Korean Air, Asiana outpaced by foreign rivals in April passenger numbers

The number of international flight passengers using foreign airlines exceeded that of those using Korean Air and Asiana Airlines, the nation’s top two air carriers, in April – the first time they have done so without pandemic restrictions in place. According to data released by the Land and Transport Ministry on Wednesday, the number of outbound and inbound travelers using foreign airlines was 2.25 million last month, while there were 1.36 million passengers for Korean Air and 877,47

IndustryMay 29, 2024

Corning eyes leadership in glass substrate market for chips

Corning is looking to expand its presence in the burgeoning glass substrate market for semiconductors, using its special proprietary technologies, the company's president in charge of Korea operation said Wednesday. Speaking at his first press conference here after assuming his role as the president of Corning's Korea Region last November, Vaughn Hall also presented the company's new initiative window glasses, introducing the lighter, energy-efficient ATG Glass. "I have high

IndustryMay 29, 2024

Seoul shares dip over 1.5% ahead of US inflation data

Seoul shares closed sharply lower Wednesday as investors waited for major events, including this week's US inflation data. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index plunged 45.55 points, or 1.67 percent, to close at 2,722.85. Trade volume was moderate at 431 million shares worth 12.7 trillion won ($9.36 billion), with losers far outpacing gainers 673 to 220. Foreigners dumped a net 1 trillion won, while individuals scooped up a net 1.26 t

MarketMay 29, 2024

UAE president, Hyundai Motor chief discuss green mobility partnerships in Seoul

Hyundai Motor Group Executive Chair Chung Euisun met with United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan in Seoul on Tuesday to discuss enhancing private-sector collaboration in sustainable mobility during Al Nahyan's visit to Korea this week. The UAE President's visit, his first to South Korea, also included meetings with leaders of other major South Korean conglomerates, such as Samsung Electronics' Lee Jae-yong and SK Group's Chey Tae-won. These discuss

MobilityMay 29, 2024

Samsung Electronics union declares first-ever strike

Unionized workers of Samsung Electronics said Wednesday that they would go on strike next week after failed wage talks with the management -- the first-ever strike in the tech giant’s five decades of history. "We can’t stand persecution against labor unions anymore. We declare a strike due to the management's attitude of disregarding the workers," the Nationwide Samsung Electronics Union, the largest among Samsung's multiple unions, said in a press briefing held i

IndustryMay 29, 2024

[Photo News] Futuristic aircraft cabin

A mockup of an aircraft interior featuring smart cabin technology, developed by LG Display, Boeing, and LIG Nex1, is on display at the Aircraft Interiors Expo 2024 in Hamburg, Germany, on Tuesday. For the trade show, the three companies collaborated to develop four types of OLED panels to display various information such as captain's messages, in-flight duty-free sales content, weather conditions, and airline branding. Their lighter weight compared to LCD panels also can help improve the op

CompaniesMay 29, 2024

CJ Logistics extends distribution network for Korean sellers

South Korea's top logistics firm CJ Logistics said Wednesday that it has established cross-border e-commerce partnerships with leading logistics companies in the United States and Japan to strengthen the distribution network for Korean sellers abroad. In the US, CJ Logistics will handle air freight forwarding to Los Angeles International Airport and New York's JFK International Airport, while multiple local partners, including FedEx, will manage final delivery services. Japan's to

IndustryMay 29, 2024

BAT Rothmans vows to prevent nicotine use by minors

BAT Rothmans, the Korean unit of British American Tobacco, said Wednesday it will intensify efforts to ensure that no one underage uses nicotine products, as part of their campaign to mark the annual World No Tobacco Day on May 31. The company also expressed support for more government efforts to prevent minors' nicotine use. "Underage individuals should never use nicotine, and we believe the government plays a crucial role (through regulations) in ensuring this,” BAT Rothmans&rs

CompaniesMay 29, 2024

The Woorishop, a win-win e-commerce solution for sellers, buyers

Korea's e-commerce platform sector is highly competitive, but The Woorishop thinks it has the standout solution: a cashback offer to keep customers coming back. The platform provider offers a package that returns high-percentage cash paybacks to consumers, allowing buyers to enjoy substantial discounts while sellers boost their sales. "The Woorishop operates on a business model that benefits both buyers and sellers when they interact online," said Jeon Ho-geun, CEO of The Woorisho

CompaniesMay 29, 2024

E-commerce platforms rise among self-employed

South Korea has for the last nearly three decades seen a rise in the number of self-employed individuals who have been forced to start their own businesses due to layoffs and reduced employment opportunities. With the number of job losses outpacing the number of new hires in recent data, a general increase in involuntary early retirements and the rapid rise of the digital gig economy since the COVID-19 pandemic outbreak, many people here have added side jobs or are working multiple freelance job

CompaniesMay 29, 2024

Daewoo E&S eyes Czech nuclear project

Daewoo Engineering & Construction announced Wednesday that it hosted the Czechia-Korea Nuclear Engineering & Construction Forum in Prague on Monday, with the aim to secure a new nuclear power plant project in the Czech Republic. The forum saw around 150 attendees, including Czech government officials, local nuclear industry representatives and media personnel. Daewoo E&C President Baek Jung-wan led the sales efforts by signing MOUs with local companies during the event. Daewoo E&

IndustryMay 29, 2024

SKT’s veterinary diagnostic service makes debut in Australia

SK Telecom said Wednesday the official launch and promotion of its artificial intelligence-based veterinary diagnostic service, X Caliber, in Australia. The company has been gearing up for global commercialization since partnering with Australia’s largest medical devices provider, ATX Medical Solutions, last year. The service, already used in South Korea, aims to streamline the diagnostic process in veterinary clinics by providing autonomous diagnostic assistance. This marks the first inte

IndustryMay 29, 2024

Incheon Airport in final phase of expansion to be world's No. 3 in passenger capacity

INCHEON -- Amid continuous growth in global aviation demand, the Incheon International Airport Corporation unveiled the fourth-phase construction project at the Incheon Airport's Terminal 2 on Tuesday, which can accommodate up to 106 million passengers annually. If successful, the plan will position Incheon Airport among the world's top three in passenger capacity, after Dubai and Istanbul. Initiated in 2017, the project is in its final stage and will begin operation by the end of th

IndustryMay 29, 2024

Seoul shares open lower on auto, chemical losses

South Korean stocks opened lower Wednesday, bucking overnight gains on Wall Street as auto and chemical shares slumped. The benchmark Korea Composite Stock Price Index fell 4.19 points, or 0.15 percent, to 2,718.66 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite closed at an all-time high by advancing 0.59 percent, while the Dow Jones Industrial Average moved down 0.55 percent. The United States is set to release April's Personal Consumption Expenditures index

MarketMay 29, 2024

Samsung, Lennox set up HVAC joint venture in US, Canada

Samsung Electronics Co. said Tuesday that it has agreed to set up a joint venture with a leading provider of climate solutions for a heating, ventilation and air-conditioning and refrigeration business in the United States and Canada. According to Samsung, the newly established JV, named Samsung Lennox HVAC North America, will sell ductless AC and heat pump products in the US and Canada. The JV is 50.1 percent owned by Samsung, with the remaining stake being held by Lennox. However, Samsung did

TechnologyMay 28, 2024

Cheap shot? Soju by the glass gets mixed reactions

South Korea widened the range of drinks that restaurants can sell by the glass Tuesday, as drinkers increasingly prefer to consume alcohol in smaller amounts, rather than by the bottle, according to government officials. Previously, restaurants were restricted from selling most types of alcoholic beverages in individual glasses because this practice was deemed unauthorized processing by law. Although violations such as eateries selling wine by the glass were common, restaurants that broke these

IndustryMay 28, 2024

Finance minister hints at tax incentives for local firms

The South Korean government is ramping up discussions on specific tax incentives aimed at enhancing the market value of local companies, with plans to conduct public hearings over the next two months. "We talked about tax incentives for the Value-up Program on several occasions. But now is the time for us to discuss more specific plans," Finance Minister and Deputy Prime Minister Choi Sang-mok told reporters on Monday. "Throughout June and July, we will host public hearings to del

EconomyMay 28, 2024

Seoul shares close nearly flat as investors search for clues over rate direction

South Korean stocks closed nearly flat after choppy trading Tuesday as investors waited for clues over the direction of the US rate decision. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index edged down 0.14 points, or 0.01 percent, to close at 2,722.85. Trade volume was moderate at 432 million shares worth 11.3 trillion won ($8.31 billion), with losers outpacing gainers 467 to 401. Foreigners bought a net 45.4 billion won worth of local shares, while

MarketMay 28, 2024

S. Korean biz leaders meet with UAE president

Leaders of major South Korean conglomerates met with United Arab Emirates President Mohamed bin Zayed Al Nahyan on Tuesday in search of ways to deepen business cooperation in defense and energy areas with the oil-rich Middle East state, on the occasion of the UAE leader’s first state visit to Korea. Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Chung Euisun, Hanwha Group Vice Chairman Kim Dong-kwan, HD Hyundai Vice Chairman C

IndustryMay 28, 2024

[Photo News] Restoring Mongolian forest

Korean Air employees and villagers plant a tree in Baganuur, a district in Ulaanbaatar, Mongolia, on Tuesday as part of the Korean air carrier’s forest restoration campaign. The campaign started in 2004 to restore the Mongolian district from coal dust blowing from the country’s largest open-pit coal mine. So far, some 125,300 trees, including poplar trees, sea buckthorns and Siberian elms, have been planted. (Lee Sang-sup/The Korea Herald)

IndustryMay 28, 2024