Korean Air drops venture with Okay Air

Korean Air Co said it has decided not to proceed with a plan to establish a joint venture with China’s Okay Airways. “We decided not to proceed with the talks for a joint venture due to disagreements over major terms,” Korean Air said in a disclosure to the stock exchange, without providing further details.

South Korea’s flag carrier said in June last year that it was seeking a joint venture deal with China’s first private airline to tap into China’s booming cargo flight business.