Economy

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  SK ecoplant works with construction material supplier to recycle waste incineration ash SEOUL -- SK ecoplant, a major waste management company affiliated with South Korea's SK Group, tied up with CMD Group, a domestic construction material supplier, to recycle waste incineration ash as construction materials that can replace cement and natural aggregates for the production of retaining wall blocks and sidewalk blocks. Under a technology development agreement, SK ecoplant will provide incineration ash, while CMD will mix it with concrete to manufacture large wall 2022-07-14
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  Samsung Engineering wins $680 million contract for Shell's gas project in Malaysia SEOUL -- Samsung Engineering, a construction and project management company in South Korea, has clinched a $680 million contract from a subsidiary of Britain's oil and gas company Shell for its onshore gas plant in Bintulu, a coastal town in the Malaysian state of Sarawak. Shell's subsidiary, Sarawak Shell Berhad (SSB), carries out the exploration and production of oil and gas on land and at sea. Commercial production at the Marjoram-Rosmari gas development project is to b 2022-07-13
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  SK Innovation invests in U.S. bioenergy startup Fulcrum to acquire waste gasification technology SEOUL -- SK Innovation, an intermediate holding company of SK Group, will invest $20 million in Fulcrum Bioenergy, a U.S. waste-to-fuel specialist that converts household garbage into low-carbon transportation fuels, to learn about waste gasification, which is seen as a promising technology in the waste-to-energy market. Waste gasification is a chemical process that can help turn biomass into synthetic gas (syngas) for refinery use or power generation. It will become a relatively 2022-07-13
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  7-Eleven demonstrates drone delivery service for vacationers near Seoul SEOUL -- Targeting vacationers who do not wish to leave their pension to shop for groceries, the South Korean operator of 7-Eleven, a convenience store franchise, has launched a pilot project to demonstrate a drone delivery service in a rural resort town northeast of Seoul. Delivery services using drones have been demonstrated in South Korea. The first commercial service made its debut in the southern port city of Busan in 2021 when a local service operator used a drone to carry l 2022-07-13
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  [FOCUS] POSCO thinks about battery material exchange to reduce dependence on China SEOUL -- As a solution to secure a stable supply chain of raw materials and check China's superior position in pricing, South Korea's leading steel group POSCO thinks about establishing an international commodity exchange specializing in materials for electric vehicle batteries. A specific plan may come after POSCO completes the review of related systems and laws, although it requires consent from South Korean battery makers and raw material companies, which are strugglin 2022-07-13
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  Hanwha Solutions' European unit works with German startup Enviria to push for solar energy projects SEOUL -- Enviria, a solar energy startup in Germany, joined hands with the European unity of Hanwha Solutions, a chemical and energy company affiliated with South Korea's Hanwha Group, to push for 500-megawatt solar energy development projects in the European country. Enviria and Q Energy, the wholly-owned subsidiary of Hanwha Solutions, would jointly develop 38 solar power projects with a size of 2 to 70MW across Germany. The South Korean company said it would utilize Enviria 2022-07-12
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  Dae Sun shipyard wins first order to build 22,000-ton luxury cruise ship SEOUL -- South Korean shipyards boast the best shipbuilding technology in the world, especially in the segment of liquefied natural gas carriers, but European competitors are still good in world-class luxury cruise ships and yachts that require a high degree of workforce specialization and sophisticated technologies. Dae Sun Shipbuilding & Engineering, a mid-sized South Korean shipyard that has built coastal car ferries, will build a 22,000-ton luxury cruise ferry on an order fr 2022-07-11
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  KT to launch joint venture for instant delivery service for online shopping shows SEOUL -- For the first time, KT Alpha, a commerce wing of South Korea's major telecom company KT, will start an "On-Air Delivery" service, an instant delivery service that can receive orders and deliver products while live online shopping shows are broadcast. The service will be launched through a joint venture with Oasis Market, a domestic overnight delivery platform operator specializing in fresh grocery items. Live commerce is an online shopping content format where 2022-07-11
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  SD Biosensor partners with domestic PEF to acquire U.S. diagnostic kit maker Meridian SEOUL -- With plenty of cash reserves from the robust overseas sale of COVID-19 antigen self-testing kits, SD Biosensor, an in-vitro diagnostics company in South Korea, joined hands with a domestic private equity fund to acquire Meridian Bioscience, a U.S. producer of diagnostic test kits, for two trillion won ($1.54 billion). It was described as the biggest deal in South Korea's pharmaceutical and bio industry to acquire a foreign company. SD Biosensor said, adding that with Me 2022-07-08
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  Major hydrogen fuel cell power plant to be built in seaside project city in S. Korea SEOUL -- A giant hydrogen fuel cell power plant capable of producing 200 megawatts of electricity that can be used by 330,000 households annually will be built in a tourism and leisure enterprise city under construction in South Korea's southwestern coastal area, along with a smart farm, The smart farm will use carbon dioxide and hot water generated by the hydrogen fuel cell plant to grow crops on about 60,000 square meters of land in Solaseado, a project eco-friendly city in Ha 2022-07-08
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  S. Korean cosmetics exports up 21% on-year to $9.2 billion in 2021 SEOUL -- Exports of South Korean cosmetics products hit a record high of $9.2 billion in 2021, up 21.3 percent from a year ago. This is the third-largest export performance in the world after France and the United States. Cosmetics products contributed a lot to South Korea's total year-end trade surplus. South Korea houses four world-class beauty product makers -- LG Household, Amore Pacific, Able C&C and Clio Cosmetics, along with many cosmetics startups targeting North Am 2022-07-07
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  H2 fund reveals business groups' determination to establish hydrogen ecosystem SEOUL -- Unswayed by uncertainties triggered by South Korea's new energy roadmap that prioritized nuclear power over renewable energy, a private business association involving major business groups revealed their determination to accelerate the establishment of a hydrogen ecosystem with the launch of an H2 fund worth about 500 billion won ($384 million). Mirae Asset, a top asset managing group in South Korea, will recruit investors by the end of 2022. "The proportion of hyd 2022-07-07
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  Construction begins for U.S company onsemi's research center for SiC power semiconductors SEOUL -- U.S semiconductor supplier company onsemi broke ground for a research center in South Korea to develop and produce next-generation silicon and carbide (SiC) power semiconductors, which are emerging as a key component of electric vehicles, with an injection of 1.4 trillion won ($1.08 billion) by 2025. onsemi's research center will be located in Bucheon, a city in Gyeonggi Province, which is about 25 kilometers (16 miles) away from Seoul. Gyeonggi Province Governor 2022-07-07
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  SK ecoplant works with domestic venture firm to develop energy-saving water treatment solution SEOUL -- SK ecoplant, a major waste management company affiliated with South Korea's SK Group, tied up with a domestic environmental venture enterprise to develop a new energy-saving water treatment solution that can compete with proprietary technologies possed by only a few foreign companies. SK ecoplant said it has signed a joint technology development agreement with Pure Envitech, a membrane specialist company that produces equipment for sewage and wastewater treatment. 2022-07-07
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  ​Hyundai Engineering joins state project to develop AI design automation technology SEOUL -- Hyundai Engineering, a unit of South Korea's Hyundai auto group, will develop artificial intelligence-based design automation technology that automatically recognizes and extracts necessary information in engineering design drawings and documents. A consortium involving Hyundai Engineering and research institutes has been selected for a 33-month state project to develop AI-based design automation technology that would increase efficiency by shortening working hours whil 2022-07-06
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  Samsung Biologics signs $213 million consignment production contract with MSD SEOUL -- Samsung Biologics, a leading bio company affiliated with South Korea's largest Samsung Group, has signed a contract worth $213 million for the consignment production of medicines with MSD, a unit of Merck & Co., an American pharmaceutical company, that operates outside the United States and Canada. The contract followed a letter of intent signed by the two sides in September 2021, Samsung Biologics said in a regulatory filing on July 4. Details of the contract 2022-07-04
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  Samsung Engineering acquires stake in Vietnam's water treatment company DNP Water SEOUL -- Samsung Engineering, a construction and project management company in South Korea, has acquired a 24 percent stake in DNP Water, a leading private water treatment company in Vietnam, for $41 million. Vietnam will be used as a regional base for business expansion into neighboring countries. The Vietnamese government has called for bigger private funding to meet growing demands for clean water and piped water. DNP Water has expanded urban water treatment and supply faciliti 2022-06-30
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  LGES signs deal to receive battery materials from U.S-based Compass SEOUL -- In an effort to establish a stable supply network in North America, LG Energy Solution, the battery-making wing of South Korea's LG Group, has secured a seven-year deal from Compass Minerals, a U.S. provider of essential minerals, to receive key raw materials for lithium-ion batteries. Under a memorandum of understanding, LG Energy Solution (LGES) would receive as much as 40 percent of Compass Minerals' planned annual phase-one lithium carbonate and lithium hydro 2022-06-30
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  Lotte Chemical secures stable supply of four raw materials for electrolyte organic solvents SEOUL -- Lotte Chemical, a major chemical company in South Korea, will produce four core materials for electrolyte organic solvents to have a competitive business structure and a stable supply of core raw materials for electric vehicle lithium-ion batteries. Lotte Chemical said it would produce ethyl methyl carbonate (EMC) and diethyl carbonate (DEC) through its own technology development for the first time in South Korea. EMC is a low viscosity solvent, generally prepared by the es 2022-06-29
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  SK materials and Japanese partner consider joint entry into U.S. semiconductor material market SEOUL -- SK materials, a major special gas producer in South Korea, and its Japanese partner, Showa Denko, proposed the idea of making their joint entry into the U.S. semiconductor material market, pointing to growing demands caused by a U.S. government campaign to strengthen domestic capabilities in manufacturing high-tech technologies. The two companies signed a memorandum of understanding at the head office of Showa Denko on June 29 to consider entering North America with semic 2022-06-29