Hyundai Rotem executives, including CEO Lee Yong-bae, bought 1.6 billion won in treasury shares, the first company-wide purchase in 10 years, citing responsible management and future growth.
The Supreme Court rejected former President Yoon Suk-yeol's motion to recuse the appellate panel in his insurrection ringleader case, clearing the way for his suspended trial to resume.
Justice Minister Chung Sung-ho reaffirmed support for an independent corrections agency and national cemetery burial rights for correctional officers at the National Prison Guard Martial Arts Tournament, held after 7 years.
Citizens gathered at Gwanghwamun Square in Seoul on Friday to cheer for South Korea's national football team in its first Group A match against the Czech Republic at the 2026 World Cup.
Citizens gathered at Gwanghwamun Square in Seoul cheer as Hwang In-beom scores the equalizer in South Korea's Group A opener against the Czech Republic at the 2026 World Cup.
South Korean football fans, known as the Red Devils, gathered at Gwanghwamun Square in Seoul on June 12 to cheer the national team in its 2026 World Cup Group A opener against the Czech Republic.
Hyundai Motor's (005380.KS) labor union declared a breakdown in this year's wage negotiations. Having confirmed the gap with management, the union plans to proceed with strike procedures. After concluding the 11th round of negotiations held at the main building of the Ulsan plant Thursday, the Hyundai Motor union formalized the "breakdown in wage talks," saying, "Management has only repeated that things are difficult and has failed to present a proposal including wages." The union plans to file for labor dispute mediation with the National Labor Relations Commission on June 15, hold a special delegates' convention on June 23, and conduct a strike vote among all union members on June 25 before launching a strike. If the National Labor Relations Commission determines that it would be difficult to narrow the gap between labor and management and issues a decision to suspend mediation, the union can legally strike if more than half of all union members vote in favor in the strike ballot. The Hyundai Motor union is demanding a monthly base pay increase of 149,600 won (excluding seniority-based step increases), payment of 30% of last year's net profit as performance bonuses, and an increase in bonuses from 750% to 800%. The demands also include employment and labor condition guarantees in response to the introduction of humanoid robots, implementation of a full monthly salary system, reduction in working hours without intensifying labor, and extension of the retirement age to 65. Hyundai Motor's labor and management previously reached a wage and collective bargaining agreement last year after the union staged three partial strikes. The two sides agreed to a monthly base pay increase of 100,000 won (including seniority-based step increases), a performance bonus of 450% plus 15.8 million won, 30 shares of stock, and 200,000 won in traditional market gift certificates....
On Thursday, the day South Korea faced the Czech Republic in the 2026 World Cup finals in North and Central America, Seoul's Gwanghwamun Square, the site of a public street-cheering event, was already crowded from early morning with people dressed in red. Soccer fans gathered in small groups in front of the giant screen, holding mats and cheering tools in both hands, waiting for the match to start with excited expressions. Staff from private security firms and police worked to maintain order, repeatedly shouting "keep walking forward" to ensure pedestrian paths were not blocked. When the popular idol group Cortis appeared before kickoff, fans took photos with the screen as their backdrop. Kang Hyun-woo, 22, who came from Cheonan in South Chungcheong Province, said, "I took time off to come cheer for the World Cup. I brought Taegukgi face paint, a mini Taegukgi, and a Taegukgi to wrap around my body," adding, "I'm cheering for every single member of our national team." Jo Dae-young, 17, a high school student who lives in Hongdae, smiled and said, "I did street-cheering for the first time during the 2018 World Cup, and that gave me a dream of becoming a soccer player, so I actually played as one. I especially like Son Heung-min. This is my third time street-cheering, and I'll come cheer for soccer for the rest of my life." Foreigners also joined the street-cheering. Fantine from France and Daniel of Spanish nationality, who said they arrived in Korea a week ago, waved their hands and said, "We came to cheer because we like Son Heung-min. The atmosphere isn't rowdy yet, but once the match starts, we expect even more passionate cheering, so we're looking forward to it." Citizens gathered in the square made no effort to hide their anticipation, predicting scores such as "1-0" and "2-1." When the match began, citizens stopped not only in front of the large screen at Gwanghwamun Square but also in front of the electronic board installed at the KT Gwanghwamun Building, and began cheering for the national team with one heart and one mind. Citizens could also be seen taking their places on the stairs of the Sejong Center for the Performing Arts. Some had spread mats on the pavement blocks and sat down. Office workers were also spotted rushing out after hurriedly grabbing red jerseys. The number of citizens gathered at Gwanghwamun Square that day was reported to be around 6,000. About halfway through the first half, when the screen showed Son Heung-min getting a chance that failed to lead to a goal, sighs of disappointment broke out in various places. Some fans expressed frustration whenever players were pushed down by their opponents, saying, "Why are they playing so roughly?" As the national team kept getting chances but missed them time after time, the groans grew louder and louder. About 10 minutes into the second half, when the Czech Republic scored, the Gwanghwamun area fell instantly dead silent. Here and there, sighs full of disappointment broke out, with people saying, "They should have blocked that better." But before even 10 minutes had passed, when Hwang In-beom (Feyenoord Rotterdam) scored a stylish goal, the streets filled with cheers. People embraced one another and shared their joy. The chilled, sunken atmosphere vanished, and fans once again waved the Taegukgi and chanted "Korea." Cries of "equalizer" could be heard in places. When Oh Hyun-gyu (Besiktas JK) struck a dramatic go-ahead goal in the 35th minute of the second half, Gwanghwamun Square turned into a veritable cauldron of frenzy. Notably, there were office workers in suits with ID badges around their necks scattered across Gwanghwamun Square that day. Because of the time difference, the match was held during weekday lunchtime, so some companies near Gwanghwamun adjusted their lunch hours to start at 11 a.m. to match the kickoff time. Office workers came out with food they could quickly grab from nearby convenience stores or fast food restaurants, standing on the streets and staring intently at the screens. Jeong Ji-eun, 28, and Lee A-reum, 34, who work at a company in the Gwanghwamun area, said, "We were surprised that the excitement was as hot as the weather. We came out a little early before lunchtime started," adding, "The screen quality at the KT Gwanghwamun West Building is good, so it's comfortable to watch the match." In the hot weather, citizens watched the match holding parasols or cooled off near the fountain. The "Happy Place" (Happysso), created by the Seoul Metropolitan Government to prevent heat-related illnesses, was packed with no room to step from the moment it opened at 10 a.m. Although the facility was not set up specifically for this day, an official said it had never been as popular as it was that day. A staff member operating the Happysso said, "90 citizens visited within an hour and a half of opening today." Nearby businesses also smiled at the "World Cup boom" that had come for the first time in a while. In fact, in front of convenience stores near Gwanghwamun Square, citizens lined up to buy food and drinks. Chicken restaurants and pubs that usually open in the late afternoon were busy welcoming customers from early morning. Signs reading "World Cup match viewing available" were posted on the doors of most restaurants. Right after the match began, restaurants filled with office workers who had come for lunch. A staff member at one chicken restaurant said, "We normally open at 5 p.m., but today we opened the shop at 10 a.m.," adding, "We've been fully booked for a while, so we can't take orders. I think we've turned away close to 100 customers."...
Bank of Korea (BOK) Governor Hyun Song Shin reaffirmed that a base rate hike is needed to stabilize prices. Shin explained that the burden on vulnerable groups from rising rates should be supplemented through fiscal policy. "We need to raise rates without delay, with a focus on price stability," Shin said Thursday in an address marking the BOK's 76th anniversary. Shin has signaled his intention to raise the base rate through various channels since taking office. "The burden of rising prices appears relatively greater among low-income groups," he added. "Preemptive efforts to stabilize prices are also a way to prevent their burden from increasing." Indeed, after consumer prices rose into the 3% range in May, core inflation also climbed to the mid-2% range, increasing the burden of managing prices. However, regarding the side effects a rate hike would bring, Shin emphasized the role of fiscal policy. "A rate hike will inevitably raise the debt repayment burden on businesses and households," Shin said. "Because monetary policy affects the market indiscriminately, targeted support for such difficulties is more effective through fiscal policy." This is interpreted to mean that even if the base rate is raised to stabilize prices, fiscal policy should provide more direct and targeted support for low-income groups and small business owners, whose burdens grow in the process. He projected that the exchange rate would gradually stabilize. "As the large current account surplus acts as a factor increasing demand for the won through corporate tax payments and expanded domestic investment, I expect the won-dollar exchange rate to gradually stabilize going forward," he said. "When this happens, we will be able to confirm once again that beyond the flow of the exchange rate, there is also the factor of fundamental value." Shin went on to say, "Through 24-hour foreign exchange market operations and the establishment of an offshore won settlement system, we will pursue policies in cooperation with relevant institutions in a direction that enhances foreign investors' access to the won market and absorbs non-deliverable forward (NDF) trading demand into the onshore market."...
◆ WAN-IFRA Gold
Hyundai Motor's (005380.KS) labor union declared a breakdown in this year's wage negotiations. Having confirmed the gap with management, the union plans to proceed with strike procedures. After concluding the 11th round of negotiations held at the main building of the Ulsan plant Thursday, the Hyundai Motor union formalized the "breakdown in wage talks," saying, "Management has only repeated that things are difficult and has failed to present a proposal including wages." The union plans to file for labor dispute mediation with the National Labor Relations Commission on June 15, hold a special delegates' convention on June 23, and conduct a strike vote among all union members on June 25 before launching a strike. If the National Labor Relations Commission determines that it would be difficult to narrow the gap between labor and management and issues a decision to suspend mediation, the union can legally strike if more than half of all union members vote in favor in the strike ballot. The Hyundai Motor union is demanding a monthly base pay increase of 149,600 won (excluding seniority-based step increases), payment of 30% of last year's net profit as performance bonuses, and an increase in bonuses from 750% to 800%. The demands also include employment and labor condition guarantees in response to the introduction of humanoid robots, implementation of a full monthly salary system, reduction in working hours without intensifying labor, and extension of the retirement age to 65. Hyundai Motor's labor and management previously reached a wage and collective bargaining agreement last year after the union staged three partial strikes. The two sides agreed to a monthly base pay increase of 100,000 won (including seniority-based step increases), a performance bonus of 450% plus 15.8 million won, 30 shares of stock, and 200,000 won in traditional market gift certificates....
On Thursday, the day South Korea faced the Czech Republic in the 2026 World Cup finals in North and Central America, Seoul's Gwanghwamun Square, the site of a public street-cheering event, was already crowded from early morning with people dressed in red. Soccer fans gathered in small groups in front of the giant screen, holding mats and cheering tools in both hands, waiting for the match to start with excited expressions. Staff from private security firms and police worked to maintain order, repeatedly shouting "keep walking forward" to ensure pedestrian paths were not blocked. When the popular idol group Cortis appeared before kickoff, fans took photos with the screen as their backdrop. Kang Hyun-woo, 22, who came from Cheonan in South Chungcheong Province, said, "I took time off to come cheer for the World Cup. I brought Taegukgi face paint, a mini Taegukgi, and a Taegukgi to wrap around my body," adding, "I'm cheering for every single member of our national team." Jo Dae-young, 17, a high school student who lives in Hongdae, smiled and said, "I did street-cheering for the first time during the 2018 World Cup, and that gave me a dream of becoming a soccer player, so I actually played as one. I especially like Son Heung-min. This is my third time street-cheering, and I'll come cheer for soccer for the rest of my life." Foreigners also joined the street-cheering. Fantine from France and Daniel of Spanish nationality, who said they arrived in Korea a week ago, waved their hands and said, "We came to cheer because we like Son Heung-min. The atmosphere isn't rowdy yet, but once the match starts, we expect even more passionate cheering, so we're looking forward to it." Citizens gathered in the square made no effort to hide their anticipation, predicting scores such as "1-0" and "2-1." When the match began, citizens stopped not only in front of the large screen at Gwanghwamun Square but also in front of the electronic board installed at the KT Gwanghwamun Building, and began cheering for the national team with one heart and one mind. Citizens could also be seen taking their places on the stairs of the Sejong Center for the Performing Arts. Some had spread mats on the pavement blocks and sat down. Office workers were also spotted rushing out after hurriedly grabbing red jerseys. The number of citizens gathered at Gwanghwamun Square that day was reported to be around 6,000. About halfway through the first half, when the screen showed Son Heung-min getting a chance that failed to lead to a goal, sighs of disappointment broke out in various places. Some fans expressed frustration whenever players were pushed down by their opponents, saying, "Why are they playing so roughly?" As the national team kept getting chances but missed them time after time, the groans grew louder and louder. About 10 minutes into the second half, when the Czech Republic scored, the Gwanghwamun area fell instantly dead silent. Here and there, sighs full of disappointment broke out, with people saying, "They should have blocked that better." But before even 10 minutes had passed, when Hwang In-beom (Feyenoord Rotterdam) scored a stylish goal, the streets filled with cheers. People embraced one another and shared their joy. The chilled, sunken atmosphere vanished, and fans once again waved the Taegukgi and chanted "Korea." Cries of "equalizer" could be heard in places. When Oh Hyun-gyu (Besiktas JK) struck a dramatic go-ahead goal in the 35th minute of the second half, Gwanghwamun Square turned into a veritable cauldron of frenzy. Notably, there were office workers in suits with ID badges around their necks scattered across Gwanghwamun Square that day. Because of the time difference, the match was held during weekday lunchtime, so some companies near Gwanghwamun adjusted their lunch hours to start at 11 a.m. to match the kickoff time. Office workers came out with food they could quickly grab from nearby convenience stores or fast food restaurants, standing on the streets and staring intently at the screens. Jeong Ji-eun, 28, and Lee A-reum, 34, who work at a company in the Gwanghwamun area, said, "We were surprised that the excitement was as hot as the weather. We came out a little early before lunchtime started," adding, "The screen quality at the KT Gwanghwamun West Building is good, so it's comfortable to watch the match." In the hot weather, citizens watched the match holding parasols or cooled off near the fountain. The "Happy Place" (Happysso), created by the Seoul Metropolitan Government to prevent heat-related illnesses, was packed with no room to step from the moment it opened at 10 a.m. Although the facility was not set up specifically for this day, an official said it had never been as popular as it was that day. A staff member operating the Happysso said, "90 citizens visited within an hour and a half of opening today." Nearby businesses also smiled at the "World Cup boom" that had come for the first time in a while. In fact, in front of convenience stores near Gwanghwamun Square, citizens lined up to buy food and drinks. Chicken restaurants and pubs that usually open in the late afternoon were busy welcoming customers from early morning. Signs reading "World Cup match viewing available" were posted on the doors of most restaurants. Right after the match began, restaurants filled with office workers who had come for lunch. A staff member at one chicken restaurant said, "We normally open at 5 p.m., but today we opened the shop at 10 a.m.," adding, "We've been fully booked for a while, so we can't take orders. I think we've turned away close to 100 customers."...
Bank of Korea (BOK) Governor Hyun Song Shin reaffirmed that a base rate hike is needed to stabilize prices. Shin explained that the burden on vulnerable groups from rising rates should be supplemented through fiscal policy. "We need to raise rates without delay, with a focus on price stability," Shin said Thursday in an address marking the BOK's 76th anniversary. Shin has signaled his intention to raise the base rate through various channels since taking office. "The burden of rising prices appears relatively greater among low-income groups," he added. "Preemptive efforts to stabilize prices are also a way to prevent their burden from increasing." Indeed, after consumer prices rose into the 3% range in May, core inflation also climbed to the mid-2% range, increasing the burden of managing prices. However, regarding the side effects a rate hike would bring, Shin emphasized the role of fiscal policy. "A rate hike will inevitably raise the debt repayment burden on businesses and households," Shin said. "Because monetary policy affects the market indiscriminately, targeted support for such difficulties is more effective through fiscal policy." This is interpreted to mean that even if the base rate is raised to stabilize prices, fiscal policy should provide more direct and targeted support for low-income groups and small business owners, whose burdens grow in the process. He projected that the exchange rate would gradually stabilize. "As the large current account surplus acts as a factor increasing demand for the won through corporate tax payments and expanded domestic investment, I expect the won-dollar exchange rate to gradually stabilize going forward," he said. "When this happens, we will be able to confirm once again that beyond the flow of the exchange rate, there is also the factor of fundamental value." Shin went on to say, "Through 24-hour foreign exchange market operations and the establishment of an offshore won settlement system, we will pursue policies in cooperation with relevant institutions in a direction that enhances foreign investors' access to the won market and absorbs non-deliverable forward (NDF) trading demand into the onshore market."...
Two parallel tracks are defining Korea's industrial week — AI infrastructure deals at the semiconductor scale, and clean-energy export wins in Europe.OpenAI CEO Sam Altman arrives in Seoul on June 14 to meet Samsung Electronics leadership on memory chip supply for Stargate, the 500-billion-dollar AI data center project requiring 75% of Samsung and SK Hynix's combined monthly output. HD Korea Shipbuilding selected Siemens as the partner for its virtual simulation-first shipyard automation platform, responding to structural labor shortages in coastal manufacturing. Separately, SeAH Steel won a 1,750-ton stainless pipe contract for the UK's government-led carbon capture cluster, and Daehan Electric Wire signed HVDC submarine cable MOU agreements with Belgian and Dutch offshore infrastructure firms at a Korea-EU energy forum in Brussels.Sources:• OpenAI CEO Sam Altman Visits Samsung to Accelerate Stargate Investment and AI Cooperation — Seoul Economic Daily, June 11, 2026• HD Korea Shipbuilding CEO: Autonomous Manufacturing Will Solve Shipbuilding Labor Shortage — Seoul Economic Daily, June 11, 2026• SK Group Chairman Chey Tae-won: AI Data Center in Japan Within Two to Three Years — Seoul Economic Daily, June 11, 2026• SeAH Steel Supplies Steel Pipe to UK Carbon Capture Project — Seoul Economic Daily, June 11, 2026• Hyundai Motor Develops World-First In-Cabin UVC Sanitization Technology — Seoul Economic Daily, June 11, 2026• Daehan Electric Wire Signs HVDC Submarine Cable MOU with European Offshore Firms — Seoul Economic Daily, June 11, 2026About AI PRISM:AI PRISM is Seoul Economic Daily's WAN-IFRA award-winning newsroom AI series, delivering Korean economic news adapted for global audiences. Episodes are produced with AI assistance and reviewed by a human editor.Tags:#SamsungElectronics #OpenAI #Stargate #KOSPI #IndustryDaily #Semiconductors #KoreanShipbuilding #CCUS #EnergyTransition #SKHynix #AIPRISM #SeoulEconomicDaily #WANIFRA
Korea Investment Management delayed disclosing its SpaceX IPO allocation results for the ACE U.S. Space Tech Active ETF, citing U.S. SEC filing procedures and confidentiality requirements.
Nonghyup is mobilizing company-wide resources to combat the heat wave, opening nearly 6,000 heat shelters nationwide and providing fans, neck coolers and onion juice to local residents.
Korail Retail launched its 15th Junior Board on Wednesday under the theme "Speak Up!", shifting to direct CEO reporting and introducing a new "Red Team" to strengthen field communication.
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Naver's streaming platform Chzzk hit a record 4.82 million concurrent viewers during the South Korea-Czech Republic 2026 World Cup match, more than six times its previous peak.
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Citizens gathered at Gwanghwamun Square in Seoul on Friday to cheer for South Korea's national football team in its first Group A match against the Czech Republic at the 2026 World Cup.
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Cho Tae-hyung
Cho Tae-hyung
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