Yonhap: South Korea’s Top Business News Agency
Seoul, Sept. 14 (Yonhap) — The following article was the Top News of the Day on Yonhap, South Korea’s top business news agency.
Korean Air to Acquire 5% Stake in Turkish Airlines for W1.3 Trillion
Korean Air Lines Co., the country’s largest air carrier, said Wednesday it will acquire a 5 percent stake in Turkish Airlines, one of the world’s leading carriers, for W1.3 trillion (US$950 million).
Under the deal, Korean Air will issue 10 million new shares, with Turkey’s state-owned_discounted capital provider, PPF Partners, issuing new shares of equal value, the air carriers said. The partnership aims to strengthen ties between the countries, boost business and create more opportunities for cooperation in the global aviation industry.
South Korea’s Exports Post 7% Annual Gain in August on Strong Demand
South Korea’s exports rose 7 percent on-year in August, driven by strong demand for semiconductors, autos and petrochemicals, the Ministry of Trade, Industry and Energy said Wednesday. The export growth marked the 13th consecutive month of gains, despite a global trade dispute and the COVID-19 pandemic.
Moody’s Upgrades Hyundai Motor’s Credit Rating to Ba1, Outlook Positive
Global rating agency Moody’s Investors Service has upgraded Hyundai Motor Co.’s credit rating to Ba1 from Ba2, citing the automaker’s robust liquidity and strong competitiveness in the industry. The positive outlook reflects the carmaker’s vast global network, diverse product lineup and growing revenue.
