GS Entec, a South Korean offshore wind power and marine equipment manufacturer, said Thursday it has successfully shipped its first turbine base, or monopile, from its Ulsan plant for the Yeonggwang Nakwol Offshore Wind Power Project. Located off the southwestern coast of Korea, the Yeonggwang Nakwol Offshore Wind Power Project is a major development expected to generate 365 megawatts of electricity, sufficient to power 87,000 homes in Korea. GS Entec secured a 200 billion won ($144 million) c

Sellers are leaving Tmon and Wemakeprice, the online shopping platforms owned by Singapore-based e-commerce giant Qoo10, due to delays in payment reportedly caused by liquidity issues, according to industry sources, Wednesday. Major retailers like Lotte Shopping, GS Retail and Hyundai Department Store suspended sales on Tmon and Wemakeprice earlier this week, citing a failures in getting paid by the two platforms. Similarly, travel agencies including Hana Tour, Modetour and Yellow Balloon Tour a

The industry ministry said Tuesday it has asked the country's four major oil refiners to refrain from excessive price increases as part of efforts to combat lingering inflation. Second Vice Industry Minister Choe Nam-ho made the remark during his meeting with representatives from SK Energy Co., GS Caltex Corp., S-Oil Corp. and HD Hyundai Oilbank, according to the Ministry of Trade, Industry and Energy. "Although consumer prices have slowed to some extent since April, perceived inflatio

SK Telecom said Monday that it has sealed partnerships in Canada and the US to expand its proprietary artificial intelligence-driven veterinary diagnostic service, X Caliber, into the North American pet market, the largest globally. Originally launched in Korea in September 2022, X Caliber executes diagnostic results through AI analysis of X-ray images. This expansion into North America follows its recent launches in Australia and Indonesia. Expansion in Canada has been confirmed through a distr

South Korean e-commerce giant Coupang said Friday it is not considering acquiring a part of Homeplus, a supermarket chain grappling with poor performance in recent years. The announcement was made in response to local media reports suggesting that Coupang plans to acquire Homeplus Express from MBK Partners, the private equity fund that owns Homeplus. Homeplus' supermarket business comes in two types: Homeplus, a large discount store, and Homeplus Express, a smaller hypermarket. Homeplus o

GS Engineering & Construction unveiled Friday a new vision and six core values to foster ongoing growth and enhance employee integration. GS E&C CEO Huh Yoon-hong announced the company's new slogan: "Perfecting a safer today, forging a brighter tomorrow: with transparent trust and relentless innovation, we create a better future for all," to the builder's employees via an intranet video. The company aims to transcend traditional construction, aspiring to become an org

GS Group's energy equipment manufacturing arm GS Entec announced Tuesday it plans to invest 300 billion won ($217 million) to transform its offshore wind power structures. The investment includes 214 billion won for the introduction of automated facilities to produce offshore wind power substructures and 86 billion won for the construction of additional buildings over the next two years. Established in 1988, GS Entec originally focused on chemical and oil refining plants. Since 2020, aligni

Korean energy, retail and construction conglomerate GS Group launched its annual hackathon on Wednesday, running to Thursday, centered on artificial intelligence to drive digital transformation across the company. GS Group has hosted such hackathon events since 2020, but this marks the first year participants are allowed to use generative AI, including ChatGPT, with the aim of enhancing AI utility capabilities among employees. "With the advent of generative AI, we've entered a peri

GYWANGYANG, South Jeolla Province -- South Korean steel giant Posco announced Tuesday that it has successfully established a full value chain for secondary battery materials and components. “We anticipate that as the (electric vehicle) market grows, the value of raw materials within the battery supply chain will increase, and thus we plan to accelerate investments focused on high-profit raw materials,” said Baung Jin-chul, vice president of Posco Holdings, during a press conference h

South Korean energy company GS Caltex announced Thursday that it has partnered with cosmetics company Summit Cosmetics, a subsidiary under Japanese conglomerate Sumitomo, to supply its cosmetics ingredients. According to GS Caltex, the company signed a memorandum of understanding with Summit Cosmetics for the company’s future supply of GreenDiol, the brand name of GS Caltex’ multifunctional 2,3-Butanediol derived from sugarcane and cassava. The 2,3-Butanediol GreenDiol is produced fr

GS Group’s corporate venture capital arm, GS Ventures, said Tuesday that it has successfully hosted Monday's GSV Tech Day at GS Tower, the conglomerate’s headquarters in southern Seoul. Initiated last September, GSV Tech Day provides a platform for startups within the venture capital unit's investment portfolio to exchange technology and cooperate. This year's event was themed on the future of batteries, featuring eight startups specializing in battery-related technolo

GS Engineering & Construction announced Monday that the company would cooperate with the Seoul Metropolitan Office of Education to open new after-school care facilities for elementary school students to help low-income households and families with working parents. The Seoul Metropolitan Government is currently trying to expand after-school care programs for elementary school students to help families save expenses on private after-school classes. As part of its plan, the government is introd

Asia's largest private equity firm MBK Partners is to push for the sale of Homeplus Express, a supermarket unit of Homeplus, according to industry officials Monday. The firm has kicked off the process by selecting Morgan Stanley as the sales manager for the deal. The details of the sales plan have not been released yet. Though the market had projected that the equity house would be eyeing an exit on Homeplus soon, the sales plan has been limited to its unit Homeplus Express for the time bei

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

SK Telecom said Wednesday the official launch and promotion of its artificial intelligence-based veterinary diagnostic service, X Caliber, in Australia. The company has been gearing up for global commercialization since partnering with Australia’s largest medical devices provider, ATX Medical Solutions, last year. The service, already used in South Korea, aims to streamline the diagnostic process in veterinary clinics by providing autonomous diagnostic assistance. This marks the first inte