Seoul, March 31 (IANS) The Ministry of Trade, Industry and Resources said on Tuesday it has allocated 924.1 billion won ($609 million) in a supplementary budget to respond to the Mideast crisis amid disruptions in energy and industrial supply chains.The announcement came after the Cabinet, chaired by President Lee Jae Myung, approved a government bill for a 26.2 trillion-won supplementary budget aimed at tackling difficulties stemming from the escalating conflict in the Middle East and revamping…
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Seoul, March 31 (IANS) South Korean President Lee Jae Myung on Tuesday instructed senior officials to take bold measures to address concerns over the energy situation caused by the war in the Middle East, saying the government may issue an emergency economic decree if necessary.”South Korea, which is highly dependent on external markets and relies heavily on energy supplies from the Middle East, requires more thorough inspections and detailed emergency measures,” Lee said during a Cabinet meetin…
Phnom Penh, March 30 (IANS) The National Assembly of Cambodia on Monday passed a draft law on combating online scams, which will deliver up to 30 years or life imprisonment to scam bosses.A total of 112 lawmakers in attendance unanimously approved the draft bill.According to the bill, online scam bosses will face between 15 and 30 years or life imprisonment if their operations lead to one or many deaths.Ringleaders of online scam centres will face between five and 10 years in prison and a fine o…
Seoul, March 29 (IANS) South Korean Prime Minister Kim Min-seok on Sunday vowed to take pre-emptive measures against possible shortages of daily necessities, as the Middle East crisis has disrupted global energy markets and driven up energy prices. “We are at a grave economic crossroads,” Kim said during an emergency economic headquarters meeting. “The aftermath of the Middle East conflict is emerging as a complex crisis for our economy, in the form of severe energy supply instability and global…
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 26 (IANS) President Lee Jae Myung on Thursday urged the nation to cooperate on energy-saving efforts as the prolonged war in the Middle East has disrupted global energy markets, but pledged no change in electricity prices.Lee made the remarks during an emergency economic response meeting, as the government is set to impose another round of a fuel price cap to help protect the nation’s economy from impacts from the US-Israel war with Iran, reports Yonhap news agency.”(I) urge gas sta…
Seoul, March 26 (IANS) The South Korea’s ruling Democratic Party (DP) and the government agreed to submit an extra budget bill to the National Assembly next Tuesday, the budget minister said Thursday, in an effort to cushion vulnerable sectors from the economic impacts of a prolonged war in the Middle East.The extra budget bill, to be submitted March 31, seeks to ease the burden of rising oil prices, as well as support small and midsized firms and vulnerable households hit by the prolonged war.”…
Seoul, March 26 (IANS) South Korean President Lee Jae Myung on Thursday urged the nation to cooperate on energy-saving efforts as the prolonged war in the Middle East has disrupted global energy markets, but pledged no change in electricity prices.Lee made the remarks during an emergency economic response meeting, as the government is set to impose another round of a fuel price cap to help protect the nation’s economy from impacts from the US-Israel war with Iran.”(I) urge gas stations to active…
Seoul, March 24 (IANS) South Korea on Tuesday approved two prosecution reform bills that would dismantle the current prosecution service later this year to separate its exclusive power to both initiate criminal probes and indict suspects.When promulgated, it would mark a sweeping overhaul of the nation’s prosecution system. Under the new laws, the prosecution office will be shut down in October, 78 years after its establishment in 1948, and two new agencies will exercise indictment and investiga…
Seoul, March 17 (IANS) South Korean Foreign Minister Cho Hyun sidestepped questions Tuesday on whether the United States had formally asked South Korea to deploy warships to the Middle East as Seoul faces pressure after US President Donald Trump urged allies to send naval vessels to protect the Strait of Hormuz. Cho gave vague answers during a parliamentary session when asked by lawmakers if the government had received any formal or informal request from Washington about sending troops to the re…