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South Korean stocks closed at an all-time high on May 6 as a semiconductor rally and optimism over a US-Iran peace deal drove the KOSPI up 6.45% to 7,384.56. Samsung Electronics and SK hynix surged, while the Korean won strengthened against the dollar.
The HMM Namu, a Panama-flagged bulk carrier operated by South Korean shipping firm HMM Co., was towed to Dubai on Friday after an explosion and fire in the Strait of Hormuz on Monday. All 24 crew members, including six South Koreans, are safe. The cause remains unclear amid conflicting claims from U.S. officials and South Korean authorities.
South Korea's consumer prices rose 2.6 percent in April, the fastest on-year increase in 21 months, as surging fuel prices drove inflation upward. The Bank of Korea expects further pressure in May, while the finance ministry says temporary price caps on fuel helped limit the rise.
South Korea's anti-corruption agency has indicted a senior judge and a lawyer on bribery charges, alleging the judge accepted cash and benefits in exchange for reduced sentences. The article also examines a separate graft case that exposed procedural gaps in the country's criminal justice system.
President Lee Jae Myung called for a partial, phased constitutional amendment, arguing the current charter is outdated. The National Assembly is set to vote on a ruling party bill that would tighten martial law conditions, though opposition objections may hinder the process.
South Korea's foreign ministry and the Korea National Diplomatic Academy are set to co-host a seminar on Africa's strategic and economic importance, ahead of a ministerial meeting with African counterparts in Seoul next month. Experts highlight Africa's role as a stable supplier of critical minerals and crude oil, as well as emerging logistics hubs, amid global supply chain disruptions.
Coupang Inc. reported a net loss of $266 million in the first quarter, attributing the decline to the fallout from a massive customer data breach. Sales rose 8 percent to $8.5 billion, while the company faces a potential fine from South Korea's data protection regulator.
With South Korea's June 3 local elections approaching, ruling and opposition parties are at odds over a controversial special counsel bill and the long-vacant post of special inspector general for presidential corruption. The ruling DPK seeks to probe alleged prosecutorial overreach by the previous administration, while the PPP warns of judicial manipulation. Meanwhile, President Lee has asked both parties to recommend a candidate for the inspector post, vacant since 2016, but the proposal has sparked criticism that the move may be designed to replace the probe into his own wife and aides.
Samsung Electronics' board chairman has expressed deep concern over the potential economic impact of a planned 18-day strike by unionized workers, warning of damage to competitiveness and customer trust. Chairman Lee Jae-yong has apologized and called for unity, while government officials urge resolution through dialogue, as estimates suggest losses could reach up to 30 trillion won if the strike proceeds.
Former South Korean Prime Minister Lee Hong-koo, a prominent scholar-turned-politician who held key posts including unification minister and ambassador to the United States, died on Tuesday at age 92. The unification ministry expressed condolences, praising his contributions to inter-Korean reconciliation and unification efforts.
Public-run accommodations for foreign tourists in Busan are nearly fully booked ahead of BTS' June concerts, with reservation rates reaching 99.56% for concert dates. The city government has arranged affordable lodging at temples and youth centers, reflecting the high demand from international fans.
An explosion and fire aboard the HMM Namu, a Panama-flagged bulk carrier, in the Strait of Hormuz was extinguished with no injuries among the 24 crew members. The cause remains under investigation, with South Korean officials expecting a multi-day analysis. Iran has denied any military involvement, while U.S. President Trump suggested Tehran had taken shots at the vessel.
The US and Iran exchanged fire over the Strait of Hormuz on Monday, with Washington launching a naval operation to reopen the waterway and Tehran responding with attacks on ships and a UAE port. A fragile ceasefire appeared to be at risk as both sides reported strikes and denied the other's claims.
An explosion and fire aboard a South Korean-operated ship in the Strait of Hormuz has triggered a diplomatic push by U.S. President Donald Trump for Seoul to join the American-led 'Project Freedom' mission. While Trump blames Iran, South Korean authorities are investigating the cause, and Iran has denied involvement.
South Korea's ruling Democratic Party has proposed a special counsel bill to investigate alleged fabricated indictments against President Lee Jae Myung, but has delayed its processing until after local elections. The opposition People Power Party criticizes the bill as unconstitutional and a move to shield the president, while a parliamentary committee has filed complaints against 31 individuals.
South Korea's KOSPI jumped 5.12% to a record high of 6,936.99 on May 4, driven by semiconductor stocks and hopes for U.S.-Iran peace talks. Samsung Electronics and SK hynix led gains, while the Korean won rose sharply. Analysts caution about inflation and debt risks as the market approaches the 7,000-point milestone.
GM Korea reported a 14.7% year-on-year increase in April sales, driven by a 16.4% jump in exports, while domestic sales fell sharply. The company also reaffirmed its commitment to its South Korean operations, dismissing exit rumors and highlighting full-capacity production.
South Korea's special counsel team investigating former President Yoon Suk Yeol's failed martial law bid has inspected a Marine Corps detention facility on Yeonpyeong Island and reported signs of early preparations by a military unit. The team's findings align with earlier arguments that planning began well before the December 2024 declaration.
North Korea's Naegohyang Women's FC traveled to South Korea for an AFC Women's Champions League semifinal, marking the first such visit in over seven years and sparking cautious optimism about inter-Korean relations. However, Pyongyang's state media downplayed the South Korean venue, and subsequent missile launches underscored persistent tensions, leading South Korean officials to temper expectations.
Aderlin Rodriguez, signed as a temporary injury replacement by the Kia Tigers, became the first player in KBO history to hit a home run in each of his first four career games. The 34-year-old slugger, who inked a six-week deal worth US$50,000, has provided an immediate offensive boost while filling in for injured outfielder Harold Castro.