SEOUL, March 6 (Korea Bizwire) — South Korea’s passage of a bill against the ride-hailing service Tada is a major setback for the country’s drive for innovation, experts said Thursday. The bill allows Tada service operator Value Creators & Company (VCNC) to rent out its vans with drivers for at least six hours at airports [...]
SEOUL, March 5 (Korea Bizwire) — In the fourth quarter of last year, loans extended to businesses in the service sector, mostly taken out by self-employed people, rose to the largest amount ever. This seems to be the result of small wholesale and retail companies turning to loans amid sluggish domestic demand. Outstanding loans to [...]
SEOUL, March 4 (Korea Bizwire) — South Korea’s two full-service carriers said Wednesday that they will temporarily suspend or reduce most of their flights to the United States and Europe due to declining air travel demand amid the spreading coronavirus outbreak. The move comes as an increasing number of people opt not to travel amid [...]
SEOUL, March 2 (Korea Bizwire) — Jeju Air Co., South Korea’s largest low-cost carrier, said Monday it has signed a deal to acquire Eastar Jet for 54.5 billion won (US$45 million) as part of its expansion strategy. Jeju Air was originally planning to sign a share purchase agreement with Eastar Holdings by December to acquire [...]
SEOUL, March 2 (Korea Bizwire) — Asiana Airlines Inc. on Monday offered extended unpaid leave to its employees and cut the wages of executives by up to 50 percent this month as travel demand nose-dives amid worsening coronavirus woes. Last month, Asiana’s 10,500 employees took turns going on 10 days of unpaid leave so the [...]
SEOUL, Feb. 28 (Korea Bizwire) — Korean Air Lines Co., the country’s biggest airline by sales, said Friday it will reduce flights on U.S. routes next month and use smaller planes due to declining demand amid the spread of the new coronavirus. Korean Air will temporarily reduce the number of flights on the routes from [...]
SEOUL, Feb. 26 (Korea Bizwire) — South Korean airlines are suspending more flights on international routes as people opt not to travel amid growing fears over the fast-spreading coronavirus outbreak, industry officials said Wednesday. With no end in sight to the COVID-19 outbreak, local airlines began to reduce the number of flights — or stop [...]
SEOUL, Feb. 25 (Korea Bizwire) — South Korean airlines said Tuesday they will extend flight suspensions to China and halt more flights on international routes due to the growing impact of the fast-spreading coronavirus outbreak. With no end in sight for the COVID-19 outbreak in the country, Korean Air Lines Co., South Korea’s biggest airline [...]
SEOUL, Feb. 24 (Korea Bizwire) — The tourism industry continues to struggle with the ongoing coronavirus outbreak. The previous Middle East Respiratory Syndrome (MERS) crisis affected only inbound tourists, or foreigners travelling to South Korea. Even then, the tourism industry recovered after around three months. This time, however, the outbreak also affects South Koreans travelling [...]
SEOUL, Feb. 24 (Korea Bizwire) — South Korean airlines have suspended or plan to halt flights to the country’s southeastern city of Daegu, where hundreds of new coronavirus infections have been reported over the weekend. Korean Air Lines Co., the country’s biggest full-service carrier, canceled its flights to Daegu from the southern resort island of [...]