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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

Lee backs gradual amendment to Constitution

President Lee Jae Myung on Thursday voiced support for a gradual amendment to the Constitution, including tightening the requirements for declaring martial law and incorporating the spirit of past pro-democracy movements. Lee made the remarks during a meeting with National Assembly Speaker Woo Won-shik and leaders of rival parties ahead of his budget speech at parliament. Last month, Lee instructed the Cabinet to consider a phased, step-by-step constitutional revision, expressing support for Woo's proposal to update the Constitution, last revised in 1987. "Few would dispute reflecting the spirit of the May 18 (1980) uprising in the Constitution's preamble and tightening the prerequisites for declaring martial law, so these areas are likely to be gain consensus," Lee said. "If that is the case, I think it would be best to move forward with whatever can be done, even if only partially, within a feasible scope," he added. While acknowledging that a comprehensive constitutional revision could be difficult due to conflicting interests, Lee stressed the need to update the Constitution to flexib

Apr 2, 2026By Yonhap
Lee backs gradual amendment to Constitution

Korea braces for prolonged energy price risks as Iran war expected to drag on

The government is preparing for a prolonged period of elevated energy prices and supply uncertainty, as U.S. President Donald Trump’s address on Wednesday (local time) failed to signal that the Middle East conflict will end soon. It plans to maintain the fuel price caps and seek alternative oil sources outside the Middle East, as Trump said countries importing oil through the Strait of Hormuz should make their own efforts to secure passage or pursue other options. Officials here assess that even if the Middle East conflict is “nearing completion” as Trump claims, it is unlikely to restore the energy supply and markets to prewar stability immediately. “Even if Trump ends the war, the war will not be over for us at the industry ministry. We expect to remain in a wartime situation,” Yang Ki‑wook, director general of the industrial resource security bureau at the Ministry of Trade, Industry and Resources, said Thursday during a briefing at Government Complex Sejong. “An end-of-war declaration, even if it is made, does not mean that safe passage through the Strait of Hormuz is s

Apr 2, 2026By Lee Gyu-lee
Korea braces for prolonged energy price risks as Iran war expected to drag on

President labels Korea's energy crisis as 'war-like situation' with no end in sight

President Lee Jae Myung described people’s livelihoods as being in a “war-like situation” amid a looming energy crisis stemming from the conflict in the Middle East, saying that the crisis shows no clear signs of ending. To help mitigate the risks on the Korean economy, the president called for bipartisan support for swift approval of a 26.2 trillion won ($17.24 billion) supplementary budget. Lee’s evaluation of the situation came in his Thursday budget speech at the National Assembly in Seoul. “The government recognizes this crisis as an economic ‘war-like situation’ and is mobilizing all available resources to overcome the challenges at hand,” the president said. “It is not a passing shower — it is a massive storm of uncertain duration," he said. "Even if the war were to end tomorrow, it will take considerable time to restore damaged energy infrastructure in the Middle East and return to supply stability.” He said the country must prepare a more thorough and resilient response, calling the budget a “breakwater” protecting people from the waves of the crisis, as

Apr 2, 2026By Yi Whan-woo
President labels Korea's energy crisis as 'war-like situation' with no end in sight

Lee calls for greater transparency on key supply chains amid Middle East tensions

President Lee Jae Myung on Wednesday called on the government to transparently disclose supply and demand conditions for major items to the public to prevent unnecessary confusion in the market, as the conflict involving Iran fuels concerns over supplies of fuel and key materials. Lee raised concerns about market confusion driven by fake news and rumors, amid reports of hoarding of standard plastic garbage bags amid a sharp rise in polyethylene prices, a key material used to produce plastic bags. "We should transparently inform the public about supply and demand conditions, and response measures for key items to prevent unnecessary confusion and anxiety from spreading in the market," Lee said during an emergency economic response meeting. "If information is not clear, unnecessary suspicion and doubt could arise, which may fuel confusion through fake news and rumors," he added. Lee instructed relevant ministries to identify items whose supplies could be affected by the U.S.-Iran conflict and compile a list to closely monitor supply and demand, prices, and any signs of abnormal market acti

Apr 1, 2026By Yonhap
Lee calls for greater transparency on key supply chains amid Middle East tensions

Ex-President Yoon collected $795,000 in inmate funds over 8 months: lawmaker

Jailed former President Yoon Suk Yeol collected over 1.2 billion won ($795,000) in inmate funds during eight months of detention through last month, a lawmaker said Wednesday, citing data from the justice ministry. Yoon has been held at Seoul Detention Center in Uiwang, Gyeonggi Province, since his second arrest on July 10 on charges related to his brief imposition of martial law in December 2024. In the period through March 15, a total of 1.26 billion was deposited into his inmate trust account, an amount equivalent to 4.6 times the salary of President Lee Jae Myung this year, Rep. Kim Yong-min of the ruling Democratic Party of Korea said. In the same period, 358 withdrawals were made, averaging 1.4 times a day. "An absurd situation is happening where insurrection ringleader Yoon Suk Yeol is benefiting from a luxurious inmate deposit fund scheme," the lawmaker said. "Inmate funds must not be reduced to a means of enriching a criminal," he added, calling for institutional reforms. Of the inmate trust accounts at Seoul Detention Center, the second largest was 102 million won, followed by 5

Apr 1, 2026By Yonhap
Ex-President Yoon collected $795,000 in inmate funds over 8 months: lawmaker

Ruling party, gov't confirm comprehensive survey of farmland ownership to curb property speculation

The government and the ruling Democratic Party of Korea (DPK) on Wednesday confirmed their plans to launch the country's first-ever comprehensive survey of farmland ownership, in an effort to prevent farmland from being used as a speculative asset. The decision came during a meeting between DPK lawmakers and agricultural ministry officials at the National Assembly as they agreed on the need to verify whether owners are directly farming their property. "We agreed to conduct a nationwide survey of farmland to curb speculative land that undermines the land-to-the-tiller principle as stipulated in the Constitution and to establish more systematic policies by checking actual ownership and use of rural land," Rep. Yoon Joon-byeong told reporters. Authorities will conduct in-depth surveys particularly in farmland near major metropolitan areas and land transaction permission zones, he said. If speculative land ownership is confirmed, authorities will take strict measures, including ordering the owners to sell the land. The survey will be carried out in two phases, starting this year with farmland

Apr 1, 2026By Yonhap
Ruling party, gov't confirm comprehensive survey of farmland ownership to curb property speculation

National Assembly ratifies trade pact with UAE

The National Assembly on Tuesday ratified the bilateral Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE), marking Korea's first free trade pact with a Middle Eastern country. The ratification came after the two countries reached the agreement in October 2023, following three years of negotiations, with the deal formally signed in May 2024. A CEPA is a type of free trade agreement that encompasses a broader scope of economic cooperation beyond market opening. When implemented, the two countries will lift tariffs on more than 90 percent of goods traded over the next 10 years. Major Korean export goods that will benefit from the deal include foodstuffs, cosmetics and defense products. Tariffs on crude imports from the UAE will also be abolished over the decade. The CEPA is expected to accelerate bilateral economic cooperation in areas including energy, resources and cutting-edge industries, industry watchers said. The government plans to notify the UAE of the completion of the domestic procedures required for implementation and coordinate follow-up measu

Mar 31, 2026By Yonhap
National Assembly ratifies trade pact with UAE

Lee to deliver budget speech Thursday to outline extra budget

President Lee Jae Myung will deliver a budget speech later this week, Cheong Wa Dae said Tuesday, as the government has proposed a supplementary budget aimed at cushioning the economic impact of the Middle East conflict. Lee will deliver the address on Thursday, presidential spokesperson Kang Yu-jung said in a press notice, without elaborating on the venue. He is expected to outline the 26.2 trillion-won ($17.1 billion) extra budget approved by the Cabinet earlier in the day and call for bipartisan support to ensure its swift passage. The proposal is largely focused on easing the impact of rising fuel prices amid escalating tensions in the Middle East, and includes cash handouts for about 70 percent of the population. It centers on three key areas — responding to high oil prices, stabilizing livelihoods and minimizing industrial damage while securing supply chains. It would mark Lee's third budget speech, following his address on last year's second supplementary budget in June and the 2026 budget bill in November. On Monday, the ruling Democratic Party of Korea and main opposition Peopl

Mar 31, 2026By Yonhap
Lee to deliver budget speech Thursday to outline extra budget

Labor Day set to become public holiday for all workers

The National Assembly on Tuesday passed a bill designating May 1 Labor Day as a public holiday, extending the right to take the day off to all workers in Korea. If approved at an upcoming Cabinet meeting, the revision to the Act on Public Holidays will take effect this year, granting all workers — regardless of employment status — a day off on May 1. Lawmakers approved the bill in a plenary session with 194 votes in favor, two against and three abstentions out of 199 members present. The amendment designates Labor Day as an official public holiday, expanding coverage to include public officials, teachers and workers in irregular employment arrangements such as platform- and contract-based jobs. Labor Day has been recognized as a paid holiday under the Labor Standards Act since 1994, but the law applied only to workers classified as employees under labor law. Public sector employees and many nontraditional workers were excluded. National Assembly Speaker Woo Won-shik said the move addresses long-standing gaps in labor rights coverage. "Labor Day had been applied only to the private sect

Mar 31, 2026By Lee Hyo-jin
Labor Day set to become public holiday for all workers

Nat'l Assembly passes tax bills to stabilize foreign exchange market

The National Assembly on Tuesday passed a set of bills aimed at stabilizing the foreign exchange market and providing tax incentives to encourage local investors to return to the domestic stock market as the Korean currency has plunged amid the Middle East conflict. Under the revised Act on Restriction on Special Cases Concerning Taxation, capital gains tax will be deducted for individual investors who invest their gains from overseas stocks in the domestic stock market for one year. Investors who sell foreign stocks to reinvest in the domestic market through the newly introduced "reshoring investment account" by May 31 will be fully exempt from the capital gains tax, while those who sell before Dec. 31 will be eligible for a 50 percent deduction. The bill is also designed to give tax benefits to retail investors when they buy financial products to hedge against foreign exchange losses. With the U.S.-Israeli attacks on Iran entering their second month, global oil prices have surged, raising concerns about a severe blow to Korea's export-dependent economy.

Mar 31, 2026By Yonhap
Nat'l Assembly passes tax bills to stabilize foreign exchange market
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