SEOUL, June 2 (Korea Bizwire) — South Korea’s antitrust regulator on Tuesday fined food delivery app Yogiyo 468 million won (US$381,947) for exploiting its dominant position in the local market. The Fair Trade Commission (FTC) also ordered Yogiyo to take some corrective measures, saying that the company unilaterally introduced a scheme to prevent its contracted [...]
SEOUL, June 1 (Korea Bizwire) — Korean Air Lines Co., the country’s top flag carrier, launched a new notification service on Monday for all international passengers departing from Incheon International Airport enabling them to check that their luggage is safely loaded onto the aircraft. Passengers can use a Korean Air mobile app to see if [...]
SEOUL, May 29 (Korea Bizwire) — The hotel industry, which has been hit hard by the novel coronavirus pandemic, has started to seek alternatives by launching a host of new services, including food and beverage events as well as lodging-related events. The average hotel occupancy rate in Seoul, which during normal times remains between 60 [...]
SEOUL, May 26 (Korea Bizewire) — Jin Air Co. and other low-cost carriers plan to resume flights on some international routes next month to cater to incoming passengers and meet cargo-carrying demand. Jin Air plans to restart flight services on routes from Incheon to Bangkok, Taipei, Narita, Osaka and Vietnam on June 1, to bring [...]
SEOUL, May 26 (Korea Bizewire) — Falling tourist arrivals due to the new coronavirus outbreak is expected to dent the South Korean service industry’s added value and employment this year, a report said Tuesday. Battered by the coronavirus pandemic, the number of foreign tourists to South Korea came to 2.04 million in the first quarter [...]
SEOUL, May 22 (Korea Bizwire) — The hotel industry, which is on the brink of collapse due to the outbreak of the coronavirus, is breaking its business framework to survive. While each hotel is scrambling to offer huge discounts, a five-star luxury hotel in downtown Seoul will also showcase rooms that have sharply lowered prices [...]
SEOUL, May 22 (Korea Bizwire) — South Korea’s pharmaceutical market grew more than expected in the first quarter of the year despite the new coronavirus outbreak, a report showed Friday. Domestic sales of South Korean and foreign pharmaceutical firms came to 5.06 trillion won (US$4.1 billion) in the January-March period, up 5.3 percent from a [...]
SEOUL, May 22 (Korea Bizwire) — South Korea’s top pharmaceutical firm, Samsung Biologics Co., said Friday it has signed a tieup deal with multinational drug maker GlaxoSmithKline Plc. (GSK) to manufacture a GSK biosimilar product. Under the contract manufacturing organization (CMO) agreement, Samsung Biologics will commercially produce CSK’s lupus treatment, Benlysta, starting in 2022. The [...]
SEOUL, May 21 (Korea Bizwire) — Jeju Air Co., South Korea’s biggest low-cost carrier, said Thursday it will raise 170 billion won (US$138 million) by selling stocks as part of self-help measures amid the new coronavirus impact on the airline sector. The rights issue is one of the options that Jeju Air has reviewed to [...]
SEOUL, May 21 (Korea Bizwire) — South Korea will seek law revisions to allow the operation of sharing economy ventures, such as shared kitchens and shared lodgings for locals, in a bid to expand horizons for the emerging business model, the prime minister’s office said Thursday. During a policy coordination meeting presided over by Prime [...]