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

Samsung Engineering Co. and five other South Korean companies have teamed up with Malaysia's state energy company Petroliam Nasional Berhad to work on a project to capture, transport and store carbon dioxide, an emerging technology for emissions reduction. Under a memorandum of understanding signed in a virtual meeting in Kuala Lumpur on Tuesday, the companies said they plan to carry out a feasibility study to assess the practicality of the project. The five South Korean companies are SK En

GS Entec -- South Korean equipment and facilities manufacturer of chemical and energy plants -- has signed a strategic partnership with Sif Netherlands BV to enter the offshore wind power business, the company said Sunday. GS Entec will introduce the Dutch firm’s monopile manufacturing technology under the partnership, according to the company. A monopile is a steel tube foundation that serves as a supporting pillar in the water. Monopiles are most commonly used for offshore wind turbi

LG Chem and GS Caltex on Thursday held a ground-breaking ceremony at GS Caltex Yeosu plant for its new bio-material demonstration plant, which would contribute to building a white ecosystem, officials said. The demo plant at GS Caltex‘s Yeosu complex will mainly produce 3-Hydroxypropionic acid prototypes, key raw material in the production of biodegradable plastics. The construction is set to be finished by 2023, after which both companies will produce various 3HP prototypes to accelera

Despite the pandemic-triggered e-commerce boom, some South Korean retailers have begun shutting down early-morning deliveries, saying that the cutthroat competition for early bird customers has led to increased operating costs. GS Fresh Mall, an online shopping mall under GS Retail Group, said Wednesday it plans to suspend its early-morning delivery service starting July 31. The company said it has decided to stop the service because of the large cost of additional payrolls for couriers, and