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Rep. Jung Chung-rae has resigned as chairman of South Korea's ruling Democratic Party, a move widely seen as a prelude to seeking re-election at the party's August national convention. The leadership contest is expected to include Prime Minister Kim Min-seok and former party leader Song Young-gil, with internal factional tensions already surfacing.
The Seoul International Book Fair opened Wednesday at COEX, expecting 150,000 visitors amid a 'text-hip' reading trend. The 68th edition features 538 exhibitors from 18 nations, with France as guest country of honor. First lady Kim Hea Kyung delivered a congratulatory speech at the opening.
President Lee Jae Myung hosted foreign ambassadors and heads of international organizations for a dinner at Cheong Wa Dae, featuring Korean dishes and discussions of South Korea's foreign policy. The event highlighted recent diplomatic outcomes and included a halal-certified menu.
South Korean Prime Minister Kim Min-seok met with Chinese Premier Li Qiang on the sidelines of the Summer Davos Forum in Dalian, calling for elevated bilateral exchanges and China's constructive role in Korean Peninsula dialogue. Kim also met Chinese businesspeople in Beijing and attended the World Economic Forum meeting.
Seoul's appellate court upheld acquittals of former National Security Adviser Suh Hoon and former Coast Guard chief Kim Hong-hee over alleged involvement in a cover-up related to the 2020 death of South Korean fisheries official Lee Dae-jun. The court ruled that statements by the Moon administration, though 'rash,' did not constitute false information. The prosecution announced it will not appeal, finalizing the verdicts.
South Korea's benchmark KOSPI index plunged nearly 10 percent on Tuesday, triggering a circuit breaker for the fourth time this year, as foreign investors dumped semiconductor shares amid a global tech slump. The index rebounded sharply the following morning as individual investors went bargain hunting, with Samsung Electronics and SK hynix leading the recovery.
Prime Minister nominee Han Seong-sook has sold three of her four homes, leaving one in Seoul's Samcheong-dong, as she faces a two-day confirmation hearing marked by opposition criticism over property ownership and other controversies. The ruling Democratic Party, holding a parliamentary majority, is expected to approve her nomination despite concerns about the hearing's scrutiny.
President Lee Jae Myung urged the government to expand support for young people left behind by recent semiconductor and stock market booms, warning of widening asset disparities. He also unveiled plans for regional investment in advanced industries and measures to curb rising prices.
South Korean companies saw a sharp 13.5% on-quarter increase in sales in the first quarter of the year, with manufacturing leading the gains, according to Bank of Korea data. The operating profit-to-sales ratio jumped to 13.2%, while the average debt-to-equity ratio fell to 87%. The upbeat figures contrast with slower full-year 2025 sales growth, which was hampered by petrochemical oversupply and U.S. tariffs.
South Korea's Fair Trade Commission approved voluntary corrective measures worth 3 billion won proposed by Coupang Corp. and its private-label affiliate over unfair dealings with subcontractors. The approval comes amid separate proceedings involving allegations of market dominance abuse by Coupang and Woowa Brothers.
South Korea's bourse operator activated sell-side sidecars for the KOSPI multiple times amid sharp declines, suspending program trading for five minutes each time. The falls were driven by tech losses, Middle East tensions, and profit-taking.
South Korea has reached a broad consensus with the European Union regarding new steel import quotas that take effect July 1. The EU has reduced tariff-free quotas on 30 steel products, with South Korea's allocation set at 2.07 million tons. The government is rolling out support measures for local steelmakers to mitigate the impact.
The South Korean won saw mixed trading against the U.S. dollar this week, with Yonhap reporting gains on Thursday after Fed Chair Kevin Warsh's comments on inflation, but also losses on Tuesday and a further decline later that week amid foreign investor stock selling. The government signaled readiness to stabilize the foreign exchange market.
Samsung Electronics announced that sales of its sixth-generation HBM4 memory chips have surpassed $1 billion, just four months after mass production began. Industry sources project revenue to exceed $1.2 billion by end of June, with annual sales expected to top $10 billion in 2026.
South Korean golfers aim to end a major drought at the richest tournament in women's golf history, while negotiations to co-sanction the BMW Ladies Championship with the KLPGA have collapsed over player quota disagreements.
South Korea meet South Africa in their final Group A match at the FIFA World Cup, needing just a draw to advance but with coach Hong Myung-bo demanding a win. The match is goalless at halftime, with captain Son Heung-min not in the starting lineup.
South Korea's consumer sentiment improved for the second consecutive month in June, driven by strong exports and a stock market rally, according to the Bank of Korea. However, business sentiment declined for the first time in three months, weighed down by sluggish construction and travel sectors.
South Korea's Seoul Central District Court sentenced former Justice Minister Park Sung-jae to 25 years in prison for his role in ex-President Yoon Suk Yeol's brief 2024 martial law declaration. Park was convicted of playing a key role in an insurrection and abusing power; he has appealed the ruling.
South Korea's Tom Kim carded an even 70 in the final round to finish third at the U.S. Open on Sunday, his best career finish at the major, which boosted his world ranking from 141st to 64th.
Seoul shares closed at a fresh all-time high Monday, driven by a semiconductor rally and signs of progress in U.S.-Iran talks. The KOSPI added 62.13 points, or 0.69 percent, to reach 9,114.55, while SK hynix surged to surpass Samsung Electronics in market cap for the first time.