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Fri, July 21, 2017 | 13:30

Economy > Policies >

KCCI chief raps minimum wage hike

A 16.4 percent minimum wage hike planned for 2018 will place a heavy financial burden on companies, large or small, the head of the country’s biggest business association said Wednesday. Park Yong-maan, chairman of the Korea Chamber of Commerce and Industry (KCCI), is urging the government to change the criteria for calculating the minimum wage so that the wage reflects more ...

Policies | 2017-07-20 17:28

KEPCO in Kazakhstan

Korea Electric Power Corp. (KEPCO) CEO Cho Hwan-eik, delivers a keynote speech during the Korea-Kazakhstan Energy Forum in Astana, Kazakhstan, Wednesday. Cho said Korea’s state-run utility firm has been developing an eco-friendly, smart energy platform and will share it with the Central Asian nation. KEPCO plans to sign a memorandum of understanding with its Kazakhstan and Uz...

Policies | 2017-07-20 17:21

ASEAN urged to curb N. Korea's illicit trade

SINGAPORE - ASEAN should play a bigger role in reining in North Korea by cracking down on its illicit trade and activities in their countries, experts said Thursday. They said beyond China and Russia, some ASEAN nations provide a lifeline to North Korea as they are becoming a source for the isolated state to evade sanctions and earn hard currency. “All ASEAN countries, except for Malaysia after the Kim Jong-nam assassination, still maintain friendly relations with North Korea to varying degrees,” Hoang Thi Ha, lead researcher at the ASEAN Studies Center at the ISEAS-Yusof Ishak Institute in ...

Policies | 2017-07-20 17:08

Is N. Korea looking for next hostage candidate?

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

S. Korea strengthens US beef inspections amid reignited mad cow disease fear

The government said Thursday it has strengthened inspections on U.S. beef imports following the detection of mad cow disease in the United States. The Ministry of Agriculture, Food and Rural Affairs held a quarantine committee meeting to share information on the outbreak of mad cow disease in the U.S. and gather expert opinion. The ministry has boosted quarantine measures, in...

Policies | 2017-07-20 16:45

'Trump, do no harm to Korea-US trade deal'

A ranking official of the U.S. Chamber of Commerce believes that U.S. President Donald Trump should drop his bid to renegotiate the Korea-U.S. free trade agreement (KORUS FTA). Myron Brilliant, executive vice president of the biggest U.S. business lobby, said Washington needs to focus more on full and faithful implementation of the bilateral deal, as the two sides are about t...

Policies | 2017-07-20 16:32

Gov't rapped for being too rosy on tax revenue

The government announced a five-year policy roadmap that costs 178 trillion won, but concerns are lingering over how to finance the roadmap. The State Affairs Planning Advisory Committee, the de facto transition team for the Moon Jae-in administration, released the 100-task roadmap aimed at political reform, a fair economic system, expanded welfare and balanced regional development. Representing President Moon’s will, almost half of those 100 tasks are tuned to supporting welfare, medical services, the labor market and small and medium-sized enterprises. The committee estimated that the road...

Policies | 2017-07-20 16:29

Analysts expect 'full-scale resetting of KORUS FTA'

SINGAPORE - It seems President Moon Jae-in and his policymakers are painting a rosy picture of Korea’s relationship with the United States following the summit between Moon and U.S. President Donald Trump. However, a series of incidents showing gaps between the two administrations over substantive issues is casting doubt on such optimism. The Moon administration’s clumsy approach has exposed its lack of sophistication in diplomacy. This is because they did not try to catch the true message Trump’s rhetoric carries. They have focused only on positive remarks by Trump who usually says good thi...

Policies | 2017-07-19 18:09

New top financial regulator

New Financial Services Commission Chairman Choi Jong-ku pledges allegiance to the Korean flag during his inauguration ceremony at the Government Complex in Gwanghwamun, Seoul, Wednesday. The new top regulator vowed to guide Korea’s financial industry to be more productive, contributing to job creation and economic growth. / Courtesy of Financial Services Commission

Policies | 2017-07-19 17:39

Income-led growth key to Moon's economic policy

The Moon Jae-in administration will focus on bolstering household income and setting up fair economic surroundings. The working class, the middle class as well as small companies and startups will rise as key pillars of the economy. The State Affairs Planning Advisory Committee announced Wednesday that the economy should shift to hope and integration from instability and ange...

Policies | 2017-07-19 16:57

Moon unveils five-year policy roadmap

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Park's impeachment