The head office of APR in Seoul. The South Korean beauty company has emerged as a new powerhouse in the country’s cosmetics industry. Photo by APR
May 28 (UPI) — South Korea overtook the United States in 2025 to become the world’s second-largest exporter of cosmetics, according to the Ministry of Food and Drug Safety (MFDS) earlier this month.
The ministry noted that the East Asian country’s cosmetics exports amounted to $11.4 billion in 2025, up 11.8% from a year before, trailing only runaway leader France with $24.3 billion.
The United States ranked third with $10.8 billion, followed by Germany with $9.9 billion, Spain with $9.2 billion, Italy with $9 billion, China with $7.3 billion, and Japan with $3.9 billion.
Meanwhile, South Korea’s 2025 cosmetics imports declined 2.3% year-on-year to $1.29 billion, resulting in a trade surplus of $10.1 billion. It marked the first time Asia’s fourth-largest economy topped $10 billion in the annual cosmetics trade surplus.
By destination, the United States has emerged as the largest overseas market for Korean cosmetics last year as exports jumped 15% year-over-year to $2.2 billion. In contrast, shipments to China plunged 19% to $2 billion.
Demand for Korean cosmetics, widely known as K-beauty products, also increased sharply in Europe and the Middle East. Exports to Poland, in particular, more than doubled from a year earlier to $282 million.
To further beef up the competitiveness of the K-beauty industry, the MFDS pledged to pursue a range of policy initiatives, including expanded regulatory support programs.
“As countries such as the United States and China have recently introduced cosmetic safety assessment systems, we are preparing to implement our own safety evaluation framework in phases,” the MFDS said in a statement.
“To help domestic companies comply smoothly with the new system, the government plans to establish guidelines, provide consulting services, and train professional evaluators,” it added.
New players fueling K-beauty boom
In the past, South Korea’s cosmetics giants relied heavily on China as their primary offshore market. Traditional behemoths, including AmorePacific and LG Household and Health Care, resorted to such a business model for years.
However, a new wave of entrepreneurs has come to the fore with a different approach, reducing dependence on China while tapping aggressively into the United States, Europe, and Southeast Asia.
Leading the shift is APR, which was founded in 2014 and built its growth around online sales channels and beauty devices aimed at international customers.
Last year, APR almost tripled its operating profit to $240 million, which is almost equivalent to that of AmorePacific and well above $113 million of LG Household & Health Care.
APR continued its strong momentum this year as its first-quarter operating profit stood at $101 million, up 173.7% from a year ago, based on robust performance in such major markets as the United States and Japan.
According to U.S. business tracker Navigo Marketing, APR came in third place in Amazon’s beauty category last year with a 7.1% market share. The firm doubled it to 14.1% in the first quarter to claim the top position.
APR has also strengthened its offline presence by entering more than 1,500 Target stores across the United States last month. It plans to expand further into about 3,000 Walmart stores in June.
Meanwhile, first-quarter operating incomes of AmorePacific and LG Household and Health Care fell short of APR with $84 million and $72 million, respectively.
The strong earnings have prompted investors to pile into APR shares on the Seoul bourse.
As a result, APR’s market capitalization jumped 73.59% this year to reach $10 billion as of Thursday. Those of AmorePacific and LG Household & Health Care were $4.49 billion and $2.52 billion, respectively.
“Considering the expansion of offline channels in the United States and accelerating sales growth in Europe, APR’s stock is likely to maintain a medium- to long-term upward trajectory,” Yuanta Securities Korea analyst Lee Seung-eun said in a report.
HMC Investment Securities analyst Ha Hee-ji shared a similar view.
“APR’s growing brand recognition in the United States appears to be spreading across global markets, thus creating a virtuous cycle,” Ha said. “Business-to-business sales in Europe, Latin America, and the Middle East are also showing steep growth trends.”
WASHINGTON — Yet another White House construction project is underway, though this one is meant to be only temporary.
Crews are erecting an octagon-shaped cage on the South Lawn that will host next month’s UFC bout, helping mark the nation’s 250th anniversary — and President Trump ‘s 80th birthday.
Online renderings depict what the completed, wire-mesh-fence-ringed fight space is expected to look like ahead of the June 14 event. It will be ringed by a red, white and blue stage under a towering arch featuring stars and stripes patterns and two large screens carrying the action live.
The cage and stage will themselves be surrounded by thousands of temporary seats, including ringside space for a full marching band that can set the entire scene to blaring music.
The project is part of a series of events celebrating the semiquincentennial of the Declaration of Independence’s signing on July 4, 1776. Other planned functions include an IndyCar race that will pass by the White House and the Great American State Fair taking place on the National Mall.
Trump has said that the finished UFC project will feature “a 5,000-seat arena right outside the front door of the White House.” Additional large screens broadcasting the fights will be set up in a park at the nearby Ellipse, and the UFC has said it plans to issue as many as 85,000 free tickets to accommodate spectators at both locations.
“I have never seen anybody want anything so much as people want those tickets,” Trump said recently of demand to attend the UFC fight, adding, “That’s gonna be something.”
The card has been panned by fans online as underwhelming, featuring just two championship fights. Brazil’s Alex Pereira will meet France’s Ciryl Gane for the interim UFC heavyweight title. Then Spanish-Georgian lightweight champion Ilia Topuria takes on interim champ Justin Gaethje, one of just two Americans who currently hold even a share of the UFC’s 11 championship belts.
The octagon and surrounding structures are the latest project in the White House building boom Trump is leading.
The president’s other efforts to leave his mark include tearing up part of the Rose Garden to make room for a patio space reminiscent of his Mar-a-Lago estate in Florida, affixing partisan plaques to the wall of the colonnade for a Presidential Walk of Fame, redoing the bathroom attached to the Lincoln Bedroom and renovating the Palm Room, placing new flag poles on the north and south lawns and demolishing the entire East Wing for a sprawling ballroom.
The president also wants to repaint the Eisenhower Executive Office Building beside the White House and build a 250-foot arch at the nearby Lincoln Memorial — the same monument where weigh-ins for the upcoming UFC fight are scheduled to take place, bout organizers say.
Weissert writes for the Associated Press.
The recent Ebola outbreak in the eastern Democratic Republic of Congo (DRC) has resulted in a rising death toll, reaching 118 fatalities on Monday, May 18, which is a significant jump from the 80 deaths recorded just two days earlier. This outbreak is the 17th recorded Ebola virus epidemic in the DRC and has been described as a matter of international emergency by the World Health Organisation (WHO).
Patrick Muyaya, the DRC government spokesperson, announced that two additional health zones have been identified as impacted by the virus. These include Nyankunde in the Irumu territory of Ituri province. A suspected case has also emerged in Goma, the chief town of North Kivu.
The outbreak is now affecting multiple geographic areas, including Mongwalu, Rwampara, Bunia, Nyankunde in Ituri, as well as Butembo-Katwa and Goma in North Kivu.
Butembo, a commercial town in North Kivu, was severely impacted during the Ebola Zaire strain outbreak from 2018 to 2020. Goma, which has been under the control of the M23 rebels since early 2025, serves as a significant regional transit hub on the border with Rwanda and Uganda.
The Bundibugyo Ebola strain, noted as the 17th epidemic in the DRC, was declared on May 15. Complete sequencing of the viral genome confirms that it is a genetically distinct variant from previous Bundibugyo outbreaks in 2007 and 2012, originating directly from an animal reserve, according to Jean-Jacques Muyembe, director of the DRC National Institute of Biomedical Research.
On May 17, after the WHO declared the epidemic an international public health emergency, the British organisation Oxfam also estimated that the global number of infections currently stands at 400.
The recent Ebola outbreak in the eastern Democratic Republic of Congo (DRC) has seen a significant rise in fatalities, reaching 118 deaths. It marks the 17th epidemic in the region and has been declared an international emergency by the World Health Organisation.
The outbreak affects several areas, including Nyankunde, Goma, Mongwalu, Rwampara, and Bunia. The outbreak was declared on May 15, involving a genetically distinct Bundibugyo strain.
According to WHO, the global infection count is around 400, indicating a need for coordinated health measures.
Harvard-Westlake’s boys’ tennis team accomplished something on Friday few have done: topple Irvine University.
The Wolverines ended University’s four-year run as tennis champions with a 10-8 win at the Southern Section Division 1 championships. University is a 16-time champion.
Aiden Zadeh had an important win in singles. Chase Klugo and Aaron Chung swept their doubles competition. And Gideon Ames won the clinching set.
At a school that excels in many different sports, the Wolverines rose to the top. The season continues with regional and state competition.
This is a daily look at the positive happenings in high school sports. To submit any news, please email eric.sondheimer@latimes.com.
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Long-term US borrowing costs climbed to levels not seen since before the global financial crisis after the Treasury auctioned $25bn (€21.3bn) in 30-year bonds at a high yield of 5.058% on Wednesday, according to the department’s own data.
The sale came only hours after the US Senate voted to confirm former Federal Reserve governor Kevin Warsh as the next chairman, succeeding Jerome Powell.
The auction result immediately complicated the backdrop for Warsh’s arrival at the central bank, underlining the pressure facing policymakers as inflation is rising.
At the time of writing on Thursday, US 30-year bonds are trading at 5.02% while 10-year notes are selling with a yield of 4.44%.
US inflation figures released earlier this week showed consumer prices rose 3.8% from April 2025 as the 10-week Iran war pushed energy costs higher and distanced inflation from the Federal Reserve’s 2% target.
Producer price data also pointed to persistent underlying cost pressures across the economy, reinforcing expectations that the central bank may struggle to ease monetary policy quickly.
Rising Treasury yields have broad implications for the economy because they influence borrowing costs on mortgages, corporate debt and other forms of credit.
Higher long-term yields can also increase financing costs for the US government at a time when public debt is nearing $40 trillion (€34.1tn).
Investors are increasingly concerned that a combination of resilient economic growth, elevated energy prices and sustained government borrowing could keep inflationary pressures alive despite two years of restrictive monetary policy.
The yield on the benchmark 30-year Treasury bond being auctioned above 5% is a symbolic threshold last reached in 2007 before the onset of the global financial crisis.
While market conditions today differ substantially from that period, the move nonetheless underscores the sharp repricing that has taken place in global bond markets over the past two years.
Kevin Warsh takes over the Federal Reserve at a delicate moment for the US economy.
The former Morgan Stanley banker and Fed governor has previously argued in favour of maintaining the central bank’s credibility on inflation, while also signalling support for reforms to the institution’s communication strategy and balance sheet policies.
Warsh’s confirmation comes as financial markets remain divided over how aggressively the Federal Reserve should respond to persistent inflation pressures.
Some investors believe rates may need to stay higher for an extended period, while others warn that maintaining tight monetary conditions for too long could weigh heavily on economic growth and employment.
The main driver of the rise in inflation is the current disruption to global energy markets caused by the Iran war which also leaves the central bank at the mercy of geopolitics and not able to effectively control the situation.
Analysts stated that Wednesday’s Treasury auction illustrated the immediate challenge confronting the incoming Fed chair.
Elevated bond yields can help tighten financial conditions without additional rate increases from the central bank, but they can also amplify risks for heavily indebted households, businesses and the federal government itself.
For Warsh, the market reaction served as an early reminder that restoring confidence on inflation may prove more complicated than simply holding interest rates at restrictive levels.
SlavkoSereda/iStock via Getty Images
Crude oil futures gained Sunday after President Trump rejected Iran’s latest response to his proposal to end the Middle East as “totally unacceptable,” while the Strait of Hormuz remains mostly closed.
Iran’s proposal reportedly emphasizes Iranian sovereignty over the strait while calling
Employees take part in a ceremony at the trading room of Woori Bank in Seoul on Wednesday to celebrate the benchmark KOSPI closing at an all-time high of 7,384.56. Photo by Yonhap
South Korean stocks shot up nearly 6.5 percent Wednesday, extending a record-breaking run to top the 7,300-point mark, driven by a semiconductor rally and optimism for a potential peace deal in the Middle East. The local currency also strengthened against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) added 447.57 points, or 6.45 percent, to a fresh record high of 7,384.56.
It marked the second-largest daily gain in terms of points following 490.36 points reached on March 5.
Trade volume was heavy at 984.4 million shares worth 58.2 trillion won (US$40 billion), with losers outnumbering winners 199 to 677.
Foreigners bought 3.1 trillion won worth of local shares, while institutions and individuals dumped a net 2.3 trillion won and 571.2 billion won, respectively.
Overnight, U.S. President Donald Trump said he would pause operations to escort ships through the Strait of Hormuz as part of efforts to reach a final agreement with Iran.
The KOSPI opened 2.25 percent higher to surpass the landmark 7,000-point threshold for the first time and extended the gains throughout the session.
The main index has been on a bullish run in recent months, surpassing the 5,000-point mark in late January and topping another milestone of 6,000 points in February.
After recouping its losses in March following the outbreak of the U.S.-Iran war in late February, the KOSPI breached the 7,000-point level on continued optimism over the artificial intelligence (AI) boom and hopes for the reopening of the key waterway.
“Global tech giants’ strong performances and the strengthened value chain for AI data centers boosted the AI-related shares,” Lee Kyung-min, an analyst at Daishin Securities, said. “In particular, the market’s top-three shares of Samsung Electronics, SK hynix and SK Square led the rally.”
Top-cap Samsung Electronics surged 14.41 percent to close at 266,000 won, pushing its market capitalization above 1.5 quadrillion won and becoming the second Asian company to surpass the $1 trillion milestone after Taiwan Semiconductor Manufacturing Co.
SK hynix soared 10.64 percent to 1.6 million won, and AI investment firm SK Square jumped 9.89 percent to 1.1 million won.
Hanmi Semiconductor, a chip manufacturing company, rose 4.37 percent to 394,500 won, and LG Electronics vaulted 8.17 percent to 154,900 won.
However, shipbuilding and defense shares dropped. Major shipyard HD Hyundai Heavy Industries fell 4.71 percent to 648,000 won, and defense giant Hanwha Aerospace lost 2.18 percent to 1.4 million won.
Leading biotech firm Samsung Biologics declined 0.34 percent to 1.48 million won, and top mobile carrier SK Telecom backtracked 1.95 percent to 95,500 won.
The Korean won was quoted at 1,455.1 won against the U.S. dollar at 3:30 p.m., up 7.7 won from the previous session.
The quotation marks the highest since February 27, when the currency closed at 1,439.7 to the greenback.
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Palestinian journalists in Gaza marked World Press Freedom Day by honouring colleagues killed and targeted by Israel, as the territory becomes the deadliest place ever recorded for media workers. Pope Leo XIV called for greater protection of reporters ‘pursuing the truth’, especially in war zones.
Published On 3 May 20263 May 2026
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Jump in prices comes as Donald Trump says vessels will need permission of US Navy to transit key waterway.
Published On 24 Apr 202624 Apr 2026
Oil prices have jumped on heightened tensions between the United States and Iran in the Strait of Hormuz following Washington and Tehran’s tit-for-tat captures of commercial vessels.
Brent crude, the international benchmark, topped $106 per barrel early on Friday morning as Washington and Tehran stepped up their confrontation over the key maritime route for transporting the world’s energy.
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Brent stood at $106.80 as of 01:00 GMT, up nearly 5 percent from its closing price on Wednesday, when it surpassed $100 per barrel for the first time in two weeks.
US stocks fell overnight, with the benchmark S&P 500 index dipping 0.41 percent and the tech-heavy Nasdaq Composite dropping 0.89 percent.
Shipping in the Strait of Hormuz, which normally carries about one-fifth of the world’s supply of oil and natural gas, remains at a standstill as Iran continues to demand the right to decide which vessels may pass and the US blocks Iran’s maritime trade.
US President Donald Trump said in a Truth Social post on Thursday that he had ordered the US Navy to destroy any Iranian boats laying mines in the strait, shortly after the Pentagon announced that it had seized a tanker carrying sanctioned Iranian oil for the second time in less than a week.
Trump also appeared to expand the scope of the US naval blockade beyond Iranian ports, writing on Truth Social that no ship “can enter or leave” the strait without the approval of the US Navy.
“It is ‘Sealed up Tight,’ until such time as Iran is able to make a DEAL!!!” Trump said.
Trump’s threats came a day after Iran’s Islamic Revolutionary Guard Corps announced the capture of two foreign cargo ships in the waterway.
The IRGC said it had seized the Panamanian-flagged MSC Francesca and Greek-owned Epaminondas after the vessels had endangered maritime security “by operating without the necessary permits and tampering with navigation systems”.
The Greek Maritime Affairs and Insular Policy Ministry has denied that the Epaminondas was captured and said the vessel remains under the control of its captain.
Only nine commercial vessels transited the strait on Wednesday, compared with seven on Tuesday and 15 on Monday, according to maritime intelligence platform Windward.
Before the US and Israel launched their war against Iran on February 28, the waterway saw an average of 129 transits each day, according to United Nations Trade and Development.
The figures provide the first official look at the impact of the Iran war on the cost of living in the UK.
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