Moon Jae-in, the presidential candidate of the Minjoo Party, presented measures to lower family communication expenses including, among others, the abolition of the basic monthly mobile phone rates.
Although many presidential candidates of the past have vowed to lower phone service rates, this was the first time that the presidential front-runner included the abolition of the basic monthly mobile phone rates as one of his official pledges.
The local telecom industry reacted with dismay, saying, "The compulsory regulation of basic telecom service fee would be nothing but a policy that violates the principle of free market economics."
Moon said that the most effective way to lower the phone expenses is to get rid of the basic monthly mobile phone rates which are now estimated at around 11,000 won.
At present, the subscribers of 3G or 4G LTE telecom services are getting a monthly bill in which the basic rates of 11,000 won is included. If the basic rates are eliminated, the nation's 54 million mobile phone users could save communication expenses by up to 7.12 trillion won per year.
Korea Investment Corporation (KIC) will open its third overseas office in Singapore as early as August in its push for alternative investments in Asia, according to a local newspaper report. The opening of a foreign office will come six years&hellip
South Korea’s Hanwha Asset Management Co. Ltd. will launch three global funds for infrastructure, real estate and private equity investments, with $1 billion commitments from two insurance units of its parent group. Hanwha Life Insurance Co. Ltd. and Hanwha General&hellip
An investment firm of South Korea’s Samsung Life Insurance Co. Ltd is forming a blind-pool real estate fund worth around 500 billion won ($443 million) with commitments from other Samsung financial units to acquire a building of the Organisation for Economic Co-operation&hellip