Finance Minister Hong Nam-ki said Friday the government will ramp up its effort to support small merchants next year in a bid to help them tide over the economic fallout of the COVID-19 pandemic. Hong said the government will also prioritize strengthening social safety nets in 2022 in a bid to narrow deepening income gaps caused by the pandemic. "The government will focus on providing multilayered support to small merchants to help them overcome economic difficulties and make a leap forwa

A man standing beside a robot, gazing into what seems to be an otherworldly dimension, or perhaps the metaverse, is how Hyundai Motor Group visually teased their stage at the upcoming Consumer Electronics Show to take place in Las Vegas on Jan. 5-8. The Korean auto giant said it will be presenting the group’s blueprint for future mobility where robotics and metaverse technologies are expected to take center stage. Chairman Chung Euisun is expected to lay out the blueprint at Hyundai Motor

The chief of the nation’s central bank said Friday that monetary easing will be broadened in tandem with the pace of the economic recovery next year. “Additional moves related to monetary easing will be carried out after closely reviewing the development of economic growth and inflation,” Bank of Korea Gov. Lee Ju-yeol said in his New Year’s address. “Imbalances in the financial market and shifts in monetary policies of key economies will be taken into considerat

K-pop powerhouse S.M. Entertainment has launched Beyond Live, an online-only streaming platform for concerts, the company said Friday. The announcement came ahead of the entertainment firm’s “SMTOWN LIVE 2022 : SMCU EXPRESS@KWANGYA,” a free online concert slated for Saturday. The online streaming platform, operated under Beyond Live Corp., was jointly created last year by South Korea’s largest web portal operator, Naver, and S.M. Entertainment. It is currently a subsidi

SEJONG -- The on-year growth of consumer prices has reached the highest level in 10 years in 2021, aggravating the burden on the debt-saddled household sector. According to Statistics Korea, consumer prices climbed 2.5 percent this year compared to 2020. After reaching 2.2 percent in 2012, the growth ranged between 0.4 and 1.9 percent during the 2013-2020 period. The 2021 figure marked the highest since it peaked at 4 percent in 2011, posting over 2 percent for the first time in nine years sin

Annual year-end bell-ringing ceremonies have been canceled across the nation for the second year in a row amid the prolonged COVID-19 pandemic, officials said Friday. The country's most popular bell-ringing ceremony, which used to be held on New Year's Eve at Bosingak Pavilion in central Seoul, has been called off again, according to the Seoul city government. Instead, a virtual bell-ringing event will be livestreamed through YouTube and Facebook, the city said. It marks the second time the y

The mother of an infant found dead inside a clothing donation bin in Osan, Gyeonggi Province, earlier this month could face infanticide charges, the police said on Friday. According to the Osan police, investigators have sent the case to the prosecution on Thursday. The woman is accused of neglect leading to the death of the just-born boy in the bathroom of her house, where she had given birth. She is charged with discarding the baby’s body in a roadside clo

Super group of seven ready to put their talent on full display through “Step Back”

J-hope, a member of K-pop superband BTS, donated 100 million won ($84,000) Friday for children suffering economic hardships amid the protracted COVID-19 pandemic, a charity group said. According to ChildFund Korea, J-hope expressed hope that his donation will be used to help children in need have a warm winter. "I was concerned for children who would be spending a cold and lonely holiday season due to economic hardships from the COVID-19 pandemic," J-hope said. The donation will be

Hyundai Electric & Energy Systems Co., an affiliate of Hyundai Heavy Industries Group, said Friday it has exported ultrahigh-voltage power transformers to Oman's state utility provider in a deal valued at $8.5 million. The supply deal with the Oman Electricity Transmission Co., included the sales of three 400-kilovolt/500-megavolt ampere power transformers, which will be installed in a new substation north of Oman, Hyundai Electric said. With the deal, the company's power transformer sales

Industry Minister Moon Sung-wook vowed Friday to make all-out efforts to ensure stable supply chains for key industry materials and to nurture next-generation sectors. He made the pledge in his message for the new year, saying the government will work further to make concrete steps that prevent any recurrences of the recent urea crisis. South Korea experienced a shortage of urea solution, an essential fluid used in diesel vehicles to cut emissions, after China imposed export curbs on urea in O

The National Assembly on Friday passed a bill that lowers the age of candidacy for parliament and local elections from 25 to 18. Under the bill, which is expected to be endorsed by the Cabinet next month, anyone aged 18 and above can run for a seat in the National Assembly starting with the by-elections slated for March 9, when the presidential election will be held simultaneously. At least five seats will be up for grabs in the 300-seat Assembly. The bill passed 204-12, with 10 abstentions.

South Korea's military on Friday reported 22 additional COVID-19 cases, including 21 breakthrough infections, raising the total caseload among its personnel to 3,257. Of the new cases, 16 are from the Army and two from the Navy, two from the Air Force and two from the Joint Chiefs of Staff, the defense ministry said. Currently, 272 military personnel are under treatment. Of the total military caseload, 1,457 are breakthrough cases. (Yonhap)

South Korea emitted a total of 701.3 million tons of greenhouse gas in 2019, the environment ministry said Friday. The 2019 figure, confirmed by the Greenhouse Gas Inventory and Research Center, represents a 3.5 percent drop from the 2018 tally, according to the ministry. The decrease came largely from a reduction in power plant emissions from 268.5 million tons to 248.7 million tons and alternative ozone layer depleting substances from 8.8 million tons to 6.3 million tons. But road transport