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The Bank of Korea raised its benchmark interest rate by 25 basis points to 2.75% in a unanimous decision, marking the first hike since January 2023. The central bank cited persistently high inflation, a weak won, and robust export-led growth, and signaled the possibility of further increases.
Scores of heritage professionals have convened in South Korea for the eighth World Heritage Site Managers' Forum, a pre-event for the 48th session of the World Heritage Committee. Separately, officials and experts discussed evolving standards for heritage interpretation in Seoul. South Korea will host the committee session in Busan from July 19–29.
Hyundai Motor Group plans to acquire the remaining 9.65 percent stake in Boston Dynamics after SoftBank Group exercised its put option, according to industry sources. The move is expected to bolster their robotics collaboration, with plans to deploy the Atlas humanoid robot at a U.S. plant starting in 2028 and potentially paving the way for a Boston Dynamics IPO.
South Korean police have referred former prosecutor Kim Sang-min and two other officials to the prosecution on forgery charges related to a 2024 knife attack on President Lee Jae Myung. Kim is suspected of altering the weapon description in an internal National Intelligence Service report, which led the NIS to initially conclude the attack was not terrorism. The government later designated the attack as a terror case in January.
South Korea will develop a sovereign AI model focused on cybersecurity by the end of 2026, responding to recent US export controls on advanced AI systems. Science Minister Bae Kyung-hoon announced the plan, highlighting the need to strengthen domestic AI capabilities amid growing digital threats.
A Seoul court rejected an arrest warrant for former Prosecutor General Shim Woo-jung over his alleged role in President Yoon Suk Yeol's 2024 martial law bid, citing insufficient grounds. Meanwhile, the special counsel questioned former defense minister Kim Yong-hyun about allegations of plots to detain politicians.
The United States fired on an oil tanker attempting to reach Kharg Island, part of its naval blockade on Iran, while strikes were reported in Tehran and other cities. Iran responded with attacks targeting Bahrain and Kuwait, and shipping in the Strait of Hormuz has plunged amid the escalating conflict.
South Korea's Supreme Court upheld a two-year prison sentence for Rep. Kweon Seong-dong of the People Power Party for accepting 100 million won in illegal political funds from a Unification Church official, stripping him of his parliamentary seat. The court also confirmed a forfeit of 100 million won.
South Korean film producers and major talent agencies have agreed to cap actors' appearance fees below 10 percent of net production costs for state-backed mid- and low-budget films, aiming to revitalize the struggling industry. The non-binding agreement was signed in Seoul, with officials highlighting it as a step toward sustainability and diversity in Korean cinema.
South Korean stocks tumbled sharply as escalating Middle East tensions and a selloff in technology shares rattled investors. The KOSPI fell more than 6 percent in a volatile session, while the Bank of Korea raised its benchmark interest rate. The U.S. launched fresh strikes on Iran, adding to worries about energy supplies.
The government and the ruling Democratic Party have agreed to expedite the creation of a unified military academy for the Army, Navy, and Air Force in Daejeon, a move aimed at modernizing officer education. The plan has drawn objections from alumni associations and the opposition, while officials argue it is essential for future warfare readiness.
South Korea's finance ministry announced plans to closely monitor sectors with sluggish employment, including manufacturing, amid renewed Middle East tensions. The country added 63,000 jobs in June, rebounding from a May decline, but youth employment and manufacturing remain weak, prompting a comprehensive youth job package expected in the third quarter.
South Korea's government and ruling party have vowed to swiftly establish an integrated military academy, citing defense reform needs. The plan faces opposition from the main opposition party and military academy graduates, who call it 'hasty.'
Na Hong-jin's sci-fi epic 'Hope' has opened strongly in South Korea, topping the weekend box office and surpassing 2 million admissions within five days of release, according to data from the Korean Film Council.
President Donald Trump said his administration will probably cooperate with South Korean and other companies on shipbuilding to reinforce the U.S. Navy, following a request to Seoul to build military vessels. The move comes as Washington seeks to address delays and cost overruns in its own shipbuilding sector.
Coupang Inc. paid $250,000 to lobby the White House, House, and USTR in Q2 via Ballard Partners. The move came as a House Judiciary Committee report and a White House official criticized South Korea's probes into Coupang's data leak as 'discriminatory.'
UNESCO's World Heritage Committee has recommended that Japan take further steps to reflect the 'whole history' of the Sado mine, which includes the wartime mobilization of over 1,500 Korean laborers during Japan's 1910-45 colonial rule. The decision, adopted without amendments, also calls for a follow-up report by December 2027.
Seoul stocks closed more than 6% higher on Wednesday, led by tech heavyweights, after softer U.S. inflation data boosted Wall Street. The KOSPI jumped 427.58 points to 7,284.41, while the Korean won strengthened against the dollar.
Seoul shares closed more than 6% higher on Wednesday, led by technology heavyweights, after cooler-than-expected US inflation data eased rate-hike concerns. The KOSPI settled at 7,284.41, with institutional and foreign investors net buyers, while Middle East tensions remained a backdrop.
South Korean prosecutors raided the Gwangju Metropolitan Police Agency as part of an investigation into allegations that police officers destroyed evidence and leaked information in a high-profile murder case involving the fatal stabbing of a high school student. The lead police investigator faces charges including destroying evidence, and a special police team has referred him to prosecution. The case has drawn scrutiny due to the suspect's father being a serving police officer in the city.