Location · 1340 published stories · 94 outlets · All places
Hyundai Motor's union has announced plans to extend partial strikes next week in pursuit of higher wages, raising concerns about production disruptions at South Korea's largest automaker. The union is demanding a 149,600-won monthly base pay increase, while the company has offered 80,000 won, amid failed negotiations.
Seoul stocks opened sharply lower on Friday as investors cashed in gains amid escalating U.S.-Iran tensions, with the KOSPI falling up to 4.87 percent. The decline continued into Monday as profit-taking followed a record surge, despite strong Amazon earnings and easing Middle East tensions.
Seoul says Washington has reaffirmed the bilateral tariff agreement capping U.S. tariffs on South Korean goods at 15 percent, even as new Section 301 duties of up to 12.5 percent take effect. South Korea plans close consultations to preserve the ceiling.
President Lee Jae Myung will dispatch special envoys to the inaugurations of Peru's President-elect Keiko Fujimori and Colombia's President-elect Abelardo de la Espriella, aiming to strengthen bilateral cooperation and deliver personal letters outlining Seoul's vision for closer ties.
South Korea's special counsel has requested a five-year prison term for former President Yoon Suk Yeol on charges of aiding a former defense minister's flight and abuse of power. Yoon is accused of appointing Lee Jong-sup as ambassador to Australia in 2023 to help him evade an investigation into the alleged cover-up of a Marine's death. Other former officials face recommended sentences ranging from two to three years.
South Korea's government is stepping up measures to curb inflation as Middle East tensions threaten supply chains. Prime Minister Han Seong-sook ordered crackdowns on hoarding, while Finance Minister Koo Yun-cheol announced plans to revise the Price Stabilization Act. Recent data shows consumer prices rose 2.8% in July, easing from June's 3.2% increase.
President Lee Jae Myung completed an 11-day overseas trip that included meetings with tech giants in San Francisco, state visits to Brazil, Chile, and Argentina, and a stopover in Germany. He skipped his summer vacation to focus on what his office called 'sales diplomacy.'
South Korean Foreign Minister Cho Hyun held a series of bilateral talks in Manila, meeting with counterparts from the EU, Britain, Canada, Australia, and New Zealand, alongside ASEAN member states. Discussions focused on deepening cooperation in security, defense, economic security, energy, and critical minerals. The meetings also covered follow-up measures on agreements with the EU and coordination on global issues such as the Middle East and Ukraine.
HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) has signed two separate agreements: one with Siemens to develop an AI-powered shipyard platform, and another with Fraser Industries LLC to support the revitalization of the U.S. shipbuilding industry under Seoul's MASGA initiative. The partnerships aim to accelerate digital transformation in shipbuilding and leverage South Korea's $150 billion investment commitment to the U.S.
Chris Paddack, who signed with the Samsung Lions in July, spoke about his determination to help the KBO club win its first championship since 2014, citing conversations with veteran teammates and the inspiration of the team's banner history. The 30-year-old right-hander, who has a 32-43 record with a 4.83 ERA in 132 MLB games, replaced Australian left-hander Jack O'Loughlin in the rotation.
A Seoul appellate court ordered SK Group Chairman Chey Tae-won to pay 944 billion won (US$644 million) to his former wife, Roh Soh-yeong, in a divorce asset division case. The amount is lower than the previous 1.38 trillion won award, and Chey's lawyers said they will consider appealing.
The U.S. Treasury has kept South Korea on its currency monitoring list, citing a growing current account surplus and sustained pressure on the won. South Korea's finance ministry says it will maintain close communication with Washington to deepen mutual understanding on exchange rate policies.
South Korea and the United States launched the Korea-U.S. Shipbuilding Partnership Center in Washington to facilitate a $150 billion investment in the U.S. shipbuilding sector. Officials from both countries emphasized the need for tangible results under the MASGA initiative, and Samsung Heavy Industries announced new cooperation agreements with U.S. firms.
North Korea has skipped the ASEAN Regional Forum for the second consecutive year, reflecting its growing preference for bilateral diplomacy with Russia and China. South Korean Foreign Minister Cho Hyun used the meetings to call for dialogue with Pyongyang, while participants voiced concerns over North Korea's nuclear and missile programs.
South Korea's government has finalized a 2027 official development assistance budget proposal of 6.3 trillion won ($4.6 billion), an increase of 871.2 billion won from this year. The plan prioritizes healthcare, culture, and AI, with drought and flood prevention projects also highlighted. Prime Minister Han Seong-sook emphasized a vision for global AI cooperation.
The South Korean won strengthened to a more than two-month high against the U.S. dollar after the economy grew faster than expected in the second quarter, driven by firmer semiconductor exports. Meanwhile, the Bank of Korea reported record-high daily foreign exchange trading in the April-June period, supported by foreign investors' stock purchases.
South Korean Foreign Minister Cho Hyun called on North Korea to respond to Seoul's offers for dialogue at the ASEAN Regional Forum (ARF) in Manila, marking the second consecutive year Pyongyang skipped the meeting. Cho emphasized the need for peace and stability on the Korean Peninsula, while participants voiced concerns over the North's nuclear and missile programs.
South Korea's monsoon season is expected to end early next week, followed by an intense heat wave, according to the Korea Meteorological Administration. The current record-breaking heat is forecast to peak on Friday before easing slightly over the weekend, with temperatures remaining above normal next week.
Recent government data shows a decline in the labor force participation rate among South Koreans aged 15 to 29 in May, with rising unemployment and longer times to complete college. Additionally, the number of unemployed college graduates hit a five-year high in the second quarter, reflecting a tightening job market for young adults.
President Lee Jae Myung said South Korea faces one of its biggest challenges in stabilizing the real estate market and cited Japan’s 1990s collapse as a caution. Speaking at a televised public discussion, he said there is broad consensus on raising property holding taxes as the government prepares revisions aimed at cooling soaring home prices.