SEOUL, May 5 (Korea Bizwire) — The operator of the ride-hailing service Tada has filed a constitutional appeal against a revised passenger transport service act, company officials said Tuesday, accusing the amendment of infringing on the freedom of corporate activities and other basic rights. The Value Creators & Company (VCNC) submitted the petition to the [...]
SEOUL, May 3 (Korea Bizwire) — Korean Air Lines Co., the country’s top flag carrier, will draw up a 1.5 trillion won (US$1.23 billion) self-rescue plan, including a 1 trillion won stock offering, this month in return for massive financial support from two state lenders, industry sources said Sunday. Last month, the Korea Development Bank [...]
SEOUL, April 24 (Korea Bizwire) — CGV, South Korea’s largest multiplex chain, said Friday that it will reopen 36 theaters next week that have been shut down for about a month due to business disruptions stemming from the novel coronavirus pandemic. “We will restart operations in a bid to overcome the crisis by revitalizing the [...]
SEOUL, April 24 (Korea Bizwire) — South Korea’s two state-owned lenders said Friday that they will inject 1.2 trillion won (US$972 million) into the country’s top airline, Korean Air Lines Co., to help the company weather the impact of the COVID-19 outbreak on the airline sector. The Korea Development Bank (KDB) and the Export-Import Bank [...]
SEOUL, April 22 (Korea Bizwire) — Long-term rental cars that do not require vehicle management are gaining popularity as the trend of finding services that maximize convenience is growing in status. The portion of individual users of Lotte Rent-a-Car, which stood at only 21.7 percent in 2014, reached 40.6 percent in 2019, nearly doubling over [...]
SEOUL, April 21 (Korea Bizwire) — HDC Hyundai Development Co., a midsized South Korean builder, is unlikely to close a deal soon to buy Asiana Airlines Inc. as planned due to the devastating coronavirus impact on the airline industry, sources said Tuesday. HDC Hyundai Development had planned to complete the overall process to take over [...]
SEOUL, April 20 (Korea Bizwire) — Korean Air Lines Co., South Korea’s biggest carrier, is considering stock offerings worth up to 1 trillion won (US$820 million) as part of self-help measures amid the growing coronavirus impact on the airline sector, financial sources said Monday. Korean Air is in talks with major securities companies to raise [...]
SEOUL, April 17 (Korea Bizwire) — South Korean airlines are facing a liquidity crisis, as they have suspended most of their flights but still have hefty fixed costs and debt, industry officials said Friday. Korean Air Lines Co., the country’s biggest air carrier, looks set to suffer a cash shortage later this month, as it [...]
SEOUL, April 16 (Korea Bizwire) — South Korean airlines said Thursday they have joined their global peers in temporarily suspending in-flight beverage service on domestic routes in a move to stem the spread of the new coronavirus. Korean Air Lines Co. and Asiana Airlines Inc., the country’s two full-service carriers, on Thursday stopped serving drinks [...]
SEOUL, April 14 (Korea Bizwire) — Coupang Inc., South Korea’s top e-commerce company, said Tuesday its operating loss narrowed sharply in 2019 amid a jump in sales. Its consolidated operating loss stood at 720.5 billion won (US$592 million) last year, down 36 percent from the previous year’s 1.73 trillion won, the company said in a [...]