A private power generator under GS Group has acquired a 10 percent stake in a US gas power plant in association with South Korean investors, the company said Thursday.GS EPS bought stakes held by two US funds, Ares EIF Management and Oaktree Capital Management.Under the contract jointly signed by Mirae Asset Daewoo and Hana Alternative Asset Management, GS EPS is to join the boardroom of Linden Cogeneration Complex, a 972 megawatt gas plant in Linden, New Jersey.This marks the first project inve

Southeast Asia is expected to see greater demand for health care services, for services that increase the mobility of its populations, and for entertainment, experts said Wednesday, attributing these trends to the rise of the middle class in the region and to its relatively young populations.At the ASEAN-Korea Business Forum in Singapore, Manoj Menon, the Asia-Pacific managing director of Frost and Sullivan, talked about the region’s significant market potential and said he saw a growing number

Golfzon Newdin, holding company of a leading indoor golf simulator franchise, has acquired 100 percent of shares in Leadbetter Golf Academy, a US-based institute founded by legendary golf coach David Leadbetter, the company said Wednesday.Launched in 1983, the academy operates 37 institutes in 13 countries around the world, with certified coaches trained by Leadbetter himself.By acquiring LGA, Golfzon Newdin will bring golf lessons into a new level by integrating the institute’s coaching knowhow

South Korean cable maker LS Cable showcased the thinnest 500-kilovolt power-transmission cable in the world at an annual exhibition in Paris, the company said Tuesday.The high-voltage underground cable is 5 percent thinner than existing products. Thinner cables add convenience both to the production and transportation processes, the company added.The International Council of Large Electric Systems hosted the event where the cable made its debut.  (LS Cable)“The higher (the) power transmission is

South Korean steel giant Posco signed a contract to acquire mining tenements in Argentina from Australian lithium miner Galaxy Resources for $280 million, the company said Monday.The contract gives Posco full mining rights for an area of 17,500 hectares in a northern sector of the Salar del Hombre Muerto salt flat. As large as one-third of the city of Seoul, the land contains salt water capable of producing 25,000 metric tons of lithium a year, if extracted.With the contract, Posco will be able

현대자동차가 작년 CES에서 컨셉로 내놨던 전동 스쿠터 아이오닉을 양산한다.익명을 요구한 한 업계 관계자에 따르면 스쿠터 아이오닉의 양산 업무를 현대자동차 그룹의 자회사인 현대로템이 맡게 되었으며, 로템은 제작을 맡아줄 국내 파트너사를 찾고 있다.이 관계자는 “현대로템은 현재 1차 양산을 위한 국내 파트너를 찾고 있는 중이다. 싱가포르에서 샘플 오더를 받은 것으로 알고 있다. 1차 양산은 이를 해소하기 위함”이라고 말했다. (사진=현대자동차)이에 대해 현대자동차는 “거의” 양산 확정 단계이며 양산을 하게 되면 “OEM 방식으로 생산하게 될 것인데, 현대로템은 비딩(bidding) 후보군에 들어간 업체 중 하나”라고 말했다.작년 CES 데뷔 이후, 현대차가 아이오닉 스쿠터를 곧 양산할 것이라는 추측된 바 있다. 지난 7월 5일 현대자동차는 미국 특허청에 접히는 퍼스널 모빌리티 차량 (folding personal mobility vehicle) 에 대한 특허출원을 신청했다.한편, 현대

Hyundai Motor is looking for a local partner to mass-produce an electronic scooter it unveiled at the Consumer Electronics Show last year, an industry source told The Korea Herald on Monday.The carmaker has transferred the design of the scooter to its locomotive manufacturing unit, Hyundai Rotem, in preparation for mass production, according to an industry insider who declined to be named. “Rotem officials are searching for a partner here to manufacture the first batch of Ioniq scooters,” said t

Over the next five years South Korea’s chemical and energy giant GS Group will invest 20 trillion won (about $18 billion) and create 21,000 new jobs to promote growth and market competitiveness, company representatives said Sunday.The investment, 4 trillion won each year, is 25 percent more than the average the group has spent each year over the last three years, and it will be spent mostly on the three pillars of the group’s business -- the petrochemical, energy and retail sectors.A

Seoul Mayor Park Won-soon said Sunday that a plan to renovate two commercial districts in the metropolitan city will be postponed, citing fears on the real estate market that has seen a rise since the announcement.During his visit to Singapore last month, Park said he would have three major downtown areas, including the financial district of Yeouido and Yongsan, where US troops have long been based, to be renovated under the 2030 Seoul Plan. In an emergency press meeting Sunday, however, Park sa

It’s the coolest thing on the street. Whether on one or two-wheeled devices powered by rechargeable batteries, people who use personal transporters definitely draw attention. And clearly they’ve changed the landscape of urban streets, especially Seoul. Twenty-something guys in chino pants and graphic T-shirts effortlessly glide through the forest of concrete buildings, while people on foot wipe off their sweat and try to walk as fast as they can to get to their destinations on time. They look li

A self-driving truck by Hyundai Motor completed a 40-kilometer highway drive south of Seoul, in the first successful test-run of an autonomous truck here, the company said Wednesday.The 40-ton Xcient, linked with a trailer, was operated with level 3 of autonomy at a maximum speed of 90 kph. The company applied differentiated sensing technology and a control system by attaching 10 sensors including three cameras, two radars and three lidar sets on the front.  A self-driving truck is tested with a

Samsung Electronics said Tuesday that it would not be acquiring a major car manufacturer, refuting market rumors that the South Korean tech giant might re-enter the automobile business.In a message to its workers, the company said it has no plans to manufacture electric vehicles and self-driving cars, or acquire related companies. (AFP)The company will instead focus on the development of displays and chips for a self-driving control system as part of its automotive business, it added.Rumors of S

The midsized sport utility vehicle Tucson is the most popular Hyundai Motor product in the world. The South Korean carmaker sold more than 640,000 units globally last year alone -- around 8 percent of its annual sales. And such a title must have had its engineers racking their brains in order to keep its popularity afloat with a newer design and novel features. Rather than a dramatic transformation, however, Hyundai appears to have gone back to the basics.  The new Tucson runs on the highway con

Hyundai Motor has invested in Revv, the second-largest car-sharing company in India, making its first move into the country’s emerging mobility market.The company declined to comment on the size of investment. Koo Young-ki, head of Hyundai Motor India shakes hands with Karan Jain, co-founder of Revv at the carmaker's product quality center in India. Next to Jain is Anupam Agarwal, also a co-founder of Revv. (Hyundai Motor)Launched in 2015, Revv provides car sharing services in 11 cities in India

The number of new jobs in July was the lowest in eight years, despite job creation being a priority of the Moon Jae-in administration, data showed Friday.(Yonhap)According to Statistics Korea, the number of newly added jobs last month increased 5,000 from the same month last year, marking the smallest gain on-year since January 2010 when the nation was suffering from the aftermath of the 2008 global financial crisis.The number of unemployed remained around 1 million for the seventh consecutive m