logo
Cabinet approves W26b for presidential office relocation

Cabinet approves W26b for presidential office relocation

Korea Herald10-06-2025
The Cabinet on Tuesday earmarked 25.9 billion won (US$19 million) in state funds to relocate the presidential office to the former compound of Cheong Wa Dae, the presidential office said.
President Lee Jae-myung approved the relocation plan in a Cabinet meeting earlier in the day, and the amount is roughly 69 percent of the budget spent to move the presidential office to Yongsan in central Seoul under the former administration, according to presidential spokesperson Kang Yu-jung.
The presidential compound was relocated to the headquarters of the defense ministry in Yongsan a few months after former President Yoon Suk Yeol assumed office in May 2022.
The old presidential office of Cheong Wa Dae, located on a secluded hilltop compound in central Seoul, has since been opened to the public for sightseeing visits.
"To ensure a smooth return to Cheong Wa Dae and a better sightseeing environment for visitors, the operation schedule for Cheong Wa Dae tours will be adjusted," Kang said. "The return to Cheong Wa Dae will be conducted in phases on weekends and holidays."
In a separate notice, the Cheong Wa Dae Foundation, which operates walking tours at the former presidential compound, said the current tour schedules will run through July 14, with changes set to take place starting from reservations for the July 16-31 period.
All tours will temporarily halt from Aug. 1 for maintenance and security procedures until they resume after the relocation is completed. (Yonhap)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

With tariff clock ticking, Korea seeks ‘practical, win-win' deal with US
With tariff clock ticking, Korea seeks ‘practical, win-win' deal with US

Korea Herald

time16 minutes ago

  • Korea Herald

With tariff clock ticking, Korea seeks ‘practical, win-win' deal with US

'Real game begins now,' says Seoul's trade minister, signaling tougher phase of talks with Washington ahead of Aug. 1 deadline SEJONG ― With under three weeks to go before the US activates its "reciprocal" tariffs on Aug. 1, South Korea is accelerating negotiations to prevent heavy duties on key export items, aiming for a "practical, win-win" agreement. Trade Minister Yeo Han-koo said Monday that while time is limited, "the real game begins now," noting that Korea "will not sacrifice substance for speed." 'With less than 20 days remaining, this is a period of decisions and strategic choices," Yeo told reporters in a briefing over his Washington trip last week. "We must now prepare a give-and-take process to identify a viable landing zone." Yeo traveled to Washington on July 5 for six days of tariff talks, during which he met with his counterpart, US Trade Representative Jamieson Greer, as well as other senior officials including US Commerce Secretary Howard Lutnick. There, he emphasized Korea's concerns over key tariff items and pushed for progress on a mutually beneficial framework focused on industrial cooperation. 'Negotiations can take a year or progress overnight. While time is short, we could adopt a principled framework like the US-UK deal, reaching consensus on major points while continuing detailed negotiations postdeadline," Yeo said. "Our focus is on maximizing national interest through pragmatism." The US is currently negotiating with more than 20 countries as part of its effort to overhaul its global trade network. With its focus on reducing the trade deficit, Washington is demanding that Korea increase investments and purchases in the US, as well as modify regulatory practices seen as barriers to US exports. Seoul is pushing for the removal or a significant reduction of what it calls unfair tariffs, including the 25 percent reciprocal tariffs as well as 25 percent on cars and 50 percent on steel. Building on the US' interest in revitalizing its manufacturing sector, Korea has proposed a "manufacturing renaissance partnership" aimed at strengthening industrial cooperation through corporate investment and procurement in the US alongside technological collaborations. Addressing the US' concerns over nontariff barriers, Yeo said, "some are reasonable while others are overly subjective, clearly framed from the US companies' perspectives." Yeo still hinted that Korea could make certain regulatory changes when they appear to align with Korean efforts to modernize its systems and strengthen competitiveness. Among the nontariff barriers the US points to are restrictions on beef and rice imports, and limits on the exporting of high-resolution map data ― a long-standing request from Google. "Agricultural issues have never been easy, whether we are negotiating with the US, Southeast Asia, or any other country. But through those challenges, Korea's industrial competitiveness has strengthened," Yeo said. "Agriculture is an area that requires strategic judgment." On the Alaska liquefied natural gas project, which the US is encouraging Korea to join, Yeo noted that more time is needed to reach a legally binding commitment, as the US is still preparing the basic commercial data required for assessment. Yeo said he will be coordinating with ministries and the National Assembly this week to finalize the domestic mandate, and he plans to travel to the US at least once more before the August deadline to seal the deal. "We will protect what we must, but also consider flexibility in areas less critical," he said. Given how the Trump administration is concurrently negotiating with over 20 countries as part of its broader push to restructure global trade networks, Yeo emphasized the importance of closely observing the progress of other talks. 'Even countries that appeared to be nearing a deal, like the EU, Mexico, Canada and Japan, have seen roller-coaster developments. No country can afford to let its guard down, even after the talks conclude."

Samsung chief vows to 'work hard' after returning from exclusive Sun Valley conference
Samsung chief vows to 'work hard' after returning from exclusive Sun Valley conference

Korea Herald

time2 hours ago

  • Korea Herald

Samsung chief vows to 'work hard' after returning from exclusive Sun Valley conference

Samsung Electronics Chairman Lee Jae-yong returned to South Korea on Monday after attending the exclusive Sun Valley conference in Idaho, joining some of the world's most powerful business leaders for a week of closed-door discussions and networking. Arriving in the morning at Seoul Gimpo Business Aviation Center, Lee said, 'I will work hard,' when asked about Samsung's performance outlook for the second half of the year. He also noted that he felt tired after a packed schedule. Hosted by US boutique investment bank Allen & Co, the annual Sun Valley Conference is dubbed the 'summer camp for billionaires' and has been a must-attend for media moguls, tech and finance executives since 1983. This year's attendees reportedly included Amazon CEO Andy Jassy and founder Jeff Bezos, Microsoft founder Bill Gates, Meta CEO Mark Zuckerberg, Apple CEO Tim Cook, Google CEO Sundar Pichai, OpenAI CEO Sam Altman, Disney CEO Bob Iger and Netflix CEO Ted Sarandos, among others. Lee was a regular attendee since 2002, when he was a vice president of Samsung, but had not attended the event since 2017 due to legal disputes related to the political scandal that impeached President Park Geun-hye. In court testimony in 2017, Lee said Sun Vally is 'the busiest and most important business trip of the year.' Lee Won-jin, president and head of the global marketing office, was also spotted attending the event. Samsung chief's attendance at the meeting comes as the tech giant faces a significant challenge in its key chip business. The company projected its operating profit for the second quarter to be around 4.6 trillion won ($3.33 billion), a 55.9 percent drop from a year earlier. Analysts attributed it to the sluggish chip businesses, especially amid delays in the supply of AI-critical high bandwidth memory, or HBM, as well as the fallout from US tariff policies. Lee also awaits a final ruling from South Korea's Supreme Court on Thursday over charges including stock manipulation, breach of trust, accounting fraud and other irregularities in connection with a contentious 2015 merger of Samsung affiliates, Cheil Industries and Samsung C&T. Lee was acquitted in both his first and second trials.

Olive Young's global platform logs record sales in H1 on robust US demand
Olive Young's global platform logs record sales in H1 on robust US demand

Korea Herald

time2 hours ago

  • Korea Herald

Olive Young's global platform logs record sales in H1 on robust US demand

CJ Olive Young's global online platform posted record sales in the first half of the year, with the United States accounting for more than half of the total, the beauty retail giant said Monday. Named Olive Young Global Mall, the platform posted a 70 percent on-year increase in sales during the January-June period, while order volume rose by about 60 percent over the same span. The strongest driver of sales growth was the US, which contributed over 40 percent of the platform's first-half growth, according to the company. The US alone made up more than half of total sales. To build on its US momentum, Olive Young is scaling up its logistics infrastructure. Earlier this month, the company signed a memorandum of understanding with FedEx to strengthen Korea-US shipping links and enhance delivery for American consumers. 'We plan to continue building logistics networks in other countries to better accommodate rising overseas demand for Korean beauty products,' an Olive Young official said. Other standout markets in the first half included the United Kingdom, where sales surged 300 percent on-year, as well as Malaysia (256 percent), Singapore (191 percent) and Japan (180 percent). Olive Young has emerged as a key launch pad for Korean beauty brands seeking to expand overseas. As of June, roughly 1,200 brands were listed on its Global Mall, up from 130 at its launch in 2019. The platform also surpassed 3 million members for the first time in June. 'The growth of the Global Mall represents a meaningful step in connecting small and mid-sized K-beauty brands with international consumers,' the company official said.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store