Incheon International Airport Corp. has inked a 600 billion won ($503 million) deal to operate and develop Hang Nadim International Airport in Indonesia for 25 years starting next year, officials said Tuesday. It is the first overseas airport operation and development project Incheon International Airport Corp. has undertaken, they added. The deal was signed by Incheon International Airport Corp. and Batam Indonesia Free Zone Authority to operate and develop the Indonesian airport in Batam, Ri

South Korean builder GS E&C has completed its construction of New Selander Bridge in Tanzania, the largest development project funded by the South Korean government in Africa. New Selander Bridge is also the first bridge project GS E&C has worked on in Tanzania. It will officially open for use on Dec. 27. Located in Dar es Salaam, the largest city and financial hub of Tanzania, the New Selander Bridge is 670 meters long. It is a new type of bridge that has combined the characteristics

Polestar, the former Volvo company that spun off to become its own brand, announced its launch in South Korea on Tuesday. Aiming to become the game changer of the local EV market that is seeing a growing demand for the green vehicles, the EV company will introduce its first model Polestar 2 on Jan. 18. Polestar 2 is a five-door fastback equipped with a 78 kWh battery and two electric motors that can produce 408 horsepower. “We will be introducing Polestar 2 to our Korean customers at

Renault Samsung’s Master van has become a popular choice as a school bus and as a camping car in South Korea due to its safety and customizable features. The Master van, first introduced in 2018 in South Korea, offered enhanced safety and a business solution for its customers, the company said on Monday. “Parents are relieved to see that we use Renault Master as our academy bus to pick up students. The van has a 3 point seat belt so our students feel safe and comfortable when ridin

Marking a shift in generation after Chairman Chung Euisun took office, Hyundai Motor Group announced its regular reshuffle Friday, the largest yet with more than 200 promotions to senior positions. Many executives from the older generation, such as Hyundai Motor Vice Chairman Yoon Yeo-chul stepped down, with younger figures newly appointed to senior positions. That includes Choo Kyo-woong, the 47-years old former head of electrical and electronic systems development, who has been promoted as

Korean Air said Friday that it has joined Pratt & Whitney’s engine maintenance, repair and overhaul, or MRO, network to enhance its competitiveness in the field of aviation engine management. US aerospace company Pratt & Whitney is the producer of a high-bypass geared turbofan engine family called the Geared Turbofan, or GTF, and operates a global GTF engine MRO network with the industry’s top players such as Delta TechOps, Lufthansa Technik, and MTU Aero Engines. The A320n

South Korean steelmaker Posco Group is pushing for commercialization of lithium hydroxide with saline water in the lake of Hombre Muerto, Argentina. Posco announced Thursday that it got an approval from the board of executives for an investment project to commercialize lithium hydroxide production with the salt lithium of Hombre Muerto, a salt lake in Argentina last Friday. A total of 950 billion won ($830 million) will be invested for infrastructure and operation of the lithium hydroxide plan

South Korea and the US are discussing ways to cooperate on 5G network establishments for a “trusted” network, said Jose W. Fernandez, the US undersecretary for economic growth, energy, and the environment, on Thursday in Seoul. Touting Korea as a leader in the 5G sector, Fernandez said the US is currently discussing establishing 5G networks with various countries and that South Korean companies will have more opportunities to take part. The remark from the top official came after

Hyundai Motor Group unveiled its Mobile Eccentric Droid, or MobED, a small mobility platform using cutting-edge robotics technologies, Thursday. MobED has a flat rectangular body with four wheels that can each move independently so its body can remain stable even on slopes and bumpy roads. One of its features is the independent suspension of the wheels, which allows them to navigate a narrow and complex urban environment. MobED’s “Eccentric Wheel” system has three motors att

Hyundai Glovis, the logistics arm of Hyundai Motor Group, became the first global shipping company to secure an exclusive shipping space in the port of Bremerhaven, Germany, Europe’s largest automobile shipping port. Hyundai Glovis announced Wednesday it will establish a 100,000 square-meter open storage yard, big enough to store around 5,000 cars, and three berths in the port of Bremerhaven. The company sealed a contract with BLG Logistics Group that manages the terminals at the port to

 Audi Korea sold a total of 21,242 cars from January to November this year, becoming the third-best-selling imported carmaker in Korea, the automaker said Wednesday. According to Audi Korea, it launched various premium and high-performance models such as sedans, SUVs, and electric vehicles this year to enhance its brand image in South Korea as a premium mobility brand. The carmaker accumulated its EV line up in South Korea by launching the Audi R8 V10 Performance in February, followed by

Kia Motors, the nation’s second-biggest carmaker, has claimed the No. 2 spot in EV sales in Sweden this year, outpacing its US rival Tesla. According to market tracker EU-EVs on Sunday, Kia sold a total of 6,018 EVs in the January-November period this year, becoming the second highest-selling EV brand with a 12.7 percent market share. At the top of the list was Volkswagen, which sold 9,296 vehicles for a 19.6 percent market share. During the same period, Tesla sold 5,666 EVs, claiming

Posco International, the trading arm of the country’s leading steelmaker, said Sunday it was accelerating its business expansion into global natural gas exploration and production by acquiring Australian natural gas producer Senex Energy. The company said it had signed a joint investment deal with Hancock Energy, an Australian partner, to acquire a 50.1 percent stake in Senex Energy. The deal is expected to be finalized sometime in March as soon as it gets approval from Senex’s shar

The state-run trade promotion agency Kotra and foreign chambers of commerce in Korea on Thursday signed a memorandum of understanding to cooperate in providing economy-related educational programs for expatriates working in South Korea. The program, called “Business+ Forum,” will begin in March next year, and expatriates at the management and executive level working in foreign companies, international organizations and embassies in Korea will be able to apply for the course, accordi

Posco International, the trading arm of the country’s leading steelmaker Posco, has set up a holding company in Singapore to expand its palm oil business, the company said Wednesday. The trading company is currently seeking to transfer 85 percent of its stake in an Indonesian palm farm to the holding company in the city state. The transfer will be completed by the end of the year, officials in Songdo, west of Seoul, said. The company plans to dispatch professionals next year to expand th

The Korea Automobile Journalists Association said Monday that it has chosen Hyundai Motor’s luxury brand Genesis’ GV 60, its first electric car based on its exclusive EV-dedicated modular platform, as its car of the month. Every month, the association selects its best model among new vehicles and updated versions that were launched within the past month, based on five criteria including exterior and interior design, powertrain performance, safety and comfort features, energy efficie

Silence prevailed at the departure gates of Incheon Airport on Thursday, a day after the nation reported its first cases of COVID-19’s omicron variant. People waiting to check in for their flights were seated meters apart with masks on. Some were wearing plastic gloves and face shields for extra protection. Cafes at the terminal were open but practically empty. “I mean, it’s the airport. Even my parents think working here makes me vulnerable to omicron. So I understand that

Incheon Airport on Thursday forecast its debt ratio to spike to nearly 70 percent this year due to a plunge in flight operations and travelers amid the COVID-19 pandemic. The airport operator said in a press conference that flight operations are likely to have dropped 19 percent from last year, and travelers by 70 percent on-year. The downturn has hurt revenue, as the airport’s sales stood at 490.5 billion won ($416 million), a 55 percent drop from last year. The airport sought to respo

The biggest obstacles in implementing the East Asia Railway Community are stalled inter-Korean relations and geopolitical confrontation between China and the US, a former presidential adviser told a Transport Ministry forum Thursday. “The EARC is needed to overcome the continental-maritime divide along the Korean Peninsula, which is the old relic of the Cold War system, to open a new horizon of prosperity by tapping into the northern frontier to facilitate functional spillover effects on

Porsche is not ready to let go of combustion engines. Engines are what make a Porsche a Porsche, an executive told The Korea Herald while visiting Seoul for a motor show. And in order to keep that forte while complying with the green agenda, the German carmaker is developing eFuel, a climate-neutral fuel produced with the help of electricity from water and CO2 from the air. “The market is full of combustion cars and they will continue to be made and driven in 2030,” said Thomas F