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South Korean stocks gave up early gains on Wednesday morning as investors offloaded semiconductor and large-cap tech shares, with the KOSPI falling 3.21 percent. The decline followed a downgrade of emerging-market equities by BlackRock, while U.S. stocks closed higher overnight on a continued chip rally.
South Korea's Defense Minister Ahn Gyu-back has reiterated the need to consolidate the Army, Navy, and Air Force academies into a single institution, citing the need to break down service silos and address demographic challenges. Alumni associations and retired brass have called on the government to halt the plan, arguing it is being pushed without sufficient review and risks undermining military expertise.
Doosan Bears right-hander Choi Min-seok has posted an 8-2 record and 2.39 ERA in his second KBO season, placing among the league leaders. The young starter says he feels ahead of the timeline he set for himself after a strong June. Separate Yonhap reporting also covered an SSG Landers victory that ended a long skid.
South Korea's exports exceeded $100 billion in a single month for the first time, surging 70.9% year-on-year to $102.25 billion in June, driven by strong semiconductor demand and AI investments, according to the Ministry of Trade, Industry and Energy.
Doosan Bears shortstop Park Chan-ho broke out of a hitting slump with a home run and four RBIs to lead his team to a 5-0 win over the Lotte Giants in the KBO. Choi Min-seok pitched six shutout innings as the Bears improved to 39-38-2.
South Korea captain Son Heung-min has apologized to fans for the national team's early exit from the FIFA World Cup, pledging to come back stronger. The apology comes amid a reported rift between players and the media following disparaging comments about Son, and after South Korea's group-stage elimination.
South Korea is considering sending a disaster relief team to Venezuela, with foreign ministry officials closely monitoring the situation. Seoul has pledged $5 million in humanitarian aid and announced an additional $3.5 million package, while casualty figures vary widely across reports.
South Korean stocks closed nearly 1 percent higher on Tuesday, led by technology shares, as investors monitored possible U.S.-Iran talks in Qatar. The KOSPI rose 81.83 points to 8,476.47, while the won weakened against the dollar and bond yields fell.
South Korea has postponed the planned launch of its solid-fuel Mir space rocket due to safety concerns, as disclosed by the defense ministry and reported by Yonhap. The rocket was slated to liftoff from a barge off Jeju Island, and a new date has yet to be set. The postponed launch would have been the first test of the rocket's full four-stage configuration.
Outgoing South Korean Prime Minister Kim Min-seok has pledged to back President Lee Jae Myung's administration as he prepares to run for leader of the ruling Democratic Party. The move comes amid declining approval ratings for the president and the party, and an intensifying factional feud within the party.
South Korea's Kwon Soon-woo was eliminated from Wimbledon in the second round, losing to Tommy Paul in straight sets. Kwon had earlier won his opening match against Martin Landaluce, marking his return to the tournament after a two-year absence.
South Korea and Mongolia have reached an agreement in principle on a Comprehensive Economic Partnership Agreement (CEPA), aiming to expand trade and investment. The pact includes tariff eliminations on key goods and marks Mongolia's second bilateral free trade agreement.
South Korea plans to downgrade its resource security crisis warning for crude oil to Level 2 and fully lift the natural gas alert, citing stabilized global oil prices amid US-Iran peace talks. The government will also end the vehicle rotation system.
Hyundai Motor has opened the Suwon Hi-Tech Center in Gyeonggi Province, featuring automated maintenance systems and autonomous robots to reduce customer waiting times. The facility supports data-driven diagnostics, while company officials signal plans to launch new models to address weak domestic demand.
The South Korean won weakened to a fresh 17-year low against the U.S. dollar on June 30, as foreign investors continued selling local stocks. Despite the currency's slide, the KOSPI rose, and analysts noted pressure from a strong dollar and a weak yen. Later in July, the won showed signs of recovery as foreign buying resumed.
Yonhap reported South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street as easing Middle East tensions boosted investor sentiment. The KOSPI was up 0.68% at the open, before paring gains to 0.11% by 11:20, with major stocks showing mixed moves and battery shares falling.
South Korea's industrial output fell 0.3 percent in May, driven by a 10 percent decline in semiconductor production, which officials attribute to base effects and volume adjustments. Retail sales edged up 0.1 percent, while facility investment dipped slightly.
South Korea's national football team returned home to a divided reception: head coach Hong Myung-bo faced boos and anger after resigning following the team's early World Cup exit, while captain Son Heung-min was greeted with encouragement from supporters. The government has announced an audit into the Korea Football Association's operations.
President Lee Jae Myung announced a massive investment initiative to boost South Korea's semiconductor, physical AI, and AI data center sectors, including an 800 trillion-won plan from Samsung and SK Group. The government also revealed plans to invest over a quadrillion won in AI data centers by 2035. Opposition parties criticized the regional focus, but Lee dismissed the claims.
South Korean and East Timorese foreign ministers met in Seoul and agreed to broaden cooperation in climate change, infrastructure, human resource development, and other areas. The visit marked the first official trip by an East Timorese foreign minister since 2002.