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The head of the German antitrust regulator has said a key issue in deciding the fate of the acquisition of Daewoo Shipbuilding & Marine Engineering by Hyundai Heavy Industries is whether the deal restricts competition. Andreas Mundt, president of Germany’s Federal Cartel Office, made the comme...
Air Busan topped other low-cost carriers in customer satisfaction in the National Customer Satisfaction Index survey, the company said on March 19. The carrier beat five rivals to earn the highest scores in most of the six categories, which mainly cover customer satisfaction, recognition, and l...
Sales at South Korean duty-free stores hit a new monthly high in February on increased purchases by Chinese tourists during the Lunar New Year holiday, industry data showed on March 18. The combined sales of local duty-free shops reached a new monthly record of 1.74 trillion won ($1.53 billion)...
South Korea joined other countries to ban all Boeing 737 Max aircraft from its airspace due to safety concerns, the Transport Ministry said on March 15. The ministry issued a Notice to Airmen to inform pilots and airline operators of its decision to ban the Boeing aircraft from its airspace for...
Korean Air said on March 14 that it will not operate B737 Max 8s to be delivered in the coming months until safety issues are fully settled. The carrier was scheduled to add the passenger jets made by Boeing to its fleet from May. Earlier this week, Eastar Jet, one of South Korea’s budget ...
Seoul Semiconductor , a leading LED firm in South Korea, said on March 12 it has received the 2019 LEDs Magazine Sapphire Award for its Acrich NanoDriver Series ultraminiature LED drivers. The award, aimed at recognizing the advancement of lighting technology, is presented annually by US lighting...
Korean entertainment giant CJ ENM announced on March 11 it has teamed up with Big Hit Entertainment, the management agency of the sensational K-pop boy band BTS, to launch an idol band on the global music scene. The two firms established a joint venture named Belif Lab, aiming to unveil a new K...
Local shipyards called on steelmakers on March 7 to refrain from raising prices of thick steel plates used to build vessels until their businesses are back on track, claiming that any increase will lead to a burden they cannot cope with at present. “Hikes in steel plate prices exert a consider...
Korean oil refiners, led by SK Innovation, are expecting their earnings to improve down the road on the back of a rise in refining margins, industry sources said on March 7. SK Innovation and other refiners, including GS-Caltex and S-Oil, reported weaker-than-expected earnings in the fourth qua...
Korea’s government said on March 6 it is pushing to release more information on various harmful substances found in e-cigarettes. The Ministry of Food and Drug Safety said it plans to come up with an analytical method that will allow the general public to easily access and check hundreds of ch...
The state-run Korea Hydro & Nuclear Power Co. on March 6 vowed to penetrate deeper into the Turkish market for nuclear plant equipment along with 22 small-and medium enterprises. KHNP said its export affiliate, Korea Nuclear Partners, organized a delegation to participate in the International N...
The chief of a major Korean business lobby on March 6 urged the government to take a multi-pronged approach to help tackle low growth and the widening income gap facing the country. In a statement sent to a conference held by Sustainable Growth Initiative, a think tank set up by the Korea Chamb...
Despite the South Korean government’s ambitious announcement on creating a hydrogen economy this year, oil refiners appear to be taking a passive stance toward the plan, citing questions over profitability when jumping into the hydrogen business. In January, the government announced its road map ...
Sales of cigarettes in Korea rose 14.6 percent in January from a year earlier, data showed on Feb. 28, despite an anti-smoking campaign and higher prices. Korean smokers purchased 292 million 20-cigarette packs in January, compared with 254.8 million in the same period last year, according to data...
SK Engineering & Construction, an affiliate of the country’s top refiner SK Innovation, said on Feb. 28 that it has won a US$1.2 billion deal to build an oil storage facility in the United Arab Emirates. The firm said it has already started building an underground oil storage bunker in the mounta...
Cabbage prices soar 70% amid heat wave
Porsche Korea appoints new CEO
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Hyundai Motor officially becomes KT’s largest shareholder
MBK defends Korea Zinc bid, refutes Chinese capital accusation