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South Korea has formally objected to the U.S. Trade Representative's proposed 12.5 percent tariff on South Korean goods over forced labor concerns, calling it unwarranted and disproportionate. Both the South Korean Embassy and the Korea International Trade Association have submitted comments requesting revision or deferral, citing Seoul's strong legal framework against forced labor.
South Korea's special counsel team indicted former Joint Chiefs of Staff Chairman Kim Myung-soo over his alleged role in the 2024 martial law declaration, and separately sought an arrest warrant for former Principal Deputy National Security Adviser Kim Tae-hyo. Both developments are part of the investigation into former President Yoon Suk Yeol's short-lived martial law imposition.
South Korea's Minimum Wage Commission has finalized next year's hourly minimum wage at 10,700 won, a 3.7% increase from this year. The decision came after labor and management representatives narrowed their gap through multiple revised proposals, with the commission ultimately voting on the management-side proposal. A business lobby group expressed regret over the increase, citing hardships for small businesses.
Pai Chai High School's baseball team faces a six-month suspension after players made insensitive chants linked to a controversial Starbucks promotion. The school has appealed, with support from both its own alumni and the opposing Gwangju Jeil school's faculty and alumni association.
Seoul shares fell nearly 5 percent on Tuesday, led by technology stocks after Samsung Electronics released its preliminary Q2 earnings estimate. The KOSPI closed down 395.02 points at 7,656.31, with foreign and institutional selling, while the Korean won weakened. Samsung Electronics and SK hynix led declines, while Hanwha Ocean plunged on a failed Canadian submarine contract bid.
As South Korea hosts its first UNESCO World Heritage Committee session, the country is staging a series of heritage events in Busan, including the sailing of a replica Joseon-era diplomatic ship, a national pavilion with exhibitions, and public demonstrations by master artisans of traditional crafts like 'gat' hat-making.
South Korea's weather agency forecasts monsoon rains to drench the nation starting Wednesday, with heavy downpours expected in central and southwestern regions. Rainfall amounts could reach 80-150 mm in some areas, with strong winds and thunderstorms also possible.
South Korea's revised Information and Communications Network Act has come into effect, introducing punitive damages for major online information producers and new obligations for large platforms. The move has drawn concern from the United States, while Seoul insists the law does not discriminate against foreign firms.
North Korea has issued commemorative stamps marking the 65th anniversary of its mutual defense treaty with China and Xi Jinping's recent Pyongyang visit. Premier Pak Thae-song is set to visit China for anniversary events, as both countries move to deepen bilateral ties.
Prosecutors in South Korea raided a Gwangju police station over alleged leaks and evidence tampering in a high-profile murder case. The investigation has sparked public outrage and renewed debates over police powers and prosecutorial oversight.
South Korean President Lee Jae Myung expressed disappointment after Canada chose Germany's Thyssenkrupp Marine Systems for a major submarine project, but said the bid proved South Korea's potential. The leaders also agreed to continue cooperation in defense and critical minerals.
South Korean stocks fell sharply on Tuesday as investors locked in profits following Samsung Electronics' better-than-expected second-quarter earnings estimate, with technology shares leading the decline. The KOSPI dropped as much as 5.39% by late morning, weighed down by heavy foreign selling and a failed submarine bid by a consortium including Hanwha Ocean.
Samsung Electronics estimated its second-quarter operating profit at 89.4 trillion won, up 1,181% from a year earlier, driven by AI semiconductor demand. The figure, which exceeds market forecasts, includes provisions for employee bonuses; excluding those, profit is estimated at around 100 trillion won.
South Korean President Lee Jae Myung has departed for Turkey to attend the NATO summit, where he will meet with alliance leaders and participate in a defense industry forum. Following the summit, he will make a state visit to Mongolia, declaring a 'golden era' in bilateral relations.
Canada selected Germany's Thyssenkrupp Marine Systems (TKMS) as the preferred bidder for its patrol submarine project, which involves up to 12 diesel-electric submarines. South Korea's Hanwha Ocean-led consortium was named as the 'reserve supplier.' Analysts see the outcome as a test of whether geopolitics outweighs commercial competitiveness.
Seoul shares closed lower Monday as foreign and institutional investors sold local stocks ahead of major companies' second-quarter earnings, while the Korean won weakened against the dollar. The KOSPI fell 0.46% to 8,051.33, with individual investors stepping in as net buyers.
South Korea selected a military airport in Gwangju as the site for a government-led semiconductor production cluster, following a meeting between officials and chipmakers Samsung Electronics and SK hynix. The project, part of the 'three megaprojects' initiative, involves a combined investment pledge of 800 trillion won (US$522 billion), with monthly progress reviews by the president.
Chung Mong-gyu resigned as KFA president on Monday, two weeks before the World Cup's end, after South Korea's early elimination. He steps down amid criticism of his hiring of the coach and a government audit, with a vice president set to take over temporarily.
South Korean prosecutors have indicted four major domestic refiners—HD Hyundai Oilbank, SK Energy, GS Caltex, and S-Oil—for allegedly colluding to raise petroleum prices after the U.S.-Iran war, undermining market competition by about 26 trillion won. The companies also face charges of unfair contracts with independent gas stations and evidence destruction.
KT Corp. announced plans to invest around 18 trillion won ($11.8 billion) to become an AI-focused platform company, with major allocations for cybersecurity, AI data centers, and submarine cables. CEO Park Yoon-young outlined the strategy at a press conference, including expansion into Southeast Asia and a 2030 global revenue target of 1 trillion won.