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A White House official has accused South Korea of discriminating against U.S. e-commerce giant Coupang, saying the company is being 'singled out' by President Lee Jae Myung's administration. The remarks follow a House Judiciary Committee report alleging 'discriminatory attacks' on Coupang, while Seoul insists its investigations are lawful and non-discriminatory.
South Korea's foreign reserves increased to $427.36 billion in June, reversing a May decline, as financial institutions' foreign currency deposits rose. The Bank of Korea attributed the gain to such deposits despite ongoing market stabilization efforts, while the won remained weak.
Kang Chang-il, vice chair of South Korea's Peaceful Unification Advisory Council, called on both Koreas to refer to each other by their official names, echoing religious leaders' plea. The unification ministry said it views the growing calls as part of a broader effort to build public consensus. The council also expanded its membership to 25,000 advisers.
South Korea's Supreme Court upheld a seven-year prison term for former President Yoon Suk Yeol on charges of obstructing justice by blocking investigators from detaining him after his 2024 martial law declaration. The ruling, delivered live despite Yoon's absence, marks the top court's first decision among eight trials he faces. Additional charges included abuse of power and falsifying public documents.
South Korea's Marine Corps conducted regular live-fire drills on islands near the inter-Korean maritime border, involving K9 howitzers and Chunmoo rocket systems. The drills, which are defensive in nature, took place on Baengnyeong and Yeonpyeong islands, with troops firing around 330 rounds into surrounding waters.
South Korean parliamentary investigators entered a vote counting venue in Seoul on Thursday, ending a 27-day blockade by protesters demanding a rerun of the June 3 local elections. Police cleared the entrance and deployed around 2,000 personnel after scuffles broke out among demonstrators, and one protester reportedly collapsed.
President Lee Jae Myung announced a 392 trillion-won industrywide investment to transform the central Chungcheong region into a global center for AI-led innovation, with major companies including Samsung and SK hynix committing to new fabs and facilities. The government framed the plan as a strategic push for national competitiveness, though critics have accused officials of pressuring conglomerates.
South Korea's pharmaceutical exports exceeded $10 billion for the first time last year, driven by biopharmaceuticals and biosimilars. In the first half of this year, biopharmaceutical exports hit a record $4.5 billion, with strong demand from Switzerland and the United States.
South Korea's top officials, including President Lee Jae Myung and Prime Minister Han Seong-sook, have identified inflation as the government's foremost challenge, with consumer prices surging to multi-year highs. The government is mobilizing all available tools to stabilize prices and shield vulnerable populations from energy-driven cost increases amid Middle East conflict fallout.
Seoul stocks opened sharply lower on Thursday, tracking an overnight selloff in U.S. semiconductor shares, with the KOSPI initially falling 4.46 percent before paring losses. Investors weighed remarks from Federal Reserve Chair Kevin Warsh on easing inflation expectations, while Hanwha Group affiliates outperformed on a major defense contract.
Hanwha Ocean has been chosen as the preferred bidder for South Korea's next-generation Navy destroyer project, valued at 7.8 trillion won (US$5.1 billion). The company beat rival HD Hyundai Heavy Industries for the KDDX program, which aims to build six domestically developed Aegis destroyers. The selection follows a two-year legal dispute over stolen designs and a change to open competitive bidding.
South Korea's consumer prices rose 3.2 percent in June, the sharpest increase since December 2023, driven by higher fuel and food prices. The government and central bank are responding with measures to stabilize prices, with expectations of easing in July.
Guatemalan Foreign Minister Carlos Ramiro Martinez, during a visit to Seoul, emphasized his country's commitment to joining the Korea-Central America Free Trade Agreement, which he said would boost bilateral trade and investment. The two countries' foreign ministers also discussed expanding development cooperation in climate change and public administration.
Newly appointed Prime Minister Han Seong-sook and President Lee Jae Myung have both ordered thorough safety measures ahead of expected heavy downpours in southern regions, including Jeju Island. The directives focus on evacuation readiness, monitoring vulnerable areas, and local government coordination.
North Korean leader Kim Jong Un sent a congratulatory message to Chinese President Xi Jinping on the 105th anniversary of the Chinese Communist Party, reaffirming ties. Xi replied vowing long-term stable relations. The exchange follows their June summit in Pyongyang and precedes the 65th anniversary of the bilateral treaty.
South Korean stocks closed 2.04% lower on Wednesday as investors locked in gains from recent AI-driven semiconductor rallies, while uncertainty over U.S.-Iran peace talks weighed on sentiment. The KOSPI fell 173.07 points to 8,303.41, and the won weakened against the dollar despite record June exports.
President Lee Jae Myung met with former President Moon Jae-in and the new floor leadership of the ruling Democratic Party, urging unity amid factional tensions ahead of a national convention. Lee also sought swift passage of key legislation and reaffirmed a reconciliatory approach to North Korea.
New South Korean Prime Minister Han Seong-sook took office on July 1, pledging to help the government keep pace with the private sector and implement timely policies. She also named former lawmaker Chae Yi-bae as her chief of staff, citing his economic expertise to support her agenda on AI and green transformation.
A South Korean parliamentary special committee investigating ballot shortages during the June 3 local elections conducted its first on-site inspection, entering a barricaded venue with police clearing protesters and one arrest. The committee confirmed ballot boxes remained in storage and plans further hearings in July.
President Lee Jae Myung has started a new round of policy briefings with all government ministries and agencies, emphasizing the need for reform and innovation. The briefings, covering 140 bodies over nine sessions, will be livestreamed and include public observers.