It’s been a rough few days for South Korea’s biggest companies operating in the US. Just weeks after the country’s President Lee Jae Myung pledged hundreds of billions of dollars in investments in the US, the White House plunged those plans into chaos by axing the Biden-era open-ended permits for Samsung and SK Hynix to ship chipmaking supplies to China. Now, US officials have put forward a new compromise proposal that would require the companies to seek Washington’s approval annually for restricted gear, parts and materials, spelled out in exact quantities, according to people familiar with the matter. That introduces newfound complexity to the process, but also paves a way for South Korea’s top chipmakers to keep operating giant factories in China that churn out components used in everything from smartphones to data centers. 

But the disruptions weren’t limited to chipmakers. The Trump administration upended operations for two more of South Korea’s largest firms, LG Energy Solution and Hyundai, by sending immigration officers to raid their battery plant venture near Savannah, Georgia. The companies are scrambling to contain the fallout from last week’s sweeping raid that shocked South Koreans after images showed workers shackled at the wrists, waist and ankles. The high-profile immigration enforcement operation — the largest single-site action in the history of the Homeland Security Department’s investigative arm — risks deterring South Korean businesses’ US expansion plans and has raised concerns over the profitability of the companies’ investments in the US. —Samson Ellis 

What You Need to Know Today

The European Union is exploring new sanctions on Russian banks and energy companies. The package, which would impact about half a dozen companies, could also see the EU target Russia’s payment and credit card systems, crypto exchanges as well as further restrictions on the country’s oil trade, according to people familiar with the matter. The sanctions are part of the latest round of measures aimed at prompting a Russian economic “collapse” which could force President Vladimir Putin into peace talks with Ukraine.

Ursula von der Leyen, president of the European Commission. Photographer: Simon Wohlfahrt/Bloomberg

Indonesian President Prabowo Subianto removed Finance Minister Sri Mulyani Indrawati from her post, risking renewed financial turmoil for Southeast Asia’s biggest economy. Purbaya Yudhi Sadewa, who has served as chairman of the Deposit Insurance Corporation since 2020, was sworn in as the new finance minister. The move caps days of speculation in financial markets after Indrawati’s home was among those looted by a mob at the height of protests in late August.

Narendra Modi plans to skip the next BRICS leaders summit. Brazil’s Luiz Inacio Lula da Silva has called the meeting to discuss Donald Trump’s trade policies with both Xi Jinping and Putin set to attend, according to reports. But India’s prime minister will instead send a senior representative to take part in the virtual meeting. New Delhi has trodden carefully in its dealings with Washington in recent days, after Trump appeared to soften his tone toward India following weeks of friction.

Indian Prime Minister Narendra Modi. Photographer: Prakash Singh/Bloomberg

China’s export growth slowed more than forecast in August. Overseas shipments rose 4.4% from a year earlier as weakening overseas demand and falling prices undercut the value of shipments. Even with the slowdown, China’s trade surplus is still on course to handily exceed last year’s record of almost $1 trillion, with overseas sales making up for weaker domestic demand. 

The US pullback from environmental commitments is “disappointing,” according to Hong Kong’s financial secretary Paul Chan. Washington’s policy shift back to fossil fuels complicates the path for climate finance flows from richer nations to emerging economies, Chan said in a speech at the launch of Hong Kong Green Week. The city is aiming to boost its role in transition finance, with the Hong Kong Monetary Authority launching a consultation to expand its rules for green finance to include targets for emissions reduction for hard-to-abate sectors.

Alibaba has joined the latest funding round in robotics startup X Square Robot. The Shenzhen-based robotics company secured $140 million in the most recent round co-led by Alibaba’s cloud unit and state-backed CAS Investment Management. Alibaba has said it plans to spend $53 billion on artificial intelligence infrastructure over three years in a major pivot.

Former Thai Prime Minister Thaksin Shinawatra returned to Bangkok on Monday. His arrival ended speculation about him fleeing the country ahead of a court ruling that could see him jailed. After his abrupt departure for Dubai last week, Thaksin was seen emerging from a private jet terminal at Bangkok’s Don Mueang International Airport on Monday afternoon, according to a live broadcast by 3 Plus News.

Former Thai Prime Minister Thaksin Shinawatra. Photographer: Valeria Mongelli/Bloomberg

What You’ll Need to Know Tomorrow

For Your Commute

In the era of Big Luxury—the three-decade transformation of the industry from family-owned and -run houses to global mega-conglomerates—the fashion house built by Giorgio Armani stood out. It remained wholly and fiercely independent. Right up until his death at the age of 91 last week, Armani proved you could maintain your autonomy and integrity in fashion and still be wildly successful and culturally influential. On an individual level, he commanded a level of respect—even reverence—rarely seen in the business. Unlike so very many of his confreres, Mr. Armani (it was alway Mr. Armani) did not instill fear in his subordinates, nor did he behave like a diva. He had a quiet, meditative reserve about him, in life and in work. He was the Zen master of fashion.

Giorgio Armani in 2008.
Photographer: Giuseppe Aresu

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