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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.
Bayern Munich defeated Jeju SK FC 2-1 in a preseason friendly in South Korea, with teenagers Felipe Chavez and Bastian Assomo scoring for the German champions. Coach Vincent Kompany praised the intensity and energy of the match.
U.S. Treasury Secretary Scott Bessent said the South Korean won has seen excess volatility and emphasized the importance of a stable yen for the entire region, following a rare joint intervention by Washington and Tokyo to support the Japanese currency. He also linked an overly weak yen to the 1990s Asian financial crisis.
Team K League head coach Chung Jung-yong says his All-Star squad will not back down defensively against Manchester City in Wednesday's friendly at Seoul World Cup Stadium. The match is part of the Coupang Play Series, with the English Premier League side also scheduled to face Atletico Madrid later in the week.
South Korea's president has declared a record-breaking heatwave a national disaster, with temperatures hitting a 122-year high. Reports from multiple outlets indicate at least 16 to 21 deaths and thousands of heat-related illnesses, while a Tokyo zoo reports lion deaths.
South Korean stocks closed higher Tuesday, recovering from the previous session's sharp plunge, as retail investors bought the dip amid lingering concerns over AI investments and Middle East tensions. The KOSPI gained 1.62 percent, while the Korean won weakened against the dollar.
South Korea's main opposition People Power Party has intensified its criticism of a recently passed bill that abolishes the prosecution's direct investigative powers, urging President Lee Jae Myung to veto it. The party warns the legislation weakens victim protection and benefits criminals, while the president faces questions over remarks suggesting he had not read the law.
Michelle Park Steel, the new U.S. ambassador to South Korea, officially began her duties by submitting credentials to the foreign ministry and meeting with Foreign Minister Cho Hyun. The two discussed strengthening bilateral relations amid pending issues such as tensions over Coupang's data breach and Seoul's investment pledges. National Security Adviser Wi Sung-lac also met with Steel for the first time.
The Korea Baseball Organization has canceled all 10 games scheduled for Wednesday and Thursday due to extreme heat, following earlier cancellations and an emergency board meeting to consider new heat rules. At least 25 fans were treated for heat-related illness at a game in Incheon.
President Lee Jae Myung defended a legal revision that abolishes prosecutors' direct investigative authority, calling it the start of judicial normalization. The Cabinet approved the bill, which the National Assembly had passed, despite opposition calls for a veto. Lee also addressed potential unintended consequences and ordered protections for workers in extreme heat.
Seoul issued its highest-level heat wave warning for the first time as temperatures are expected to reach 38 C. The alert covers all of the city, with authorities responding by opening shelters and restricting outdoor work.
South Korea's National Police Agency announced measures to ensure fair investigations ahead of the Criminal Procedure Act revision taking effect, which transfers direct investigation authority from prosecutors to police. President Lee Jae Myung defended the change as 'the beginning of judicial normalization,' while the opposition party urged a veto.
South Korean actor Kim Soo-hyun is set to meet fans in Manila in October, marking his return to public activities after police dropped an underage dating charge against him due to lack of evidence. The charge originated from accusations by the family of late actress Kim Sae-ron, and a YouTuber who raised the allegations has been arrested for defamation.
Seoul shares opened higher on Tuesday, tracking overnight gains on Wall Street amid lingering Middle East uncertainty and an AI-driven rally. The KOSPI opened 1.5 percent higher, though large-cap stocks were mixed.
South Korea's consumer prices rose 2.8 percent in July from a year earlier, slowing from the previous two months as oil price gains moderated. Diesel and gasoline prices remained high, while core inflation also advanced 2.6 percent.
South Korea's finance ministry has proposed tax code revisions that aim to reduce tax benefits for expensive properties, revamp the comprehensive real estate holding tax, and extend support to domestic producers of critical supply chain items. The plan, announced on Monday, also seeks to bolster growth potential, improve livelihoods for low- and middle-income households, and pursue a fairer tax system.
South Korea is in the grip of an unprecedented heat wave, with temperatures exceeding 40°C in Seoul and other regions, setting new records and prompting health emergencies. The Korea Meteorological Administration attributes the prolonged heat to overlapping high-pressure systems and strong sunlight, while scientists link such extreme weather to human-induced climate change.
The South Korean won weakened against the U.S. dollar on Monday and Tuesday, as foreign investors remained net sellers of local stocks. The won closed at 1,429.8 won per dollar on Monday and 1,432.5 won on Tuesday, while the KOSPI fell 5.12% on Monday before rebounding 1.62% on Tuesday.
Seoul stocks plunged more than 5 percent on Monday as investors locked in profits from a record surge in semiconductor shares. The KOSPI fell 338 points to 6,257.45, with foreign and institutional investors leading the sell-off.
A South Korean military official said a U.S. drone flight over the inter-Korean border area last week was the result of a communication error between working-level personnel. The incident, which nearly led to a shoot-down, followed a similar mishap involving the same unit, prompting an opposition lawmaker to call for the defense minister's resignation.