Aero K Airlines Co. on Thursday began regular flights with an A320ceo aircraft as South Korea's eighth low-cost carrier. Aero K began services on a domestic route between Cheongju, 140 kilometers south of Seoul, and Jeju Island, with a plan to expand flights to Asian countries such as China, Taiwan, Japan and Vietnam, the company said in a statement. The budget carrier has leased three A320ceo passenger jets from US-based aviation investment manager Carlyle Aviation Partners Ltd. "We are

SsangYong Motor Co. was placed under court receivership once again Thursday as its Indian parent Mahindra & Mahindra Ltd. has failed to attract an investor amid the prolonged COVID-19 pandemic and its financial status is further worsening. The Seoul Bankruptcy Court approved the debt-rescheduling process for SsangYong Motor as US vehicle importer HAAH Automotive Holdings Inc. didn't submit a letter of intent (LOI) to acquire the financially troubled carmaker. Mahindra had been in talks wit

A joint venture between South Korean battery maker LG Energy Solution Ltd. and US automaker General Motors Corp. will build its second battery factory in Tennessee to step up production, industry sources said Thursday. Ultium Cells, a joint venture between LG and GM, has picked a site in Tennessee for their second electric vehicle (EV) battery plant, which will be similar in scope to its $2.3 billion Ohio plant, according to sources familiar with the matter. The two companies will jointly anno

GM Korea Co., the South Korean unit of General Motors Co., said Thursday it will suspend two of its three plants next week due to a lack of semiconductors parts. GM Korea will halt the No. 1 and No. 2 plants in Incheon, 40 kilometers west of Seoul, from April 19-23 as the semiconductor supply continues to remain fluid globally, the company said in a statement. "We will continue to work closely with our supply base to find solutions for our suppliers' semiconductor requirements and to mit

Samsung Electronics Vice Chairman Lee Jae-yong, the de facto leader of Samsung Group convicted of bribery, returned to prison Thursday, about a month after an appendicitis surgery, sources said.    Lee was transferred to Samsung Medical Center in southern Seoul on March 19 to receive an emergency surgery after suffering a ruptured appendix.    The 52-year-old tycoon was supposed to return to Seoul Detention Center in Uiwang, Gyeonggi Province, last Friday but was advised

SK Telecom, South Korea‘s largest mobile carrier, said Wednesday it will set up a new holding company for its non-mobile subsidiaries to boost shareholder value and accelerate growth in its businesses. The telecom operator said in a regulatory filing that it will conduct a spinoff to form the holding company, which will oversee operations of its tech affiliates and subsidiaries, such as memory chip giant SK hynix, e-commerce firm 11Street and ride-hailing company T Map Mobility, among o

Hyundai Motor has installed its E-pit high-speed electric vehicle charging system at 12 rest stops on major expressways, as part of its efforts to expand their EV infrastructure, the company said Wednesday. The 350-kilowatt rapid chargers can charge up to 80 percent of an EV battery equipped with 800-volt system as quick as in 18 minutes. A total of 72 units, the first of its kind, have been installed on the country’s highway network, the automaker said. The stations will accommodate

After witnessing US President Joe Biden hold up a silicon wafer in front of the world’s chip industry leaders, including Samsung Electronics, calls are growing in South Korea that its leader, too, should act to help safeguard Korean chipmakers from an unfolding global war for chips. Despite Korea’s unchallenged position in the global memory chip market, industry officials and pundits worry the country could fall victim to the global power struggle between the US and China, and co

The Federation of Korean Industries, one of the leading business representations here, said Wednesday that it has launched an organization solely dedicated to dealing with environmental, social, and governance issues. The role of the new organization, named “K-ESG Alliance,” will be to share ESG-related information with member companies and hold ESG conferences for global investors, officials said. The alliance will be led by Kim Yoon, chairman of Samyang Holdings, the holding unit

IPO expected to boost Hyundai Motor Group Chairman Chung Euisun’s equity value by W1tr

LG Chem said Wednesday that it had increased its production capacity of carbon nanotubes from 500 metric tons to 1,700 tons to meet growing demand for the raw material used in electric vehicle batteries. According to South Korea’s leading petrochemical company, it has begun the commercial operation of a second carbon nanotube facility with an annual production capacity of 1,200 tons in Yeosu, South Jeolla Province. “Carbon nanotubes manufactured from the plant No. 2 will be sup

South Korean surveillance technology provider Hanwha Techwin on Wednesday introduced artificial intelligence-based security cameras that can detect social-distancing violations automatically. According to the security camera subsidiary under Hanwha Aerospace, the AI solution monitors whether social-distancing measures are being followed on a real time basis and send written alarms on monitors or audio alarms through speakers if it detects violations. “When users set social-distancing

SK Holdings’ equity investment in Grab, the Southeast Asian equivalent to Uber, is receiving attention as the ride-hailing app prepares for an initial public offering on the tech-heavy US bourse Nasdaq. According to the investment-focused holdings firm of SK Group, the Singapore-based startup behind the ride-hailing and food delivery app is planning a floatation via a special-purpose acquisition company, or SPAC. Grab’s market value is estimated at around $39.6 billion after it

Posco International aims to expand its food business to become one of the world’s top 10 food trading companies, amid growing concerns over rising food prices, the South Korean trading company said Wednesday. The company cited the FAO Food Price Index, which tracks monthly changes in international prices of commonly traded food commodities. According to the food price index, the figure for March marked the 10th consecutive monthly increase, increasing 2.1 percent from the month before.

BHC Co. logged 400.4 billion won ($358 million) in sales in 2020, up 26 percent from the year earlier, placing the company as the No. 2 South Korean fried chicken franchise, the franchise operator said Wednesday. According to BHC Co., which runs the BHC Chicken brand, the company’s operating profit also grew by 33 percent on-year to record 130 billion won in 2020. It is the first time the fried chicken franchise recorded sales surpassing the 400 billion mark, the company said. Among t