Economy

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  E-commerce platform Lotte On to adopt Upstage's AI-based recommendation solution SEOUL -- Lotte On, an e-commerce platform operated by South Korea's retail giant Lotte Group, will adopt an artificial intelligence-based solution capable of suggesting products based on users' consumption patterns. Lotte ON will also work with Upstage, an AI startup that developed the solution, to increase the purchase conversion rate. Upstage has showcased various types of AI solutions such as FoodLens, which suggests recipes depending on dietary goals and eating habits. 2023-06-05
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  POSCO released carbon offset steel products for first time SEOUL -- For the first time as a South Korean steelmaker, POSCO has released carbon offset steel products targeting vehicle and electrical device manufacturers that seek to reduce their carbon output and create a net reduction in greenhouse gas emissions by funding atmospheric carbon reduction actions of another company or organization. Carbon offset products, or carbon offsets, are products that are created using methods that release less carbon in the atmosphere by using renewabl 2023-06-05
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  Cosmetics brand Laneige to preserve Asia's maritime environment with Swiss-based environment group SEOUL -- Laneige, a skincare brand affiliated with South Korea's top cosmetics maker Amorepacific, will work with the World Wide Fund for Nature, a non-governmental wildlife conservation organization, to carry out marine preservation projects in South Korea, China, and Thailand. The Swiss-based group established to preserve endangered species has more than five million members in more than 100 countries. Various types of ocean waste including discarded plastic come from river 2023-06-05
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  GI Biome starts clinical trial of colorectal cancer treatment candidate 'GB-X01' SEOUL -- GI Biome, a microbiome-based drug developer in South Korea, has started administering GB-X01, an anti-colorectal cancer candidate, to patients in the first clinical trial in South Korea. Through the test, the company aims to confirm the safety, drug tolerance, and composition variation of intestinal microorganisms before and after administration. The microbiome is a cluster of all types of microscopic organisms that co-exist with humans such as bacteria, fungi, protozoa, a 2023-06-02
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  SK Innovation's subsidiary forges long-term supply deal with N. American companies SEOUL -- SK IE Technology, a battery separator-making wing of SK Innovation, has forged long-term supply deals with companies in North America and other countries, the company said during a conference call. Battery separators act as a barrier between the anode (negative) and cathode (positive) electrodes while allowing the exchange of lithium ions from one side to another. It is a vital component of high-capacity, high-performance lithium-ion batteries commonly used in electric veh 2023-06-02
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  Asian countries become S. Koreans' favorite travel destinations after reopening SEOUL -- As the world entered step-by-step stages of the reopening, the process of normalization from the COVID-19 pandemic, Asian countries including Japan, Viet Nam, and the Philippines have become South Koreans' favorite travel destinations, market data showed. Data released by the Bank of Korea on May 30 showed that travelers to South Korea spent about $3 billion in the first quarter of 2023 while South Koreans traveling abroad spent about $6.3 billion. Frequent travelers w 2023-06-02
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  Dayou AutoParts builds steering wheel plant in Mexico SEOUL -- South Korea's car parts maker Dayou AutoParts has completed the construction of a steering wheel factory in Monterrey, an industrial city in northeastern Mexico. The company aims to establish a production capacity of 700,000 steering wheels every year and supply them to firms in North America including Hyundai Motor's electric vehicle plant. Monterrey is a major hub for global electric vehicle (EV) manufacturers. Tesla revealed its plan in February to establish a $ 2023-06-01
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  Samsung partners with British magazine Dezeen to host recycled product design contest SEOUL -- Samsung Electronics has worked with Dezeen, a Britain-based design and architectural magazine, to host a design contest aimed at encouraging the recycling and upcycling of Samsung products and materials used for Samsung devices. Anyone who is 18 or older can participate in the competition through Dezeen’s website to win 10,000 British pounds ($12,427). While recycling mainly focuses on collecting waste materials and simply turning them into new product materials, upc 2023-06-01
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  ​HD KSOE selected by EU to participate in research project for development of hydrogen storage tech SEOUL -- HD Korea Shipbuilding & Offshore Engineering, the holding company of Hyundai Shipbuilding group, was selected by the European Union's research program to form a consortium with 13 other companies and organizations to develop large-capacity liquefied hydrogen storage system technologies. To minimize the damage by climate change, the world is starting to engage in a global initiative of reducing dependency on fossil fuels and go completely carbon neutral by 2050. Alo 2023-06-01
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  KT works with American book publisher to release digital IPTV English education content SEOUL -- South Korea's major telecom company KT has worked with Scholastic, an American children's book publisher, to create internet protocol television English education content for kids. Video content designed to teach commonly used English words will be released every week on Genie TV, an internet cable TV service run by KT. According to KT, Scholastic has distributed books to 165 countries and about 83 percent of public schools in the United States use the book publish 2023-06-01
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  LIG Nex1 to install illegal drone detector at South Korea's main domestic airport SEOUL -- LIG Nex1, a defense contractor in South Korea, has secured an order worth two billion won ($1.5 million) to install a drone detector at Gimpo International Airport in western Seoul. The anti-drone project is designed to protect aircraft, facilities, and airport users by identifying the location and movement of illegal drones. Gimpo International Airport used to be the largest airport in South Korea until Incheon International Airport opened in March 2001. South Korea has 2023-05-31
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  ​LG Chem starts construction of fourth carbon nanotube plant in western region SEOUL -- LG Chem, the chemical unit of South Korea's LG Group, has started the construction of its fourth carbon nanotube plant to meet global demands for the promising material used in the production of electric vehicle batteries, aircraft hulls, semiconductors, and auto parts. The operation of the fourth plant would expand the company’s production capacity to 6,100 tons from the current 2,900 tons. Carbon nanotube (CNT) materials have about the same level of electricity 2023-05-31
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  Hanwha Aerospace invests in American secondary battery technology startup SEOUL -- In a bid to acquire the next-generation secondary battery technology for the company's eco-friendly future mobility businesses, Hanwha Aerospace, a global defense solution company, made an investment into Forge Nano, an American startup specializing in secondary battery material technologies. Large-capacity secondary batteries are the core factor in the electric-powered vehicle sector. Secondary batteries are also used in the renewable energy sector to store electricit 2023-05-30
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  Amorepacific to beef up hair loss treatment business SEOUL -- South Korea's top beauty product maker Amorepacific has hosted a conference to discuss women's hair loss with scalp experts from different countries including the United States and Japan. The South Korean company aims to roll out an anti-hair loss product based on its know-how in hair research. Government data showed that more than 240,000 South Koreans received medical services because of hair loss and female patients accounted for about 44.2 percent. According to 2023-05-30
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  POSCO Group and SKC forge partnership to collaborate in future secondary battery businesses SEOUL -- South Korea's steel-making conglomerate POSCO Group and SKC, the chemical material manufacturing wing of SK Group, have forged a partnership to collaborate in future businesses in the global secondary battery market predicted to reach $300 billion by 2030. Secondary batteries are basically rechargeable batteries that are used in people's everyday lives. Large-capacity secondary batteries are especially crucial in the electric vehicle sector where lithium-based 2023-05-30
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  Shinsegae Department Store launches multilingual wholesale platform for South Korean apparel brands SEOUL -- The department store division of South Korea's retail conglomerate Shinsegae Group has officially launched a wholesale platform for South Korean fashion brands. Shinsegae aims to incubate various talented designers through the multilingual platform called “Kfashion82” targeting the global K-fashion market. According to data released by the Korea Federation of Textile Industries, South Korea's apparel item exports to Britain, France, Italy, and the Unite 2023-05-30
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  EU loosens regulation over exports of S. Korean instant noodles SEOUL -- The European Union has decided to loosen regulations over imported instant noodle products, including South Korean instant noodles called "Ramyeon," by simplifying the safety verification process. Previously, the EU requested test papers that certify imported instant noodles do not contain residues of ethylene oxide and its metabolite 2-chloroethanol which could be found in soup powders of some products. Ethylene oxide (EO) is widely used as a fumigating agent fo 2023-05-24
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  Domestic OTT service operator Wavve recapitalizes to accelerate global business operation SEOUL -- In a bid to find a solution to expand the company's business operations to overseas countries, South Korea's domestic over-the-top service Wavve has attracted an investment of about 25 billion won ($19 million) from SK Square's American subsidiary through recapitalization. According to South Korea's fair trade watchdog, the domestic over-the-top (OTT) service market, estimated to stand at $1.9 billion in 2022, was led by Netflix, the world's largest OTT 2023-05-23
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  Samsung Electro-Mechanics suffers inventory accumulation despite production cut SEOUL -- Sales data showed that Samsung Electro-Mechanics, the electrical component maker in South Korea, was stricken by inventory accumulation despite the fact that the company made a bold decision in late 2022 to cut production. Samsung Electro-Mechanics mainly focuses on multilayer ceramic capacitors (MLCCs), printed circuit boards, and camera modules. The company is one of the top players in the global electric component market. The electric component maker's products are 2023-05-23
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  Kolon Industries to develop food waste-based degradable plastic material technology SEOUL -- Kolon Industries, a chemical and textile manufacturing company affiliated with South Korea's Kolon Group, will work with Paques Biomaterials, a Netherlands-based eco-friendly material startup, for the development of technology to mass produce food waste-based degradable plastic materials called "polyhydroxyalkanoates." Kolon Industries aims to secure resources and technology to produce eco-friendly materials in South Korea. Polyhydroxyalkanoates (PHAs) are pr 2023-05-23