[Bills in Focus] Real estate finance reform, industrial tech protection

Proposed bill: Real Estate Development Project Management Act Proposed by Rep. Kwon Young-jin (People Power Party) and Rep. Son Myoung-soo (Democratic Party of Korea) ● In the domestic market, real estate project financing is characterized by a low capital adequacy ratio and heavy reliance on third-party guarantees. As the volume of real estate PF increases, the need for systematic government management has become increasingly urgent. Therefore, this bill promotes the effective management of rea

PoliticsSept. 30, 2024

Court to deliver verdicts for Yongsan Ward office chief, ex-Yongsan police chief over Itaewon crowd crush

A Seoul court is set to deliver verdicts Monday for the Yongsan Ward office chief and a former chief of the Yongsan Police Station over the deadly 2022 crowd crush in the district of Itaewon. Park Hee-young, head of the Yongsan Ward office, and former Yongsan Police Station chief Lee Im-jae were indicted last year over allegations that they failed to take steps to prevent the crowd crush that left 159 people dead on a Halloween weekend in the Itaewon nightlife district on Oct. 29, 2022. The Seou

Social AffairsSept. 30, 2024

Prosecutors question CEO of Qoo10 over e-commerce insolvency incidents

Prosecutors on Monday grilled an e-commerce tycoon believed to be at the center of the large-scale insolvency incidents involving online shopping platforms TIMON and WeMakePrice. Ku Young-bae, CEO of the Singapore-based Qoo10 Group, the parent company of TIMON and WeMakePrice, underwent questioning as a fraud and embezzlement suspect at the Seoul Central District Prosecutors Office in the morning. He entered the prosecution office at 8:55 a.m. after telling reporters that he will faithfully unde

Social AffairsSept. 30, 2024

Yoon's approval rating sinks to lowest point since taking office: Realmeter poll

President Yoon Suk Yeol's approval rating has fallen to 25.8 percent, the lowest level since he took office in 2022, with the negative assessment of his performance topping 70 percent for the first time, a poll showed Monday. The survey, conducted by Realmeter and commissioned by a local news outlet, showed Yoon's positive rating fell 4.5 percentage points from the previous week. The previous record low in Realmeter surveys was 27 percent in the second week of September. The survey att

PoliticsSept. 30, 2024

Prosecutors set to request sentencing for opposition leader over alleged perjury subornation

Prosecutors were set to request a sentence Monday for opposition leader Lee Jae-myung on charges of suborning a former mayoral secretary to make false court testimony in his favor in 2018. Lee, chair of the main opposition Democratic Party, was indicted last year on charges of demanding a secretary of former Seongnam Mayor Kim Byung-ryang to give false testimony in a 2018 election law violation case involving him. The Seoul Central District Court was scheduled to hold the closing hearing on the

PoliticsSept. 30, 2024

Media regulator notes 'significant progress' in talks with Telegram over handling of deepfakes

The South Korean state telecommunications watchdog on Sunday noted "significant progress" in its recent talks with Telegram over the handling of deepfake content on the encrypted messaging app. The Korea Communications Standards Commission added that its chairman, Ryu Hee-lim, is scheduled to announce the results of those talks with Telegram on Monday. "We met with Telegram's top security officer and others in a third country on Friday and Saturday," a KCSC official said

Social AffairsSept. 29, 2024

Prosecutors investigating nature of e-commerce platforms' payments to parent firm

Prosecutors investigating two beleaguered e-commerce platforms' payment delays to vendors are now trying to determine the nature of huge sums of money changing hands between those firms and their parent company, legal sources said Sunday. According to the sources, the Seoul Central District Prosecutors Office secured a management consulting agreement between Qoo10 and their e-commerce affiliates, TMON and WeMakePrice, in June 2023. Under the deal, those affiliates were required to pay the S

Social AffairsSept. 29, 2024

Gov't agencies discuss preparedness for Typhoon Krathon

The interior ministry held a meeting Sunday with relevant agencies to discuss preparedness for an approaching typhoon. Interior Minister Lee Sang-min presided over the meeting, where attending officials reviewed emergency plans and safety measures with Typhoon Krathon expected to affect the southern island of Jeju and other southern regions, plus the eastern province of Gangwon this week. The Korea Meteorological Administration said the typhoon will likely pass near Taipei on Wednesday with a ma

Social AffairsSept. 29, 2024

Express Bus Terminal, Gangnam stations lead subway crime statistics

Seoul’s subway system, which serves 7 million passengers daily, recorded a total of 3,516 crimes in 2023, a 4 percent rise from the previous year, police data revealed. Misappropriation of lost property made up 42 percent of all crimes with 1,408 cases. Sexual assault accounted for 36 percent with 1,230 cases, and theft 25 percent with 855 cases, according to the data made public Sunday by Rep. Yang Bu-nam of the Democratic Party of Korea. The released data did not include comparative figu

Social AffairsSept. 29, 2024

‘Korea crossed the line too far’ disgraced singer’s lawyer cries foul after 3rd visa denial

Once a superstar in the 1990s K-pop scene, Korean American singer Steve Yoo strongly criticized South Korea’s recent refusal of his visa request. It is the third time his visa application has been denied. The singer, also known as Yoo Seung-jun, posted a statement written by his lawyer Ryu Jeong-sun on his Instagram account on Saturday. According to the statement, the South Korean consulate general in Los Angeles recently refused a visa to Korea for Yoo. Yoo has now been unable to enter Ko

Social AffairsSept. 29, 2024

Suspected mpox patient denied tests for hours by multiple hospitals

A man showing symptoms of mpox was denied tests for 10 hours, with multiple medical institutions refusing to admit him for testing, local media reported Saturday. According to reports, the patient was receiving treatment for fever and difficulty breathing at a hospital in South Jeolla Province on Sept. 17, when blisters appeared on his hands and feet. Suspecting the blisters to be a symptom of mpox, medical workers at the hospital recommended he get tested for the virus immediately. The man then

Social AffairsSept. 29, 2024

[Legal updates in Korea] How 'car camping' could now get you fined

● Updated law: Parking Lot Act What it does: Prohibits camping, cooking and lighting fires in public parking lots Took effect: Sept. 20 Punishment: Fine up to 500,000 won ($379.33) In recent years, “chabak,” or the trend of camping in one's car, has become a major trend in South Korea. While it has provided travelers with the benefits of convenient and flexible camping compared to pitching and sleeping in a tent, it has also contributed to a surge in fire hazards. Recent actio

PoliticsSept. 29, 2024

Opposition mulls delay of financial investment income tax

South Korea's main opposition party, whose lawmakers occupy a strong majority of the seats at the National Assembly, is leaning toward delaying the adoption of the financial investment income tax, observers said Sunday. The Democratic Party of Korea will likely agree with ruling People Power Party Chair Han Dong-hoon's request last month to agree on postponing the implementation of the new investment tax policy set to take effect next year. During a press briefing Sunday, Democratic Pa

PoliticsSept. 29, 2024

Korea, China, Japan vow to address yellow dust and climate change

SEOGWIPO, Jeju Island – South Korea, China and Japan adopted a joint communique on Sunday promising to collaborate on addressing the environmental challenges of yellow dust and climate change. The declaration came at the end of the annual meeting of environment ministers from the three countries held at International Convention Center on Jeju Island. Specifically, the three countries said they will enhance "3+X cooperation" to mitigate yellow dust levels, particularly through par

Foreign AffairsSept. 29, 2024

Seoul, Beijing pledge stronger ties at Chinese 75th anniversary event

South Korea and China reaffirmed their commitment to strengthening bilateral relations and communication, highlighting the significance of their partnership during a reception on Thursday celebrating the upcoming 75th anniversary of the founding of the People's Republic of China on Oct. 1. The Chinese Embassy hosted the event at The Shilla Seoul on Thursday, with the attendance of over 800 guests, including South Korean First Vice Foreign Minister Kim Hong-kyun, current and former lawmakers

Foreign AffairsSept. 29, 2024

45% of unregistered foreigners entered Korea on visa waivers: data

Nearly 45 percent of the over 423,000 unregistered foreign nationals living in South Korea had originally entered the country under its visa waiver program and overstayed their permitted period of stay as of the end of 2023, according to data from the Ministry of Justice released Sunday in a report created by Rep. Song Seog-jun of the ruling People Power Party. The data in the report said 16.9 percent of the more than 2.5 million foreign national residents in Korea were unregistered as of the en

Social AffairsSept. 29, 2024

Immigration policy must go beyond labor supply: experts

South Korea needs to shift its perspective on immigration beyond merely viewing immigrants as a solution to labor supply issues, experts said at a forum in Seoul last week. Emphasizing that any successful immigration policy must account for cultural, social and legal integration, Moon Jae-wan, president of the Korea Migration Law Association, said that overlooking the wider contributions of immigrants was a flawed approach. "In a rapidly changing global landscape, we must recognize immigr

Social AffairsSept. 29, 2024

KMA chief under pressure after surveyed doctors refuse to back him

The leader of South Korea's largest doctors association is under pressure after the majority of a group of members surveyed expressed no confidence in him. In a survey of Korean Medical Association members run from Aug. 28 to Sept. 27 by several high ranking KMA officials, more than 77 percent of the participants expressed no confidence in the group's president, Lim Hyun-taek, according to the medical community on Sunday. Figures on the number of members surveyed were not made public

Social AffairsSept. 29, 2024

S. Korea to showcase Hyunmoo-5 ballistic missile on Armed Forces Day ceremony for 1st time

South Korea will show off a new ballistic missile and other key weapons systems on the 76th founding anniversary of its armed forces this week, officials said Sunday, in an apparent warning against North Korea's provocations. The Hyunmoo-5, known to be able to carry a warhead weighing 8-9 tons, will be displayed during both the ceremony at Seoul Air Base in Seongnam, just south of the capital, and a military parade in downtown Seoul on Tuesday, according to the officials. "We showcased

DefenseSept. 29, 2024

S. Korea, China FMs signal Yoon-Xi summit during APEC in November

The top diplomats of South Korea and China agreed to continue high-level meetings between the two countries on the margins of multilateral gatherings, the foreign ministry said Sunday, signaling a summit between President Yoon Suk Yeol and Chinese President Xi Jinping. Foreign Minister Cho Tae-yul and his Chinese counterpart, Wang Yi, reached the agreement as they met in New York on the sidelines of the UN General Assembly to discuss bilateral ties and security on the Korean Peninsula, according

Foreign AffairsSept. 29, 2024