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Gov't to spend W35.3 tril. in 3rd extra budget

Gov't to spend W35.3 tril. in 3rd extra budget

The government presented a 35.3 trillion won ($28.9 billion) extraordinary budget draft today, drawn up to combat any economic collapse brought on by the COVID-19 pandemic. The broad stimulus package seeks to provide firms with liquidity, bolster consumption and strengthen the country's social safety net. Also included is the first step of implementing a digitization- and green-related long-term vision for growth. The largest extra budget to date and the third one set up in 2020 is well over the 28.4 trillion won drafted in 2009 following the global financial crisis and the 13.9 trillion won in 1998 amid the Asia financial meltdown. "The measures will help the country overcome the virus-triggered crisis and lay the foundations for the creation of a new growth engine for the post-pandemic world,” said Deputy Prime Minister and Finance Minister Hong Nam-ki.

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Korea to develop COVID-19 treatments this year, vaccines in 2021

Korea to develop COVID-19 treatments this year, vaccines in 2021

Korea is aiming to develop treatments for COVID-19 by the end of the year and vaccines by next year, Health and Welfare Minister Park Neung-hoo said Wednesday, vowing to offer full support to promising pharmaceutical companies.

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US accepts Korea's offer to fund USFK local workers' wages

US accepts Korea's offer to fund USFK local workers' wages

Thousands of furloughed Korean workers at American military bases here will return to work from the middle of the month after the U.S. accepted the government's proposal to pay their wages regardless of the stalled defense cost-sharing talks.

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Seoul City to implement 'Green New Deal' to mitigate pandemic fallout

Seoul City to implement 'Green New Deal' to mitigate pandemic fallout

Mayor of Seoul, Park Won-soon said Wednesday the city will implement its own “Green New Deal” in the post-COVID-19 pandemic period to create jobs and to reduce the city's carbon emissions.

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Retailers on alert for possible food contamination

Retailers on alert for possible food contamination

Local retailers are becoming anxious over possible massive food spoilage as the country is forecasted to suffer one of the hottest summers in year. Worries are arising as firms are eagerly trying to recover from the COVID-19 pandemic, especially offline supermarkets. Retailers are now on alert to better protect their fresh produce from spoiling and this is an even bigger problem for e-commerce firms as they are responsible for the delivery of the products.

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KOSPI tops 2,100-mark after 100 days

KOSPI tops 2,100-mark after 100 days

The nation's benchmark stock index topped the 2,100-mark for the first time in 100 days on Wednesday on hopes for a possible rebound of the pandemic-hit global economy. The KOSPI closed at 2,147 points, up 2.87 percent from the previous trading day. The main bourse started with a gain of more than 1 percent on subsiding signs of the coronavirus pandemic.

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