South Korea will keep fuel price caps unchanged for four weeks, citing renewed US-Iran tensions in the Middle East and domestic inflation. The decision aims to shield the economy and consumers from global oil price volatility.
The UK government has distanced itself from reported plans to introduce voluntary price caps on essential supermarket products after supermarkets reacted with anger. Treasury minister Dan Tomlinson denied the government was pursuing price caps, while retailers and the BRC opposed the idea, warning it would deter investment and amount to illegal collusion.
South Korea has frozen fuel price ceilings for the fourth consecutive time, extending them for two weeks due to stable oil supply and moderating global crude prices. The government aims to ease inflationary pressure and financial burdens on citizens.
Marks & Spencer CEO Stuart Machin slammed a government proposal for voluntary food price caps as 'preposterous', urging tax and regulatory relief instead. He cited increased costs from new levies and global conflict impacting M&S's profits, which fell nearly 24% last year due to a cyber-attack.
The UK government is reportedly urging supermarkets to voluntarily limit price rises on key groceries in exchange for eased regulations. Retail industry sources suggest the plan, which the British Retail Consortium calls "1970s style price controls" and warns would force retailers to sell at a loss, aims to help families with costs.
SEJONG, May 11 (Yonhap) -- Finance Minister Koo Yun-cheol said Monday the tempor...
SEJONG, May 11 (Yonhap) -- Finance Minister Koo Yun-cheol said Monday the tempor...
SEOUL, May 7 (Yonhap) -- The government froze the price ceilings on fuel product...
South Korea's Prime Minister Kim Min-seok announced the government will carefully review whether to extend fuel price caps, set to expire Thursday, after confirming positive effects in preventing price spikes and supporting consumer spending.
France is experiencing fuel shortages at hundreds of gas stations after price caps led to a surge in demand. The Energy Ministry attributes this to logistical issues, while reports link it to the global energy shock caused by the US-Israeli war against Iran, which has also driven diesel prices to record highs.
