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

Tycoon who leads S. Korea's 2nd-largest conglomerate embarks on unexpected mission to industrialize hansik. Experts say he might want to be more than just a businessman

Sales of imported vehicles in South Korea rose 17 percent last month from a year earlier despite the extended chip shortage, an industry association said Thursday. The number of newly registered foreign vehicles stood at 23,928 units last month, up from 20,406 units a year ago, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. The three bestselling models last month were the BMW 520 sedan, Mercedes-Benz's E 250 sedan and Volkswagen's ID.4 all-electric SUV

Letter raises hope for improvement, but not enough for a revision in IRA, says KITA vice chair

Korea Shipbuilding & Offshore Engineering said Wednesday it has inked a 2.09 trillion won ($1.46 billion) contract to build seven eco-friendly ships. KSOE, the world’s biggest shipbuilder by order backlog, signed contracts with Denmark-based integrated logistics company Maersk and Excelerate Energy, for six 17,000 TEU methanol-powered large container ships and one 170,000 cubic meters of liquefied natural gas-floating and regasification unit (LNG-FSRU) respectively. Under the deal, Hyu

As exports grew, so did hacking attacks, government data says

South Korea's state power utility said Wednesday it plans to increase coal-fired electricity generation temporarily this year in an effort to cut costs and boost financial health. Korea Electric Power Corp. (KEPCO) said it will produce 12.8 terawatt hours (TWh) with coal this year instead of using liquefied natural gas (LNG). The amount accounts for nearly 8 percent of the country's LNG-fired electricity generation at about 160 TWh. The state electricity firm estimated the move would h

South Korean builder Daewoo E&C and its parent company Jungheung Group participated in a campaign to improve the living environment of a descendant of an independence patriot as part of its corporate social responsibility project on Friday, the companies said Tuesday. The campaign hosted by Habitat Korea involves renovating old houses in which descendants of independence patriots experiencing economic difficulties live. Employees of Daewoo E&C and Jungheung Group traveled to the residenc

Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday their combined sales in the United States rose 8.5 percent last month from a year earlier despite the extended chip shortage. Hyundai and Kia sold 115,735 vehicles in the world's most important automobile market in September, up from 106,706 units a year ago, according to the companies' sales data. Hyundai's sales climbed 11 percent to 59,465 units last month from 53,800 a year ago, while Kia's were up 6.4 percent t

Hyundai Engineering said Tuesday that it is planning on expanding its corporate social responsibility projects to support the disabled and low-income households. Under the plan, the firm, which has been conducting charity drives with the Goodwill Store since 2017, a rehabilitation facility for the disabled, will provide educational services, repair low-income residents’ houses and establish a community center for Koryoin, or ethnic Koreans living in Central Asia. "Hyundai Engineering

South Korea’s second-largest steelmaker Hyundai Steel said Thursday it would expand the product lineup of its earthquake-resistant structural steel, branded as H Core. H Core was launched in 2017 to include materials used for earthquake-proof designs such as rebar and section steel. Through the recent expansion, the steelmaker will incorporate other materials that can be used throughout the construction process such as cold and hot rolled steel, steel plates, and steel pipes. The steelmake

X-widget aims to globalize S-Members, use revenue to reduce plastic waste

South Korean grandparents gifted their grandchildren aged one or under around 99.1 billion won ($68.8 million) last year, a recent report showed Monday. According to a report based on data from the National Tax Service, the total amount of financial gifts transferred to children up to a year old from their grandparents last year jumped approximately threefold compared to 2020. The case where grandparents who gift financial assets to grandchildren, those who are more than one generation below tha

South Korean auto parts and mobility solution maker Hyundai Mobis said Monday that it has developed a 5G-based communication module for cars, a core part for autonomous driving and connected car systems that enables real-time, large-volume data processing. According to Mobis, the new module combines communication and memory functions, as well as a radio frequency circuit and GPS, based on ultra-high speed, ultra-low latency and hyper connectivity technology. The company will apply this 5G comm

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