AI panic sweeps Asia, hitting Seoul hardest SEOUL, July 02 (AJP) - South Korean stocks led Asia's selloff on Thursday as another wave of panic over artificial intelligence and semiconductor valuations rattled investors, dragging the benchmark KOSPI below the 8,000 mark and the junior KOSDAQ below 900. The benchmark KOSPI tumbled 7.89 percent to close at 7,648.09, its first finish below 8,000 in 15 trading sessions. The index opened down 4.46 percent at 7,933.10, briefly recovered above 8,100 during the session, but selling accelerate July 2, 2026

Hanwha cuts petrochemical prices amid Gulf cost pressures SEOUL, July 02 (AJP) - Hanwha Solutions said Thursday it will cut prices for major petrochemical products by up to 250,000 won ($161) per ton to ease cost pressures on plastics manufacturers after supply disruptions caused by the Iran war. The company will lower prices for products including polyethylene and polyvinyl chloride by between 100,000 won and 250,000 won per ton. Hanwha Solutions said the move is intended to share savings from government support for naphtha and other key petrochemic July 2, 2026

World Cup 26: England survive DR Congo scare, U.S. advance SEOUL, July 02 (AJP) - England survived a major scare to reach the last 16 of the 2026 FIFA World Cup, while co-host United States advanced despite a red-card setback that left a bitter aftertaste to an otherwise hard-fought win. Belgium also moved on, but only after a dramatic late comeback against Senegal that raised as many questions as it answered. England came from behind to beat DR Congo 2-1 at Atlanta Stadium in Atlanta, Georgia, on Wednesday, in a match that kicked off at noon local ti July 2, 2026

KOSPI falls below 8,000 as Wall Street chip rout spills over SEOUL, July 2 (AJP) - South Korean stocks suffered another heavy selloff on Thursday, with the benchmark KOSPI plunging more than 5 percent in early trading, falling below 8,000 points. The decline followed an overnight rout in U.S. semiconductor shares, which reignited concerns that the artificial intelligence (AI)-led boom may be losing momentum. Just minutes after trading began, the KOSPI fell 5.30 percent to 7,862.92 and the junior KOSDAQ also dropped 4 percent to 892.18. A sharp decline i July 2, 2026

Korea's annual inflation above 3% in June but slows amid sluggish demand SEOUL, July 02 (AJP) - South Korea's consumer inflation remained above 3 percent for a second straight month in June, driven by elevated energy costs stemming from the prolonged Gulf crisis, although monthly price growth slowed, suggesting inflation may have peaked as global oil prices eased and domestic demand remained weak. The composite consumer price index (CPI) stood at 119.99 in June, up 3.2 percent from a year earlier and 0.1 percent from the previous month, the Ministry of Data and July 2, 2026

KOSDAQ celebrates 30 with little fanfare and KOSPI lower SEOUL, July 01 (AJP) - South Korean stocks closed the first trading day of the second half in sharply divided fashion Wednesday, with heavyweight chipmakers pulling the KOSPI lower while power-equipment, cable and policy-linked growth stocks rallied on expectations for the Lee Jae Myung administration's mega investment agenda. The session also marked the 30th anniversary of the KOSDAQ market. Financial Services Commission Chairman Lee Eok-won said at a KOSDAQ anniversary event that authorit July 1, 2026

President Lee to go live with cabinet H2 briefings SEOUL, July 01 (AJP) -South Korean President Lee Jae Myung will once again receive live televised briefings on the government's second-half policy agenda, pressing ahead with the format despite criticism that it has become more of a public spectacle than a working policy review. The presidential office said Wednesday that Lee will receive reports from government ministries and agencies from July 15 to July 21 in nine sessions, reviewing progress on tasks assigned during the administration&# July 1, 2026

SK hynix details upcoming U.S. listing, adds antitrust suit risk in SEC filing SEOUL, July 01 (AJP) - South Korean memory chipmaker SK hynix has amended its registration statement for a planned U.S. Nasdaq listing, detailing a fresh legal challenge while leaving its core offering terms blank, a U.S. regulatory filing showed. According to its amended Form F-1/A filed with the U.S. Securities and Exchange Commission (SEC) on Wednesday, the company added a newly initiated antitrust class action to its "Risk Factors." The lawsuit, filed on June 25 in the U.S. Distr July 1, 2026

World Cup 26: France, Mexico cruise into last 16; Norway to face Brazil SEOUL, July 01 (AJP) - France and Mexico powered into the last 16 of the 2026 FIFA World Cup with commanding wins, while Erling Haaland struck late to send Norway past Ivory Coast and into a showdown with Brazil. Norway beat Ivory Coast 2-1 at Dallas Stadium in Arlington, Texas, on Tuesday, in a match that kicked off at noon local time. Norway restored several first-choice players, including Haaland, who had missed the final group-stage match against France, but Ivory Coast controlled much of July 1, 2026

Hyundai Motor pledges $1 million in aid for Venezuela earthquake victims SEOUL, July 1 (AJP) - Hyundai Motor Group will donate US$1 million in relief aid to Venezuela, where powerful earthquakes and aftershocks have caused heavy damage, the automaker said on Wednesday. The donation will be delivered through humanitarian organization Korean Red Cross and used for disaster relief, recovery efforts and other emergency assistance. "We extend our condolences to Venezuelans affected by the sudden quakes and hope the support will help speed recovery," a Hyundai July 1, 2026