On June 1 local time, an explosion occurred at a Hanwha Aerospace factory in Daejeon, central South Korea. South Korean fire authorities said several people were injured and have been taken to hospital; firefighters remain on scene conducting suppression. Preliminary on-site findings point to a propellant explosion. Hanwha Aerospace, part of Hanwha Group, is a core defense and aerospace firm and South Korea’s only company capable of complete aero gas-turbine engine manufacture.

Moody's Analytics says since the Feb. 28 outbreak of the Iran conflict US households have spent an average additional $447.19 on fuel-related costs. Higher gasoline and airfares have cost US consumers about $60bn in aggregate. Moody's chief economist Mark Zandi said: "Unless the war ends soon, cash‑strapped consumers will have no choice but to be more cautious with spending, which will threaten an already weak economy."

On June 1 Muyuan Food Group Co. and Alibaba Cloud signed a strategic cooperation to jointly develop a large AI model for pig farming, aiming to deepen integration of AI with hog production and advance smart agriculture. Industry participants said the partnership marks an important step toward digitalization and intelligentization of China’s hog sector.