Top 0.1% of Koreans make 1.8b won a year; 126 pay no tax

Government data showed Wednesday that the top 0.1 percent of earners in South Korea made an average of 1.8 billion won in 2022, and that 126 of them paid no tax due to various deductions and exemptions. The combined income of a total of 26.2 million South Koreans came to 1.59 quadrillion won ($1.17 trillion) in 2022, while the combined income of the top 0.1 percent -- a group consisting of 26,231 individuals -- amounted to 47.1 trillion won, according to National Tax Service data submitted to Re

Social AffairsOct. 16, 2024

[Photo News] Maserati's first electric SUV

Maserati unveiled its first fully electric sport utility vehicle, the Grecale Folgore, in Korea on Wednesday, showcased in nero tempesta black (left) and dark aurora blue. Named after the Italian word for lightning, the Folgore is powered by CATL’s battery that provides up to 500 kilometers of range by Worldwide Harmonized Light Vehicles Test Procedure standards, with Korean certification still pending. It offers comparable performance to luxury electric SUVs like the Porsche Macan with 82

MobilityOct. 16, 2024

[Exclusive] Weverse accused of exploiting labels, fans with new mandatory paid-membership service

Weverse Company, a global fan platform run by Hybe, is facing backlash for alledgely forcing its partner labels into a mandatory paid membership service, sparking accusations of monopolistic practices. The new "digital membership" service, set to launch on Dec. 1, compels over 130 music labels to participate, raising concerns about coercion, unfair revenue-sharing and exploiting fan loyalty for profit. According to Rep. Lee Jung-mun of the Democratic Party of Korea, Weverse emailed 130

K-popOct. 16, 2024

S. Koreans head to polls in local by-elections

South Koreans voted Wednesday to elect the education chief of Seoul and four local government heads, with the result expected to serve as a litmus test of public sentiment since the April general elections. Up for grabs in Wednesday's by-elections are five local administrative seats — the superintendent of the Seoul Metropolitan Office of Education, as well as the heads of Busan's Geumjeong District, Incheon's Ganghwa County, and the Yeonggwang and Gokseong counties in South

PoliticsOct. 16, 2024

N. Korea's state media keeps mum about its explosion of inter-Korean roads

North Korea's state media on Wednesday remained silent about its explosion of inter-Korean roads connected to South Korea the previous day. North Korea blew up parts of the Gyeongui and Donghae roads north of the Military Demarcation Line on Tuesday, a move seen as highlighting its commitment to severing ties with South Korea. In August, North Korea cut off the Gyeongui and Donghae railways. The Rodong Sinmun, the North's main newspaper targeting the domestic audience, did not carry an

North KoreaOct. 16, 2024

Seoul education chief by-election pits conservative ex-lawmaker against progressive professor

Voters in Seoul headed to the polls on Wednesday to select the city's new education superintendent in a by-election, with a close race expected between a conservative former lawmaker and a progressive honorary Seoul National University sociology professor. The superintendent seat of the Seoul Metropolitan Office of Education is one of five local administrative positions up for grabs in Wednesday's by-elections, with voting running from 6 a.m. to 8 p.m. The position was vacated when lef

PoliticsOct. 16, 2024

US urges N. Korea to stop actions that raise conflict risk after blowing up of cross-border roads

The United States called on North Korea Tuesday to stop actions that would increase the risk of conflict, after Pyongyang blew up roads linked to South Korea in a rancorous removal of land routes once seen as a symbol of inter-Korean cooperation. State Department spokesperson Matthew Miller made the call, reiterating Washington's calls for Pyongyang to come back to diplomacy. "We are monitoring the situation in the DPRK in close coordination with our Republic of Korea allies," he

Foreign AffairsOct. 16, 2024

[영어답게 표현하기] 유용한 비즈니스 영어 표현들

〈순간적이고 급격한 움직임〉 1. capsize [kǽpsaiz] 전복시키다 ‘배가 전복되다’ 혹은 ‘배를 전복시키다’라는 의미를 지닌 단어다. The storm capsized our boat, and we had to swim to shore wearing our life vests. 폭풍에 배가 뒤집어져서 우리는 구명 조끼를 입고 해안까지 헤엄쳐 가야 했다. ● 선박 전복 사고 후 어제까지 8명의 시신이 수습되었다. Eight bodies were retrieved as of yesterday after the boat capsized. 2. catalyst [kǽtəlist] 촉매 ‘촉매’를 뜻하는 단어인데, 비유적으로 변화를 촉진하는 요인이라는 의미로도 쓴다. Lower corporate taxes serve as a catalyst for increasing foreign dire

English EyeOct. 16, 2024

RIAD launches new AI-powered platform for booking group travel

RIAD Corporation, a South Korean travel startup specializing in B2B trade, has launched a new AI-powered trading platform called RIA, aimed at automating the coordination of group bookings between hotels and travel agents. The new platform allows business clients to save time when handling group bookings, streamlining the process from days of back-and-forth communication to just minutes. “Traditionally, the group booking process relied heavily on analogue methods such as emails, phone call

TechnologyOct. 16, 2024

S. Korea, US, Japan to hold vice-ministerial talks amid N. Korea tensions

Senior diplomats from South Korea, the United States, and Japan were set to meet in Seoul on Wednesday amid rising tensions following North Korea's destruction of roads to the South and accusations of drone flights by the South over its capital. The three-way talks come a day after the North blew up cross-border roads in a move underscoring its commitment to completely sever ties with the South after North Korean leader Kim Jong-un vowed to abandon the goal of unification and treat the Sout

Foreign AffairsOct. 16, 2024

Seoul shares open sharply lower on US losses

South Korean stocks started sharply lower, tracking overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index lost 29.41 points, or 1.12 percent, to 2,604.04 in the first 15 minutes of trading. Overnight, US stocks closed sharply lower due to poorer-than-expected earnings outlooks of chip equipment-maker ASML Holdings. The Dow Jones Industrial Average fell 0.75 percent, and the tech-heavy Nasdaq Composite tumbled 1.01 percent. In Seoul, most shares opened weaker across the

MarketOct. 16, 2024

[Graphic News] School violence reports reach 11-year high

A national survey by the Ministry of Education revealed that reports of school violence among elementary, middle and high school students in 2024 have increased for the fourth consecutive year, reaching the highest level in 11 years. The survey, conducted on 3.98 million students from fourth grade through high school and across 17 metropolitan and provincial education offices, showed that 2.1 percent of students experienced school violence. Up from 1.9 percent last year, this represents the hi

Social AffairsOct. 16, 2024

[Jon D. Michaels, David L. Noll] Vigilante democracy raging in US

The insurrection at the Capitol on Jan. 6, 2021, was aimed at preventing the peaceful transfer of power after Donald Trump lost the US presidential election. This was clearly illegal, and the Justice Department has prosecuted hundreds for their crimes that day. Had they been successful, the plan for Jan. 7 and beyond was to legalize such attacks on democracy. While many Americans were shocked and chastened by the riot, one faction was energized by the events, which they saw as the first fruits

ViewpointsOct. 16, 2024

[Kim Seong-kon] The Nobel Prize in Literature and the task of translation

The news that novelist Han Kang has won the 2024 Nobel Prize in Literature came as a wonderful surprise to the Korean people. We feel it's been a long time coming: Whereas Japan already has three Nobel laureates in literature and China has two, Korea had none until last week. At last, Korea has become a country with a Nobel Prize winner in literature. These days, Korea is well known to the world, thanks to the immense popularity of Hallyu. In a sign of this recognition, McDonald's sold

ViewpointsOct. 16, 2024

Russian court extends detention of S. Korean national for another month: media

A Russian court has renewed the detention period of a South Korean national arrested in Moscow on suspected espionage charges for another month until mid-November, Russian media reported Tuesday. The Moscow court made the decision on the South Korean, surnamed Baek, as it turned down Baek's appeal against an earlier court decision in June that extended his detention for three months until September, the TASS and Rio Novosti news agencies reported. Baek has been held in the Lefortovo detenti

Foreign AffairsOct. 15, 2024

Kiss of Life sets sights on Coachella, releasing 'Lose Yourself'

Rising K-pop girl group Kiss of Life has set its sights on one of the biggest stages in music: Coachella. With the release of its third EP, "Lose Yourself," on Tuesday, the four-member group revealed its aspirations to perform at the renowned North American music festival. The group, known for hits like "Shhh," "Bad News" and "Sticky," held a press showcase in Seoul to discuss the new album and future ambitions. "We've had this big dream of perfo

K-popOct. 15, 2024

S. Korea picks adviser for oil, gas exploration in East Sea

South Korea's state-run oil developer said Tuesday it has picked an adviser for the exploration of potential oil and gas reserves off the nation's East Sea. The Korea National Oil Corp has named S&P Global as the adviser for a project in the East Sea that could potentially uncover between 3.5 billion and 14 billion barrels of gas and oil. If confirmed, the quantity would be sufficient to meet the country's gas demand for up to 29 years and its oil demand for four years. The KN

IndustryOct. 15, 2024

Starlink services may be available in S. Korea next year: sources

US space firm SpaceX may launch its Starlink satellite internet services in South Korea next year, industry sources said Tuesday. According to the sources, the science ministry had notified the revisions of related regulations for Starlink's internet services. After a six-month period, the science ministry will launch the process for the approval of a deal between SpaceX and its Korean unit, Starlink Korea. The sources said once all required processes are completed, SpaceX will launch the s

TechnologyOct. 15, 2024

Defense chief apologizes over 'Silmido' unit for 1st time

Defense Minister Kim Yong-hyun apologized Tuesday over the fate of members of a past secret unit that trained commandos to infiltrate into North Korea for the first time since they were killed more than a half century ago. Kim's apology was read on his behalf during a ceremony to mark the beginning of an excavation project to find the yet-recovered remains of four Silmido unit members who were executed and secretly buried in 1972. "May those who were sacrificed during the Silmido inc

DefenseOct. 15, 2024