Frequent Meetings Between President Lee and Business Leaders Raise Concerns
Frequent meetings between President Lee Jae-myung and major business leaders have created a mix of expectations and concerns within the business community. While these gatherings provide an opportunity to convey industry challenges directly, there is significant pressure from the government to expand investments.According to reports from political and business circles on August 26, President Lee held a private dinner with SK Group Chairman Chey Tae-won on August 20, followed by a meeting with Sa
SK Innovation CEO Earns Highest Compensation Among Korean Refinery Leaders
In the first half of this year, Choo Hyung-wook, CEO of SK Innovation, received the highest compensation among the leaders of South Korea's four major refiners. However, a significant portion of his pay includes a settlement from long-term performance-linked stock (PSU) awarded in the past. Excluding this, Heo Se-hong, Vice Chairman of GS Caltex, had the highest total compensation.According to the semi-annual reports from the refining industry released on August 26, Choo received a total of 2.73
Government Considers Expanding Residency Exceptions for Non-Resident Homeowners
The government is considering expanding the exceptions for recognizing 'actual residence' to alleviate the capital gains tax burden on non-resident homeowners. Proposals include recognizing unavoidable non-residency due to childcare and family care, but concerns have been raised that increasing exceptions may complicate the administrative burden of verifying actual residency.According to relevant departments on the 26th, the government and the ruling Democratic Party are reviewing measures to ex
Debate Intensifies Over 2026 Real Estate Tax Reforms in South Korea
Discussions surrounding the South Korean government's 2026 real estate tax reform plan are heating up. The ruling Democratic Party is demanding revisions to the proposal aimed at easing the comprehensive real estate tax burden on non-resident homeowners, while the opposition People Power Party is introducing legislation to expand tax benefits for long-term homeowners.According to relevant authorities on the 26th, the government is reviewing whether to amend the tax reform plan, which includes me
Government Revises Property Tax Plan for Non-Residents with One Home
The government has begun revising its plan to reduce the comprehensive real estate tax burden for non-resident homeowners, following pushback from the ruling party regarding tax burdens based on residency status. This marks a significant change just over 20 days after the initial tax reform proposal was announced.According to relevant authorities on the 26th, the Ministry of Economy and Finance is considering increasing the basic deduction for non-resident homeowners above the 900 million won ou
South Korea and Vietnam Strengthen Strategic Cooperation in Trade and Investment
South Korea and Vietnam are enhancing their strategic cooperation, focusing on advanced industries, critical mineral supply chains, and energy. The two countries aim to shift the focus of their collaboration, based on the Korea-Vietnam Free Trade Agreement (FTA), towards high-value and future industries, with a goal of achieving $150 billion in trade by 2030.The Ministry of Trade, Industry and Energy announced that Minister Kim Jeong-kwan held the 15th Korea-Vietnam Joint Industrial Committee an
Buhyung Group Awards 400 Million Won in Scholarships to 98 International Students
Buhyung Group's Woosung Education Foundation has awarded approximately 400 million won in scholarships to 98 international students studying at domestic universities, bringing the total support to 11.6 billion won.On August 26, Buhyung Group announced that it distributed the funds during the '2026 Second Semester International Student Scholarship Award Ceremony' held at the Korea Chamber of Commerce and Industry in Seoul. Including this latest support, the foundation has provided a total of 11.6
Twenty-Three Launches Youth Nutrition Brand 'HighPick' with First Product
Twenty-Three has introduced a youth sports nutrition brand called 'HighPick' as it aims to penetrate the growing children's nutritional supplement market.On August 26, Twenty-Three announced the launch of its private brand (PB) HighPick, featuring its first product, the apple mango-flavored 'Calmadi-K Stick.' HighPick is the company's first private brand developed with direct involvement in the planning and development process.The Calmadi-K Stick is designed for active children, allowing them to
Redevelopment of Sadang-dong Area to Feature 34-Story, 970-Unit Residential Complex
The Sadang-dong area in the Dongjak District of Seoul will be redeveloped into a residential complex featuring up to 34 stories and approximately 970 housing units.On August 26, the Seoul Metropolitan Government announced the approval of a rapid integrated planning project for the Sadang-dong area. The site, covering 41,301.4 square meters, is located about a 10-minute walk from Namsan Station on Subway Line 7. The zoning designation will be upgraded from a second-class general residential area
Police Summon Former KFA Vice President Kim Jung-bae in Hong Myung-bo Appointment Probe
Police have summoned Kim Jung-bae, the former vice president of the Korea Football Association (KFA), as part of an investigation into allegations of improper interference by KFA officials in the appointment of former national team coach Hong Myung-bo.According to Yonhap News Agency, the Seoul Metropolitan Police Agency's Financial Crimes Investigation Unit is focusing on whether Kim, who oversaw KFA operations at the time, exceeded his authority and deviated from established procedures during t