eFM News

≡ Parliament Passes 2018 Govt Budget With Revisions

[Anchor] Just after midnight, the National Assembly passed the government's budget for next year. It came after weeks of negotiations and four days after the legal deadline. The 428.8 trillion won budget is expected to back the "people-centered" and "income-driven" economic growth proposed by President Moon Jae-in. Jeong-eun Lee reports. [Reporter] Though parliament revised the government's proposal down by 100 billion won, the budget for next year still calls for 7 percent more spending than this year. Some of the key initiatives aim to alleviate the country's unemployment crisis and income inequality through active government intervention. It will create nearly 9,500 new jobs in the public sector and spend around 3 trillion won to smaller businesses cope with next year's minimum wage hike. Also, the welfare budget will increase 12 percent compared to that of this year, even after the opposition parties chipped away billions of won. Budgets for education will also go up 12 percent on-year. In addition, defense spending will get a major boost with a 9 percent budget increase aimed at battling North Korea's continued nuclear and missile provocations. The government will hold a cabinet meeting on Friday to approve the revised bill. Jeong-eun Lee, eFM News.■ [2017.12.06]

≡ Russia Olympics Ban Could Rob PyeongChang Of Star-Power

[Anchor] Russia has reacted furiously to a decision by the International Olympic Committee to ban the country from next year's PyeongChang Winter Games. Russia is considered an Olympic powerhouse, and if Moscow decides to boycott the Games, it could deprive PyeongChang of some much-needed star power. Luke Cleary has this report. [Report] South Korean-born Russian speed skater Victor An's hotly anticipated homecoming is in jeopardy. He says he'll compete at the 2018 Winter Games if he can, but he'll have to wear a neutral uniform bearing the Olympic Flag. If he wins the gold, it won't be the Russian anthem that plays, but the Olympic anthem. Those are the conditions the IOC has set out for any clean Russian athlete who wants to compete in PyeongChang as an individual. Russian officials have called the guidelines a "humiliation." It opens concerns that Russian President Vladimir Putin could decide to bar any Russian athlete from competing, effectively boycotting an Olympics that Russia is already banned from. Dozens of talented Russian athletes who can prove themselves free of using drugs are still eligible to compete under the IOC ruling. And Russian gold medal favorites, like teen figure skater Evgenia Medvedeva, would bring some much needed star power to next year's games, which is still struggling to draw attention to the majority of events aside from popular sports like short track speed skating and figure skating. The absence of Russian athletes is not expected to have much effect on South Korea's medal prospects, but could end up hurting the games in other ways, such as ticket sales and TV ratings. Moscow has been quick to denounce the IOC's ban, but there's still no official response about whether Russian athletes will be discouraged from taking part. Luke Cleary, eFM News.■ [2017.12.06]

≡ President Moon To Visit China Next Week

President Moon Jae-in will embark on a four-day state visit to China next Wednesday. It will be his first trip to the country since he took office in May. His bilateral summit with Chinese President Xi Jinping will likely focus on ways to peacefully resolve the North Korean nuclear crisis. His upcoming trip will also involve meeting with top Beijing officials and a visit to the southwestern city of Chongqing.■[2017.12.06]

≡ Govt Rejects Tax Haven Designation By EU

The finance ministry has vowed a resolute response to the European Union's decision to put South Korea on its tax haven blacklist. The ministry said the move is not in accordance with international standards and risks violating taxation sovereignty. It's taking issue with the EU's criteria for a tax haven, which are different from the OECD's Base Erosion and Profit Shifting standards. It added that Seoul was not given ample opportunity to explain local policies in the evaluation process. The EU claimed countries on its list have not committed to implementing the OECD's related standards nor did they comply international standards on transparency.■[2017.12.06]

≡ Legally Impossible To Retry Child Molester Cho Doo-Soon: Cheong Wa Dae

Cheong Wa Dae says it is not legally possible to retry Cho Doo-soon, the man who is serving a 12-year prison term for abducting, raping and beating an eight-year-old girl in 2008. The statement came in response to a public petition that demanded an extension of his prison sentence, which is set to end in 2020. Presidential secretary for civil affairs Cho Kuk said a retrial of a convicted criminal was only possible when it was in favor of the suspect, but added that alternative measures, such as an electronic bracelet system could be implemented. As for a separate but related petition, calling for a revision of a law to ban leniency toward those convicted of crimes while being under the influence of alcohol, as was the case with Cho Doo-soon, the presidential secretary said that deleting the entire clause may require careful consideration.■ [2017.12.06]

≡ KOSPI On Foreign Selling

Korean stocks closed lower today on foreign selling. The KOSPI slipped 1.4 percent to close at 2,368. Elsewhere in Asia, Tokyo plunged nearly two percent, Shanghai lost 0.3 and Hong Kong was down 2.1 percent. The local currency ended at 1,094 won to the U.S. dollar, down 8 won from the previous close.■[2017.12.06]