Korea's Economy Shows Signs of Recovery, Says Deputy Prime Minister Deputy Prime Minister and Minister of Finance and Economy Koo Yun-cheol stated that the government has achieved visible results in economic recovery as it marks its first year in office, while emphasizing the need for vigilance regarding the cost of living and volatility in financial and foreign exchange markets. During an emergency economic meeting held at the Government Seoul Complex on June 5, Koo noted, "Despite challenging conditions such as the Middle Eastern conflict, the combined June 5, 2026

South Korea Proposes Hydrogen Truck Technology Transfer to Canada Linked to Submarine Bid The South Korean government has proposed a hydrogen truck package project to the Canadian government, investing 3.4 trillion won (approximately 3.1 billion Canadian dollars) in connection with the bid for next-generation submarines. According to the Blue House on June 5, Chief of Staff Kang Hoon-sik disclosed the plan, named 'Project Beaver,' during an interview with Canadian CTV on June 3 (local time). Currently, Hanwha Ocean is in final competition with Germany's ThyssenKrupp Marine Systems ( June 5, 2026

Market Preview: U.S. Tech Stocks Pause as Jensen Huang Visits South Korea South Korea's stock market is expected to focus on individual stocks amid two key factors: a correction in U.S. semiconductor stocks and the visit of Jensen Huang, CEO of Nvidia. Following a night of profit-taking in U.S. tech stocks, the market is paying close attention to Huang's meetings with local business leaders and discussions on artificial intelligence (AI) collaboration. On June 4, U.S. stock indices closed mixed. The Dow Jones Industrial Average and the S&P 500 rose by 1.73% and June 5, 2026

Broadcom Shares Plunge Despite Strong Earnings Report Broadcom, a leading beneficiary in the AI semiconductor sector, is facing investor confusion as its stock plummeted despite exceeding market expectations with its earnings report. Some analysts interpreted comments from Broadcom's CEO as a warning about an AI bubble, but a closer look at the conference call reveals a more optimistic tone. Hock Tan, Broadcom's CEO, stated during the recent earnings call, "We continue to see strong demand for AI infrastructure from hyperscale customers," June 5, 2026

Government Accelerates $395.9 Million Data Center Project in Jangseong The South Korean government is accelerating the development of a high-tech data center project in Jangseong, Jeollanam-do, as part of its seventh Regional Revitalization Investment Fund initiative. The plan includes streamlining local financial investment review processes to expedite contributions from local governments and establish essential AI infrastructure promptly. On June 5, Deputy Prime Minister and Minister of Finance and Economy Koo Yun-cheol chaired a meeting at the Government S June 5, 2026

Special Health Checkups for Female Farmers Expanded to Age 80; Safety Checklist Required for Foreign Workers The South Korean government is expanding special health checkups for female farmers to include those up to 80 years old, starting this year, in an effort to reduce safety accidents in the agricultural sector. Additionally, farms employing foreign workers will be required to submit a safety checklist to improve workplace safety conditions. The Ministry of Agriculture, Food and Rural Affairs announced these measures during an emergency economic meeting held at the Government Seoul Complex on June 5, 2026

April Current Account Surplus Reaches $28.3 Billion, Second Highest on Record In April, South Korea recorded a current account surplus of 43 trillion won, driven by a booming semiconductor industry, marking the second highest surplus on record. According to preliminary statistics released by the Bank of Korea on June 5, the current account surplus for April was $28.29 billion, marking the 36th consecutive month of surplus, the second longest streak since the 2000s. In terms of categories, the goods account surplus reached $33.88 billion, the second largest ever June 5, 2026

Korean Ministry of Science Appoints Jang Seok-bok as New Director of IBS The Ministry of Science and ICT has announced the appointment of Jang Seok-bok as the new director of the Institute for Basic Science (IBS), marking the fourth director in the institute's history. Jang, who also serves as the head of the Molecular Activation Catalysis Research Group at IBS and a distinguished professor at the Korea Advanced Institute of Science and Technology (KAIST), will begin his five-year term immediately. Born in 1962, Jang graduated from Korea University with a degr June 5, 2026

Jang Seok-bok Appointed as IBS Director, Aims to Foster Over 10 Pioneer Research Teams "At the forefront of knowledge, what matters most is 'who poses innovative questions and suggests new directions.' The Institute for Basic Science (IBS) will establish more than 10 'pioneer research teams' to strengthen its role as a hub for new discoveries and concepts," Jang Seok-bok, the newly appointed director of IBS, stated during his inauguration ceremony held at the IBS headquarters in Daejeon on June 4. The event was attended by key figures including Choi Young-ki, director of the June 5, 2026

Michelle Steel's Nomination as U.S. Ambassador to South Korea Advances Michelle Steel's nomination as the U.S. Ambassador to South Korea has passed the Senate Foreign Relations Committee. This comes about two months after President Donald Trump nominated her in April. The nomination still requires approval from the full Senate before she can officially take office. According to the U.S. government-funded international broadcaster Voice of America (VOA), the Senate Foreign Relations Committee voted 14 to 8 in favor of Steel's nomination on June 4. The U.S. Amb June 5, 2026