Korean Air revenue soars to record high on travel recovery, e-commerce boom

Korean Air said Friday it had logged its highest-ever annual revenue in 2024, with operating profit in the fourth quarter increasing by nearly 160 percent on the heels of an ongoing recovery in air travel demand and increased cargo demand fueled by foreign e-commerce deliveries. According to the national flag carrier, on a nonconsolidated basis revenue last year hit all-time high of 16.1 trillion won ($10.9 billion), up 10.6 percent year-on-year from 14.5 trillion won. While its operating profit

Feb. 7, 2025

AmCham chief joins promotion committee for APEC CEO Summit

The American Chamber of Commerce in Korea announced Wednesday that Chair and CEO James Kim has been appointed as a member of the promotion committee for this year’s Asia-Pacific Economic Cooperation CEO Summit. The 2025 APEC CEO Summit, set for Oct. 28-31 in Gyeongju, North Gyeongsang Province, will serve as a key platform for global business leaders, policymakers and thought leaders to exchange insights on pressing economic challenges and emerging industries such as energy transition, digital i

Feb. 5, 2025

Philip Morris debuts Iqos Iluma i series in Korea

Philip Morris Korea, the Korean branch of US tobacco giant Philip Morris International, announced Wednesday the launch of the "Iqos Iluma i" series, its latest flagship heated tobacco product expected to advance the company’s vision of a smoke-free future. With this new two-model lineup, the company aims to strengthen its presence in Korea’s competitive tobacco market and expand its range of smoke-free alternatives, eight years after introducing its first Iqos product in the country in 2017. "Iq

Feb. 5, 2025

AmCham reaffirms Korea-US ties at Trump’s inauguration

The American Chamber of Commerce in Korea said Tuesday that it has engaged in meaningful dialogue with key US figures during its visit to Washington for President Donald Trump’s inauguration on Jan. 20, reaffirming the enduring strength of the Korea-US alliance. According to AmCham, a series of high-level meetings with US policymakers, business leaders and think tanks centered on the importance of continued collaboration between the two nations in addressing global challenges such as supply chai

Feb. 4, 2025

LX Pantos, Japan's ONE form joint venture for US expansion

Korean logistics company LX Pantos announced Tuesday the establishment of a US-based joint venture with Japanese shipping company Ocean Network Express, aiming to expand inland transportation services across the American market. The venture, named Boxlinks and owned 51 percent by LX Pantos and 49 percent by ONE, will enable the two entities to fully enter the intermodal transportation sector in the US, providing integrated logistics services that combine rail and truck transportation. Since 2023

Feb. 4, 2025

SPC to build $160 million bakery plant in Texas

South Korean bakery giant SPC Group has confirmed plans to build its largest overseas production plant in the United States, a $160 million investment to accelerate the expansion of its flagship brand, Paris Baguette, across the Americas. According to the group Monday, it has acquired a 150,000-square-meter site for a facility in Highpoint Business Park in Burleson, Texas, to serve as a production hub for Paris Baguette stores in North America and future markets in Central and South America. Con

Feb. 3, 2025

S. Korea sets new air fleet record, plans further expansion

The number of aircraft operated by South Korean airlines hit an all-time high last year, surpassing 400, with around 50 new aircraft expected to be added to the country's aviation sector, data showed Sunday. According to data from the Ministry of Land, Infrastructure and Transport, submitted to Democratic Party of Korea Rep. Lee Yeon-hee, a total of 12 Korean airlines operated 416 aircraft as of the end of last year -- 374 passenger planes and 42 cargo aircraft. This figure marks an increase of

Feb. 2, 2025

Lotteria back on grill: Burger chain aims at W1tr comeback

Lotte GRS, once overshadowed by doubts over taste and image, to breach 1 trillion won sales mark again after 7 years Burger chain Lotteria, under Lotte Group’s food franchise arm Lotte GRS, is making a bold comeback, burning away its stale reputation with a flavorful rebranding. Industry insiders predict that Lotte GRS will break through the 1 trillion won ($694 million) sales barrier for the first time after a seven-year stagnation. Lotteria is leading the charge, contributing over 70 percent o

Jan. 28, 2025

Palace filled with hanbok-clad visitors

Gyeongbokgung, the main Joseon-era palace in Jongno-gu, Seoul, comes alive with visitors of different nationalities dressed in hanbok, Korea's traditional attire, during the Lunar New Year holiday on Monday. The Lunar New Year, known as Seollal, is one of the country’s two major traditional holidays, marking the first day of the lunar calendar -- a time when families gather to observe various traditions. This year, the holiday spans six days, running until Thursday, after the government designat

Jan. 27, 2025

Seollal holiday unfolds amid snowy views

South Korea braces for heavy snow and rain expected to impact much of the country during the extended Seollal holiday, with weather authorities predicting up to 30 centimeters of snow in some areas. According to the Korea Meteorological Administration on Monday, snowfall of 10 to 20 centimeters is forecast for the greater Seoul area, parts of Gyeonggi Province and southern regions through Wednesday. Heavier snowfall, up to 30 centimeters, is anticipated in areas such as Gangwon Province, eastern

Jan. 27, 2025