HDC Hyundai Development Co. has agreed to face-to-face negotiations with Kumho Industrial to prevent the rupture of the deal to acquire Asiana Airlines, according to a statement released by HDC on Sunday. In the statement, the construction company said it will try its best to accept the terms put forward by Kumho for the meeting between the CEOs of both companies, such as the location and time, to keep the acquisition process going as smoothly as possible. HDC also reaffirmed its stance that

When convenience store CU launched airline-themed ready meals late June, the company said it wanted to “comfort” people who couldn’t travel abroad during the coronavirus pandemic. Whatever your view of airplane food, the idea is not as niche as it may sound. After all, airline food reigns among the popular mukbang ideas for South Korean YouTubers, given its association with international travel and holidays, which sometimes rack up millions of views. The novel food product se

Korean Air beat earnings expectations, as it posted an operating profit of 148.5 billion won ($125.2 million) during the second quarter of this year due to its focus on cargo at a time airlines across the world are suffering unprecedented losses. The airline’s overall revenue however dropped by 44 percent compared to the same time last year, according to its tentative financial report released Thursday. But its efforts to streamline the business and prioritize its cargo business seem to

HDC Hyundai Development Company on Thursday blasted at Kumho Industrial as the party responsible for hindering their acquisition deal and said a new round of due diligence is necessary to prevent both firms from facing insolvency together should they push ahead. Kumho owns Asiana Airlines. “We are deeply disappointed that the seller is pinning the blame of breaching the contract on the buyer when HDC Hyundai Development Company has been duly following the acquisition process by procuring

Incheon Airport said Thursday it has begun the bidding process to seek duty-free store operators in new rent deals, as it promised 30 percent lower rent prices than previously proposed to soften the blow from the ongoing pandemic. In a statement, Incheon International Airport Corp., the operator of the airport, explained it is seeking new business partners at Terminal 1, as previously signed contracts will start to expire from August. The bidding process has been launched for six out of the ei

South Korea’s largest low-cost carrier Jeju Air suffered an operating loss of 84.7 billion won ($73.3 million) during the second quarter this year, raising its net operating loss for the first half of the year to nearly 150 billion won, according to a tentative financial report released Wednesday. The deficit grew by over 200 percent compared to the same time last year when the airline posted an operating loss of 27.4 billion won. Jeju Air posted 36 billion won in sales, down a whopping

Korean Air flew a damaged plane in 2018 without being aware of it until landing in Japan, and then falsely reported that the damage happened after the flight, an audit report said Friday. According to the report issued by the Board of Audit and Inspection, the South Korean flag carrier filed a false report to the Transport Ministry after discovering that its plane leaving from Incheon to Kansai, Japan, in April of 2018 had been damaged near the cover of the its engine inlet before take-off. T

Incheon International Airport Corp. said Friday that it is fully cooperating with the Korean Anti-Corruption and Civil Rights Commission’s investigation into a lease dispute surrounding a golf course built on airport-owned land. A three-way meeting between the airport, the anti-corruption body and golf resort Sky72 is scheduled for Wednesday, an airport official said. IIAC and Sky72 have been at odds over the land leased by the airport to the golf resort operator since 2002, with the cont

Korean Air has signed a supply deal for hybrid drones for the military, with plans to send the first batch of six units sometime in late October, the company said Thursday. As part of the deal, which is designed for the military to adopt the products of creative and new technologies developed in the private sector, the airline’s drones will be deployed to guard Korea’s coasts. The drones, whose development began in 2016, are equipped with hybrid engines powered by an internal combu

Tension surged in the aviation industry Thursday, with HDC Hyundai Development Co. and Asiana Airlines trading barbs over who is to blame for the lagging acquisition process. HDC on Thursday repeated its call for Asiana to agree to a new round of due diligence in August to finalize its acquisition process. In a statement, the building company said that its call for another round of due diligence last week is being ignored, and claimed that Kumho Industrial and the airline appear poised to term

The International Air Transport Association says air travel will take four years for a full recovery as a second wave of pandemic looms large and consumer confidence tumbles, pushing its previous projection back by a year. Short haul travel is expected to recover faster than long haul travel, the association said Tuesday, which means passenger numbers will return to normal levels before air traffic. The prediction comes as global air traffic, measured in revenue passenger kilometers, fell 86.5

Korean Air has been selected as the third-best airline in the world by TripAdvisor’s 2020 Travelers’ Choice Awards. The annual awards, based on reviews and scores collected via the website, also named the airline as one of the best major airlines in Asia alongside Asiana Airlines. The South Korean flag carrier has over 5,200 reviews on the website in 26 languages. One review cited by the online travel company said, “They go over and beyond to ensure you have the best experien

As the impact of the coronavirus pandemic lingers on, some low-cost airlines in South Korea are ramping up domestic flights and cautiously launching new air routes within the country to soften the blow. Low-cost carrier Air Seoul said Monday it would fly four flights between Gimpo and Busan per day starting Aug. 21, as it touted an “extra 3-inch seat pitch” compared to its rivals. “As figures show, the number of passengers at Gimpo Airport is rising and given the trend, we&r

Taihan Electric Wire said Monday it has signed a 92.5 billion won ($77.3 million) contract with the UK’s National Grid to supply underground cables and accessories for the London Power Tunnel 2. It is the largest electric grid project to be undertaken by a Korean cable manufacturer in the country, and the company had to fend off stiff competition from other bidders. The bidding process lasted for over a year. “We are excited that we will play a big part in this large-scale, long-te

Market pessimism over HDC Hyundai Development Company’s purchase plan of the country’s second-largest airline grew Monday, with Asiana Airlines stocks plunging. Shares of the airline closed at 3,560 won ($2.98) on Monday, down 2.86 percent from the previous session. However, HDC shares remained almost unchanged and were being traded at 33,100 won. The drop in stock price comes as HDC, which leads a consortium with Mirae Asset Daewoo to take over Asiana, called for another round of

HDC Hyundai Development Co. on Sunday called for an additional round of due diligence on Asiana Airlines as it reaffirmed its interest to close the $2.2 billion deal to take over the country’s second-largest full-service airline. However, this move is casting doubts over the successful closure of the mega-deal to acquire Asiana considering the aggravating financial situation of the airline amid the protracted COVID-19 impact on the aviation industry. The midsized construction unit of H

After months of negotiations and trading barbs, Jeju Air finalized its decision Thursday to scrap its plans to purchase Eastar Jet -- a decision that Jeju said was inevitable amid uncertainties, but was detrimental to the Eastar Jet that now faces real risk of bankruptcy. 　 “Despite the government’s willingness to support and mediate, the level of uncertainty facing Jeju Air was too high to move forward with the acquisition,” the airline said in a statement. Jeju Air, South K

In the midst of the coronavirus pandemic, traffic for the world’s busiest air route between Seoul and Jeju fell by nearly 30 percent during the first six months of the year, compared to the same period last year. Nearly 5.59 million passengers made trips on the route between January and June – a 31 percent drop from last year’s figure of 8.18 million, according to data from Korea Airports Corporation, a public enterprise behind Gimpo Airport. In a report from aviation analys

South Korea’s flag carrier Korean Air said Tuesday it has closed its regional headquarters in Europe and Southeast Asia in an effort to “streamline” business operations as the coronavirus pandemic continues. A company official said the move was made to respond to the “changing business environment more quickly and effectively.” The work that had been undertaken by the regional headquarters will be handled by other regional branches. “We will create a globa

E-commerce giant Coupang has appointed software engineering expert Jeon Joon-hee as the new vice president of engineering for its express delivery service, the company said on Monday. Jeon, who has previously worked at global companies like Google and Uber, will focus on advancing Coupang’s express delivery service known as ”Rocket Delivery.“ “As the COVID-19 pandemic continues, the world is watching Coupang’s innovative delivery system, which is fast and precise.