Japan Producer Prices Surge in May, Strengthening Expectations of BOJ Rate Hike 
Naver Stock Jumps on NVIDIA Partnership to Build South Korea’s AI Infrastructure 
Wall Street Rebounds as Chip Stocks Rally and Iran-Israel Tensions Ease 
Honda Leadership Crisis Deepens as Retired Executives Challenge CEO Toshihiro Mibe’s Strategy 
Wall Street Ends Mixed as Iran Tensions, OpenAI IPO Filing, and Inflation Concerns Weigh on Markets 
US Stock Futures Slip as New Iran Strikes Weigh on Market Sentiment Ahead of Inflation Data 
Nvidia Expands South Korea AI Partnerships to Strengthen Data Center and Memory Chip Supply 
Asian Currencies Stabilize as Strong U.S. Jobs Data Boosts Dollar and Fed Rate Hike Expectations 
Intesa Sanpaolo Launches €30.6 Billion Bid for Monte dei Paschi to Drive Italian Banking Consolidation 
Alaska Air Group Eyes Return of Financial Guidance as Fuel Market Volatility Eases 
Asian Stocks Rebound as AI and Chip Shares Recover; Easing Iran Tensions Boost Sentiment 
South Korea Weighs AI Profit Sharing as Samsung and SK Hynix Earnings Surge 
Sigma Healthcare Shares Slide Amid Preliminary Boots Acquisition Talks 
BitGo Expands Regulated Crypto Trading Services in MENA 
J.P. Morgan Sees Major Upside for Prysmian as Optical Fiber Prices Surge 
Gordie Howe International Bridge Set to Open, Boosting U.S.-Canada Trade Links 
Oil Prices Fall Despite Rising U.S.-Iran Tensions as Markets Watch Strait of Hormuz Developments 
LG H&H announced it would shut down its wet wipes business after it was penalized by the country's Ministry of Food and Drug Safety. The South Korean consumer goods company is closing the said unit by the end of this year.
Pulse News reported that the decision was made by LG H&H after the country's food safety agency banned the sale of its wet wipes after hazardous chemicals were found in the said product for babies. The shutdown was revealed on Monday, Sept. 19.
LG H&H was formerly known as LG Household & Health Care, and its withdrawal was related to the discovery that its Babience Only 7 Essential 55 baby wipes contain highly toxic chemicals, including methylchloroisothiazolinone (CMIT) and methylisothiazolinone (MIT). These were said to be the same chemicals that were used in the deadly humidifier sanitizer incidents in July.
It was also noted that CMIT and MIT are banned in South Korea by law and apparently prohibited for use in hygiene products, including detergents. LG H&H was ordered by the Ministry of Food and Drug Safety to halt all sales and recall the affected baby wipes that bear the manufacturer's serial number of 1LQ.
In the recall, about 7,920 packs of the Babience Only 7 Essential 55 were subjected to the recall. LG H&H revealed that it was only able to recover 161 packs because most of them were already used. In addition to this recall, the company was also ordered to call back a total of 320,000 baby wipes that were previously produced.
Business Korea reported in July that the CMIT and MIT were used by LG H&H for sterilization and preservation purposes. The food and drug government agency in Korea issued a three-month suspension for the company for the sale of wet wipes. Its contract manufacturer was also suspended from production for three months. Meanwhile, the company's shares plummeted by 1.45%, close on Monday at KRW679,000.
"We found that detergent remained after washing work at a production line of the partner company that supplies non-woven fabrics for wet tissues," an official at LG H&H stated concerning the recall and penalty. "The detergent was mixed into non-woven fabrics. We sincerely apologize to consumers for this matter."
