A series of breakdowns of nuclear reactors and power plants is fueling concerns over power shortages this winter despite Korea’s all-out efforts to increase supply and ward off a blackout.On Wednesday morning, a 950,000-kilowatt nuclear reactor in Gori, South Gyeongsang Province, was brought to an abrupt halt due to a temporary overvoltage. That came merely 12 hours after a reactor with a capacity of 1 million kilowatts in Uljin, about 330 kilometers southeast of Seoul, came to a standstill due

Steelmaker’s share stages tenfold growth on solid performancePOSCO shares attracted public attention again on Wednesday, one day after its founder and honorary chairman Park Tae-joon died. The country’s representative steelmaker is the No. 3 stock on KOSPI, with its market capitalization valued at 34.2 trillion won, easily outpacing other blue-chip shares. POSCO, whose shares closed up 500 won at 390,000 won on Wednesday, is widely regarded as one of the favorites for investors at home and abroa

SK Telecom Co., South Korea’s largest mobile carrier, said Wednesday that the number of fourth-generation wireless subscribers has topped 500,000 in about five months. In July, SK Telecom kicked off the long-term evolution network in Seoul, offering faster wireless data than the third-generation network for data-hungry smartphone users. The carrier has since launched 10 new mobile devices compatible with the new high-speed data service. The mobile operator said the growth rate of the 4G service

South Korean households with monthly spendings of 4 million won ($3,450) or more are on the rise as prices for essentials increase, a report showed Wednesday.According to Statistics Korea, such households in the highest spending bracket accounted for 10.51 percent of all households in the third quarter of the year, exceeding the 10-percent mark for the first time.The comparable figure for 2010 was 8.79 percent, the statistics agency said, adding that spending on a vast array of goods and service

South Korean stocks closed 0.34 percent lower on Wednesday as the Federal Reserve failed to lay out new stimulus measures to prop up the economy, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI fell 6.31 points to 1,857.75. Trading volume was moderate at 396.6 million shares worth 4.36 trillion won ($3.77 billion), but gainers outpaced losers 433 to 381.“The market was largely lackluster. The Seoul bourse started weaker due to a lack of the Fed’s fresh economic

SC First Bank, the local unit of the British banking group Standard Chartered, plans to accept the request of all 813 workers who applied for early retirement, the bank said Wednesday, cutting 13 percent its workforce as part of cost cutting reforms.“We plan to accept all 813 applications for voluntary redundancy. They will work until the end of the month,” a spokeswoman at the bank said.The bank started taking applications for voluntary redundancy from those who are aged 35 or more and have wor

Report says 2003 documents were written by regulators, not accounting firmFinancial regulators are suspected of fabricating documents on Lone Star Funds in 2003 when Korea Exchange Bank was acquired by the buyout fund, according to a news report.At least over the past few months, the Financial Services Commission (then the Financial Supervisory Commission) has argued that the records, submitted by an accounting firm, prove that Lone Star was eligible to own a Korean bank.But the documents were a

Global credit ratings agency Standard & Poor's said Wednesday it has affirmed its sovereign credit rating for South Korea, citing the nation's fiscal soundness and its net external creditor position.According to an e-mailed statement, S&P said that it has decided to maintain the credit rating on Sou

MENLO PARK, California (AP) _ Facebook is making it easier for people who express suicidal thoughts on the social networking site to get help.A program launching Tuesday enables users to instantly connect with a crisis counselor through Facebook's “chat” messaging system.The service is the latest to

A three-page contract that established Apple Computer Co. (AAPL) sold for $1.59 million at Sotheby’s (BID) in New York today, soaring past the presale estimate of $100,000 to $150,000. The bidding started at $70,000 in a half-empty room attended by about 20 people and almost as many Sotheby’s staffe