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World Cup 26: Korea rallies past Czechia in World Cup opener SEOUL, June 12 (AJP) - South Korea came from behind to defeat the Czechia 2-1 in its opening Group A match of the 2026 FIFA World Cup on Thursday, taking a major step toward the knockout stage after a spirited second-half comeback in Guadalajara, Mexico. Hong Myung-bo's side fell behind in the 58th minute when Czech defender Ladislav Krejci powered home a header from a set piece. But South Korea responded quickly as midfielder Hwang In-beom equalized nine minutes later before setting up substitute Oh Hyeon-gyu for the winner in the 79th minute. The victory earned South Korea three points and left it level with co-host Mexico, which defeated South Africa 2-0 in the tournament's opening match earlier in the day. After a cautious first half dominated by Korean possession and several half-chances for captain Son Heung-min, the match sprang to life after the break. Czechia repeatedly threatened through its aerial strength and was rewarded when Krejci rose above the Korean defense to head home the opener. South Korea responded through Hwang, who calmly finished after a well-worked move involving Lee Kang-in. Moments later, the Czechs thought they had regained the lead when Tomas Soucek found the net, only for the goal to be ruled out for offside. The momentum shifted decisively in Korea's favor. Hwang burst beyond the Czech back line before delivering a low cross that Oh converted from close range to complete the turnaround. Goalkeeper Kim Seung-gyu, criticized for failing to stop Krejci's header and nearly gifting away possession earlier in the half, redeemed himself with two crucial saves in the closing stages. The veteran goalkeeper produced a pair of full-stretch stops, including a dramatic save from Michal Sadilek in stoppage time, to preserve the lead. Hwang was widely regarded as the player of the match after contributing both a goal and an assist. The victory marked South Korea's fourth opening-match win in World Cup history and its first since the 2010 tournament in South Africa. South Korea, appearing in its 12th World Cup finals, is seeking a third appearance in the knockout stage at an overseas World Cup following runs in South Africa in 2010 and Qatar in 2022. The Koreans will next face Mexico on June 19 before concluding Group A play against South Africa on June 25. 2026-06-12 13:19:17 -
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 Germany by 2030. Blume will also explain that Volkswagen has already achieved a cost reduction of more than 20% at its German plants by 2025. This workforce reduction is part of a restructuring agreement Volkswagen signed with labor unions and the workers' council at the end of last year. At that time, the company committed to reducing over 35,000 jobs in its German operations in a socially responsible manner by 2030, while also cutting production capacity at its German plants by 734,000 units. Volkswagen expects to achieve annual cost savings of over 15 billion euros through these measures. The agreement with labor representatives also includes provisions to avoid plant closures and layoffs in Germany until 2030. The company has faced pressure to cut costs due to rising expenses related to the transition to electric vehicles, increased competition from Chinese manufacturers, a slowdown in European demand, and high production costs in Germany.* This article has been translated by AI. 2026-06-12 13:18:00 -
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 trillion won). Based on this offering price, the company's valuation is estimated at $1.77 trillion (approximately 2,690 trillion won). The Bloomberg Billionaires Index reflects the value of Musk's stake in SpaceX at $971 billion (approximately 1,476 trillion won), an increase of $274 billion (about 416 trillion won) since the IPO price was announced. Musk's holdings in SpaceX are valued at approximately $688 billion (about 1,046 trillion won). According to Bloomberg's calculations, if the value of his other assets remains unchanged, Musk would need SpaceX's stake to rise to $717 billion (about 1,090 trillion won) to reach a net worth of $1 trillion. This milestone could be achieved if SpaceX's stock price rises to $140.71 (about 214,000 won) after the IPO. At the time of the IPO, Musk owns about 39% of SpaceX's outstanding shares. He could receive an additional stake of around 10% if certain performance conditions are met, and he will maintain 82% of the voting rights through preferred shares even after the IPO. This IPO surpasses the previous record set by Saudi Arabia's state-owned oil company, Aramco, in 2019. Immediately after going public, SpaceX is expected to be recognized among the highest-valued companies listed on U.S. stock exchanges. However, uncertainties surrounding the high valuation remain. Reuters noted that SpaceX reported a loss last year and that a significant portion of its revenue relies on its satellite internet service, Starlink. Dependence on government contracts and competition from rivals could also impact future stock performance.* This article has been translated by AI. 2026-06-12 13:12:00 -
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 community strengths. Through this agreement, Naver aims to expand PUBG esports content based on Chijijik's streaming technology and community-focused viewing culture. The platform will broadcast PUBG esports tournaments and strengthen league partnerships, enhancing the live viewing experience while introducing differentiated content linked to streamers to broaden user engagement. The companies will also pursue joint promotions and branding utilizing the PUBG esports IP. They plan to increase content exposure in collaboration with major esports leagues and conduct user participation events both online and offline to strengthen connections with fans. Notably, this agreement will allow Chijijik streamers to create content tailored to their respective fan bases using the PUBG esports IP, thereby reinforcing the community-oriented viewing culture and revitalizing the streamer-centric content ecosystem. Shin Seul-ki, Naver's leader of game content partnerships, stated, "This collaboration will enhance user-centered esports viewing experiences by combining the global IP competitiveness of PUBG esports with Chijijik's streaming and community capabilities. We will continue to work closely with Krafton to create a differentiated esports content ecosystem where streamers, users, and game IP are organically connected."* This article has been translated by AI. 2026-06-12 13:03:00 -
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 Drone Operations Commander Kim Yong-dae received a three-year sentence with a five-year probation.The court ruled that Yoon and Kim were guilty of general treason under criminal law, while Yeo faced charges under military law. All three were found guilty of abuse of authority.Yoon, Kim, and Yeo were accused of using psychological operations to provoke military provocations from North Korea by directing the infiltration of drones into Pyongyang around October 2024 to secure justification for declaring martial law.General treason charges can be applied regardless of collusion with the enemy if actions harm South Korea's military interests or provide military advantages to hostile nations.The court stated, "Yoon Suk Yeol approved the execution of this operation from the beginning to create a martial law situation, and Yeo In-hyung participated in the planning of martial law, discussing the timing and conditions for declaring martial law with Kim Yong-hyun, ensuring the operation continued secretly."It added, "The orders for the operation were aimed at creating a martial law situation, which contradicts the mission of the military as defined by the Constitution of the Republic of Korea. Soldiers are not obligated to obey such orders," emphasizing that Yoon and Kim abused their authority over military personnel, while Yeo facilitated their actions, leading military personnel to perform duties they were not obligated to undertake.Kim and Yeo were also charged with conspiracy to conceal the drone operation, manipulating the narrative to claim that lost military assets were due to training accidents, and instructing military personnel to follow these directives, among other charges.Yeo was accused of leaking military secrets regarding combat experiments to Kim Yong-hyun, who was then the head of the Presidential Security Service, and for instructing the destruction of related military materials to cover up the drone operation.The Special Investigation Team for Insurrection, led by Special Prosecutor Jo Eun-seok, had previously sought sentences of 30 years for Yoon, 25 years for Kim, 20 years for Yeo, and five years for Kim Yong-dae.The court noted, "The crime of treason can lead to significant loss of life or even the collapse of the state, making it crucial to prevent such violations before they occur."It highlighted that the execution of this operation resulted in unnecessary military resource depletion, increased risks to the safety of citizens and military personnel due to potential military conflict, and the leakage of military secrets, thereby compromising South Korea's military interests.The court emphasized, "Using military operations for personal gain betrays the public's fundamental trust that the President and Minister of Defense will only use military power for legitimate purposes related to national security and territorial defense," adding that trust in the legality and legitimacy of military orders has been severely undermined.Regarding Yoon, the court stated, "The defendant believed he could use military command and martial law declaration powers, which should protect the nation's existence and safety, for his political gain, approving operations to create a martial law situation while blaming those who were unaware of the operation, including the National Security Office Director."The court imposed a heavier sentence on Kim than the prosecution's request, citing his active role in planning and directing the drone operation.It criticized, "From the moment he took office as Minister of National Defense, the defendant directed operations to provoke North Korean provocations, preparing for martial law declaration through information officers, and if the Joint Chiefs of Staff had not acted passively or opposed his orders, the operation could have escalated, potentially leading to military conflict with North Korea."In terms of sentencing for Yeo, the court noted, "As military personnel from the Army Intelligence Command were dispatched to gather intelligence and monitor military movements, the defendant's involvement was crucial in preventing the operation from becoming public. However, considering his level of involvement, it appears he passively participated in Yoon and Kim's orders."As for Kim Yong-dae, the court acknowledged that while he committed acts to conceal the operation, he likely did not understand it was aimed at creating a martial law situation. It noted that although he leaked information about combat experiments, his level of responsibility was not severe given his military background and position at the time.The trial was conducted behind closed doors due to military secrets, and the court did not allow live broadcasting of the sentencing hearing.* This article has been translated by AI. 2026-06-12 13:03:00 -
BOK governor urges timely rate hikes as inflation, housing risks build SEOUL, June 12 (AJP) - Bank of Korea Governor Shin Hyun-song said Friday the central bank needs to raise interest rates “without delay,” sending his clearest signal yet that South Korea is moving closer to monetary tightening as inflation, housing prices and leveraged stock investment risks build at the same time. Speaking at a ceremony marking the BOK’s 76th founding anniversary, Shin said growth, inflation and financial stability conditions are pointing “relatively clearly in one direction” from a monetary policy perspective. “Monetary policy often faces trade-offs among policy variables, but such trade-offs are not large at the moment,” Shin said. “Therefore, it is necessary to place priority on price stability and raise interest rates without delay.” The remarks sharpened expectations that the BOK could begin raising rates as early as next month, after keeping its benchmark rate unchanged at 2.50 percent in May. Shin said Korea’s economy has expanded sharply despite heightened uncertainty from the prolonged Middle East conflict, supported by robust semiconductor exports tied to the global spread of artificial intelligence. The economy grew 1.8 percent from the previous quarter in the first quarter, far exceeding earlier expectations, while nominal growth reached an unusually strong 10.5 percent as higher chip prices improved the country’s terms of trade. He said the economy is expected to maintain solid growth as the semiconductor upcycle continues and higher nominal GDP supports tax revenue, income, investment and domestic demand, but warned that the recovery remains heavily dependent on the information technology sector. Inflation has become a more urgent concern, with consumer inflation rising into the 3 percent range in May as higher global oil prices filtered through to domestic prices. Core inflation, which had previously shown signs of stabilization, also moved up to the mid-2 percent range, while prices of daily necessities rose faster than headline inflation and raised the risk that inflation expectations could become more entrenched. “Inflation is expected to remain above the target level for a considerable period,” Shin said, noting that supply shocks are spreading and demand-side price pressure is also increasing despite government efforts to ease upward pressure. Shin framed preemptive action on inflation as a measure that also protects lower-income households, saying the burden of rising prices falls relatively more heavily on them. He acknowledged that higher interest rates would increase debt-servicing costs for households and companies, but said targeted relief for vulnerable borrowers would be more effectively handled through fiscal policy because monetary policy affects the market broadly. Financial stability risks also featured prominently in Shin’s remarks, as housing prices and rents in the Seoul metropolitan area continued to rise sharply and expectations for further increases strengthened again. He also warned that the rapid increase in leveraged stock investment, often referred to in Korea as “bittoo,” or borrowing to invest, could amplify individual losses and deepen market volatility when prices correct. On the foreign exchange market, Shin said the won-dollar exchange rate has remained elevated in the 1,500 won range despite a rising stock market and a large current account surplus, as foreign investors continued to pull money from Korean equities. Still, he said market participants expect the won to gradually stabilize as the large current account surplus increases demand for the local currency through corporate tax payments and domestic investment. Shin said the BOK will work with relevant authorities to deepen the local foreign exchange market through 24-hour trading and a future offshore won settlement system, aiming to absorb more offshore non-deliverable forward trading demand into the onshore market. The BOK’s shift comes as a growing number of central banks are turning more hawkish in response to renewed inflation pressure from higher energy costs, currency weakness and financial market volatility. The European Central Bank raised its three key policy rates by 25 basis points on Thursday, while Bank Indonesia lifted its benchmark BI-Rate by 25 basis points earlier this week to 5.50 percent. The Bank of Japan is also expected to join the tightening cycle next week, with markets widely expecting it to raise its short-term policy rate to 1.0 percent from the current 0.75 percent at its two-day meeting starting Monday. Financial markets gave a mixed response to Shin’s renewed tightening signal. The won-dollar exchange rate opened Friday at 1,518.0 won per dollar, down 10.9 won from the previous session, signaling some relief for the local currency but still leaving it above the psychologically sensitive 1,500 won level. The KOSPI opened 499.90 points, or 6.44 percent, higher at 8,263.85 and extended gains of more than 7 percent in early trade, with foreign investors purchasing more than 1 trillion won worth of shares as improved risk appetite outweighed rate-hike concerns. In the bond market, the yield on three-year government bonds fell 5.5 basis points to 3.849 percent, while the 10-year yield dropped 6.0 basis points to 4.240 percent by the morning close. 2026-06-12 12:37:21 -
World Cup 26: Korea, Czech Republic goalless at halftime in World Cup opener SEOUL, June 12 (AJP) - South Korea went into halftime locked at 0-0 with the Czech Republic on Thursday in its opening Group A match of the 2026 FIFA World Cup. Korea made a brighter start than it had in recent warm-up matches, but could not turn its early pressure into a goal against a physically strong Czech side at Guadalajara Stadium in Mexico. Son Heung-min started up front, with Lee Kang-in and Lee Jae-sung playing just behind him. Hwang In-beom and Paik Seung-ho anchored the midfield, while Lee Tae-seok and Seol Young-woo operated as wing-backs. Lee Ki-hyuk, Kim Min-jae and Lee Han-beom formed the back three, with Kim Seung-gyu starting in goal. The Czech Republic lined up with Patrik Schick as its main striker, supported by Pavel Sulc, Lukas Provod, Tomas Soucek and Alexandr Sojka. Korea carved out the first clear opening in the 12th minute, when Lee Kang-in lifted a pass into the box for Lee Jae-sung’s run. The ball eventually dropped to Son, whose left-footed effort was blocked by a Czech defender. From the resulting corner, Lee Han-beom rose well but headed over the bar. Lee Kang-in then tested goalkeeper Matej Kovar in the 14th minute with a left-footed strike from distance, Korea’s only shot on target of the first half. The Czech Republic responded almost immediately after Korea lost the ball on the right, but Kim Min-jae muscled his way across to break up the danger before Patrik Schick could get a clean look at goal. Korea dictated much of the tempo early on, but the Czech Republic began to settle after the hydration break, using its size and set-piece threat to push Korea back. A Czech set piece caused problems in the 22nd minute, with the ball glancing off Tomas Soucek before drifting wide of the post. Son had two chances late in the half, sending a right-footed shot over the bar in the 37th minute before cutting inside and curling a left-footed effort just wide three minutes later. The Korean captain had one more chance in stoppage time after arriving in the box for a cutback, but he failed to make clean contact as the first half ended scoreless. 2026-06-12 12:36:49 -
World Cup 26: Scenes from first World Cup SEOUL, June 12 (AJP) -South Koreans were united at lunchtime Friday, erupting in cheers, gasps and sighs of relief as they gathered at Gwanghwamun Square, offices, restaurants and homes nationwide to watch the national team's opening match at the 2026 FIFA World Cup. 2026-06-12 12:32:35 -
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 projects through the newly introduced integrated fiscal project performance evaluation this year. Minister Park stated, "June marks a significant turning point in the year, coinciding with the conclusion of local elections, the launch of the 22nd National Assembly's second half, and the one-year anniversary of the government's establishment. Now is the time to begin earnest work on budget preparation and the identification of long-term strategic projects, which presents an opportunity to showcase the capabilities of the Ministry and is a 'golden time' for policy implementation." He also revealed plans to fully integrate artificial intelligence (AI) into all work processes. This initiative aims to reduce the workload of employees and enhance organizational competitiveness by allowing them to focus on core tasks. He urged executives to take the lead in participating in AI training to strengthen their AI capabilities. Additionally, as the selection of proactive administrative officials for the first half of the year is underway, Minister Park highlighted the importance of bold administration in the process of generating policy outcomes. He instructed executives to encourage proactive administration and assured that achievements resulting from such efforts would be adequately rewarded. Furthermore, he directed that detailed strategies and specific action plans be developed for key tasks of the Ministry, including the establishment of long-term national development strategies, expenditure restructuring, and strengthening strategic resource allocation.* This article has been translated by AI. 2026-06-12 11:57:00 -
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 strategies for developing financial infrastructure to support global expansion of content companies. She is recognized for her high level of expertise across the content industry. A graduate of Seoul National University with a degree in anthropology, Kim joined the Korea Export-Import Bank in 2009. She has authored works such as "Hallyu Exports," "Hallyunomics," and "Squid Game and the Content Revolution" during her tenure as a senior researcher. In her research, Kim noted, "The reason Korean dramas are trapped in profitability limits is that they have never penetrated distribution networks directly." She emphasized that, similar to K-pop's efforts to explore various revenue sources like merchandise, the content industry must also focus on enhancing profitability. Minister Choi Hwi-young stated, "This is a crucial time for K-content to expand beyond global success into K-culture, laying the groundwork for sustainable growth. I expect the new head to enhance the competitiveness of K-culture and lead a new leap forward based on her expertise and insights into the content industry."* This article has been translated by AI. 2026-06-12 11:57:00