KOSPI surges to record 8,476 on Iran-Hormuz deal reports SEOUL, May 29 (AJP) - The KOSPI surged 3.55 percent to close at a record 8,476.15, its sharpest advance this week, as reports of a United States-Iran deal in principle to reopen the Strait of Hormuz unleashed a broad rally that lifted autos and batteries alongside semiconductors — a breadth the AI-driven run had conspicuously failed to deliver in prior sessions. The catalyst was unambiguous. A senior American official confirmed during the session that Washington and Tehran had reached a f May 29, 2026

Korea's tax revenue brims from strong stock and corporate earnings SEOUL, May 29 (AJP) - South Korea’s national tax revenue expanded sharply during the first four months of this year on track for excess revenue of 25.2 trillion won ($17 billion) this year on blistering stock market rally and corporate earnings, the government said Friday. According to the Ministry of Economy and Finance on Friday, cumulative national tax revenue from January to April reached 164.1 trillion won ($109.7 billion), adding 21.9 trillion won from the same period last year. May 29, 2026

HOT STOCK: Samsung Electro-Mechanics flies to No. 3 stock on KOSPI SEOUL, May 29 (AJP) - Samsung Electro-Mechanics' shares landed comfortably above 2 million won milestone Friday, flying over 15 percent to No. 3 on South Korea's main bourse — the culmination of a two-month rerating that has carried the stock from around twentieth on the KOSPI to within reach of the two trillion-won chip giants. By 1:00 p.m., the stock traded at 2,130,000 won, up 15.2 percent from the previous session, with a market capitalization just short of of 160 trillion w May 29, 2026

Korea, US to open talks on nuclear submarine, uranium enrichment rights SEOUL, May 29 (AJP) - South Korea and the U.S. will hold talks in Seoul next week on implementing agreements reached by their leaders, including Seoul’s plan to build a nuclear-powered submarine, the Foreign Ministry said Friday. The meeting is scheduled to take place in Seoul from June 2 to 3 to discuss follow-up measures in the security field under the Joint Fact Sheet issued last November after the Korea-U.S. summit, according to the ministry. South Korea’s delegation will be le May 29, 2026

Korea's April industrial activity and spending retreat on Gulf energy shocks SEOUL, May 29 (AJP) - The energy shocks from months-long disruption of the Strait of Hormuz from the Middle East conflicts arrived on South Korean shores, battering industrial activity, corporate and consumer spending in April, data showed Friday. Factory output fell 0.7 percent from the previous month in April, the first contraction since January, as the refining sector was hit hard by the suspension of shipments from the Gulf, according to the Ministry of Statistics and Data. Industry-wide o May 29, 2026

U.S. and Iran are "within reach" of a deal, news that may uplift Asian markets SEOUL, May 29 (AJP) -The United States and Iran are “within reach” of an agreement to end the three-month war that has rattled global energy markets, and the prospect of a reopening of the Strait of Hormuz may help lift Asian stocks Friday after a broad retreat the previous session. U.S. Treasury Secretary Scott Bessent said Washington and Tehran “perhaps have the makings of a deal,” with negotiations centering on a 60-day framework that would gradually unwind blockades May 29, 2026

Chinese Embassy says USFK chief 'crossed the line' with 'dagger' remarks on Korea SEOUL, May 28 (AJP) - The Chinese Embassy in Seoul has strongly criticized Gen. Xavier Brunson, commander of U.S. Forces Korea, after he described South Korea as a “dagger” in Asia from China’s strategic perspective. In a written response to reporters Thursday, the embassy said Brunson’s recent remarks portrayed South Korea and USFK as a forward base aimed at China, warning that he had “clearly crossed the line.” Brunson said in a U.S. Army War College podca May 28, 2026

Stocks, bonds tumble as BOK chief signals potential rate hikes in 2nd half SEOUL, May 28 (AJP) - South Korea's stock and bond markets were jolted on Thursday after the Bank of Korea (BOK) hinted at potential rate hikes in the second half of the year. While the benchmark KOSPI recovered most of its intraday losses near the close on institutional interpretations of a "healthy" rate hike, government bond prices collapsed, ending sharply lower as monetary tightening was seen as almost certain. The index finished at 8,185.29, down 0.53 percent, while the tec May 28, 2026

KOSPI slips after record rally while BOK holds rate but signals hikes ahead SEOUL, May 28 (AJP) - The Bank of Korea held its benchmark interest rate steady on Thursday but delivered its clearest signal yet that a tightening cycle is coming, pulling the KOSPI back from this week's record highs as traders repriced for higher borrowing costs ahead. The central bank kept its policy rate at 2.5 percent, a decision nearly every economist had expected, at the first meeting chaired by new BOK governor Shin Hyun-song. The news lay in the dissent: five of the seven board mem May 28, 2026

Kookmin University student racing team KORA unveils EV ahead of international competition SEOUL, May 28 (AJP) - Kookmin University student racing team Kookmin Racing (KORA) unveiled its new electric formula vehicle, F-26, during a launch ceremony on campus in Seoul, South Korea, ahead of an international engineering competition, Kookmin University said Thursday. KORA will participate in the 2026 Formula SAE Electric, an international student vehicle design competition hosted by SAE International (SAE). The event will take place from June 16 to June 20, 2026, at the Michigan Internat May 28, 2026