Business - The Korea Times

Jin Air launches daily Incheon-Kobe flights starting Aug. 7

Jin Air will begin daily direct flights between Incheon and Kobe, Japan, starting Aug. 7, expanding its network in Japan's Kansai region, the low-cost carrier said. The route will be served by a 189-seat aircraft once a day. Flights will depart Incheon International Airport at around 1:30 p.m. and arrive in Kobe at 3:30 p.m., for a total flight time of about two hours. Return flights will depart Kobe at 4:30 p.m. and land in Incheon at 6:30 p.m. Travelers from Korea previously had to fly into Kansai International Airport near Osaka and then take a limousine bus or train for more than an hour to reach Kobe, Jin Air said. The new direct route is intended to make the trip more convenient. Kobe, the capital of Hyogo Prefecture, is known for its atmosphere and food scene. Attractions include the Kitano Ijinkan district, where 19th-century foreign settlement buildings have been preserved; Meriken Park, known for its night views; and Arima Onsen, one of Japan's most famous hot spring resorts. The city is also known for Kobe beef, considered one of the world's great luxury beef brands, and a clus

5h agoBy Jhoo Dong-chan

Jin Air launches daily Incheon-Kobe flights starting Aug. 7

Hyundai's AI-era wage reform faces productivity test

Hyundai Motor’s artificial intelligence (AI)-sparked wage overhaul is raising difficult questions about how to redesign a compensation system in ways that would protect workers’ income without undermining productivity, experts said Monday. The carmaker’s management and labor union are reviewing the introduction of the so-called "complete monthly wage system," under which overtime and other variable allowances — currently paid based on hours worked — will be incorporated into production workers’ fixed monthly salaries. The initiative will be studied through a joint labor-management task force. Hyundai already shifted its production workers from an hourly wage system to monthly salaries in 2012. However, overtime and night-shift allowances are still paid according to actual hours worked. The proposed reform would reduce those monthly fluctuations by converting part of the variable pay to fixed wages, in order to provide factory workers with greater income stability even after the carmaker’s planned deployment of humanoid robots across its major production lines here and abroa

5h agoBy Lee Min-hyung

Hyundai's AI-era wage reform faces productivity test

Hankook Tire equips Hyundai Rotem's firefighting robot with airless tires

Hankook Tire & Technology said Tuesday it is supplying its airless "i-Flex" tires for a new unmanned firefighting robot built with Hyundai Rotem to battle high-risk blazes in underground parking garages. The robot is built on Hyundai Rotem's HR-Sherpa, the company's first domestically developed multipurpose unmanned vehicle, and is equipped with a 65-millimeter high-performance water cannon, a camera for improved visibility, a self-spraying system and remote-control functions. Hankook Tire and Hyundai Rotem spent about five years jointly developing the tire, which uses a double-arch structure designed to support heavy loads and disperse compressive force evenly, the company said. An outer arch absorbs shocks from uneven, off-road terrain, while an inner arch reduces vibration transmitted to the vehicle's drivetrain, with a hinge structure connecting the two. Because the tire is airless, it requires no air-pressure maintenance and eliminates the risk of punctures or air loss, the company said. Robots equipped with the tire have already been deployed at disaster sites, including a factory

6h agoBy Jhoo Dong-chan

Hankook Tire equips Hyundai Rotem's firefighting robot with airless tires

Korean Air signs Buckingham Palace Declaration to counter illegal wildlife trafficking

Korean Air has signed the Buckingham Palace Declaration, becoming the first Korean airline to join the global initiative to counter illegal wildlife trafficking through the transportation sector. Established in March 2016, the Buckingham Palace Declaration is an international agreement aimed at preventing traffickers from exploiting global transport networks. It sets out 11 commitments, including sharing information on the illegal wildlife trade, reporting suspicious activity to relevant authorities and refusing to transport cargo suspected of containing illegally traded wildlife or wildlife products. As a signatory, Korean Air will participate in the United for Wildlife Transport Taskforce, an initiative led by the U.K. Royal Foundation, and implement the declaration’s commitments. The airline plans to strengthen security procedures, provide specialized training for employees and refuse the transportation of wildlife and wildlife products suspected of being linked to illegal trade. The initiative builds on Korean Air’s ongoing wildlife conservation efforts. In January, the airline pr

6h agoBy Lee Min-hyung

Korean Air signs Buckingham Palace Declaration to counter illegal wildlife trafficking

Samsung Electronics launches CEO-led robotics unit to drive future growth

Samsung Electronics has launched a dedicated robotics organization reporting directly to its chief executive officer as it seeks to make robotics a key pillar of its future growth strategy and bolster its competitiveness in next-generation technologies. The company said Tuesday the new Robotics eXperience (RX) Business Office will consolidate the company's robotics capabilities under a single organization responsible for mid- to long-term strategy, core technology development and commercialization. Operating under the direct oversight of CEO Roh Tae-moon, the new unit is designed to accelerate decision-making and execution, enabling Samsung to respond more quickly to market changes and create new robotics business opportunities. Based at Samsung's Seoul R&D Campus in southern Seoul, the office will serve as the company's robotics hub as Samsung expands offices, laboratories and other infrastructure for robotics development and commercialization. To strengthen its data capabilities, which Samsung described as a key competitive advantage in robotics, the company will establish a Data Facto

6h agoBy Lee Gyu-lee

Samsung Electronics launches CEO-led robotics unit to drive future growth

Kakao's labor union to picket during lunch hours as wage dispute continues

Unionized workers at Kakao were set to stage a demonstration during lunch hours Tuesday, as wage negotiations with management have been deadlocked for the past two months. Members will picket outside the messenger app operator's headquarters in Pangyo, south of Seoul, for about one hour starting at noon, but the number of participants is yet to be confirmed, according to Kakao's labor union. The latest development marks the third collective action for the union after it failed to narrow differences in May with the management on performance-based incentives. The union is reportedly demanding the company pay around 13 to 14 percent of operating profit as incentives. The management has rejected such demands, saying it puts too much burden on its operations. Unionized members staged a partial strike in early June, which followed a full-day strike on June 29.

7h agoBy Yonhap

Kakao's labor union to picket during lunch hours as wage dispute continues

Shinsegae, OKO to launch $500 mil. joint venture for luxury hotel projects

Korean retail conglomerate Shinsegae Group said Tuesday it will establish a $500 million joint venture with global real estate developer OKO Group to develop luxury hotels and other properties. Shinsegae Group Chairman Chung Yong-jin and OKO Group Chairman Vlad Doronin signed a memorandum of understanding in Seoul to establish the joint venture, the company said. OKO Group owns luxury hospitality brands Aman and Janu and has developed hotels and branded residences under both brands. The two companies will partner to develop luxury hotels and branded residences across Asia and North America while also pursuing commercial and mixed-use real estate projects in Korea, according to Shinsegae.

7h agoBy Yonhap

Shinsegae, OKO to launch $500 mil. joint venture for luxury hotel projects

Coupang warehouse blaze brought under initial control

A massive blaze at a Coupang warehouse was brought under initial control Monday, 61 hours after it broke out and forced the evacuation of hundreds of nearby residents, firefighting authorities said. The fire at the logistics center in Incheon, just west of Seoul, was declared under initial control at 8 p.m. by the Incheon firefighting headquarters, after 812 firefighters and 231 pieces of equipment had been mobilized as part of a national order issued Saturday. While the complex building structure and vast amounts of flammable material inside had hampered firefighting efforts, authorities made progress on Monday, helped by rainfall. No casualties have been reported. A total of 121 people, including warehouse employees, evacuated the warehouse immediately after the fire broke out, while more than 200 nearby residents took shelter at nearby schools following the local government's evacuation order over concerns the structure could collapse. Local authorities advised day care centers and elementary schools in the area to close Monday, leading to the closure of one elementary school and 14 da

19h agoBy Yonhap

Coupang warehouse blaze brought under initial control

Hanwha Solutions confirms rights offering at $810 mil.

Hanwha Solutions Corp. said Monday it has finalized its rights offering at 1.2 trillion won ($809.7 million), about half of its original fundraising target. In a regulatory filing, Hanwha Group's flagship energy and chemicals affiliate said it set the final subscription price for the rights offering at 22,100 won per share, followed by a public offering of unsubscribed shares. Hanwha Solutions announced in March plans to raise 2.4 trillion won through a rights offering, with 1.5 trillion won earmarked for debt repayment and the remaining 900 billion won for future growth investments However, the size of the offering was reduced to 1.7 trillion won following repeated requests by the Financial Supervisory Service to revise its filing and opposition by minority shareholders. The amount was further reduced after the company's share price declined, lowering the proceeds from the offering. The company said it plans to make up the shortfall through internal financing, including by securing additional liquidity from its U.S. operations.

20h agoBy Yonhap

Hanwha Solutions confirms rights offering at $810 mil.

T'way Air's European windfall turns into costly burden

T’way Air's European expansion, once hailed as a windfall from the Korean Air-Asiana merger, is turning into an expensive test of its long-haul strategy, as rising fuel, maintenance and currency costs overwhelm healthy passenger demand. Earlier, the low-cost carrier (LCC) took over routes from Incheon to Paris, Rome, Barcelona and Frankfurt, as part of regulatory remedies tied to the merger of the two full-service carriers. Despite maintaining solid passenger demand, T’way is exposed to challenges of sustaining the business model in the face of worsening profitability. Indeed, T’way Air is widely forecast to post the largest operating loss among Korea’s budget carriers in the second quarter. According to market tracker FnGuide, the airline’s loss is estimated at 132 billion won ($89 million) between April and June, raising doubts over whether T’way’s expansion into the European routes has benefited the airline in terms of revenues. On the surface, demand remains healthy. In the first quarter, T’way recorded passenger load factors of 84 percent on its Incheon-Paris route,

21h agoBy Lee Min-hyung

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