Country Financial News

Korea prepares to welcome more foreign workers through its reformed immigration policy, greater emphasis will be placed on an immigrant's proficiency in the Korean language compared to other skills. The Ministry of Justice told The Korea Times that fluency in Korean would play a significant role in the issuance of E-7-4 visas. These visas, which grant permanent stay in Korea with an initial three-year period and unlimited renewals, are given to individuals who meet specific criteria including a minimum of four years of work experience. The Ministry stated that mastering the Korean language is fundamental for immigrants to assimilate into Korean society, paralleling the approach of other countries. To encourage this, higher points will be awarded to those with exceptional language skills who seek to switch to E-7-4 visas. This stance aligns with the direction set by Justice Minister Han Dong-hoon, who emphasized the primacy of language ability over even technical skills like welding. He emphasized that individuals proficient in Korean would receive substantial incentives. Han Dong-hoon also emphasized the urgency of immigration reform to embrace skilled foreign workers as a critical priority for Korea. Despite government efforts, the nation's birthrate continues to decline dramatically, prompting a need for harmonious coexistence with foreign labor. Han Dong-hoon stressed that Korea's future hinges on the development of a well-structured immigration system and cautioned against hasty implementation to prevent severe political divisions. He cited examples from various other countries to highlight the importance of careful planning.

US State Department spokesperson Matthew Miller during a recent briefing has piqued interest in the question of the purported leak's provenance. US-based news outlet The Intercept, which earlier this week reproduced what it claimed was the cipher in question, said in its report that the document was provided to it by «an anonymous source in the Pakistani military who said that they had no ties to Imran Khan or Khan's party».

Iran reached a tentative agreement this week that will eventually see five detained Americans in Iran and an unknown number of Iranians imprisoned in the U.S. released from custody after billions of dollars in frozen Iranian assets are transferred from banks in South Korea to Qatar. The complex deal — which came together after months of indirect negotiations between U.S.

China's troubles with high unemployment and an ageing workforce make the country a «ticking time bomb» at the heart of the global economy and a potential threat to other countries, according to the New York Times. «When bad folks have problems, they do bad things,» the president told a group of donors at a fund-raiser in Park City, Utah on Thursday. Once seemingly «inexhaustible» engine which propelled China is now sputtering, posing alarming risks for Chinese households and economies around the planet.

Anthony Albanese has confirmed his participation in the upcoming G20 summit to be held in New Delhi next month Albanese will be among leaders of G-20 nations who are scheduled to attend the G-20 summit under India's presidency in New Delhi this September. The G20 is the world's preeminent forum for global economic cooperation. Leaders will focus on navigating the global economy back to strong, sustainable and resilient growth, according to a statement by the Australian PM's office.

PTI as saying, "As you are aware the theme of our G20 Presidency in English is -- One Earth, One Family One Future. This is based on our civilisational ethos of 'Vasudhaiva Kutumbakam' which has received widespread support and permeates many of the initiatives that India has brought onto the G20 agenda," Moreover, Prime Minister's principal secretary P K Mishra while speaking after the second meeting of the Coordination committee of India's G20 Presidency had said that a total of 185 G20 related meetings, including 13 at the ministerial level, have been concluded covering almost all states and union territories in the country.

Real Estate Information, a private industry tracker. The sales were down a third from June and from the same period a year ago. They were also 59% less than the total in July 2021.

Ports, Shipping and Waterways Sarbananda Sonowal has stressed unlocking the vast potential of India's maritime sector, saying the country's strategic location and commitment to sustainable practices present unparalleled opportunities. Hosting foreign heads of missions and officials here on Friday evening, Sonowal underlined that India stands at the cusp of a maritime revolution. The event was organised ahead of the Global Maritime India Summit 2023, scheduled to be held in Delhi on October 17-19.

Oil prices edged higher on Friday after the International Energy Agency forecast record global demand and tightening supplies, propelling prices to the seventh straight week of gains, the longest such streak since 2022. Brent crude futures rose 41 cents, or 0.5%, to settle $86.81 a barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 37 cents, or 0.5%, to settle at $83.19.

state media on Saturday rejected a Western claim that developed nations were shunning the country's Belt and Road Forum, while saying most of the leaders invited this year were from developing nations. Critics see the ambitious Belt and Road initiative — billed as recreating the ancient Silk Road to boost global trade infrastructure — as a tool for President Xi Jinping's China to spread its geopolitical and economic influence.

Bill introduced in the Lok Sabha, on Friday, has proposed that spreading 'fake news or misleading information' would be punishable with upto three years of jail time. The Bharatiya Nyaya Sanhita Bill, 2023, introduced by Home Minister Amit Shah has been referred to the Standing Committee for review.

Steel is one commodity that has held a top position among metals for a long time. It continues to do so because steel is both a raw material and an intermediary for several industries. This could be why the production and consumption of steel are used as a parameter to gauge a nation's economic progress.

New Delhi: The One District One Product (ODOP) initiative has collaborated with the Deendayal Antyodaya Yojna - National Rural Livelihoods Mission (DAY-NRLM) to unveil the captivating ‘ODOP Wall’ in a bid to showcase India’s diverse and exceptional craft heritage. The inauguration of this joint endeavor on 11 August marked a significant step towards realizing Prime Minister Narendra Modi’s vision of projecting the distinctiveness of Indian craftsmanship globally.

global warming, could extend beyond mere weather fluctuations. The warming trend resulting from El Nino could have significant health implications. Vector-borne diseases, like malaria and dengue, have been observed to spread as temperatures rise.

Abans Holdings Ltd on Friday said it has secured board's approval to diversify its operations and enter into the country's mutual fund business. This strategic move will position the company at the forefront of asset management services, Abans Holdings said in a statement. In addition, the company said it has received board's clearance for establishing an asset management business in Singapore. «Through its subsidiary, Abans Broking Services Pvt Ltd, the company is proposing for making an application to obtain a capital markets license to engage in fund management activities in Singapore,» the statement noted.

India units of overseas automobile and component manufacturers have stepped up their search for manpower in the country to drive their expansion plans, said industry executives. There is a 20-40% increase in demand for specialised talent in the auto captives this year in roles such as engineering, research and design, and IT, they said.

Surging June-quarter earnings at the Life Insurance Corporation of India (LIC), the country's biggest institutional investor and the second-largest state entity by market value, surprised Dalal Street, with the insurance market leader showing minimal impact of adverse tax rules on high-value non-par products. Chairman Siddhartha Mohanty tells Shilpy Sinha and MC Govardhana Rangan that the insurer is undergoing a digital transformation it believes will help achieve the social objective of extending life cover to the uninsured, and wrest back market share in the process. Edited excerpts:Last quarter (April-June) earnings soared from a year ago. What drove the growth and is it sustainable? This is sustainable and profit is likely to increase in the coming quarters.

Ahead of the BRICS summit on August 22-24 in South Africa, Russia on Friday stated that BRICS is not aimed against anyone even in current circumstances and it even does not confront the current international economic and financial institutions, rather it is designed to supplement them. Echoing India’s thoughts Russia also stated the concept of single BRICS currency needs further study indicating that it is not in favour of rushing into single currency.

International Day of the World's Indigenous Peoples: Know date, theme, significance, history International Youth Day recognises the youth's potential and contributions. To commemorate this day, here are heartfelt wishes, messages, and images to share with the young members of our families.

Sen. Josh Hawley, R-Mo., discusses the trade war with China and Democrats' 'ideological commitment.'

Panelists John Carney and David Bahnsen provide insight on global growth on 'Kudlow.'