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South Korea's Hanwha Ocean has won a 394.3 billion-won ($264.7 million) deal to build two very large crude carriers for a North American client, with delivery due by March 2030. The shipbuilder's total orders this year now reach $4.61 billion for 27 vessels, including VLCCs, LNG carriers, VLACs and a wind turbine installation vessel.
South Korean stocks extended gains Wednesday morning, with the KOSPI climbing more than 6% to above 7,300, buoyed by a Wall Street rally fueled by cooling U.S. inflation and President Trump's decision to drop a proposed fee on Strait of Hormuz cargo.
Thousands of union members rallied in downtown Seoul to demand businesses negotiate directly with subcontracted workers, a right recently expanded under South Korea's 'yellow envelope act.' The protest also called on the government to address the financial crisis at Homeplus Co.
South Korea's employment rose by 63,000 jobs in June, the first increase in two months, though manufacturing continued to shed jobs. The unemployment rate held at 2.8 percent, while youth employment declined.
President Donald Trump has abandoned his proposal to impose a 20 percent 'reimbursement' fee on cargo shipped through the Strait of Hormuz, instead seeking trade and investment deals with Gulf states. The U.S. naval blockade of Iranian ports has resumed, according to reports from Yonhap News Agency.
President Lee Jae Myung met Britain's Princess Anne in Seoul on Tuesday, expressing that South Koreans had been waiting for her visit. The three-day trip also included a shipyard visit and a meeting with the first lady on child protection.
South Korea's Minimum Wage Commission saw labor and management reduce their gap to just 600 won in negotiations for next year's hourly minimum wage. Labor proposed 11,150 won, management 10,550 won, with a final decision required by mid-July.
President Lee Jae Myung and first lady Kim have sold their only apartment in Seongnam for 2.9 billion won, five months after putting it on the market. Records show ownership transferred before the full price was paid, with the president effectively financing the buyers via a mortgage lien. Cheong Wa Dae said the sale reflects Lee's commitment to real estate normalization.
A special counsel team has asked South Korea's Supreme Court to delay its ruling on former first lady Kim Keon Hee's charges of receiving free opinion polls, following the conviction of her husband, former President Yoon Suk Yeol, on similar charges. The court has postponed the sentencing hearing to next week.
Seoul shares closed higher Tuesday, led by a rebound in technology heavyweights, despite ongoing concerns over Middle East tensions and AI sector uncertainty. The KOSPI rose 0.73% to 6,856.83, while the Korean won strengthened. Bond yields climbed as prices fell.
Princess Anne visited the United Nations Memorial Cemetery in Busan to honor British and Commonwealth service members killed in the Korean War, marking the 75th anniversary of the Battles of Imjin River and Gapyeong. She laid a wreath, met with South Korean veterans, and is scheduled to pay a courtesy call on President Lee Jae Myung.
China's fourth-ranking official, Wang Huning, will travel to North Korea this week for an official goodwill visit, following a recent meeting between Chinese President Xi Jinping and North Korean Premier Pak Thae-song. The visit underscores continued high-level diplomatic engagement between Beijing and Pyongyang.
South Korea's government has lifted its 2026 growth forecast to 3 percent, citing a semiconductor supercycle and easing Middle East tensions, while international bodies like the IMF and ADB project 2.6 percent. The government also outlined plans to boost exports, income, and infrastructure investment.
Na Hong-jin's sci-fi epic 'Hope' tops the South Korean box office with over 3.4 million admissions, after competing at Cannes and securing a Toronto International Film Festival screening. The film, one of the most expensive in Korean cinema, comes amid an industry grappling with declining moviegoers and rising costs.
Yonhap reports that North Korean state media called for thorough preparations against heavy rainfall, first during the annual monsoon season and then as Typhoon Bavi affected the region. The North’s weather agency issued warnings for up to 200 mm of rain and strong winds through mid-July.
South Korea's benchmark KOSPI opened lower on Tuesday, tracking Wall Street losses, as investors weighed heightened Middle East uncertainty and AI sector concerns. The index fell in early trading, with tech heavyweights like SK hynix and Samsung Electronics under pressure, while the Korean won ticked up slightly against the dollar.
Recent satellite imagery and reports indicate North Korea has been reinforcing its side of the Demilitarized Zone with new fences, anti-tank barriers, and minefields, prompting concern from South Korea's Defense Ministry and the UN Command. Analysts suggest the moves are part of a broader effort to test boundaries, emboldened by Pyongyang's alliance with Moscow.
A South Korean court on Monday sentenced former President Yoon Suk-yeol to two years in prison for illegally receiving opinion polling services worth 270 million won and violating political funding laws. In a separate case, he received 18 months suspended for three years for false statements during his 2022 campaign. Yoon plans to appeal both verdicts.
Seoul shares tumbled 9% on Monday as investors dumped technology stocks, triggered by Middle East tensions and profit-taking. The KOSPI fell 669 points to 6,806.93, with a circuit breaker halting trading temporarily. The won weakened against the dollar.
South Korean stocks fell sharply on Monday, with the KOSPI dropping 9 percent amid Middle East tensions and profit-taking in technology stocks. The won weakened against the dollar, and trading was briefly halted after a circuit breaker was triggered.