Latest by
-
Expect Heavy Crowds in Sangam Tonight for Manchester City vs. Atletico Madrid Match Heavy crowds are expected in the Sangam area this evening.At 8 p.m., the Seoul World Cup Stadium in Mapo-gu will host the second match of the 2026 Coupang Play Series between Manchester City and Atletico Madrid.Those attending the match or passing through Sangam should be aware of potential traffic congestion.Coupang Play has advised, "Due to expected heavy traffic near the stadium on match day, we strongly recommend using public transportation." They also noted that refunds on the day of the event will not be available for delays caused by road conditions or parking issues.The Seoul World Cup Stadium is connected to Line 6 of the subway. Those driving should be cautious, as road access and parking may become increasingly difficult as the match time approaches, making public transport the preferable option.This match features two prestigious European clubs, and it will be a significant occasion for Lee Kang-in, who will be playing in front of local fans while wearing the Atletico Madrid jersey.It has been three years since Manchester City and Atletico Madrid last faced each other in Seoul.The two teams met in the 2023 Coupang Play Series at the same venue, where Atletico Madrid defeated Manchester City 2-1 in a sold-out match.Manchester City is in South Korea for this year's Coupang Play Series. Following their match against Team K League on August 5 at the Seoul World Cup Stadium, they will play Atletico Madrid in their second game today.In addition to the match, various events are planned for the day. A kickoff ceremony featuring ATEEZ member San is scheduled, and the group Rescene will perform during halftime.Coupang Play has also urged attendees to prepare for the heat on match day, recommending that they bring water, handheld fans, and hats to stay cool.The match between Manchester City and Atletico Madrid is set to begin at 8 p.m.* This article has been translated by AI. 2026-08-09 11:40:00 -
Odyssey Tops Box Office for Fourth Consecutive Day Amid Spider-Man Competition Christopher Nolan's latest film, 'Odyssey,' surpassed 1 million viewers just four days after its release. It maintained the top spot at the weekend box office, narrowly edging out 'Spider-Man: Brand New Day' and igniting competition in the summer theater scene.According to the integrated ticketing system on August 9, 'Odyssey' attracted 525,336 viewers on August 8 alone, securing the number one position at the box office. The cumulative audience now stands at 1,376,787.'Odyssey' has held the box office lead since its opening day, surpassing 1 million viewers by the morning of August 8. According to the distributor, this achievement came a day earlier than Nolan's previous film, 'Oppenheimer,' which drew 16.9 million viewers.The weekend box office was competitive. 'Spider-Man: Brand New Day' ranked second, drawing 513,897 viewers on the same day, bringing its total to 5,447,888. The viewer difference between 'Odyssey' and 'Spider-Man: Brand New Day' was just 11,439.In third place was the animated film 'Love's Hachuping: The Legend of the Whale Gem,' which attracted 124,125 viewers, with a cumulative total of 310,157.The success of 'Odyssey' aligns with the current trends in the summer box office. Earlier, 'Hope' reignited interest in Korean films, while 'Spider-Man: Brand New Day' surpassed 5 million viewers, drawing in summer audiences. With the strong demand for large-screen viewings, 'Odyssey' has contributed to a competitive landscape in August.'Odyssey' depicts the ten-year journey of the hero Odysseus, who leads the Greeks to victory in the Trojan War and strives to return to his homeland of Ithaca, where his wife Penelope awaits. Based on Homer's epic 'The Odyssey,' the film explores themes of human will, homecoming, and the conflict between gods and humans, all presented in Nolan's signature grand style.The film's success has also been bolstered by a promotional visit to South Korea. Prior to its release, director Christopher Nolan, producer Emma Thomas, and actors Matt Damon and Charlize Theron visited the country to promote the film, which opened at number one, surpassing 'Spider-Man: Brand New Day' from the first day.Audience reactions have been positive. According to the distributor, 'Odyssey' has achieved a CGV Egg Index of 97% and a Naver rating of 9.4 since its release. Interest in special screenings, including IMAX, continues, making the second-week performance crucial.Meanwhile, 'Spider-Man: Brand New Day' is an action blockbuster that follows Peter Parker, who has been forgotten by everyone since 'Spider-Man: No Way Home,' as he confronts a mysterious enemy who remembers his identity. The film depicts Peter Parker, who gains uncontrollable powers due to DNA mutation, as he faces new threats to protect his loved ones.Directed by Destin Daniel Cretton, the film stars Tom Holland, Zendaya Coleman, Sadie Sink, Jacob Batalon, Jon Bernthal, Tramel Tillman, Michael Mando, and Mark Ruffalo.* This article has been translated by AI. 2026-08-09 11:16:00
-
Extension of VAT Deduction for Restaurants Aims to Stabilize Dining Prices To support small restaurant owners facing management difficulties due to rising raw material costs and labor expenses, the application period for the preferential rate of the value-added tax deemed input tax deduction will be extended by two years.The Ministry of Agriculture, Food and Rural Affairs announced on the 9th that the '2026 Tax Reform Plan' released by the Ministry of Finance includes an extension of the preferential deduction rate for individual restaurant operators with annual sales of less than 400 million won until December 31, 2028.The deemed input tax deduction allows businesses that supply goods or services made from tax-exempt agricultural products to treat their input tax as deductible for value-added tax purposes. The original basic deduction rate was set at 8/108, but a temporary preferential rate of 9/109 has been applied to small individual restaurants with annual sales below 400 million won to reduce their tax burden.This tax relief was set to expire at the end of this year, but the recent tax reform extends the application period to the end of 2028. The Ministry of Agriculture, Food and Rural Affairs expects this measure will alleviate the burden on the restaurant industry, which is struggling with rising costs for ingredients, labor, and public utilities, ultimately contributing to the stabilization of dining prices.Meanwhile, the 2026 Tax Reform Plan will undergo a legislative notice period until August 20 and will be submitted to the National Assembly in September, with final approval expected in December.* This article has been translated by AI. 2026-08-09 11:12:00
-
End of Tax Benefits for Fishing Corporations Lifted; Exemption for Fishing Fuel Extended Tax benefits for fishermen and fishing corporations will no longer have an expiration date, and the support period for tax-exempt fishing fuel will be extended for three years until 2029.According to the Ministry of Oceans and Fisheries on August 9, the expiration date for tax benefits, including corporate tax exemptions for fishing cooperatives, will be removed. This means that income tax on member dividends and value-added tax exemptions for fishing management and service operations provided by fishing corporations will continue to apply.The corporate tax exemption limit is set at 30 million won per member for fishing income, while other income is exempt up to 12 million won per member. Annual dividend income is also exempt from income tax up to 12 million won.Starting next year, fishermen will be able to receive permanent tax benefits when contributing fishing land and other assets to fishing corporations. For contributions made after January 1, 2027, fishermen will not have to pay capital gains tax at the time of contribution. However, the corporation receiving the land will be required to pay the relevant tax as corporate tax when it is later sold.Additionally, some value-added tax and capital gains tax exemptions will continue. Fishermen will receive value-added tax exemptions on fishing equipment imported directly. The 100% capital gains tax exemption for land and buildings used for fishing for over eight years will also have its expiration date removed.The government has also extended the support period for tax-exempt fishing fuel, which was set to end this year. The extension will last until December 31, 2029, allowing fishermen to purchase fishing oil without paying value-added tax, individual consumption tax, transportation, energy, and environmental tax, education tax, or automobile tax.Choi Hyun-ho, head of the Fisheries Policy Office at the Ministry of Oceans and Fisheries, stated, "This tax reform is expected to alleviate the burdens faced by the fishing industry under difficult management conditions due to the climate crisis and support stable management. We will continue to work with relevant departments to support stable management for fishermen."Meanwhile, the tax reform proposal for 2026 is currently undergoing legislative notice from August 4 to August 20. The final proposal will be submitted to the National Assembly next month and is expected to be finalized during the National Assembly's plenary session in December.* This article has been translated by AI. 2026-08-09 11:04:10
-
Agricultural Tax Benefits Made Permanent, Fuel Tax Exemption Extended This year, key tax benefits for agricultural corporations, including corporate tax reductions, will be made permanent, and the support period for tax-exempt agricultural fuel will be extended until 2029. This decision comes as farmers face increased operational costs due to recent instability in the Middle East, aiming to alleviate their tax burden and support stable agricultural growth.The Ministry of Agriculture, Food and Rural Affairs announced on August 9 that these measures are included in the 2026 tax reform plan released by the Ministry of Finance and Economy.First, the corporate tax reduction for agricultural corporations, which was set to expire at the end of this year, along with the dividend income tax exemption for investors and members, will transition to a permanent tax benefit. As a result, farmers growing food crops will be fully exempt from dividend income tax, while those growing non-food crops will continue to receive exemptions within certain limits. The Ministry expects this measure will facilitate stable growth for agricultural corporations, job creation, and easier entry for young people into agriculture.Additionally, the special provision for deferring capital gains tax to promote joint farming will also be made permanent. This provision allows farmers to pay capital gains tax when the agricultural corporation disposes of the contributed land or assets in the future. With the ongoing tax relief, participation in joint farming, which aims to scale up and mechanize operations by acquiring land from older farmers, is expected to increase.The exemption for indirect taxes on agricultural fuel, which helps reduce fuel costs, will be extended for three more years until December 31, 2029. This means that the value-added tax, individual consumption tax, and transportation, energy, and environmental taxes on agricultural fuel will continue to be exempt. Given the volatility in international oil prices due to conflicts such as the U.S.-Iran war, the extension of the tax-exempt fuel provision is anticipated to significantly contribute to stabilizing farm operations.The 2026 tax reform plan will undergo a legislative notice period until August 20 and will be submitted to the National Assembly in September, with final approval expected in December.* This article has been translated by AI. 2026-08-09 11:04:00
-
Government to Include Youth Experts in Business Restructuring Committee The government has decided to include youth experts in a key committee that reviews and approves corporate restructuring and entry into new industries. This initiative aims to actively incorporate the flexible and on-the-ground perspectives of young people into business restructuring policies amid rapidly changing industrial landscapes, including artificial intelligence, eco-friendliness, and digital transformation.On August 9, the Ministry of Trade, Industry and Energy announced that it is publicly recruiting three youth members to participate in the sixth 'Business Restructuring Plan Review Committee,' which supports proactive business restructuring for companies.This recruitment is part of an effort to expand opportunities for youth participation in national affairs under the 'Youth Basic Act' and to reflect the fresh perspectives of young experts in the review process during a period of significant industrial transformation.Since its establishment in 2016, the Business Restructuring Plan Review Committee has operated under the Corporate Vitality Act, bringing together experts from various fields, including industry, law, accounting, finance, and employment, to review and decide on the approval of business restructuring applications and support measures. The committee is co-chaired by the Vice Minister of Trade and a private sector chairperson, consisting of a total of 20 members, including five ex-officio members, four members recommended by the National Assembly, and eleven private sector members.The newly created youth members will account for three of the eleven private sector members. Eligible candidates are youth experts aged between 19 and 34. Applications will be accepted from August 11 to 21 through the government’s integrated platform, 'Youth Talent DB.'While general private sector members are required to have at least ten years of substantial experience, the criteria for youth members are significantly lower. Candidates can apply with just one year of experience in a relevant field or three years of experience in corporate restructuring and business reorganization.Once appointed, youth members will directly review the growth potential of companies applying for business restructuring approval, the feasibility of entering new industries, and the appropriateness of technology and investment.A Ministry official stated, "As companies undergo rapid and dynamic changes in their restructuring patterns due to global supply chain adjustments and industrial transformations, we expect many capable young individuals to show interest and actively support the incorporation of their flexible and innovative perspectives into policy." 2026-08-09 11:04:00
-
Lee Ho-jae Scores in Darmstadt Debut in Germany Forward Lee Ho-jae, who transferred to Germany's 2. Bundesliga team Darmstadt, made an immediate impact by scoring in his debut match.On August 9, during the opening match of the 2026-2027 season against Holstein Kiel at the Merck Stadion am Böllenfalltor, Lee came off the bench in the second half and netted a goal.Lee's goal helped Darmstadt come back from a 2-0 deficit to finish the match in a 2-2 draw.Starting the game on the bench, Lee entered the field in the 60th minute, replacing Finn Lakenmacher, marking his debut on the European stage.Just 16 minutes after his introduction, in the 76th minute, Lee received a pass from Kai Klefisch on the right side of the penalty area and unleashed a powerful right-footed shot that found the back of the net.Buoyed by Lee's goal, Darmstadt continued to press forward, and in the 81st minute, Aleksandar Bukotic scored a dramatic equalizer, securing a valuable point for the team.Born in 2000, Lee Ho-jae is a traditional striker known for his aerial ability and sharp shooting skills, standing at 191 cm tall. He is also recognized as the son of former national team coach Lee Gi-hyung.Lee had an impressive career in the K League 1 with Pohang Steelers, where he made 177 appearances and scored 53 goals before fulfilling his dream of moving to Europe by joining Darmstadt at the end of last month.Darmstadt is notable in Korean football history as the club where legendary coach Cha Bum-kun first played in Germany. Other players like Ji Dong-won and Baek Seung-ho have also worn the Darmstadt jersey.* This article has been translated by AI. 2026-08-09 10:48:10
-
Choi Tae-won to Pay 944 Billion Won to No So-young in Property Division Case Choi Tae-won, chairman of SK Group, and No So-young, director of the Art Center Nabi, may finally conclude their property division lawsuit after nine years. According to legal sources on August 9, the deadline for both parties to file an appeal against the ruling in the property division case is set for August 15. However, under civil procedure law, if the last day falls on a Saturday or holiday, the deadline extends to the next business day. Therefore, it is likely that a decision on whether to appeal will be made by August 17. If both Choi and No do not file an appeal or submit a waiver of appeal during this period, the ruling from the appellate court, which orders Choi to pay No 944 billion won, will be finalized. This legal dispute began in 2017 when Choi filed for divorce mediation, which ultimately failed, leading to formal litigation in February 2018. No filed a counterclaim in 2019, agreeing to the divorce. The first trial court ordered Choi to pay No 100 million won in alimony and 665 million won in property division. The second trial court, considering the contributions of former President Roh Tae-woo's slush fund of 30 billion won to the growth of SK Group, awarded No a higher alimony of 200 million won and a property division amount of 1.38 trillion won. However, the Supreme Court upheld the 200 million won alimony last October but ruled that the slush fund was illegal and could not be considered a contribution by No, sending the case back to the Seoul High Court. In the appellate ruling held on July 24, the court ordered Choi to pay 200 million won in alimony and 944 billion won in property division.* This article has been translated by AI. 2026-08-09 10:48:00
-
Jo Seung-rae Apologizes for Blue Wave Data Breach, Accepts Responsibility Jo Seung-rae, the Secretary General of the Democratic Party, has expressed his deep regret and apologized for the recent data breach involving the party's community platform, Blue Wave.In a statement on August 9, Jo said, "I feel a heavy responsibility regarding the recent data breach at Blue Wave and sincerely apologize."Jo explained that during his tenure, he had requested a check from the management company due to suspected anomalies but received a response indicating there were no issues. He also mentioned that he sought assistance from the Korea Internet & Security Agency (KISA), but was informed that support was difficult due to other data breach incidents involving KT and Lotte Card.He reiterated his apology, stating that despite efforts to assess security vulnerabilities and establish a task force for fundamental solutions, they were unable to prevent the data breach.Jo added that the party is currently taking all necessary measures to prevent further damage and is investigating the circumstances of the leak. He stated, "As the former Secretary General, I will cooperate fully to ensure this situation is resolved and that our security system is strengthened."Previously, the Democratic Party reported on August 7 that the accounts of 17,088 members of the Blue Wave community had been compromised. The party indicated that the breach is believed to have occurred on September 2, 2025, and promptly reported the incident to the Seoul Cyber Investigation Unit and the Personal Information Commission, while also requesting a security assessment from KISA.* This article has been translated by AI. 2026-08-09 10:40:00
-
Government Considers Expanding PF Guarantees and Easing Regulations to Boost Housing Supply The government is reviewing plans to expand public guarantees for real estate project financing (PF) and ease financial regulations to increase housing supply. President Lee Jae-myung has called for 'bold housing supply' measures, prompting financial authorities to explore options to facilitate financing for suppliers.According to financial authorities on August 9, the Financial Services Commission is examining ways to enhance supplier financing based on requests from the construction industry and on-site feedback.The most discussed option is the expansion of public guarantees for PF. Given that banks and other financial institutions remain cautious about real estate PF, the aim is to increase the guarantee capacity of public institutions like the Korea Housing Finance Corporation to ensure that funds flow to viable projects.There is also significant demand from the industry for easing regulations on the financial soundness of companies involved in PF. Financial authorities have been pushing to raise the capital adequacy ratio to 20% over the next four years to prevent excessive borrowing in PF projects. This would involve applying different risk weights, provisions, and loan limits based on the capital adequacy ratio.However, the development industry has expressed concerns that financial institutions are preemptively implementing these measures, leading to a contraction in supplier financing. A representative from the real estate development sector stated, 'We should view private rental housing as a form of social infrastructure and consider easing related regulations or delaying their implementation.'There is also a possibility of adjusting loan regulations for rental business operators. The government had restricted mortgage loans for housing purchase and rental businesses through the September 7 measures last year, but exceptions were made for loans secured by newly constructed homes. Financial authorities are considering broadening these exceptions to promote the supply of rental housing.Efforts to resolve the financing difficulties for new apartments nearing occupancy and to ease regulations on relocation loans are also being reviewed in line with the push for increased supply. For relocation loans, there are discussions about changing the collateral criteria from existing homes to newly constructed ones to increase the loan amounts.President Lee has discussed plans to expand housing supply in two recent meetings focused on real estate policy. During a meeting on August 7, he urged participants not to remain stuck in old mindsets but to make bold and transformative decisions.In contrast, there is a cautious atmosphere regarding regulations on jeonse loans aimed at speculative demand. The Financial Services Commission is preparing to limit jeonse loans for non-resident homeowners who own one property for speculative purposes. President Lee has repeatedly pointed out that excessive jeonse loans could contribute to rising housing prices.One proposed method for limiting jeonse loans is to reduce guarantees. Since jeonse loans from banks are based on guarantees from institutions like the Korea Housing and Urban Guarantee Corporation and the Korea Housing Finance Corporation, there may be discussions about lowering the guarantee ratio or restricting guarantees for certain groups.The key issue is how to distinguish between genuine demand and speculative demand among non-resident homeowners. A senior official from the financial authorities stated, 'We aim to minimize inconvenience for genuine buyers while establishing criteria to identify speculative behavior.'Exceptions recognized in the tax reform plan, such as job changes, relocations, long-term medical treatment, school transfers due to bullying, and caring for parents, may also be considered in the context of jeonse loan regulations.Recent deterioration in public sentiment regarding real estate adds to the pressure. Concerns about the impact of the tax reform plan on the rental market and the tax burden on non-resident homeowners have been raised within the ruling party. Additionally, if jeonse loan regulations are applied too stringently, it could lead to instability in the rental market, prompting financial authorities to carefully consider their approach.* This article has been translated by AI. 2026-08-09 10:32:00