The nation’s oldest reactor in Kori to resume operationThe nation’s state-run power company issued a power shortage warning on Monday, with electricity consumption soaring amid high temperatures. Korea Electronic Power Corp. issued the warning at 11:05 a.m., less than an hour after it announced an electricity shortage alert at 10:17 a.m. The warning followed a large-scale nationwide blackout on Sept. 15 last year. The government said that Monday’s electricity demand exceeded the ordinary level a

Market research firm says Nokia has become renewed threatSamsung Electronics’ shipments of feature phones slipped in the second quarter, even as it secured the top position in smartphones during the same period.Market research firm Strategy Analytics said on Monday that Samsung shipped 43 million feature phones running on second-generation communication networks, from April-June.As a result, the global IT behemoth recorded a minus 21 percent growth in feature phones compared to the same period l

KT and Microsoft Korea announced on Monday that they will collaborate to promote the development of HTML5-based applications.Under a memorandum of understanding signed by the two companies, KT and MS will seek and support Korean app developers for the World Wide Web, including venture tech start-ups and self-employed entrepreneurs.Korea’s Internet network conglomerate and the global software giant will also provide software and IT education to potential developers as part of efforts to boost the

Global ad spending to top $6b this yearKorea is expected to become the world’s fourth-largest mobile advertising market this year.In a report by eMarketer, a U.S. IT research firm, spending for mobile advertisements in Korea is estimated to reach over $450 million this year, up about 40 percent from $320 million in 2011.Korea will follow the U.S., Japan and the U.K. in terms of ad spending. The U.S., the world’s largest ad market, will maintain the top position with ad spending to reach some $2.

Korean stocks jumped 2.01 percent on Monday as unexpected improvement in U.S. employment data and renewed hopes over the troubled eurozone boosted investor confidence, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index climbed 37.20 points to finish at 1,885.88. Trading volume was moderate at 242.6 million shares worth 4.13 trillion won ($3.66 billion) with advancers outpacing decliners 562 to 242. “Good news from the U.S. and Europe a

The number of passengers using Incheon International Airport reached an all-time daily high over the weekend, as South Korea’s tourism season is in full swing, its operator said Monday. The nation’s main gateway, located west of Seoul, recorded 143,330 passengers on Sunday, with 64,967 outbound and 75,363 inbound, the airport said in a release. It was the first time the number of passengers surpassed 140,000 since the international airport opened in 2001, it noted.The airport has designated a pe

International crude prices could jump in the second half due to mounting Middle East geopolitical risks, spelling trouble for South Korea’s struggling economy, think tanks said Monday.The Korea Center for International Finance and the Paris-based International Energy Agency said concerns are rising that a standoff over Iran’s nuclear program and the crude embargo imposed by the United States and Europe can cause oil prices to rise above the $100 per barrel mark in the coming months. Fossil fuel

Local brokerages are reducing their staff amid continued stagnation in the stock market, according to reports. Staff sizes at 63 brokerages in Korea dropped by 0.6 percent from 42,682 at the end of last year to 42,388 in the first quarter, the Financial Supervisory Service and Korea Financial Investment Association said Monday. It is the first time brokerages have reduced employees since 2009, in the wake of the collapse of Lehman Brothers Holdings. “The continued market stagnation resulted in a

Korea and Vietnam declared the launch of talks on a bilateral free trade agreement Monday as part of efforts to strengthen economic ties, Seoul’s Trade Ministry said.In a meeting held in Hanoi earlier in the day, South Korean Trade Minister Bark Tae-ho and his Vietnamese counterpart Vu Huy Hoang agreed to launch their free trade talks, the ministry said.Korea already has a free trade pact on merchandise with the 10-member Association of Southeast Asian Nations that took effect in 2010. Similar d

Major shareholders of nine mutual savings banks with assets of more than 500 billion won ($444 million) were found to have interfered with management in an unlawful manner, the nation’s top financial regulator said Monday.The nine savings banks are Hyundai Swiss, Hyundai Swiss 2, Shilla, Gongpyung, Seram, Pureun, Shinana, Moa and W, the Financial Supervisory Service said.While wielding control over the secondary lenders, the major stockholders or their family members did not give any business ap

The Australian Chamber of Commerce in Korea, or AustCham Korea, is recruiting dancers for its upcoming Chairman’s Night on Sept. 21.This year’s theme is “Dancing Under the Stars.” The chamber is seeking nine volunteers.Each volunteer will be paired with a professional, and will learn specific choreography set to music. A total of eight lessons will be offered. For more details, please call 02-2010-8832. (renee@heraldm.com)

The Seoul International Women’s Association, or SIWA, will hold a “Mingle Night” at the Grand Ambassador Seoul Hotel on Aug. 31.Members and non-members can choose from various side dishes and snacks, in addition to local beers and wines.They will also be able to enjoy a live music performance. The hotel’s bar holds a live performance every night after 8:30 p.m. according to SIWA. Please visit the official website for more information.(renee@heraldm.com)

The French Korean Chamber of Commerce in Korea, in partnership with the French Chamber of Commerce and Industry in Vietnam, has organized a business delegation trip to Mongolia.According to the chamber, the trip will help interested investors, entrepreneurs, and representatives explore potential business opportunities in the landlocked central Asian country.Registration and applications must be completed by Aug. 10, according to the FKCCI website. Several options are being offered, so for more d