Economy

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  LG Chem's bio-balanced super-absorbent polymer shipped to client in Jordan SEOUL -- The first shipment of bio-balanced superabsorbent polymer produced by LG Chem, a chemical unit of South Korea's LG Group, went to Baby Life, a client based in Jordan. The product based on bio-materials such as renewable waste oil and palm by-products would be used for baby diapers. Superabsorbent polymer (SAP), known as slush powder, can absorb and retain extremely large amounts of a liquid relative to its own mass. The largest use of SAPs is found 2021-08-04
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  POSCO ties up with Australian partner Roy Hill to establish cooperative green system SEOUL -- South Korea's steel group POSCO has tied up with its Australian raw material supplier, Roy Hill Holdings, to establish a cooperative system for the reduction of carbon emissions, ranging from the production of hydrogen and joint research into hot briquetted iron, which is a briquetted form of direct reduced iron with high iron content. The two companies agreed on joint research to develop an optimal hot briquetted iron (HBI) production system. Norma 2021-08-02
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  Musinsa Standard releases cosmetics for men in their 20s and 30s SEOUL -- Musinsa Standard, a popular apparel brand in South Korea, has rolled out a product lineup targeting young men who hope to improve their looks to differentiate its products from other brands. The products’ release was prompted by the growing number of young men using cosmetics. Due to a COVID-19 pandemic, men's interest in skincare has significantly increased. According to a report released by Statistics Korea, the total cosmetics market in So 2021-07-30
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  Naver's online shopping service adopts AI system to simplify customer reviews SEOUL -- Through an artificial intelligence-based service, South Korea's online shopping giant Naver will help shoppers conveniently access simplified versions of customer reviews. Long and complicated reviews will be simplified to one or two sentences to speed up shopping. Online reviews play a vital role in South Korea's online shopping industry that stood at about 16 trillion won ($13.9 billion) in 2020. According to a 2017 survey of 1,200 consumers age 2021-07-30
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  Doosan Heavy wins $531 mln order to build four tanks in Dangjin LNG base SEOUL -- A consortium led by Doosan Heavy Industries & Construction, a key player in South Korea's power industry, has secured an order worth 610 billion won ($531 million) from a state gas company to build storage tanks in the country's fifth liquefied natural gas (LNG) base in the southwestern industrial port city of Dangjin. Doosan Heavy said it would build four 270,000-kiloliter-class LNG storage tanks and auxil 2021-07-30
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  ​Shinsegae jumps into alternative meat market, rolls out cold cut sandwich thru Starbucks SEOUL -- Through a five-year research program to acquire independent technologies, a food company affiliated with South Korea's retail group Shinsegae joined a race to produce alternative meat, starting with lunch meats, known as cold cuts, which are precooked or sliced and typically served in sandwiches or on a tray. The first product of Shinsegae Food's alternative meat brand "Better meat" is three kinds of cold cuts -- Westphalian ham 2021-07-29
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  Hancom Group signs contract to accelerate smart city project in Sejong SEOUL -- Hancom, a comprehensive information technology company in South Korea, has signed a partnership with the central city of Sejong to build a sustainable smart city infrastructure that incorporates artificial intelligence, big data, and autonomous technologies. The partnership will accelerate the establishment of a citywide smart system network designed to improve the livelihood of citizens. Hancom said that it would apply various solutions including urban mo 2021-07-28
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  Hyundai E&C wins $428 mln deal to build new airport terminal in Peru SEOUL -- A joint venture led by Hyundai Engineering and Construction, a major builder in South Korea, has secured a deal worth $428 million to build the passenger terminal of a new airport near the city of Cusco in southeastern Peru. The builder secured an order in March to clear land for the new airport in Chinchero. Hyundai E&C controls 35 percent of the joint venture that also involves Sinohydro, a Chinese engineering and construction company, Me 2021-07-28
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  Doosan Heavy ties up with public power supplier to develop hydrogen gas turbine and burne SEOUL -- Doosan Heavy Industries & Construction, a key player in South Korea's power industry, tied up with a public power supplier to develop an eco-friendly hydrogen gas turbine and its burner. The partnership underlines South Korea's efforts to achieve the early development and commercialization of a commercially viable gas turbine powered by hydrogen. Gas turbines have become one of the most widely-used power ge 2021-07-27
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  Samsung Electronics unveils Quantum Mini LED curved display for gaming SEOUL -- Samsung Electronics unveiled a new curved gaming monitor, the Odyssey Neo G9, enhanced with a new light source called Quantum Mini LED which has thin microlayers filled with many more LEDs. It is the industry's first Quantum Mini LED curved display that delivers the most refined detail regardless of the game played. Featuring Quantum Matrix Technology combined with super-fast response and refresh rates, Samsung said the new monitor deliv 2021-07-27
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  CJ ENM's virtual production studio adopts Samsung's massive microLED screen SEOUL -- A virtual production studio to be built by CJ ENM, the South Korean entertainment group that produced the Oscar-winning 2020 film "Parasite," will feature a massive micro light-emitting diodes screen measuring over 1,000 inches that can produce vibrant colors and details supporting up to 16K high-resolution content. Compared to conventional display technologies, micro light-emitting diode (microLED) technology offers better contr 2021-07-27
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  Hyundai shipyard develops floater model for offshore wind turbine SEOUL -- South Korea's Hyundai shipbuilding group has developed a semi-submersible floater model for a 10-megawatt-class offshore wind turbine in cooperation with two state bodies. It can shorten construction work because a power generation turbine can be loaded onto the floater quickly at the shipyard's pier for transportation to an offshore installation site. Hyundai Heavy Industries (HHI) has partnered with Korean Register (KR), a maritime classification 2021-07-26
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  SK Group expands partnership with China's Joyvio to tap alternative food markets SEOUL -- South Korea's third-largest conglomerate SK Group expanded its partnership with China's Joyvio Group to tap alternative food markets in China and other countries and invest in promising food-tech firms with innovative technologies. Concerns over animal welfare and food security spurred the global demand for meat alternatives. SK Inc., an investment-oriented holding company of SK Group, said it would create an alternative food investment fund w 2021-07-26
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  LG Electronics works with University of Toronto to develop AI algorithms for autonomous vehicles SEOUL -- LG Electronics, a major home appliance and smartphone maker in South Korea, will work with the University of Toronto to form a consortium for the development of artificial intelligence algorithms for autonomous vehicles that can recognize objects more accurately. LG Electronics said the project to develop AI algorithms was selected by the Ontario government as Research Excellence to receive three billion won ($2.6 million) for five years. The company opene 2021-07-22
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  Researchers develop laser-hybrid welding method for high manganese steel LNG fuel tanks SEOUL -- South Korean researchers have developed a new laser-hybrid welding method that can drastically reduce time to manufacture high manganese steel fuel tanks for liquefied natural gas carriers. The new method combines laser light and an electrical arc into an amalgamated welding process. The state-run Korea Institute of Machinery & Materials (KIMM) said its research team has teamed up with Daewoo Shipbuilding & Marine Engineering (DSME), a major domest 2021-07-22
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  State researchers develop eco-friendly automated bearing cleaning system SEOUL -- A state railway research institute has developed an eco-friendly automated cleaning system for bearings used in trains. The new system will reduce the time required for maintenance. Bearings are ring-shaped machine parts that are used to reduce friction and allow smoother rotation in moving parts such as a vehicle's engine and wheels. Used bearings are covered in the gunk of grease and microscopic metal shards that have fallen off from moving parts. Be 2021-07-22
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  LG Electronics to replace all fuel-based vehicles with green energy-based cars by 2030 SEOUL -- Through a step-by-step process, business vehicles rented or owned by LG Electronics will be replaced with green energy-based cars that use electricity or hydrogen as their main power source. The plan is part of the South Korean tech giant's big picture to go completely green by 2050. According to LG's sustainability report released on July 21, the company will replace up to 90 percent of its internal combustion vehicles with zero-carbon c 2021-07-21
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  Australian mine-to-metal firm partners with S. Korean consortium to create $250mln fund for rare earths project SEOUL -- Australia's critical metal producer Australian Strategic Materials has partnered with a consortium of three South Korean private equity firms to create a $250 million fund for a rare earth and critical metal project. The investment will help South Korean industries gain a stable supply chain for main materials used in the production of electric vehicles and defense instruments. Rare earths are used in the creation of neodymium-iron-boron (NdFeB) perman 2021-07-21
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  State approval given to demonstrate urban hydrogen-electric tram in S. Korean city SEOUL -- An urban hydrogen-electric tram developed by Hyundai Rotem, a train-making subsidiary of South Korea's Hyundai auto group, will be tested in the southeastern industrial port city of Ulsan in 2023 as part of a state program to commercialize hydrogen-powered trains. Hydrogen fuel cell modules for automobiles will be modified to suit trams. The Ulsan city government said it has secured final approval from the Ministry of Trade, Industry and Energ 2021-07-21
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  Seoul adopts ordinance to allow first commercial operation of autonomous shuttle SEOUL -- Through a newly-adopted ordinance, Seoul has opened new roads for the first commercial operation of autonomous shuttles and taxis in a designated area. Autonomous shuttle services have been demonstrated in various cities in South Korea. Commuters think self-driving mini van-type vehicles are convenient as they can carry passengers from residential areas to nearby subway stations. The ordinance for the commercial operation of autonomous vehic 2021-07-20