DC Hyundai Development Co. said Thursday it has begun presales of its new serviced apartments at Sokcho Ipark Suite. With popular holiday spots such as Seoraksan National Park and Sokcho Beach close to the apartments, the company said it plans to build a new KTX station in Sokcho by 2027 to bring Seoul closer, as traveling to Yongsan Station will take some 70 minutes.  Located in Joyang-dong in Sokcho-gu, the model house is currently open for the 27-story residential building with tw

Industry Aug. 27, 2020

The Korea Development Bank, Asiana Airlines’ main creditor, said it will await HDC Hyundai Development Company’s answer on acquiring the airline after a fresh round of talks between their chiefs in Seoul on Wednesday. In a statement, KDB said the high-profile discussion between KDB Chairman Lee Jong-gull and HDC Chairman Chung Mong-gyu took place with “all options on the table.” It said further plans will be decided in consultation with Kumho, the airline’s majo

Mobility Aug. 26, 2020

Korean Air has sold its in-flight catering and duty-free business to private equity fund Hahn & Co. for 990 billion won ($758 million) as part of its efforts to secure liquidity. The decision was approved by the board of directors on Tuesday, with plans to acquire 20 percent stocks of what would become a newly established corporation to secure the supply chain. The move is the latest in a series of efforts to secure funds to keep the airline afloat as the pandemic is predicted to prolong.

Mobility Aug. 25, 2020

Upscale department store chain Galleria recently unveiled Dutch artist Maarten Baas’ new artwork “Confetti Clock” at its Gwanggyo branch. The artwork features a man sweeping colorful confetti off the floor in a clockwise motion, living up to the “party” theme while showing shoppers what time it is. Baas explained that his new work was inspired by the impression he received from the venue, comparing the feel-good image of the department store to a party, Hanwha Gal

Consumer Aug. 25, 2020

E-commerce platform Cafe24 will hold a webinar featuring Facebook officials to share marketing strategies for the social media platform on Sept. 1. During the “Successful E-commerce Strategies on Facebook” event, key speakers Nadia Tan, APAC Marketing Partnership Director, and Philip Hur, APAC Head of Partnerships, will share strategies for online merchants to maximize their sales growth on Facebook, while Cafe24’s experts are presenting best practice cases in marketing strate

Consumer Aug. 25, 2020

McDonald’s Korea said Wednesday that it will hire more staff with severe disabilities during the third quarter of this year. A total of 15 new staff members with disabilities have been hired since the third quarter began, and the company plans to hire an additional 15 by September. The fast food chain also said it would continue to provide stability and a positive corporate culture for staff with disabilities. “My colleagues are very considerate when I fall ill despite my will, wh

Consumer Aug. 19, 2020

Low-cost carrier Eastar Jet is preparing for a new acquisition deal after talks with Jeju Air fell apart last month. The airline has chosen accounting firm Deloitte Korea, corporate law firm Yulchon and Heungkuk Finance Group as its financial advisers, one official at the company confirmed Tuesday. With the help of the three entities, the troubled airline is poised to continue its efforts to seek a new buyer to save itself from bankruptcy. In late July, Jeju Air scrapped plans to purchase Ea

Mobility Aug. 18, 2020

South Korean airlines are betting on YouTube content to maintain their connections with customers amid the ongoing pandemic that has brought the aviation industry to a near-halt. Asiana Airlines released a minute-long advertisement on its channel earlier this month titled “‘Travel’ has left us,” touching on people’s desire to leave (travel) amid the pandemic. “For the first time, travel has left us (instead of us leaving for travel),” the narration sta

Mobility Aug. 18, 2020

SsangYong Motor has established a new sales network for the Middle East as part of its reinforcement of overseas operations amid the COVID-19 pandemic, the firm said Tuesday. It will open a store in Baghdad, Iraq, within the month, after opening a showroom in Kuwait on Aug. 10. The company explained the decision is part of its efforts to prepare for the post-pandemic market. “As the economic slowdown due to COVID-19 prolongs, we are reassessing the overall sales environment and strength

Mobility Aug. 18, 2020

Low cost carrier Jin Air posted an operating loss of 59.6 billion ($50.3 million) won during the second quarter, nearly doubling the loss it suffered the same time last year, according to its regulatory filing on Friday. The quarterly revenue stood at 23.2 billion won, down 89 percent from a year ago. Its net loss for the second quarter was 59 billion won. The low-cost subsidiary of Korean Air said its business suffered due to the COVID-19 pandemic despite its efforts to increase domestic

Mobility Aug. 14, 2020

Hyundai Rotem, a train-making subsidiary of Hyundai Motor Group, said on Friday that it has signed a memorandum of understanding with Ulsan Metropolitan City to build a hydrogen fuel cell tram for a demonstration project. The project will see the company roll out a hydrogen-powered tram and build a fueling station and a railway depot for a railway spanning 4.6 kilometers connecting Taehwagang Station and Ulsanhang Station in Ulsan – a line that has been left abandoned. Ulsan city will pr

Mobility Aug. 14, 2020

A fire broke out at a warehouse outside LG Chem’s plant in Onsan, Ulsan, on Friday morning, which was put out an hour later. A flare-up was noticed at around 10:50 a.m., thought to have been from spontaneous combustion of crop protection agent materials, according to the company. No casualties were reported and people who were evacuated from the area, including workers on the site and residents, are safe. Following the incident, some media outlets reported there was leakage of chemical

Industry Aug. 14, 2020

South Korea’s flag carriers Korean Air and Asian Airlines surprised the market last week by posting an operating profit in the second quarter, while major airlines across the world suffered heavy losses due to the pandemic. Korean Air reported an operating profit of 148.5 billion won ($125.2 million) while Asiana saw its figure top 100 billion won, both owing to their robust cargo businesses. In normal times these figures would’ve fallen short of grabbing headlines, but not in a ye

Mobility Aug. 13, 2020

HDC Hyundai Development Co. which was poised to acquire Asiana Airlines said Tuesday it will hold talks with the majority shareholder Kumho Industrial to revive the stalled deal. Negotiations between both sides may effectively go on after the Wednesday deadline. A Kumho Industrial official confirmed that the deadline is no longer binding as the deal hinges on the planned talks between working-level staff at both companies. Another official at HDC said that the “details have yet to be de

Mobility Aug. 11, 2020

South Korean conglomerates Hyundai Motor Group and LG Group made donations to assist flood victims amid continuing heavy rainfall, the groups said Sunday. Hyundai Motor pledged 2 billion won ($1.68 million) to benefit flood victims and repair damage. The nation’s biggest carmaker will provide the funds to the Hope Bridge Korea Disaster Relief Association on Monday while also offering free vehicle maintenance checkups for association staff providing laundry services and daily necessities

Mobility Aug. 9, 2020