Seoul, June 26 (IANS) South Korea will lower the cap on fuel prices to reflect the recent decline in global crude oil prices, the finance minister said on Friday, while freezing electricity and gas rates in the second half this year.Finance Minister Koo Yun-cheol made the remarks during a meeting with economy-related ministers, noting the cap system will remain in place until consumer prices are fully stabilised.Details of the adjustment to the cap were expected to be announced later Friday, rep…
Latest Finance Minister Koo Yun-cheol News & Updates
Seoul, June 19 (IANS) The recent memorandum of understanding (MOU) between Washington and Tehran aimed at ending their conflict presents both opportunities and challenges for South Korea, the finance minister said on Friday, noting the government will implement post-conflict economic policies.Finance Minister Koo Yun-cheol made the remark during a ministerial meeting on international economic affairs, saying the government will seek to create long-term opportunities while strengthening its econo…
Seoul, June 18 (IANS) South Korea plans to apply zero tariff rates on liquefied natural gas (LNG) and liquefied petroleum gas (LPG) within quotas in the second half of 2026 as the country seeks to tame inflation amid lingering global energy price volatility, the finance ministry said on Thursday.The Ministry of Finance and Economy said tariff rates on LNG, LPG and crude oil used for the production of LPG will be lowered to zero in the second half, noting the measure is expected to help stabilise…
Seoul, June 4 (IANS) South Korean stocks opened sharply lower on Thursday, tracking overnight losses on Wall Street caused by uncertainty over negotiations between the United States and Iran to end their war in the Middle East.After starting 2.02 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) lost 180.03 points, or 2.05 percent, to 8,621.46 as of 9:15 am, reports Yonhap news agency.The KOSPI closed at an all-time high of 8,801.49 on Tuesday. The local stock market was clo…
Seoul, May 14 (IANS) Samsung Electronics and the government on Thursday urged labour unions at the world’s largest memory chipmaker to resume wage negotiations after government-mediated talks collapsed earlier this week.The South Korean tech giant sent an official document to its two major labour unions in what is widely viewed as a last-ditch effort to avert a strike scheduled for next Thursday.Two days of government-led mediation talks ended without an agreement Wednesday, as labour and manage…
Seoul, May 14 (IANS) South Korea’s top economic and financial policymakers on Thursday called for the prompt settlement of a labor dispute at Samsung Electronics, warning that a possible strike could threaten the country’s economy amid a semiconductor supercycle.Finance Minister Koo Yun-cheol and other heads of financial authorities made the joint remarks during a meeting on the potential fallout from a planned walkout by Samsung Electronics workers, according to the Ministry of Finance and Econ…
Seoul, April 24 (IANS) The government will designate 10 cities to serve as major hubs for startup ecosystems by next year in a bid to promote balanced regional growth and create more jobs for young people, the finance ministry here said on Friday.It will first designate four cities that house the country’s major science institutes — Daejeon, Daegu, Gwangju and UIsan — as startup hubs this year, and name six more cities outside of the greater Seoul area with such potential next year, according …
Seoul, April 24 (IANS) The South Korean government will designate 10 cities to serve as major hubs for startup ecosystems by next year in a bid to promote balanced regional growth and create more jobs for young people, the finance ministry said on Friday. It will first designate four cities that house the country’s major science institutes — Daejeon, Daegu, Gwangju and UIsan — as startup hubs this year, and name six more cities outside of the greater Seoul area with such potential next year, a…
Seoul, April 23 (IANS) Despite the ongoing crisis in the Middle East, the South Korean economy posted its fastest quarterly growth in 5 and a half years in the first quarter, supported by solid exports amid a semiconductor upcycle and resilient domestic demand, central bank data showed on Thursday.The country’s real gross domestic product (GDP) — a key measure of economic growth — rose 1.7 per cent in the January-March period from three months earlier, according to the preliminary data from th…
Seoul, April 9 (IANS) South Korean President Lee Jae Myung said Thursday it is time for the nation to fundamentally change its economic system, as rising oil prices and inflationary pressures from the war in the Middle East have dampened prospects of an economic recovery.However, Lee urged officials to embrace such grave economic conditions as an opportunity to improve the nation’s economic system as he presided over his first plenary meeting of the National Economic Advisory Council (NEAC) to d…