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Experts Weigh In: Tax Reform Now in Parliament's Hands Less than a month after the government announced its tax reform plan on August 3, a revised proposal has emerged, but the backlash continues. Typically, when a policy is introduced, there are beneficiaries and those who suffer losses, leading to a debate over whether the positive effects outweigh the negative. Strangely, this tax reform plan has drawn complaints from multiple groups, including homeowners with multiple properties, single-homeowners, and tenants. It is natural for the primary victims of the tax reform—owners of high-value homes exceeding 3.5 billion won and non-resident single-homeowners—to express dissatisfaction, as no one is eager to pay taxes. However, even resident single-homeowners, who might expect tax relief, are unhappy, and tenants, who do not pay taxes, are increasingly anxious. Resident single-homeowners can become non-resident homeowners at any time, leading to frustration over restrictions on their freedom to relocate. Tenants are worried about when landlords will call them to move into properties they have rented out to others to reduce their tax burden. Following the October 15 measures last year, which designated areas across Seoul and parts of Gyeonggi Province as land transaction permission zones, the rental market has sharply contracted, making it increasingly difficult to find rental properties, while monthly rent prices have skyrocketed. In this climate of uncertainty for both landlords and tenants, it is evident that the government stands to benefit from increased tax revenue. Yet, with declining presidential approval ratings, one might question whether these policies truly serve the government’s interests. It is essential to consider who the tax reform plan is intended to benefit. The government's focus on 'Living' rather than 'Buying' appears just, advocating for residents to own homes rather than speculative properties. However, this philosophy, rooted in the notion that owning a non-residential property is speculative, overlooks reality and is excessively idealistic. It is unjust for long-term residents to face tax burdens simply because they own high-value homes. Imposing sudden, unmanageable property taxes on homes that have not been sold is never appropriate. A home owned for a lifetime is akin to a family's legacy, and the idea of reducing long-term capital gains tax exemptions to reclaim taxes is incompatible with a capitalist society. It is inappropriate to suggest that those unaffected by these issues can simply sell their expensive homes. The same applies to non-resident single-homeowners. A tenant in Busan who purchased an apartment in Seoul several years ago with a lease is unlikely to qualify for exceptions. The gap in housing prices between Seoul and Busan is widening, and it is not a grave offense to secure a home in advance for a child attending university in Seoul. The government claims it will expand exceptions, but each individual has unique circumstances and reasons. The president himself referred to his sold home in Bundang as one with personal significance, and citizens also have their own memories and stories tied to their homes. Alarmed by public discontent, the government hastily revised the tax reform plan, reducing the exemption amount for non-resident single-homeowners from 900 million won to 1.2 billion won and restoring the tax burden cap from 200% to 150%. However, such patchwork solutions will not win back the trust of the public. During the presidential campaign, there were promises not to control housing prices through taxes, yet the sudden implementation of increased capital gains taxes on multiple homeowners and significant adjustments to comprehensive real estate taxes and long-term capital gains tax exemptions have left the market in turmoil and uncertainty. The current rental crisis was a foreseeable disaster. With a significant decrease in available housing and restrictions on land transactions that compel residency, along with barriers to purchasing homes, it is unreasonable to penalize landlords for not residing in their rental properties. Without sufficient housing supply or stability in the rental market, hastily changing housing policies will inevitably lead to severe side effects, with tenants—who are the most vulnerable—bearing the brunt of the consequences. If the government expected tenants to remain safe while pressuring landlords, it reflects either ignorance or indifference. Ultimately, the current administration has abandoned tenants without homes. The tax reform plan, which has dissatisfied both landlords and tenants, now rests in the hands of Parliament. The government is not a racehorse that can only look forward. If it becomes trapped in the opinions of a few like-minded supporters, it risks steering the nation off course. Will the government continue to race toward the mountaintop, or will it return to the sea? The direction of national policy now depends on the Parliament, which holds the surgical knife for the tax reform plan. We hope for a rational tax reform focused on the housing stability of the majority of citizens, rather than ideological considerations.* This article has been translated by AI. 2026-09-08 09:48:00 -
CJ ENM Dominates Vietnam Box Office with Three Films in Top Five CJ ENM continues to thrive in the Vietnamese film market with local productions performing well at the box office.The company announced that its Vietnamese subsidiary, CJ HK Entertainment, has been involved in the planning, investment, production, distribution, and marketing of films that have ranked among the top in Vietnam's annual box office for 2026.Released in April, 'Pipong: Blood Demon' is currently the second highest-grossing film of the year in Vietnam, while 'Zero Mitsu Hero,' which is still in theaters, ranks third, and 'Maso: Forbidden Ritual,' released in June, holds the fourth position. CJ ENM has produced three of the top five films at the Vietnamese box office this year.New releases in the second half of the year are also performing well. 'Zero Mitsu Hero,' which premiered on August 21, surpassed 2.22 million viewers and $6.52 million at the box office within 17 days of its release, maintaining the number one spot for three consecutive weeks.'Zero Mitsu Hero' is a collaboration between director Huyen Lep, known for last year's hit 'Ancestral Home,' which ranked seventh among all-time Vietnamese local films. The film combines themes of PTSD experienced by veterans with elements of comedy, the supernatural, and suspense.A family comedy titled 'Good Boy Gone Best,' released during the local National Day holiday on August 28, also achieved significant success, attracting 560,000 viewers and generating $1.72 million in box office revenue within 10 days, landing in second place.The film explores themes of family and education, resonating with core Vietnamese sentiments through a coming-of-age narrative.In the first half of the year, CJ ENM found success in the horror genre. 'Pipong: Blood Demon' ultimately attracted 2.42 million viewers and grossed $7.17 million, making it the highest-grossing local horror film in Vietnam's history. 'Maso: Forbidden Ritual' followed closely, with 1.83 million viewers and $5.13 million, ranking third among local horror films.CJ ENM entered the Vietnamese market in 2011 with the distribution of the film 'Quick.' Since 2014, the company has actively engaged in the planning and production of local films, implementing a localization strategy that encompasses investment, production, distribution, and marketing.The company has continued to build on its achievements over the past four years. In 2023, 'The House of No Man' became the highest-grossing film in Vietnam's history upon its release, attracting 5.78 million viewers and earning $20.20 million. In 2024, 'Mai' set a new record with 6.43 million viewers and $21.46 million.In 2025, 'Ancestral Home' recorded 3.07 million viewers and $8.90 million, ranking seventh among all-time Vietnamese films. This year, CJ ENM has produced the top two horror films in history and continues to achieve success in human drama and family comedy genres.Kim Hyun-woo, head of CJ HK Entertainment, stated, "Our accumulated localization know-how in the Vietnamese market has led to meaningful achievements by consistently discovering stories that resonate with local audiences."He added, "Previously, we remade Korean IPs locally, but now we aim to develop successful local IPs that can be remade in Korea, the U.S., and other regions, expanding our universe. We plan to continue collaborating with outstanding creators across Asia to discover original local IPs and expand into the global market."* This article has been translated by AI. 2026-09-08 09:44:00
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Korean Won Rises to 1340s Against US Dollar Amid Market Fluctuations The won-dollar exchange rate, which had fallen to a record low the previous day, is now fluctuating in the 1340s.As of 9:07 a.m. in the Seoul foreign exchange market, the exchange rate stands at 1340.4 won against the U.S. dollar. The rate was recorded at 1346.7 won, down 6.2 won, as of 6 a.m. today.The U.S. stock market was closed on September 7 in observance of Labor Day. International oil prices have risen due to attacks on Saudi Arabia's state-owned oil company Aramco and escalating military tensions between the U.S. and Iran.Brent crude for November delivery rose 1.5% to $97.73 per barrel, reaching a high of $97.93 during the session, the highest since July 23. West Texas Intermediate (WTI) crude also increased by 1.8% to $93.10 per barrel, marking its highest level since late July.The exchange rate is expected to decline slightly. Min Kyung-won, an economist at Woori Bank, stated, "The dollar's selling pressure and concerns about the yen's strength are likely to exert downward pressure on the exchange rate. Additionally, the influx of payment funds due to strong semiconductor exports, along with large orders from shipbuilding and heavy industry, is contributing to increased dollar supply at the beginning of the month."He added, "Concerns about further declines in the exchange rate are triggering panic selling, which may accelerate the downward trend. The yen's strength is also a variable affecting the sentiment towards the won, and the possibility of coordinated intervention by the U.S. and Japan is consistently mentioned. Given the authorities' intent to strengthen the yen, if the yen continues to appreciate, the won may also follow suit."* This article has been translated by AI. 2026-09-08 09:44:00
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Trump Claims Oil Prices Will Drop If U.S. Wins War with Iran As diesel prices in the U.S. reach record highs, President Donald Trump asserted that oil prices would quickly decline if the U.S. wins a war with Iran. This statement comes as rising fuel costs have negatively impacted public opinion of Trump and the Republican Party ahead of the November midterm elections.On September 7, Trump stated on the social media platform Truth Social, "If we win the war with Iran, oil prices will drop dramatically, just like everything else is falling (but oil will fall much more!)" He added, "It will go down to $3 a gallon, and ultimately below $2 a gallon. All of this will happen quickly."Trump's comments come amid heightened tensions between the U.S. and Iran over the Strait of Hormuz, which have contributed to surging international and domestic oil prices. As of September 8 at 9:11 a.m. KST, Brent crude futures for November were up 0.07% at $97.07, nearing the $100 mark, while West Texas Intermediate (WTI) crude for October rose 1.10% to $92.49.According to the American Automobile Association (AAA), the average price of diesel in the U.S. reached $5.85 per gallon as of September 4, a 60% increase from $3.71 during the same period last year, marking an all-time high. In California, prices soared to $7.70 per gallon.With less than two months until the midterm elections on November 3, rising oil prices pose a significant challenge for Trump. A recent poll by the Financial Times and Focaldata, released on September 5, showed Trump's approval rating at a record low of 33%, indicating a sharp decline in public sentiment.Meanwhile, the Trump administration continues to advocate for a strong response to Iran, urging countries like South Korea to deploy forces to the Strait of Hormuz, as tensions in the Middle East persist. On the same day, Trump reiterated on Truth Social, "Iran will never have nuclear weapons," reaffirming his commitment to dismantling Iran's nuclear program.* This article has been translated by AI. 2026-09-08 09:40:10
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Ruling Party and Gyeongsangbuk-do Call for Fair Budget Distribution Amid 'TK Passing' Concerns The ruling People Power Party expressed concerns on September 8 about the ongoing neglect of Daegu and Gyeongsangbuk-do in major national projects and budget allocations, highlighting the issue known as 'TK Passing.' They urged the government for equitable distribution of budgets and policies. The party held a budget policy meeting with lawmakers from Gyeongsangbuk-do at the National Assembly to discuss these issues. Representative Kim Hyung-dong stated, "We have frequently discussed the problems of 'TK exclusion' and 'TK Passing' in Daegu and Gyeongsangbuk-do. The government has shown a passive attitude regarding recent issues, including the exclusion of Gyeongbuk National University, the relocation of public institutions, and the allocation of social overhead capital (SOC)." He emphasized, "We are not asking for more than other regions; we are asking for fairness." This reflects dissatisfaction with the ongoing neglect of the Daegu and Gyeongsangbuk-do region in the government's major national projects. On September 1, the government selected Pusan National University, Chonnam National University, and Chungnam National University for its first concentrated support under the '10 Seoul National Universities' initiative, while Gyeongbuk National University was excluded. In response, Gyeongsangbuk-do Governor Lee Cheol-woo criticized, "We are suffering from 'TK Passing' in various recent matters." Concerns were also raised regarding the government's Future Response Fund. Governor Lee stated, "Most are opposed to the Future Response Fund, except for one location," and requested active engagement from the National Assembly. The issue of administrative integration between Daegu and Gyeongsangbuk-do was also highlighted as a key agenda for the upcoming regular National Assembly session. The governor remarked, "The new airport issue will take a long time if we rely solely on the existing 'donation and return' method," and requested that the government invest directly or support the passage of related legislation proposed by Representative Park Hyung-soo. In this context, Representative Park introduced a partial amendment to the special law for the construction of the Daegu-Gyeongbuk Integrated New Airport in July. The amendment aims to strengthen the mandatory provisions regarding national support for the construction of the new airport.* This article has been translated by AI. 2026-09-08 09:40:10
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Chinese Tourists in Traditional Emperor Costumes Spark Controversy at Gyeongbokgung Seoul's Gwanghwamun and Gyeongbokgung Palace have become the center of criticism following the circulation of photos featuring Chinese tourists dressed in traditional emperor costumes.Recently, social media platforms, including Threads, have seen a surge in posts titled 'People Met at Gwanghwamun,' showcasing a Chinese tourist in emperor-style attire near Gyeongbokgung.The images have sparked shock and debate as they spread across various online communities. Some users shared similar sightings, recounting their experiences.One user noted, "According to reports from other communities, dozens of Chinese tourists inside Gyeongbokgung were seen shouting slogans under the guidance of a leader, prompting officials to intervene." They argued for the need to implement comprehensive measures regarding Chinese tourists, especially in light of the recent visa-free entry policy.Concerns have also been raised about the historical context of Hanbok, the traditional Korean attire, in relation to China's portrayal of it. Another user commented, "China has distorted the history of Hanbok, making the situation more sensitive. There is a need to install Chinese-language signs and explanations throughout Gyeongbokgung to inform Chinese tourists of the historical context."Additionally, there are fears that tourists might exploit the free admission policy for wearing Hanbok, taking photos in Chinese-style costumes, and posting them on Chinese social media, potentially leading to claims that Hanbok and Hanfu are the same cultural heritage, which could ignite further historical disputes.* This article has been translated by AI. 2026-09-08 09:40:00
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Celltrion Partners with Japan's Bio Cluster to Foster Startup Ecosystem 셀트리온이 일본 최대 바이오 클러스터인 고베 바이오메디컬 혁신 클러스터(KBIC)와 협력해 유망 바이오 스타트업 육성에 나선다.양측은 8일 도쿄 산학관 협의체인 라이프사이언스 네트워크 재팬(LINK-J) 사옥에서 오프라인 설명회를 열고 '2026 KBIC-셀트리온 글로벌 스케일업 프로그램'을 본격 추진한다고 밝혔다. 이번 사업은 국내 기업이 일본 바이오 클러스터와 공동 기획·운영하는 첫 한일 민관 협력 오픈 이노베이션 프로그램이다.참가 기업은 이달부터 12월까지 모집한다. 서류·발표 심사를 거쳐 내년 3월 최종 2개 기업을 선정할 계획이다.모집 대상은 셀트리온의 기술 수요와 연계할 수 있는 혁신 기술 기반 바이오 스타트업이다. 항체, 펩타이드, 저분자화합물, 항노화 등이 주요 분야다.선정 기업은 2027년 한 해 동안 기술 및 사업 역량 고도화를 위한 맞춤형 육성 프로그램에 참여한다. 셀트리온은 의약품 연구개발(R&D)부터 허가, 생산, 글로벌 상업화까지 전 과정에 대한 멘토링과 기술 자문을 제공한다. 정부·지자체, 산학협력 기관, 벤처캐피탈(VC) 등과의 네트워크도 활용한다. 선정 기업과 공동연구를 통해 차세대 파이프라인 발굴 등 실질적인 협력도 추진할 방침이다.KBIC는 운영기관인 고베의료산업도시추진기구(FBRI)를 통해 스타트업별 맞춤형 엑셀러레이팅을 지원한다. R&D, 특허·지식재산권, 투자 유치, 사업 전략 등 분야별 전문가를 기업별로 매칭해 컨설팅을 제공한다. 양측은 국내 투자기관과의 일대일 미팅과 데모데이 등을 통해 투자 유치 기회도 마련한다. 이를 통해 유망 기술의 상업화와 글로벌 시장 진출을 지원한다는 계획이다. 셀트리온은 일본의 기초연구 역량과 바이오 인프라에 자사의 글로벌 사업화 경험을 결합해 시너지를 낼 것으로 기대하고 있다. 단순 투자나 기술 확보를 넘어 스타트업의 독자적인 성장을 지원하는 생태계 구축을 오픈 이노베이션 전략의 핵심으로 삼는다는 방침이다. 셀트리온 관계자는 "이번 프로그램은 한국과 일본의 강점을 결합해 유망 바이오 스타트업의 성장을 지원하는 협력 모델이 될 것"이라며 "앞으로도 혁신 기술을 보유한 신생 기업들이 글로벌 시장으로 도약할 수 있도록 오픈 이노베이션 생태계 조성에 적극 나서겠다"고 말했다.* This article has been translated by AI. 2026-09-08 09:40:00
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Chinese Teapot Refineries Shift to Canadian, Congolese, and Brazilian Oil Amid Sanctions Chinese small and medium-sized refineries, known as teapots, are turning to oil from Canada, Congo, and Brazil as their access to low-cost crude from Iran and Venezuela has been blocked. This shift is driving up oil prices in those regions.According to Bloomberg, Chinese teapot refineries have increased their purchases of oil from Africa, Canada, and South America due to disruptions in the Strait of Hormuz and U.S. sanctions that have hindered their ability to buy Iranian oil. Local oil traders reported that this week, Congolese Djeno crude was trading at a premium of up to $20 per barrel over Brent crude for Chinese buyers, a significant increase from a $15 premium just weeks ago. In recent weeks, Chinese teapots have also purchased large quantities of oil from Canada, Brazil, and Argentina, which has contributed to rising prices for Russian ESPO crude.The driving force behind the rising oil prices is the small and medium-sized teapot refineries concentrated in Shandong province. Unlike major state-owned refineries such as Sinopec and PetroChina, these teapots do not enter into long-term oil supply contracts and do not own stakes in overseas oil fields. They have relied on purchasing Iranian and Venezuelan crude on the spot market, refining it, and selling it. With these channels now blocked, they are seeking alternatives by buying oil from Africa and South America on the spot market.The reason these refineries are willing to pay a premium for more expensive oil is that securing crude is a priority. It is more beneficial for them to maintain operational rates, even if it means paying higher prices for oil, rather than leaving their refining facilities idle. Additionally, recent refining margins have surged from around $10 per barrel before the war to approximately $20, supporting their purchasing decisions. If the increase in oil premiums is outpaced by the rise in prices for refined products like gasoline and diesel, their profit margins could actually improve despite the higher crude costs.While teapot purchases are expanding, China's overall crude oil imports remain below pre-war levels. As of the end of last month, China's daily crude oil imports were estimated at 10 million barrels, down from about 12 million barrels before the war. This decline is attributed to a structural decrease in gasoline and diesel demand due to the increased adoption of electric vehicles, along with a phase of inventory depletion as they utilize previously accumulated commercial and strategic reserves.* This article has been translated by AI. 2026-09-08 09:36:10
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Kangjin County to Conduct Intensive Origin Labeling Inspections Ahead of Chuseok Kangjin County in South Jeolla Province is set to conduct intensive inspections of origin labeling for agricultural, livestock, and fishery products, as well as restaurants, in preparation for the upcoming Chuseok holiday. The county announced on the 8th that it will carry out these inspections from September 9 to 21, coinciding with the increased distribution of holiday goods. The inspections will focus on 659 items, including agricultural products and processed goods, as well as items subject to origin labeling in restaurants. Particularly, the county will pay close attention to three items that are expected to see increased consumption during Chuseok: rice, napa cabbage kimchi, and beans. Key inspection points will include the absence of origin labeling and false labeling. The county aims to prevent the distribution of agricultural, livestock, and fishery products that are misrepresented or unlabeled. A campaign to raise awareness of the origin labeling system among sellers and consumers will also be conducted. On September 14 at 10 a.m., Kangjin County will hold a joint campaign to prevent fraudulent distribution of agricultural and livestock products, involving 15 honorary inspectors and officials from the National Agricultural Products Quality Management Service. The campaign will provide guidance on origin labeling standards and encourage voluntary compliance among sellers. During the inspection process, minor violations will be corrected on-site. Businesses that fail to label their products will face administrative penalties, including fines, in accordance with relevant regulations. If any instances of false labeling are confirmed, the county plans to respond strictly in accordance with applicable laws, including criminal penalties and administrative sanctions. Im Ji-eun, an official from the Kangjin County Agricultural Policy Division, stated, “We will thoroughly implement origin labeling inspections to ensure that residents and consumers can purchase food with confidence ahead of Chuseok. We hope that sellers will also comply with origin labeling standards to help create a trustworthy distribution environment.” Additionally, Kangjin County urges consumers purchasing holiday goods to check the origin labels on products or at restaurants and to report any cases of missing or suspicious labeling to the relevant authorities, contributing to the establishment of a sound distribution order.* This article has been translated by AI. 2026-09-08 09:36:10
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Haeundae Youth Festival to Address Employment Concerns and Promote Well-Being Haeundae District will host a 'Youth Week Festival' on the 19th at the Haeundae Cultural Center in celebration of Youth Day. Under the slogan 'Youth, Here and Now,' the event is designed to facilitate interaction among young people preparing for their careers and those embarking on new challenges. The main event will take place from 1 p.m. to 6 p.m. on the 19th, coinciding with the district's designated Youth Week from the 19th to the 23rd. The highlight of the festival is a job mentoring concert featuring 17 current and former employees from global and domestic companies. Scheduled for 3 p.m. in the Haeun Hall, the event will include speakers from major companies such as Nike, Amazon, Samsung Electronics, and SK Hynix, who will conduct employment lectures and a talk show. Following the lectures, attendees will have the opportunity to engage in small group discussions with professionals, allowing for in-depth questions about companies, job roles, and the employment preparation process, as well as hearing firsthand experiences from local professionals. Prior to this, at 1:30 p.m. in the Haeun Hall, musical actor Kim Ho-young will hold a talk concert. Known for his roles in productions like 'Rent,' 'Aida,' and 'Kinky Boots,' he will share his experiences of choices, challenges, and growth with the youth. There will also be a Q&A session where young attendees can ask questions about careers, dreams, and relationships. At 3 p.m. in the Go-un Hall, an audience-participation impromptu musical titled 'Oops' will take place. This unique performance will be created on the spot based on keywords suggested by the audience, without a pre-written script or score. Additionally, various experiential programs and booths for young people will be available throughout the venue. One-day classes will focus on personal color analysis, employment makeup, body type diagnosis, aromatherapy, and calligraphy to help attendees discover their image and style. Other attractions include 'Failure Daiso,' where participants can freely share their experiences of failure, a 'Youth Photo Studio' to capture current moments, and a 'Youth Recharge Café' for relaxation. There will also be booths providing information on support programs in employment, housing, and welfare. A representative from Haeundae District expressed hope that the festival will encourage young people to embrace new challenges and provide an opportunity for communication and rejuvenation, urging local youth to participate actively.* This article has been translated by AI. 2026-09-08 09:36:00