Latest news with #KoreanAir
Korea Herald
2 days ago
- Business
- Korea Herald
Korean Air chief urges Seoul to shield aviation in US trade talks
Walter Cho, chair and CEO of Hanjin Group and Korean Air, has called on South Korea's new administration to prioritize safeguarding the aviation sector from tariffs in future trade negotiations with Washington. Speaking to Bloomberg TV on Monday during a visit to India for the 81st Annual General Meeting of the International Air Transport Association, where he serves on the Board of Directors, Cho underscored the role of the new administration in restoring stability amid tariff-induced concerns. He described the nation's six-month leadership vacuum as 'troubling, especially with the global economic situation.' 'Now with the new leadership coming up, I think that (the trade deal) should be the priority for the Korean government,' Cho stated, adding that, regardless of the election outcome, he expects predictability in the business climate. His remarks came just ahead of Tuesday's presidential election, in which Lee Jae-myung of the Democratic Party of Korea was elected Korea's 21st president. Cho's concerns over tariffs largely pertain to the weakening of the airline's selling power, given its extensive commercial ties with aerospace companies like Boeing and Airbus. 'We're a large buyer of aircraft, but we also sell a lot of airplane parts to Boeing and Airbus,' said Cho. 'Historically, aviation was not part of the tariffs. Now, it's going to cause a lot of confusion for businesses.' He also flagged ongoing risks related to trade tensions, noting that decreased cargo volumes from China to the US have posed challenges for the airline, despite its solid passenger business, with demand in premium cabins holding steady. 'But we're expecting some turmoil depending on the trade negotiations,' he noted, adding that trade deals will inevitably significantly impact the Korean economy, and by extension, passenger demand. Beyond the US market, Korean Air is looking to grow in other regions while maintaining its existing capacity in the US. According to Bloomberg, the airline is also preparing to be among the first to resume flight routes over Russia once the war in Ukraine ends.
Bloomberg
3 days ago
- Business
- Bloomberg
Korean Air Chairman Calls for Stability, Tariff Cuts
As South Korea heads to the polls to shape its future, Korean Air chairman Walter Cho says he expects the outcome to lead to stability and predictable governance, no matter who wins. Cho spoke exclusively to Bloomberg's Guy Johnson on the sidelines of IATA Annual General Meeting in New Delhi. (Source: Bloomberg)
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.
Bloomberg
3 days ago
- Business
- Bloomberg
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.
IOL News
22-05-2025
- Business
- IOL News
Airlines cancel, reroute flights after India-Pakistan clashes
Clashes between nuclear-armed India and Pakistan on Wednesday sent airlines scrambling to cancel, divert or reroute flights Clashes between nuclear-armed India and Pakistan on Wednesday sent airlines scrambling to cancel, divert or reroute flights. The neighbours and longtime rivals exchanged heavy artillery fire along their contested frontier after India launched missile strikes in retaliation for a deadly terror attack last month. Here is a round-up of what airlines are doing to avoid flying over the conflict zone. South Korea Korean Air has begun rerouting its flights from Seoul Incheon to Dubai, using a southern route that passes over Myanmar, Bangladesh and India, instead of the previous path through Pakistani airspace. "We are currently monitoring the situation for further changes," a Korean Air official told AFP. Taiwan Taiwan's China Airlines said several flights have been diverted or cancelled. Two flights from Taipei to Frankfurt and Amsterdam "made a technical diversion to Bangkok" before returning to the Taiwanese capital. Three flights from Taipei to Prague, Rome and London were cancelled on Tuesday and Wednesday. "China Airlines continues to monitor the situation and will adjust flight schedules as needed," it said. EVA Air said it will adjust flights to and from Europe "based on actual conditions to avoid affected airspace to ensure the safety of crew members and passengers". A flight from Vienna to Bangkok will return to the Austrian capital while a flight from Taipei to Milan will be diverted to Vienna for refuelling and then continue to the Italian city, the airline said in a statement. Malaysia Malaysia Airlines rerouted two flights from Kuala Lumpur -- one to London Heathrow and one to Paris Charles de Gaulle. They stopped in Doha before continuing their journeys. The carrier also suspended all flights to and from India's Amritsar until May 9. Thailand Thai Airways said it was rerouting flights to destinations in Europe and South Asia from 5:00 am on Wednesday (2200 GMT Tuesday), warning of possible delays. Sri Lanka Sri Lankan Airlines said its flights were unaffected and there is no change to their four weekly flights to Pakistan's Lahore and Karachi.
