanded to more vehicle models. LG Electronics said the division’s quarterly operating margin exceeded 6% for the first time since the unit was launched, calling it significant as the vehicle components business continues stable, order-based growth and becomes a steady cash-generating B2B business alongside home appliances. The Eco Solution (ES) division reported revenue of 2.8223 trillion won and operating profit of 248.5 billion won. The company said both fell from a year earlier due to weaker consumer sentiment tied to the Middle East war and higher labor costs from hiring for key businesses. LG Electronics said it plans to keep expanding region-tailored product sales, including unitary systems in North America and heat pumps in Europe, and to broaden non-hardware businesses such as installation, operation and maintenance. It also said it will expand its lineup of integrated solutions, including liquid cooling as a next-generation technology alongside air cooling, to improve energy efficiency and pursue opportunities in cooling solutions for AI data centers (AIDC). 2026-04-29 14:30:16

Korea’s SME Divide Widens as Exports Hold Up but Domestic Sectors Struggle Exports led by semiconductors, autos and shipbuilding have continued to recover, but domestic-facing industries such as real estate leasing, construction and wholesale and retail are seeing worsening cash conditions amid high interest rates and weak consumption. According to the financial sector on the 29th, the Industrial Bank of Korea said its delinquency rate for small and medium-sized enterprises in real estate and leasing stood at 1.28% at the end of the first quarter, based on principal and interest overdue by at least one month. That was up 0.74 percentage points from a year earlier and the highest level in 13 years since the first quarter of 2013 (1.36%). The rise is attributed to a combination of growing vacancies in commercial properties, stagnant rents and heavier interest burdens. Borrowers who once relied on rising collateral values are now facing shrinking rental income and mounting financing costs, eroding repayment capacity. Major commercial banks reported similar increases. Shinhan Bank’s delinquency rate in the sector was 0.35% at the end of the first quarter, the highest since it began compiling related data in 2021. Hana Bank’s was 0.57%, the highest in about 10 years since the second quarter of 2016, and Woori Bank’s was 0.41%, the highest since its data series began in 2019. The figures point to growing repayment pressure across domestic-demand sectors. An IBK official said, “The prolonged uncertainty in the domestic and global economy and worsening business conditions have weighed on overall domestic demand, which has also hurt the real estate leasing market.” Delinquency rates were also elevated in other sectors tied to domestic demand. IBK’s SME construction delinquency rate was 1.64% at the end of the first quarter, up 0.30 percentage points from 1.34% a year earlier. Wholesale and retail (1.07%) and food and lodging (1.40%) were also above 1%. Manufacturing, however, remained relatively stable. IBK’s delinquency rate for SME manufacturers fell to 0.86% in the first quarter from 0.92% a year earlier. The improvement in export-driven industries appears to have eased funding conditions for smaller suppliers, and some analysts said the weaker won has benefited certain exporters. A financial industry official said, “Even among small businesses, the on-the-ground economy feels completely different between manufacturing and domestic-demand sectors,” adding that polarization is deepening as the export rebound has not spread to local commercial districts, self-employed businesses and real estate leasing. 2026-04-29 14:29:21