Latest news with #HanjinGroup
Mint
3 days ago
- Business
- Mint
Korean Air Chairman Calls for Political Stability, Tariff Cuts
South Korea's next government should prioritize making a trade deal with Washington that shields the aviation industry from tariffs, the head of the country's largest airline said. Korean Air Lines Co. Chairman and Chief Executive Officer Cho Won-Tae, speaking before voters head to the polls on Tuesday to choose a new government, said he expects the outcome to lead to stability and predictable governance, no matter who wins. A lack of political leadership over the past several months has 'been troubling, especially with the economic situation globally,' said Cho, 49, who also heads Hanjin Group, one of the country's largest family conglomerates. Regardless of the vote's outcome, a trade deal for the export-focused nation would help achieve 'some future and predictability and plan what to do next.' The national vote comes after a turbulent period for Seoul following a failed marshal law declaration by the then-president Yoon Suk-Yeol, and the subsequent impeachment of various interim leaders. Trade Expectations Korean Air is anxious for the aviation industry to be shielded from the threat of US tariffs. Not only is it a large buyer of Boeing Co. and Airbus SE aircraft, but it also makes parts for the US planemaker and its European rival, putting it in the crosshairs of any levies. 'This is very important to Korean Air as well. Historically aviation wasn't part of the tariffs. Now its going to cause a lot of confusion to business,' said Cho, speaking at the International Air Transport Association annual meeting. The airline group's aerostructures business makes parts including the wing tips for 737 Max and Airbus A320neo, and the 777 and 787 raked wing tips. It also produces part of the fuselage for the A330. Korean Air said it has seen sharp decreases in cargo demand from China to the US. Air freight is a key revenue line for the company as one of the world's largest cargo operators. Passenger demand has meanwhile been steady, including in the closely watched premium business and first class cabin. The Korean Air and Hanjin Group chief also said the airline would be the first to restart overflights to Russia should there be a resolution with Ukraine and a change in US-led sanctions. Cho said the airline has placed a order of less than 10 aircraft as an undisclosed customer for freighter planes, though he declined to name the manufacturer. The purchase will cap off a buying spree involving more than 100 Airbus and Boeing jets in recent years. ©2025 Bloomberg L.P.
Yahoo
10-05-2025
- Business
- Yahoo
Delta and Korean Air buy stake in WestJet in $550 million deal amid shaky Canada-US travel
Delta Air Lines and Korean Air have invested $550 million in Canada's WestJet for equity stakes. The investment comes at an uncertain time for Canada-US travel due to Trump's policies. Delta and WestJet previously explored a joint venture, but it fell through in 2020. Delta Air Lines and Korean Air will pay a combined $550 million in exchange for stakes in Canada's WestJet, the three companies announced in a joint statement on Friday. Delta, headquartered in Georgia, will invest $330 million to acquire a 15% stake in the Calgary-based carrier, while Korean Air will commit $220 million to acquire a 10% stake. The partnership will increase connectivity between each airline's existing international routes, which are focused primarily throughout North America, Europe, and Asia. Walter Cho, Chairman and CEO of Korean Air and Hanjin Group, said in a press release that the partnership will "create long-term value for customers through greater choice and convenience." Ed Bastian, Delta's CEO, added that the investment "ensures that we remain focused on providing a world-class global network and customer experience for travelers in the United States and Canada." The venture, which reconceptualized prior partnership plans between WestJet and Delta that fell through in 2020, comes at an uncertain moment for travel between Canada and the US — and, for Americans, international travel in general. Business Insider previously reported that many Canadians are opting not to travel to the US out of anger over Trump's tariffs on their country and his repeated suggestion to make the US's northern neighbor the 51st state. Longwoods International, a market research consultancy, found in an April survery of 1,000 Canadian travelers that 36% of respondents said they'd planned to travel to the US in the next 12 months but decided to cancel their plans, while 60% they're less likely to visit the US in the next year due to political reasons. In March, WestJet Airlines vice chairman Alex Cruz told CNBC that Canadian travelers were opting for Central America over the US, and that "there's clearly been a reaction" toward Trump's tariff policies. American travelers visiting other countries like Canada have also previously told BI that they have encountered increased hostility, and that negative perceptions toward Trump's policies have carried over to Americans in general. Delta and WestJet previously explored a joint venture aimed at better coordinating schedules for flight transits, but the initiative was shelved in 2020 after US regulators demanded that WestJet relinquish some takeoff and landing slots at New York's LaGuardia Airport as a condition for approval. WestJet and Korean Air did not immediately respond to requests for comment. Delta Air Lines referred BI to the original press release announcing the investment. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-05-2025
- Business
- Yahoo
Delta and Korean Air buy stake in WestJet in $550 million deal amid shaky Canada-US travel
Delta Air Lines and Korean Air have invested $550 million in Canada's WestJet for equity stakes. The investment comes at an uncertain time for Canada-US travel due to Trump's policies. Delta and WestJet previously explored a joint venture, but it fell through in 2020. Delta Air Lines and Korean Air will pay a combined $550 million in exchange for stakes in Canada's WestJet, the three companies announced in a joint statement on Friday. Delta, headquartered in Georgia, will invest $330 million to acquire a 15% stake in the Calgary-based carrier, while Korean Air will commit $220 million to acquire a 10% stake. The partnership will increase connectivity between each airline's existing international routes, which are focused primarily throughout North America, Europe, and Asia. Walter Cho, Chairman and CEO of Korean Air and Hanjin Group, said in a press release that the partnership will "create long-term value for customers through greater choice and convenience." Ed Bastian, Delta's CEO, added that the investment "ensures that we remain focused on providing a world-class global network and customer experience for travelers in the United States and Canada." The venture, which reconceptualized prior partnership plans between WestJet and Delta that fell through in 2020, comes at an uncertain moment for travel between Canada and the US — and, for Americans, international travel in general. Business Insider previously reported that many Canadians are opting not to travel to the US out of anger over Trump's tariffs on their country and his repeated suggestion to make the US's northern neighbor the 51st state. Longwoods International, a market research consultancy, found in an April survery of 1,000 Canadian travelers that 36% of respondents said they'd planned to travel to the US in the next 12 months but decided to cancel their plans, while 60% they're less likely to visit the US in the next year due to political reasons. In March, WestJet Airlines vice chairman Alex Cruz told CNBC that Canadian travelers were opting for Central America over the US, and that "there's clearly been a reaction" toward Trump's tariff policies. American travelers visiting other countries like Canada have also previously told BI that they have encountered increased hostility, and that negative perceptions toward Trump's policies have carried over to Americans in general. Delta and WestJet previously explored a joint venture aimed at better coordinating schedules for flight transits, but the initiative was shelved in 2020 after US regulators demanded that WestJet relinquish some takeoff and landing slots at New York's LaGuardia Airport as a condition for approval. WestJet and Korean Air did not immediately respond to requests for comment. Delta Air Lines referred BI to the original press release announcing the investment. Read the original article on Business Insider
Korea Herald
11-03-2025
- Business
- Korea Herald
Korean Air unveils new corporate identity ahead of Asiana integration
First rebranding in 40 years signals Korean Air's global, modern future: Walter Cho Korean Air unveiled its refreshed corporate identity on Tuesday, marking a new chapter following its 1.8 trillion won ($1.24 billion) acquisition of Asiana Airlines. The updated design features a modernized version of its iconic taegeuk symbol. The launch event took place at the airline's headquarters in Incheon, bringing together more than 1,000 employees, industry representatives and members of the media. "I believe that rebranding the corporate identity is not simply about changing names or appearances, but fundamentally about shifting employees' mindsets and setting a consolidated vision," said Walter Cho, chair and CEO of Hanjin Group and Korean Air. "Both Korean Air and Asiana Airlines will undergo a two-year integration process from now, and I trust this is a time filled with confidence and excitement for staffs on both sides. To stay ahead in the direction we pursue, we have made the new corporate identity announcements in advance rather than waiting for integration in 2027." Cho also discussed the airline's potential competitiveness following the merger. "After the merger, we estimate that we will rank 11th among global airlines in terms of size. However, rather than prioritizing scale, I want our airline to be recognized above all for its quality," he said, emphasizing his vision of making Korean Air the world's "safest airline," trusted by both passengers and employees. This marks Korean Air's first major brand update since 1984, when it first introduced the taegeuk symbol into its corporate identity. According to Korean Air, the redesigned deep blue taegeuk preserves the airline's heritage while incorporating a contemporary aesthetic. The updated "Korean Air" logotype, in all capital letters, is positioned next to the taegeuk and features refined brushstroke-inspired details, smooth curves and open connections, embodying a modern interpretation of Korean elegance. Regarding concerns that replacing the traditional red and blue colors of the taegeuk symbol with deep blue was unfortunate, Cho explained the decision to update the corporate identity was driven by global trends toward "minimalism" and "modernization." "When we first received design proposals from international designers, the taegeuk symbol had been removed entirely. But as Korea's flagship airline, that was not an option for us. I insisted on keeping the taegeuk, and the process ultimately took three years," he said. Korean Air estimates that repainting all 250 aircraft from both airlines will take up to four years. The process is to begin with Korean Air's fleet, followed by Asiana Airlines once the integration is complete. As for new uniforms for the merged airline, they are scheduled to be unveiled in 2027. Cho noted they are actively gathering feedback from current flight attendants to design a uniform that not only meets but exceeds the popularity of Korean Air's current uniform, which has been well regarded by the public for the past two decades. Additionally, Korean Air's new livery now features an enlarged logo and symbol for greater visual impact. While retaining its signature sky blue, the airline has developed a new metallic paint to enhance its premium image. The traditional "cheatline" — the long stripe extending the length of the fuselage — has been replaced with a fluid, sweeping curve, giving the aircraft a sleek, contemporary look. In tandem with the rebranding, Korean Air has also unveiled an upgraded in-flight dining experience. "It has been over 15 years since we last updated our in-flight meal service. Over the past two years, our dedicated team has worked tirelessly to refine our offerings," said David Pacey, executive vice president of in-flight service and lounge operations. "Rather than overcomplicating dishes, we focused on creating authentic menus with fresh, seasonal ingredients to deliver the best possible experience for our passengers." For menu curation, Korean Air collaborated with chef Kim Sea-kyeong, owner of the restaurant Cesta in Seoul. In premium classes, an expanded selection of amuse-bouches and appetizers enhances the tasting experience, while newly introduced main courses and desserts, such as Papillote and Petit Four, add culinary sophistication. For premium in-flight services, first-class bedding will feature high-end materials from Italian luxury brand Frette, complemented by an innovative air coil mattress from Eco World. Premium-class amenity kits, designed in collaboration with British luxury brand Graff, will include stylish pouches containing skincare products and perfume. The enhanced in-flight dining and service offerings debut Wednesday across 10 major long-haul routes, including flights to New York, Paris and London. By June, these upgrades will be available on all long-haul routes, with a phased rollout to medium- and short-haul routes beginning in September.
Korea Herald
10-02-2025
- Business
- Korea Herald
Hanjin partners with Qoo10 Japan to enhance e-commerce logistics
Hanjin Logistics, an affiliate of South Korean airline-to-logistics conglomerate Hanjin Group, announced Monday that it has partnered with major e-commerce platform Qoo10 Japan to streamline shipping for Korean businesses expanding into the Japanese market. As part of the agreement, Hanjin will serve as an official logistics provider for QooJapan, integrating its digital logistics solution One Click with Qoo10's sales manager system. This will allow sellers to manage shipments more efficiently, from domestic pickup in Korea to final delivery in Japan, the company said. Hanjin's One Click platform is designed to simplify logistics by offering direct pickup services, removing the need for sellers to transport goods to warehouses. The company will use its established logistics network to offer competitive shipping rates, particularly for small-parcel deliveries, it added. The system also enables sellers to manage domestic and international orders through a single platform, improving operational efficiency, the company said. To accommodate businesses at different growth stages, Hanjin has introduced tiered service options, including One Click Pro for expanding businesses and One Click Global for international vendors. A volume-based pricing model will further reduce costs as shipping volume increases, the company added. 'This partnership will support Korean businesses in expanding their presence in Japan by providing efficient and cost-effective logistics solutions,' a Hanjin official said. 'By combining our advanced logistics technology with our global shipping network, we aim to make cross-border e-commerce more accessible and seamless.'
