President Donald Trump has been in frequent contact with Kevin Warsh, the newly appointed chair of the Federal Reserve, seeking advice on issues including the Iran war, according to multiple sources cited by the Wall Street Journal on August 5.Reports indicate that Trump has called Warsh multiple times over several days, alternating between intense communication and periods of silence. During these calls, Trump sought Warsh's insights on various topics, including the impact of the Iran conflict

President Donald Trump suggested that oil prices may need to rise again, despite his expectation of a decline following the end of the war in Iran.On August 5, during an economic speech in Las Vegas, Nevada, Trump assessed that oil prices have stabilized somewhat but stated, "We may have to raise oil prices again." He added, "You know what happens when we raise oil prices, right? But I hope we don’t have to do that."Trump did not elaborate on the specific reasons or measures that might necessita

About 70% of Microsoft’s (MS) artificial intelligence (AI) revenue is estimated to come from OpenAI. While MS is expanding its own AI business, it remains significantly reliant on OpenAI for actual revenue.According to Bloomberg on August 5, MS disclosed that it generated $24.1 billion in revenue related to OpenAI for the fiscal year ending in June 2026. This is the first time MS has specifically reported annual revenue generated from OpenAI.OpenAI utilizes MS's cloud computing resources for AI

International perceptions of the South Korean economy are becoming more favorable. The ASEAN+3 Macroeconomic Research Office (AMRO) raised its forecast for South Korea's real GDP growth to 3.1% in a report released on July 28, an increase of 0.7 percentage points from its previous estimate. On August 5, Morgan Stanley also upgraded its growth forecast for the South Korean economy to 3.4%. Global investment banks, which had previously expressed concerns about low growth, sluggish domestic demand,

Baek Seung-joo and Yoon Nan-sil have been nominated as deputy mayors of Gwangju.Hwang Gi-yeon, chair of the Gwangju Personnel Committee, announced on August 6 in a briefing at the Gwangju government office, "Former Mayor Min Hyung-bae has nominated Baek Seung-joo for the fields of industry, jobs, economy, labor, and advanced key industries, while Yoon Nan-sil has been nominated for citizen sovereignty, youth population policy, health and welfare, and gender equality."Baek Seung-joo, 62, is origi

Kim Sung-hwan, the Minister of Climate, Energy and Environment, reiterated South Korea's commitment to ending coal-ammonia co-firing in an interview with the Nikkei. In the interview conducted at the end of last month, Kim stated that co-firing could serve as a means to prolong coal power generation and emphasized that it would no longer be utilized.Kim explained that while ammonia is recognized as a key decarbonization material due to its zero greenhouse gas emissions during combustion, continu

The Blue House stated on August 6 that it has no intention of controlling housing prices through taxes, emphasizing that the upcoming real estate tax reform aims to enhance tax equity rather than serve as a short-term market stabilization measure. The government reiterated its commitment to expanding housing supply as a key solution for stabilizing the real estate market and plans to announce supply measures soon.Sung Ki-hong, the Blue House spokesperson, appeared on CBS Radio's 'Park Seong-tae'

Samsung Electronics announced on August 6 that it will officially launch its next-generation foldable smartphones, the Galaxy Z Fold8 Ultra, Fold8, and Flip8, along with the Galaxy Watch Ultra2 and Watch9, in South Korea starting August 7.The eighth-generation Galaxy Z series features significant improvements in design and usability, leveraging seven years of accumulated foldable technology. The new models also enhance differentiation based on user lifestyle preferences.The new products have alr

The Iran-aligned Houthi rebels in Yemen claimed to have attacked two Saudi oil tankers with ballistic missiles in the Red Sea and Gulf of Aden. There has been no official confirmation from Saudi authorities, and the extent of any damage to the vessels remains unknown.On August 5, Yahya Sari, a military spokesperson for the Houthi rebels, stated in a video message that they targeted the Saudi tanker 'Wafa' with multiple ballistic missiles near Yanbu in the northern Red Sea.The Houthis also claime