SBS News

Labor Ministry Finds Illegal Practices, Including Unpaid Overtime, at Gentle Monster Operator and Samjong KPMG The ministry also identified numerous violations at the accounting firm Samjong KPMG, where a series of deaths involving young accountants had occurred. SBS Jul 1, 2026 1:55 PM

Government to Conduct Special Inspections of 1,000 Gas Stations Following Oil Price Cap Reduction A joint task force, consisting of the Ministry of Trade, Industry and Energy, the Ministry of Economy and Finance, and the Ministry of Land, Infrastructure and Transport, will proactively respond to illegal activities such as the distribution of counterfeit petroleum that may exploit the current market confusion. SBS Jul 1, 2026 1:52 PM

Monthly Exports Exceed $100 Billion for First Time, Fourth in the World Last month, exports surpassed $100 billion for the first time in history. South Korea is the fourth country in the world to record monthly exports exceeding $100 billion. SBS Jul 1, 2026 12:12 PM

Local Tax System 'Wetax' Experiences Service Disruption, Hindering Payments Previously, due to system integration work following administrative reorganization, the online local tax reporting and payment service, Wetax, suspended services twice: from 6:00 PM on June 26 to 8:00 AM on June 29, and from 6:00 PM on June 30 to 8:00 AM today. SBS Jul 1, 2026 12:03 PM

Mirae Asset Denies 'Zero Allocation' in SpaceX IPO, Cites Proper Procedures Nasdaq market was due to a misunderstanding regarding the order submission process, which resulted in 1.1 billion dollars, or approximately 1.7 trillion won, in subscription demand from Korean investors failing to be processed as actual orders. SBS Jul 1, 2026 11:39 AM

KOSPI Plummets Over 3% During Trading to 8,100 Range; Samsung Electronics and SK Hynix See Widening Losses The KOSPI index extended its losses during trading on July 1, falling into the 8,100 range. SBS Jul 1, 2026 11:37 AM

South Korean Exports Soar on Semiconductor Boom, Eyeing $1 Trillion Milestone and 4th Place Globally A total of $1 trillion would surpass the export volume of the Netherlands, which ranked fourth in the world last year with $989.2 billion. SBS Jul 1, 2026 11:33 AM

Government Denies Rumors of Official Letters Demanding Samsung and SK Hynix Scrap Incentive Agreements The ministry stated on Wednesday, "The posts currently circulating online regarding a 'semiconductor excess profit-sharing scheme' and the 'cancellation of incentive agreements' are completely groundless and contain content that is contrary to the facts." Recently, posts have been spreading on anonymous online communities for employees, claiming that the government sent official letters to Samsung Electronics and SK Hynix ordering a full review of existing incentive agreements and requiring them to design and operate compensation and distribution methods in line with a government-led excess profit-sharing policy starting next year. SBS Jul 1, 2026 11:32 AM

All 24 South Korean Vessels Successfully Exit Strait of Hormuz Another South Korean vessel stranded in the Strait of Hormuz due to the Middle East war has successfully exited the strait and entered safe waters. SBS Jul 1, 2026 11:30 AM

KCCI Holds First Policy Meeting with National Assembly Speaker to Discuss Economic Livelihood and Growth Engines This meeting was the first official discussion between National Assembly Speaker Cho Jeong-sik and the business community since he took office. SBS Jul 1, 2026 11:29 AM