The Korea Development Bank, Asiana Airlines’ main creditor, said it will await HDC Hyundai Development Company’s answer on acquiring the airline after a fresh round of talks between their chiefs in Seoul on Wednesday. In a statement, KDB said the high-profile discussion between KDB Chairman Lee Jong-gull and HDC Chairman Chung Mong-gyu took place with “all options on the table.” It said further plans will be decided in consultation with Kumho, the airline’s majo

South Korean tech giant Samsung Electronics is continuing to help various communities hit by the COVID-19 pandemic worldwide, with its latest donation worth $4 million going to nonprofit organizations in the United States, according to the company on Wednesday. The donation was announced through its Samsung America newsroom homepage, which highlighted Samsung’s commitment to the local communities in the countries where it does business. According to the announcement, Samsung has pr

Rise of rivals, US antidumping probe and internal disputes weigh down key industry

Singapore’s antitrust watchdog has approved the merger of the world’s two largest shipbuilders, Hyundai Heavy Industries confirmed Tuesday. The Competition and Consumer Commission of Singapore concluded the screening process by saying in a notice that “there is no disagreement about the approval of a tie-up between Korea Shipbuilding & Offshore Engineering and Daewoo Shipbuilding & Marine Engineering.” KSOE is a subholding company of HHI group’s shipbui

Korean Air has sold its in-flight catering and duty-free business to private equity fund Hahn & Co. for 990 billion won ($758 million) as part of its efforts to secure liquidity. The decision was approved by the board of directors on Tuesday, with plans to acquire 20 percent stocks of what would become a newly established corporation to secure the supply chain. The move is the latest in a series of efforts to secure funds to keep the airline afloat as the pandemic is predicted to prolong.

Renault Samsung Motors’ compact sport utility vehicle XM3 is gaining praise from young consumers for its unique design, according to market watchers. The XM3 reportedly sold 10,000 units in just 49 days after its release in March, a record for the company. The compact SUV sold over 5,000 units monthly for four consecutive months following its launch, accumulating sales of 24,161 units as of July -- the highest figure in four months, in the domestic compact SUV market. The vehicle&rsqu

Adventure seekers drawn to ample cargo space, driving experience, reasonable price

Hyundai Motor ranked first in satisfaction for high-tech automobiles in the US mass market, according to the latest survey of US research firm JD Power on Tuesday. Hyundai ranked highest in the mass-market segment with a score of 556, offering an above-average level of technologies and scoring well for excellence in execution. Subaru (541) ranked second, followed by Kia (538), Nissan (534) and Ram (520). In the luxury segment, Genesis (559) placed sixth. Volvo ranked highest overall with an

BMW Korea said Monday it is launching three new limited edition models online to celebrate 25 years in Korea. The automaker will be releasing two sport activity vehicles -- X5 M50i and X6 M50i -- and the sport sedan M340i in its signature metallic gray. Only 25 of each of the models will be on sale at BMW Shop Online, the automaker’s online platform, at 2:05 p.m. on Tuesday.  The SAVs are limited editions based on the M performance model M50i. The automaker said it is introducing

Eastar Jet will cut down on its workforce as part of efforts to find a new owner after Jeju Air Co. scrapped its plan to acquire the smaller budget carrier amid the coronavirus' impact on the airline business, industry sources said Friday.    Eastar plans to lay off nearly 70 percent of its 1,200 employees in restructuring before it begins the process to find a new investor, Eastar Senior Vice President Kim You-sang said over the phone.    "Our lead managers and two p

GM Korea CEO Kaher Kazem visited the automaker’s Changwon plant on Thursday to review the investment status of its next-generation products, the firm said Friday. GM Korea said, “The visit was made to check whether facility investment for new global products is progressing as planned amid the uncertainty in the business environment, such as heavy rain, heat wave and the pandemic. Kazem and a group of officials visited the construction site to monitor safety compliance and whethe

US automotive distributor HAAH Automotive Holdings is preparing to submit a binding offer to invest in SsangYong Motor, according to media reports here Thursday. Experiencing a liquidity crisis, SsangYong Motor’s major stakeholder, India’s Mahindra Group, announced it will lower its stake from the current 75 percent to less than 50 percent, and that it is willing to give up its top shareholder position if it finds a new investor. A bidder makes a binding offer to acquire a compa

Kia Motors has lost a nine-year wage lawsuit filed by workers as the Supreme Court ruled in favor of the employees on Thursday. The automaker has to pay about 50 billion won ($42 million) to its 3,521 union members. In 2011, about 27,000 employees of Kia Motors filed a lawsuit claiming that overtime, night, holiday and annual leave allowances should be recalculated after including regular bonuses, daily expenses and lunch expenses in ordinary wages. The workers claimed around 1 trillion won

Low-cost carrier Eastar Jet is preparing for a new acquisition deal after talks with Jeju Air fell apart last month. The airline has chosen accounting firm Deloitte Korea, corporate law firm Yulchon and Heungkuk Finance Group as its financial advisers, one official at the company confirmed Tuesday. With the help of the three entities, the troubled airline is poised to continue its efforts to seek a new buyer to save itself from bankruptcy. In late July, Jeju Air scrapped plans to purchase Ea

South Korean airlines are betting on YouTube content to maintain their connections with customers amid the ongoing pandemic that has brought the aviation industry to a near-halt. Asiana Airlines released a minute-long advertisement on its channel earlier this month titled “‘Travel’ has left us,” touching on people’s desire to leave (travel) amid the pandemic. “For the first time, travel has left us (instead of us leaving for travel),” the narration sta