Education Groups Oppose Cuts to Local Education Funding Amid Declining Student Numbers As the South Korean government moves to reform and reduce local education grants, the education sector is pushing back strongly. The Korea Teachers and Education Workers Union (KTU), the Korean Federation of Teachers' Associations (KFTA), and the Teachers' Union Federation have jointly issued a statement urging an immediate halt to attempts to cut education funding under the pretext of declining student numbers. On June 11, the three teacher organizations criticized the Ministry of Econo June 12, 2026

President Lee Encourages National Soccer Team Ahead of World Cup Match Against Czech Republic President Lee Jae-myung expressed his support for the national soccer team ahead of their opening match against the Czech Republic in the 2026 North and Central America World Cup. On social media platform X (formerly Twitter), President Lee stated, "As the 2026 FIFA North and Central America World Cup kicks off, our national soccer team will begin a new challenge today at 11 a.m. against the Czech Republic." He added, "Given the long hours of sweat, effort, and countless training sessions, I h June 12, 2026

Namyang Dairy Reports 13% Growth in Food Service Business in Q1 Namyang Dairy's Food Service (FS) division is shifting from simple raw milk supply to a 'solution supply' model, participating in menu development from the early stages with partners. On June 12, Namyang Dairy announced that its FS division's revenue grew by 13% in the first quarter compared to the same period last year, marking the highest growth rate among domestic distribution channels. The expansion of transactions across various channels, including franchise cafes, group meals, June 12, 2026

Bank of Korea Governor Shin Hyun-sung Calls for Timely Interest Rate Hike Shin Hyun-sung, the Governor of the Bank of Korea, stated on June 12 that "price pressures are expected to exceed target levels for an extended period," emphasizing the need for a timely interest rate hike. During the 76th anniversary ceremony of the Bank of Korea held in Jung-gu, Seoul, he noted, "While the government's price stabilization measures will help alleviate upward pressures, the impact of supply shocks is expanding, and demand-side price pressures are also increasing." He poi June 12, 2026

World Cup Trophy Made of Gold Estimated at Nearly $9 Million The South Korean national soccer team, led by coach Hong Myung-bo, is set to play its first match in Group A of the North America World Cup today at 11 a.m. Amid this excitement, attention is also turning to the value of the World Cup trophy, which is known to be made of gold. Busan Digital Asset Exchange, which operates the digital asset trading platform Bdan, announced yesterday that it calculated the trophy's value based on its gold content. As of this morning, the exchange estimated June 12, 2026

Trump Abruptly Cancels Iran Airstrike Three Hours Before Execution President Donald Trump ordered the cancellation of a planned airstrike against Iran just three hours before it was set to occur, according to a report by NBC citing two U.S. officials on June 11. Israeli Prime Minister Benjamin Netanyahu was reportedly taken by surprise by the cancellation, having not been informed in advance, CNN reported. U.S. officials indicated that on the same day, the military had received a standby order from Trump to prepare for the airstrike, awaiting only the f June 12, 2026

Government Reports Continued Economic Recovery Amid Middle East Risks The South Korean government has assessed that the economy is continuing its recovery, supported by strong exports and improvements in the financial markets. However, it also identified rising prices, high oil and exchange rates, and potential employment market slowdowns due to instability in the Middle East as ongoing burdens on the economy. In the "Recent Economic Trends (Green Book)" released on June 13, the Ministry of Finance stated, "Our economy is continuing its recovery trend based June 12, 2026

Ruling Party Criticizes Calls for Full Re-Election by Opposition Leader The Democratic Party criticized Jang Dong-hyuk, leader of the People Power Party, on June 12 for advocating a full re-election following issues with the Election Commission's handling of ballots during the June 3 local elections and by-elections. The party stated that Jang's stance is no different from that of far-right groups and urged him to demonstrate more rational and logical political behavior. Kang Jun-hyun, the party's chief spokesperson, expressed suspicion that Jang's push for r June 12, 2026

KFTC Approves NS Shopping's Acquisition of Homeplus Express Amid Restructuring The Korea Fair Trade Commission (KFTC) has approved NS Shopping's acquisition of Homeplus Express, determining that the deal is unlikely to significantly restrict market competition amid ongoing corporate restructuring. On June 12, the KFTC announced that NS Shopping, a subsidiary of Harim Group, agreed to acquire the operations of Homeplus Express for 1.206 trillion won. The companies signed a sales transfer agreement last month, which included NS Shopping's commitment to repay part of Ho June 12, 2026

KAI and GE Avio Sign MOU for Next-Generation Power Transmission System Research Korea Aerospace Industries (KAI) announced on June 12 that it has signed a memorandum of understanding (MOU) with Italy's GE Avio to collaborate on research for a key rotorcraft technology, the power transmission system, thereby strengthening their strategic partnership. The MOU signing ceremony took place on June 11 at GE Avio's headquarters in Turin, Italy, attended by KAI President Kim Jong-chul and Vito Alfarano, GE Avio's Operations Manager, along with other senior executives from bo June 12, 2026