Nat'l Assembly passes record W607.7t govt. budget for 2022

Nat'l Assembly passes record W607.7t govt. budget for 2022
Parliament holds a plenary session for the revision of the youth protection act on Nov. 11. (Yonhap)The National Assembly passed the 2022 government budget Friday, a record high amount of 607.7 trillion won ($516.3 billion) to cope with the economic fallout of the COVID-19 pandemic and other expenses.

The bill’s passage came a day after the legal deadline, as last-minute negotiations between the ruling Democratic Party and main opposition People Power Party caused a delay in the finance ministry’s computation work.

The final budget is an increase of 3.3 trillion won from the government proposal, the second consecutive year the sum has been expanded by the Assembly. (Yonhap)

 

News Related

OTHER NEWS

Kakao names Namkoong Whon as new CEO

Namkoong Whon, new CEO of Kakao / Courtesy of Kakao Kakao, the operator of Korea’s top mobile messenger KakaoTalk, said Thursday it has named Namkoong Whon as its new CEO, ... Read more »

Pregnant women face dilemma over COVID-19 vaccinations

Getty images By Bahk Eun-ji Concerns among pregnant women are growing as they are not included as eligible for the government’s vaccine pass exemption. The Central Disease Control Headquarters said ... Read more »

From TREASURE to Apink, a wave of K-pop stars to drop new songs next month

By Dong Sun-hwa A slew of K-pop stars including GOT the beat and Kep1er electrified their fans with their new music offerings in January. February is set to be another ... Read more »

Korea aims to become world's 5th biggest metaverse market by 2026

gettyimagesbank The government unveiled a long-term road map to foster its metaverse industry Thursday, with the aim of becoming the world’s fifth-largest market over the next five years.Under the plan, ... Read more »

Daily cases jump to over 6,000 for 1st time in nearly a month amid Omicron woes

A medical worker in a booth takes a nasal sample from a man at a makeshift COVID-19 testing site in Seoul, Jan. 19. AP-Yonhap Daily new COVID-19 infections jumped to ... Read more »

Hyundai, US firm join hands for battery development

gettyimagesbank Hyundai Motor said Thursday it has partnered with U.S. quantum computer firm IonQ for battery development. The partnership will allow Hyundai Motor to use IonQ’s quantum computers to develop ... Read more »

Seo Kang-jun, Kim A-joong hunt down mysterious assailant in Disney+ series 'Grid'

Actor Seo Kang-jun in a scene from Disney+ series “Grid” / Courtesy of Disney+ By Kwak Yeon-soo Actor Seo Kang-jun is currently serving his mandatory military service, but his absence ... Read more »

POSCO chief apologizes for worker's death in steel mill accident

A worker died at a plant of South Korea’s top steelmaker POSCO on Thursday after being hit by a coal-moving vehicle, police said. The 38-year-old worker, affiliated with a service ... Read more »

NH Financial Group to prioritize ESG and digital business

NH Financial Group Chairman Son Byung-hwan, fifth from left, poses for a photo along with the CEOs of the group’s affiliates, after holding a strategic management meeting at the group’s ... Read more »

'Parasite' director preparing to adapt sci-fi novel into film with Warner Bros.

Filmmaker Bong Joon-ho / Korea Times file Oscar-winning filmmaker Bong Joon-ho will likely come back with an English-language movie based on an unpublished U.S. science-fiction novel on clones, with Hollywood ... Read more »

POSCO's spinoff plan undermined by minority shareholders

POSCO’s flag hangs on its building in Seoul in this file photo. Courtesy of POSCO By Park Jae-hyukPOSCO is still facing uncertainties about its ambitious plan to restructure itself as ... Read more »

Lotte acquires Ministop's Korean operations

A Ministop convenience store in Seoul / New1 Lotte, the holding company of Korean retail giant Lotte Group, said Friday it has acquired a 100-percent stake in Ministop Korea for ... Read more »

External risks weigh on Korea's economic recovery

Electronic signboards in a Hana Bank dealing room in Seoul show intra-day trading of the benchmark KOSPI, the won-dollar exchange rate and the tech-heavy KOSDAQ, Friday. Yonhap US, China factors ... Read more »

Ji Sung, Seo Ji-hye to co-star in new thriller series

Actors Ji Sung, left, and Seo Ji-hye will play the lead roles in tvN’s new series, “Adamas.” Courtesy of Breitling Korea, Culture Depot By Lee Gyu-lee Actors Ji Sung and ... Read more »

Assembly speaker seeks support for Korean businesses in Sri Lanka

National Assembly Speaker Park Byeong-seug and Sri Lankan President Gotabaya Rajapaksa pose for camera in their meeting in Sri Lanka on Thursday. (National Assembly Speaker’s Office)National Assembly Speaker Park Byeong-seug ... Read more »

New Kakao CEO faces daunting tasks

Company has long way to go to restore public trust and investor confidence By Baek Byung-yeul NamKoong Whon, Kakao’s new CEO. Courtesy of Kakao Namkoong Whon, the newly appointed chief ... Read more »

SNL Korea becomes popular platform for actors to show off their goofy sides

Actress Shin Hae-sun in a scene from the comedy show “SNL Korea” / Screenshot from Coupang Play’s YouTube channel By Kwak Yeon-soo The second season of the revived “Saturday Night ... Read more »

Relocation of state-run banks as election pledge unnerves employees again

The sign of the Korea Development Bank (KDB) is located in front of its headquarters in Seoul. KDB is among several public financial institutions that presidential candidates say they plan ... Read more »

Samsung hints at Note in new Galaxy S series

Roh Tae-moon, president and head of MX Business at Samsung Electronics / Courtesy of Samsung Electronics By Baek Byung-yeul Samsung Electronics’ Galaxy Note series, which skipped release in 2021, is ... Read more »

MS-Blizzard deal prompts Korean game firms to seek more metaverse M&As

By Baek Byung-yeul Nexon, NCSOFT, Netmarble and other Korean game companies are expected to seek more mergers and acquisitions (M&As) in metaverse- and non-fungible token (NFT)-related businesses, sparked by Microsoft’s ... Read more »

Storytelling baristas appointed as Starbucks ambassadors

2022 Starbucks Korea ambassadors Yang Jung-eun, left, and Seo U-ram hold cups of coffee at a Starbucks coffee shop in Seoul, on Tuesday. Courtesy of Starbucks Korea By Kim Jae-heun ... Read more »

Korea remains No. 2 most popular content provider on Netflix in last quarter of 2021

A version of the Netflix series “Squid Game” is played on a mobile phone in this picture taken Sept. 30, 2021. Reuters-Yonhap Korea remained the No. 2 supplier of popular ... Read more »

More people place hopes on lottery tickets as pandemic drags on

By Lee Kyung-min Kim Sun-jin, 20, has been buying a lottery ticket each month, ever since she was let go from her part-time job at an eatery in Seoul in ... Read more »

Kyochon F&B hit for frequent discounts after price hikes

Kyochon F&B CEO and Chairman So Jin-se speaks during an online press conference held on Oct. 22, 2020. Courtesy of Kyochon F&B By Kim Jae-heun Kyochon F&B, Korea’s largest fried ... Read more »

S-Oil to collaborate with Saudi Aramco on low-carbon energy development

S-Oil CEO Hussain A. Al-Qahtani, left, and Saudi Aramco’s Vice President of Chemicals and Hydrogen Olivier Thorel pose after signing MOUs at “Saudi Arabia ― Korea Investment Forum for Smart ... Read more »

Yoon calls for more investment, exchanges between S. Korea, Russia

Yoon Suk-yeol (R), the presidential candidate of the main opposition People Power Party, poses for a photo with Russian Ambassador to South Korea Andrey Kulik during their meeting at the ... Read more »

A battle of lion, tiger and turtle? Art of face reading offers peculiar take on presidential race

Between various scandals, the leaking of private conversations and talks of possible unified candidacies, support for the three major candidates in Korea’s ongoing presidential race has fluctuated unpredictably throughout. But ... Read more »

Woori Financial marks sharp rise in market cap after successful privatization

Woori Financial Group, headquartered in central Seoul, is enjoying the sharpest rise among the country’s major banking groups this year in terms of market capitalization, after fully privatizing on Dec. ... Read more »

Kakao Bank CEO's huge stake sale extends debate on betrayal of shareholders' trust

Yoon Ho-young, fourth from left, then co-CEO of Kakao Bank, poses with other dignitaries during a ceremony to mark the company’s launch at the Floating Island Convention Center in southern ... Read more »

Lee Seo-jin takes stab at comedy with 'Dr. Park's Clinic'

Actors Ra Mi-ran, left, and Lee Seo-jin pose during the online press conference for Tving’s new comedy series, “Dr. Park’s Clinic,” Tuesday. Courtesy of Tving By Lee Gyu-lee Actor Lee ... Read more »

KENTECH criticized for 'ill-prepared' commendation award

The construction site of Korea Institute of Energy Technology (KENTECH) in Naju, South Jeolla Province. Yonhap KEPCO CEO Cheong Seung-il By Lee Kyung-min Criticism is mounting over the government’s plan ... Read more »

[Contribution] Korea's growth prospects optimistic, despite inflation, rising debt

Florencia T. Castro-Leal By Florencia T. Castro-Leal Korea’s handling of the pandemic and policy response have been one of the best in the world. The effective measures have both minimized ... Read more »

Samsung battling TSMC, Intel to be global leader in foundry business

By Baek Byung-yeul Samsung Electronics is facing growing competition with its rivals in the foundry business, as TSMC and Intel are expanding their investments in the rapidly growing, contracted semiconductor ... Read more »

SillaJen investors likely to take legal action

SillaJen shareholders call for the trading of the biotech company’s stocks to be resumed in front of the Korea Exchange’s building on Yeouido, Seoul, Tuesday. Yonhap Final decision for biotech ... Read more »

LG Energy Solution sets historically high bids in IPO subscription

Customers visit a sales office of Shinhan Investment in Seoul, Tuesday, to place bids for LG Energy Solution shares ahead of its initial public offering. Yonhap By Lee Min-hyung The ... Read more »

Labor issue potential risk to SK ecoplant's IPO

SK ecoplant CEO Park Kyoung-il presides over an extraordinary meeting of shareholders at the company headquarters building in Seoul in this December 2021 file photo. Courtesy of SK ecoplant By ... Read more »

FTC fines feared to prompt foreign regulators to sanction local shippers

A Hyundai Merchant Marine containership using eco-friendly bio heavy oil is seen in this file photo. Courtesy of HMM Taiwanese, Singaporean firms consider filing lawsuits By Park Jae-hyuk A decision ... Read more »

Defense minister stresses military's 'will, efforts' for OPCON transfer assessment

Defense Minister Suh Wook (C) attends a meeting with top commanders to discuss progress in South Korea’s efforts to retake wartime operational control from the United States at the defense ... Read more »

BTS-inspired webtoon '7FATES: CHAKHO' is making waves, but what is 'chakho'?

The BTS-inspired webtoon, “7FATES: CHAKHO” / Courtesy of Naver Webtoon By Dong Sun-hwa As many people had expected, the BTS-inspired webtoon, “7FATES: CHAKHO,” turned out to be an instant hit, ... Read more »

Omicron set to become dominant strain this week

People wait in line to get swabbed for the coronavirus at a testing center near Seoul City Hall, Wednesday. Newsis New infections soar to over 5,000 for first time in ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic