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 the draft version of the revision to the telecommunication law -- subject to parliamentary endorsement -- a service package with between 1 and 1.3 gigabytes of data priced at 20,000 won ($18) per month will be introduced, said the Ministry of Science, ICT and Future Planning.The new package

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 extra taxes will be limited to corporations and the richest individuals, criticism persisted on the apparent inconsistency in the state chief’s words.Throughout the presidential election campaign and up until recently, Moon has been aspiring to achieve his visions of welfare and fair econo

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 "likely cooled to 0.6 percent" in the June quarter, Moody's Analytics said, noting the country's exports didn't maintain their burly first quarter pace as a blip in tech demand and slower Chinese demand hurt shipments.South Korea's GDP expanded 1.1 percent in the January-March period from th

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 the Financial Services Commission, made the remarks earlier in the day as he held the first meeting with senior regulatory officials in Seoul. The task is one of the five-year policy road maps outlined by President Moon Jae-in.Next month, the government plans to draw up a package of fresh measures

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 totaled $30 billion in the 20-day period in July, with exports of vessels and computer chips surging 245.6 percent and 47.7 percent each, the Korea Customs Service said.  Exports to the United States and China rose 5.4 percent and 3.2 percent each in the July 1-20 period. Imports stood at $25.9 bi

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 investment banks on Friday. The government has decided to hike minimum wage 16 percent to 7,530 won ($6.7) per hour next year, marking its biggest rise since 2000. It would affect about 4.63 million workers. The Korea Center for International Finance report, citing Citibank, speculated the hike in the min

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 first six months in office.In a statement, the White House listed what it said the president has done in his "Six Months of America First" since coming into office Jan. 20."Last week, the President began the process of renegotiating the United States-Korea Free Trade Agreement," i

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 political uncertainties following the inauguration of the new president, along with the improving global economy and revitalization of exports.  "A sharp upswing in machinery and equipment outlays and persistently high construction growth helped boost gross domestic product growth overall, thou

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 challenges. During a forum on financial strategy, Moon also underscored that the country's financial policies should be "people-oriented," inclusive, balanced and transparent, and involve citizens' participation."There has been a blind belief in a small government, but in order to ov

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.The tool to allow consumers who have suffered damage from products to benefit en mass from compensation rulings without directly participating in a legal battle has always been a hot potato for the preceding governments and legislators.Despite President Moon Jae-in’s determination to promote co

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 Advisory Committee.The administration plans to prepare some 95.4 trillion won by cutting expenditures and secure 82.6 trillion won through expanding tax revenue.

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 long-drawn-out negotiations, the National Assembly passed the bill which included elevating the Small and Medium Business Administration to a Cabinet ministry supporting SMEs, venture startups and micro-businesses, as was pledged by President Moon Jae-in during the election campaign. The SMBA is cur

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 modifications to the Korea-US Free Trade Agreement. 　The agriculture minister said the farming industry had been struggling since the FTA came into effect five years ago, as Korea’s rice prices continue to plunge, with farmers blaming an increase in rice imports. 　“It is not a simple task, but

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 move is part of a bill endorsed by parliament on government reorganization on the same day, and came days after US Trade Representative Robert Lighthizer called for a special joint committee meeting to start the process of revising the free trade agreement. According to the trade pact, a special joi

The US government this week released a 17-page summary of its proposal to renegotiate the North American Free Trade Agreement that included a ban on currency manipulation, which is also expected to impact looming talks on amending the Korea-US Free Trade Agreement. 　The Office of the United States Trade Representative on Monday issued the NAFTA amendment summary looking to reduce the US trade deficit by improving accessibility of its exports to Mexico and Canada. In particular, the USTR office a