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

Youth Employment Declines Despite Economic Growth in South Korea The number of employed individuals in South Korea decreased by 40,000 in May compared to the same month last year, according to a report released by the National Data Agency on June 11. This marks the first decline in employment since the state of emergency declared in December 2024. Employment in the manufacturing sector fell by 140,000, the largest drop in over seven years. Most concerning is the significant decline of 255,000 in employment among young people aged 15 to 29, highlighting June 12, 2026

Court Sentences Yoon Suk Yeol to 30 Years for Drone Incident On June 12, former President Yoon Suk Yeol was sentenced to 30 years in prison for his role in a scandal involving the infiltration of drones into North Korea. The Seoul Central District Court, presided over by Judge Lee Jeong-yeop, found Yoon guilty of charges including treason and abuse of power. Yoon was not alone in facing judgment; former Defense Minister Kim Yong-hyun also received a 30-year sentence. Former Director of the National Defense Security Command, Yeon In-hyung, was sentenced to June 12, 2026

Ministry of SMEs and Startups Launches AI Training for Small Businesses The Ministry of SMEs and Startups and the Small Business Market Promotion Agency are working to enhance the capabilities of small businesses in utilizing artificial intelligence (AI) and to support AI-driven business innovation. On June 12, the Small Business Market Promotion Agency announced that it is recruiting small businesses to participate in the "AI Collaboration Training for Small Businesses" and the "Innovative Small Business AI Utilization Support Project." The AI Collaboration June 12, 2026

Korean-American Singer Lee Jae Shines at North America World Cup Opening Ceremony 2026 FIFA North America World Cup opening ceremony featured Korean-American singer-songwriter Lee Jae, who captivated global soccer fans with his performance of Korean lyrics. On June 12, at Estadio Azteca in Mexico City, the opening ceremony showcased the official World Cup theme song "DNA." The stage included renowned tenor Andrea Bocelli and Lee Jae, marking the commencement of the tournament. During the performance, Lee Jae passionately sang the Korean lyrics, "Even if I fall again, I June 12, 2026

Hanwha Ocean Shares Rise 8% on KDDX Project Win Expectations Hanwha Ocean is experiencing a surge in its stock price following reports that it has been effectively selected as the contractor for the detailed design and lead ship construction of the next-generation Korean destroyer (KDDX) project, valued at 7.8 trillion won. The Defense Acquisition Program Administration (DAPA) reportedly scored Hanwha Ocean slightly higher than its competitor, HD Hyundai Heavy Industries, boosting expectations for significant defense contracts. As of 10:56 a.m. on June 12, 2026

Jung Jeom-sik Calls for Opposition Control of Judiciary Committee Chair Jung Jeom-sik, the leader of the People Power Party, urged the government and ruling party on June 12 to shift their national policy direction and asserted that the chair of the Judiciary Committee should be returned to the opposition in the formation of the National Assembly's second half. In his first press conference since taking office, Jung stated, "The composition of the National Assembly in the second half must fully reflect the public sentiment for checks and balances demonstrated in the June 12, 2026