Consensus is building among government officials and lawmakers in support of a proposal to slash the maximum working hours from 68 to 52 a week starting in 2016, a move that is expected to improve quality of life and create more part-time jobs, the Labor Ministry said Wednesday. Saenuri Party Rep. Kim Sung-tae has proposed an amendment to the Labor Standards Act which would adopt a revised definition of a week, and in effect reduce maximum work hours by 16 hours. “Chances are high that the law w

Politics Sept. 11, 2013

About one in every five credit cards issued in South Korea are not in use, data showed Wednesday, amid card firms' unwillingness to clear them off citing market share. The number of dormant credit cards stood at 23.5 million at the end of June, accounting for 20.4 percent of the total issuance, according to the Financial Supervisory Service (FSS). The proportion has stayed around the 20 percent range since the first quarter of last year, but it is a sharp decline compared with 28.6 percent talli

Sept. 11, 2013

Italy and the Netherlands became the first European teams to qualify for next year's World Cup, and the United States, Costa Rica and Argentina also grabbed spots in the field on Tuesday.Giorgio Chiellini scored in the 51st minute and Mario Balotelli converted a penalty in the 54th, giving Italy a 2-1 come-from-behind win over the Czech Republic in Turin. Goalkeeper Gianluigi Buffon made his 136th international appearance, matching Fabio Cannavaro's Italian record.The Azzurri, a four-time World

Soccer Sept. 11, 2013

The ability of South Korean listed companies to pay back their debts improved in the first half of this year due mainly to a rise in their operating profits and lower interest rates, data showed Wednesday.The average interest coverage ratio of 571 firms listed on the main bourse came to 4.97 in the January-June period, compared with 4.13 tallied a year earlier, according to the data compiled by the Korea Exchange (KRX).The ratio, or a firm's operating profit divided by its interest costs, measur

Industry Sept. 11, 2013

South Korea returned the body of a North Korean soldier to his homeland through the truce village on Wednesday, the defense ministry said, over one month after the body was swept across the border by floodwaters.The South retrieved the body near the Peace Dam in Gangwon Province on July 31, just south of the Demilitarized Zone that separates the two Koreas. The United Nations Command (UNC), which oversees the truce agreement, handed the body over to North Korean officials at the truce village of

North Korea Sept. 11, 2013

The United States could default on its obligations as early as Oct. 18 if Washington fails to agree on legislation to raise the government's borrowing cap, a new study predicted Tuesday.The Bipartisan Policy Center analysis says the default date would come no later than Nov. 5 and that the government would quickly fall behind on its payments, including Social Security benefits and military pensions.The think tank's estimate is in line with a warning last month by Treasury Secretary Jacob Lew tha

World Business Sept. 11, 2013

South Korean stocks opened almost flat Wednesday as investors sought after profit-taking amid the market's steep rise over the previous trading sessions, analysts said.After opening higher, the benchmark Korea Composite Stock Price Index (KOSPI) moved down 0.54 points, or 0.03 percent, to 1,993.52 in the first 15 minutes of trading.Tech shares lost ground, with Samsung Electronics falling 0.29 percent and its local rival LG Electronics moving down 0.27 percent. Flat panel maker LG Display shed 1

Sept. 11, 2013

The United States has no plans this year for tripartite ballistic missile defense exercises with South Korea and Japan despite Washington's continued push for bolstering three-way military cooperation with the key regional allies, according to a Pentagon source."I do not believe we have any trilat missile exercise scheduled this year," the source told Yonhap News Agency.The three countries had the Pacific Dragon exercise last year, in which they successfully tracked two near-simultaneous launche

Defense Sept. 11, 2013

A Russian plan for Syria to turn over its chemical weapons to avert Western missile strikes bogged down Tuesday when Moscow rejected U.S. and French demands for a binding U.N. resolution with “very severe consequences” for non-compliance.The surprise Russian proposal, which Syria and the United States both accepted, would put President Bashar Assad's regime's chemical stockpile under international control before its eventual dismantling. The initiative _ also cautiously endorsed by Britain and F

World News Sept. 11, 2013

Within minutes of being elected to the top job in the Olympics, Thomas Bach got a phone call from a powerful leader he'll work with closely in the next few months: Russian President Vladimir Putin.Bach, a 59-year-old German lawyer, was elected Tuesday as president of the International Olympic Committee. He succeeds Jacques Rogge, who stepped down after 12 years.Bach, the longtime favorite, defeated five candidates in a secret ballot for the most influential job in international sports, keeping t

More Sports Sept. 11, 2013

South Korea's jobless rate inched down in August from a month earlier and job creation also accelerated, raising hopes that labor market conditions are improving, a government report showed Wednesday.According to the report by Statistics Korea, the jobless rate stood at 3 percent last month, down from 3.1 percent in July. The jobless rate adjusted for inflation also fell from 3.2 percent to 3.1 percent.Job creation is picking up speed. The number of employed people was 25.29 million in August, u

Sept. 11, 2013