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South Korea and Japan have resumed their joint maritime search and rescue exercises (SAREX) for the first time in nine years, following an agreement between their defense ministers in January. The drill, held in international waters southeast of Jeju Island, marks a symbolic step in improving bilateral relations.
The main opposition People Power Party has filed a police complaint against President Lee Jae Myung, alleging he violated election law by exposing his ballot during early voting. Police protection for party leaders was activated early amid online assassination threats.
At the Shangri-La Dialogue, U.S. Defense Secretary Pete Hegseth called for a 'balanced' transfer of wartime operational control to South Korea, emphasizing that U.S. military roles must be honored. Seoul has proposed retaking OPCON by 2028, while U.S. Forces Korea Commander Gen. Xavier Brunson suggested meeting conditions by early 2029. Hegseth also reaffirmed support for South Korea's nuclear-powered submarine program.
Nationwide rail operations in South Korea, disrupted by the partial collapse of the Seosomun Overpass in Seoul, will fully resume on Sunday, according to KORAIL. The collapse killed three and injured three, and recovery efforts have included demolition and safety inspections.
South Korea's KOSPI index has hit record highs, but a simultaneous jump in the volatility index and a decline in the number of advancing stocks signal growing investor caution and heavy reliance on a few semiconductor giants like Samsung Electronics and SK hynix.
South Korean government officials are divided over how to handle the booming semiconductor industry's profits, with the industry minister calling for reinvestment to boost global competitiveness, while labor and policy officials propose redistributing gains through wages and citizen dividends. The debate comes amid labor-management conflict at Samsung Electronics over bonuses, even as the company forecasts record profits.
South Korea's finance minister announced plans to supply 90,000 rental housing units for young people in the greater Seoul area by 2027 and to speed up construction timelines to address property market volatility. The measures include expanding non-apartment housing and adopting modular construction methods.
Defense Minister Ahn Gyu-back confirmed discussions on a Japan-proposed military logistics agreement during the Shangri-La Dialogue, while emphasizing Seoul's cautious approach. Analysts suggest the pact could strengthen regional deterrence but face domestic and diplomatic hurdles.
South Korean stocks rallied on Friday after reports that the United States and Iran agreed to extend their ceasefire for 60 days, with the KOSPI gaining over 2 percent. Wall Street also posted record highs, and tech and consumer stocks led gains in Seoul, while defense firms declined.
South Korea's industrial output, retail sales, and facility investment all declined in April, according to data from the Ministry of Data and Statistics. While the government attributes the drop to base effects and Middle East tensions, analysts point to lingering concerns over consumption and concentration risks in the semiconductor sector.
South Korean banks saw their bad-loan ratio rise in the first quarter as write-offs fell, while combined net profit slipped on weaker non-interest income. Separate data showed overseas operations earned slightly more income, and asset quality for loans held abroad improved.
Foreign investors continued to offload Korean stocks in April, but at a significantly reduced pace compared to March, according to data from the Financial Supervisory Service. Meanwhile, they increased bond purchases. The trend extended into May with record KOSPI selling, though foreign investors also poured record funds into KOSDAQ.
US and Iranian negotiators have agreed on a draft memorandum of understanding to extend the ceasefire for 60 days and launch talks on Iran's nuclear program, but the deal still requires President Donald Trump's approval. Reports indicate Trump has requested amendments related to the Strait of Hormuz and the removal of highly enriched uranium.
President Lee Jae Myung has ordered a prompt investigation and stern punishment for those responsible for recent safety incidents, including the collapse of the Seosomun Overpass in Seoul which killed three workers. The labor ministry has conditionally approved resuming demolition work, contingent on additional safety measures.
South Korean golfers Mun Do-yeob and Song Young-han delivered solid performances at LIV Golf Korea in Busan, with Song finishing as the top local player. The tournament also highlighted the unique Korean Golf Club, the only team named after a country, captained by An Byeong-hun.
South Korean Trade Minister Yeo Han-koo has escalated efforts to address concerns over the European Union's planned steel safeguard measures, raising the issue in parliament, at the European Commission, and in bilateral talks. The EU's new system, set to take effect on July 1, would significantly reduce the volume of tariff-free steel South Korea can export to the bloc.
South Korean stocks fell on Thursday, breaking a four-day run of gains, as profit-taking in AI-related shares combined with renewed tensions between the United States and Iran. The KOSPI closed down 0.53 percent at 8,185.29, with heavy trading volume and active foreign and institutional selling.
South Korea is intensifying efforts to secure Canada's multi-billion-dollar submarine project, highlighting its manufacturing edge and offering additional industrial partnerships, including a hydrogen-powered truck initiative. Canada is expected to announce the preferred bidder later this month, with Germany's Thyssenkrupp Marine Systems as the main competitor.
South Korea has announced it will ease oil stockpiling requirements for private refiners from 40 days to 20 days, a move said to be part of its commitment to the IEA's collective oil release plan. The government has also extended its crude oil swap system with private firms until end of June, with officials stating that oil supplies for August are expected to be sufficient.
North Korea has denounced the Quad's joint statement reaffirming commitment to its complete denuclearization, vowing never to abandon its nuclear arsenal. The statement followed the Quad foreign ministers' meeting in New Delhi, which also addressed North Korea's recent missile launches and maritime security initiatives.