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 …
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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 23 (IANS) Foreign currency deposits in South Korea fell for the second straight month in February, due to a decline in both individual and corporate deposits, central bank data showed on Monday.Outstanding foreign currency-denominated deposits held by residents stood at US$117.53 billion at the end of February, down $490 million from a month earlier, according to the data from the Bank of Korea (BOK), reports Yonhap news agency.In January, foreign currency deposits fell for the firs…
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…
New Delhi, Dec 22 (IANS) Uttar Pradesh Deputy Chief Minister Keshav Prasad Maurya on Monday defended the state government’s move to present a supplementary budget, asserting that the additional financial allocation is crucial to accelerating development across the state. He said the supplementary budget aligns with the broader vision of national growth and is aimed at ensuring the uninterrupted progress of key projects and welfare schemes.“The supplementary budget is essential for the develo…