Economy

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  KT makes strategic investment in vocal biomarker technology company Sonde Health SEOUL -- South Korea's top telecom company KT will enhance the competitiveness of the artificial intelligence-based health diagnosis business through a strategic investment in Sonde Health, a United States-based digital medicine company specializing in the detection of various diseases such as mental health and respiratory disorders through the analysis of voices. Demands for voice-based health monitoring are steadily increasing as non-face-to-face medical treatments have gaine 2022-11-10
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  Makeup brand LUNA makes foray into Japanese offline cosmetics market with concealer SEOUL -- In an effort to attract more Japanese consumers and expand sales channels, Aekyung, a major hygiene and cosmetics maker in South Korea, launched LUNA, a cosmetics brand, at major offline stores in Japan. Aekyung's concealer lineup capable of hiding skin blemishes has already gained popularity in the Japanese e-commerce market. In 2021, LUNA made a foray into major online platforms in the island country including Qoo10 Japan and Amazon Japan. The cosmetics product calle 2022-11-10
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  CJ Feed & Care rolls out livestock manure-based organic fertilizer in Vietnam SEOUL -- CJ Feed & Care, a feed livestock corporation affiliated with CJ Cheil Jedang, released an organic fertilizer using pigs' excrement in Vietnam where chemical fertilizers are still mainly used. Through the eco-friendly fertilizer that reduces greenhouse gas emissions, the company aims to gain a competitive advantage in the Southeast Asian fertilizer market. The organic fertilizer called "ECO POWER1" was made by decomposing and maturing the livestock manure. 2022-11-09
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  Norway's Equinor ties up with Hanwha E&C to build offshore wind power infrastructure in S. Korea SEOUL -- Equinor, a Norwegian state-owned energy company, will work with Hanwha E&C, a builder affiliated with South Korea's Hanwha Group, to build offshore wind farms. The builder aims to develop a 2-gigawatt wind power generation complex by 2030. Compared to fixed offshore wind farms which are generally installed in shallow waters, floating wind turbines located in deep waters can reduce visual pollution, provide better accommodation for fishing and shipping lanes, and re 2022-11-08
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  LG Display unveils prototype of world's first 12-inch full-color stretchable display SEOUL -- LG Display, a major flat panel maker affiliated with South Korea's LG Group, unveiled the prototype of the world's first 12-inch full-color stretchable display that implemented high resolution and can stretch its screen by up to 20 percent. Bendable, foldable and rollable panels have been developed, but the next-generation product is stretchable to all sides without affecting the quality of displays. Stretchable displays, which are seen as the final phase of flex 2022-11-08
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  GS Caltex works with Aekyung Chemical to localize refrigerating machine oil for home appliances SEOUL -- GS Caltex, a major refiner in South Korea, partnered with Aekyung Chemical, a domestic manufacturer of basic organic chemicals, to localize the production of refrigerating machine oil for home electronic appliances, which have been heavily dependent on imported products. With Aekyung's base oil, the refiner will produce finished products. Refrigerating machine oils are used in air conditioning systems and compressors that use refrigerants. Compatibility is important b 2022-11-07
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  Researchers discover method to quickly cultivate microalgal strain for biofuel production SEOUL -- A state-run research body in South Korea has discovered a method to quickly cultivate a microalgal strain from cyanobacteria, known as blue-green algae, that can produce twice as much biofuel as other microorganisms due to rapid proliferation. The study opened the way for researchers to commercialize cyanobacteria-based carbon-neutral fuels. Biofuel can be produced from plants or from agricultural and industrial biowaste. The two most common types of biofuel are bioethano 2022-11-03
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  Doosan Enerbility's subsidiary in Vietnam to supply substructure for Orsted's offshore windfarms SEOUL -- Doosan Vina, the Vietnamese subsidiary of Doosan Enerbility, a power plant equipment manufacturer in South Korea, will supply a substructure for offshore windfarms to Orsted, a Danish power company involved in major offshore wind power projects in the world. Monopiles will be supplied for Orsted's offshore wind power projects in Southeast Asia and Europe. Doosan Enerbility said that a business agreement was signed between Doosan Vina and Orsted on the sidelines of a sus 2022-11-03
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  Lotte Shopping introduces Ocado's integrated online business solution SEOUL -- Lotte Shopping, a retail company affiliated with Lotte Group, partnered with Ocado, a British dedicated online grocery retailer, to strengthen its competitive edge in South Korea's online grocery market with an integrated solution that would be used to improve the inconvenience of consumers in online shopping such as product deterioration and misdelivery and establish a customized online shopping environment. Ocado's smart platform is an "end-to-end" sol 2022-11-02
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  Hyundai shipyard's lashing-free container ship secures design approval from international societies SEOUL -- The world's first lashing-free container ship, designed by South Korea's Hyundai shipbuilding group, has secured design approval from international societies. The ship does not require extra fixing work and uses a new concept device called "Portable Bench" that receives the load of containers stacked on the top of the deck and delivers it to the hull. Container lashing is the process of securing containers together on board a ship to prevent containers fro 2022-11-01
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  High manganese steel LNG fuel tank installed on container carrier at Daewoo shipyard SEOUL -- A liquefied natural gas fuel tank made of high manganese steel has been installed on a giant container carrier under construction at South Korea's Daewoo shipyard. This is the world's first dual fuel-powered container carrier carrying an LNG fuel tank using high manganese steel, which is an alternative material for cryogenic services. Daewoo Shipbuilding & Marine Engineering (DSME) said that a square-shaped high-manganese steel LNG fuel tank has been mounted i 2022-10-31
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  Ceremony held to break ground for first research institute on dismantling nuclear power plants SEOUL -- The construction of South Korea's first research institute on the dismantlement of nuclear power plants began amid concerns over radioactive waste in decommissioning old reactors. South Korea has 24 reactors in operation, which meet one-third of the country's power needs. An aging reactor in the Gori nuclear power complex near the southeastern port of Busan is to be permanently shut down in 2017. For decades, South Korea, which has almost no reserves of fossil f 2022-10-31
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  Fawoo Nanotech develops nanobubble generator to produce hydrogen in large quantities SEOUL -- Fawoo Nanotech, an Industrial process control equipment manufacturer in South Korea, claimed to have developed an innovative nanobubble generator to produce hydrogen in large quantities. The device turns seawater and carbon dioxide into nanobubbles and combines electrons from chlorine. It is effective in producing a large amount of hydrogen and reducing carbon dioxide. Nanobubbles, which are 70-120 nanometers in size, are efficient in the delivery of oxygen and other gas. T 2022-10-27
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  Lotte Fine Chemical to import 50,000 tons of blue ammonia from Saudi Arabia SEOUL -- Lotte Fine Chemical, a chemical unit of South Korea's Lotte Group, will import 50,000 tons of blue ammonia from Saudi Arabia, which has launched a green initiative to reduce its dependence on oil and become a global leader in exports of hydrogen. The deal underlines a deepening alliance between South Korean and Saudi companies involved in hydrogen production. Lotte Fine Chemical will import 25,000 tons of blue ammonia respectively from ABIC, a fertilizer producer contro 2022-10-27
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  POSCO ties up with Samsung Electronics to localize xenon production for semiconductor SEOUL -- South Korea's top steelmaker POSCO will localize the production of xenon, an essential rare gas used by Samsung Electronics for the fabrication of semiconductors, to help domestic firms cope with rising prices caused by unstable global supply chains. South Korea's semiconductor industry has been heavily dependent on rare gases imported from the United States, China and South Africa. Rare gases can be produced from residual gas emitted from steel mills with large ai 2022-10-27
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  SK geo centric establishes plastic recycling partnership with China's Haier SEOUL -- In an effort to expand its global market reach, SK geo centric, a chemical company affiliated with South Korea's SK Group, has established plastic recycling partnerships with foreign companies including Haier, a leading home appliances and consumer electronics company in China, and PureCycle Technologies (PCT), a U.S.-based recycling service company with patented purification recycling technology. SK geo centric (SKGC) said it has agreed with Haier to cooperate in de 2022-10-27
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  Researchers recover 98.3% of plastic by recycling waste coffee capsules SEOUL -- South Korean researchers have developed a method to recover 98.3 percent of plastic by recycling waste coffee capsules with low recycling rates. Recycled plastic can be applied to various products by efficiently removing aluminum. The waste coffee capsule consists of plastic accounts for 97.3 percent of the waste coffee capsule and aluminum 2.7 percent. The Korea Institute of Geoscience and Mineral Resources (KIGAM) said its research team shredded waste capsules and washe 2022-10-26
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  Doosan Enerbility strengthens partnership with German 3D printer company EOS SEOUL -- EOS, a German provider of metal 3D printers, will provide new technologies and cooperate in marketing with Doosan Enerbility, a power plant equipment manufacturer in South Korea, to strengthen their partnership that led to the development of a cobalt alloy 3D printing process used to repair old gas turbines. EOS will share user feedback and technical needs with Doosan Enerbility. "This cooperation with EOS has laid the foundation for the faster application of worl 2022-10-26
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  POSCO's thick plate wins DNV certification as wind turbine raw material SEOUL -- DNV, a classification society based in Norway, has certified South Korea's leading steel group, POSCO, as a company to produce thick steel plates that can reduce the use of steel for wind turbine towers and sub-substructure by about 10 percent. The steelmaker promotes its product as a cost-efficient material that can cope with rising raw material prices. DNV approved the thick plate plant of POSCO's steel mill in the southern industrial port city of Gwangyang as a s 2022-10-26
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  Lotte Chemical works with logistics company to recycle waste packaging vinyl SEOUL -- Lotte Chemical, a major chemical company based in South Korea, joined hands with Samsung Electronics Logitech, a corporate logistics management agency, to expand the virtuous cycle of packaging materials by recycling waste vinyl made of polyethylene, which is the most commonly produced plastic used for packaging. Lotte Chemical said it would collect waste vinyl used by Samsung Electronics Logitech for packaging to produce high-quality packaging materials and supply them ba 2022-10-26