Mar 27, 2020   Transport

IATA urges rescue package for virus-hit S. Korean airlines

The International Air Transport Association (IATA) has called on South Korea to offer a comprehensive rescue package to support local airlines "in grave and immediate danger of insolvency," according to Korean Air Lines Co. on Friday. In a letter sent to President Moon Jae-in this week, IATA, a global trade association for the airline industry, asked the Seoul government to urgently extend direct financial support, loan guarantees by the government, support for corporate bond issua

Mar 27, 2020   Technology

LG dumps flagship smartphone brand G Series

LG Electronics has decided to drop plans to highlight its flagship smartphone brand G Series as part of efforts to turn around its struggling mobile device business, according to industry sources Friday. The company has reportedly decided to ditch the brand name for premium, mass-market models, according to sources. Instead it will start giving separate names for each model. The decision was made public at a meeting between the company and mobile carriers in South Korea. Since launched

Mar 27, 2020   Retail

SPC Samlip appoints Hwang Jong-hyeon as new CEO

SPC Samlip, a bakery and restaurant franchise giant, said Friday it has appointed Hwang Jong-hyeon as its new chief executive. SPC Group, the holding company, said it has also appointed Ahn Ji-yong as the new CEO to lead its subsidiary SPC GFS. Hwang served as the CEO of Samjin Eomuk, a fish cake maker, and previously worked for Dongwon F&B, the food division for Dongwon Group, for 30 years to lead numerous mergers and acquisitions and contributed to the growth of Dongwon’s dairy

Mar 27, 2020   Retail

Lotte Shopping stresses profitability as utmost priority

Lotte Shopping said Friday it plans to undergo major restructuring, including shutting down money-losing stores and sluggish businesses, while taking measures to strengthen its e-commerce platform. Lotte Shopping operates the retail unit of Lotte Group, including the department store and mart. During its general shareholders meeting held in Seoul, Lotte Shopping CEO Kang Hee-tae announced improving profitability as the company’s utmost priority this year. “While we expect a dif

Mar 27, 2020   Retail

Non face-to-face food ordering services popular amid social distancing trend

Baemin Order, an ordering and payment service for restaurants, accumulated over 2 million orders in five months since its launch in November, its operator Baedal Minjok said Friday. Baemin Order, which can be accessed through the Baedal Minjok delivery app, is a service in which users can order and pay for food in advance of a visit to a restaurant. This service allows users to either pick up the food or dine in at the restaurant without making contact with a server, Baedal Minjok explained.

Mar 27, 2020   Technology

Samsung, LG employees to get lower pay raise this year

South Korea’s biggest companies Samsung Electronics and LG Electronics have decided to lower the pay raise for employees this year, according to industry sources Friday. Samsung’s management and representatives of the employees have agreed on a 2.5 percent increase in base salary. However, depending on personal performance evaluation, the rate will vary. Samsung granted a pay raise of 3.5 percent in 2018 and 2019. The lower increase this year reflects growing uncertainties in

Mar 27, 2020   Transport

Hanjin Group Chairman Cho Won-tae reelected as executive director of Hanjin KAL

Both Hanjin KAL, Korean Air board also formed favorable to Cho Won-tae

Mar 27, 2020   Transport

Hyundai Motor Group promotes Kia’ vice president, appoints foreign leaders

Hyundai Motor Group said Friday that it has promoted Kia Motors Vice President Song Ho-sung to president and appointed Jochen Paesen to lead Kia Motors’ interior design team as a director. The company said the latest executive reshuffle is to execute the company’s future mobility vision and bring change to the current leadership.  President Song had previously led the automaker’s export sales, European sales and global business management teams, the company said. He is

Mar 27, 2020   Industry

Samsung, LG, Hyundai close more overseas plants

South Korean firms are shutting down more facilities across the world given the coronavirus spread, according to industry sources Friday. Samsung Electronics has reportedly decided to shut down its home appliance factory in Campinas, Brazil, following the closure of its smartphone plant in Manaus in the country earlier this week. The Campinas facility will be closed for two weeks from Monday through April 12. The shutdown of the Manus plant will also be extended to April 12. LG Electronics

Mar 27, 2020   Industry

LG Group chief highlights risk management amid virus spread

LG Corp. CEO Koo Kwang-mo, leader of South Korea’s fourth-largest conglomerate, said Friday he will focus on risk management amid the global coronavirus pandemic. At the company’s annual shareholders meeting held at its headquarters in Yeouido, western Seoul, Koo highlighted that LG Group will need to be unshaken by the current risks and rather focus on prioritizing customer value. “Amid the persisting uncertainties triggered by the global coronavirus spread in the busine

Mar 27, 2020   Transport

Hyundai Motor, Aptiv complete deal for autonomous driving

Hyundai Motor Group said Friday that it has completed the establishment of a 50:50 joint venture with the US software developer of autonomous vehicles Aptiv. The headquarters of the joint venture will be set up in Boston, Massachusetts, and it will run research centers in both the US and Asia, the company said, adding that the company mission will be announced in the near future. In September last year, Hyundai Motor Group clinched a deal with Aptiv, formerly known as Delphi, for a $4 billion

Mar 27, 2020   Industry

Hyundai to suspend plants in Russia and Turkey amid virus woes

Hyundai Motor Co., South Korea's biggest carmaker by sales, said Friday it will halt its plants in Russia and Turkey, the latest in a series of suspensions due to the new coronavirus outbreak.   Hyundai's plant in Turkey is set to be closed Friday, and no date has been set for its resumption.   Meanwhile, the Hyundai plant in St. Petersburg is set to be shut down from Sunday through April 3, as Russian President Vladimir Putin has declared a nationwide paid holiday next week in a move

Mar 27, 2020   Industry

Samsung to shutter another Brazil plant over new coronavirus

Samsung Electronics Co. said Friday it will temporarily close another manufacturing plant in Brazil due to the spread of the novel coronavirus. Samsung will suspend operation of its manufacturing plant in Campinas, Sao Paulo, in southeastern Brazil for two weeks from Monday to April 12. The world's largest smartphone maker already shut down its plant in Manaus, Amazonas, in northern Brazil due to the virus crisis. Samsung originally planned to close the Manaus factory from Tuesday to Sunday t

Mar 27, 2020   Retail

Duty-free sales halve in Feb. on COVID-19

Sales at South Korean duty-free stores nearly halved in February from a month earlier, hit hard by the spread of the new coronavirus, industry data showed Friday. Combined sales of local duty-free shops came to 1.1 trillion won ($910 million) last month, down 45.5 percent from January, according to the data from the Korea Duty Free Shops Association. The number of visitors plunged 54 percent on-month to 1.75 million in February, with foreigners accounting for 40 percent of the total. Sales of