The government said Thursday it will provide 12.2 billion won ($10.77 million) in the latest round of special grants for the preparation of the 2018 PyeongChang Winter Olympics.The Interior and Safety Ministry decided to give 7.5 billion won to the local administration to fund construction projects under way on the venues for the Feb. 9-25 Olympics. They include remodeling accommodation facilities for volunteers, the construction of access roads to railway stations and the improvement of facilit

CHANGWON -- An appeals court on Thursday upheld a lower court decision penalizing an activist for vandalizing a photo of former President Park Geun-hye at a pro-democracy memorial hall in December last year.The Busan High Court rejected an appeal by Kim Young-man, 72, who was indicted for hurling an egg at and spraying ketchup on the picture, five days after parliament voted on Dec. 9 to impeach her over corruption. It was exhibited in a facility in the southern city of Changwon in commemoration

Opposition parties blasted the ruling Democratic Party for slighting law and courts after its chief claimed that former Prime Minister Han Myeong-sook was wrongfully indicted and convicted.Rep. Choo Mi-ae made the remarks as Han was released from prison Wednesday after serving a two-year term for taking illegal political funds. Choo suggested that Han was convicted of trumped-up charges, and called for reforms to eradicate such "judicial ills.""The ruling party's leadership is disregarding the a

Loans extended to local businesses rose slightly in the April-June period from a quarter earlier on increased operating expenses and facility investments, central bank data showed Thursday.Outstanding corporate loans came to 1,016 trillion won ($900 billion) in the second quarter, up 1.4 percent from the preceding three months, according to data from the Bank of Korea.Compared with a year earlier, the second quarter figure marked a 4.7 percent gain. In terms of where the money was spent, loans e

The ratio of South Korea's short-term foreign debt to its foreign reserves hit the highest level in more than a year in the second quarter, central bank data showed Thursday.The country's short-term external debt -- with a maturity of one year or less -- totaled $117.3 billion as of the end of June, up $1.9 billion from three months earlier, according to the data by the Bank of Korea. The end-June figure accounted for 28.8 percent of the country's total external debt, the highest percentage sinc

South Korea's top 30 conglomerates have seen their sales growth and profitability worsen over the past six years amid increased costs, a report showed Thursday.Per capita sales of 164 listed companies belonging to the leading business groups fell at an annual average rate of 1.8 percent between 2011 and 2016, with the amount reaching 957 million won ($848,000) last year, according to the report from the Korea Economic Research Institute.Per capita operating profit of the companies also declined

South Korea's finance chief said Thursday that the government will increase spending on job creation by more than 10 percent in 2018 as part of its efforts to help raise income levels of ordinary people."The government will set aside some 12 percent more money to boost employment in next year's budget and increase the minimum wage to guarantee people proper income," Finance Minister Kim Dong-yeon said in a minister-level policy meeting in Seoul. "The move is aimed at cementing hou

South Korea on Thursday voiced hope that North Korea's latest restraint from additional provocations could pave the way for dialogue with Pyongyang amid signs of de-escalating tensions on the divided peninsula.Seoul's unification ministry said that the North has refrained from making provocative acts since the UN Security Council's adoption of new sanctions earlier this month."We hope that this situation could set the tone for dialogue," a ministry official said.Tensions have eased somewhat afte

South Korean stocks extended gains late Thursday morning as foreigners and institutions scooped up market heavyweights. The won rose against the dollar. The benchmark Korea Composite Stock Price Index was up 13.36 points, or 0.56 percent, to 2,379.76 as of 11:20 a.m.Institutions and foreigners bought a combined 140 billion won ($124 million), offsetting net selling worth 156 billion won by individuals.  A tight range is widely expected this week ahead of the US Federal Reserve's annual econ

The government selected a consortium led by Hankook Research to conduct a survey to collect public opinion on whether the construction of two nuclear power reactors in South Korea should continue or be scrapped.The consortium, which also includes World Research and the Korea Center for Social Conflict Resolution, will conduct a series of surveys to help a state commission come up with a recommendation on whether the construction of the Shingori-5 and Shingori-6 reactors in the southeastern city

Sales of South Korean duty-free stores improved in July, industry data showed Thursday, despite a sharp drop in the number of foreign tourists following a diplomatic row between Seoul and Beijing over the deployment of a US missile defense system here.The sales to foreigners at local duty-free shops came to $693 million last month, up 8.8 percent from $637 million tallied a year earlier, according to the data compiled by the Korea Duty Free Shops Association. The tally for June also jumped 10.2

LG Chem Ltd., South Korea's top chemical firm, soared to a 52-week high on Thursday on solid earnings and hopes for its burgeoning battery business, industry sources said.LG Chem traded at 377,500 won ($345) on the Seoul bourse as of 10:05 a.m., up 3.14 percent from the previous session's close and becoming the seventh most valued firm on the local stock market, and bypassing Internet portal operator Naver and Samsung C&T, the de facto holding firm of Samsung Group.Over the past two months,

LG Electronics Inc. said Thursday it will start sales of the LG Q8 smartphone this week, which will be equipped with high-end audio features.The South Korean tech said sales will start Friday with a price tag of 616,000 won. Equipped with a Quad-Digital to Analog Converter, LG said the smartphone boasts top of the line audio features in its price range. (Yonhap)LG said the 5.2-inch Q8 also comes with quality camera-related features and is capable of taking wide-angle photos.The dual-lens rear ca

South Korea set up a 100 billion-won ($88.7 million) reserve for policy banks to issue refund guarantees for small and mid-sized shipbuilders, officials said Thursday. The fund is aimed at supporting small and mid-sized shipbuilders, which are struggling with prolonged losses amid expectations that new orders may rise, the Financial Services Commission said in a statement. (Yonhap)RG is a form of security for the ship purchaser, which usually makes advance payments on an order. In case the order

The South Korean government will expand health insurance benefits for pregnant women, the government said Thursday, in an effort to better tackle the country's chronic low birthrate.The Ministry of Health and Welfare said those who had given birth in the past 60 days will be able to benefit from changes to the national health insurance policy starting next month. So far, only pregnant women have been covered.Also, the ministry and the National Health Insurance Corporation will provide an additio