South Korea approves $14.7 billion second extra budget to boost economy
According to South Korea's (Yonhap) News Agency, the Ministry of Economy and Finance said in a statement on Thursday that "the supplementary budget -- the second this year and the first since President Lee Jae Myung took office two weeks ago -- was approved at a Cabinet meeting. It follows a 13.8 trillion-won extra budget passed in May and is subject to parliamentary approval."
"The government will support economic revitalization by promoting consumption, encouraging investment and expanding construction spending," the ministry said in a statement.
The government will inject 10.3 trillion won to provide "consumption coupons" ranging from 150,000 to 500,000 won per person, depending on income levels, the ministry said.
During the January–April period, South Korea's managed fiscal balance, a stricter measure of fiscal health, recorded a deficit of 46.1 trillion won, according to government data.
In 2024, the fiscal deficit exceeded 100 trillion won.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times of Oman
12 hours ago
- Times of Oman
Comex gold prices projected to touch $3,600 by year-end: Report
New Delhi: Gold prices on the Comex exchange are projected to climb to $3,600 per troy ounce by the end of 2025, according to a report by Ventura. The forecast follows a fresh record high of $3,534.10 on August 7, surpassing the earlier peak of $3,509.90 in April this year. A troy ounce of gold is a unit of weight used explicitly for precious metals, and is equivalent to 31.1034768 grams according to the U.K. Royal Mint. It is also slightly heavier than the more common avoirdupois ounce. Comex, short for Commodity Exchange, is a key marketplace in New York where metals such as gold and silver are traded. Its Indian counterpart, the Multi Commodity Exchange (MCX), serves as the country's largest commodity derivatives exchange, giving domestic investors exposure to international price movements. Ventura's head of commodities, NS Ramaswamy, explained the forces behind this surge. "Gold's strategic role in portfolios has strengthened as investors navigate an era of slower global growth, policy uncertainty, and elevated geopolitical risks. With inflationary pressures, a softening US dollar, and anticipated US Fed rate cuts, we see sustained upside potential in gold prices through the remainder of 2025. Our analysis indicates Comex Gold could test the $3,600 mark by year-end, supported by strong ETF inflows, steady central bank buying, and robust retail participation in India's gold investment market," he said. In India, digital gold investments are driving record growth. As per the report, Gold Exchange Traded Funds (ETFs) saw holdings rise 42 per cent year-on-year to 66.68 tons as of June 30, 2025. Their Assets Under Management (AUM) jumped 88 per cent to Rs. 64,777 crore, while investor accounts increased 41 per cent to 76.54 lakh. This shift from traditional jewellery buying to technology-enabled investment channels is being led by younger investors, particularly Gen Z, aided by fractional ownership models and fintech-driven platforms. On the global front, demand for gold stood firm in the second quarter of 2025 at 1,249 tons, reflecting a 3 per cent year-on-year rise. Investment demand and ETF inflows offset weaker jewellery sales. Central banks continued their gold purchases, lifting global reserves to 36,345 tonnes, with India's holdings at 880 tonnes. Gold has remained a resilient investment over the past two decades, delivering positive annual returns in 14 out of 20 years. In the last three years alone, gold has yielded average annual returns of 23 per cent, significantly higher than the Nifty 50's 11 per cent.
Times of Oman
12 hours ago
- Times of Oman
Over 12,000 South Koreans sue ex-President Yoon Suk Yeol, wife over martial law declaration
Seoul: A group of over 12,000 South Korean citizens has filed a lawsuit against former President Yoon Suk Yeol and his wife, Kim Keon Hee, seeking compensation for the damages allegedly caused by his imposition of martial law in December last year, Yonhap News Agency reported. According to the Yonhap News Agency, the suit, submitted Monday to the Seoul Central District Court by lawyer Kim Kyeong-ho of law firm Hoin, represents 12,225 plaintiffs, each demanding KRW 100,000 (approx. $72) in damages from Yoon and his spouse. The number of claimants is expected to grow, as the case remains open for additional participants until a final verdict is reached. The plaintiffs argue that the martial law declaration violated basic constitutional rights and caused severe harm to their dignity as citizens of a democratic society, and further claim that Yoon's actions were deliberate and criminal, carried out at the expense of the public's freedoms. Yoon's wife, Kim Keon Hee, is also named in the lawsuit as an alleged accomplice, with the plaintiffs asserting that she played a role in influencing or supporting the controversial decision and should also be held financially accountable, as reported by the Yonhap News Agency. "The claimants have effectively requested (the court) deliver a symbolic ruling demonstrating that if public officials commit criminal acts for financial gain, the profits can be confiscated accordingly," the lawyer told reporters, as quoted by Yonhap News Agency. This wave of lawsuits follows a precedent-setting ruling last month, where the Seoul Central District Court ordered Yoon to pay 100,000 won to 104 individuals in a similar case. Yoon has since appealed the decision and filed for an injunction to halt enforcement of the ruling, a request that the court conditionally approved. The mass legal action reflects a growing public backlash against Yoon's martial law decision, with critics viewing it as a major violation of democratic principles, Yonhap News Agency reported.
Times of Oman
12 hours ago
- Times of Oman
Indian telecom sector Q1FY26 results show steady growth, 5G expansion: Report
New Delhi: India's telecom sector reported an inline performance in the first quarter of FY26, with steady subscriber additions and continued execution on 5G rollouts, according to a Centrum report. The top operators, namely, Reliance Jio, Bharti Airtel, and Vodafone Idea, focused on network expansion and subscriber retention, while tower and digital service providers also reported stable growth. As per the report, Reliance Jio led subscriber additions with 9.9 million new customers, taking its base to 498.1 million. Bharti Airtel added 1.2 million customers in its India wireless business, supported by 3.9 million smartphone additions, which helped raise its 5G user base to 152 million. Vodafone Idea, however, saw a net loss of 0.5 million subscribers, though its 4G net adds stood at 1 million, raising its 4G/5G base to 127.4 million. Average revenue per user (ARPU), a key industry benchmark, showed steady improvement. Airtel maintained leadership at Rs. 250 per month, up 2 per cent quarter-on-quarter, aided by smartphone adoption and postpaid upgrades. Jio's ARPU rose 1.3 per cent to Rs. 209 per month, supported by its richer customer mix and strong fixed wireless access (FWA) adoption. Vodafone Idea's ARPU inched up to Rs. 165 from Rs. 164 in the previous quarter, reflecting gradual improvement in customer quality. 5G adoption continued to accelerate across the sector. Reliance Jio reached 213 million 5G subscribers, while Airtel closed the quarter with 152 million. Airtel also reported its highest ever broadband net additions at 0.94 million, including 0.54 million through FWA, and 0.7 million new postpaid users. Meanwhile, Jio crossed 20 million home connections, adding 2.6 million during the quarter, with JioAirFiber holding over 80 per cent market share. Vodafone Idea expanded 5G services to Mumbai, Delhi, Chandigarh, and Patna, and plans to cover all 17 spectrum circles by August 2025. In the tower segment, Indus Towers posted healthy execution with revenue growth driven by 2,468 new macro towers and 5,777 co-locations. Its total portfolio reached around 251,800 towers and 411,200 co-locations. The company also made progress on solarization, with over 2,250 sites added in the quarter, taking the total to 32,000. Among digital service providers, Tata Communications reported revenue of Rs. 59.6 billion, down 0.5 per cent sequentially but up 5.8 per cent year-on-year, supported by strong growth in cloud, security, and connectivity services. Its EBITDA margin improved to 19.1 per cent. Other players such as Indiamart, Info Edge, Nazara Technologies, MapmyIndia, and Emudhra delivered mixed results, with digital adoption driving growth despite varied quarterly performances.
