President Yoon Suk Yeol on Tuesday proposed to withdraw South Korea's plan to introduce a net investment income tax scheme beginning in 2025. This came about a year after plans to impose the "financial investment income tax" on investors had been deferred for two years, meaning the new tax rule would go into effect in January next year. The rule, under the revision of the Income Tax Act, was initially passed in 2020 with bipartisan agreement. "Our plan to introduce the financ

Politics Jan. 2, 2024

President Yoon Suk Yeol expressed confidence that a plan to bolster extended deterrence on the Korean Peninsula could materialize before the end of June in his New Year's speech to the nation Monday. "By the first half of this year, we will complete the enhanced (Republic of Korea)-US extended deterrence system to fundamentally deter any North Korean nuclear and missile threat," Yoon said in a televised speech from his office, referring to South Korea as the ROK. In April, Yoon an

Politics Jan. 1, 2024

President Yoon Suk Yeol on Thursday appointed all three top-level presidential secretaries, promoting his chief policy secretary, Lee Kwan-sup, to chief of staff, appointing an economic expert to succeed Lee and tapping First Vice Foreign Minister Chang Ho-jin as his national security adviser. All of the ministerial-level presidential secretaries, who report directly to Yoon, will start work on Monday, the first day of 2024. Appointees do not have to go through a confirmation hearing at the Na

Politics Dec. 28, 2023

The conservative Yoon Suk Yeol administration and the ruling People Power Party on Wednesday agreed to defer by two years the enforcement of the controversial Serious Disasters Punishments Act, which can hold executives criminally liable for deadly workplace disasters. The announcement, made at a meeting with Labor Minister Lee Jung-sik and People Power Party lawmakers, is expected to extend the grace period of the rule to 2026 for small enterprises, as the law was initially poised to come into

Politics Dec. 27, 2023

South Korea’s presidential office on Tuesday announced another batch in the ongoing Cabinet reshuffle, with President Yoon Suk Yeol nominating his national security adviser to be chief of the intelligence agency and a former top envoy to the United Nations as new foreign minister. A new bureau dedicated to economic security in the presidential National Security Office will also be created as part of the reshuffle, his office said. According to the office, Yoon named Director of the Nationa

Politics Dec. 19, 2023

A trilateral scheme has kicked off for sharing data on North Korean missiles in real time among the defense chiefs of South Korea, Japan and the US. The Ministry of National Defense in Seoul said Tuesday its prelaunch inspections have found the missile data-sharing scheme to be “completely ready for operations” and currently “operating smoothly.” The Defense Ministry said the scheme would allow the three allies to detect North Korea’s missiles and share related info

Defense Dec. 19, 2023

President Yoon Suk Yeol on Tuesday pledged stricter corrective measures and law enforcement on e-commerce players to curtail their dominance in South Korea's online market, claiming these marketplace operators were bullying mom-and-pop vendors and undermining consumer choice. This will accompany the Yoon administration's proposal of a new law to restrict business activities of e-commerce companies designated as "dominant platform business entities," which was announced later in the day

Politics Dec. 19, 2023

South Korea's Foreign Ministry denied a media report on Friday that the government of the Netherlands had summoned its ambassador to voice concerns about Seoul's demands regarding a presidential visit to the headquarters of the semiconductor printing machine supplier ASML. The Joongang Ilbo newspaper reported that the South Korean Ambassador to the Netherlands Choe Hyoung-chan had been summoned to hear concerns over Seoul's "various demands" related to President Yoon Suk Yeol's visit t

Foreign Affairs Dec. 15, 2023

The Presidential National Security Office's first deputy chief Kim Tae-hyo said Thursday North Korea might launch another intercontinental ballistic missile before the end of the year, as he arrived in Washington to attend a nuclear consultative group meeting Friday. "I think there is a possibility that North Korea would launch an ICBM in December," he told reporters at Dulles International Airport near Washington. "I can't tell you further about this," he added when asked wh

Politics Dec. 15, 2023

President Yoon Suk Yeol pledged his support for South Korea's bid to build two new nuclear power plants in the Netherlands, as he wrapped up his five-day state visit to the European country which faces energy transition pressure due to geopolitical uncertainties. "I will actively support South Korean companies, boasting world-class plant engineering capabilities, to participate in new projects to build nuclear power plants in the Netherlands, based on the agreements signed today," Yoon

Politics Dec. 14, 2023

In a crowded but somewhat solemn atmosphere, some 60,000 people gathered at Seoul's New Year's Eve celebration near Bosingak on Dec. 31, 2022, braving the cold and waving their smartphone flashlights while watching prominent figures here ring a 3.2-meter-tall bell 33 times after a countdown. For this year's New Year's celebration, the Seoul Metropolitan Government, as the host of the event, is looking to spice things up by adding festivities to boost touristic appeal. Immersi

Social Affairs Dec. 13, 2023

South Korea and the Netherlands on Wednesday announced a "semiconductor alliance" under which the two countries will join forces to strive for chip supremacy and overcome chip supply chain disruptions due to geopolitical tensions. The announcement came as President Yoon Suk Yeol and Dutch Prime Minister Mark Rutte met in The Hague on Wednesday and signed three memoranda of understanding, including one on intergovernmental cooperation to ensure chip supply chain stability. "Both le

Politics Dec. 13, 2023

President Yoon Suk Yeol arrived Monday in Amsterdam to forge stronger bilateral ties with the Netherlands, South Korea's emerging European trade partner in terms of semiconductor chips, logistics and artificial intelligence cooperation. During the five-day state visit, South Korea is set to ink a project deal to deploy its cold chain logistics technology in Europe. Moreover, South Korea laid out a plan with the Netherlands to nurture 500 semiconductor experts over the next five years, and e

Politics Dec. 12, 2023

President Yoon Suk Yeol and first lady Kim Keon Hee flew to the Netherlands on Monday at the invitation of King Willem-Alexander, in a bid to strengthen bilateral semiconductor supply chain cooperation and to enhance the European nation's involvement in Indo-Pacific regional security, in what will be the president's last trip to a foreign country this year. Yoon is the first South Korean president to pay a state visit to the Netherlands since the two countries forged diplomatic relat

Politics Dec. 11, 2023

President Yoon Suk Yeol on Friday approved his nomination of Cho Hee-dae as the new chief justice of South Korea's top court, ending the rare, monthslong judiciary leadership vacuum. Yoon's approval came hours after the National Assembly voted 264-18 for the nomination of Cho, who was formerly a Supreme Court justice until his retirement in 2020. Cho passed the parliament's confirmation hearing earlier this week. Cho, 66, will take office on Monday. A chief justice normally serves six years in a

Social Affairs Dec. 8, 2023