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South Korea and NATO have agreed to launch negotiations on a procurement framework, potentially opening NATO's joint defense market to Korean firms. The decision came during President Lee Jae Myung's meeting with NATO Secretary General Mark Rutte at the Ankara summit, where Seoul also pledged $100 million in non-lethal aid to Ukraine.
The foreign ministers of South Korea, the United States, and Japan signed a memorandum of understanding on the sidelines of a NATO summit, establishing a framework for trilateral cooperation to accelerate small modular reactor deployments in the Indo-Pacific. The U.S. announced over $10 million in new funding to support the initiative, which officials say aims to meet growing energy demands while upholding high standards of nuclear safety and nonproliferation.
South Korea's special counsel team indicted former Joint Chiefs of Staff Chairman Kim Myung-soo over his alleged role in the 2024 martial law declaration, and separately sought an arrest warrant for former Principal Deputy National Security Adviser Kim Tae-hyo. Both developments are part of the investigation into former President Yoon Suk Yeol's short-lived martial law imposition.
South Korean President Lee Jae Myung met with NATO Secretary General Mark Rutte on the sidelines of the NATO summit in Ankara, proposing expanded joint research and a 'Korea–NATO Defense Industry Partnership 2.0' to enhance bilateral cooperation.
South Korea's Minimum Wage Commission has finalized next year's hourly minimum wage at 10,700 won, a 3.7% increase from this year. The decision came after labor and management representatives narrowed their gap through multiple revised proposals, with the commission ultimately voting on the management-side proposal. A business lobby group expressed regret over the increase, citing hardships for small businesses.
Seoul shares fell nearly 5 percent on Tuesday, led by technology stocks after Samsung Electronics released its preliminary Q2 earnings estimate. The KOSPI closed down 395.02 points at 7,656.31, with foreign and institutional selling, while the Korean won weakened. Samsung Electronics and SK hynix led declines, while Hanwha Ocean plunged on a failed Canadian submarine contract bid.
As South Korea hosts its first UNESCO World Heritage Committee session, the country is staging a series of heritage events in Busan, including the sailing of a replica Joseon-era diplomatic ship, a national pavilion with exhibitions, and public demonstrations by master artisans of traditional crafts like 'gat' hat-making.
South Korea's weather agency forecasts monsoon rains to drench the nation starting Wednesday, with heavy downpours expected in central and southwestern regions. Rainfall amounts could reach 80-150 mm in some areas, with strong winds and thunderstorms also possible.
South Korea's revised Information and Communications Network Act has come into effect, introducing punitive damages for major online information producers and new obligations for large platforms. The move has drawn concern from the United States, while Seoul insists the law does not discriminate against foreign firms.
Prosecutors in South Korea raided a Gwangju police station over alleged leaks and evidence tampering in a high-profile murder case. The investigation has sparked public outrage and renewed debates over police powers and prosecutorial oversight.
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.
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.
South Korea selected a military airport in Gwangju as the site for a government-led semiconductor production cluster, following a meeting between officials and chipmakers Samsung Electronics and SK hynix. The project, part of the 'three megaprojects' initiative, involves a combined investment pledge of 800 trillion won (US$522 billion), with monthly progress reviews by the president.
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.