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South Korean President Lee Jae Myung expressed disappointment after Canada chose Germany's Thyssenkrupp Marine Systems for a major submarine project, but said the bid proved South Korea's potential. The leaders also agreed to continue cooperation in defense and critical minerals.
South Korean stocks fell sharply on Tuesday as investors locked in profits following Samsung Electronics' better-than-expected second-quarter earnings estimate, with technology shares leading the decline. The KOSPI dropped as much as 5.39% by late morning, weighed down by heavy foreign selling and a failed submarine bid by a consortium including Hanwha Ocean.
Samsung Electronics estimated its second-quarter operating profit at 89.4 trillion won, up 1,181% from a year earlier, driven by AI semiconductor demand. The figure, which exceeds market forecasts, includes provisions for employee bonuses; excluding those, profit is estimated at around 100 trillion won.
South Korean President Lee Jae Myung has departed for Turkey to attend the NATO summit, where he will meet with alliance leaders and participate in a defense industry forum. Following the summit, he will make a state visit to Mongolia, declaring a 'golden era' in bilateral relations.
Canada selected Germany's Thyssenkrupp Marine Systems (TKMS) as the preferred bidder for its patrol submarine project, which involves up to 12 diesel-electric submarines. South Korea's Hanwha Ocean-led consortium was named as the 'reserve supplier.' Analysts see the outcome as a test of whether geopolitics outweighs commercial competitiveness.
Germany's federal cabinet has approved the 2027 draft budget, featuring €555.4 billion in spending and over €200 billion in new borrowing, with a significant boost for defense. In a separate development, reports indicate Canada has selected German shipbuilder TKMS for a submarine deal.
Ocado co-founder Tim Steiner will step down as chief executive in 2028 and remain in a founder role for another year. The announcement follows shareholder unrest and a decline in the company's share price, with reports of boardroom tensions and succession planning.
Seoul shares closed lower Monday as foreign and institutional investors sold local stocks ahead of major companies' second-quarter earnings, while the Korean won weakened against the dollar. The KOSPI fell 0.46% to 8,051.33, with individual investors stepping in as net buyers.
England survived a nerve-racking encounter at the Azteca Stadium, beating co-hosts Mexico 3-2 to reach the World Cup quarterfinals. Jude Bellingham scored twice and Harry Kane added a penalty, while 10-man England held on after Mexico fought back.
Chung Mong-gyu resigned as KFA president on Monday, two weeks before the World Cup's end, after South Korea's early elimination. He steps down amid criticism of his hiring of the coach and a government audit, with a vice president set to take over temporarily.
South Korean prosecutors have indicted four major domestic refiners—HD Hyundai Oilbank, SK Energy, GS Caltex, and S-Oil—for allegedly colluding to raise petroleum prices after the U.S.-Iran war, undermining market competition by about 26 trillion won. The companies also face charges of unfair contracts with independent gas stations and evidence destruction.
KT Corp. announced plans to invest around 18 trillion won ($11.8 billion) to become an AI-focused platform company, with major allocations for cybersecurity, AI data centers, and submarine cables. CEO Park Yoon-young outlined the strategy at a press conference, including expansion into Southeast Asia and a 2030 global revenue target of 1 trillion won.
Sales of cultural merchandise from South Korea's national museums exceeded 20 billion won for the first time in the first half of the year, driven by global interest in Korean culture. The National Museum of Korea also drew a record number of visitors, ranking as the world's third most-visited museum in 2025.
South Korea's customs agency detected a record 770.3 billion won in trade security violations in the first five months of the year, including false labeling and unauthorized strategic exports. Separately, the finance ministry reported 2.4 trillion won in illegal foreign exchange transactions, referring 84 cases to prosecutors.
The Detroit Tigers have traded South Korean reliever Go Woo-suk to the Minnesota Twins, leading to his MLB debut. Go, who previously starred in the KBO, has struggled in his early appearances, posting a 9.00 ERA.
K-pop group Ateez reached No. 1 on the U.S. Billboard 200 with 'Golden Hour: Part. 5,' its third chart-topper, after earning 228,000 equivalent album units. The album also set the group's first-week sales record in South Korea with over 1.88 million copies sold.
Portugal and Spain meet in a World Cup last-16 clash in Dallas, with Cristiano Ronaldo's role under scrutiny after his substitution against Croatia. Ronaldo has admitted Spain are favourites, citing their titles and form, while Spain's unbeaten run and strong squad make them heavy favourites.
South Korea announced plans to launch a new fund dedicated to securing future growth engines using additional tax revenue from the booming semiconductor industry. The fund will support major initiatives in semiconductors, AI, and data centers, and aims to address economic polarization and youth employment.
President Donald Trump celebrated America's 250th anniversary with a speech on the National Mall, highlighting the nation's achievements and potential while acknowledging challenges abroad and at home. Meanwhile, South Korean President Lee Jae Myung congratulated the U.S., calling South Korea a 'precious partner' and emphasizing the alliance's future cooperation.
South Korea successfully launched its fourth next-generation medium-sized Earth observation satellite aboard a SpaceX Falcon 9 rocket from Vandenberg Space Force Base. The satellite, equipped with a homegrown camera, entered low-Earth orbit and is expected to begin full-scale service in the first half of 2027.