South Korea’s lawmakers are trying to push back controversial taxation on income from investing in cryptocurrencies, which is to be implemented from Jan. 1, 2022. The opposition People Power Party was drafting a proposal that eases capital gain taxes on cryptocurrencies and is expected to submit the bill as early as Tuesday. The People Power Party’s bill suggests a one-year delay for crypto gain taxation to 2023 along with a more generous tax redemption than currently planned. Th

Preparing for the era of self-driving cars, South Korean auto parts manufacturer Hyundai Mobis has unveiled a steering wheel that can be folded while not in use. The affiliate of Hyundai Motor said Monday that it has succeeded in developing the foldable steering wheel system that maximizes drivers comfort by allowing more space. It took around 2 years for the company to successfully develop the entirely new technology that has never been globally commercialized before and the company is curr

Hyundai Motor Group Chairman Chung Euisun on Thursday will mark his one-year anniversary since taking office at the South Korean automotive group. With the new chief at the helm, Hyundai Motor has embarked on a journey of transforming into a future smart mobility company. According to Hyundai officials on Monday, Chung, who inherited the top job from his father and now honorary group chairman Chung Mong-koo last year, has always emphasized that the future lies on resolving problems that peop

Hanwha Defense said Monday it will showcase its advanced land defense systems at a major defense show in the US to expand its footprint in the market. Participating in the AUSA 2021 defense expo, set to kick off Monday, US time, in Washington, the Korean defense firm will display its flagship land defense platforms, including the K9 Thunder self-propelled howitzer and the Redback infantry fighting vehicle. Hosted by the Association of the United States Army, the event is the largest land power

A landmark deal to crack down on offshore tax havens, though initially designed to target digital economy behemoths such as Google and Netflix, has spilled over to South Korean chipmakers Samsung Electronics and SK hynix, though the degree of its impact remains unclear. On Friday, the world’s most powerful nations agreed to impose a 15 percent global minimum tax on companies with revenues above 750 million euros ($867.5 million). Also, those with revenues above 20 billion euros and a p

South Korea’s business leaders on Monday asked political parties to put the economy on the front burner of the presidential election in March, delivering a list of economic agenda that need to be addressed by presidential candidates. The 73 board members of the Korea Chamber of Commerce and Industry, Korea’s largest private economic organization, said the letter outlined three propositions, 10 agenda items, five reform tasks and 70 action plans for political groups to consider in t

President Moon Jae-in’s top security adviser, Suh Hoon, is expected to meet with his US counterpart and make his case for signing a declaration to end the 1950-53 Korean War armistice as a way to facilitate North Korea’s denuclearization. “This week, a discussion will take place between Suh and national security adviser Jake Sullivan. The agenda is denuclearization,” a senior Cheong Wa Dae official said Sunday referring to Suh’s trip, without elaborating, though ma

Daejang-dong scandal lingers as Lee’s key contender objects to primary election results

Lawmaker says people have different ‘starting lines’ in life according to parents’ wealth

Korean Cultural Centre UK announced that it will hold the 16th London Korean Film Festival for two weeks from Nov. 4 to 19. The festival organizer said it will screen 35 Korean films of diverse genres including independent films, classic films, animation and shorts. Last year, the annual event was held as an online-offline hybrid festival due to the pandemic, but this year all of the films will be screened at nine local theaters in London. “Escape from Mogadishu” directed by Ryoo

Actor and painter Ha Jung-woo is holding his 15th solo art exhibition titled “Next Room,” at Grand Josun Busan until the end of the month, gallery Gana Art Busan announced Thursday. With the 26th Busan International Film Festival being held from Oct. 6 - 15, the exhibition, also located in Haeundae area, is expected to garner attention from cinema fans and across the arts scene. A total of 50 pieces, including 24 new works have been unveiled, including Ha’s signature style

North Korean leader Kim Jong-un urged his party officials to improve people’s lives in the next five years amid a growing economic crisis aggravated by the coronavirus pandemic, the official Korean Central News Agency said Monday. “As set forth in the January congress, the five-year plan has to improve the living conditions, bring about a fundamental change and buttress a socialist utopia the world envies,” Kim said as he marked the anniversary of the regime’s ruling pa