Finance Minister Koo Yun-cheol urged 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 Sunday. Koo, who also serves as deputy prime minister, met with ambassadors from the six GCC countries in Seoul on Friday at the residence of the United Arab Emirates (UAE) ambassador to discuss economic cooperation, according to the Ministry of Economy and Finance. The GCC comprises the UAE, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait. Koo and GCC ambassadors expressed concern that the escalating conflict in the Middle East has heightened volatility in global oil prices and financial markets, and warned that rising tensions around the Strait of Hormuz could weigh on the global economy. The strait is a key maritime chokepoint through which roughly 25 percent to 30 percent of the world’s crude oil and about 20 percent of liquefied natural gas shipments pass. Koo noted that Korea imports about 70 percent of its crude oil from the Middle East, with more than 95 pe
Finance chief urges GCC nations to bolster supply chain cooperation
in News
Related Posts
Latest News from Korea
- Samsung, SK face new pressure to expand investment in US
Samsung Electronics and SK hynix are facing renewed pressure to expand their semiconductor manufacturing footprint in the United States, after U.S. Commerce Secretary Howard Lutnick publicly urged the two Korean memory chipmakers to build production facilities there. Lutnick made the remarks Thursday (local time) during a concrete-pouring ceremony for Micron Technology’s semiconductor fabrication plant under construction in Clay, New York.… Read more: Samsung, SK face new pressure to expand investment in US - Korea Times webinar offers foreign students strategies for landing internshipsThe Korea Times held an online seminar Thursday for international students studying in Korea, offering guidance on securing internships as the country expands programs to attract and retain global talent. The session, titled “Smart Strategies for Finding Internships in Korea” and held via Zoom, was led by Shim Hwa-yung, CEO of HireDiversity, which operates the HireVisa platform to support foreign… Read more: Korea Times webinar offers foreign students strategies for landing internships
- Incheon offers subsidies to foreign, domestic investors to spur job growthFacing a cooling global economy and shifting supply chains, the port city of Incheon, west of Seoul, is turning to direct financial incentives to retain corporate interest and fuel its local labor market. City officials said Friday that Incheon will deploy targeted employment subsidies, offering up to 6 million won ($4,350) per new worker to eligible foreign-invested firms and relocating… Read more: Incheon offers subsidies to foreign, domestic investors to spur job growth
- Barbie Hsu’s ex-husband says he’ll respect DJ Koo’s inheritance share as estate process moves forwardThe legal process for handling the estate of late Taiwanese actress Barbie Hsu has entered a new phase, with her former husband Wang Xiaofei saying he will respect the inheritance rights of her widower, Korean singer Koo Jun-yup, professionally known as DJ Koo. According to Taiwanese media including ETtoday on Wednesday, Wang’s legal team issued a statement regarding the distribution… Read more: Barbie Hsu’s ex-husband says he’ll respect DJ Koo’s inheritance share as estate process moves forward
- Naver donates $300,000 for Venezuela earthquake reliefAs Venezuela recovers from a devastating earthquake, Naver is stepping in with corporate donations and thousands of users on its online giving platform are joining the relief effort. Naver said Friday it donated $300,000 to support recovery efforts following the powerful earthquake that struck Venezuela in June. The company said the donation will be distributed through its online donation platform,… Read more: Naver donates $300,000 for Venezuela earthquake relief
Latest Entertainment from Korea
- LE’V Steps Into the Light: “Spotlight Soul” Captures the Artistry, Growth, and Glow of a New Era in the 2026 Season’s Greetings CollectionPhoto Credits: CHROMOSOME LE’V Illuminates 2026 with “Spotlight Soul” LE’V enters 2026 with a statement that feels both cinematic and deeply personal. His Season’s Greetings “Spotlight Soul” concept photos reveal a striking evolution — one that merges emotional depth with artistic clarity. The project, released as a collector’s visual experience, celebrates not just another year but LE’V’s firm grasp on identity, craft,… Read more: LE’V Steps Into the Light: “Spotlight Soul” Captures the Artistry, Growth, and Glow of a New Era in the 2026 Season’s Greetings Collection
- KiiiKiii Leesol & Haum Illuminate SPUR x Dior Addict’s January 2026 Issue with Daring Light, Sensual Motion, and New Beauty CodesPhoto Credits: SPUR Dior Starship Entertainment A New Year, A New Iconic Pairing SPUR Magazine opens 2026 with a collaboration that feels both intimate and electric. The January 2026 Issue Pictorial Preview showcases KiiiKiii Leesol and Haum in a visual dialogue infused with Dior Addict’s luminous rebellion. Titled “Light Moves: The Addict State of Mind”, the spread captures the interplay of motion, reflection, and self-definition—a signal… Read more: KiiiKiii Leesol & Haum Illuminate SPUR x Dior Addict’s January 2026 Issue with Daring Light, Sensual Motion, and New Beauty Codes
- Breaking Boundaries: ifeye × KITTO Taiwan Redefine Visual Storytelling in the January 2026 Pictorial — A Fusion of Innovation & IdentityPhoto Credits: Hi-Hat Entertainment The Convergence of Vision and Identity The January 2026 Pictorial from ifeye × KITTO Taiwan marks a defining moment in East Asian creative media. Framed as both a celebration and an evolution, the collaboration bridges art direction, fashion narrative, and technological fluidity to capture a new generation’s pulse. More than a photoshoot, this issue acts as a visual manifesto—an exploration of… Read more: Breaking Boundaries: ifeye × KITTO Taiwan Redefine Visual Storytelling in the January 2026 Pictorial — A Fusion of Innovation & Identity
- Xiaoting in Full Bloom: Kep1er’s Shining Star Redefines Power, Grace, and Global Glamour in Wonderland China’s January 2026 Cover StoryPhoto Credits: KLAP ENTERTAINMENT Kep1er’s Xiaoting Captures the Moment Kep1er’s Shen Xiaoting steps into 2026 as a muse of modern elegance, fronting the January 2026 Wonderland China cover with an aura that’s both futuristic and fiercely grounded. As one of the brightest stars of her generation, Xiaoting embodies the balance between aspiration and artistry that defines global pop’s next chapter. “Confidence is not just… Read more: Xiaoting in Full Bloom: Kep1er’s Shining Star Redefines Power, Grace, and Global Glamour in Wonderland China’s January 2026 Cover Story
- BTS’s V Radiates Timeless Charisma in GQ Korea x Cartier’s February 2026 Cover: A Monument to Modern Elegance and Emotional PrecisionPhoto Credits: GQ Korea – Cartier – BigHit Music. – BTS V x Cartier: The Sound of Stillness and Strength For GQ Korea’s February 2026 issue, the cover unfolds like a cinematic confession. BTS’s V (Kim Taehyung)—known for his magnetic duality of mystery and warmth—joins forces with Cartier, the house synonymous with precision, artistry, and legacy. Together, they create a visual symphony that celebrates… Read more: BTS’s V Radiates Timeless Charisma in GQ Korea x Cartier’s February 2026 Cover: A Monument to Modern Elegance and Emotional Precision
Learn People & History of Korea
- The Evolution of Busan: A Historical Journey Through South Korea’s Second Largest Metropolitan CityAncient Beginnings: The Founding of Busan Busan, known as the second largest metropolitan city in South Korea, has a rich history that dates back to ancient times. The earliest recorded existence of Busan can be traced to the Goryeo Dynasty, where it was referenced as a vital coastal settlement. Its strategic location along the southeastern coast of the Korean Peninsula… Read more: The Evolution of Busan: A Historical Journey Through South Korea’s Second Largest Metropolitan City
- The Evolution of Pyongyang: A Journey Through History, Economy, and Political DynamicsIntroduction to Pyongyang Pyongyang, the capital city of North Korea, serves as a prominent symbol of the nation’s history and culture. Geographically located on the banks of the Taedong River, in the southwest part of the country, Pyongyang is situated within a strategic area that has historically facilitated trade and cultural exchange. The city’s origins can be traced back to… Read more: The Evolution of Pyongyang: A Journey Through History, Economy, and Political Dynamics
- The Evolution of Seoul: From Ancient Korea to Modern Metropolis and BeyondAncient Beginnings: The Founding of Seoul The city of Seoul, known today as the vibrant capital of South Korea, has ancient roots that trace back to the Three Kingdoms period of Korea, specifically the kingdoms of Baekje and Silla. Evidence suggests that Seoul was originally established as a settlement given its strategic geographical advantages. Nestled within the Han River basin,… Read more: The Evolution of Seoul: From Ancient Korea to Modern Metropolis and Beyond
- Exploring Korean Traditional Games in Squid Game: From Season 2 to Upcoming Season 3Introduction to Korean Traditional Games Korean traditional games have long been an integral part of the country’s cultural landscape, offering more than mere entertainment. These games, which range from simple children’s pastimes to complex community activities, hold significant cultural significance and often serve as a means of preserving history and promoting social interaction. Rooted in centuries of tradition, these games… Read more: Exploring Korean Traditional Games in Squid Game: From Season 2 to Upcoming Season 3
- Unveiling the Past and Present of Saju: The Art of Korean Fortune TellingIntroduction to Saju Saju, a traditional Korean fortune-telling practice, is an intricate art that seeks to interpret an individual’s fate based on their birth date and time. The term “Saju” translates to “four pillars” in English, referring to the four critical components derived from these time markers: year, month, day, and hour. This method holds significant cultural value within South… Read more: Unveiling the Past and Present of Saju: The Art of Korean Fortune Telling
