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President Lee Jae Myung met with Nvidia CEO Jensen Huang in San Francisco, where Huang announced a US$500 billion business partnership with SK Group, plans to jointly develop a self-driving Genesis sedan with Hyundai Motor Group, and a large-scale investment in Naver. The meetings are part of Lee's trip to promote AI cooperation between South Korea and global tech firms.
South Korea's veterans ministry announced plans to identify and honor more independence activists, award over 600 previously unrecognized patriots, and launch a special bill for the 2029 Invictus Games in Daejeon. Minister Kwon Oh-eul also highlighted expanded compensation for surviving spouses and descendants of veterans and activists.
South Korea's ruling Democratic Party has adopted as official party line a revision to the Criminal Procedure Act that would abolish prosecutors' authority to conduct direct and supplementary investigations. Justice Minister Jung Sung-ho offered his resignation amid the push, while President Lee Jae Myung is expected not to veto the bill.
Seoul stocks fell nearly 6% on Friday, ending a three-day winning streak amid escalating Middle East tensions. The KOSPI dropped 406.27 points, triggering a temporary halt in program trading, while the won strengthened and bond prices closed lower.
Hyundai Motor's union has announced plans to extend partial strikes next week in pursuit of higher wages, raising concerns about production disruptions at South Korea's largest automaker. The union is demanding a 149,600-won monthly base pay increase, while the company has offered 80,000 won, amid failed negotiations.
Seoul stocks opened sharply lower on Friday as investors cashed in gains amid escalating U.S.-Iran tensions, with the KOSPI falling up to 4.87 percent. The decline continued into Monday as profit-taking followed a record surge, despite strong Amazon earnings and easing Middle East tensions.
Seoul says Washington has reaffirmed the bilateral tariff agreement capping U.S. tariffs on South Korean goods at 15 percent, even as new Section 301 duties of up to 12.5 percent take effect. South Korea plans close consultations to preserve the ceiling.
President Lee Jae Myung will dispatch special envoys to the inaugurations of Peru's President-elect Keiko Fujimori and Colombia's President-elect Abelardo de la Espriella, aiming to strengthen bilateral cooperation and deliver personal letters outlining Seoul's vision for closer ties.
South Korea's special counsel has requested a five-year prison term for former President Yoon Suk Yeol on charges of aiding a former defense minister's flight and abuse of power. Yoon is accused of appointing Lee Jong-sup as ambassador to Australia in 2023 to help him evade an investigation into the alleged cover-up of a Marine's death. Other former officials face recommended sentences ranging from two to three years.
South Korea's government is stepping up measures to curb inflation as Middle East tensions threaten supply chains. Prime Minister Han Seong-sook ordered crackdowns on hoarding, while Finance Minister Koo Yun-cheol announced plans to revise the Price Stabilization Act. Recent data shows consumer prices rose 2.8% in July, easing from June's 3.2% increase.
President Lee Jae Myung completed an 11-day overseas trip that included meetings with tech giants in San Francisco, state visits to Brazil, Chile, and Argentina, and a stopover in Germany. He skipped his summer vacation to focus on what his office called 'sales diplomacy.'
South Korean Foreign Minister Cho Hyun held a series of bilateral talks in Manila, meeting with counterparts from the EU, Britain, Canada, Australia, and New Zealand, alongside ASEAN member states. Discussions focused on deepening cooperation in security, defense, economic security, energy, and critical minerals. The meetings also covered follow-up measures on agreements with the EU and coordination on global issues such as the Middle East and Ukraine.
HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) has signed two separate agreements: one with Siemens to develop an AI-powered shipyard platform, and another with Fraser Industries LLC to support the revitalization of the U.S. shipbuilding industry under Seoul's MASGA initiative. The partnerships aim to accelerate digital transformation in shipbuilding and leverage South Korea's $150 billion investment commitment to the U.S.
Chris Paddack, who signed with the Samsung Lions in July, spoke about his determination to help the KBO club win its first championship since 2014, citing conversations with veteran teammates and the inspiration of the team's banner history. The 30-year-old right-hander, who has a 32-43 record with a 4.83 ERA in 132 MLB games, replaced Australian left-hander Jack O'Loughlin in the rotation.
The U.S. Treasury has kept South Korea on its currency monitoring list, citing a growing current account surplus and sustained pressure on the won. South Korea's finance ministry says it will maintain close communication with Washington to deepen mutual understanding on exchange rate policies.
South Korea and the United States launched the Korea-U.S. Shipbuilding Partnership Center in Washington to facilitate a $150 billion investment in the U.S. shipbuilding sector. Officials from both countries emphasized the need for tangible results under the MASGA initiative, and Samsung Heavy Industries announced new cooperation agreements with U.S. firms.
North Korea has skipped the ASEAN Regional Forum for the second consecutive year, reflecting its growing preference for bilateral diplomacy with Russia and China. South Korean Foreign Minister Cho Hyun used the meetings to call for dialogue with Pyongyang, while participants voiced concerns over North Korea's nuclear and missile programs.
US President Donald Trump has warned that Iran and Yemen's Houthi rebels will face 'major military punishment' if the Houthis attack ships again. The warning follows Houthi strikes on two Saudi oil tankers and the group's announcement of a naval blockade on Saudi Arabia. The European Union has also condemned the attacks and called for an end to actions endangering international shipping.
South Korea's government has finalized a 2027 official development assistance budget proposal of 6.3 trillion won ($4.6 billion), an increase of 871.2 billion won from this year. The plan prioritizes healthcare, culture, and AI, with drought and flood prevention projects also highlighted. Prime Minister Han Seong-sook emphasized a vision for global AI cooperation.
The South Korean won strengthened to a more than two-month high against the U.S. dollar after the economy grew faster than expected in the second quarter, driven by firmer semiconductor exports. Meanwhile, the Bank of Korea reported record-high daily foreign exchange trading in the April-June period, supported by foreign investors' stock purchases.