Seoul/New Delhi, April 21 (IANS) Internet giant Naver said on Tuesday it has created a 700 billion-won ($476.4 million) investment fund with Krafton and Mirae Asset Group to foster companies in the artificial intelligence (AI), fintech and content sectors in India.The companies co-hosted an event in New Delhi to introduce the Unicorn Growth Fund (UGF) to Indian companies and venture capital firms, attended by Industry Minister Kim Jung-kwan, Naver Chief Executive Officer (CEO) Choi Soo-yeon, Kra…
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Seoul, April 19 (IANS) The world is experiencing two different wars at the moment — the Middle East and the artificial intelligence (AI) war — Seoul’s industry minister has said.The Middle East war may seem like a more imminent threat as it is being directly witnessed, but winning the AI war is much more important for South Korea as it may very well determine the future of the country, Kim Jung-kwan, minister of trade, industry and resources, said in a recent exclusive interview with Yonhap Ne…
Seoul, April 2 (IANS) South Korea has secured around 50 million barrels of alternative oil supplies for this month to replace supplies from the Middle East blocked due to the effective closure of the Strait of Hormuz, government officials said on Thursday, vowing continued efforts to stably manage energy supplies.The government and oil refineries are working hard to secure alternative oil supplies from different countries, Yang Ghi-wuk, deputy minister for trade, industry and resource security, …
Seoul, March 27 (IANS) South Korean stocks opened sharply lower on Friday on increased risk-off sentiment following renewed concerns over tensions in the Middle East.After opening 2.93 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) fell 204 points, or 3.74 percent, to 5,256.46 in the first 20 minutes of trading, reports Yonhap news agency.Overnight, U.S. markets suffered a sharp drop, as U.S. President Donald Trump gave mixed signals about where Washington stands in its n…
Seoul, March 13 (IANS) South Korea’s Industry Minister Kim Jung-kwan said Friday the government’s fuel price cap system is already showing signs of stabilising prices less than a day after taking effect. Kim held a meeting with officials from South Korean oil refineries, gas stations and the Korea National Oil Corporation to review the domestic energy markets on the first day of the fuel price cap system’s implementation, Yonhap News Agency reported. The temporary cap system took effect at midni…
Seoul, March 13 (IANS) South Korean stocks trimmed losses late on Friday morning but continued to trade in negative territory as global crude prices fluctuated after the new Iranian leader vowed to keep the blockade of the Strait of Hormuz.The benchmark Korea Composite Stock Price Index (KOSPI) fell 76.62 points, or 1.37 percent, to 5,506.63 as of 11:20 a.m.Global crude prices have swung back to the $100 level after extreme volatility, with disruptions at the key waterway in the Middle East show…
Seoul, March 9 (IANS) Industry Minister Kim Jung-kwan on Monday called on major oil refiners to refrain from excessively raising prices amid a recent surge in international crude oil prices due to the ongoing Middle East situation, his office said.”We ask that transparent and fair petroleum pricing be implemented to ensure that the burden of rising international oil prices due to the recent situation in the Middle East is not unilaterally or excessively passed on to consumers,” Kim said in a mee…
Seoul, March 8 (IANS) Industry Minister Kim Jung-kwan said on Sunday he has been told the United States is not likely to hike tariffs on South Korea if the National Assembly passes a special bill on Seoul’s $350 billion investment pledge to the US.Kim made the remarks upon arrival after visiting the U.S. to meet with Commerce Secretary Howard Lutnick to discuss tariff and bilateral trade issues following U.S. President Donald Trump’s threat in January to hike “reciprocal” tariffs and other dutie…
Seoul, March 7 (IANS) South Korea’s industry minister and trade chief visited the United States this week to coordinate responses to tariff issues and other pending trade matters between Seoul and Washington, the industry ministry said on Saturday.Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo met separately with U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer on Friday (U.S. time) to discuss pending bilateral trade issues.The visit was arrange…
Seoul, Feb 23 (IANS) South Korea will continue holding “amicable” consultations with the United States on tariff issues to safeguard the favourable export conditions secured through its bilateral trade deal with the US, Seoul’s industry minister said on Monday.Kim Jung-kwan, minister of trade, industry and resources, also vowed continued support for local businesses to boost their global competitiveness amid trade uncertainties, reports Yonhap news agency.”Under the principle of maximising natio…