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Finance

KOSPI slumps more than 6 percent to 6,000 level for first time since May 4

South Korea's KOSPI fell more than 6 percent on Monday as semiconductor stocks slid, dropping to the 6,000 level for the first time since May 4. The Kosdaq also turned lower after rising early in the session. Individuals were net buyers, while foreigners and institutions sold. The Korea Exchange triggered a sell-sidecar that briefly halted program sell orders. The won weakened against the dollar as foreign selling and market jitters grew.

AI & Enterprise

Pilot 'AI legal secretary' service for civil servants begins

South Korea's Ministry of Science and ICT, the Ministry of Government Legislation and the Ministry of the Interior and Safety will provide a jointly developed 'AI legal secretary' service to central and local government civil servants from July 14. The administrative AI service supports rapid review of laws and court rulings and answers legal questions during policy planning and execution. It uses search-augmented generation and a proprietary AI foundation model and includes 60,000 Supreme Court rulings and 240,000 laws and administrative rules.

AI & Enterprise

South Korea's MSIT opens Korea-ASEAN Digital Academy in Malaysia

South Korea's Ministry of Science and ICT said on July 13 it opened a Korea-ASEAN Digital Academy at Universiti Teknologi MARA in Malaysia with the National IT Industry Promotion Agency. The programme aims to raise ASEAN countries' ability to use AI and train digital professionals. The ministry set up first-round academies in Indonesia and Laos last year and opened additional sites in Vietnam in June and Malaysia.