FINWIRES · TerminalLIVE
FINWIRES

Korean Air Lines Gets Final Approval for Unified Asiana Airlines Mileage Plan

By

Korean Air Lines (KRX:003490) has obtained final approval from the Korea Fair Trade Commission on its mileage integration proposal with Asiana Airlines (KRX:020560) following a 15-month review, according to a Tuesday release.

Korean Air will recognize all newly accrued miles under its Skypass program upon the integrated airline's launch, according to the plan.

Meanwhile, current Asiana Airlines miles will be moved to Korean Air but retained as a separate balance for 10 years, with members having the option to keep them separate or convert them into Skypass miles.

Asiana Airlines' elite members will have their status matched to the equivalent Korean Air elite tier.

Korean Air will also preserve award seat availability at or above pre-integration levels.

Shares of Korean Air and Asiana Airlines fell nearly 2% and 1%, respectively, in recent trade.

What else is happening in Asia?

Asia

Guangdong Skychem Technology Proposes Hong Kong Listing; Shares Up 4%

Guangdong Skychem Technology (SHA:688603) plans to list its H shares on the Hong Kong bourse to advance its globalization strategy and build an international capital operation platform.The proposal requires approvals from the board and shareholders as well as Chinese and Hong Kong regulators, according to a Wednesday filing with the Shanghai bourse.Shares of the electronic chemical manufacturer climbed 4% in recent trade.

Hang SengSHA:688603
Asia

Market Chatter: Anthropic to Open Office in Singapore in October

Artificial intelligence company Anthropic is set to open its office in Singapore in October, local media reports said on Wednesday, citing a company statement.This will be the company's fifth office in the Asia-Pacific region, with existing offices in Tokyo, Bengaluru, Seoul, and Sydney, the reports said.Anthropic has appointed Dale Finlay as general manager of ASEAN to lead regional commercial operations based out of Singapore.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

^STI
Asia

Range Intelligent Computing Technology to Commit 1 Billion Yuan to AI Fund

Range Intelligent Computing Technology (SHE:300442) will commit 1 billion yuan to an artificial intelligence fund, according to a Tuesday after-hours filing with the Shenzhen bourse.The amount is equivalent to 20.4081% of the 4.90-billion-yuan Xiamen Times Deep Venture Capital Fund Partnership, the filing said.The fund, which has a term of seven years, will invest in artificial intelligence, embodied AI, technology applications, and frontier technologies, the filing said.Shares in the digital infrastructure and data center operator rose 2% during the midday break on Wednesday.

SHE:300442