South Korea's trade ministry pledged to protect its steel companies' interests as the EU implements a new policy on July 1 to address global overcapacity. The policy will halve tariff-free steel import quotas to 18.3 million tons, impacting Korean exports.
South Korea and Uzbekistan held a policy consultation meeting in Tashkent, discussing enhanced cooperation in energy, critical minerals, transportation, infrastructure, digital technology, and climate response. They also prepared for the upcoming Korea-Central Asia Summit and discussed support for peace on the Korean Peninsula.
South Korean defense firm LIG Defense & Aerospace (D&A) has partnered with Germany's Rheinmetall to supply air defense systems to the European market. The agreement, signed at the Eurosatory 2026 exhibition in France, aims to establish a joint venture for R&D, marketing, and production.
South Korea's homegrown KF-21 fighter jet has received government flight safety certification, announced by the Defense Acquisition Program Administration (DAPA). The aircraft met all 745 requirements across 14 assessment areas, paving the way for initial deliveries to the Air Force.
South Korean stocks opened significantly higher on Tuesday, with the KOSPI index rising over 1.75 percent. The gains were driven by overnight rallies on Wall Street, fueled by news of a preliminary agreement between the US and Iran to reopen the Strait of Hormuz and ease oil price concerns.
South Korean stocks surged over 1.5% at Tuesday's opening, mirroring Wall Street's gains. The rally was fueled by optimism over a preliminary US-Iran agreement to reopen the Strait of Hormuz, easing inflation concerns and boosting investor sentiment.
South Korean team psychologist Han Doug-hyun described the FIFA World Cup squad as "special" and praised their mental preparation and stability ahead of their match against Mexico. Han highlighted coach Hong Myung-bo's leadership and the team's thorough preparation for every scenario.
South Korea's national football team trained with a full squad for the first time since arriving in Mexico for the World Cup. Key players Kim Tae-hyeon and Bae Jun-ho, who were previously injured, participated in the session as the team prepares for their crucial Group A match against Mexico.
South Korea's import prices decreased for the second consecutive month in May, dropping 0.3% due to lower oil prices, according to Bank of Korea data. The on-year import price index, however, rose significantly by 24.8%.
Major South Korean newspapers on June 16 reported on the end of a 106-day U.S.-Iran war, with headlines focusing on the ceasefire agreement, the reopening of the Strait of Hormuz, and the lingering unresolved issues.
Fred Fleitz, former chief of staff to the National Security Advisor in the Trump administration, stated that there is a growing consensus in the U.S. to expand South Korea's nuclear authority. He emphasized that revising the current agreement to allow South Korea full access to the nuclear fuel cycle is supported by bipartisan agreement in the U.S., despite potential objections from the Department of Energy.
Asian confederation teams have extended an unbeaten run against European opponents to four games at the World Cup. While early, this trend suggests a potential shift in global football power dynamics, with teams like Japan and South Korea displaying improved tactics and confidence.
South Korea welcomed the U.S.-Iran ceasefire agreement, expressing hope for stability in the region and safe passage for vessels, including 24 South Korean-linked ones, through the Strait of Hormuz.
South Korea's presidential office welcomed the US-Iran ceasefire deal, particularly its inclusion of reopening the Strait of Hormuz. However, officials expressed caution, stating they will monitor if the agreement leads to an immediate reopening and noting that nuclear negotiations could impact the ceasefire.
South Korean President Lee Jae Myung invited Pope Leo XIV to visit South Korea during World Youth Day 2027. The leaders discussed inter-Korean peace initiatives, with the Vatican reaffirming support.
South Korean President Lee Jae Myung invited Pope Leo XIV to visit South Korea during the country's hosting of World Youth Day 2027. The invitation was extended during a meeting at the Vatican, where they also discussed cooperation for the event and peace on the Korean Peninsula.
Doosan Enerbility secured a 530 billion-won ($350 million) contract to build an 870-megawatt combined cycle power plant in Duqm, Oman. The project, slated for completion by 2029, aims to meet growing electricity demand in southern Oman.
South Korea and Qatar have discussed cooperation in energy and other cutting-edge industries. Qatar reaffirmed its commitment to prioritizing LNG supply to South Korea, despite previous force majeure declarations due to missile attacks.
The South Korean won reached a near two-week high against the dollar on Monday, driven by optimism over a preliminary peace deal between the US and Iran. The won's strength coincided with foreign investors becoming net buyers of local stocks, boosting the KOSPI index.
A Mexican man, Ulises Fernando Bernal Miramontes, has been widely condemned for a video showing him making a racist gesture towards people of Asian descent at the World Cup. The video, posted by South Korean influencer Yoon Su-jin, sparked outrage online, with many Mexicans denouncing the man's actions and apologizing on his behalf.
South Korea's COFIX, a benchmark for bank mortgage rates, rose 0.01 percentage points to 2.90% in May, marking the second consecutive monthly increase. This rise occurs despite the Bank of Korea holding its key rate steady, amid expectations of a future hike.
South Korea's Unification Ministry stated its commitment to rebuilding inter-Korean trust and respecting North Korea, despite Pyongyang's sharp accusations labeling Seoul an "invariable enemy state." The ministry cited goodwill gestures as proof of its peaceful coexistence policy.
An agreement between the US and Iran to reopen the Strait of Hormuz is expected to allow 24 South Korean-linked vessels and 137 sailors to depart. However, uncertainty remains regarding the exact terms of the deal and potential obstacles like naval mines and internal Iranian instability.
South Korea's defense ministry announced Monday it will consider concrete ways to help stabilize the Strait of Hormuz, a vital shipping lane, following a U.S.-Iran peace deal. No decisions on military asset deployment have been made yet.
