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…
Latest National Assembly News & Updates
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…
Seoul, March 12 (IANS) South Korea’s National Assembly on Thursday passed a special bill on South Korea’s USD350 billion investment pledge to the United States under a trade deal between the two nations, around three months after it was first introduced by the ruling party. The bill was approved during a plenary session of the Assembly with support from both the ruling Democratic Party (DP) and the main opposition People Power Party (PPP).Shortly after the bill was passed, South Korean President…
Seoul, March 12 (IANS) South Korean President Lee Jae Myung on Thursday instructed his aides to swiftly prepare for an extra budget to help stabilise people’s livelihoods and promote an economic recovery as the nation’s economy is bracing for an impact from an intensifying war in the Middle East. Lee made the call during a meeting with senior presidential aides, expressing concerns that heightening instability in the Middle East could weaken consumer and investment sentiment.”We also need to swi…
Seoul, March 12 (IANS) South Korean Prime Minister Kim Min-seok is set to depart for the United States on Thursday to promote South Korea’s bid to host a UN hub and meet with senior US officials, possibly including Vice President JD Vance.Kim’s weeklong trip, which will also take him to Geneva, Switzerland, comes as the government is bidding to host the tentatively named “UN AI hub,” an initiative aimed at bringing together UN bodies, and South Korea’s private and public sectors to produce AI-ba…