SEOUL, May 20 (Korea Bizwire) — Olympus Korea Co. said Wednesday it decided to discontinue its camera business in South Korea due to low profitability amid the shrinking camera market in the country. The Korean unit of Olympus Corp., a Japan-headquartered firm that makes optics and photography products, said its camera business will cease operations [...]
SEOUL, May 19 (Korea Bizwire) — South Korean listed companies’ profits almost halved in the first quarter of the year, data showed Tuesday, an apparent fallout from the new coronavirus outbreak. The combined net profit of 592 nonfinancial companies listed on the main bourse came to 11.03 trillion won (US$8.99 billion) in the January-March period, [...]
SEOUL, May 19 (Korea Bizwire) — The coronavirus pandemic is giving way to so-called ‘untact’ (no contact) services such as online shopping and delivery applications as a new alternative for the service industry. Experts argue that policy support is in order to allow new business models to settle in the market as untact services are [...]
SEOUL, May 19 (Korea Bizwire) — The number of South Korean air travelers fell to the lowest level in more than two decades in April due to entry restrictions and lower demand amid the coronavirus pandemic, industry data showed Tuesday. The number of air passengers on domestic and international routes here plunged to 1.35 million [...]
SEOUL, May 18 (Korea Bizwire) — South Korea’s leading car-sharing app operator SoCar has teamed up with a local vehicle tech startup to launch an autonomous car shuttle service on the resort island of Jeju, the company said Monday. The collaboration with RideFlux Inc., which officially began earlier in the day, marks the first time [...]
SEOUL, May 15 (Korea Bizwire) — South Korean airlines, led by Korean Air Lines Co., reported their worst-ever first-quarter earnings on Friday in the face of the new coronavirus outbreak that has led to a sharp fall in demand and lockdowns around the globe, and their second-quarter performance is also dim. Korean Air said its [...]
SEOUL, May 14 (Korea Bizwire) — Asiana Airlines Inc., South Korea’s second-biggest carrier, said Thursday it will resume flights on 13 international routes next month as the coronavirus outbreak seems to have passed its peak. The move comes on the heels of its bigger local rival Korean Air’s similar plan. Asiana plans to restart flight [...]
SEOUL, May 13 (Korea Bizwire) — Korean Air Lines Co. said Wednesday it will raise 1 trillion won (US$820 million) by selling stocks as part of self-help measures amid the growing coronavirus impact on the airline sector. The rights issue is one of the options that Korean Air has reviewed to raise the capital needed [...]
SEOUL, May 7 (Korea Bizwire) — Korean Air Lines Co., South Korea’s biggest carrier by sales, said Thursday it will reopen dozens of its international routes next month amid signs the coronavirus epidemic may have passed its peak. Korean Air plans to resume flights on 19 international routes on June 1 as the country’s top [...]
SEOUL, May 7 (Korea Bizwire) — South Korean travel agencies plunged into the red in the first quarter of the year due to the coronavirus pandemic, with no end to their malaise in sight, industry sources said Thursday. Those tour operators have borne the brunt of the global spread of COVID-19, which has resulted in [...]