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South Korea's government and ruling party have vowed to swiftly establish an integrated military academy, citing defense reform needs. The plan faces opposition from the main opposition party and military academy graduates, who call it 'hasty.'
President Donald Trump said his administration will probably cooperate with South Korean and other companies on shipbuilding to reinforce the U.S. Navy, following a request to Seoul to build military vessels. The move comes as Washington seeks to address delays and cost overruns in its own shipbuilding sector.
Coupang Inc. paid $250,000 to lobby the White House, House, and USTR in Q2 via Ballard Partners. The move came as a House Judiciary Committee report and a White House official criticized South Korea's probes into Coupang's data leak as 'discriminatory.'
UNESCO's World Heritage Committee has recommended that Japan take further steps to reflect the 'whole history' of the Sado mine, which includes the wartime mobilization of over 1,500 Korean laborers during Japan's 1910-45 colonial rule. The decision, adopted without amendments, also calls for a follow-up report by December 2027.
Seoul stocks closed more than 6% higher on Wednesday, led by tech heavyweights, after softer U.S. inflation data boosted Wall Street. The KOSPI jumped 427.58 points to 7,284.41, while the Korean won strengthened against the dollar.
Seoul shares closed more than 6% higher on Wednesday, led by technology heavyweights, after cooler-than-expected US inflation data eased rate-hike concerns. The KOSPI settled at 7,284.41, with institutional and foreign investors net buyers, while Middle East tensions remained a backdrop.
South Korea's Hanwha Ocean has won a 394.3 billion-won ($264.7 million) deal to build two very large crude carriers for a North American client, with delivery due by March 2030. The shipbuilder's total orders this year now reach $4.61 billion for 27 vessels, including VLCCs, LNG carriers, VLACs and a wind turbine installation vessel.
South Korean stocks extended gains Wednesday morning, with the KOSPI climbing more than 6% to above 7,300, buoyed by a Wall Street rally fueled by cooling U.S. inflation and President Trump's decision to drop a proposed fee on Strait of Hormuz cargo.
South Korea's employment rose by 63,000 jobs in June, the first increase in two months, though manufacturing continued to shed jobs. The unemployment rate held at 2.8 percent, while youth employment declined.
The US Treasury Department has issued a general license for limited wind-down activities in the Strait of Hormuz while simultaneously imposing new sanctions on individuals, ships, and entities linked to Iran. The move follows the revocation of a license that had authorized Iranian oil sales, amid attacks on tankers in the strategic waterway.
President Donald Trump has abandoned his proposal to impose a 20 percent 'reimbursement' fee on cargo shipped through the Strait of Hormuz, instead seeking trade and investment deals with Gulf states. The U.S. naval blockade of Iranian ports has resumed, according to reports from Yonhap News Agency.
US President Donald Trump has abandoned a proposed 20% fee on ships passing through the Strait of Hormuz, instead opting for trade and investment deals with Gulf states. The decision follows 'highly productive conversations' with Middle East leadership, according to Trump.
President Lee Jae Myung met Britain's Princess Anne in Seoul on Tuesday, expressing that South Koreans had been waiting for her visit. The three-day trip also included a shipyard visit and a meeting with the first lady on child protection.
South Korea's Minimum Wage Commission saw labor and management reduce their gap to just 600 won in negotiations for next year's hourly minimum wage. Labor proposed 11,150 won, management 10,550 won, with a final decision required by mid-July.
President Lee Jae Myung and first lady Kim have sold their only apartment in Seongnam for 2.9 billion won, five months after putting it on the market. Records show ownership transferred before the full price was paid, with the president effectively financing the buyers via a mortgage lien. Cheong Wa Dae said the sale reflects Lee's commitment to real estate normalization.
Seoul shares closed higher Tuesday, led by a rebound in technology heavyweights, despite ongoing concerns over Middle East tensions and AI sector uncertainty. The KOSPI rose 0.73% to 6,856.83, while the Korean won strengthened. Bond yields climbed as prices fell.
Princess Anne visited the United Nations Memorial Cemetery in Busan to honor British and Commonwealth service members killed in the Korean War, marking the 75th anniversary of the Battles of Imjin River and Gapyeong. She laid a wreath, met with South Korean veterans, and is scheduled to pay a courtesy call on President Lee Jae Myung.
China's fourth-ranking official, Wang Huning, will travel to North Korea this week for an official goodwill visit, following a recent meeting between Chinese President Xi Jinping and North Korean Premier Pak Thae-song. The visit underscores continued high-level diplomatic engagement between Beijing and Pyongyang.
South Korea's government has lifted its 2026 growth forecast to 3 percent, citing a semiconductor supercycle and easing Middle East tensions, while international bodies like the IMF and ADB project 2.6 percent. The government also outlined plans to boost exports, income, and infrastructure investment.
Na Hong-jin's sci-fi epic 'Hope' tops the South Korean box office with over 3.4 million admissions, after competing at Cannes and securing a Toronto International Film Festival screening. The film, one of the most expensive in Korean cinema, comes amid an industry grappling with declining moviegoers and rising costs.