South Korea has partnered with a US electric aircraft startup to push forward the commercialization of urban air mobility, the transport ministry said Wednesday. Archer Aviation Inc. will join the Korean government's UAM test project dubbed "Grand Challenge" along with local companies -- Kakao Mobilty Corp., LG Uplus Corp. and GS Engineering & Construction Co., the Ministry of Land, Infrastructure and Transport said in a statement. Archer Chief Commercial Officer Nikhil Goel m

The government on Thursday imposed an eight-month business suspension on GS Engineering & Construction Corp. over the collapse of a parking garage at an apartment construction site in Incheon last year. The land ministry said GS Engineering, along with four smaller consortium partner builders, will be subject to business suspensions over the underground parking garage collapse at the apartment complex site in Geomdan-dong in Incheon, west of Seoul, in April 2023. GS Engineering and its partn

Brand power refers to the influence the name holds over the spending behavior of consumers, which can also be used to predict future spending patterns. Merely offering a good-quality product based on decades of expertise no longer entices the fickle consumers. This, on the other hand, also means there is more opportunity for lesser-known products with innovative marketing strategies to quickly advance into markets once dominated by conventional brands. Since 1994, The Korea Herald has been rel

This April, tragedy narrowly averted a GS Construction Consortium’s apartment construction site in Geomdan New Town, Incheon. The upper layers of an underground parking garage, designated as a children's playground, gave way, triggering a chain collapse. While no casualties were reported as the accident happened late at night, the subsidence revealed a grim scenario had it occurred post-completion. A month later, GS Engineering & Construction, the builder, admitted to omitting ste

Offering Energy Efficiency, Comfort and Convenience, LG's Innovative Housing Solution Seamlessly Merges Space with Smart Home Appliances and Services SEOUL, South Korea, Aug. 16, 2023 /PRNewswire/ -- LG Electronics (LG) is set to unveil its housing solution, LG Smart Cottage, at IFA 2023. The Smart Cottage is a compact, prefabricated home incorporating LG's cutting-edge heating, ventilation and air conditioning (HVAC) and energy solutions, as well as its newest smart home appliances and servic

Samsung C&T Corp. has been named the top builder in South Korea for 10 straight years in terms of building capacity, government data showed Monday. Samsung C&T, a construction affiliate of top conglomerate Samsung Group, took the leading slot among the 77,675 local construction firms evaluated, according to the Ministry of Land, Infrastructure and Transport. Samsung C&T's construction capacity was valued at 20.73 trillion won ($16.3 billion), easily beating runner-up Hyundai Eng

KUALA LUMPUR, Malaysia, July 17, 2023 /PRNewswire/ -- The Golden Bull Award, a symbol of success in business, proudly celebrates its 20th anniversary. This illustrious award, established in 2003, is among the first business awards in Malaysia. This year, 156 outstanding businesses received the Golden Bull Award over two days. VIPs at the Golden Bull Award 2023 Malaysia (Start from left) Dato' Lock Peng Guan, Managing Partner of Baker Tilly Malaysia, Eric Chin, Chief Executive Officer of CTO

With South Korean President Yoon Suk Yeol taking his largest economic delegation involving top conglomerate chiefs on a state visit to Vietnam on Thursday, anticipation is growing on new joint business opportunities their trip will create for the two countries. For the three-day state visit, Yoon has formed his largest-ever delegation to accompany him, consisting of 205 entities -- 24 conglomerates, 28 mid- and small-sized companies, six economic lobbying groups, six economic associations and th

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

The engineering and construction division of Samsung C&T Corporation is aggressively entering the eco-friendly energy businesses such as small modular reactors, or SMRs, green hydrogen and ammonia. The Engineering & Construction Division of Samsung C&T recently invested $70 million in NuScale Power, an American SMR company, laying a stepping stone for its SMR business overseas. SMRs are safer compared to conventional nuclear reactors, emits nearly zero carbon, and guarantees a stab

ESG -- short for environmental, social and corporate governance -- is the buzzword in the corporate world now. At GS Engineering & Construction, EGS efforts had already begun long before industries began paying attention to the trends. GS E&C, which received an “A” rating for its ESG efforts from the Korea Corporate Governance Service last year, has been listed on the Dow Jones Sustainability Asia/Pacific Index for 10 consecutive years. In 2014, GS E&C joined the Korea

South Korea signed an agreement with the United Arab Emirates on Thursday to cooperate on the hydrogen economy, further expanding their partnership currently focused on nuclear energy, oil and gas. During the Korea-UAE Industry and Energy Cooperation Forum held online, South Korean Minister of Trade, Industry and Energy Sung Yun-mo and UAE Minister of Industry and Advanced Technology Al Jaber inked a memorandum of understanding to share hydrogen trade regulations and policies and establish a

South Korea's power plant builder Doosan Heavy Industries & Construction said Thursday that it has tapped a consortium led by Hyundai Heavy Industries Holdings (HHIH) as the preferred bidder for the sale of its 35.4 percent stake in Doosan Infracore. Doosan Heavy Industries & Construction said in an emailed statement it will conclude the deal with the consortium led by HHIH to sell its entire stake in Doosan Infracore. It did not provide a specific time frame. "We will do our bes

Hyundai Heavy Industries Holdings Co. (HHIH) and ready-mixed concrete maker Eugene Group on Tuesday submitted their final bids for a 36 percent stake in Doosan Infracore Co., the largest local construction equipment maker here. In a regulatory filing, the shipbuilder said that it has joined the final bid, with Eugene Group reportedly joining the final bid. But GS Engineering & Construction Corp. and three local private equity funds -- Glenwood PE, MBK Partners and Eastbridge Partners drop

Doosan Infracore Co. said Tuesday its Chinese unit has produced its 200,000th excavator in the country. The accumulated output came 26 years after South Korea's leading construction equipment maker entered the Chinese market in October 1994, the company said in an emailed statement. The Chinese excavator market is expected to grow by 275,000 units this year, surpassing last year's overall sales of 200,000 units, Doosan Infracore said. Sales of excavators by the company rose 21 percent to 14