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South Korea's Samsung Heavy Industries has announced two significant contracts for LNG-related vessels: a deal to build two LNG carriers for an Oceania-based client worth approximately $504 million, and a separate agreement to construct an LNG floating storage regasification unit for an Asian client valued at around $329 million. The shipbuilder has reported strong order momentum this year, securing multiple deals across different vessel types.
South Korea and Pakistan have begun the first round of Comprehensive Economic Partnership Agreement (CEPA) negotiations, aiming to expand bilateral trade and investment. The talks, conducted virtually over four days, cover economic cooperation, investment, intellectual property, and trade remedies. Bilateral trade currently stands at about $1.57 billion.
A South Korean court issued an arrest warrant for a man surnamed Choi, accused of smuggling and distributing illegal drugs worth 10 billion won since 2019. Choi, repatriated from Thailand, denies ties to drug kingpin Park Wang-yeol, who was extradited from the Philippines in March. The case highlights international cooperation in combating transnational drug trafficking.
Unionized workers at Samsung Biologics have ended a five-day strike and resumed work, but they plan to continue their protest through a work-to-rule campaign. Both sides are set to resume negotiations on Monday, with the company proposing a 6.2 percent pay increase and the union demanding 14 percent.
South Korea's CAS500-2 Earth-observation satellite has successfully entered low-Earth orbit following a SpaceX Falcon 9 launch from California. The satellite, delayed from a 2022 launch due to the war in Ukraine, will be used for disaster monitoring and agricultural observation.
North Korea has rejected US accusations of cyber threats, calling them 'absurd slander' aimed at justifying Washington's hostile policy. The denial follows US sanctions and legal actions against individuals linked to North Korean IT worker schemes, which officials say continue to fund weapons programs.
North Korean leader Kim Jong-un has called for a greater role of young people in party affairs, while state media reported plans to deploy new long-range artillery near the border with South Korea. The announcements come amid ongoing tensions and diplomatic exchanges.
The People Power Party has completed its candidate lineup for South Korea's June 3 local elections, nominating Supreme Council member Yang Hyang-ja for Gyeonggi Province governor and Rep. Choo Kyung-ho for Daegu mayor. Yang will face Democratic Party Rep. Choo Mi-ae, while Choo takes on former Prime Minister Kim Boo-kyum.
Unionized workers at Samsung Biologics continue a five-day strike, the first since the company's founding, demanding higher wages and bonuses. Management warns of significant financial losses, while negotiations remain deadlocked.
Workers worldwide mark International Labour Day with rallies demanding peace, higher wages, and better working conditions, as the Iran war and rising energy prices strain economies. Unions call for solidarity and action against extreme wealth, while regions like Cuba and the Philippines highlight local struggles.
South Korea's antitrust regulator has designated Coupang Chairman Kim Bom-suk as the company's controlling shareholder, ending a period of ambiguous corporate control. The decision, based on his brother's managerial influence, has drawn criticism from Coupang and some U.S. lawmakers, raising concerns about trade friction between Seoul and Washington.
Australia has confirmed it is in discussions with the US over a proposal to form an international coalition to reopen the Strait of Hormuz. Foreign Minister Penny Wong says Australia is engaging with partners including the UK, France, and the US, while reports indicate Australia may contribute its E-7A Wedgetail aircraft to a related mission.
A report by the Transitional Justice Working Group documents a sharp rise in executions and death sentences in North Korea after the country closed its borders in January 2020, with cultural and political offenses overtaking murder as the most common capital crimes.
A Pentagon official declined to comment on potential changes to U.S. forces in South Korea but stressed Washington's 'unwavering' defense commitment, as Seoul said no discussions are underway on reducing the 28,500-strong USFK. The remarks follow President Trump's announcement that the U.S. is weighing a troop reduction in Germany.
LG Energy Solution reported a first-quarter net loss of 944 billion won amid slowing global EV battery demand, while parent LG Chem also swung to a loss. The company is pivoting toward energy storage systems and secured a major battery supply contract.
President Lee Jae Myung cautioned that excessive labor demands could harm unions and other workers, as Samsung's major union threatens an 18-day strike. Meanwhile, a cargo union and BGF Logis resolved a 10-day conflict with a new collective agreement.
Finance Minister Koo Yun-cheol participated in ASEAN+3 and ADB meetings in Samarkand, urging regional cooperation amid Middle East conflict, and held bilateral talks with Uzbek President and Japanese counterpart.
South Korea's ruling Democratic Party has nominated former presidential AI secretary Ha Jung-woo and former spokesperson Jeon Eun-soo as candidates in the June 3 parliamentary by-elections. Ha will run in the closely watched Busan Buk-A constituency, where a three-way race is expected. The opposition has criticized Ha's resignation, accusing the party of prioritizing politics over policy.
Seoul stocks fell more than 1 percent on Thursday, ending a three-day winning streak, as investors locked in gains following a sharp rise in oil prices and lingering Middle East tensions. The KOSPI closed at 6,598.87, down 92.03 points, after touching a fresh all-time high earlier in the session.
A fire at a 20-story apartment building in Uiwang, South Korea, on Thursday killed two people and injured six others, according to Yonhap News. Authorities discovered a suspected suicide note at the scene, and the cause of the blaze is under investigation.