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The US Federal Reserve left its benchmark interest rate unchanged at 3.5%-3.75% for a fifth consecutive meeting, with a 9-3 vote. Fed Chair Kevin Warsh reaffirmed the central bank's commitment to its 2% inflation target, while government borrowing costs climbed to their highest level since 2007.
BTS has announced it will not submit music for next year's Grammy Awards, a decision widely seen as a protest against the Recording Academy's new Best Asian Pop Music Performance category. The group said it hopes music is 'heard and loved for what it is, rather than divided by region or language.' The Recording Academy's CEO has responded, defending the category and expressing sadness at the decision.
President Lee Jae Myung departed Brazil for Chile, where he held a summit with Chilean President Jose Antonio Kast, agreeing to reactivate a joint trade committee and pursue cooperation in critical minerals. The visit is part of a three-nation South America tour that will conclude in Argentina.
The 48th UNESCO World Heritage Committee session in Busan wrapped up after adding 25 new sites, including Japan's Asuka-Fujiwara archaeological cluster and France's Normandy D-Day beaches. The committee also reviewed 148 properties, placing six on the danger list, and expanded two site boundaries.
A severe heat wave gripping South Korea has set multiple temperature records, including an all-time high of 42°C in Yangsan, Busan's highest in 122 years, and Seoul's first readings above 40°C. The Korea Meteorological Administration attributes the prolonged heat to the dual influence of the North Pacific High and Tibetan High pressure systems.
South Korea's defense ministry has issued a public notice of a draft bill to support the construction of nuclear-powered submarines, explicitly committing to non-nuclear weapons development. The proposed legislation outlines timelines, cooperation with international bodies, and measures to expedite the project.
NASA's Moon Base program executive Carlos Garcia-Galan visited Seoul to discuss plans for a lunar surface base under the Artemis program, highlighting South Korea's industrial capabilities and partnership with the Korea AeroSpace Administration.
Manchester City will travel to Seoul without World Cup stars Rodri and Erling Haaland. Rodri is set to undergo back surgery, while Haaland is resting after the tournament. New coach Enzo Maresca addressed Rodri's future amid speculation.
South Korea's chief financial regulator expressed regret and took responsibility for recent market volatility, partly attributed to single-stock leveraged ETFs. The Financial Services Commission is reviewing additional measures, including raising minimum cash deposits and capping investments, and plans to revise the Capital Markets Act.
National Assembly Speaker Cho Jeong-sik drew criticism after suggesting that allowing a sitting president to seek another term could be decided by public opinion. President Lee Jae Myung's office rejected the possibility, citing constitutional restrictions, while Cho later expressed regret over the misunderstanding.
SK hynix reported record revenue and operating profit for the second quarter, driven by robust demand for high bandwidth memory chips. Net profit surged 1,242.5 percent year-on-year to 93.92 trillion won, exceeding market expectations. The company also began mass production shipments of HBM4 to major customers during the quarter.
North Korean leader Kim Jong Un visited a memorial cemetery and posed for photographs with war veterans to celebrate the 73rd anniversary of the Korean War armistice. The events included a military parade and a gala, with Kim's daughter Kim Ju-ae making her first public appearance at such commemorations.
President Lee Jae Myung highlighted significant potential for economic cooperation between South Korea and Brazil, citing aircraft, critical minerals, and cosmetics as key areas. He emphasized the importance of accelerating trade negotiations with Mercosur, noting that bilateral trade remains relatively small.
South Korea's first investment project in the United States under a bilateral trade deal is likely to be a combined cycle power plant, according to government sources. Industry Minister Kim Jung-kwan said talks with the U.S. are in the final phase, with an announcement possible as early as late August or September.
A special counsel team has requested prison sentences ranging from 18 to 30 years for six former military commanders over their alleged roles in former President Yoon Suk Yeol's 2024 martial law declaration. The requests include an 18-year term for a former special forces commander and 20- to 30-year terms for five other commanders, all accused of involvement in the failed bid.
South Korean stocks crashed more than 10% on Tuesday amid growing skepticism over tech giants' heavy AI investments, with the KOSPI closing at 6,023.66 after triggering a marketwide circuit breaker. Foreign investors offloaded a net 4.97 trillion won, while analysts attributed the drop to prolonged market concerns ahead of big tech earnings.
South Korean stocks plunged more than 10% on Tuesday, with the KOSPI closing at its lowest level since April, as investors dumped chip stocks amid mounting doubts about heavy spending on AI. The sell-off extended into Wednesday, prompting trading halts and raising concerns about global tech valuations.
South Korea's total population inched up in 2025, driven by record immigration amid low birth rates. The census also showed an aging population, a declining working-age share, and separate data on newlywed relocation patterns.
National Assembly Speaker Cho Jeong-sik reaffirmed his commitment to constitutional revision, proposing restrictions on presidential martial law powers and incorporating the spirit of the 1980 May 18 pro-democracy movement. He vowed to form a bipartisan committee next year and complete amendments before 2028.
South Korea's top financial regulator has vowed to consider additional measures to dampen demand for single-stock leveraged ETFs, which have been blamed for market volatility. The move follows President Lee Jae Myung's call for prompt complementary measures, as the government raises minimum deposit requirements and weighs portfolio caps.