Iran consults with China, Russia ahead of crucial talks with E3 in Istanbul
Delegates from foreign ministries of Iran, China, and Russia met in Tehran on Tuesday to discuss the latest developments in Iran’s nuclear program p...
South Korea’s new administration proposed $14.7 billion in additional spending on Thursday to boost weak domestic demand, as President Lee Jae Myung pushes economic recovery as his top priority.
The supplementary budget, totaling 30.5 trillion won ($22 billion), includes 20.2 trillion won ($14.7 billion) in new spending aimed at stimulating growth and supporting vulnerable sectors, according to the finance ministry. It also covers a 10.3 trillion won ($7.4 billion) shortfall in tax revenue.
This second extra budget follows a 13.8 trillion won ($9.9 billion) package passed in May and comes just weeks after Lee’s victory in the 3 June snap presidential election. "The economic downturn is very serious, and it is time for the government to play a role," Lee said.
The Bank of Korea recently cut its 2025 growth forecast to 0.8% from 1.5%, citing uncertainty over U.S. tariffs, and lowered interest rates for the fourth time in the current easing cycle.
A key feature of the new budget is a universal cash handout program worth 10.3 trillion won ($7.4 billion), providing 150,000-500,000 won in vouchers to every citizen. About 84% of recipients will receive 250,000 won (roughly $180).
Additional funds will support the construction sector, artificial intelligence investment, SMEs, and debt restructuring programs for small businesses.
The budget will be partly financed by issuing 19.8 trillion won ($14.3 billion) in new treasury bonds, raising the fiscal deficit to 4.2% of GDP and government debt to 49.0% of GDP.
The government plans to submit the proposal to parliament, led by the ruling Democratic Party, on 23 June.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
Iran launched 18 ballistic missiles late Sunday targeting the U.S. military’s Al-Udeid Air Base in Qatar, the largest American installation in the Middle East.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
Türkiye has secured €2.4 billion ($2.8 billion) in green financing for a railway project aimed at establishing a direct rail connection to Azerbaijan's Nakhchivan exclave.
UK has announced fresh sanctions to crack down Russia's so-called "shadow fleet", targeting 135 oil tankers along with two Russian firms, shipping company Intershipping Services LLC and oil trader Litasco Middle East DMCC.
China’s June exports of rare-earth permanent magnets to the U.S. have skyrocketed by 660%, reaching 353 metric tons, as Beijing lifted earlier restrictions under a new trade pact—though volumes remain below June 2024 levels amid ongoing supply chain recovery.
China is set to prohibit the resale of new cars within six months of registration, aiming to end the practice of inflating sales through so-called 'zero-mileage' used vehicles and restore transparency in the competitive auto market.
Oil prices fell below the key $70 per barrel mark last week as increased output from OPEC+ eased supply concerns, while renewed U.S. tariff threats under President Donald Trump weighed on global demand expectations.
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