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Mon, July 24, 2017 | 11:47

Economy >

Expertise vs. democracy: Dispute heats up over ad hoc committee on Shin Kori

Since the temporary suspension of the construction of reactors 5 and 6 at the Shin Kori Nuclear Power Plant in Ulsan, a fierce controversy has arisen over an ad hoc committee that will determine the future of the two reactors. The nine-person committee will soon select 200 to 300 jurors, who will have a three-month discussion to decide whether to suspend the construction perm...

Labor & environment | 2017-07-23 11:50

[Debate] Shin Kori reactors: to be or not to be

Extra budget to boost jobs, growth

With the government’s supplementary budget bill passing the National Assembly on Saturday, hopes are high that it could create jobs for the young and boost economic growth, observers say. The 11.03 trillion won ($10 billion) extra spending plan gained enough majority to pass at the National Assembly amid protests from the opposition Liberty Korea Party (LKP). Some LKP lawmakers walked out to try to block the bill. The bill was passed after 45 days of negotiations among lawmakers locking horns over the feasibility of the Moon administration’s fiscal spending to create jobs public sector jobs.

Policies | 2017-07-23 16:59

KGS chief quits over jobs scandal

The head of Korea Gas Safety Corp. (KGS) has decided to resign amid the growing scandal over alleged recruitment irregularities. The public company, which oversees the safety of the nation’s natural gas infrastructure, said Sunday that there will be a farewell ceremony for CEO Park Ki-dong at its headquarters in Eumseong, North Chungcheong Province, Monday. Park, who became C...

Policies | 2017-07-23 15:47

KEB Hana celebrates Park's US Women's Open win

KEB Hana Bank said Sunday that it will hold a thank-you event for customers to celebrate golfer Park Sung-hyun’s U.S. Women’s Open victory. According to the bank, which sponsors Park, it will offer a “Park Sung-hyun installment savings accounts” from today to Aug. 31 and offer gifts to clients who open either aHana Money time deposit or Hana Money installment savings account ...

Finance | 2017-07-23 15:28

Market expectations high for new financial regulators

Appointment of a duo at top posts of the nation’s financial regulator is leading to expectations that the government will be more active and effective in reigning in skyrocketing household debt. President Moon Jae-in appointed Financial Services Commission (FSC) Secretary-General Kim Yong-beom as its new vice chairman Thursday. The appointment does not require a parliamentary confirmation hearing. FSC Chairman Choi Jong-ku, a former deputy finance minister, took office on Wednesday.

Finance | 2017-07-21 17:43

Lotte World Tower will close twice a month

Lotte World Tower, Shinsegae Starfield and other mega-size shopping malls will be ordered to close twice a month from next year, in line with the Moon Jae-in administration’s five-year policy roadmap announced this week. According to the roadmap, the multipurpose shopping malls will face the same regulations as large discount chains such as E-mart, Home plus and Lotte Mart. T...

Policies | 2017-07-21 16:13

`Tax hike for rich' debate accelerates

The debate on tax hikes for the rich has heated up. Following suggestions by the governing Democratic Party of Korea (DPK) and some ministers that a tax raise was inevitable to implement President Moon Jae-in’s economic policies, Cheong Wa Dae also acknowledged the need to discuss the issue.

Policies | 2017-07-21 17:12

Collapse of branch banking in 1 century

Banking has existed since ancient times and has changed its shape significantly from grain loans between merchants to today’s banking without cash. Throughout paradigm shifts, banks’ operations have changed dramatically. Many global lenders are now setting up branchless and digital operations as the way to go - a move that is in stark contrast to the strategy they took over t...

Finance | 2017-07-21 16:54

Requests spring up on US beef import ban

The Trump administration should conduct a thorough check of the country’s quarantine system for mad cow disease to avoid escalation of negative public sentiment against U.S. beef in Korea, a legal expert here said Thursday. Concerns are rising over the safety of imported U.S. beef after an outbreak of mad cow disease, or bovine spongiform encephalopathy (BSE), in Alabama. Despite the announcement by the U.S. government that the latest case of BSE is of a less harmful type, civic groups in Korea are requesting the country stop exporting beef to Korea.

Policies | 2017-07-20 16:55

Park's impeachment