Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Talks on HDC-Asiana deal likely to prolong
HDC Hyundai Development Co. which was poised to acquire Asiana Airlines said Tuesday it will hold talks with the majority shareholder Kumho Industrial to revive the stalled deal. Negotiations between both sides may effectively go on after the Wednesday deadline. A Kumho Industrial official confirmed that the deadline is no longer binding as the deal hinges on the planned talks between working-level staff at both companies. Another official at HDC said that the “details have yet to be de
Aug. 11, 2020
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Biz groups donate to flood relief
South Korean conglomerates Hyundai Motor Group and LG Group made donations to assist flood victims amid continuing heavy rainfall, the groups said Sunday. Hyundai Motor pledged 2 billion won ($1.68 million) to benefit flood victims and repair damage. The nation’s biggest carmaker will provide the funds to the Hope Bridge Korea Disaster Relief Association on Monday while also offering free vehicle maintenance checkups for association staff providing laundry services and daily necessities
Aug. 9, 2020
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HDC agrees to face-to-face negotiations with Kumho over Asiana acquisition
HDC Hyundai Development Co. has agreed to face-to-face negotiations with Kumho Industrial to prevent the rupture of the deal to acquire Asiana Airlines, according to a statement released by HDC on Sunday. In the statement, the construction company said it will try its best to accept the terms put forward by Kumho for the meeting between the CEOs of both companies, such as the location and time, to keep the acquisition process going as smoothly as possible. HDC also reaffirmed its stance that
Aug. 9, 2020
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With planes grounded, airline food seeks new life
When convenience store CU launched airline-themed ready meals late June, the company said it wanted to “comfort” people who couldn’t travel abroad during the coronavirus pandemic. Whatever your view of airplane food, the idea is not as niche as it may sound. After all, airline food reigns among the popular mukbang ideas for South Korean YouTubers, given its association with international travel and holidays, which sometimes rack up millions of views. The novel food product se
Aug. 9, 2020
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Asiana deal at critical juncture, leaning toward collapse
Creditors of embattled Asiana Airlines Co. are drawing up a set of countermeasures against the potential rupture of a deal to sell the country's No. 2 carrier, as local property developer Hyundai Development Co. is leaning toward withdrawing from the 2.5 trillion-won ($2.1 billion) deal, industry sources said Sunday. The state-run Korea Development Bank (KDB) last week warned that HDC should proceed with the deal to buy Asiana Airlines, rejecting HDC's request for another round of due diligenc
Aug. 9, 2020
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Asiana Airlines turns to surplus in earnings surprise
Asiana Airlines posted an operating profit over 100 billion won ($84 million) in the second quarter, for the first time in six quarters, according to the firm’s regulatory filings Friday. The nation’s flag carrier said its operating profit was tentatively estimated at 115.1 billion won in the April-June period. Quarterly sales fell 44.7 percent to 818.6 billion won year-on-year. Net profit turned to a surplus of 116.2 billion won. Similar to Korean Air, the cargo sector led
Aug. 7, 2020
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Korean Air saved by cargo in Q2
Korean Air beat earnings expectations, as it posted an operating profit of 148.5 billion won ($125.2 million) during the second quarter of this year due to its focus on cargo at a time airlines across the world are suffering unprecedented losses. The airline’s overall revenue however dropped by 44 percent compared to the same time last year, according to its tentative financial report released Thursday. But its efforts to streamline the business and prioritize its cargo business seem to
Aug. 6, 2020
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HDC shoots back at Kumho
HDC Hyundai Development Company on Thursday blasted at Kumho Industrial as the party responsible for hindering their acquisition deal and said a new round of due diligence is necessary to prevent both firms from facing insolvency together should they push ahead. Kumho owns Asiana Airlines. “We are deeply disappointed that the seller is pinning the blame of breaching the contract on the buyer when HDC Hyundai Development Company has been duly following the acquisition process by procuring
Aug. 6, 2020
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Incheon Airport offers lower rent to house duty-free shops
Incheon Airport said Thursday it has begun the bidding process to seek duty-free store operators in new rent deals, as it promised 30 percent lower rent prices than previously proposed to soften the blow from the ongoing pandemic. In a statement, Incheon International Airport Corp., the operator of the airport, explained it is seeking new business partners at Terminal 1, as previously signed contracts will start to expire from August. The bidding process has been launched for six out of the ei
Aug. 6, 2020
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Hyundai Motor, Urban-Air Port to develop urban air mobility
Hyundai Motor will join hands with British mobility company to speed up the development of infrastructure related to urban air mobility, the automaker confirmed Thursday. Hyundai Air Mobility, a unit of Hyundai Motor Group, and UK-based Urban-Air Port agreed to partner to jointly develop infrastructure for urban air mobility, which is urban transportation systems to move people and cargo by air, according to Hyundai Motor. Under the partnership, Hyundai Air Mobility and Urban-Air Port plan
Aug. 6, 2020
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Mercedes-Benz Korea appoints Vice President Kim Jee-seop as interim CEO
Mercedes-Benz Korea said Wednesday it appointed Kim Jee-seop, vice president of customer services department, as interim president and CEO. Bjorn Hauber, president of Mercedes-Benz Sweden and Denmark, was originally appointed as the president and CEO of Mercedes-Benz Korea as of August 1, but could not take the position due to personal reasons, the automaker said. Kim joined Mercedes-Benz Korea in 2002 through the Mercedes-Benz Global Asia Management Associate Program. He worked at the Da
Aug. 5, 2020
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Jeju Air suffers major setback as operating loss more than doubles
South Korea’s largest low-cost carrier Jeju Air suffered an operating loss of 84.7 billion won ($73.3 million) during the second quarter this year, raising its net operating loss for the first half of the year to nearly 150 billion won, according to a tentative financial report released Wednesday. The deficit grew by over 200 percent compared to the same time last year when the airline posted an operating loss of 27.4 billion won. Jeju Air posted 36 billion won in sales, down a whopping
Aug. 5, 2020
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Hyundai Motor’s US sales turns positive in 5 months
Hyundai Motor’s sales in the US market rose slightly over a period of five months, after struggling from the pandemic. Hyundai Motor America said Tuesday it reported total sales of 57,677 units last month in the region, a 1 percent increase from a year ago. Sales grew 4 percent, marking the third consecutive month of increase. Sport utility vehicles pulled up the performance, representing 67 percent of the total retail mix and growing by 16 percent on-year. Flagship SUV Palisade sales
Aug. 4, 2020
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Korean shipbuilders win consecutive orders despite pandemic
South Korean shipbuilders have won orders one after another in recent months after suffering from a dismal performance in the first half of this year. Expectations are growing that they will continue to win more liquefied natural gas carrier orders in the latter half despite the pandemic. Korea Shipbuilding & Offshore Engineering, the shipbuilding holding unit of Hyundai Heavy Industries Group, said Tuesday it had won orders worth more than 1 trillion won ($837 million) in a week. KSOE
Aug. 4, 2020
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[Behind the Wheel] SsangYong’s Rexton Sports Dynamic Edition shows off strength off-road
While pickup trucks have not been a major segment in South Korea’s automobile market, SsangYong Motor’s Rexton truck is something of an exception, with competitive pricing, convenient functions and designs attractive enough to change the minds of sedan-lovers. Rolling out Rexton Sports in 2018, the country’s first open-deck sports utility vehicle, SsangYong has taken 97 percent of the local market share, selling over 40,000 units of the car in first and second year of release
Aug. 2, 2020
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Seoul seeks to phase out diesel cars from public sector by 2025
Seoul plans to phase out diesel cars from public sector and mass transit fleets by 2025 as part of efforts to accelerate its transition to green mobility. The metropolitan government unveiled a "No Diesel" initiative this week aimed at eliminating the highly emitting automobiles from the roads and replacing them with electric and hydrogen-powered vehicles. Diesel cars, deemed as a key culprit of climate change and fine dust air pollution, account for 64.6 p
Aug. 1, 2020
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Korean Air flight flew to Japan with mechanical damage: BAI
Korean Air flew a damaged plane in 2018 without being aware of it until landing in Japan, and then falsely reported that the damage happened after the flight, an audit report said Friday. According to the report issued by the Board of Audit and Inspection, the South Korean flag carrier filed a false report to the Transport Ministry after discovering that its plane leaving from Incheon to Kansai, Japan, in April of 2018 had been damaged near the cover of the its engine inlet before take-off. T
July 31, 2020
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Incheon Airport, golf course operator to meet Wednesday over lease dispute
Incheon International Airport Corp. said Friday that it is fully cooperating with the Korean Anti-Corruption and Civil Rights Commission’s investigation into a lease dispute surrounding a golf course built on airport-owned land. A three-way meeting between the airport, the anti-corruption body and golf resort Sky72 is scheduled for Wednesday, an airport official said. IIAC and Sky72 have been at odds over the land leased by the airport to the golf resort operator since 2002, with the cont
July 31, 2020
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BMW Motorrad opens preorders for new R 18 cruiser in South Korea
BMW Motorrad said Friday it is opening the preorders for new R 18 cruiser in South Korea, before the official launch in September. According to the company, the new R 18 model, which has been inspired by the R 5 model that was released in 1936, is a cruiser bike equipped with the strongest boxer engine the company has ever made. The 1,802 cc two-cylinder boxer engine delivers a maximum torque of 158 newton-meters at 3,000 rpm. At 4,750 rpm, the Big Boxer delivers 91 horsepower, the company s
July 31, 2020
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Korean Air to supply ‘hybrid drones’ to military
Korean Air has signed a supply deal for hybrid drones for the military, with plans to send the first batch of six units sometime in late October, the company said Thursday. As part of the deal, which is designed for the military to adopt the products of creative and new technologies developed in the private sector, the airline’s drones will be deployed to guard Korea’s coasts. The drones, whose development began in 2016, are equipped with hybrid engines powered by an internal combu
July 30, 2020