T'way Air, a South Korean low-cost carrier, said Monday it will open a Daegu-Mongolia route later this month as travel demand rebounds after three years of COVID-19 pandemic restrictions. T'way Air plans to provide two flights a week on the Daegu-Ulaanbaatar route starting from July 28, the company said in a statement. In July last year, the budget carrier opened its Incheon-Ulaanbaatar route to preemptively absorb travel demand amid the pandemic. T'way Air has 29 chartered passen

Coway has once again been recognized as one of South Korea’s best brands, marking a ninth consecutive year, by leading global brand consultancy Interbrand. "We are committed to developing innovative products and services to enhance daily convenience by leveraging our technological capabilities and expertise," the company said. "As a global life solutions company with goals to expand beyond Korea, we will continue to enhance our brand value." Every year, Interbrand condu

Travel demand to Hong Kong remains weak among South Korean travelers, data showed Sunday, with a report suggesting anti-China sentiment is still prevailing. A total of 591,998 passengers used the air routes between Korea and Hong Kong from January to May, according to data from the Ministry of Land, Infrastructure and Transport. The number is only 35.3 percent of the passengers recorded in the same period four years ago, when the pandemic had yet to break loose. Meanwhile, the number of passenge

Government revenue from comprehensive real estate holding tax is expected to decrease by 2 trillion won ($1.5 billion) amid a slump in the real estate market, further exacerbating the nation’s potential fiscal deficit this year, according to market estimates Sunday. The comprehensive real estate holding tax is a nationwide tax that is imposed on an annual basis for apartments with a government-assessed value surpassing 1.2 billion won. Aimed at preventing speculative investments, it is s

Posco Holdings said Sunday it has completed the construction of a new secondary battery recycling plant at the Yulchon Industrial Complex in South Jeolla Province. The new plant is operated by Posco HY Clean Metal, a joint venture set up between Posco Holdings, Huayou Cobalt and GS Energy. The facility is capable of processing 12,000 metric tons of black mass and collects 2,500 tons of nickel, 800 tons of cobalt and 2,500 tons of lithium carbonate from it. Black mass -- a powdery faction that co

Hyundai Motor Group Executive Chair Chung Euisun visited Intel’s semiconductor plant in Ireland on Friday to inspect the global chip supply chain trends and prepare stability for in-vehicle chips in the future. According to the South Korean auto giant on Sunday, Chung checked out the manufacturing process at the Fab 24 manufacturing plant, located at Intel Ireland’s Leixlip campus in County Kildare as he was briefed on the chip company’s global business status. Hyundai Motor Gr

Tech giant’s earnings expected to improve on back of reduced chip output, earlier launch of new foldable phones

KB Financial Group Chairman Yoon Jong-kyoo (fourth from right, third row) on Thursday poses for photos with Korean and Indonesian university students who are competing in the 2023 KB Solveathon debate competition, held at the KB Insurance Ingenium Suwon building in Suwon, Gyeonggi Province. During the competition, participants engage in presentations and debates for around 42 hours to discover the best solution for the future of finance. The final round takes place in Seoul on July 13.

Yun Seog-dae, CEO of Korea Water Resources Corp., also known as K-water, has been named the fourth chairman of the Asia Water Council during the council’s general meeting held in Hwaseong, Gyeonggi Province, last week. He will serve his three-year term until 2026. "I am very honored to be elected chairman of AWC, a representative joint water platform in Asia. I understand the great responsibility that comes with being elected at a time when we face the major challenge of solving globa

Daegu Bank seeks to become first nationwide commercial bank in 30 years; Outlook remains mixed on impact to top five banks

The 1997 sci-fi movie "The Fifth Element" features a futuristic city filled with flying cars zooming in and out of the gaps between buildings hundreds of meters above the ground. Some 26 years later, things have developed enough that it is feasible for people to think the world is approaching such a scene. Many cities have plans to operate urban air mobility systems to use small, highly automated aircraft that carry passengers or cargo at lower altitudes in urban areas. South Korea

LG Energy Solution, the world's second-largest battery maker, said Friday it has inked a long-term deal with Chilean lithium producer SQM for the key electric vehicle battery component. Under the agreement, SQM is set to supply 100,000 metric tons of lithium to LG Energy Solution over the next seven years, beginning this year through 2029. The supply would be able to power 2 million all-electric vehicles, making it the world's largest single purchase agreement in scale. This agreement

Korea's top financial regulator on Friday sought to reassure depositors in the Korean Federation of Community Credit Cooperatives, the nation's primary mutual financial institution, that the government would ensure the safety of their assets. “I urge people to refrain from withdrawing their deposits from KFCC simply out of concerns, as it can lead to their financial losses,” Financial Services Commission Chairman Kim Joo-hyun said during a press conference held to commemora

GoldenBlue, a South Korean whiskey maker and distributor of imported liquor, said Friday it had filed a complaint against its former partner Carlsberg Group for unilaterally ending their distribution contract. In its complaint filed with the Korean Fair Trade Commission on Wednesday, GoldenBlue also argued that Carlsberg Group engaged in unfair trade practices during their contract period. In March, Carlsberg Group "unilaterally" terminated their contract for the distribution of Carlsb

Samsung Electronics has predicted an operating profit of 600 billion won ($458.5 million) for the April-June period, a 96 percent plunge to what would be the lowest quarterly earnings in 14 years, amid a severe global downturn in the chip industry. Releasing its earnings guidance on Friday for the second quarter this year, the tech giant said its consolidated sales is expected to be approximately 60 trillion won, down 22.3 percent on-year. As for the operating profit, the estimate is the worst s