Journalist

Kim Bong-cheol
  • Seoul mulling supplementary budget, fuel price cap and tax cut amid oil concerns
    Seoul mulling supplementary budget, fuel price cap and tax cut amid oil concerns SEOUL, March 10 (AJP) -South Korean President Lee Jae Myung on Tuesday ordered a string of emergency actions — including a cap on gasoline prices, fuel tax cuts and direct consumer support — through a supplementary budget if deemed necessary to relieve household burdens from import inflation triggered by widening Middle East conflicts. “National capabilities must concentrate on minimizing the impact of external shocks on household and corporate economies,” Lee said during a cabinet meeting on Tuesday. “The most urgent matter is price stability.” Chairing the meeting at the presidential office, Lee instructed ministries to prepare measures including the enforcement of a gasoline price cap, adjustments to energy taxes and direct consumer assistance, while keeping additional fiscal and financial support ready if market conditions worsen. Lee warned that the steep rise in fuel prices is already straining sectors closely tied to daily livelihoods such as freight transport, parcel delivery and greenhouse farming. “As fuel costs rise sharply, the burden is increasing for industries directly connected to people’s everyday lives,” he said, calling for policies that can quickly and tangibly ease pressure on households and small businesses. Describing the situation as extraordinary, Lee urged officials to move beyond existing policy manuals and respond with greater speed to stabilize market sentiment. “In an emergency situation like this, we must go beyond existing manuals and act with the speed required to calm market anxiety,” he said, stressing that the government must act preemptively so that “people’s lives are not shaken under any circumstances.” Lee also addressed the safety of South Korean nationals remaining in the Middle East, instructing authorities to consider additional chartered evacuation flights and even the use of military aircraft if necessary. He also called for faster arrangements to move citizens by land to safer neighboring countries. Lee signaled that a supplementary budget may become unavoidable, if additional support is required for small businesses and financially vulnerable companies affected by rising energy costs. “If we are to provide fiscal support for small merchants, small businesses and struggling firms to overcome the crisis stemming from the Middle East situation, additional financial resources will be needed,” he said. “It appears we may have to proceed with an early supplementary budget.” Lee also noted that government tax revenues could exceed earlier forecasts this year thanks to record earnings from chipmaking and robust stock income, suggesting fiscal conditions may allow room for emergency spending. Separately, Lee welcomed the National Assembly’s bipartisan approval of a bill designed to manage strategic investment ties between South Korea and the United States, thanking opposition lawmakers for their cooperation. “Even if political issues require competition and debate, cooperation on national matters sets a good example,” he said. The emergency measures come as South Korea’s economy has been among the most sensitive to the Middle East conflict that erupted on Feb. 28, when U.S.-Israeli strikes against Iran sent global energy markets into turmoil. International oil prices have surged above $100 per barrel on Monday, raising inflation concerns for South Korea, which imports nearly all of its energy and relies heavily on crude shipments from the Gulf. The benchmark KOSPI has swung violently, around 16 percent from late February when the war began, while the Korean won has lost 3.9 percent, revisiting the lows of the wake of global financial crisis 17 years ago. Foreign investors have pulled funds from equities while bond markets also showed volatility, reflecting broader concern that a prolonged disruption to oil flows through the Strait of Hormuz — a route carrying roughly one-fifth of global oil shipments — could hit Asia’s energy-dependent economies hardest. 2026-03-10 13:32:08
  • Hwang You-min wins Lotte Championship and entry to LPGA Tour
    Hwang You-min wins Lotte Championship and entry to LPGA Tour SEOUL, October 05 (AJP) - Hwang You-min became the sixth South Korean player to win on the LPGA Tour this year, capturing her maiden title at the Lotte Championship in Hawaii on Saturday. The 22-year-old clinched victory at the Hoakalei Country Club in Oahu with a final-round 5-under 67, finishing at 17-under 271 overall. The win immediately secures her LPGA Tour membership, though she has the option to defer it until the start of the 2026 season. Hwang earned a winner’s purse of $450,000. She joined the tournament through a sponsor’s invitation from Lotte, her main backer. Having joined the KLPGA Tour in 2023 and already won twice, Hwang had planned to enter the LPGA qualifying series later this year. However, a barrage of birdies in the final round broke her tie for second with compatriot Kim Hyo-joo and accelerated her plans for the LPGA stage. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-05 14:43:29