south korea

Korea to Reroute Energy Lifeline: Saudi Pledges Priority Oil Shipments Amid Red Sea Push Seoul authorities are rapidly pivoting energy strategies as crucial Middle Eastern shipping lanes face disruption. South Korea is actively seeking alternative oil supply routes, with Saudi Arabia reportedly...

The nation's fiscal trajectory in South Korea points toward mounting debt obligations. Government projections indicate the country's national debt could approach 60 per cent of its gross domestic product (GDP) by 2030. This expected escalation is set against a backdrop of decelerating economic...

Seoul, April 11 – The government announced on Saturday that cash assistance for the bottom 70% of income earners will begin being rolled out later this month, as part of efforts to ease the financial strain caused by rising oil prices.The aid will first reach the most vulnerable within that...

Seoul, April 10 – South Korea's media watchdog approved regulations on Friday that require bulk phone text messaging service providers to implement safeguards against illegal spamming as a condition for maintaining their certification.The Korea Media and Communications Commission (KMCC)...

Seoul, April 10 – South Korea's central bank kept its benchmark rate unchanged on Friday, as uncertainty in the Middle East prompted a cautious stance amid risks of inflation, currency weakness, and slower growth.In a widely anticipated decision, the Monetary Policy Board of the Bank of Korea...

Seoul, April 8 – South Korea recorded its largest-ever monthly current account surplus in February, driven by a semiconductor upcycle and strong exports, according to data released by the central bank on Wednesday.The current account surplus totaled $23.19 billion in February, up sharply from...

Seoul, April 8 – South Korean stocks surged on Wednesday morning as the United States and Iran reached an agreement on a two-week ceasefire and the reopening of the Strait of Hormuz.The benchmark Korea Composite Stock Price Index (KOSPI) rose 326.12 points, or 5.94 percent, to 5,820.9 as of...

Seoul, April 7 – LG Energy Solution Ltd, South Korea's leading battery maker, announced on Tuesday that it had posted an operating loss in the first quarter, apparently due to the impact of the US-Iran conflict.The operating loss amounted to 207.8 billion won (US$138.2 million) for the...

Seoul, April 7 – South Korea has secured an additional 60 million barrels of alternative oil supplies for May, which will replace supplies from the Middle East that have been disrupted due to the effective closure of the Strait of Hormuz, the government said on Tuesday.The country has secured...

Seoul, April 7 – Downside risks to the South Korean economy are increasing amid the prolonged conflict in the Middle East, as rising global oil prices and supply chain disruptions could have broader negative impacts on prices, consumption, and exports, a state-run think tank said on Tuesday...

South Korea Targets 20% Renewable Energy by 2030 Amid Global Energy Concerns Seoul, April 6 – In a major push to reduce its heavy reliance on energy imports and meet the surging power demand driven by advanced industries, South Korea has set ambitious goals for its energy sector. The Ministry of...

Seoul, April 5 – Finance Minister Koo Yun-cheol urged the Gulf Cooperation Council (GCC) countries to strengthen cooperation to help stabilize 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...

Seoul, April 5. Executives from Samsung Electronics and French artificial intelligence (AI) startup Mistral AI discussed potential cooperation in the AI memory sector, industry sources said on Sunday.Arthur Mensch, co-founder and chief executive officer of Mistral AI, met Jeon Young-hyun, head...

Seoul, April 5 – The Lee family, owners of the Samsung Group, are set to complete the payment of approximately 12 trillion won (approximately $8 billion) in inheritance taxes on assets left by the late Chairman Lee Kun-hee later this month, industry sources said on Sunday.These payments...

Seoul, April 3 – South Korea and France vowed to expand cooperation in strategic science sectors, including artificial intelligence (AI), while reaffirming their status as key partners in cutting-edge technology research, the science ministry said.Science Minister Bae Kyung-hoon and his French...

Seoul, April 3 – South Korea's foreign reserves saw their sharpest monthly decline in about a year in March, amid a stronger dollar and authorities' efforts to manage exchange rate volatility, the central bank said on Friday.The country's foreign reserves stood at US$423.66 billion as of the...

Seoul, April 3 – The government will take stern measures, including legal action, against malicious activities aimed at exploiting recent market volatility through the spread of fake news and rumors, a senior finance ministry official said on Friday."Spreading unfounded fake news during an...

Seoul, April 2 – South Korea has secured approximately 50 million barrels of alternative oil supplies for this month to replace supplies from the Middle East, which have been disrupted due to the effective closure of the Strait of Hormuz, government officials said on Thursday, pledging continued...

South Korea Inflation Rises to 2.2% in March Amid Surge in Global Oil Prices Seoul, April 2: South Korea’s consumer price inflation accelerated to 2.2 percent year-on-year in March, exceeding the government’s 2 percent target, as rising global oil prices driven by prolonged Middle East tensions...

Seoul, April 1 – US tech giant Apple has enhanced an emergency location-sharing feature on iPhones for South Korean users at the request of the Seoul government, officials said on Wednesday.The extension of the service's duration, from the previous five minutes to 30 minutes, came at the...