Parliament passes 11.03 tln won extra budget bill

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President says will be no tax hike for low-income firms, people

President Moon Jae-in said Friday that a tax hike was inevitable to fund the new government's 100 policy tasks but that there will be no tax increase for average citizens or small and medium-sized enterprises (SMEs)."Initially, the ways to fund the policy tasks included a tax increase, but...

Updated : 2017.07.21 19:56

Govt. to adopt 'universal' mobile fees in 2018

The government will adopt "universal" mobile subscription fees sometime next year in line with its efforts to reduce the cost burden for mobile phone users, the ICT ministry said Friday.According to t...

Updated : 2017.07.21 17:21

[News Focus] Tax hike expectations hold back state affairs plan

Controversies continue to bubble over expectations of a tax hike to finance President Moon Jae-in’s key state affairs agenda.Though the presidential office and ruling party leadership have said any e...

Updated : 2017.07.21 16:53

Korea's economy likely slowed to 0.6% on-quarter in Q2: Moody's Analytics

South Korea's economy likely grew at a slower pace in the second quarter from three months earlier, a leading provider of economic analysis said Friday.Growth of South Korean gross domestic product "l...

Updated : 2017.07.21 16:03

Top financial regulator calls for swift clearing of bad loans

South Korea's top financial regulator on Friday called for the swift clearing out bad loans, saying that there is the need to achieve tangible results next month. Choi Jong-ku, the new chairman of th...

Updated : 2017.07.21 15:05

Korea's July 1-20 exports jump 22.4% on-year

South Korea's exports rose 22.4 percent for the first 20 days in July from the same period last year helped by a robust shipment of ships and semiconductors, government data showed Friday. Exports tot...

Updated : 2017.07.21 11:13

Minimum wage hike to cut profits at retail sectors, but bolster consumption

A decision by the government to raise the minimum wage next year is expected to cut profits at convenience and discount store chains, but it could help bolster consumption, according to foreign invest...

Updated : 2017.07.21 11:13

White House cites start of KORUS renegotiations as accomplishment

The White House on Thursday cited the Donald Trump administration's launch of a process to renegotiate the bilateral free trade agreement with South Korea as an accomplishment during the president's f...

Updated : 2017.07.21 09:23

Korean economy to grow 2.7% in 2017: ADB

South Korea's economy is expected to grow 2.7 percent in 2017 from a year earlier, the Asian Development Bank said Thursday, revising up its previous outlook of 2.5 percent.The bank cited abated polit...

Updated : 2017.07.20 18:05

Moon reiterates paradigm shift to address low growth, economic polarization

President Moon Jae-in on Thursday reiterated his call for an economic paradigm shift to address weak growth and polarization, stressing a more active government role in tackling the country's economic...

Updated : 2017.07.20 18:01

[News Focus] How will class action suits be introduced in Korea next year?

After some two decades of disputes, class action suits for basic consumers may be introduced next year, according to the top 100 policy plans announced by the Moon Jae-in administration on Wednesday.T...

Updated : 2017.07.20 17:28

[Monitor] Moon’s five-year plan needs W178tr

Based on President Moon Jae-in’s five year administration plan, a total of 178 trillion won ($158 billion) is needed to support his major policies and tasks, according the State Affairs Planning Advi...

Updated : 2017.07.20 16:59

Korea to launch new ministry dedicated to SMEs

South Korea will set up a new ministry in charge of small and medium-sized businesses that will be dedicated to supporting smaller companies and creating more jobs, the government said Thursday.After ...

Updated : 2017.07.20 16:55

Agriculture minister says no to FTA changes on rice imports

South Korean Minister of Agriculture, Food and Rural Affairs Kim Yung-rok said Thursday he would not concede to any demand for an increase in rice imports from the US when talks begin regarding modifi...

Updated : 2017.07.20 16:42

Korea creates post of trade minister ahead of talks with US

South Korea on Thursday created the post of trade minister in a move to strengthen its negotiating capacity ahead of crucial talks with the United States on revising the bilateral free trade deal.The ...

Updated : 2017.07.20 16:41