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South Korea Extends Fuel Tax Cuts Through November to Ease Public Burden

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South Korea will extend its fuel tax cut scheme by another two months through November to ease price burdens on the public amid protracted tensions in the Middle East, according to the Ministry of Finance and Economy statement on Thursday.

The ministry said the decision was made during an economy-related ministers' meeting chaired by Finance Minister Koo Yun-cheol, taking into careful consideration the recent international oil price situation and the burden on the public.

The current reductions, including 15% for gasoline and 25% for diesel and butane, were scheduled to end in September, and the 10th oil peak price to be applied will be announced at 6 p.m. on Thursday.

During the Chuseok holiday period from Sept. 24 to 27, highway gas station fuel prices will be lowered by 100 won per litre compared to Sept. 17, with electric vehicle charging fees discounted during daytime hours.

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International

New Zealand Job Ads Rise 0.6% in August, Up 9.7% Annually, Says Seek

New Zealand job ads rose 0.6% month on month in August and are 9.7% higher year on year, with applications per job ad rising 0.9% month on month despite the increase in available opportunities, according to a Thursday report by Seek.The report said 4% of job ads reference artificial intelligence skills, with mentions rising 4.4% month on month and over 93% year-on-year, while job ads with high-automation exposure are now 0.1% lower year on year as those with medium or low exposure continue to rise.Several regions are recording double-digit annual growth, including West Coast at about 25%, Otago at roughly 19%, and Canterbury at nearly 16%, while Manawatū, Hawke's Bay, Northland, and Taranaki were the only regions where job ads declined month-on-month, the report added.The consumer services sector also grew significantly, led by hospitality and tourism at 3.4% and retail and consumer products at 3.3%, per the report.Seek NZ country manager Rob Clark said Auckland enjoyed exceptional monthly growth in August, growing at its fastest pace in over four years, driven by increasing demand for manufacturing, transport, tourism, and hospitality workers.

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International

Saudi Central Bank Lifts Rates by 25 Basis Points

The Saudi Central Bank on Wednesday decided to hike key rates by 25 basis points to maintain monetary stability.SAMA raised the repurchase agreement, or repo rate, to 4.50% and the reverse repo rate to 4%.The move follows the US Federal Reserve's decision to lift interest rates by 25 basis points.

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International

UAE Central Bank Hikes Rates by 25 Basis Points in September

The Central Bank of the United Arab Emirates raised the base rate applicable to the overnight deposit facility by 25 basis points to 3.9%, effective Thursday.Meanwhile, the interest rate applicable to borrowing short-term liquidity was maintained at 50 basis points above the base rate for all standing credit facilities, according to a Wednesday release.The CBUAE's decision follows the US Federal Reserve's move to increase the interest rate on reserve balances.

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