Volkswagen to Cut 19,000 Jobs in Germany Amid Electric Vehicle Struggles Volkswagen, the German automotive giant, is moving forward with plans to reduce its workforce and cut costs in Germany. On June 11, Reuters reported that CEO Oliver Blume is expected to announce at the upcoming annual shareholders' meeting on June 18 that the company will cut 19,000 jobs in Germany by the end of this year. According to a draft of Blume's speech obtained by Reuters, Volkswagen has reached a binding agreement with labor representatives to reduce over 28,000 jobs in German June 12, 2026

Elon Musk Approaches First Human 'Trillionaire' Status as SpaceX IPO Soars Elon Musk, CEO of Tesla, is nearing the status of the world's first trillionaire following the initial public offering (IPO) of his aerospace company, SpaceX. A trillionaire is defined as an individual with a net worth exceeding $1 trillion (approximately 1,520 trillion won). On June 11, local time, Reuters and Business Insider reported that SpaceX has set its IPO price at $135 per share (about 205,000 won) and plans to sell 555.56 million shares, raising $75 billion (approximately 114 tri June 12, 2026

Naver and Krafton Partner to Enhance PUBG Esports Content Ecosystem Naver and Krafton are embarking on a long-term collaboration to expand the esports content ecosystem for PUBG: Battlegrounds. On June 12, Naver announced that it has signed a strategic memorandum of understanding (MOU) with Krafton to enhance the esports content ecosystem for PUBG. The two companies plan to establish a cooperative framework that combines the streaming platform Chijijik with the PUBG esports intellectual property (IP), integrating platform capabilities, game IP, and commu June 12, 2026

Yoon Suk Yeol and Kim Yong-hyun Sentenced to 30 Years in Prison for Drone Incident Former President Yoon Suk Yeol was sentenced to 30 years in prison on June 12, 2026, for his involvement in a drone operation aimed at justifying the declaration of martial law. The Seoul Central District Court's Criminal Division 36, led by Judge Lee Jeong-yeop, found Yoon guilty of general treason and abuse of authority. Kim Yong-hyun, former Minister of National Defense, also received a 30-year sentence. Former Army Intelligence Commander Yeo In-hyung was sentenced to 15 years, while former D June 12, 2026

Boiler Industry Enters Summer Competition with New Cooling Products The boiler industry, traditionally associated with winter appliances, is now diving into a fierce competition in the summer market, focusing on cooling and sleep technology. Major players in the domestic boiler market, Kyungdong Nabien and Guitura, are expanding their offerings beyond winter products to include air conditioners, ventilation purifiers, and sleep mats, aiming to overcome the limitations of the off-season. According to industry sources on June 11, both Kyungdong Nabien and G June 12, 2026

Kim Yoon-ji Appointed Head of Korea Creative Content Agency The Ministry of Culture, Sports and Tourism announced on June 12 that Kim Yoon-ji, a senior researcher at the Korea Export-Import Bank's International Economic Research Institute, has been appointed as the new head of the Korea Creative Content Agency. Her term will last for three years. Kim has worked at the Korea Export-Import Bank for 17 years, participating in numerous studies related to the content industry, including research on the economic impact of K-content exports and strategie June 12, 2026

Park Hong-geun: Budget Preparation and Long-term Strategy Development are Key Opportunities Park Hong-geun, Minister of the Ministry of Strategy and Finance, emphasized the need to accelerate the preparation of next year’s budget and the identification of long-term national strategic projects to achieve policy outcomes. The Ministry announced that it held the 6th expanded executive meeting on June 12 at the Government Sejong Center, chaired by Minister Park. Prior to the meeting, a ceremony was held to reward employees who identified the largest-ever expenditure restructuring pro June 12, 2026

Daewoo Engineering Completes Indorama Fertilizer Plant No. 3 in Nigeria Daewoo Engineering has completed the construction of Indorama Fertilizer Plant No. 3 in Nigeria on schedule. This project follows the successful completion of Plants No. 1 and 2, reaffirming the company's strong track record in the local plant market. The company announced on June 12 that it has finished the construction of the "Indorama Fertilizer Plant No. 3" near Port Harcourt in Rivers State, Nigeria. This project was commissioned by IFFZE, the Nigerian subsidiary of the global petro June 12, 2026

Special Prosecutor Reinvestigates Jo Tae-yong Over CIA Martial Law Allegations The second comprehensive special prosecutor team, led by Kwon Chang-young, has summoned Jo Tae-yong, the former head of the National Intelligence Service (NIS), for further questioning regarding allegations that he was involved in explaining the background of martial law to allied countries, including the CIA, shortly after its declaration on December 3, 2024. The special prosecutor's team began questioning Jo at 10 a.m. on June 12, marking the second time he has been interrogated since June 12, 2026

Kim Mi-ae Appointed as Policy Chief of the People Power Party Jung Jeom-sik, the floor leader of the People Power Party, announced on June 12 that Kim Mi-ae, a lawmaker from Busan's Haeundae-eul district, has been appointed as the policy chief deputy leader. The new leadership team will operate under a dual leadership structure with Kim Seung-soo, who has been appointed as the chief deputy floor leader.According to the People Power Party, Choi Soo-jin and Choi Eun-seok will serve as the floor spokespersons, while Kim Tae-kyu, who was elected in the June 3 June 12, 2026