Economy

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  Dong-A ST signs license-out and equity investment contract with U.S. biotech company NeuroBo SEOUL -- NeuroBo Pharmaceuticals, a clinical-stage biotech company in the United States, will become an overseas base for the development and sales of new drugs from Dong-A ST, a pharmaceutical company in South Korea, under a global license-out and equity investment contract. The goal is to become NeuroBo's largest shareholder if it succeeds in raising funds. NeuroBo will be given the global exclusive development rights of DA-1241, a new drug candidate for the treatment of typ 2022-09-15
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  ​Hyundai Steel produces low-carbon high-quality auto steel sheets using electric furnace SEOUL -- The steel-making unit of South Korea's Hyundai auto group has succeeded in the pilot production of premium steel sheets that can significantly reduce carbon emissions. Because direct reduced iron and iron scrap are used in an electric furnace, carbon emissions can be reduced by more than 30 percent compared to a conventional method that used iron ore and coal in furnaces. Direct reduced iron (DRI) is produced from the direct reduction of iron ore into metallic iron by a 2022-09-13
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  ​LG releases cone-shaped wireless speaker capable of producing various sounds in all directions SEOUL -- LG Electronics will release a new wireless speaker that lets listeners enjoy high-pitched, midrange and low-pitched sounds from every angle without being distracted. The cone-shaped wireless speaker changes the color of lighting depending on the vibe of music using a mood lighting function. "LG XBOOM Speaker 360" will be released in three colors -- charcoal black, coral haze and beige on September 14. The maximum output is 50 watts. A speaker weighs 3.2 kilogra 2022-09-13
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  BGF Retail seeks 'onlineization' of offline convenience stores to win competition SEOUL -- South Korea's convenience store industry has diversified customer-friendly services to attract customers. They never close and get rooted deeper into everyday lives as a place to buy groceries, snacks, simple meal packages and non-food products. A COVID-19 pandemic has boosted sales at convenience stores as people shun crowded shopping malls. In a market crowded with tens of thousands of corner shops, BGF Retail, the operator of South Korea's major convenience sto 2022-09-13
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  Companies agree to study supplying 900 megawatts of renewable power for Malaysia's H2biscus energy project SEOUL -- South Korean companies, including Samsung Engineering, and their Malaysian partners agreed to study the potential of supplying at least 900 megawatts of hydro-based renewable power for Malaysia's H2biscus energy project in Sarawak, a state located in northwest Borneo Island. Samsung Engineering, a construction and project management company in South Korea, said it has signed a memorandum of understanding with SEDC Energy, a subsidiary of Malaysia's Sarawak Economic 2022-09-08
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  Hanwha Solutions discloses fresh investment to strengthen solar cell material business SEOUL -- Hanwha Solutions, a chemical and energy company affiliated with South Korea's Hanwha Group, disclosed a fresh injection of 760 billion won ($549 million) to strengthen its solar cell material business and secure a base for producing high-power solar core products. The new investment comes on the heels of fierce competition with Chinese companies. Through its new investment, Hanwha Group's total production capacity of ethylene vinyl acetate (EVA) will increase to 920 2022-09-07
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  British electricity utility company National Grid to receive $34.17 mln worth of transformers from Hyundai Electric SEOUL -- Hyundai Electric & Energy Systems, a domestic electrical equipment manufacturer and energy solution provider, has sealed an order worth 47.4 billion won ($34.17 million) to supply transformers to National Grid, a London-based electricity and gas utility company. The transformers will be installed at five substations starting in 2024. Hyundai Electric said Britain's demand for electricity has significantly increased due to an unprecedented heat wave. However, the co 2022-09-07
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  SK Group's lube-making wing to release carbon offset lubricant SEOUL -- SK Lubricants, the lube-making wing of South Korea's SK Group, will release carbon-neutral lubricants that offset carbon emissions generated during production, transportation, consumption and disposal. This product calculates greenhouse gas emissions generated during the entire process and compensates by purchasing carbon emission rights from afforestation and other green projects that aim to reduce environmental pollution. SK Lubricants would purchase carbon emissi 2022-09-07
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  Hyundai shipbuilding group works with Hyundai Glovis to develop world's largest LCO2 carrier SEOUL -- South Korea's Hyundai shipbuilding group partnered with Hyundai Glovis to develop the world's largest liquefied carbon dioxide carrier powered by a liquefied natural gas propulsion system. The ship will be 284 meters long and 42 meters wide. Hyundai Glovis, the logistics wing of Hyundai Motor Group, said that a ship capable of carrying 74,000 cubic meters of liquefied carbon dioxide (LCO2) has obtained Approval in Principle from the American Bureau of Shipping (ABS) 2022-09-06
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  KCC works with state research group to develop mobility coating material technology SEOUL -- Using technology provided by a state-run research body, KCC, a top provider of construction materials and paints, will develop a coating material capable of removing scratches from car surfaces in about 30 minutes just by exposing them to sunlight. Commercialization will help reduce the use of organic solvents for repainting vehicles. "By combining KCC's accumulated paint techniques and component technology from the Korea Research Institute of Chemical Technology, 2022-09-06
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  Norway classification society partners with Daewoo shipyard to develop rotor sail system SEOUL -- DNV, an accredited registrar and classification society based in Norway, partnered with Daewoo Shipbuilding & Marine Engineering, a major shipbuilder in South Korea, to develop technologies on fuel saving devices and a rotor sail system, which is seen as an eco-friendly technology for reducing fuel and carbon dioxide emissions. When wind meets the spinning rotor sail, the air flow accelerates on one side and decelerates on the opposite side. The change in the speed of 2022-09-06
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  SK E&S consortium acquires right to operate Australian saltwater layer for carbon storage SEOUL -- SK E&S, an energy company affiliated with South Korea's third-largest conglomerate, SK Group, has acquired the right to operate an Australian sea bed for the storage of carbon dioxide in a saltwater layer filled with high-salt brine that has excellent stability in gas storage. Carbon dioxide resides in its liquid phase at high pressures and low temperatures in deep-sea sediments. Australia has promoted large-scale carbon capture and storage (CCS) projects in deple 2022-09-06
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  Canadian insect protein producer Aspire partners with Lotte Confectionery to expand edible insect market in Asia SEOUL -- Aspire Food Group, a Canada-based insect protein producer that manufactures a variety of food products made from crickets, partnered with the confectionary wing of Lotte Group to expand its market in Asia. Aspire will sell products through Lotte Confectionery's sales infrastructure and carry out joint research on alternative proteins. Edible insect species generate less environmental pollution than breeding cows and pigs. They are processed in food products such as sna 2022-09-06
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  SK chemicals work with domestic company to develop toothbrush using chemically recycled material SEOUL -- In an effort to expand its green chemical business, SK chemicals has partnered with a domestic company to develop a toothbrush brand using raw materials produced through chemical recycling that breaks down and returns plastic to its pure, raw material form. KNK, a toothbrush company, is to release a new eco-friendly brand in January 2023. It would be the first green design project of SK chemicals' business platform for a recycled plastic circulation ecosystem that conn 2022-09-06
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  Hyundai shipbuilding group works with classification society for early commercialization of self-sailing technology SEOUL -- With the purpose of preoccupying the market, South Korea's Hyundai shipbuilding group will work with a domestic maritime classification society to advance the commercialization of an autonomous navigation system developed by the group's in-house venture, Avikus, which has tested its technology using a giant natural gas carrier for a transoceanic voyage. Korean Register (KR) said that it has signed a joint development agreement with Hyundai Heavy Industries, Avikus 2022-09-05
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  Daewoo shipyard applies new technologies to deliver eco-friendly shuttle tankers in time SEOUL -- Daewoo Shipbuilding & Marine Engineering has delivered two eco-friendly shuttle tankers to its Norwegian client by applying new technologies that helped the shipbuilder secure enough time to complete the construction of expensive ships in time. The ships are installed with a dual propulsion system capable of using liquefied natural gas (LNG) and liquefied petroleum gas (LPG) as fuel. In February 2020, Daewoo Shipbuilding & Marine Engineering (DSME) secured an order 2022-09-05
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  POSCO International solves bottleneck in grain shipment from Ukraine SEOUL -- With the departure of a grain ship carrying some 61,000 tons of corn for animal feed, POSCO International, a trading arm of South Korea's steel group, has solved a bottleneck in the shipment of grain from Ukraine, one of the world's key breadbaskets. Grain produced in Ukraine has piled up in silos due to Russia's blockade of Ukraine ports that sent global food prices soaring. Grain ships were able to leave Ukrainian ports under a plan brokered by the UN and Tur 2022-09-05
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  Three SK Group units work with Petronas subsidiary to cooperate in clean energy business SEOUL -- South Korea's SK Group joined hands with Malaysia's state oil and gas company Petronas to cooperate in clean energy businesses through their subsidiaries and discover joint business projects in the fields of hydrogen, fuel cells, and electric vehicle charging. The group hopes to create synergy by combining its technologies and capabilities with Petronas' production and distribution infrastructure. A memorandum of understanding has been signed between Gentari, a 2022-09-05
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  POSCO ties up with Indian firm Greenko for green hydrogen and ammonia production SEOUL -- POSCO partnered with Greenko, a renewable energy company in India, to push for the establishment of a business model for the production of green hydrogen and ammonia. India has abundant solar and wind resources. The steel group has tried to develop technologies for extracting large amounts of hydrogen from ammonia and supplying green hydrogen to power stations and industrial facilities. Green hydrogen does not use any fossil fuel during its manufacturing process. Ammonia is 2022-09-01
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  Amore Pacific agrees to acquire U.S. luxury skincare brand Tata Harper for $125 million SEOUL -- South Korea's top beauty product maker Amore Pacific agreed to acquire Tata Harper, an American luxury skincare brand, for $125 million as part of efforts to accelerate its presence in the U.S. market and elsewhere. Tata Harper creates luxurious and sustainable products that are 100 percent natural. In a regulatory filing on September 1, Amore Pacific said its U.S. subsidiary, Amorepacific US Investment, would acquire 100 percent of Tata's Natural Alchemy, the ope 2022-09-01