Cash subsidies coming this month: South Korea's ruling party
SEOUL – South Korea's ruling and opposition parties reached a surprise agreement Tuesday on a key component of the supplementary budget plan, bringing President Lee Jae Myung's universal cash subsidy proposal a step closer to final parliamentary approval.
With the deal in place, the National Assembly's budget committee is expected to fast-track deliberations on the 13.2 trillion won ($9.5 billion) package, which will fund the distribution of consumer coupons to all residents — reportedly including foreign nationals — as part of efforts to boost domestic consumption.
Following budget committee discussions, a final vote is expected during the plenary session scheduled for Friday.
The parties' agreement stipulates that the central government will fully cover the cost of the program. Under the plan, all citizens will receive between 150,000 and 500,000 won in vouchers, depending on their income and assets, to help stimulate spending.
Ruling party officials said the party and the government will work to ensure the subsidies are distributed to citizens within this month.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
26 minutes ago
- Straits Times
US imposes fresh sanctions targeting Iran oil trade, Hezbollah
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: U.S. Treasury Secretary Scott Bessent speaks to reporters at the U.S. Capitol as Republican lawmakers struggle to pass U.S. President Donald Trump?s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., U.S., June 27, 2025. REUTERS/Elizabeth Frantz/File Photo WASHINGTON - The U.S. imposed sanctions on Thursday against a network that smuggles Iranian oil disguised as Iraqi oil, and on a Hezbollah-controlled financial institution, the Treasury Department said. A network of companies run by Iraqi-British national Salim Ahmed Said has been buying and shipping billions of dollars worth of Iranian oil disguised as, or blended with, Iraqi oil since at least 2020, the department said. "Treasury will continue to target Tehran's revenue sources and intensify economic pressure to disrupt the regime's access to the financial resources that fuel its destabilizing activities,' Treasury Secretary Scott Bessent said. The U.S. has imposed waves of sanctions on Iran's oil exports over its nuclear program and funding of militant groups across the Middle East. Reuters reported late last year that a fuel oil smuggling network that generates at least $1 billion a year for Iran and its proxies has flourished in Iraq since 2022. Thursday's sanctions came after the U.S. carried out strikes on June 22 on three Iranian nuclear sites, including its most deeply buried enrichment plant Fordow. The Pentagon said on Wednesday the strikes had degraded Iran's nuclear program by up to two years, despite a far more cautious initial assessment that had leaked to the public. The U.S. and Iran are expected to hold talks about its nuclear program next week in Oslo, Axios reported. Top stories Swipe. Select. Stay informed. Singapore Seller's stamp duty rates for private homes raised; holding period increased from 3 years to 4 Singapore 193ha of land off Changi to be reclaimed for aviation park; area reduced to save seagrass meadow Business More Singapore residents met CPF Required Retirement Sum when they turned 55 in 2024 Singapore PAP questions Pritam's interview with Malaysian podcast, WP says PAP opposing for the sake of opposing Sport 'Pedal to the metal' for next 2 years, says Singaporean powerlifter Farhanna Farid Singapore 1 in 4 appeals to waive HDB wait-out period for private home owners approved since Sept 2022 Sport A true fans' player – Liverpool supporters in Singapore pay tribute to late Diogo Jota Singapore Healthcare facility planned for site of Ang Mo Kio Public Library after it moves to AMK Hub Said's companies and vessels blend Iranian oil with Iraqi oil, which is then sold to Western buyers via Iraq or the United Arab Emirates as purely Iraqi oil using forged documentation to avoid sanctions, Treasury said. Said controls UAE-based company VS Tankers though he avoids formal association with it, Treasury said. Formerly known as Al-Iraqia Shipping Services & Oil Trading (AISSOT), VS Tankers has smuggled oil for the benefit of the Iranian government and the Islamic Revolutionary Guard Corps, which is designated by Washington as a terrorist organization, it said. The sanctions block U.S. assets of those designated and prevent Americans from doing business with them. VS Tankers did not immediately respond to a request for comment. Iran's mission in New York did not immediately respond to a request for comment. The U.S. also sanctioned several vessels that are accused of engaging in the covert delivery of Iranian oil, intensifying pressure on Iran's 'shadow fleet,' it said. The Treasury Department also issued sanctions against several senior officials and one entity associated with the Hezbollah-controlled financial institution Al-Qard Al-Hassan. The officials, the department said, conducted millions of dollars in transactions that ultimately benefited, but obscured, Hezbollah. REUTERS
CNA
32 minutes ago
- CNA
Asia First - Thu 3 Jul 2025
02:25:20 Min From the opening bell across markets in Southeast Asia and China, to the biggest business interviews and top financial stories, tune in to Asia First to kick-start your business day.
Business Times
an hour ago
- Business Times
Solid US job growth masks weakness underneath
[WASHINGTON] US job growth was unexpectedly solid in June, but nearly half of the increase in nonfarm payrolls came from the government sector, with private sector gains slowing considerably as industries like manufacturing and retail grappled with the Trump administration's aggressive tariffs on imports. While the Labor Department's closely watched employment report also showed the unemployment rate falling to 4.1 per cent last month from 4.2 per cent in May, that was partly because some people left the labour force. The average workweek was shorter last month, suggesting that businesses were probably reducing hours amid rising economic headwinds. 'Although the overall number of jobs was very strong, the weakness was broad-based across the private sector,' said Eugenio Aleman, chief economist at Raymond James. 'The labour market continued to weaken in June, which is in line with our view and should reignite the conversation regarding the Federal Reserve's interest rate path.' Nonfarm payrolls increased by 147,000 jobs last month after an upwardly revised 144,000 advance in May, the Labor Department's Bureau of Labor Statistics said on Thursday (Jul 3). Economists polled by Reuters had forecast payrolls rising 110,000 following a previously reported 139,000 gain in May. Estimates ranged from an increase of 50,000 to 160,000 jobs. The report was published a day early because of the Independence Day holiday on Friday. Despite the bigger-than-expected rise in payrolls, job growth is slowing and concentrated in a few sectors. Government employment rose by 73,000, boosted by a 40,000 increase in state government education, which economists brushed off as a seasonal quirk related to the end of the school year. Local government education increased 23,000. Federal government job losses continued, with 7,000 positions lost, and employment is now down by 69,000 since reaching a recent peak in January. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Private payrolls increased by 74,000 jobs, the fewest since October of 2024. Healthcare added 39,000 jobs, spread across hospitals nursing and residential care facilities. Social assistance employment increased by 19,000. Outside these non-cyclical sectors, job gains were weak. US stocks fell. The US dollar advanced against a basket of currencies. US Treasury yields rose. Economists say President Donald Trump's focus on what they call anti-growth policies, including sweeping tariffs on imported goods, mass deportations of migrants and sharp government spending cuts, has changed the public's perceptions of the economy. Business and consumer sentiment surged in the wake of Trump's victory in the presidential election last November in anticipation of tax cuts and a less stringent regulatory environment before slumping about two months later. Manufacturing shed 7,000 jobs, while wholesale trade lost 6,600 positions. Professional and business services payrolls decreased 7,000. Retailers added a paltry 2,400 jobs. The average workweek fell to 34.2 hours from 34.3 hours in May. The unemployment rate fell from 4.2 per cent in May. Economists had expected the jobless rate to tick up to 4.3 per cent. Indicators, including the number of people filing for state jobless benefits and receiving unemployment checks, have pointed to labour market fatigue after a strong performance that shielded the economy from recession as the US central bank aggressively tightened monetary policy to combat high inflation. Most economists expect the jobless rate will rise through the second half of this year, and potentially encourage the Fed to resume its monetary policy easing cycle in September. Some economists, however, see limited scope for the unemployment rate to rise as the immigration crackdown shrinks the labour pool. With the White House having revoked the temporary legal status of hundreds of thousands of migrants, economists said fewer than 100,000 additional jobs per month would likely be needed to keep the jobless rate stable. The Fed last month left its benchmark overnight interest rate in the 4.25-to-4.50 per cent range, where it has been since December. Fed chair Jerome Powell on Tuesday reiterated the central bank's plans to 'wait and learn more' about the impact of tariffs on inflation before lowering rates again. REUTERS
