Hyundai Glovis said Thursday it has partnered with Norwegian-based shipping group Wilh. Wilhelmsen Holding ASA to proactively respond to changes in the future shipping industry. The two firms signed a memorandum of understanding on coping with changes in gas carriers and the shipping environment. The Korean logistics firm said synergy is expected in future shipping businesses, such as entering the gas marine transportation industry and operating hydrogen ships. Under the agreement, the two

Incheon International Airport Corp. is set to post an annual deficit of over 430 billion ($ 363 million) won this year, according to its latest projection Monday. As things stand in August, the airport is on course to be in the red this year, marking the first time in 17 years since 2003. The projection comes following a sharp drop in the number of flights and revenue during the first half of 2020, which saw its previous projected deficit grow over time since the first quarter. “The pro

Hyundai Motor said Monday it will introduce brand song of its new electric vehicle Ioniq with boy band BTS. The brand song “Ioniq: I’m on it” will be distributed on the automaker’s global website at 7 p.m. on Monday. Hyundai Motor and BTS have been working together on various marketing activities for three years since the band was chosen as Palisade’s global PR ambassador in 2018. The automaker said the latest project aims to convey a vision of the infinite po

Hyundai Motor will launch nine new cars in China by the end of next year to seek a turnaround in its sluggish sales in the world’s biggest car market. South Korea’s largest automaker announced Sunday that, starting next month with sport utility vehicle Palisade, it will introduce three sedans, three recreational vehicles and two electric vehicles in the country through 2021 to rebound after sales there plummeted in recent years. The automaker’s three sedans include the new

Aero K CEO Mike Kang confident in targeting niche market with mold-breaking identity

Low-cost carrier Eastar Jet is speeding up a new acquisition deal after talks with Jeju Air were scrapped last month. The airline said Sunday its financial advisers Deloitte Korea, Yulchon and Heungkuk Finance Group would send letters of intent to takeover candidates this week. Three to four large funds and companies are reported to have already expressed their intention to invest. An Eastar Jet official said, “There were some companies that can be known by their names, and some of

Kia Motors launched the face-lifted version of sports sedan Stinger Meister on Thursday, with enhanced performance. Revealing a promotional video featuring actor Go Soo on YouTube and Naver TV, the automaker presented the upgraded model, which was first released in 2017. The new Stinger Meister is offered with two gasoline engines, the new Smartstream 2.5 Turbo and 3.3 Twin-Turbo. It is the first time for Kia to equip the Smartstream G2.5 T-GDI in its vehicle. The Smartstream 2.5 Turbo pr

New Mercedes-Benz Korea CEO Kim Jee-seop says he feels great responsibility

Wholesale, retail and technology startups increase, lodging and restaurants decline

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