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South Korean government officials are divided over how to handle the booming semiconductor industry's profits, with the industry minister calling for reinvestment to boost global competitiveness, while labor and policy officials propose redistributing gains through wages and citizen dividends. The debate comes amid labor-management conflict at Samsung Electronics over bonuses, even as the company forecasts record profits.
South Korea's finance minister announced plans to supply 90,000 rental housing units for young people in the greater Seoul area by 2027 and to speed up construction timelines to address property market volatility. The measures include expanding non-apartment housing and adopting modular construction methods.
Defense Minister Ahn Gyu-back confirmed discussions on a Japan-proposed military logistics agreement during the Shangri-La Dialogue, while emphasizing Seoul's cautious approach. Analysts suggest the pact could strengthen regional deterrence but face domestic and diplomatic hurdles.
Korea Football Association President Chung Mong-gyu has announced he will resign after the 2026 FIFA World Cup, ending his 13-year tenure. The decision comes amid pressure over the hiring of head coach Hong Myung-bo and follows a government audit. Hong said he was surprised by the announcement, which came just days before South Korea's opening match.
South Korean stocks rallied on Friday after reports that the United States and Iran agreed to extend their ceasefire for 60 days, with the KOSPI gaining over 2 percent. Wall Street also posted record highs, and tech and consumer stocks led gains in Seoul, while defense firms declined.
South Korea's industrial output, retail sales, and facility investment all declined in April, according to data from the Ministry of Data and Statistics. While the government attributes the drop to base effects and Middle East tensions, analysts point to lingering concerns over consumption and concentration risks in the semiconductor sector.
South Korean banks saw their bad-loan ratio rise in the first quarter as write-offs fell, while combined net profit slipped on weaker non-interest income. Separate data showed overseas operations earned slightly more income, and asset quality for loans held abroad improved.
Foreign investors continued to offload Korean stocks in April, but at a significantly reduced pace compared to March, according to data from the Financial Supervisory Service. Meanwhile, they increased bond purchases. The trend extended into May with record KOSPI selling, though foreign investors also poured record funds into KOSDAQ.
President Lee Jae Myung has ordered a prompt investigation and stern punishment for those responsible for recent safety incidents, including the collapse of the Seosomun Overpass in Seoul which killed three workers. The labor ministry has conditionally approved resuming demolition work, contingent on additional safety measures.
South Korean Trade Minister Yeo Han-koo has escalated efforts to address concerns over the European Union's planned steel safeguard measures, raising the issue in parliament, at the European Commission, and in bilateral talks. The EU's new system, set to take effect on July 1, would significantly reduce the volume of tariff-free steel South Korea can export to the bloc.
South Korean stocks fell on Thursday, breaking a four-day run of gains, as profit-taking in AI-related shares combined with renewed tensions between the United States and Iran. The KOSPI closed down 0.53 percent at 8,185.29, with heavy trading volume and active foreign and institutional selling.
South Korea is intensifying efforts to secure Canada's multi-billion-dollar submarine project, highlighting its manufacturing edge and offering additional industrial partnerships, including a hydrogen-powered truck initiative. Canada is expected to announce the preferred bidder later this month, with Germany's Thyssenkrupp Marine Systems as the main competitor.
South Korea has announced it will ease oil stockpiling requirements for private refiners from 40 days to 20 days, a move said to be part of its commitment to the IEA's collective oil release plan. The government has also extended its crude oil swap system with private firms until end of June, with officials stating that oil supplies for August are expected to be sufficient.
North Korea has denounced the Quad's joint statement reaffirming commitment to its complete denuclearization, vowing never to abandon its nuclear arsenal. The statement followed the Quad foreign ministers' meeting in New Delhi, which also addressed North Korea's recent missile launches and maritime security initiatives.
As BTS prepares for two concerts in Busan, South Korean officials have pledged stern measures against price gouging and other illicit practices targeting tourists. President Lee Jae Myung warned that overcharging could tarnish the city's image, while the government plans inspections and alternative accommodations.
Dividend payouts by South Korean listed firms rose about 17 percent in 2025 to 37.7 trillion won, data showed. Separately, the government received a record 2.79 trillion won in dividends from state-invested companies.
South Korea's Financial Services Commission announced plans to set up an AI-based insurance fraud prevention system this year, citing 1.15 trillion won in detected fraud last year but warning the true figure could reach 9 trillion won. The regulator also outlined measures to strengthen cooperation against online phishing, including upgrading fraud detection systems, swiftly freezing suspect accounts, and launching voice phishing insurance products, while noting that an existing AI platform has already prevented billions in losses.
South Korea's central bank has lifted its 2026 economic growth forecast to 2.6 percent, up 0.6 percentage points, citing robust semiconductor exports. The bank also raised its inflation outlook to 2.7 percent, while highlighting uncertainties from Middle East tensions and a weak won.
South Korean Foreign Minister Cho Hyun and National Security Adviser Wi Sung-lac met with Singaporean Foreign Minister Vivian Balakrishnan in Seoul, asking for Singapore's support in creating conditions for dialogue with North Korea. Balakrishnan's visit followed stops in China and North Korea, where he met with North Korean Foreign Minister Choe Son-hui. Officials expressed hope for gradual engagement despite current frosty inter-Korean relations.
Oil prices rose on Thursday while Asian stocks mostly fell as fresh US strikes on Iran tested a shaky ceasefire. Brent crude climbed to $95.95 a barrel, while Iran's state media reported it fired at ships in the Strait of Hormuz and Kuwait said its air defenses responded to attacks.