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South Korea's Trade Minister Kim Jung-kwan said the US is expected to announce the results of a Section 301 investigation into excess industrial capacity by end of August. He emphasized efforts to keep tariffs within the 15% ceiling agreed under the Korea-US trade deal and called for flexibility in workweek rules for special economic zones.
Police in South Korea have requested arrest warrants for four student activists accused of trespassing on a U.S. air base. The activists, members of a progressive student union, allegedly infiltrated the Osan Air Base in Pyeongtaek, chanting anti-U.S. slogans. The incident has drawn attention due to the group's objections to U.S. military involvement in a semiconductor cluster project and a recent chemical leak at the base.
South Korea's Unification Minister Chung Dong-young has defended his ministry's push for peaceful coexistence with North Korea after President Lee Jae Myung urged caution. The initiative includes dropping the 'main enemy' label and using North Korea's official name, but has faced skepticism from the foreign minister and concerns about being too dovish.
Samsung Electronics will launch its new Galaxy Z foldable smartphone lineup, including the Galaxy Z Fold 8, Fold 8 Ultra, and Flip 8, in South Korea on Friday. Preorders for the series reached a record 1.44 million units, surpassing the previous record set by the Galaxy Note 10 in 2019. The devices are powered by Alphabet's Gemini AI and will roll out to more than 100 countries.
The Lee Jae Myung administration has announced a tax reform package that raises holding and transaction taxes on high-priced single-home owners, sparking criticism that it punishes a group previously not treated as speculators. The plan also adjusts the comprehensive real estate tax threshold and other key parameters.
In a preseason friendly at Seoul World Cup Stadium, Manchester City defeated Team K League 3-1, with all goals coming in the first half. Despite missing stars Rodri and Haaland, Man City dominated early, but reserve goalkeeper Gu Sung-yun made several key saves in the second half to keep the score respectable. Gu expressed his delight at facing world-class players, while coach Chung Jung-yong praised his performance.
New Manchester City head coach Enzo Maresca praised his players' effort after a 3-1 preseason victory over Team K League in Seoul, marking his first win with the club. The match, played under a heat wave warning and without key stars Rodri and Haaland, drew an announced crowd of 28,306.
President Lee Jae Myung emphasized the need to address public concerns about police investigative capabilities following a legal revision that abolished prosecutors' authority to conduct investigations. The revision, pushed by the ruling Democratic Party, leaves investigative authority solely with the police, prompting worries about the quality and trustworthiness of investigations. Justice Minister Jung Sung-ho echoed these concerns, noting potential implications for case referrals.
Seoul shares jumped more than 3.5 percent Wednesday, buoyed by easing concerns over AI investments and hopes for a US-Iran interim agreement on the Strait of Hormuz. The KOSPI closed up 3.76 percent, with foreigners net buyers, while US markets also advanced overnight.
South Korean President Lee Jae Myung has planned several sessions on real estate, including a public discussion, an emergency meeting, and a closed-door session this week focused on housing supply, Yonhap reported.
Foreign Minister Cho Hyun outlined plans to enhance South Korea's defense and nuclear capabilities, including securing conditions for nuclear-powered submarines and uranium enrichment, in a policy briefing to President Lee Jae Myung. He also emphasized strengthening the U.S. alliance and diplomatic outreach to G7, NATO, and ASEAN.
Kim Yo Jong, sister of North Korean leader Kim Jong Un, issued a military threat in response to Japan's test-firing of a US-made Tomahawk cruise missile, accusing Tokyo of abandoning its defensive posture. The statement, carried by state media KCNA, also criticized US support for Japan's military buildup and condemned security cooperation among the US, South Korea, and Japan.
The U.S. House has passed its fiscal 2027 National Defense Authorization Act with a provision barring the use of funds to cut U.S. Forces Korea troop levels below 28,500. The White House, through its Office of Management and Budget, has objected, saying the provision limits presidential decision-making authority.
South Korea's state weather agency issued additional serious heat wave warnings in the greater Seoul area, placing 43 percent of the region under the highest alert level. The move comes as the temperatures soar to record highs, with 2,221 heat-related hospitalizations and 19 fatalities reported since May 15.
A minority shareholder rights group has filed complaints against the labor minister and the CEOs of Samsung Electronics and SK hynix over wage agreements that tie performance bonuses to operating profits. The group argues such bonuses should not be subject to collective bargaining and accuses the executives of breach of trust. The cases against the CEOs have been assigned to a regional police agency.
North Korea has warned it will pursue additional military options in response to Japan's expanding defense capabilities, with Kim Yo-jong accusing Tokyo of reviving the ambitions of a 'war criminal state.' The statement, issued through state media, cites Japan's Tomahawk missile test and participation in U.S.-led drills as evidence of military expansion.
US stock markets surged to record highs on Monday and Tuesday, driven by strong corporate earnings and hopes for a deal to reopen the Strait of Hormuz. Oil prices fell sharply, while US and Iranian officials offered conflicting signals on the status of negotiations.
Police raided Starbucks Korea's headquarters in Seoul on Wednesday over allegations of defamation linked to a promotional campaign critics say evoked the 1980 Gwangju pro-democracy uprising. The raid follows a complaint filed by a civic group against Shinsegae Group Chairman Chung Yong-jin, and investigators are examining whether company officials intended to insult the movement's victims.
South Korean stocks opened sharply higher Wednesday, surging over 3.7 percent as easing concerns about artificial intelligence profitability and hopes for a US-Iran agreement over the Strait of Hormuz lifted investor sentiment. The KOSPI rallied after a volatile week of trading, with the Korea Exchange activating a buy-side sidecar.
South Korean e-commerce giant Coupang reported a net loss of 865 billion won ($570 million) in Q2, reversing a year-earlier profit, after a record fine over a massive data breach. Despite the setback, sales rose 4% and the company expects further growth in the third quarter.