The Korea Times - Section Page

Site Map PDF Subscription Register LogIn
Site Map PDF Subscription Register LogIn

Wed, July 26, 2017 | 05:42

Economy >

Income & jobs: Moon's top economic priorities

The government’s economic policy roadmap is focused on carrying out President Moon Jae-in’s election pledges of bringing growth led by improved income and a redistribution of wealth. With Moon describing the roadmap “a paradigm shift” in the Korean economy, the roadmap is in stark contrast with those released by previous administrations. The roadmap means a departure from the country’s pursuit of the so-called trickle-down effect -- a belief that financial benefits to large businesses and entrepreneurs will stimulate economic growth.

Policies | 2017-07-25 16:56

Moon's 3% - another magic number?

The Moon Jae-in administration has given the public its gross domestic product (GDP) growth projection - 3 percent. It is more like its desire over the next five years of Moon’s term. At this point, it seems to be hoping for it after the government’s hard-fought extra spending plan passed at the National Assembly.

Policies | 2017-07-25 16:52

Boosting households' income top priority

Korea proposes holding KORUS FTA talks in Seoul

The trade ministry has suggested holding talks on the U.S.-initiated renegotiations over the Korea-U.S. Free Trade Agreement (KORUS FTA) in Seoul soon after government restructuring is completed. In a letter sent to U.S. Trade Representative Robert Lighthizer, Trade, Industry and Energy Minister Paik Un-gyu said that the Seoul government is aware of Washington’s concerns over its trade deficit in goods with Korea.

Policies | 2017-07-25 00:04

More elderly people seek to work: survey

Elderly people in Korea want to keep working, according to a survey by Statistics Korea, Tuesday. The survey showed people aged 55 to 79 want to work until they are 72. The top reason given was the need to keep earning for their post-retirement lives. Also, the elderly receive an average monthly pension of 520,000 won ($466) after retirement, which is not enough to live on.

Finance | 2017-07-25 16:48

Moon's communications: one-way street?

Cheong Wa Dae’s short notice of a meeting between President Moon Jae-in and business tycoons has baffled corporate officials as they don’t have enough time to prepare for it. The presidential office said Sunday that Moon will meet with the leaders of the country’s top 15 business groups Thursday and Friday, and ask them to create more jobs and share growth with small firms. T...

Policies | 2017-07-24 16:19

Committee on Shin Kori reactors launched

An ad-hoc committee to gather public opinion on the fate of the Nos. 5 and 6 nuclear reactors at the Shin Kori Nuclear Power Plant in South Gyeongsang Province started work Monday. The government announced the nine members of the committee, whom it evaluated as neutral and socially respected. The committee will select a group of ordinary citizen jurors to decide whether to pe...

Policies | 2017-07-24 18:42

Ottogi stock soars on President's invitation

Ottogi shares rose sharply Monday, after President Moon Jae-in invited the owner of the medium-sized food products maker to a meeting with executives from top conglomerates. The stock closed at 799,000 up 7.25 percent from the previous session. It made a surprising start at 890,000 won, up 18 percent from Friday, and soon stabilized at around 800,000 won throughout the day. The rise apparently was affected by Moon’s invitation to the meeting a day earlier.

Finance | 2017-07-24 16:50

SC Bank promotes Sigma Card for travelers

Standard Chartered Bank Korea’s Sigma Card is gaining popularity with travelers for its benefits during overseas trips. The bank said Sunday the credit card provides card holders a 90 percent discount for foreign exchange fees as well as exempting them from a 0.35 percent fee for overseas credit card use. Also, the card comes along with a Priority Pass membership, providing a...

Finance | 2017-07-24 15:17

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

Park's impeachment