Afp Business Asia

The world economy will grow more than previously forecast this year after absorbing the shock of US President Donald Trump’s tariffs, but their full impact remains uncertain, the OECD said Tuesday.In June, the Paris-based organisation had cut its forecast from 3.1 percent to 2.9 percent, warning at the time that Trump’s tariffs would stifle the world economy.But in an updated outlook on Tuesday, it raised the projection to 3.2 percent, saying the economy “proved more resilient than anticipated” in the first half of 2025.The OECD said “front-loading” — companies rushing to import goods ahead of Trump’s tariffs — “was an important source of support”.The economy also got a boost from strong AI-related investments in the United States and government spending in China.The updated figure is still a slight slowdown from 3.3 percent in 2024.”The full effects of tariff increases have yet to be felt — with many changes being phased in over time and companies initially absorbing some tariff increases through (profit) margins,” the Organisation for Economic Co-operation and Development said.”But (they) are becoming increasingly visible in spending choices, labour markets and consumer prices,” the report.- ‘Significant risks remain’ -World growth is due to slow to 2.9 percent in 2026 “as front-loading ceases and higher tariff rates and still-high policy uncertainty dampen investment and trade”, the OECD said.Trump imposed a baseline 10 percent tariff on imports from around the world in April.He later hit dozens of countries with even higher duties, but the US leader also left the door open for negotiations, striking deals with Britain, Japan and the European Union, among others.The United States has yet to find a compromise with China, though the world’s two biggest economies have temporarily de-escalated their tit-for-tat tariffs while they negotiate.The overall effective US tariff rate rose to an estimated 19.5 percent in August, the highest level since 1933, the OECD said.”Significant risks to the economic outlook remain,” the OECD said.”Amid ongoing policy uncertainty, a key concern is that bilateral tariff rates could be raised further on merchandise imports,” it said.The OECD also warned that inflation could rise as food prices increase, geopolitical tensions push energy prices higher and companies begin to pass the cost of higher tariffs to consumers.Other concerns include high levels of public debt as well as risks to financial markets.”On the upside, reductions in trade restrictions or faster development and adoption of artificial intelligence technologies could strengthen growth prospects,” it said.- Growth due to slow -The OECD also upgraded the growth outlook of the United States for 2025 from 1.6 percent to 1.8 percent.But it warned that growth in the world’s biggest economy is expected to slow as “higher effective tariff rates further come into effect and policy uncertainty remains elevated.”A drop in net immigration and cuts in the federal workforce “are also anticipated to soften economic growth”.The OECD raised the growth outlook of other major economies: to 4.9 percent in China, 1.2 percent in the eurozone and 1.1 percent in Japan.But the OECD flagged a drop in industrial production in recent months in several countries, including Brazil, Germany and South Korea, and moderating consumption in the United States, China and the eurozone.

Asian markets struggled Tuesday to track another record day on Wall Street, with traders now awaiting the release of US inflation data that could dictate Federal Reserve policy in coming weeks.The tepid performance came after a hot couple of weeks on trading floors fuelled by optimism over an easing of US monetary policy.Last week’s interest rate cut came with Fed forecasts for two more before the end of the year as officials aim to shore up the stuttering labour market despite elevated inflation.That puts in focus Friday’s report on personal consumption expenditures, the Fed’s preferred measure of inflation.With trade subdued by a holiday in Japan and an approaching typhoon in Hong Kong, Asian markets drifted.Hong Kong and Shanghai slipped with Manila, Bangkok and Wellington, while Sydney, Seoul, Singapore and Jakarta rose.Paris and Frankfurt started with gains as data showed eurozone business activity growth hit a 16-month high in September.Taipei jumped more than one percent with chip titan TSMC soaring more than three percent as it tracked US counterpart Nvidia, which announced a $100 billion investment in OpenAI for next-generation artificial intelligence.However, there are growing worries that the surge may have gone too far and markets are due a pull-back with eyes on a possible government shutdown in Washington.Senators failed to pass a stopgap funding bill Friday after the Republican-controlled House of Representatives narrowly passed it.The bill was shot down by Democrats and with both chambers scheduled to be in recess next week, time is running out to keep the government running after the end of the fiscal year September 30.A shutdown would see non-essential operations start to grind to a halt and hundreds of thousands of civil servants temporarily left without pay.”There are rickety bridges ahead. The US government shutdown drama remains unresolved—another potential rockslide on the tracks,” said SPI Asset Management’s Stephen Innes. “The Senate’s failure to bridge the gap between competing proposals leaves traders watching the Sept. 30 deadline with one eye, even as the other scans record-high tickers. “Markets rarely derail on the first warning, but complacency can turn into chaos when the train rounds a blind corner.”- Key figures at around 0810 GMT -Hong Kong – Hang Seng Index: DOWN 0.7 percent at 26,159.12 (close)Shanghai – Composite: DOWN 0.2 percent at 3,821.83 (close)London – FTSE 100: UP 0.3 percent at 9,249.95Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: DOWN at $1.1790 from $1.1799 on MondayPound/dollar: UP at $1.3518 from $1.3515Dollar/yen: DOWN at 147.74 yen from 147.87 yenEuro/pound: DOWN at 87.21 pence from 87.30 penceWest Texas Intermediate: DOWN 0.3 percent at $62.12  per barrelBrent North Sea Crude: DOWN 0.3 percent at $66.39 per barrelNew York – Dow: UP 0.1 percent at 46,381.54 (close)

A Singapore shipping company told AFP on Tuesday it will refuse to pay Sri Lankan court-ordered damages of US$1 billion for causing that country’s worst case of environmental pollution.In an exclusive interview, X-Press Feeders chief executive Shmuel Yoskovitz said he believed paying would have wide-ranging implications on global shipping and “set a dangerous precedent”.The company operated the MV X-Press Pearl that sank off Colombo Port in June 2021 after a fire — believed caused by a nitric acid leak — that raged for nearly two weeks.Its cargo included 81 containers of hazardous goods, including acids and lead ingots, and hundreds of tonnes of plastic pellets.The ship was refused permission by ports in Qatar and India to offload the leaking nitric acid before it arrived in Sri Lankan waters. Tonnes of microplastic granules from the ship inundated an 80-kilometre (50-mile) stretch of beach along Sri Lanka’s western coast. Fishing was prohibited for months.Sri Lanka’s Supreme Court in July ordered the company to pay Colombo an “initial” US$1 billion in damages within a year, with the first tranche of US$250 million to be paid by Tuesday.It also ordered the company “to make such other and further payments” in the future as the court may direct.- ‘Hanging guillotine’ -Yoskovitz rejected the open-ended nature of the penalty. “We are not paying because the whole base of maritime trade is based on the limitation of liability. This judgment undermines this limitation of liability,” he told AFP.”Any payment towards the judgment could set a dangerous precedent for how maritime incidents will be resolved in the future,” he said.Yoskovitz said the absence of limitations could lead to higher insurance premiums, which would be ultimately passed on to consumers.The chief executive again apologised for the incident, saying the company recognised the disaster and was trying to make amends. He said X-Press Feeders had already spent $170 million to remove the wreck, clean up the seabed and beaches, and compensate affected fishermen.”We are not trying to hide… We are willing to pay more, but it has to be under certain marine conventions and an amount that is full and final and then it can be settled, and we can move on,” he said.”But to live under this hanging guillotine — it is simply impossible to operate like this.”- Long-term effects -In Colombo, Sri Lanka’s Supreme Court has scheduled a hearing on Thursday about the implementation of its decision.One of the petitioners who sought compensation for the pollution has called for further research to determine the full extent of the damage to the island’s marine ecosystems.”If you visit the coastlines today, there is nothing visible in terms of plastic pollution. A major clean-up took place soon after the X-Press Pearl incident, but the effects of the pollution will be felt for a long time,” said Hemantha Withanage from the Centre for Environmental Justice.It remains unclear how Sri Lanka’s Supreme Court could enforce its decision. However, in its 361-page decision in July, the court ordered the police and the state prosecutor to initiate criminal proceedings for non-compliance if the parties were present in Sri Lanka.Yoskovitz expressed concern over the ship’s Russian captain, Vitaly Tyutkalo, who has been banned from leaving Sri Lanka for more than four years, as well as the company’s third-party agents there. The firm had offered to pay a fine for the skipper’s release, but this was refused, according to Yoskovitz. X-Press Feeders obtained an order from London’s Admiralty Court in July 2023, limiting its liability to a maximum of 19 million pounds (US$25 million), but Sri Lanka has challenged that.The Sri Lankan government also filed a lawsuit against the ship’s owners in the Singapore International Commercial Court. But that has been stayed pending the result of the case in London, with a pre-trial hearing expected in May 2026. 

The White House on Monday said a US version of TikTok would feature a homegrown model of the app’s prized algorithm, potentially clearing one of the main obstacles to keeping the Chinese-owned platform online in the United States.Often described as TikTok’s “secret sauce,” the fate of the video-sharing app’s algorithm was one of the main question marks in persuading China to allow the platform’s transfer to US ownership.A law passed under President Donald Trump’s predecessor, Joe Biden, has forced current owner ByteDance to sell its US operations or face a ban of the hugely popular app in its biggest market.US policymakers, including Trump in his first presidency, have warned that China could use TikTok to mine data from Americans or exert influence through its state-of-the-art algorithm.Trump has repeatedly delayed the implementation of the ban while the White House looked for a team of domestic buyers for TikTok’s US business.As part of its ongoing trade talks with Beijing, it has also sought permission from Chinese authorities to allow one of their most successful tech champions to hand over the corporate reins — and algorithm — to Americans.Under the proposal presented by a senior White House official to reporters, TikTok’s US operations would move into a new joint venture based in the United States that would involve a majority-American board of directors.US cloud giant Oracle, which already works closely with TikTok in the United States, would serve as a security guarantor for the algorithm, ensuring that it remained separate from any Chinese involvement.- ‘Fully inspected’ -TikTok’s content recommendation algorithm is “going to be fully inspected and retrained by the security provider on US user data, and then it’s going to be operated by that US entity,” the official said, speaking on condition of anonymity.The US official said the algorithm would be “continuously monitored” to ensure it is “not being unduly influenced.”The latest updates came after Trump hailed progress Friday with Chinese President Xi Jinping on issues including TikTok, after both leaders spoke by telephone for the second time since Trump’s return to the presidency.Trump is expected to sign an executive order this week, declaring that the terms of the TikTok deal meet national security requirements, the US official said Monday.This would also help to assure doubters who worry that the arrangement between Trump and Xi could fall short of the US law’s obligations by leaving too great a role for ByteDance, which would keep control of TikTok globally.White House Press Secretary Karoline Leavitt told Fox News over the weekend that “there will be seven seats on the board that controls the app in the United States, and six of those seats will be Americans.”Trump separately added that conservative media tycoon Rupert Murdoch and his eldest son Lachlan could be among the investors who will take control of TikTok in the United States.Venture capital giants Andreessen Horowitz and Silver Lake are also reported to be part of the deal.Beijing, however, has said very little about any pending agreement.”On the TikTok issue, Xi noted that China’s position is clear: the Chinese government respects the will of enterprises and welcomes them to conduct business negotiations based on market rules, to reach solutions that balance interests and comply with Chinese laws and regulations,” state broadcaster CCTV said after the Trump-Xi phone call.

US President Donald Trump said on Sunday that media mogul Rupert Murdoch and his eldest son Lachlan could be among the investors who will take control of TikTok in the United States.The United States has forcefully sought to take TikTok’s US operations out of the hands of Chinese parent company ByteDance for national security reasons.Since returning to power in January, Trump has repeatedly delayed implementation of the ban while a deal has been sought.He has negotiated with Beijing to sell the platform’s US operations to a consortium of investors he describes as “patriots,” including ally and tech giant Oracle’s boss Larry Ellison, and entrepreneur Michael Dell. On Sunday, he added more names to that list.”I hate to tell you this, but a man named Lachlan is involved… Lachlan Murdoch, I believe,” Trump said in an interview with Fox News.”And Rupert is, is probably going to be in the group. I think they’re going to be in the group. Couple of others, really great people, very prominent people.”Earlier this month, right-wing media mogul Rupert Murdoch’s children reached a settlement in their long-running legal dispute over control of the media empire, cementing his eldest son Lachlan’s leadership.Lachlan Murdoch, who officially took control of Fox News and News Corp as part of the deal, is Rupert Murdoch’s eldest son.The elder Murdoch built a right-wing conservative media empire spanning the United States, Britain and Australia. On Saturday, the White House said the board of the new company that would control TikTok’s US operations would be dominated by American citizens, and that a deal could be signed “in th coming days.”

Close to a small fishing port in southwestern Japan, the slim white turbines of the country’s first commercial-scale floating wind farm glimmer offshore, months before a key project in Tokyo’s green-energy strategy begins.Still heavily reliant on imported fossil fuels, Japan has declared offshore wind energy a “trump card” in its drive to make renewables its top power source by 2040, and reach carbon neutrality a decade later.That’s despite rising project costs and fears over inadequate infrastructure to produce turbines en masse. Floating turbines are particularly well suited to Japan as its deep coastal waters make fixing them to seabeds tricky, while the country is also prone to natural disasters.”Floating structures are relatively stable even in the case of earthquakes or typhoons,” said Kei Ushigami, head of marine renewable energy for construction company Toda, a key player in the project. The eight turbines — sitting five kilometres (three miles) off the coast of the Goto Islands in waters up to 140 metres deep — will officially start turning in January.It’s hoped they’ll aid the archipelago in reaching ambitious new targets laid out this year that should see wind’s contribution to the energy mix soar to between four and eight percent by 2040 — up from around one percent today.But it’s a long, hard road ahead for resource-scarce Japan — the world’s fifth-largest carbon dioxide emitter — to wean itself off fossil fuels.In 2024, 65 percent of its electricity needs were met by coal and hydrocarbon-powered thermal plants, while just over a quarter came from renewables, according to Japan’s Institute for Sustainable Energy Policies.- Herculean task -Costs are also rising sharply, and at the end of August Japanese conglomerate Mitsubishi pulled out of three key wind power projects deemed no longer profitable. Other project operators have asked for better support from the government.”It is important for the government to address shortcomings in the current bidding system, which failed to anticipate rapid global inflation after bids were awarded,” said Yoko Mulholland from the think tank E3G.The streamlining of regulatory processes and easing construction restrictions would “shorten lead times and also lower capital expenditure”, she told AFP.Hidenori Yonekura, from the New Energy and Industrial Technology Development Organization, sees the nascent floating wind energy as a path to eventually lower costs, by installing more turbines in Japan’s vast Exclusive Economic Zone of 4.5 million square kilometres.The task, however, appears Herculean: to meet the 2040 wind target, around 200 15-megawatt turbines a year need to go up.But “the infrastructure is not yet in place”, warned Yonekura. “Japan lacks turbine manufacturers and large production sites.” – Fishers’ livelihoods -Construction companies also face technical challenges with these still-novel systems: defects discovered in the floating structure of a wind turbine at Goto meant Toda had to make replacements, delaying the project by two years. Coexistence with local industries, especially fishing, is also crucial. Toda said it had conducted an environmental assessment and found a pilot project had “no negative impact on fish”. Fishermen also receive part of the revenue from electricity sales and some of the property taxes generated by the project, while some have been hired to monitor the construction site with their vessels. But according to Takuya Eashiro, head of the Fukue fishing cooperative in Goto, the wind project was imposed “from the top” and presented as “a done deal”. Nevertheless, “fishermen understand the importance of such a project for Japan”, he said.The National Federation of Fisheries Co-operative Associations protested to the government after Mitsubishi withdrew, reminding them that fishermen had worked with these projects, hoping for positive economic impacts. As fishing becomes less viable owing to warming sea temperatures, “some hope their children or grandchildren will find jobs in wind turbine maintenance”, said Eashiro.

A deal for the Chinese parent company of popular video-sharing app TikTok to sell its US operations would see the creation of a board dominated by Americans, the White House said Saturday.”There will be seven seats on the board that controls the app in the United States, and six of those seats will be Americans,” White House Press Secretary Karoline Leavitt told Fox News.She said a deal could be signed “in the coming days.”The United States has forcefully sought to take TikTok’s US operations out of the hands of Chinese parent company ByteDance for national security reasons.Under President Donald Trump’s predecessor Joe Biden, Congress passed a law to force ByteDance to sell its US operations or face a ban of the app.US policymakers, including Trump in his first term, have warned that China could use TikTok to mine data from Americans or exert influence on what they see on social media.But Trump turned to the platform, which is hugely popular with young Americans, to garner support during his successful 2024 presidential campaign.The Republican president has repeatedly delayed implementation of the ban while a deal has been sought.Investors reportedly being eyed to take over the app include Oracle, the tech firm owned by Larry Ellison, one of the world’s richest people — and a major Trump supporter.Leavitt seemed to confirm Oracle’s participation.”The data and privacy will be led by one of America’s greatest tech companies, Oracle, and the algorithm will also be controlled by America as well,” she told Fox News.”So all of those details have already been agreed upon. Now we just need this deal to be signed.”Trump, when asked about the deal later by reporters at the White House, said: “We have great American patriots that are buying it. Very substantial people.”He declined to say who the seventh board member would be, saying that would be announced at a later date.The TikTok deal was discussed in a call between Trump and Chinese President Xi Jinping on Friday.Trump said afterward that Xi had “approved” the deal during the phone call, but then said: “We have to get it signed.” China did not confirm any agreement.”We’re going to have a very, very tight control,” Trump said Friday. “There’s tremendous value with TikTok, and I’m a little prejudiced because I frankly did so well on it.”The Wall Street Journal, quoting sources familiar with the talks, reported that the US government could receive a multi-billion-dollar fee from investors as part of the deal.

The White House issued a major clarification Saturday to its new H-1B visa policy that had rattled the tech industry, saying a $100,000 fee will be a “one-time” payment imposed only on new applicants.US Commerce Secretary Howard Lutnick, in announcing the major fee increase on Friday, said it would be paid annually, and would apply to people seeking a new visa as well as renewals.But White House Press Secretary Karoline Leavitt issued a clarification on Saturday, hours before the new policy was to go into effect.”This is NOT an annual fee. It’s a one-time fee that applies… only to new visas, not renewals, and not current visa holders,” she said in a social media post. The executive order, which is likely to face legal challenges, comes into force Sunday at 12:01 am US Eastern time (0401 GMT), or 9:01 pm Saturday on the Pacific Coast.Prior to the White House’s clarification, US companies were scrambling to figure out the implications for their foreign workers, with several reportedly warning their employees not to leave the country.Some people who were already on planes preparing to leave the country on Friday de-boarded over fears they may not be allowed to re-enter the United States, the San Francisco Chronicle reported.”Those who already hold H-1B visas and are currently outside of the country right now will NOT be charged $100,000 to re-enter,” Leavitt said.”H-1B visa holders can leave and re-enter the country to the same extent as they normally would,” she added.H-1B visas allow companies to sponsor foreign workers with specialized skills — such as scientists, engineers, and computer programmers — to work in the United States, initially for three years but extendable to six.Such visas are widely used by the tech industry. Indian nationals account for nearly three-quarters of the permits allotted via lottery system each year.The United States approved approximately 400,000 H-1B visas in 2024, two-thirds of which were renewals.- India, US business concerns -US President Donald Trump announced the change in Washington on Friday, arguing it would support American workers.The H-1B program “has been deliberately exploited to replace, rather than supplement, American workers with lower-paid, lower-skilled labor,” the executive order said.Trump also introduced a $1 million “gold card” residency program he had previewed months earlier.”The main thing is, we’re going to have great people coming in, and they’re going to be paying,” Trump told reporters as he signed the orders in the Oval Office.Lutnick, who joined Trump in the Oval Office, said multiple times that the fee would be applied annually.”The company needs to decide… is the person valuable enough to have $100,000 a year payment to the government? Or they should head home and they should go hire an American,” he told reporters.Though he claimed that “all the big companies are on board,” many businesses were left confused about the details of the H-1B order.US bank JPMorgan confirmed that a memo had been sent to its employees with H-1B visas advising them to remain in the United States and avoid international travel until further guidance was issued.Tech entrepreneurs — including Trump’s former ally Elon Musk — have warned against targeting H-1B visas, saying that the United States does not have enough homegrown talent to fill important tech sector job vacancies.India’s foreign ministry said the mobility of skilled talent had contributed to “innovation” and “wealth creation” in both countries and that it would assess the changes.It said in a statement the new measure would likely have “humanitarian consequences by way of the disruption caused for families,” which it hoped would be addressed by US authorities.

A deal for the Chinese parent company of popular video-sharing app TikTok to sell its US operations would see the creation of a board dominated by Americans, the White House said Saturday.”There will be seven seats on the board that controls the app in the United States, and six of those seats will be Americans,” White House press secretary Karoline Leavitt told Fox News.She said a deal could be signed “in the coming days.”The United States has forcefully sought to take TikTok’s US operations out of the hands of Chinese parent company ByteDance for national security reasons.Under President Donald Trump’s predecessor Joe Biden, the US Congress passed a law to force ByteDance to sell its US operations or face a ban of the app.US policymakers, including in Trump’s first term, have warned that China could use TikTok to mine data from Americans or exert influence on what they see on social media.But Trump turned to the platform, which is hugely popular with young Americans, to garner support during his ultimately successful 2024 presidential campaign.The Republican president has repeatedly pushed off implementation of the ban while a deal has been sought.Investors reportedly being eyed to take over the app include Oracle, the tech firm owned by Larry Ellison, one of the world’s richest people — and a major Trump supporter.Leavitt seemed to confirm Oracle’s participation.”The data and privacy will be led by one of America’s greatest tech companies, Oracle, and the algorithm will also be controlled by America as well,” she told Fox News.”So all of those details have already been agreed upon. Now we just need this deal to be signed.”Trump and Chinese President Xi Jinping discussed the matter in a phone call on Friday.Trump said that Xi “approved” the deal during the phone call but then said, “We have to get it signed.” China did not confirm any agreement.”We’re going to have a very, very tight control,” Trump said. “There’s tremendous value with TikTok, and I’m a little prejudiced because I frankly did so well on it.”The Wall Street Journal, quoting sources familiar with the talks, reported that the US government could receive a multi-billion-dollar fee from investors as part of the deal.

India’s leading IT trade body said on Saturday it was concerned by a new annual $100,000 fee that US President Donald Trump ordered for H-1B skilled worker visas, an addition that could have major repercussions for the tech industry where such permits are widespread.The foreign ministry in New Delhi also said the new measure, which will likely face legal challenges, would cause “disruption” for the families of H-1B visa holders.Such visas allow companies to sponsor foreign workers with specialised skills — such as scientists, engineers, and computer programmers — to work in the United States, initially for three years but extendable to six.The United States awards 85,000 H-1B visas per year on a lottery system, with India accounting for around three-quarters of the recipients.India’s top IT industry body Nasscom said the new measure would hit “business continuity” and was also concerned by the short timeline, with the new fee coming into effect on Sunday.”A one-day deadline creates considerable uncertainty for businesses, professionals, and students across the world,” Nasscom said in a statement.”Policy changes of this scale are best introduced with adequate transition periods, allowing organisations and individuals to plan effectively and minimise disruption,” it said.Trump announced the change in Washington on Friday, along with the introduction of a $1 million “gold card” residency programme he had previewed months earlier.”The main thing is, we’re going to have great people coming in, and they’re going to be paying,” Trump told reporters as he signed the orders in the Oval Office.India’s foreign ministry said the mobility of skilled talent had contributed to “technology development, innovation, economic growth, competitiveness and wealth creation” in both countries and that it would assess the changes.It said in a statement the new measure would likely have “humanitarian consequences by way of the disruption caused for families”, which it hoped would be addressed by US authorities.- Not enough homegrown talent -Large technology firms rely on Indian workers who either relocate to the United States or come and go between the two countries.US bank JPMorgan confirmed that a memo had been sent to its employees with H-1B visas advising them to remain in the United States and avoid international travel until further guidance was issued.Tech entrepreneurs — including Trump’s former ally Elon Musk — have warned against targeting H-1B visas, saying that the United States does not have enough homegrown talent to fill important tech sector job vacancies.However, Commerce Secretary Howard Lutnick, who joined Trump in the Oval Office, said: “All the big companies are on board.”Trump has had the H-1B program in his sights since his first term in office, but faced court challenges to his earlier approach, which targeted the types of jobs that qualify.The current iteration has become the latest move in the major immigration crackdown of his second term.The number of H-1B visa applications has risen sharply in recent years, with a peak in approvals in 2022 under Democratic president Joe Biden.In contrast, the peak in rejections was recorded in 2018, during Trump’s first term in the White House.The United States approved approximately 400,000 H-1B visas in 2024, two-thirds of which were renewals.Trump also signed an order on Friday creating a new expedited pathway to US residency for people who pay $1 million, or for corporate sponsors to pay $2 million.”I think it’s going to be tremendously successful,” he said.South Korea’s foreign ministry said in a statement on Saturday officials would “comprehensively assess the impact of these measures on the advancement of (South Korean) companies and professional talents into the US market and engage in necessary communication with the US”.Hundreds of South Koreans were detained during a US immigration raid on a Hyundai-LG battery factory site in the state of Georgia this month.