SEOUL, Nov. 20 (Korea Bizwire) — The South Korean government will allow international flight tours that involve passing through foreign airspace without landing until December of next year. This new measure was set up for airlines, tourism agencies and duty-free shops struggling with the coronavirus. The measure may be subject to early termination if the [...]
SEOUL, Nov. 20 (Korea Bizwire) — Creditors’ plan to sell the debt-laden Asiana Airlines Inc. to its bigger rival Korean Air Lines Co. faces a bumpy road as a local equity fund has filed an injunction against the plan. On Tuesday, Asiana’s main creditor, the Korea Development Bank (KDB), signed an investment agreement with Korean [...]
SEOUL, Nov. 19 (Korea Bizwire) — CJ Logistics Corp. said Wednesday that it will become South Korea’s first logistics firm to introduce electric delivery vehicles and set up charging stations for them. The company first plans to introduce a total of four electric cargo vehicles, two each in Gunpo, Gyeonggi Province and the city of [...]
SEOUL, Nov. 18 (Korea Bizwire) — Korean Air Lines Co., South Korea’s biggest carrier, will proceed with the deal to acquire its smaller local rival Asiana Airlines Inc. without job cuts, the company’s chairman said Wednesday. “The company made a decision to acquire (Asiana Airlines) to make a contribution to the development of the country’s [...]
SEOUL, Nov. 16 (Korea Bizwire) — Korean Air Lines Co., South Korea’s biggest carrier, said Monday that it will acquire Asiana Airlines Inc. in a deal valued at 1.8 trillion won (US$1.6 billion) that would create the world’s 10th-biggest airline by fleets. Korean Air plans to raise 2.5 trillion won via rights offerings early next [...]
SEJONG, Nov. 12 (Korea Bizwire) — Hanjin Group, which owns South Korea’s top flag carrier Korean Air Lines Co., is mulling acquiring the country’s No. 2 carrier Asiana Airlines Inc., sources here said Thursday. Hanjin Group is in talks with the state-run Korea Development Bank (KDB), the main creditor of Asiana, to buy the debt-ridden [...]
SEOUL, Nov. 8 (Korea Bizwire) — South Korea budget air carriers are anticipated to post grim earnings for the third quarter of 2020, as the virus pandemic has continued to virtually suspend air travel, with the resurgence of infections around the globe set to further delay the recovery. Last week, Korean Air Lines Co., South [...]
SEOUL, Nov. 5 (Korea Bizwire) — Korean Air Lines Co., South Korea’s biggest carrier, said Thursday its net losses widened in the third quarter from a year earlier amid the pandemic. Net losses widened to 385.93 billion won (US$343 million) in the three months that ended in September from 211.85 billion won in the same [...]
SEOUL, Nov. 5 (Korea Bizwire) — Jeju Air Co., South Korea’s top low-cost carrier, is expected to receive some 190 billion won (US$169 million) in state financial support, as the company seeks to overcome a pandemic-caused cash crunch, sources said Thursday. The main creditor, the Export-Import Bank of Korea, has conducted due diligence on Jeju [...]
SEOUL, Nov. 5 (Korea Bizwire) — Lee Joo-mi, 25, didn’t have high expectations when she arrived at Incheon International Airport on Oct. 23. All she had signed up for was a flight from Incheon — to Incheon. The coronavirus pandemic forced the graduate student to return home early from her university in Leicester, Britain. What [...]