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…
Latest Finance Minister Koo Yun-cheol News & Updates
Seoul, April 5 (IANS) Finance Minister Koo Yun-cheol urged Gulf Cooperation Council (GCC) countries to strengthen cooperation to help stabilise energy and raw material supply chains amid prolonged tensions in the Middle East, the finance ministry said on Sunday.Koo, who also serves as deputy prime minister, met with ambassadors from the six GCC countries in Seoul on Friday at the residence of the United Arab Emirates (UAE) ambassador to discuss economic cooperation, according to the Ministry of …
Seoul, April 3 (IANS) The government will take stern measures, including legal means, against malicious activities aimed at taking advantage of recent market volatility through the spread of fake news and rumours, a senior finance ministry official said on Friday.”Spreading unfounded fake news in a time of extraordinary crisis is a serious matter that can fuel market anxiety and undermine trust in policy,” Moon Ji-sung, deputy minister for international economic affairs, said while presiding ove…
Seoul, March 29 (IANS) Finance Minister Koo Yun-cheol said on Sunday that the government could expand a mandatory five-day vehicle rotation system to the private sector if global oil prices rise to US$120-130 per barrel as part of nationwide energy-saving efforts amid an escalating conflict in the Middle East.”If the situation worsens, we may have to raise the national resource crisis alert to Level 3,” Koo told a KBS television interview. “In that case, we would extend the vehicle rotation syst…
Seoul, March 12 (IANS) South Korean stocks continued to trade lower late on Thursday morning as investors sat on the sidelines amid lingering oil price swings sparked by the US-Iran war.The benchmark Korea Composite Stock Price Index (KOSPI) fell 43.49 points, or 0.78 percent, to 5,566.46 as of 11:20 a.m.The International Energy Agency announced a plan to release oil reserves to ease woes over supply disruptions at the Strait of Hormuz, though investors remained concerned about potential long-te…
Seoul, Jan 5 (IANS) Bank of Korea (BOK) Governor Rhee Chang-yong said on Monday that economic polarisation and uncertainty are expected to persist this year, stressing the need for careful and balanced policymaking.Rhee made the remarks during a meeting with the heads of financial companies and officials from relevant industries in Seoul, which was also attended by Financial Services Commission Chairman Lee Eog-weon and Financial Supervisory Service Governor Lee Chan-jin, reports Yonhap news age…
Seoul, Dec 31 (IANS) South Korea will extend the waiver on visa processing fees for an additional six months for group tourists from six countries, including China, the finance chief said on Wednesday.Under the plan announced by Finance Minister Koo Yun-cheol, the fee exemption for C-3-2 visas, which was originally set to expire on Wednesday, will continue until the end of June next year, reports Yonhap news agency.The six countries covered by the extension are China, India, Vietnam, the Philipp…