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≡ Two Koreas In Talks For S. Korean Business Owners To Visit Kaesong
The government is considering allowing South Korean business owners to visit the Kaesong Industrial Complex in the North Korean border town as early as next week.
Unification ministry spokesman Baik Tae-hyun said in a briefing that they are currently in discussion with the North regarding the visit by the businessmen to inspect their assets at the now-suspended industrial park.
Baik stressed that their visit, if realized, would be irrelevant to the resumption of the complex.
The two Koreas are said to be coordinating the schedule for the visit to take place for three days from next Wednesday.
If approved, it would be the first visit by the South Korean owners since the former Park Geun-hye government abruptly announced the closure of the complex in February 2016, in retaliation for the North's fourth nuclear test.■
[2018.10.24]
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≡ Govt To Temporarily Cut Fuel Tax By 15% Amid Rising Oil Prices
The government will temporarily lower fuel taxes to help small businesses and ordinary people cope with rising oil prices.
The 15 percent tax cut will take effect on November 6th for six months, to bring down gasoline prices by 123 won per liter and diesel by 87 won.
This comes as part of the government's comprehensive measures announced today to boost the sagging economy.
The government initially considered a 10 percent reduction but decided to apply a larger cut as rising oil prices have been increasing burdens on small businesses.
The move is expected to reduce state tax revenues by 2 trillion won.■[2018.10.24]
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≡ Govt Unveils Measures To Tackle Sluggish Job Market, Poor Investment
[Anchor]
The government has unveiled a new set of measures to tackle the country's sluggish job market and boost investments.
The action plan comes after the Bank of Korea slashed its growth outlook for the country to 2.7 percent for this year from an earlier 2.9 percent.
Claudia Kim has more.
[Reporter]
The finance ministry warned the current slump in the job market and facility investment could worsen amid international uncertainties, including the China-U.S. trade war, rising oil prices and hikes in the U.S. interest rate.
To battle this grim outlook, the ministry announced multiple measures to help revitalize the economy.
Among them, the government plans to create around 59,000 jobs in the public sector by the end of this year.
Private-sector-led investment projects will also be implemented faster than scheduled, and a total of 15 trillion won in financial aid will be rolled out to help companies increase investment.
In addition, some 600 billion won is expected to be used to renovate industrial complexes.
The measures include 1 trillion won worth of credit guarantee for auto parts makers, as well as 300 billion won for ship-building related firms.
To stimulate innovation-led growth, the government will push to accelerate deregulation in the smart healthcare, sharing economy and tourism sectors.
Next year, it's expected that a 360 billion won fund will be created to support the culture and content industries.
Claudia Kim, eFM News.■[2018.10.24]
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≡ Gyeonggi Governor Lee To Appear For Police Questioning Monday
Gyeonggi Governor Lee Jae-myung will appear for police questioning on Monday over allegations he violated election law.
The governor's office said Lee agreed to undergo questioning at the Bundang Police Station to answer to a series of allegations involving his family and extramarital affairs.
In June, the minor Bareunmirae Party filed a complaint against him alleging that he used his mayoral power to force his older brother into a mental institute but lied about it during his election campaign.
The party also claimed that he lied about his alleged affair with actress Kim Bu-seon.■
[2018.10.24]
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≡ Numbers Drawn For $1.6 Bln Mega Millions Lottery In US
The winning numbers have been drawn for the record 1.6 billion-dollar Mega Millions lottery jackpot, but it isn't immediately clear if there's a winner.
The odds of matching all six numbers and taking home the grand prize is a dismal 1 in 302.5 million.
The estimated jackpot, which has been growing since July, is the largest lottery prize ever.
If no tickets match the Tuesday numbers, lottery officials say the jackpot is expected to grow to an estimated 2 billion dollars for Friday's drawing.■
[2018.10.24]
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≡ Seoul Stocks Extend Losses To Hit Fresh 19-Month Lows
Korean stocks continued to fall to close at the lowest level in 19 months, weighed by persistent global uncertainties.
The benchmark KOSPI dropped 0.4 percent to close at 2,098.
The tech-heavy KOSDAQ lost 2.7 percent to close the day at 699, the lowest since November last year.
Foreigners sold shares for the fifth straight session, unnerved by the U.S.-China trade war and the political unrest stemming from Saudi Arabia.
Other Asian markets finished mixed.
Tokyo rose 0.4 percent, Hong Kong fell 0.4 percent while Shanghai added 0.3 percent.
The local currency closed at 1,132 won against the U.S. dollar, up 6 won from yesterday's close.■[2018.10.24]
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≡ Indian Prime Minister To Receive 2018 Seoul Peace Prize
Indian Prime Minister Narendra Modi has been chosen as the winner of this year's Seoul Peace Prize for his contribution to world peace through his economic vision.
The Seoul Peace Prize Cultural Foundation cited Modi's accomplishments, highlighted by "Modinomics," including the country's high-rate economic growth and an improvement in the life of Indian people.
He is also credited with promoting global peace on the basis of economic cooperation with other countries.
The biennial award was created in 1990 to commemorate the success of the 1988 Seoul Olympics and recognizes individuals or organizations that made contributions to human welfare and world peace.
Previous recipients include former chairman of the International Olympic Committee Juan Antonio Samaranch, former U.N. Secretary-General Kofi Annan and German Chancellor Angela Merkel.■
[2018.10.24]