Constitution Day Returns as Public Holiday After 18 Years Bank of Korea Raises Benchmark Rate to 2.75%

Constitution Day, restored as a public holiday for the first time since 2008, falls on a Friday creating a three-day weekend July 17–19. Travel and accommodation bookings surged and related search terms topped real-time rankings.

Meritz Financial approved a KRW 200 billion emergency operating fund (DIP) loan for Homeplus. MBK Partners Chairman Kim Byung-ju provided a full personal guarantee as the company awaits a court ruling before the July 20 immediate-appeal deadline.

The Federation of Korean Industries held its Summer CEO Forum in Jeju July 15–18 under the theme 'AI Powerhouse Leap.' AI literacy, energy-efficient semiconductors, and AI-native business models were the key agenda items.

According to Statistics Korea, the number of employed people aged 15–29 fell by 197,000 year-on-year to 3.428 million in June, with the youth employment rate dropping 1.7 percentage points to 43.9% for the 26th consecutive month of decline.

Around 5,000 members of the Korean Confederation of Trade Unions held a large rally in downtown Seoul demanding that companies enter into direct collective bargaining with subcontract and outsourced workers.

BTS released the music video for 'NORMAL' from their album 'ARIRANG' exclusively on Spotify at 1 p.m. KST on July 17. A Korean-language version and an instrumental version were also released simultaneously, with the YouTube premiere scheduled for July 19.

Netflix Korean fantasy horror drama 'The East Palace' dropped globally on July 17. Nam Joo-hyuk stars as a warrior who can see ghosts, and Noh Yoon-seo as a palace maid who hears the voices of the dead.

The 78th Constitution Day ceremony opened at 10 a.m. at the National Assembly under the slogan 'People's Sovereignty, Opened by the Constitution,' attended by Speaker Cho Jung-sik and around 500 guests. President Lee Jae-myung participated in a citizens' event at Cheong Wa Dae.

The Supreme Court's Second Division rejected the appeal of People Power Party Rep. Kwon Sung-dong on July 16, upholding a 2-year prison sentence and KRW 100 million surcharge for Political Funds Act violations. He was convicted of accepting KRW 100 million from a Unification Church official in January 2022.

According to Korea Customs Service, exports in the first 10 days of July reached USD 29.8 billion, up 53.9% year-on-year and the highest on record for the period. Semiconductor exports surged 193% to USD 11.2 billion, accounting for 37.6% of total exports, with a trade surplus of USD 6.4 billion.

The government raised its 2026 GDP growth forecast from 2.0% to 3.0% at a Cabinet meeting on July 14, driven by strong semiconductor exports and AI demand. The IMF also raised its Korea growth forecast to 2.6%, the largest upward revision among major economies.

The Monetary Policy Board raised the benchmark rate from 2.50% to 2.75% on July 16, the first rate hike in three and a half years. The decision reflected CPI at 3.2%, rising household debt, and strong economic growth driven by semiconductor exports.

The KOSPI closed up 6.24% at 7,284 on July 16, led by SK Hynix (+9.46%) and Samsung Electronics (+6.27%) after global semiconductor shares rallied following a U.S. inflation slowdown report.

With Constitution Day restored as a public holiday after 18 years, the KOSPI, KOSDAQ, and derivatives markets were all closed on July 17 (Friday). The next trading day is Monday, July 20.

TSMC reported Q2 2026 revenue of USD 40.2 billion (+33.7% YoY) and net income up 77.4% year-on-year on July 16. Operating margin hit a record 60.3%, driven by demand for advanced-node chips for AI accelerators.

SK Hynix listed American Depositary Receipts (ticker SKHY) on Nasdaq, raising USD 26.5 billion in the largest U.S. stock offering ever by a foreign company. Shares closed up 13% on debut.

OpenAI is reportedly preparing a confidential IPO filing with Goldman Sachs and Morgan Stanley, targeting a listing as early as September 2026. The expected valuation is approximately USD 730 billion.

Anthropic reportedly recorded annualized revenue of approximately USD 47 billion and turned profitable in 2026. It is said to be preparing to file an S-1 for an IPO as early as October.

The LOXSAT satellite, jointly developed by NASA and Eta Space, launched July 17 from the Mahia Peninsula, New Zealand aboard a Rocket Lab Electron rocket. It will demonstrate orbital storage and transfer of cryogenic liquid oxygen for use in future crewed lunar and Mars missions.

Astronomers using Hubble Space Telescope ultraviolet observations identified four previously unknown nearby white dwarfs that had been hidden by their bright red dwarf companions. The discovery adds important cases to the study of stellar evolution's final stages.

The Pentagon carried out strikes on dozens of sites along Iran's coast and near the Strait of Hormuz for a fourth consecutive night. VP JD Vance confirmed that U.S.-Iran technical talks based on a 14-point MOU were underway in Doha, Qatar.

The UK government officially designated Iran's Islamic Revolutionary Guard Corps (IRGC) as a terrorist organization and announced a full ban on support for the group.

Russian anti-war politician Boris Nadezhdin appeared in court on July 17 after being detained and released for posting a video related to the late Alexei Navalny on social media.

The European Union imposed official sanctions on Sudan's gold trade, citing the use of gold exports by Sudanese military factions to fund the ongoing civil war.

Spain beat France 2-0 in the semifinal in Dallas on July 14, with goals from Oyarzabal (PK, 22') and Porro (58'), booking their place in the final.

Argentina beat England 2-1 in the semifinal on July 15, scoring twice in the second half to win. They advance to their second consecutive World Cup final after Qatar 2022.

Under Korea's newly introduced tiered heatwave alert system, the Korea Meteorological Administration issued its first-ever Emergency Heatwave Warning for Gyeongsan and Pohang in North Gyeongsang Province. The warning is triggered when apparent temperature exceeds 38°C or actual temperature exceeds 39°C for at least one day.

A third heatwave of the summer struck France, Spain, Portugal, and Greece, sparking major wildfires. Some parts of France saw temperatures forecast up to 10°C above normal, and tens of thousands were ordered to evacuate.

This year's monsoon season concentrated heavy rainfall in early-to-mid July, with localized downpours causing landslides and flooding in low-lying areas. KMA warned of a subsequent transition to heat and tropical nights.

The FDA approved Celcuity's gedatolisib for HR+/HER2- PIK3CA wild-type metastatic breast cancer on July 14. In triple combination, the median progression-free survival was 9.3 months versus 2.0 months in the control arm, a 76% reduction in disease progression or death risk.

CDC data shows 2,231 cumulative measles cases in 2026, with 32 new outbreaks. 93% of confirmed cases were unvaccinated or had unknown vaccination status, and the MMR vaccination rate of 92.5% falls below the 95% herd immunity threshold.

The Ministry of Health and Welfare announced it will implement an organizational restructuring on July 21, aimed at building a sustainable healthcare system and strengthening regional, essential, and public medical services.

The House Financial Services Committee's digital assets subcommittee held a hearing in New York on July 17. The CLARITY Act would classify Bitcoin and Ethereum as CFTC-regulated digital commodities, with remaining investment contract assets under SEC jurisdiction.

Six U.S. federal agencies including the Treasury, OCC, and FDIC must finalize GENIUS Act stablecoin rules by July 18. The OCC has proposed minimum capital of USD 5 million, a 1:1 reserve requirement, and a two-business-day redemption obligation as key requirements.

According to data released by the Korea Research Institute for Human Settlements on July 15, the national real estate consumer sentiment index rose to 112.3 in June (up 0.9 points month-on-month), shifting to an upward phase. The Seoul metropolitan area recorded 119.3 and non-metropolitan areas 104.5.

Seoul jeonse (long-term rental) listings fell 25% over the past year, while the average deposit for a 30-pyeong apartment rose 8% to KRW 690 million. The gap between new and renewal deposits also widened to KRW 80 million as of June.

The government has been holding a series of real estate debates covering supply, finance, and taxation since July 13. Results are to be reflected in the 2026 tax reform package, expected to be released in late July or early August.

To address childcare gaps during summer vacation, the Ministry of Health and Welfare designated 2,500 community after-school care facilities as gap-care centers with extended hours. Working parents' elementary school-aged children will receive care including lunch and dinner.

The Seoul Metropolitan Office of Education will deploy specialist counselors at schools with high numbers of migrant-background students, using AI-based interpretation systems for personalized career and college admission counseling starting this summer.

Samgyetang (ginseng chicken soup) product sales at GS25 jumped 166.7% year-on-year, while refrigerated cold noodles surged 395.6%. CU, 7-Eleven, and other convenience stores also launched a wave of summer stamina ready-meal products.

Westin Josun Seoul Parnas is offering a stamina course using croaker, eel, and sea bass for KRW 173,000 per person. Park Hyatt Seoul presented a 7-course menu (KRW 138,000) reimagining samgyetang porridge.

Average dining-out prices for samgyetang reached KRW 16,600 and naengmyeon (cold noodles) KRW 11,200, up more than 20% since 2022. The financial burden is driving a visible increase in home-cooked stamina meals and convenience store ready-meal purchases.