South Korea's consumer prices are expected to remain elevated due to rising incomes from the tech boom and global energy price volatility, according to a Bank of Korea report. Inflation is projected to stay around 3% in late 2026.
On June 18, South Korea's history saw significant events including a Japanese land ownership project in Korea (1918), President Rhee releasing POWs (1953), signing a trade treaty with Burma (1964), announcing an economic development plan (1976), establishing UAE ties (1980), World Cup victories (2002, 2013), and inter-Korean agreements for the Asian Games (2018).
South Korea's Fair Trade Commission (FTC) will remove the reward ceiling for unfair trade tip-offs starting Thursday. Whistleblowers can now receive up to 10% of imposed fines, a significant increase from the previous 3 billion won cap, aiming to deter practices like price-fixing.
South Korea's national football team's closed training session for their World Cup qualifier against Mexico was interrupted by an unauthorized drone. Mexican military forces disabled the drone, but two individuals reportedly retrieved it and fled. The incident is under investigation by local police and FIFA, with no tactical information leaked.
South Korea has signed a security partnership with OpenAI, becoming the fourth country to do so. The agreement aims to develop a global AI security framework, incorporating Korean language and social context, and strengthen South Korea's role in international AI risk assessment.
South Korean stocks edged up late Wednesday morning, with retail investors buying market heavyweights, despite major tech companies trading lower following a U.S. tech slide. The KOSPI rose 0.13% to 8,737.91.
South Korea's defense ministry unveiled a plan to reduce the Civilian Control Line (CCL) buffer zone along the inter-Korean border from an average of 10 km to 6 km south of the MDL. This aims to allow wider civilian access, spur regional growth, and ease property development restrictions for local residents.
South Korea's K-beauty industry is experiencing a second global boom, shifting from legacy giants to indie brands, sophisticated manufacturers, and social media influence. Exports are soaring, with the U.S. and Europe becoming key markets, challenging France's dominance.
South Korean bond market sentiment saw a slight improvement for July, with the Bond Market Survey Index (BMSI) rising to 85.1. This uptick is attributed to easing tensions following an agreement between the United States and Iran to end the war in the Middle East.
South Korea's World Cup preparations are overshadowed by a rift with the media after disparaging comments about captain Son Heung-min. Media access was cut off, interviews cancelled, and a media officer reportedly resigned.
South Korea's auto exports fell 5.9% to $5.83 billion in May due to disruptions from a factory fire affecting parts supply. Domestic sales and production also decreased, though eco-friendly vehicle exports grew.
South Korea and Mongolia held talks in Ulaanbaatar to speed up economic cooperation, focusing on progress for a Comprehensive Economic Partnership Agreement (CEPA) and strengthening supply chains for key minerals. The CEPA aims to expand trade, investment, and establish stable joint supply chains for minerals vital to cutting-edge industries.
Foreign tourist spending in South Korea hit a record 2.12 trillion won in May, a 67.1% yearly increase. Spending by Chinese tourists more than tripled, with significant growth in shopping, transportation, and wellness services.
South Korea's defense ministry plans to reduce the Civilian Control Line (CCL) buffer zone along the inter-Korean border from an average of 10 km to 6 km. This aims to allow wider civilian access, spur regional growth, and ease property development restrictions for local residents.
South Korea is considering enhanced income tax cuts for young workers at SMEs, particularly those outside the Seoul metropolitan area, to stimulate regional economies. The finance minister also mentioned using chipmaker revenue to address economic disparities.
South Korea's Navy is accelerating its adoption of AI technology across all operations to enhance future warfare readiness and operational efficiency, according to Chief of Naval Operations Adm. Kim Kyung-ryul. A comprehensive plan includes developing AI-driven manned and unmanned combat systems.
South Korean two-way prospect Eom Jun-sang, projected as a top-three pick in the domestic league draft, has signed with the Arizona Diamondbacks for an estimated US$1.5 million. The 18-year-old excelled as a shortstop and pitcher in high school and for the junior national team.
South Korea is facing increased pressure to participate in international maritime security efforts, including potential naval mine-sweeping operations, to ensure freedom of navigation through the Strait of Hormuz, a critical energy chokepoint. This pressure stems from US and UK/France-led initiatives, forcing Seoul to balance diplomatic demands with operational risks.
South Korea plans tailored job support for manufacturing, construction, and agriculture sectors due to the Middle East crisis. The country saw a 40,000 job loss in May, the first decline in 17 months, impacting youth employment.
South Korea, aiming for their first-ever consecutive group stage wins at a FIFA World Cup, faces Mexico on Thursday. Both teams won their opening matches. South Korea has a poor record in their second group stage game, with no wins in 11 previous attempts.
South Korea's national football team held a closed-door training session in Zapopan, Mexico, two days before their crucial FIFA World Cup group stage match against co-host Mexico. The team focused on tactics and set pieces, with the full squad available after two players recovered from ankle injuries. The winner of this match is likely to secure a top spot in Group A.
Major South Korean newspapers on June 17 featured headlines on political infighting, economic developments, and international affairs. Topics included opposition party gains, parliamentary probes, U.S. reconstruction funds, semiconductor industry booms, and labor group demands.
South Korean President Lee Jae Myung met Canadian Prime Minister Mark Carney at the G7 summit in Evian-les-Bains, France. They discussed advancing bilateral ties in defense, investment, culture, and energy, with South Korea vying for Canada's submarine acquisition project.
South Korean President Lee Jae Myung met with German Chancellor Friedrich Merz on the sidelines of the G7 summit in Evian-les-Bains, France. They discussed advancing bilateral relations in areas like economy, industry, science, technology, security, and defense industry cooperation, and exchanged views on global conflicts.
