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

Industry May 29, 2024

Business leaders from Korea, Japan and China have announced plans to form a three-way economic consultative body among private sectors to effectively address pressing economic concerns and foster future cooperation among the three countries. Over 280 business leaders from the three countries attended the business summit Monday, shortly after the trilateral summit, including SK Group Chairman Chey Tae-won, also serving as KCCI chairman, Tokura Masakazu, chairman of the Japan Business Federation a

Industry May 27, 2024

As the construction industry grapples with years of high interest rates, rising raw material costs and increased risks associated with real estate project financing, Korea's second-largest steelmaker, Hyundai Steel, has been diversifying their businesses to enhance profitability and discover new demand. As part of this initiative, the steelmaker has signed a joint research and development agreement for steel structure refractory methods in partnership with Hyundai Engineering, KCC and the K

Industry May 26, 2024

South Korean food company Ottogi family's third-generation member Ham Yon-ji, 32, has recently joined Ottogi, after appearing in public for years as a musical actor and a YouTuber, according to industry sources Friday. As the daughter of Ottogi Chairman Ham Young-joon, Ham officially joined Ottogi America, a US subsidiary of Ottogi, this month and is reportedly working in the marketing division following an internship at the company. Ham graduated from New York University's Tisch Scho

Industry May 24, 2024

  Korean biosimilar giant Celltrion announced Thursday that its anti-IgE antibody biosimilar Omlyclo has been approved in Europe, after a series of clinical trials with the reference product Novartis' Xolair. Omlyclo, also called by project name CT-P39, received formal product approval from the European Commission on Tuesday, approximately two months after receiving the initial approval recommendation from the Committee for Medicinal Products for Human Use under the European Medicines Agenc

Industry May 24, 2024

GIMPO, Gyeonggi Province -- Korean Air has unveiled its newly revamped Operations and Customer Center after 23 years, emphasizing the airline's increased focus on risk management in light of variables such as the merger with Asiana Airlines and the introduction of newer aircraft. "Air operations are possible only when real-time communications, from transportation to operation to cabin maintenance, are smoothly organized and seamlessly prepared," said Korean Air President Woo Kee-h

Industry May 23, 2024

South Korea's largest elevator manufacturer Hyundai Elevator celebrated its 40th anniversary on Wednesday, pledging to solidify its path toward becoming a centennial company with a vision centered on ESG management practices and urban air mobility. "Hyundai Elevator has grown into a cornerstone of the Korean industry through relentless challenges and innovations since honorary chairman Chung Ju-young planted the seeds 40 years ago," Hyundai Group Chairwoman Hyun Jeong-eun was quot

Industry May 22, 2024

Hanwha Group Chairman Kim Seung-yeon on Monday urged the group’s space business and defense arm Hanwha Aerospace to increase efforts to expand its presence in the global defense market. "We need to tirelessly work on securing future orders for Romania's K-9 project, in order to expand our share in the European market and extend our global market reach to North America," the chairman was quoted as saying during his visit to the company’s Changwon plant. It was Kim'

Industry May 21, 2024

Luxury online boutique platform Jente has teamed up with Valex, a specialized logistics company here, intending to elevate the overall luxury experience for its customers. Jente signed a premium delivery partnership agreement with Valex at its headquarters in Gangnam on Wednesday. The agreement aims at minimizing customer concerns and inconveniences while ensuring reliability and safety related to luxury purchases and deliveries. "We are committed to enriching Jente's luxury ecosystem

Industry May 16, 2024

A model of an electric wave monitoring aircraft is on display at a booth at the 2024 Land, Infrastructure and Transport Technology Fair, held at Coex in Gangnam-gu, southern Seoul, Wednesday. Organized by the Transport Ministry, the exhibition, which runs until Friday, features a total of 300 booths operated by 220 transportation and technology-related organizations. Visitors have the opportunity to experience firsthand how various technologies in the land and transportation sector, including ur

Industry May 15, 2024

South Korean e-commerce giant Coupang's founder and CEO Kim Bom was excluded from the list of chaebol chiefs designated by the Korean antitrust regulator, marking the fourth time since 2021 when Coupang entered the realm of large conglomerate groups with assets exceeding 5 trillion won ($3.6 million). The Korea Fair Trade Commission announced Wednesday an updated list of 88 large conglomerates for this year, all subject to disclosure of activities, followed by rigorous monitoring and accoun

Industry May 15, 2024

Chinese e-commerce giants AliExpress and Temu signed a product safety agreement with Korea's Fair Trade Commission on Monday in the hopes of ensuring and protecting Korean consumers from harmful products being distributed and sold here through their platforms. The agreement marks the first of its kind signed by an overseas online platform operator in Korea regarding product safety. Particularly, Temu's involvement is noteworthy as this is the first time the company signed such an agree

Industry May 13, 2024

Korean Air is in talks with Sierra Nevada Corporation, the US aerospace and defense firm, to sell its five B747-8i jets in an apparent move to boost its operational efficiency ahead of its planned merger with Asiana Airlines. According to industry sources on Friday, Korean Air held a board meeting Wednesday and decided to sell the planes to Sierra Nevada. The deal, valued at about 918 billion won ($674 million), is expected to be completed by September 2025. Currently, the company owns nine unit

Industry May 10, 2024

Switzerland's flag carrier Swiss International Air Lines inaugurated its direct flight from Zurich to Incheon on Wednesday, marking its entry into the Korean market. This marks the first time in 27 years that the airline has introduced flights to Korea since the suspension of the Gimpo-Zurich route in 1998. "The Zurich-Seoul route was a missing piece of our extensive global network," Markus Binkert, chief financial officer of Swiss International Air Lines said during a press confe

Industry May 9, 2024

New York-listed e-commerce giant Coupang reported Wednesday that its sales soared to a record high of $7.1 billion in the first quarter of this year, but operating profits were almost cut in half largely due to the losses from Farfetch, the luxury shopping platform it acquired last year. According to its earnings report earlier in the day, its revenue reached $7.1 billion in the January-March period, up 23 percent from a year ago. Its operating profits were $40 million, which compared to $167.

Industry May 8, 2024