Seoul, March 26 (IANS) South Korea will significantly expand its temporary fuel tax cut in a bid to ease the financial burden on consumers amid the prolonged conflict in the Middle East, the finance ministry said on Thursday.Under the latest measures to support people’s livelihoods, the current tax cuts — 7 percent on gasoline and 10 percent on diesel — will be expanded to 15 percent and 25 percent, respectively, reports Yonhap news agency.The measure, which had been set to expire in April, wi…
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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) The South Korean government will strictly enforce a mandatory five-day vehicle rotation system for the public sector to respond to possible oil supply disruption amid persisting tensions in the Middle East while implementing additional energy-saving measures, the climate ministry said Tuesday. Starting Wednesday, the government will beef up monitoring of the public sector’s compliance with the license plate-based rationing system, under which cars are divided into five gro…
Seoul, March 24 (IANS) North Korean leader Kim Jong-un has formally recognised South Korea as the “most hostile state” and warned of merciless consequences if provoked by Seoul, while reaffirming the North’s status as a nuclear state, Pyongyang’s state media reported on Tuesday.Kim also said the North’s constitution was revised to reflect the necessary demands of national development, delivering a speech Monday, the second and final day of the first session of the newly elected 15th Supreme Peop…
Seoul, March 22 (IANS) South Korean President Lee Jae Myung said the government will thoroughly investigate the cause of a large-scale fire at a car parts plant in the central city of Daejeon and prepare fundamental measures to prevent similar tragedies. Lee made the pledge hours after visiting the site to inspect relief efforts and meet with bereaved families and victims. The fire, which broke out Friday afternoon, left 14 people dead and 60 others injured, including two firefighters, according…
Seoul, March 21 (IANS) South Korea’s President Lee Jae Myung on Saturday visited the site of a fire at an automobile parts plant in the central city of Daejeon to inspect relief efforts and meet with bereaved families and victims.Lee made the visit a day after the blaze, which left at least 14 people dead and 59 others injured, including two firefighters, reports Yonhap news agency.He was briefed on the casualties and ongoing disaster response, and urged fire authorities to take measures to prev…
Seoul, March 20 (IANS) The Ministry of Trade, Industry and Resources launched on Friday a joint task force with private industries to coordinate responses to the United States’ trade investigations into South Korea over structural excess capacity and forced labour, officials said.Earlier this month, the office of the U.S. Trade Representative (USTR) launched consecutive trade inquiries into South Korea and other major economies to uncover what it calls “unfair” trade practices related to structu…
Seoul, March 19 (IANS) Samsung Electronics said on Thursday it plans to invest more than 110 trillion won (US$73.3 billion) this year in research and development and facilities for artificial intelligence (AI) semiconductors as it seeks to strengthen its leadership in the competitive industry.The world’s largest memory chip maker disclosed the plan in a regulatory filing, saying it aims to secure a leading position amid the AI boom, reports Yonhap news agency.The investment marks a 21.7 per cent…
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 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…