KOSPI Breaks Below 8,000 · Fake News Law T-4 MS AI Subsidiary Launches · US Jobs Half of Forecast · Tesla Sets Delivery Record

A public petition opposing the amended Telecommunications Business Act, set to take effect July 7, has exceeded 140,000 signatures. The core concern is a threat to free expression, given the vague criteria for determining what constitutes false news.

The South Korean national football team was met with booing from fans upon returning home after going 1 win and 2 losses in the 2026 World Cup group stage. Head coach Hong Myung-bo resigned voluntarily on June 29, and the president called for an overhaul of football administration.

JTBC filed for court receivership after failing to repay 206 billion won in loans on June 12. The court deferred its decision on whether to commence proceedings until July 30 and approved an autonomous restructuring support (ARS) process.

A Meta-triggered AI chip shock sent KOSPI crashing 7.89% to close at 7,648.09. With 534 trillion won in market cap wiped out in a single day, searches related to the KOSPI collapse flooded portal sites.

An AI-generated video mocking head coach Hong Myung-bo following the World Cup elimination spread across social media and surpassed 10 million views. The clip, depicting a player striking the coach from behind, drew widespread approval reactions online.

An amendment to the Telecommunications Business Act that took effect July 1 mandates AI filtering for image uploads on internet communities. Online communities including Everytime and Ruliweb were flooded with protest posts calling it cyber martial law.

CJ Olive Young announced on July 2 that it will hold OLIVE YOUNG FESTA LA 2026 at KCON LA 2026 at the LA Convention Center in August. The event, which drew 50,000 attendees in Japan, is expanding to the United States.

A World Cup viewing video filmed by a Korean YouTuber captured a crowd member making an anti-Asian gesture. The clip spread rapidly and drew international condemnation, according to MBC News.

The Statistics Korea consumer price index released on July 2 showed a 3.2% year-on-year increase in June, the largest rise in two and a half years. Petroleum product prices surged 24.7%, and the everyday living cost index also climbed 3.3%.

The petition opposing the amended Telecommunications Business Act set to take effect July 7 has exceeded 140,000 signatures. The central concern is that the vague criteria for determining false information could infringe on freedom of expression.

Noksaek Chingudeul, which operated social housing backed by LH and HUG, has refused to return deposits and cut off contact, resulting in losses affecting roughly 80 households and potentially reaching 10 billion won. Tenants are demanding accountability from the public agencies involved.

Han Byung-do, acting leader of the Democratic Party, submitted a request to convene a July extraordinary session of the National Assembly. The People Power Party, objecting to the Democratic Party's claim of the Judiciary Committee chairmanship, had all of its assigned standing committee members submit resignations.

Seoul Central District Court Criminal Division 35 held the first hearing on July 2 in the insurrection incitement case against Hwang Kyo-ahn, leader of Freedom and Innovation. Hwang denied all charges, arguing his social media posts on the day martial law was declared were political expression.

At the 11th plenary session of the Minimum Wage Commission on July 2, labor submitted a fourth revised proposal of 11,700 won and management submitted 10,410 won. The gap narrowed from an initial 1,680 won to 1,290 won, with the 12th plenary session scheduled for July 7.

The Minimum Wage Commission has passed the statutory deliberation deadline while continuing negotiations through four rounds of revised proposals from each side. The 12th plenary session will be held on July 7 to continue deliberations.

The Seoul Economic Daily's English edition reported on July 1 that in Korea, a person's first job determines their lifetime income level. Regular employees at small and mid-sized companies earn only 58.9% of the wages of regular employees at large corporations.

The Ministry of Employment and Labor released detailed guidelines for its proposed worker presumption rule. Meeting any one of a designated set of indicators would be sufficient to presume worker status, shifting the burden of proof to the employer to demonstrate otherwise.

US June nonfarm payrolls released on July 2 showed only 57,000 new jobs, a significant miss against the Wall Street consensus of 113,000. April and May figures were also revised down by a combined 74,000, and the unemployment rate came in at 4.2%.

The FOMC unanimously held rates for the fourth consecutive meeting on June 17. However, the dot plot showed 9 of 18 members supporting an additional hike this year, flipping the median projection toward tightening compared to March. The 2026 PCE inflation forecast was revised up to 3.6%.

The World Bank's Global Economic Prospects report forecasts global growth falling from 2.9% in 2025 to 2.5% in 2026, the lowest since the COVID-19 pandemic, driven by rising energy prices stemming from Middle East conflict.

The US Court of International Trade (CIT) ruled that the 10% universal tariffs imposed by the Trump administration under Section 122 of the Trade Act were unlawful. Permanent injunctions were issued for the plaintiff importers.

KOSPI closed down 655.32 points (7.89%) at 7,648.09 on July 2. Meta's announcement of plans to sell surplus GPUs on the cloud amplified fears of slowing AI chip demand, sending Samsung Electronics down 9% and SK Hynix down 14%, erasing 534 trillion won in market cap.

KOSDAQ fell 6.7% on July 2, triggering sidecar sell halts alongside KOSPI. Foreign investors net sold 5.5 trillion won while retail investors absorbed 5.4 trillion won in net purchases.

US equities closed mixed on July 2 amid weak jobs data. The Dow Jones rose 0.8%, while the S&P 500 fell 0.3% and the Nasdaq declined 1.2% on semiconductor weakness. Markets will be closed July 3 in lieu of Independence Day.

US spot Bitcoin ETFs posted approximately $4.5 billion in net outflows during June, the largest monthly redemption since launch. BlackRock's IBIT accounted for 77% of total outflows.

Tokyo-listed Metaplanet purchased an additional 2,823 BTC for $170.7 million on July 2, bringing its total holdings to 43,000 BTC (approximately $2.6 billion). The company is now the third-largest corporate Bitcoin holder globally.

California's Digital Financial Assets Law (DFAL) came into force on July 1. Exchanges, custodians, and stablecoin issuers must hold or have applied for a DFPI license. Violations carry civil penalties of up to $100,000 per day.

Open-source AI cloud platform Together AI closed an $800 million Series C led by Aramco Ventures. The company was valued at $8.3 billion, with proceeds earmarked for infrastructure expansion and product development.

Video AI startup TwelveLabs completed a $100 million Series B co-led by NEA and Naver Ventures. A multi-year agreement to use AWS Trainium chips was announced simultaneously.

Oxmiq Labs, founded by former Intel chief architect Raja Koduri, secured $35 million with participation from Samsung Catalyst Fund and MediaTek, among others. The company plans to license its OxCore architecture to semiconductor firms.

Tesla delivered 480,126 vehicles in Q2 2026, a 25% increase year-over-year, setting a new all-time quarterly delivery record. The result exceeded the Wall Street consensus of approximately 406,000 units by more than 74,000.

Rivian delivered 12,194 vehicles in Q2 2026, exceeding its own guidance of 9,000-11,000 units. The company accordingly raised its full-year delivery outlook from 62,000-67,000 units to 65,000-70,000 units.

A ULA Atlas V rocket successfully launched 29 Amazon broadband LEO satellites from Cape Canaveral, Florida on July 2. Amazon is building a mega constellation of approximately 3,200 low-Earth orbit satellites in total.

Hyundai Motor made the world premiere of the fully redesigned 8th-generation Elantra at the 2026 Busan Mobility Show. The new model features the next-generation infotainment system PLEO'S Connect and generative AI agent GLEO AI.

Microsoft launched Microsoft Frontier Company on July 2, an independent subsidiary dedicated to supporting enterprise AI adoption, with a $2.5 billion commitment and 6,000 engineers. The London Stock Exchange Group and Unilever joined as founding partners.

MGX, the AI investment institution of Abu Dhabi in the UAE, announced the creation of a $49 billion AI-dedicated fund on July 2, according to Bloomberg.

Open-source AI cloud company Together AI closed an $800 million funding round on July 2, reaching a valuation of $8.3 billion. The round was led by Aramco Ventures.

CNBC reported on July 2 that some companies that reduced headcount in favor of AI are now rehiring staff after encountering limitations in handling edge cases and quality issues.

Vietnam's government enacted a new population law on July 1, offering a one-time payment of up to $228 for a second child and extending paid maternity leave to seven months. The measures are a response to declining birth rates and rapid population aging.

India's Finance Ministry Expenditure Finance Committee approved 1.25 trillion rupees (approximately $13.2 billion) for the India Semiconductor Mission 2.0 (ISM 2.0) on July 1. The goal is to build a domestic ecosystem for chip design, manufacturing, and packaging.

BYD's new SUV 'Datang,' equipped with a nickel-free battery, attracted 150,000 pre-orders in China within 53 days. Indonesia's industrial strategy of relying on nickel exports now faces a serious challenge, according to the Asia Times.

The US House Judiciary Committee released a 35-page report alleging that the Korean government discriminates against US companies including Coupang. The Foreign Ministry spokesperson expressed regret, saying the report one-sidedly reflects Coupang's claims.

Starting July 1, CMS launched a pilot program providing GLP-1 obesity drugs such as Wegovy and Zepbound at $50 per month to Medicare Part D enrollees who meet obesity criteria. The program runs through the end of 2027.

From July 1, 2026, medical costs related to minor conditions such as hypertension, diabetes, and the common cold are excluded from the catastrophic medical expense support calculation. Hospital room charges for non-critical conditions in semi-private and private rooms were also removed from eligible expenses.

The FDA has set July 17 as the PDUFA date to review Celcuity's gedatolisib for approval. The drug is a once-weekly subcutaneous injection for patients with HR+/HER2- PIK3CA wild-type advanced breast cancer.

International oil prices fell below $68 per barrel on July 2, the lowest since February. With oil flows through the Strait of Hormuz exceeding 10 million barrels per day, prices dropped more than 10% on a weekly basis.

The UAE has restored its oil export volume through the Strait of Hormuz to more than 3.9 million barrels per day. Iranian oil exports have also exceeded 40 million barrels since the lifting of the US naval blockade.

Seven core OPEC+ member states agreed to expand July production by an additional 188,000 barrels per day. Cumulative production increases since April have already exceeded 600,000 barrels per day.

BTS held the BTS THE CITY ARIRANG fan festival across London from July 4 to 10. Events included an exhibition at the Korean Cultural Centre, a Nike pop-up, and the Dalston Jung Festival, leading into concerts on July 6 and 7.

The HYBE three-group collaboration single 'Iconic by Mistake' charted at No. 43 on the July 4 Billboard Hot 100, holding on for a second consecutive week. It also reached No. 23 on the Global 200.

The historical fantasy drama East Palace starring Nam Joo-hyuk premieres on Netflix on July 17, followed by the occult romance Lovably Scary starring Park Eun-bin and Yang Se-jong on July 18. MBC's Family Registry is set to air on July 6.

The London Eye is scheduled to illuminate in BTS's signature red color at 9:30 PM local time on July 6 to mark the BTS ARIRANG world tour London concerts, according to the Korea Herald.

Korean skincare brand Anua appointed Kendall Jenner as its first-ever global ambassador, launching a PDRN Collagen Glow Serum Spray campaign. Anua surpassed $500 million in global retail sales in 2025.

CJ Olive Young announced it will hold OLIVE YOUNG FESTA LA 2026 at KCON LA 2026 at the LA Convention Center in August. The event will feature approximately 4,645 square meters of K-beauty experience space themed around four Seoul neighborhoods.

The global cosmetic ingredients trade show in-cosmetics Korea 2026 was held at COEX in Seoul from July 1 to 3. Special zones including a K-Beauty Zone and Inner Beauty Zone, along with innovative ingredient seminars, were featured.

MBC and SBS reported that election fraud conspiracy theories are being reignited using the ballot paper shortage during the June 3 local elections as a pretext. National Election Commission staff said conspiracy theory mitigation efforts are creating gaps in their regular duties.

MBC reported that a woman in her 50s used AI to create and spread a fake newspaper image impersonating the Gwangju Ilbo masthead on social media. The fabricated content claimed the May 18 Uprising was directed by North Korea. Police are investigating.

The US State Department has publicly pushed back against South Korea's Disinformation Eradication Act, characterizing it as an infringement on free expression and an online trade barrier, according to NewsSpace.