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South Korean stocks fell sharply in late morning trading on Wednesday, extending losses amid escalating tensions between the United States and Iran and a technology-sector slump. The KOSPI was trading more than 3 percent lower by 11:20 a.m., with major tech shares leading the decline. Overnight losses on Wall Street, driven by concerns over AI stock valuations, added to the market's downward pressure.
BTS's album 'Arirang' continues its impressive run on the Billboard 200, returning to the top 10 in its 13th week with 34,000 album units. The album, which made history as the first K-pop act to spend three weeks at No. 1, also saw its lead single 'Swim' chart on the Hot 100. Meanwhile, other K-pop acts like aespa and &TEAM also made notable chart appearances.
South Korea's finance minister announced plans to review income tax cuts for young workers at SMEs, with potential extra benefits for those outside the greater Seoul area. Meanwhile, financial authorities stressed using expected tax revenue gains for future-oriented investment and addressing economic disparities.
South Korean Defense Minister Ahn Gyu-back has called for a comprehensive military overhaul by 2040, emphasizing AI integration and manned-unmanned teaming to address future warfare challenges and a shrinking pool of eligible recruits. The plan includes maintaining troop levels at 500,000 while increasing the proportion of officers and expanding outsourcing in non-combat roles.
A South Korean court has ordered the preservation of evidence related to ballot shortages that disrupted local elections in Seoul, as protests continue for a sixth day. The order covers ballot boxes and communications from election officials, though a key container remains missing.
South Korea's defense ministry is investigating the Korea War Memorial Organization after a promotional poster and teacher training itinerary appeared to endorse China's narrative of the 1950-53 Korean War. The agency has removed the materials, and the program has been canceled as officials face scrutiny over the incident.
South Korean stocks rebounded sharply on Tuesday, with the KOSPI closing up 8.18 percent, its largest daily gain ever, as investors regained confidence in AI-related sectors and welcomed a ceasefire between Israel and Iran. The Korean won also strengthened against the dollar.
South Korea's foreign ministry reiterated its commitment to denuclearizing North Korea after a summit between Kim Jong-un and Xi Jinping that made no public mention of nuclear programs. Seoul is also closely watching Xi's call for expanded military cooperation, noting the unprecedented inclusion of China's defense minister in the delegation.
Samsung Electronics announced plans to transform its work processes and corporate culture by integrating artificial intelligence across its business. The company will introduce external generative AI services like ChatGPT and Gemini, with executives leading the initiative and around 2,000 executives expected to attend training.
The sixth meeting of the Nuclear Consultative Group (NCG) took place in Seoul on Thursday, with South Korea and the US reaffirming their shared goal of denuclearizing North Korea and strengthening extended deterrence. The allies also discussed enhancing nuclear deterrence and readiness posture amid North Korea's evolving nuclear and missile capabilities.
Demonstrators in Seoul continued for a fifth day to demand a re-run of last week's local elections, protesting ballot shortages that disrupted voting at dozens of polling stations. The protests have paralyzed sports federations based at the counting site, prompting the national Olympic body to urge government intervention. Police have escalated an investigation into the shortages, while the election commission's leadership has resigned.
President Lee Jae Myung has returned to Seoul after a 10-day trip to Europe that included visits to Belgium, Italy, and the Vatican, and attendance at the G7 summit in France. He is set to brief foreign ambassadors and the press on the trip's outcomes, which included agreements with Italy and discussions on inter-Korean peace with Pope Leo XIV.
South Korea's stock exchange activated a buy-side sidecar as the KOSPI spiked on optimism over a potential U.S.-Iran deal. The surge, driven by tech stocks and AI sentiment, marks continued volatility in the market, with sidecar triggers this year reaching levels not seen since the 2008 financial crisis.
South Korea will commemorate the centennial of the June 10 independence movement with a ceremony in Seoul and posthumous honors for 13 participants, according to the veterans ministry and Yonhap reports.
South Korean President Lee Jae Myung has embarked on a 10-day trip to Europe, which includes attending the G7 summit in France and visits to Belgium, Italy, and the Vatican. In Belgium, he and Prime Minister Bart De Wever agreed to expand investment in strategic industries and signed an MOU on SME cooperation.
South Korea's economy expanded 1.8% in the first quarter, the fastest quarterly growth in over five years, according to revised Bank of Korea data. Exports and facility investment led the surge, boosted by strong global demand for semiconductors. The central bank hinted at a possible upward revision to its annual growth forecast.
North Korean leader Kim Jong-un and Chinese President Xi Jinping agreed to expand cooperation and strengthen strategic coordination during Xi's first visit to Pyongyang in seven years. While both sides hailed a new chapter in ties, analysts noted the absence of any public mention of North Korea's nuclear program, suggesting a shift in China's priorities.
Nvidia CEO Jensen Huang met with South Korea's Science Minister and business leaders during a five-day visit, discussing physical AI, AI factories, and partnerships in memory, mobility, and data centers. The visit produced agreements with SK hynix, Hyundai Motor Group, and Naver, highlighting deepening AI cooperation.
South Korea's top court chief accepted the resignation of National Election Commission chief Roh Tae-ak after ballot shortages disrupted voting in June 3 local elections. Shortages affected over a dozen polling stations in Seoul, with voting temporarily suspended in 26 stations.
SK hynix has ordered HBM production equipment from Hanmi Semiconductor in a deal worth 44.2 billion won, reportedly to expand output for Nvidia. The company also began shipping samples of its 12-layer HBM4E chip to major customers, claiming over 20% power efficiency gains.