Energy-to-construction conglomerate GS Group said Thursday it has signed an agreement with South Korea's top steel maker Posco to establish a joint venture for battery recycling business to create synergy in the rapidly expanding industry. Named Posco-GS Eco Materials, the joint venture will be 51 percent owned by Posco Holdings and 49 percent owned by GS Energy. It will be established within this year. Posco and GS said they saw new business opportunity amid shifting industry ecosystem and

GS Group's convenience store chain GS25 said Monday it has opened its 100th outlet in Mongolia since its entry into the East Asian country 16 months ago. GS25 aims to expand the number of outlets in Mongolia to more than 500 by 2025 by launching more customized food products. For its expansion in Asia, the company entered Vietnam in 2018 and currently operates 186 outlets in the Southeast Asian country. BGF Retail's CU was quick to enter the Mongolian convenience store market. CU opene

GS Engineering and Construction has partnered up with German chemical giant BASF to jointly modularize a carbon capture solution, which would work as the framework for their future projects, the South Korean firm said Tuesday. The latest deal would focus on co-developing and translating BASF’s OASE blue technology -- an optimized large-scale post-combustion capture technology -- into a modular carbon capture solution, according to GS E＆C. OASE blue enables its user to selectively capture

An urban air mobility consortium led by SK Telecom and Hanwha Systems said Wednesday it has partnered with the Jeju Special Self-Governing Province to launch an air taxi pilot program on South Korea's southern resort island. The K-UAM Dream Team Consortium, comprising the two companies and the Korea Airports Corp., the Korea Meteorological Institute and LX, a state-run land information provider, signed an agreement to launch the commercial pilot project on Jeju Island in 2025. A signing cer

South Korean e-commerce giant Coupang released a statement on Tuesday dismissing local reports that it was planning on selling its food delivery service Coupang Eats. “The rumor that we are selling Coupang Eats is groundless, and we have taken no measures to sell the service,” the company said in the statement. Coupang “will respond firmly against the industry and press concerning the spread of any rumors and falsehood, taking legal action (if necessary),” it added. The s

South Korea’s business giants have joined hands in a nationwide campaign to promote Busan’s bid to host the 2030 World Expo. The government formally submitted Busan’s bid to host the expo in 2030 to the Bureau International des Exposition (BIE) in Paris, the international body with 170 member states that coordinates the hosting of world expos. Rome, Riyadh and Ukraine’s Odesa have also made bids to host the event. Samsung, SK, Hyundai Motor, LG and other conglomerates hav

GS Group’s executives in charge of tapping new businesses gathered on Wednesday to share where they stand in mergers and acquisitions, business partnerships and venture investments under the conglomerate’s new biz strategy -- “eco-friendly, digital future growth.” The executives shared details such as the technology and business models of the companies they have invested in, and opportunities for collaboration between the firms and GS in areas including biotech, circular

South Korea’s retail-to-energy conglomerate GS Group said Sunday that it has launched promotional activities to support South Korea’s bid to host the 2030 Busan World Expo. GS Sports, the sports company operating the football team FC Seoul and GS Caltex Seoul Kixx volleyball team, has opened a special fan event Sunday to promote the country’s Busan Expo bid. FC Seoul installed a booth at Seoul World Cup Stadium where visitors can leave supporting comments and look at brochure

GS Engineering and Construction said it has joined hands with a Finnish energy company to produce bioethanol using cassava peels waste in Thailand. Cassava is a nutty tasting, starchy root vegetable that looks like sweet potatoes and is grown in tropical regions. Huh Yoon-hong, president of GS E＆C’s new businesses unit, and Patrick Pitkanen, director of St1 Renewable Energy (Thailand) Ltd, signed a memorandum of understanding on Monday in Bangkok on technological cooperation to produce b

Data from market intelligence firm FnGuide showed Monday that 885 officials at companies listed on the Korean stock market were paid 500 million won ($370,000) or higher in the first half of this year, up 13.3 percent from 781 people in the same period last year. According to FnGuide’s data, the total amount of the officials’ remuneration logged 1.23 trillion won, a 5.2 percent increase on year. About 57.1 percent of the officials were paid between 500 million won and 1 billion won

South Korea’s largest builders have lost face after Seoul’s worst storm in a century earlier this month caused flood damage at luxury apartments and exposed other construction mishaps at residential buildings. The record-breaking torrential rain on the night of Aug. 8 flooded the basement parking lots of several large apartment complexes in southern Seoul and Seongnam, a city just southeast of Seoul, not to mention hundreds of smaller dwellings, farms, barns and shops across s

제주특별자치도가 지자체 최초로 관광용 UAM (도심항공교통)을 상용화한다. 정부가 2025년 UAM 상용화 목표를 가시화한 가운데 제주도는 같은해 주요 관광지를 거점으로 해안가를 잇는 UAM 및 드론 택시 하늘길을 구축하겠다는 계획이다. 이렇게 되면 관광객들이 비행기를 타고 제주공항에 내려 바로 UAM을 타고 제주의 주요 관광 명소를 방문하는 것이 가능해 질뿐 만 아니라, 관광지 근처의 드론 택시를 타고 다른 지점으로 환승 이동 할수 있게 된다. 코리아헤럴드가 확보한 문건에 따르면, 확정된 제주도의 관광용 UAM 하늘길 루트는 총 3가지로, 제주국제공항과 제주 서쪽에 위치한 모슬포를 잇고, 모슬포에서 섬 남단 끝자락에 있는 가파도와 마라도를 연결하며 동쪽 성산일출봉 일대 해안가를 따라 이동하는 루트로 구성됐다. 특히 많은 관광객들의 동선이 겹치는 대형 호텔 및 리조트 부근에 버티포트를 세워 거점으로 활용하겠다는 구체적인 방안도 제시되어 있다.  제주 드론용 루트는

SEJONG -- Big Korean businesses saw their inventory surge by about 50 percent in the first half on-year, sparking concerns that the piling products left unsold is maybe a sign that South Korea is entering a fog of economic uncertainty. According to the corporate research institute Leaders Index, the inventory assets held by 192 conglomerates came to 147.6 trillion won ($110 billion) in the first half of the year, a 49.6 percent increase from 98.6 trillion won in the first half of 2021. While b

GS Retail Co. said Thursday it will close all of its lalavla shops, 17 years after it entered the health and beauty (H&B) store market, due to slumping sales amid the coronavirus pandemic and fierce competition. GS Retail will stop operating its lalavla online shops in September and close down all offline stores of the brand by the end of November, the company said. "GS Retail decided to end our health and beauty store business to focus resources and efforts on our convenience stores and qu

Six Korean energy companies will join hands with Malaysia’s state-run energy company, Petroliam Nasional Berhad, to launch a cross-border project that transports carbon captured in South Korea to Malaysia for storage, the firms said Wednesday. For the project named Shepherd CCS, the six companies, SK Energy, SK Earthon, Samsung Engineering, Samsung Heavy Industries, Lotte Chemical and GS Energy, signed a memorandum of understanding with Petroliam Nasional Berhad, commonly known as Petron