"Lee Kang-in" Chant Fills Seoul as He Debuts for Atletico Madrid
Lee Kang-in made his Atletico Madrid debut in Seoul, but the club lost 1-3 to Manchester City before 50,078 fans in a friendly.
Insecticide-Proof Mosquito Spreads Fast Across Africa, Threatening Cities
An insecticide-resistant mosquito, Anopheles stephensi, is spreading fast across Africa, raising fears malaria could reach major cities as control…
Man in His 60s Arrested for Fatal Stabbing in Seoul
A man in his 60s was arrested in Seoul's Gongneung-dong for allegedly stabbing an acquaintance to death during an argument while intoxicated.
Worker Dies, Another Injured at Maeil Dairy Plant in Korea
A worker in their 50s died and another was injured at a Maeil Dairy plant in Pyeongtaek, Korea, after apparently collapsing while cleaning a storage tank.
North Korean Troops in Russia Reach 30,000-50,000; Zelensky Seeks Korean Air Defense
Zelensky says Ukraine is in contact with South Korea for air defense support and estimates North Korean troops in Russia have grown to 30,000-50,000.
Apple Turns to China's CXMT Amid AI-Driven Memory Shortage
Apple awaits White House approval to use memory chips from China's CXMT after tests in iPhones and MacBooks, amid an AI-driven memory shortage.
Korea to Ease "Marriage Penalty" in Home Loans, Housing, Taxes
President Lee Jae-myung has personally unveiled 22 reform measures covering mortgages, housing applications and taxes, aimed at eliminating what is known as the "marriage penalty" faced by young people and newlyweds. The goal is to help owner-occupier buyers purchase a home by revising rules under which couples become ineligible for policy loans, or see their housing-application and tax benefits reduced, once their incomes are combined after marriage. A comprehensive housing package, including measures to boost supply, is expected to be announced as early as the 13th. Writing on X, formerly Twitter, on the 8th, President Lee said young people should never hesitate to marry because of government policy, and pledged that the government would fulfill its responsibility to ensure that marriage becomes a hopeful new start rather than a burden. The 22 measures were drawn from discussions at two housing-policy review meetings held on the 3rd and the 7th, along with a public debate on housing policy. A ruling-party official said that financial support plans for young people, newlyweds and non-homeowner buyers seeking a first home were reported at the meeting on the 7th. On the lending side, the government presented plans to revise eight programs, including the Didimdol and Bogeumjari mortgage loans, the Beotimmok jeonse deposit loan and the special loan for households with newborns. The aim is to fix the problem in which couples are excluded from policy loans once their incomes are combined after marriage, and to expand eligibility for first-time and newborn loans. One idea under discussion would raise the combined-income threshold for some policy loans from the current 75 million to 85 million won to 100 million won or more. Easing the "within two years of childbirth" requirement for the special newborn loan is also under review. The bar for housing applications will also be lowered. Six measures were proposed, including relaxing eligibility for the special supply of new homes to newlyweds and allowing households that own two small homes after marriage to apply. On the tax side, the government will pursue six measures, such as expanding acquisition-tax cuts for first-time buyers and households with newborns. Under consideration are a wider scope for avoiding heavier acquisition taxes when a couple temporarily becomes a two-home household after marriage, and an expansion of the income-tax deduction for mortgage interest. The government plans to ease instability in housing supply and demand by increasing supply, while at the same time strengthening financial, housing-application and tax support for owner-occupier buyers. President Lee asked for further input, saying he intended to look carefully at whether there were areas in need of improvement....
Hyundai Motor's New Car Production Blocked by Prolonged Union Strike
finance
As the Hyundai Motor union's summer strike drags on, the company faces a situation where even the production of new cars meant to drive a sales rebound cannot proceed on time. The union has gone so far as to block new models slated for release from entering the production line, raising concerns over the plan of Hyundai Motor (005380.KS) to release a large number of new cars by year-end to make up for weak first-half sales. According to the industry on the 9th, the Hyundai Motor union blocked a trial model of the new Tucson that was scheduled to enter the production line at the Ulsan plant late last month. Hyundai Motor had been rushing to prepare for mass production, aiming to bring the fully redesigned new Tucson to market as early as this month. The company had only the final verification work remaining, checking the quality of the new Tucson from pilot facilities to the mass-production plant. However, the plan was disrupted as the union, citing the strike, blocked not only cars already in mass production but also test vehicles from entering the line. The problem is that conflict between labor and management over the wage negotiation proposal is intensifying, making it difficult to gauge when the new car verification work will resume. In fact, after declaring a breakdown in talks with management last month, the union staged partial strikes three times over a total of nine days. It has been gradually raising the intensity of its struggle, increasing strike hours from an initial four hours a day to eight hours. Hyundai Motor's labor and management are set to hold additional negotiations in mid-month, but the possibility of a prolonged summer strike cannot be ruled out given the wide gap between the two sides. Citing the settlement of Samsung Electronics' (005930.KS) performance-based pay negotiations, the union has presented management with a set of demands centered on paying performance bonuses equal to 30% of last year's net profit and raising the monthly base wage by 149,600 won (excluding pay-scale step increases). Hyundai Motor posted net profit of 10.3648 trillion won last year, and if the union's demands were met, it would have to pay more than 3 trillion won in performance bonuses, a burden the company says it cannot accept. The union is also demanding the reinstatement of dismissed workers and an extension of the retirement age, but management has expressed reluctance. The industry has pointed out that unless the labor-management conflict is resolved quickly, an earnings rebound for Hyundai Motor will not be easy. Hyundai Motor's global sales fell for 10 consecutive months from October last year through July this year. The decline was largely driven by weak performance in its "home turf," with domestic market sales in the first half of this year (314,900 units) alone falling 10.8% from the same period last year. In response, Hyundai Motor had planned to boost sales performance by rolling out six new models one after another in the second half, including the new Tucson. However, if the summer strike continues amid the union's excessive demands, the release of the planned new cars will inevitably be pushed back one after another....
Democrats to Finalize Tax Overhaul This Month as Public Backlash Mounts
politics
The Democratic Party of Korea has moved to revise the government's tax overhaul plan as public opposition intensifies. The party said it would gather input from stakeholders by the end of this month, focusing on property taxes such as residency exemption requirements and the long-term holding deduction, and would also reexamine financial and stock market measures — including the Individual Savings Account (ISA) and an "anti-stock-suppression" plan that drew strong resistance within the party — to bring them in line with their original intent. "There is a published government tax overhaul plan, and stakeholders are raising various voices about the current draft," Han Jeong-ae, chair of the party's policy committee, said at a policy meeting at the National Assembly on the 9th. "There is a possibility the plan will be finalized around the end of August." To adjust the plan, the party expanded its existing Housing Market Stabilization Task Force, which had focused on housing supply, so that the relevant standing committees — the Public Administration and Security Committee, the Economy and Finance Committee, the Land, Infrastructure and Transport Committee, and the Political Affairs Committee — can take part. The party launched its push to gather opinions because the backlash against the tax overhaul has been unusually strong. According to the government's public participation legislation center, the amendment to the comprehensive real estate tax law, which was put up for public notice on the 4th, drew more than 2,524 comments in five days. An amendment to the income tax law that would change the long-term holding special deduction on capital gains tax into a long-term residence income deduction also received more than 1,651 comments. Demands to expand the residency requirement for owners of a single home who do not live in it were especially numerous, and an amendment to the special tax treatment control law related to the ISA overhaul drew 333 comments. Taking up these proposals, the party plans to focus on reworking the criteria for recognizing residency. Because the overhaul sharply reduces the tax benefits for owners of a single home who do not live in it, the goal is to compile unavoidable exceptions and revise the bill reasonably. Under the current government plan, if a household that has lived continuously in a home for at least a year moves to another city or county for unavoidable reasons — such as schooling, a change or transfer of job, illness, a child's school transfer, an overseas stay, or caring for parents — the non-residence period is recognized as residence for up to three years. But as requests pour in for additional exceptions, such as non-residence due to child-rearing or family care, or temporary non-residence for remodeling, the party is preparing a plan that can encompass them. Rep. Kim Nam-geun of the Democratic Party said, "We plan to prepare an amendment that spells out each case while allowing interpretation in line with the overall direction." The abolition of the long-term holding deduction is also likely to come under scrutiny. There have been persistent arguments that fully abolishing the holding deduction — created to prevent taxation on natural price increases — could raise property rights infringement issues. Han said, "We are gathering the various opinions being raised, and lawmakers from Seoul districts are taking this more sensitively. We plan to continue the discussion through party-government consultations." At the meeting, participants also raised the need to transfer some of Seoul City's housing supply permit authority to enable bolder supply. A bottleneck is occurring because Seoul City currently handles all permits, large and small, and there is a need to set a threshold — such as fewer than 500 units — and transfer authority over smaller permits to each district office. Han said, "There is a view that Seoul City should set the broad principles, be notified afterward of results to check whether they were carried out in line with those principles, and request supplements if needed — thereby reducing the bottleneck." The meeting also proposed expanding non-apartment housing through modular construction as a "housing ladder." Han said, "If we provide budget support so that youth housing and non-apartment homes can be built using modular construction, we could significantly move up the supply timeline." As for the "youth bus house" controversy sparked by Rep. Hwang Hee of the Democratic Party, Han apologized, saying, "We have ended up unexpectedly hurting young people, and for that we are truly sorry and apologetic." On the ISA, which President Lee Jae-myung recently ordered to be reexamined, the party made clear its position that "there is no need to touch existing ISA accounts." The tax overhaul plan earlier announced by the Ministry of Economy and Finance had been designed to limit the carryover of contribution limits on existing ISA accounts and to set maturities, reducing the tax-saving benefits available from long-term fund management. Han added, "Whether an additional ISA related to productive finance is introduced can be handled selectively." The government's "anti-stock-suppression" measure, which had raised significant concern within the party, is also expected to be fully reexamined. It was created to prevent major shareholders from artificially lowering a company's stock price to reduce inheritance and gift taxes, but critics within the party have argued it could instead serve as a guideline showing companies "how to suppress stock prices." Han said, "There was an original intent behind the bill, but its content falls quite short. The Ministry of Economy and Finance is also leaning toward taking up and discussing what the party requests before long." The party plans to address problems with the government plan through debates and other forums. Meanwhile, the Democratic Party's Housing Market Stabilization Task Force plans to hold its first meeting this week and begin full-scale activity. The task force includes Han, Oh Ki-hyung, the Economy and Finance Committee secretary; Bok Ki-wang, the Land, Infrastructure and Transport Committee secretary; Park Sang-hyuk, the Political Affairs Committee secretary; and Lee Hae-sik, the Public Administration and Security Committee secretary, along with deputy floor leaders Chun Jun-ho, Kim Han-kyu and Jeon Yong-gi....
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AI LENSKorea to Ease "Marriage Penalty" in Home Loans, Housing, Taxes
President Lee Jae-myung has personally unveiled 22 reform measures covering mortgages, housing applications and taxes, aimed at eliminating what is known as the "marriage penalty" faced by young people and newlyweds. The goal is to help owner-occupier buyers purchase a home by revising rules under which couples become ineligible for policy loans, or see their housing-application and tax benefits reduced, once their incomes are combined after marriage. A comprehensive housing package, including measures to boost supply, is expected to be announced as early as the 13th. Writing on X, formerly Twitter, on the 8th, President Lee said young people should never hesitate to marry because of government policy, and pledged that the government would fulfill its responsibility to ensure that marriage becomes a hopeful new start rather than a burden. The 22 measures were drawn from discussions at two housing-policy review meetings held on the 3rd and the 7th, along with a public debate on housing policy. A ruling-party official said that financial support plans for young people, newlyweds and non-homeowner buyers seeking a first home were reported at the meeting on the 7th. On the lending side, the government presented plans to revise eight programs, including the Didimdol and Bogeumjari mortgage loans, the Beotimmok jeonse deposit loan and the special loan for households with newborns. The aim is to fix the problem in which couples are excluded from policy loans once their incomes are combined after marriage, and to expand eligibility for first-time and newborn loans. One idea under discussion would raise the combined-income threshold for some policy loans from the current 75 million to 85 million won to 100 million won or more. Easing the "within two years of childbirth" requirement for the special newborn loan is also under review. The bar for housing applications will also be lowered. Six measures were proposed, including relaxing eligibility for the special supply of new homes to newlyweds and allowing households that own two small homes after marriage to apply. On the tax side, the government will pursue six measures, such as expanding acquisition-tax cuts for first-time buyers and households with newborns. Under consideration are a wider scope for avoiding heavier acquisition taxes when a couple temporarily becomes a two-home household after marriage, and an expansion of the income-tax deduction for mortgage interest. The government plans to ease instability in housing supply and demand by increasing supply, while at the same time strengthening financial, housing-application and tax support for owner-occupier buyers. President Lee asked for further input, saying he intended to look carefully at whether there were areas in need of improvement....
Hyundai Motor's New Car Production Blocked by Prolonged Union Strike
finance
As the Hyundai Motor union's summer strike drags on, the company faces a situation where even the production of new cars meant to drive a sales rebound cannot proceed on time. The union has gone so far as to block new models slated for release from entering the production line, raising concerns over the plan of Hyundai Motor (005380.KS) to release a large number of new cars by year-end to make up for weak first-half sales. According to the industry on the 9th, the Hyundai Motor union blocked a trial model of the new Tucson that was scheduled to enter the production line at the Ulsan plant late last month. Hyundai Motor had been rushing to prepare for mass production, aiming to bring the fully redesigned new Tucson to market as early as this month. The company had only the final verification work remaining, checking the quality of the new Tucson from pilot facilities to the mass-production plant. However, the plan was disrupted as the union, citing the strike, blocked not only cars already in mass production but also test vehicles from entering the line. The problem is that conflict between labor and management over the wage negotiation proposal is intensifying, making it difficult to gauge when the new car verification work will resume. In fact, after declaring a breakdown in talks with management last month, the union staged partial strikes three times over a total of nine days. It has been gradually raising the intensity of its struggle, increasing strike hours from an initial four hours a day to eight hours. Hyundai Motor's labor and management are set to hold additional negotiations in mid-month, but the possibility of a prolonged summer strike cannot be ruled out given the wide gap between the two sides. Citing the settlement of Samsung Electronics' (005930.KS) performance-based pay negotiations, the union has presented management with a set of demands centered on paying performance bonuses equal to 30% of last year's net profit and raising the monthly base wage by 149,600 won (excluding pay-scale step increases). Hyundai Motor posted net profit of 10.3648 trillion won last year, and if the union's demands were met, it would have to pay more than 3 trillion won in performance bonuses, a burden the company says it cannot accept. The union is also demanding the reinstatement of dismissed workers and an extension of the retirement age, but management has expressed reluctance. The industry has pointed out that unless the labor-management conflict is resolved quickly, an earnings rebound for Hyundai Motor will not be easy. Hyundai Motor's global sales fell for 10 consecutive months from October last year through July this year. The decline was largely driven by weak performance in its "home turf," with domestic market sales in the first half of this year (314,900 units) alone falling 10.8% from the same period last year. In response, Hyundai Motor had planned to boost sales performance by rolling out six new models one after another in the second half, including the new Tucson. However, if the summer strike continues amid the union's excessive demands, the release of the planned new cars will inevitably be pushed back one after another....
Democrats to Finalize Tax Overhaul This Month as Public Backlash Mounts
politics
The Democratic Party of Korea has moved to revise the government's tax overhaul plan as public opposition intensifies. The party said it would gather input from stakeholders by the end of this month, focusing on property taxes such as residency exemption requirements and the long-term holding deduction, and would also reexamine financial and stock market measures — including the Individual Savings Account (ISA) and an "anti-stock-suppression" plan that drew strong resistance within the party — to bring them in line with their original intent. "There is a published government tax overhaul plan, and stakeholders are raising various voices about the current draft," Han Jeong-ae, chair of the party's policy committee, said at a policy meeting at the National Assembly on the 9th. "There is a possibility the plan will be finalized around the end of August." To adjust the plan, the party expanded its existing Housing Market Stabilization Task Force, which had focused on housing supply, so that the relevant standing committees — the Public Administration and Security Committee, the Economy and Finance Committee, the Land, Infrastructure and Transport Committee, and the Political Affairs Committee — can take part. The party launched its push to gather opinions because the backlash against the tax overhaul has been unusually strong. According to the government's public participation legislation center, the amendment to the comprehensive real estate tax law, which was put up for public notice on the 4th, drew more than 2,524 comments in five days. An amendment to the income tax law that would change the long-term holding special deduction on capital gains tax into a long-term residence income deduction also received more than 1,651 comments. Demands to expand the residency requirement for owners of a single home who do not live in it were especially numerous, and an amendment to the special tax treatment control law related to the ISA overhaul drew 333 comments. Taking up these proposals, the party plans to focus on reworking the criteria for recognizing residency. Because the overhaul sharply reduces the tax benefits for owners of a single home who do not live in it, the goal is to compile unavoidable exceptions and revise the bill reasonably. Under the current government plan, if a household that has lived continuously in a home for at least a year moves to another city or county for unavoidable reasons — such as schooling, a change or transfer of job, illness, a child's school transfer, an overseas stay, or caring for parents — the non-residence period is recognized as residence for up to three years. But as requests pour in for additional exceptions, such as non-residence due to child-rearing or family care, or temporary non-residence for remodeling, the party is preparing a plan that can encompass them. Rep. Kim Nam-geun of the Democratic Party said, "We plan to prepare an amendment that spells out each case while allowing interpretation in line with the overall direction." The abolition of the long-term holding deduction is also likely to come under scrutiny. There have been persistent arguments that fully abolishing the holding deduction — created to prevent taxation on natural price increases — could raise property rights infringement issues. Han said, "We are gathering the various opinions being raised, and lawmakers from Seoul districts are taking this more sensitively. We plan to continue the discussion through party-government consultations." At the meeting, participants also raised the need to transfer some of Seoul City's housing supply permit authority to enable bolder supply. A bottleneck is occurring because Seoul City currently handles all permits, large and small, and there is a need to set a threshold — such as fewer than 500 units — and transfer authority over smaller permits to each district office. Han said, "There is a view that Seoul City should set the broad principles, be notified afterward of results to check whether they were carried out in line with those principles, and request supplements if needed — thereby reducing the bottleneck." The meeting also proposed expanding non-apartment housing through modular construction as a "housing ladder." Han said, "If we provide budget support so that youth housing and non-apartment homes can be built using modular construction, we could significantly move up the supply timeline." As for the "youth bus house" controversy sparked by Rep. Hwang Hee of the Democratic Party, Han apologized, saying, "We have ended up unexpectedly hurting young people, and for that we are truly sorry and apologetic." On the ISA, which President Lee Jae-myung recently ordered to be reexamined, the party made clear its position that "there is no need to touch existing ISA accounts." The tax overhaul plan earlier announced by the Ministry of Economy and Finance had been designed to limit the carryover of contribution limits on existing ISA accounts and to set maturities, reducing the tax-saving benefits available from long-term fund management. Han added, "Whether an additional ISA related to productive finance is introduced can be handled selectively." The government's "anti-stock-suppression" measure, which had raised significant concern within the party, is also expected to be fully reexamined. It was created to prevent major shareholders from artificially lowering a company's stock price to reduce inheritance and gift taxes, but critics within the party have argued it could instead serve as a guideline showing companies "how to suppress stock prices." Han said, "There was an original intent behind the bill, but its content falls quite short. The Ministry of Economy and Finance is also leaning toward taking up and discussing what the party requests before long." The party plans to address problems with the government plan through debates and other forums. Meanwhile, the Democratic Party's Housing Market Stabilization Task Force plans to hold its first meeting this week and begin full-scale activity. The task force includes Han, Oh Ki-hyung, the Economy and Finance Committee secretary; Bok Ki-wang, the Land, Infrastructure and Transport Committee secretary; Park Sang-hyuk, the Political Affairs Committee secretary; and Lee Hae-sik, the Public Administration and Security Committee secretary, along with deputy floor leaders Chun Jun-ho, Kim Han-kyu and Jeon Yong-gi....
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SK hynix Workers Move to Form United Union Amid Bonus Dispute
SK hynix workers are moving to form a united union spanning production and technical-office staff, with over 3,500 joining amid a dispute over the…
Samsung Snacks' SPC Samlip to Raise Bread Prices 9% Next Month Wait — let me reconsider. This is about SPC Samlip (삼립), a Korean bakery maker. Correcting.
SPC Samlip will raise prices on about 50 bread products by an average of about 9% starting next month, citing higher raw material costs.
Samsung's 'One-Team' Chip Strategy Speeds Up HBM4E Output
Samsung reaches 80% yield on HBM4 and 70% on HBM4E, setting up a sharper battle with SK hynix for leadership in the high-bandwidth memory market.
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"Lee Kang-in" Chant Fills Seoul as He Debuts for Atletico Madrid
Lee Kang-in made his Atletico Madrid debut in Seoul, but the club lost 1-3 to Manchester City before 50,078 fans in a friendly.
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Samsung unveils HBM4 as AI chip race heats up
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SEOUL — Samsung Electronics on Monday unveiled its next-gen HBM4 memory, aiming to tighten its grip on AI accelerators.
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