The number of subcontract workers in the country surpassed the 100,000 mark last year, government data showed Thursday.According to the data released by the labor ministry, workers hired by in-house subcontractors totaled 106,601 in 2011, up 7.2 percent from a year earlier.First adopted during the Asian financial crisis in 1998, an in-house subcontracting system has been widely used by local compa

Social Affairs July 19, 2012

South Korea ranks 43rd in gold holdings, 13 notches higher from a year earlier, but its reserves remain relatively small compared with other nations, data showed Thursday.South Korea's gold holdings came to 54.4 tons as of July this year, the 43rd largest among 113 countries and organizations surveyed by the World Gold Council, an international body that offers key information about gold.South Kor

July 19, 2012

South Korean stocks got off to a strong start on Thursday, boosted by overnight rallies on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) jumped 27.2 points, or 1.52 percent, to 1,822.11 in the first 15 minutes of trading.U.S. stocks closed higher on Wednesday on the back of U.S. Fed chief Ben Bernanke's remarks and firm gains in technology shares.Blue chips led

July 19, 2012

WASHINGTON -- Jim Yong Kim, the new head of the World Bank, warned Wednesday that almost all areas of the world will be affected by the ongoing European financial crisis."To put it starkly, what's happening in Europe today affects the fisherman in Senegal and the software programmer in India," Kim said in his speech at the Brookings Institution. "Therefore, it is urgent that European countries tak

World Business July 19, 2012

Domestic sales of steel products in South Korea declined 4.7 percent on-year in the first five months of the year due to prolonged economic uncertainties and weak demand, a trade association said Tuesday.According to the Korea Iron and Steel Association (KOSA), domestic shipments of steel products amounted to 23.13 million tons in the January-May period.Experts said a drop in demand from shipbuild

July 17, 2012

South Korean stocks got off to a weak start on Tuesday as concerns over global growth and weak U.S. economic data strained investor sentiment, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) slipped 14.1 points, or 0.78 percent, to 1,803.69 in the first 15 minutes of trading.On Monday, the International Monetary Fund (IMF) revised down its 2013 forecast for global growth and

July 17, 2012

South Korean stocks rose 0.27 percent on Monday as investor sentiment was boosted by growing expectations over a global recovery and corporate earnings forecasts, analysts said. The local currency gained ground against the U.S. dollar.The Korea Composite Stock Price Index (KOSPI) climbed 4.9 points to finish at 1,817.79. Trading volume was light at 263.5 million shares worth 3.2 trillion won ($2.8

July 16, 2012

South Korean stocks got off to a strong start Monday, boosted by better-than-expected corporate earnings reports in the United States last week, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 0.93 points, or 0.05 percent to 1,813.82 in the first 15 minutes of trading.JP Morgan Chase beat market anticipations, reporting a net $5 billion profit for the second quarter, w

July 16, 2012

New York Knicks point guard Jason Kidd was arrested on a drunken-driving charge after police said he crashed his SUV into a telephone pole in the Hamptons on Sunday, days after signing with the Knicks.Treated at a hospital for minor injuries after the crash, Kidd was arraigned on a misdemeanor driving-while-intoxicated charge and released without bail, Southampton Town police said.Kidd's agent did

More Sports July 16, 2012

South Korean stocks started higher on Friday, led by gains in blue-chip shares, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 9.16 points, or 0.51 percent, to 1,794.55 in the first 15 minutes of trading.On Thursday, the KOSPI dropped 2.24 percent to close at 1,785.39 points on growing concerns over a slowdown in Asia's fourth-largest economy.Most shares gained groun

July 13, 2012

The South Korean film "The Concubine" has been sold to eight Asian countries, including Singapore, China and Japan, its distributor Lotte Entertainment said Thursday.Directed by Kim Dae-seung, the erotic period drama is about the love triangle involving a Joseon-era king, his concubine and another man.The film has sold more than 2.6 million tickets since opening at local theaters on June 6, accord

Film July 12, 2012

South Korea is considering withdrawing at least some of its troops protecting aid workers in Afghanistan, government officials said Thursday.One official said the mission for the unit, called "Ashena," will be over at the end of this year, and other nations are also set to withdraw their forces from the war-ravaged country."We're looking into ways to pull out Ashena forces over several phases," th

Foreign Affairs July 12, 2012

South Korean stocks started a tad higher on Thursday on foreign buying, analysts said.After opening 0.08 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) climbed 0.34 points, or 0.02 percent, to 1,826.73 in the first 15 minutes of trading.Market bellwether Samsung Electronics gained 0.36 percent and its smaller electronics rival LG Electronics rose 1 percent.Leading carmaker

July 12, 2012

South Korean stocks edged down 0.17 percent on Wednesday as investors remained jittery over a global economic slowdown, analysts said. The local currency gained against the U.S. dollar.The Korea Composite Stock Price Index (KOSPI) lost 3.06 points to finish at 1,826.39. Trading volume was light at 329.9 million shares worth 3.24 trillion won ($2.84 billion), with losers just outpacing gainers 393

July 11, 2012