Business
South Koreans detained in ICE raid at Hyundai electric vehicle site in Georgia
Almost 500 people have been arrested at a Hyundai factory in the US state of Georgia by immigration authorities in the largest workplace raid of President Donald Trump’s second term.
A majority of those detained at the 3,000-acre site, which was built by the Korean company to manufacture electric vehicles and has been operational for a year, are Korean nationals.
South Korea expressed “concern and regret” over the operation and urged the US government to respect the rights of its citizens.
The Department of Homeland Security told the BBC that agents executed a search warrant due to allegations of “unlawful employment practices and other serious federal crimes”.
“This was not an immigration operation where agents went into the premises, rounded up folks and put them on buses,” Steve Schrank, the special agent in charge of Homeland Security Investigations in Atlanta, said at a news conference on Friday.
“This has been a multi-month criminal investigation where we have developed evidence, conducted interviews gathered documents and presented that evidence… in order to obtain a judicial search warrant,” Schrank added.
He said it was “the largest single-site enforcement operation in the history of homeland security investigations”.
The raid raises a possible tension between two of President Donald Trump’s top priorities – building up manufacturing within the US and cracking down on illegal immigration. It could also put stress on the country’s relationship with a key ally.
President Trump said in the Oval Office on Friday: “They were illegal aliens and ICE was just doing its job.”
Asked by a reporter about the reaction from Seoul, he said: “Well, we want to get along with other countries, and we want to have a great, stable workforce.
“And we have, as I understand it, a lot of illegal aliens, some not the best of people, but we had a lot of illegal aliens working there.”
“These [workers] are people that came through with Biden. They came through illegally.”
Some 475 people who were in the country illegally or working unlawfully were detained in the operation, immigration officials said.
They were being held at a US Immigration and Customs Enforcement (ICE) facility in Folkston, Georgia, until the agency decides where to move them next.
Of those detained, 300 are reported to be Korean nationals.
In a statement, Hyundai Motor Company said it was “closely monitoring the situation and working to understand the specific circumstances”.
“As of today, it is our understanding that none of those detained are directly employed by Hyundai,” it said.
Hyundai’s production of electric vehicles at the sprawling site was not affected, Reuters reported. Its partner in the battery joint venture, South Korea’s LG Energy Solutions, had paused construction work at the site.
Videos on social media show agents lining workers up and telling them they have a warrant to search the facility. The agents can also be seen talking to some of the employees in the videos.
South Korea said it was dispatching diplomats to the site in response to the raid and that it had contacted the US embassy in Seoul to urge the US “to exercise extreme caution” when it came to Korean citizens’ rights.
“The economic activities of Korean investment companies and the rights and interests of Korean citizens must not be unfairly infringed upon during US law enforcement operations,” South Korea’s foreign ministry said in a statement.
Trump has worked to bring in major investments from other countries while also levying tariffs he says will give manufacturers incentives to make goods in the US.
South Korean companies have promised to invest billions of dollars in key US industries in the coming years, partly as a way to avoid tariffs.
Georgia’s Governor, Republican Brian Kemp, had touted Hyundai’s new electric vehicle operation as the biggest economic development project in the state’s history, employing 1,200 people.
But the president also campaigned on cracking down on illegal immigration, telling supporters he believed migrants were stealing jobs from Americans.
Upon returning to office, he launched a massive effort across the country to round up people thought to be in the US illegally, hold them in detention facilities, and frequently deport them.
While many of those caught in the sweeps have ties to Latin American countries, people of other nationalities have also been arrested.
Business
Middle East crisis: Jubilant FoodWorks reports some Domino’s outlets affected by LPG shortage – The Times of India
Jubilant FoodWorks Ltd (JFL), which operates Domino’s Pizza and Dunkin Donuts in India, has reported constraints in LPG cylinder supplies across parts of its store network due to the ongoing West Asia war, according to ET.In a filing to the BSE, the company said, “Operational impact at this stage is limited and being actively managed. The company is taking several steps to conserve LPG and working overtime to move to alternate energy sources like electricity and piped natural gas (PNG).”It added that it is in continuous touch with oil marketing companies to track developments and respond to the evolving situation. “The company is in constant engagement with oil marketing companies (OMCs) to remain apprised of the latest developments and plan operational responses accordingly, given the rapidly evolving nature of the situation,” the filing said.The company noted that it is closely monitoring the situation as supply disruptions persist.The impact is being felt across the restaurant industry, with several chains facing similar challenges due to LPG shortages.On March 10, the National Restaurant Association of India (NRAI) had advised its five lakh members to consider shorter operating hours, reduce items requiring long cooking times or deep frying, and adopt fuel-saving measures such as using lids while cooking, in view of supply constraints linked to the Gulf war.
Business
Russia sells reserve gold for first time in 25 years to fund Ukraine war deficit: Report – The Times of India
Russia has begun selling physical gold from its central bank reserves for the first time in 25 years, as the government seeks to plug a widening budget deficit driven by sustained military expenditure, according to a report by Berlin-based news outlet bne IntelliNews.Regulatory data show that between 2022 and 2025, Russia sold gold and foreign currency worth over RUB 15 trillion ($150 billion), followed by an additional RUB 3.5 trillion ($35 billion) in just the first two months of 2026, the report noted. In January alone, the Central Bank of Russia sold 300,000 ounces of gold, followed by another 200,000 ounces in February.The move marks a significant shift in reserve management. Earlier, gold transactions were largely notional, involving transfers between the Ministry of Finance and the central bank without physical movement of bullion. In recent months, however, the central bank has started selling actual gold bars into the market.As a result, Russia’s gold holdings have declined to 74.3 million ounces, the lowest level in four years. The disposal of 14 tonnes in January and February is the largest two-month sale since the second quarter of 2002, when 58 tonnes were offloaded in a single tranche.The sales come as Russia’s fiscal position comes under increasing strain. The government ended 2025 with a budget deficit of 2.6 per cent of GDP, compared to an initial projection of 0.5 per cent, Berlin-based bne IntelliNews report noted. Economists estimate the actual deficit could be closer to 3.4 per cent, with some payments deferred to 2026 to limit the reported gap.Pressure on the budget has intensified as oil prices weakened in the second half of the year and US sanctions tightened, reducing the contribution of oil and gas tax revenues to about 20 per cent of total revenues — roughly half of pre-war levels.The decision to sell gold has also been influenced by the sharp rise in bullion prices to above $5,000 per ounce. This surge has pushed Russia’s international reserves to over $809 billion as of February 28, including around $300 billion of assets frozen in the West, according to the Central Bank of Russia. Of this, gold reserves alone are valued at about $384 billion.Russia currently holds more than 2,000 tonnes of gold, making it the world’s fifth-largest sovereign holder, according to World Gold Council data. The country had built up these reserves over the years to reduce dependence on dollar-denominated assets, especially after sanctions imposed following the annexation of Crimea in 2014 and further tightened after the invasion of Ukraine in 2022.Since 2022, the Ministry of Finance has relied on multiple funding channels to manage budget pressures. These include drawing from the National Welfare Fund, which still holds around RUB 4 trillion, increasing issuance of domestic OFZ treasury bonds, and raising value-added tax rates, which account for about 40 per cent of government revenues.The shift to selling physical gold suggests that Russia is now tapping its liquid reserve buffers more directly, underlining the growing fiscal strain as the conflict in Ukraine continues into its fourth year.
Business
Newcastle electronic music venues still struggling despite growth
The electronic music scene in Newcastle is experiencing a boom, outpacing London with a 72% year-on-year growth, according to a new report. But venues on the ground say they are still struggling under the weight of funding issues and the cost of living crisis. So is the city’s club scene truly thriving?
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