Most Popular
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40 flights canceled on Jeju Island due to bad weather
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Pandemic left Korea more depressed than before: report
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Korean labor force to shrink by 10 million by 2044: report
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Gov't appears to shelve punitive measures against mass walkout by doctors
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Govt. asks hospitals to mitigate impact of medical professors' absence
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Samsung mocks Apple over iPhone alarm glitch
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Antitrust watchdog approves Jeju Air-Eastar Jet merger
South Korea’s antitrust watchdog has approved low-cost airline Jeju Air’s takeover of the management of struggling Eastar Jet, officials said Thursday. Early last month, Jeju Air signed a deal with Eastar Holdings, the largest shareholder of Eastar Jet, to acquire the airline for 54.5 billion won ($45 million). The firm acquired 4,971,000 common shares for a 51.17 percent stake. “The Fair Trade Commission conducted the review as promptly as possible, considering the circu
April 23, 2020
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Hanjin Group sells rent-a-car unit to focus on logistics business
Hanjin Group said Wednesday that it has sold a rent-a-car unit to Lotte Rental to focus on strengthening its core business in logistics and parcel services. According to the company, it has clinched a deal to transfer 60 billion won ($48 million) of assets to Lotte Rental, which also runs a rent-a-car business. Hanjin also handed over some 3,000 vehicles. The deal was discussed in mid-February, while the finalization process is to take place by May, Hanjin Group said. “We w
April 22, 2020
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[Photo News] New Volkswagen
Stefan Krapp, head of Volkswagen Korea, poses with the automaker’s brand new logo and design unveiled on Wednesday. According to VW Korea, the new logo indicates the company’s goal to become “New Volkswagen,” under its core brand values: human-focused and digital-centered. Krapp said during the logo unveiling ceremony that the company will make VW become “a more friendly brand that anyone can have access to.” The new logo will be applied
April 22, 2020
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Korean Air sells Jeju housing complex for employees amid liquidity crisis
Korean Air, the main cash cow for the transport and logistics company Hanjin Group, has sold a housing complex it built for its employees on Jeju Island, industry sources said Wednesday. The move was seen as a way to secure capital amid a liquidity crisis stemming from the COVID-19 pandemic. The airline reportedly clinched a contract worth 40 billion won ($32 million) for the complex, which comprises 22 two-story houses on 9,450.9 square meters in the Yeon-dong neighborhood. The buyer&rs
April 22, 2020
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Beleaguered automakers request liquidity, tax support
The five major Korean carmakers and auto parts makers on Tuesday asked the government for liquidity support for the automobile industry, which has been hit hard by low sales amid the COVID-19 pandemic, and measures to boost domestic demand. According to the Ministry of Trade, Industry and Energy, Minister Sung Yun-mo met with representatives of the country’s automakers, including Hyundai Motor Group President Gong Young-woon, Kia Motors President Song Ho-sung, SsangYong Motors President
April 21, 2020
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Auto exports down 46% through mid-April amid pandemic
South Korea's exports of automobiles plunged a whopping 45.8 percent in the first 17 days of April from a year earlier, data showed Tuesday, apparently as the new coronavirus pandemic disturbed the global supply chain and weighed down demand. Outbound shipments of cars reached 48,800 units over the first 17 days of the month, falling sharply from 90,009 units posted last year, according to the data provided by the Ministry of Trade, Industry and Energy. The automobile output also slipped 19.2
April 21, 2020
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Ssangyong Motor, union sign wage deal
SsangYong Motor and its union on Monday signed a wage deal for the year amid the rising impact of the coronavirus outbreak on the automobile industry. SsangYong workers agreed on a wage freeze as they see stable labor-management relations as key to putting the company back on track amid virus worries, the company said in a statement. The maker of the Korando and G4 Rexton sport utility vehicles sealed a wage deal with the union for the 11th consecutive year without strikes since
April 20, 2020
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Kia Motors launches upgraded K3 to target customers in 20s, 30s
Kia Motors said Monday that it has launched upgraded versions of its signature midsized sedans the K3 and K3 GT, targeting young drivers in their 20s and 30s. The automaker said the latest models offer features that customers in their 20s and 30s prefer, as well as competitive prices. The 2021 K3 is available in three trims: standard, prestige and signature. A button-type smart key to start the car and artificial leather seats have been applied to all trims, the company said. For
April 20, 2020
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Korean Air mulls W1tr stock offerings to tide over virus impact: sources
Korean Air Lines Co., South Korea's biggest carrier, is considering stock offerings worth up to 1 trillion won ($820 million) as part of self-help measures amid the growing coronavirus impact on the airline sector, financial sources said Monday. Korean Air is in talks with major securities companies to raise up to 1 trillion won by selling new shares, an investment bank official familiar with the matter told Yonhap News Agency. "Stock offerings are one of various options the company is c
April 20, 2020
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Asiana Airlines to extend unpaid leave as virus woes linger
Asiana Airlines Inc., the country's second-biggest carrier, on Sunday announced self-rescue plans, such as extending unpaid leave for employees, to minimize the fallout from the coronavirus pandemic. Under the measure, all employees will be advised to take at least 15 days of unpaid leave each month until business circumstances normalize, the company said in a press release. The company also plans to ask flight attendants and domestic airport employees to apply for two-month paid leaves. To
April 19, 2020
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Government to roll out additional support plan for COVID-19-hit aviation industry
As continued losses in the second quarter are expected for the aviation industry over COVID-19 pandemic, the South Korean government is expected to roll out an upgraded support measure for cash-strapped air carriers this week, according to the government sources on Sunday. According to the government, the fifth round of emergency economic council meetings presided over by President Moon Jae-in is set to take place this week. President Moon has been reiterating the need to support
April 19, 2020
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Airlines to apply no fuel surcharges on all routes in May
As oil prices continue to fall, airlines will not impose fuel surcharges on international and domestic airline tickets issued in May, according to the industry Friday. Fuel surcharges are imposed in steps when the average value per gallon (3.785 liters) of Singapore’s jet fuel is 150 cents and over. From March 16 to Wednesday -- the period that determines fuel surcharges for international routes for May -- the average price of Singapore’s jet fuel was $27.60 per barrel and 65.72 c
April 17, 2020
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Air carriers resume domestic routes for spring travel season
South Korean air carriers have resumed their domestic operations for the spring travel season, according to industry sources Thursday. While resumption of international flights is uncertain over prolonging concerns of the COVID-19 pandemic, local air carriers are planning to reopen flight services to popular tourism destinations across the nation, such as Jeju Island. According to budget airline Jeju Air, it has newly launched Gimpo-Yeosu and Yeosu-Jeju routes on Thursday. The routes wi
April 16, 2020
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Airlines halt in-flight beverage service in domestic flights
Korean Air has suspended its in-flight beverage service for passengers on domestic flights, according to industry sources Thursday. Free beverages -- including water, soda, coffee and tea -- have been suspended as the Transport Ministry recently requested airlines to minimize the number of passengers taking off their face masks in flights, in order to minimize the risk of COVID-19 infection. Korean Air said it will not provide beverages on domestic routes. Another full-service carrier
April 16, 2020
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Hyundai, Kia, Mercedes-Benz, Toyota recalling some 45,000 vehicles: ministry
Hyundai Motor Co. and three other companies are recalling about 45,000 vehicles to fix faulty components, the transport ministry said Wednesday. This is the latest in a series of recalls by carmakers operating in South Korea due to problems in components of vehicles they sell here. Hyundai Motor, Kia Motors Corp., the Korean units of Mercedes-Benz and Toyota Motor are recalling a total of 44,967 vehicles, the Ministry of Land, Infrastructure and Transport said in a statement. The potential
April 15, 2020
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[News Focus] Renault Samsung, GM Korea conclude wage deals, but hurdles remain
Renault Samsung Motors and GM Korea have concluded wage deals with unionized workers -- a positive sign for the struggling automotive industry amid the COVID-19 outbreak -- but there are still hurdles, considering the ongoing global economic downturn and unstable management-labor union ties, industry sources said Wednesday. According to Renault Samsung, 70.2 percent of the unionized workers voted to accept a wage freeze and cash bonuses of 8.88 million won ($7,320) per person for 2019. T
April 15, 2020
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Renault Samsung union votes to accept 2019 wage deal
Unionized workers at Renault Samsung Motors Corp. voted Wednesday to accept an agreement with the company over wages for last year as the automobile industry is struggling to cope with the impact of the coronavirus outbreak. The company said 70 percent of the 1,700-member union voted to accept a wage freeze and cash bonuses of 8.88 million won ($7,320) per person for 2019. The wage deal represents a consensus between the company and the union to make joint efforts to weather the impact
April 14, 2020
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Hyundai Motor extends global plant shutdowns
The dampened economic situation is forcing South Korea’s top automaker Hyundai Motor Group to shut down facilities globally following weakened exports and restrictive regulations in major markets, according to industry sources Tuesday. The business disruption in the auto industry is also hitting tire manufacturers, with major Korean companies suspending overseas plant operations. Hyundai said Tuesday that it has decided to extend the shutdown of its manufacturing plant in Turkey t
April 14, 2020
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Renault Samsung adds connected function to mobile app for ‘untact’ service
Renault Samsung said Tuesday that it has added a connected function to customer membership mobile applications My Renault Samsung and My Renault to expand its “untact” service -- without face-to-face contact. The apps allow customers to check information on the car, review membership benefits, reserve maintenance or after service online and conduct one-on-one chat on customer service. The new connected functions enable remote control of the vehicle and search of c
April 14, 2020
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[Behind the Wheel] G80 sets identity of Genesis luxury sedan
Hyundai Motor’s luxury brand Genesis launched a revamped third-generation G80 on March 30, seven years after the previous version was launched in 2013. After releasing G70 in 2017 and the brand’s first sport utility vehicle GV80 earlier this year, Genesis has been diversifying its vehicle lineup to attract a wider range of customers. As the flagship model, the latest G80 represents and cements Genesis’ brand identity. The Korea Herald had an opportunity to test
April 14, 2020