Korean Air and Delta Air Lines on Saturday finalized an agreement to set up a joint venture for Pacific routes, according to Korean Air.The joint venture will not take the form of a separate corporation, but the two carriers will operate Pacific routes together, sharing both costs and profits.Korean Air and Delta will rearrange their route schedules in the Pacific to allow for a more organic network between 290 cities in the Americas and 80 cities in Asia.Hanjin Group Chairman Cho Yang-ho, Korea

Industry June 24, 2017

The elder daughter of SK Chairman Chey Tae-won has begun working as a manager at the group’s biopharmaceutical affiliate, according to SK Group.Twenty-eight-year-old Chey Yun-jeong joined SK Biopharmaceuticals’ strategy division, which sets up growth strategies and manages the development of new drugs. SK Group is currently investing heavily in its biopharmaceutical business as a future driver of growth.Chey Yun-jeong studied biology at the University of Chicago in the US, and has spent time int

Industry June 23, 2017

Low-cost carrier Air Seoul expects to start making profits from next year, according to the airline’s CEO on Thursday.“We have completed putting in place the basic infrastructure for operations, so the cost of adding new routes will go down,” said Air Seoul’s President and CEO Ryu Kwang-hee at a press conference aboard an Air Seoul airplane at the Asiana Airlines hangar at Incheon Airport.“We began operations eight years later than other low-cost carriers, and the airline industry has changed si

Industry June 22, 2017

SK Planet is rumored to be pursuing a split of its online open market platform 11st to create a new joint company with one of Korea’s major retailers as profits continue to fall, according to industry sources Wednesday.The rumors come as the e-commerce market in general struggles to keep up with intensifying competition. Despite growing transactions online, e-commerce players are finding it difficult to stay profitable as they battle for advantages in delivery services and price competitiveness.

Industry June 21, 2017

Incheon Airport’s second terminal, which was originally slated to open this year, may push back its opening to after the PyeongChang Winter Olympics next February.According to a spokesperson at the airport corporation Wednesday, the airport is weighing the pros and cons of opening the terminal within the year or after the PyeongChang Games. A mockup of Incheon International Airport's second terminal currently under construction (Incheon International Airport)“It is technically possible to operat

Industry June 21, 2017

A sharp increase in cigarette excise taxes that went into effect during the previous administration is expected to bring in over 57.2 trillion won ($50 billion) in taxes during the Moon Jae-in administration, according to data from a non-governmental organization Wednesday. The Korea Taxpayers’ Association said that based on cigarette sales data through to April, it estimated that 3.52 billion packs of cigarettes would be sold this year in Korea, with taxes applicable to 3.45 billion packs to

Industry June 21, 2017

Global fashion brand MCM said Tuesday that it offered made-to-order designs of its most popular products for the first time at its pop-up store in Tokyo. (MCM)The store, located in the luxury Isetan Shinjuku department store in Tokyo, Japan, allowed customers to pick up customized items they had designed through the brand‘s mobile app. Customizations included being able to change the color of the leather, handle or studs on MCM’s most popular products, as well as monogramming.Starting in July, t

Industry June 20, 2017

The travel industry is heading toward a mobile future, as more travelers are choosing to plan their trips on their smartphones, according to an executive at hotel booking site Hotels.com.“We’ve done some studies with millennials and what they’ve told us is that they like the apps for the sake of convenience in particular, but also some of the features, like the filters and being able to book on the app straightaway with a stored credit card,” said Abhiram Chowdhry, who heads the Asia-Pacific and

Industry June 20, 2017

Naver Corp., South Korea's top Internet portal operator, said Monday that it will work with global chipmaker Qualcomm Inc. to further develop its artificial intelligence platform, Clova.Under an agreement with Qualcomm's subsidiary, Qualcomm Technologies, Naver will provide Clova for use with the global giant's Internet of Things chip processors, the company said.Various IoT products such as a smart speaker equipped with Qualcomm's IoT chips will also utilize Clova, Naver said.The basic idea of

Technology June 19, 2017

Photos thought to be of the upcoming heated-tobacco device from cigarette maker KT&G have been leaked, a local news outlet reported Monday.Consisting of a pocket charger and a tobacco stick holder, the device is similar to the IQOS device released by Marlboro maker Philip Morris this month in Korea, according to Electronics Times.A leaked photo of a heated tobacco device, thought to be developed by KT&GWith both Philip Morris and British American Tobacco holding extensive patents on the methods

Industry June 19, 2017

SK Biotek, a subsidiary of SK Holdings, said Monday that it will be acquiring a manufacturing facility in Ireland from global biopharmaceutical company Bristol-Myers Squibb, paving the way for the company’s entry into the European market.The facility, which manufactures small molecule active pharmaceutical ingredients, is located in Swords, Ireland. It has an 81,000-liter capacity and currently manufactures ingredients for medications including the prescription blood thinner Eliquis produced by

Industry June 19, 2017

SEOGWIPO, Jeju Island -- Hyperconnectivity between people, devices and networks holds the key to the development of safe, cost-effective infrastructure in a future dominated by the “fourth industrial revolution,” experts said at the Asian Infrastructure Investment Bank’s annual meeting Friday.In a seminar titled “The Era of 4th Industrial Revolution and Infrastructure” at ICC Jeju for the AIIB’s second annual meeting of the board of governors, business leaders and researchers presented their vis

Industry June 16, 2017