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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 raises concerns over regulation allowing large-scale home purchases for rental

President Lee Jae Myung on Sunday voiced concerns over the country's housing regulation that allows people to buy homes on a large scale for rental, as the government is set to end tax breaks for owners of multiple homes to stabilize the overheated property market in the Seoul metropolitan area. In recent weeks, Lee has posted a series of messages on his social media account calling for measures to curb home prices, ahead of the planned end of a heavy capital gains tax exemption for multi-homeowners in May. "I understand cases where housing is built specifically for rental purposes but it makes little sense that people can buy as many homes as they want simply by registering as rental business operators," Lee wrote on X. "If individuals are allowed to buy hundreds of houses, shortages are inevitable even if we build tens of thousands of homes," he added.

Feb 8, 2026By Yonhap
Lee raises concerns over regulation allowing large-scale home purchases for rental

President rebukes business lobby group over 'fake' millionaire exodus report

A report by Korea’s top business lobby group linking inheritance taxes to an exodus of wealthy individuals has triggered a political backlash, drawing sharp criticism from President Lee Jae Myung and prompting a government audit. Lee on Saturday labeled the report “fake news” in a post on social media platform X (formerly Twitter), accusing the Korea Chamber of Commerce and Industry (KCCI) of seeking to undermine government policy. “Producing and spreading fake news to pursue private gain and attack government policy deserves strong condemnation," Lee wrote. "It is hard to believe that an official organization such as the KCCI would engage in such conduct." The president stressed the need to “strictly hold those responsible and establish safeguards to prevent recurrence.” The controversy stems from a press release distributed by the KCCI on Wednesday, citing the research by Henley & Partners, a British consulting firm. The report stated that 2,400 millionaires left Korea last year, which is double the number from the previous year. It placed the country fourth worldwide in te

Feb 8, 2026By Anna J. Park
President rebukes business lobby group over 'fake' millionaire exodus report
  • Korea's inheritance taxes get blame for world's 4th-largest millionaire exodus

PM meets with presidential chief of staff, ruling party chief over US tariffs

The prime minister held talks with key ruling Democratic Party of Korea (DPK) lawmakers and the presidential chief of staff Sunday to discuss a special bill on implementing Korea's investment pledges to the United States and other pending issues, officials said. The meeting, held at the residence of the prime minister, came as rival political parties agreed last week to establish a special committee to handle the investment bill amid U.S. President Donald Trump's tariff hike threats. "A delay in passing the special bill on Korea's strategic investment in the U.S. also affects follow-up measures related to tariff negotiations," Prime Minister Kim Min-seok said at the meeting, expressing hope that the bill would be enacted swiftly. Presidential chief of staff Kang Hoon-sik also called on the National Assembly to accelerate its legislative efforts to pass the special investment bill and other key legislation related to people's livelihoods. During the meeting, DPK Rep. Jung Chung-rae called for swift passage of the special bill to ease concerns among Korean companies, stressing the need for

Feb 8, 2026By Yonhap
PM meets with presidential chief of staff, ruling party chief over US tariffs

Lee calls for tougher measures to curb price fixing

President Lee Jae Myung instructed his aides Thursday to mobilize all available measures to stabilize prices and prevent cases in which companies raise prices by abusing monopolistic power. Lee made the remark during a meeting with his senior secretaries and aides, as the prosecution recently indicted company executives accused of price fixing involving daily necessities, such as flour, sugar and electricity. "I urge you to mobilize all state power to correct the practices that force high prices on the public at all costs," Lee said. "Even if the economic indicators improve, people will struggle to feel an improvement in their lives if the prices of daily necessities remain unstable." Lee also suggested creating a task force to oversee prices intensively over a certain period, pointing to structural problems in the distribution costs of agricultural goods, including fruits and vegetables. Prosecutors launched the price-fixing investigation after Lee ordered the government to take a more active response to rising prices of everyday goods during a Cabinet meeting in September last year.

Feb 5, 2026By Yonhap
Lee calls for tougher measures to curb price fixing

Local council’s hanbok tradition draws backlash in Korea

A debate has erupted over the Jeonju City Council’s tradition of wearing hanbok, the traditional Korean attire, to its opening session, with critics dismissing it as a "fashion show" that distracts from the city's deepening financial crisis. On Jan. 29, all 35 council members and key officials — including Mayor Woo Beom-ki — opened the year’s first plenary session in colorful traditional robes. The event is rooted in a 2016 ordinance aimed at highlighting Jeonju’s identity as a hub of traditional culture and raising citizen interest by showcasing the attire in the public sphere. The council spends about 3.6 million won ($2,450) a year to rent the outfits, or 80,000 won per person. However, the timing and tone have drawn sharp criticism. The festive attire contrasted with an agenda centered on Jeonju’s 600 billion won municipal debt and stalled compensation for the canceled Jonggwangdae redevelopment project. Critics said the costumes diluted the seriousness of the proceedings, calling the event a case of “a tail wagging the dog.” Reports that several lawmakers paid out of

Feb 5, 2026By Hankookilbo
Local council’s hanbok tradition draws backlash in Korea

Lee cheers for Korean athletes ahead of Winter Olympics

President Lee Jae Myung on Thursday cheered for Korean athletes participating in the 2026 Milan-Cortina Winter Olympics, saying he will root for their success alongside the public. Lee made the remarks during a meeting with his senior presidential aides at Cheong Wa Dae in Seoul, noting that Korea's delegation participating in the Feb. 6-22 event will be its largest ever for an overseas Winter Olympics, with a total of 130 athletes. "I hope the athletes will fully demonstrate the skills they have built over time so that their sweat and effort pay off in the next two weeks to bring honor to the country," he said. He also instructed the officials to step up the promotion of the event so that the athletes representing the country can compete to the best of their abilities amid enthusiastic support and encouragement.

Feb 5, 2026By Yonhap
Lee cheers for Korean athletes ahead of Winter Olympics

PM orders thorough probe into alleged sexual abuse at facility for people with disabilities

Prime Minister Kim Min-seok on Thursday ordered a swift and thorough probe into allegations of sexual abuse at a facility for people with disabilities. Kim made the remark during the inaugural meeting of an interagency task force set up to address allegations that the head of the facility in Incheon, west of Seoul, sexually abused multiple people housed there. Police have launched a special investigation unit to handle the case and put the number of victims at least six, while a survey commissioned by the county of Ganghwa, where the facility is located, found 19 victims, all women in their 30s to 60s. Kim described the allegations as "a clear threat to the most vulnerable people of our society" and a "grave case that questions the reason for the state's existence." He expressed shock that no institution has taken action over the 10 or so years that the abuse is believed to have taken place, and called for treating the case not as a standalone incident but as an opportunity to prevent similar abuses in the future. "I ask (the police) to fully mobilize professional investigative personnel

Feb 5, 2026By Yonhap
PM orders thorough probe into alleged sexual abuse at facility for people with disabilities

Citizens’ Solidarity for ONE KOREA to spearhead unification, oppose ‘two-state’ framework

Civil societies and their leaders gathered to inaugurate the Citizens’ Solidarity for ONE KOREA, a nongovernmental organization (NGO) that opposes the Lee Jae Myung administration’s so-called “two-state” framework and seeks to lead the two Koreas to peaceful unification. A total of 350 leaders from media, academia and the Korean diaspora participated in the new civic coalition’s inauguration ceremony at the Press Center on Wednesday. In December, Unification Minister Chung Dong-young stated his North Korean policy drive by promoting the so-called “peaceful two-state framework,” which claims the North and South now function as “two separate countries in reality.” Chung’s theory provoked an immediate backlash from academic and diplomatic circles, including former lawmaker Tae Young-ho of the main opposition People Power Party, who denounced the government’s recent move toward the two-state framework as unconstitutional during his welcome remarks for the ceremony. “Article 3 of the Constitution defines its territories as ‘the Korean peninsula and its adjacent islan

Feb 5, 2026By Jhoo Dong-chan
Citizens’ Solidarity for ONE KOREA to spearhead unification, oppose ‘two-state’ framework

Lee meets with young scientists, discusses expansion of alternative military service

President Lee Jae Myung held a meeting with young researchers and science students Thursday and discussed ways to expand alternative military service options as part of a broader reform to the military system. During the meeting held at Cheong Wa Dae, Lee said his administration was reviewing an overhaul of the military, including measures to substitute mandatory military service for other forms of service. "As young men are obliged to serve in the military, they unavoidably face career breaks for a considerable period, which can become a source of conflict and lead to a sense of frustration," he said. Responding to a student's suggestion that young men should be given more research opportunities during their service, Lee said the administration was reviewing such measures. "On top of that, I plan to carry out major changes in the military," Lee added, stressing he will seek to provide opportunities for young men to acquire expertise in cutting-edge technology and weapons systems during their service rather than wasting it away. He also floated the idea of establishing research units with

Feb 5, 2026By Yonhap
Lee meets with young scientists, discusses expansion of alternative military service

Parliamentary committee approves bill to punish defamation of wartime sexual slavery victims

A parliamentary committee on Thursday approved a bill that would punish the spread of false information defaming victims who were forced into sexual slavery by Japan during World War II with up to five years in prison, the gender ministry said. The National Assembly's gender equality and family committee passed the amendment to a law protecting the victims of wartime sexual slavery, sending it to the legislation and judiciary committee for review ahead of a full parliamentary vote. The bill is designed to prevent the defamation of the victims by prohibiting the distortion of facts about their suffering and the spread of misinformation across various media and platforms, such as newspapers, broadcasts, exhibits, concerts and rallies. Under the bill, those who commit such offenses would face up to five years in prison or a fine of up to 50 million won ($34,100). Artistic, academic, research, and news-reporting activities, however, would be exempt from punishment as legitimate exercises of freedom of expression, according to the ministry. The move comes as police have been investigating a fa

Feb 5, 2026By Yonhap
Parliamentary committee approves bill to punish defamation of wartime sexual slavery victims
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