Economy

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  POSCO Chemical's board endorses new investment to expand precursor and cathode production in China SEOUL -- In an effort to establish a stable supply network of raw materials for electric vehicle batteries, South Korea's steel group POSCO endorsed the injection of 281 billion won ($240 million) to expand the production capacity of precursor and cathode joint ventures with Huayou Cobalt in China. The battery industry requires nickel and cobalt to be supplied in specific chemical forms for the production of precursor material. The steel group regar 2021-08-25
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  ​Online mall operator 11ST launches Amazon shopping service for S. Korean consumers SEOUL -- 11ST, the online shopping mall wing of South Korea's largest mobile carrier SK Telecom, has launched a shopping service for consumers who wish to buy from Amazon, the world's largest online shopping mall. Products directly sold by Amazon are available through 11ST's online mall. South Korea has a 160 trillion won ($137.2 billion) online shopping mall market as of 2020. Despite a thriving market, consumers who wish to buy products sol 2021-08-25
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  Kolon Industries earmarks $202mln to beef up aramid fiber production capability SEOUL -- Kolon Industries, a chemical and textile manufacturing company in South Korea, will invest 236.9 billion won ($ 202.9 million) to double the production capacity of aramid fiber that would be used mainly for 5G communication cables and tires for electric vehicles. Aramid is a lightweight, highly durable synthetic material that is created in a form of fiber. Aramid fabric is about five times stronger than steel. Due to its high durability and he 2021-08-25
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  LG Electronics unveils cloud-based telehealth solution combined with hospital displays SEOUL -- LG Electronics unveiled a telemedicine solution that can be used in hospitals in response to increased demand for non-face-to-face medical care. The solution can be used with displays for hospitals. Because it is a cloud-based service, it can be accessed from outside without any place restrictions. Based on a multilateral video conference platform, the cloud-based solution can be used not only for telemedicine but also for large-scale conferences 2021-08-25
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  Shinsegae's online shopping mall launches blockchain-based certification service for luxury goods SEOUL -- In an effort to differentiate its service from other online shopping mall operators, South Korea's retail giant Shinsegae has launched a digital certification service for luxury goods. Non-fungible tokens, blockchain-based digital tokens, are issued for each item to prove the authenticity of products. A blockchain is an unhackable virtual ledger network system. Such a system is widely used in many sectors including the financial sector and the log 2021-08-25
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  International consortium involving GS Group secures controlling 46.9% stake in Hugel SEOUL -- An international consortium involving South Korea's GS Group, an Asian investment group and a Middle East sovereign fund has signed a deal to secure a controlling 46.9 percent stake worth 1.72 trillion won ($1.47 billion) in Hugel, a biopharmaceutical company that produces botulinum toxin (botox) and dermal facial filler products. Botox, which is a neurotoxic protein produced by the bacterium Clostridium botulinum and related species, has been intro 2021-08-25
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  Hyundai shipyard wins Maersk's $1.4 bln order to build eight container ships powered by methanol SEOUL -- South Korea's Hyundai shipbuilding group has secured an order from Maersk, the world's largest container shipping line and vessel operator, to build eight container ships powered by methanol, an inflammable liquid which is emerging as a new clean-burning fuel thanks to lower production costs and significantly reduces greenhouse gas emissions. The order worth 1.64 trillion won ($1.4 billion) calls for the delivery of eight 16,000 2021-08-25
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  S. Korea's fried chicken franchise Kyochon opens first store with cooking robot SEOUL -- South Korea's popular chicken franchise Kyochon has opened the brand's first store with a cooking robot that helps its human coworkers in the kitchen. Kyochon F&B, a fried chicken franchise operator, said in a statement on August 24 that the company opened its first robot store in the western port city of Incheon. The collaborative robot that was jointly developed by Kyochon and Doosan Robotics, the robot technology wing of South Kor 2021-08-24
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  Hyundai E&C adopts AI-based camera system to reduce accidents caused by heavy equipment SEOUL -- South Korea's major builder Hyundai Engineering and Construction has adopted an artificial intelligence-based object recognition system that will help heavy equipment drivers detect obstacles located in blind spots that cannot be seen from the cockpit. The operation of heavy equipment including an excavator and a loader requires precision as such bulky machinery has a lot of blind spots. Many types of equipment use sonar sensors to detect ob 2021-08-24
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  SKT partners with communications tech company targeting B2B market for 5G MEC service SEOUL -- South Korea's largest mobile carrier SK Telecom has partnered with domestic telecommunications solution companies targeting the business-to-business (B2B) market for 5G mobile edge computing (MEC) services. An MEC solution provides access points with ultra-low latency for 5G devices Unlike commercial 5G services for normal smartphone and other smart device users, the B2B market for 5G targets enterprises and individuals that require high-security ded 2021-08-23
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  Hyundai Mobis to sink $1.1bln into building two fuel cell plants in S. Korea SEOUL -- South Korea's car parts maker Hyundai Mobis will inject some 1.3 trillion won ($1.1 billion) into the construction of two fuel cell plants. The car component maker's investment is aimed at responding preemptively to rapid growth in the global fuel cell market that is projected to reach $28.9 billion in 2028. A fuel cell is an electrochemical cell that uses a mixture of hydrogen and oxygen to generate electricity, heat, and water. Because the genera 2021-08-20
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  Hyundai Elevator works with LG Electronics to push for launch of smart building solutions SEOUL -- Hyundai Elevator, a leading elevator maker in South Korea, will push for a smart building solution business that connects elevators, self-driving robots, home network systems in cooperation with LG Electronics which has developed various service robots. The elevator industry is evolving into e-mobility along with the development of artificial intelligence and technological innovation that opened new business opportunities such as the automati 2021-08-20
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  Naver's online shopping mall releases subscription services SEOUL -- In an effort to cement its leading position in online shopping, South Korea's web service giant Naver has released a subscription service for customers who wish to receive regular deliveries of products they frequently buy. Coupang, the South Korean counterpart of Amazon, was one of the country's first online shopping operators to introduce subscription services in 2015. Parents with young kids, housewives and working people who do not have spare t 2021-08-20
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  H3-KOREA secures deal to ship small homegrown hydrogen generator to Malays SEOUL -- As a pioneer in stepping into a market dominated by European and American companies, H3-KOREA, a hydrogen technology startup in South Korea, has opened a road for exports of small homegrown generators that use water electrolysis technologies to produce eco-friendly hydrogen at a low cost without separators and catalysts made from expensive metals such as platinum or iridium. H3-KOREA partnered with Nexon Star, a domestic trading company, to supply small g 2021-08-20
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  Local brewery ties up with European stores to sell craft beers SEOUL -- A craft beer maker based in South Korea's southern resort island of Jeju will export three products to thousands of stores, bars and restaurants in European countries including Britain, Germany and France. Founded in 2015, Jeju Beer is the island's first local craft brewer to hit the shelves of five major convenience stores in South Korea. Since 2019, the company has exported craft beers to Asian countries including India, Thailand, Singapore 2021-08-19
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  LG Chem makes $2.2 bln new investment to expand production of eco-friendly, biodegradable materials SEOUL -- LG Chem, a chemical unit of South Korea's LG Group, earmarked 2.6 trillion won ($2.21 billion) for new investment to expand the production of eco-friendly materials and accelerate the introduction of environmental, social, and corporate governance (ESG), a trendy corporate operation method that focuses on the use of green energy and environmentally-friendly management. LG Chem said it would foster its production base in Daesan, about 100 kilometer 2021-08-19
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  Kolmar Korea to develop stone cell-based eco-friendly material to replace microplastics SEOUL -- Using stone cells extracted from the skin and the core of Asian pears, Kolmar Korea, a beauty and cosmetics product maker, will develop eco-friendly material that would replace microplastics used in skincare products and toothpaste. Stone cells or sclereids are plant cells with thickened, lignified cellular walls that are normally found in fruits including Asian pears, apples, and guavas. Such hardened cells provide a crunchy, gritty texture. 2021-08-19
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  DNV certifies basic design of Samsung shipyard's ammonia ready crude carrier SEOUL -- The basic design of a very large crude carrier for ammonia fuel ready, developed by Samsung Heavy Industries, has obtained certification from DNV, an international accredited registrar and classification society. A vessel powered by fossil fuel can adopt an ammonia propulsion system later by reflecting its hull structure, fuel tank specifications, and risk assessment in advance. Samsung Heavy Industries (SHI) said that with DNV's &q 2021-08-19
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  VA Corporation teams up with LG Electronics to develop virtual reality content SEOUL -- VA Corporation, a virtual production company in South Korea, teamed up with LG Electronics to meet increasing demands for metaverse platforms. The two companies will establish a research center where they can jointly develop virtual reality content using real-time visual effect techniques. By combining physical reality with virtual spaces, the metaverse offers special hands-on experiences. VA Corporation has produced various metaverse platforms 2021-08-19
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  Shinsegae's fashion unit to adopt digital warranty thru online shopping mall SEOUL -- Shinsegae International, the fashion unit of South Korea's retail giant Shinsegae Group, will adopt a digital warranty system that will guarantee the authenticity of products sold through its online shopping mall. The warranty will work as a digital authentication token to prevent the online secondhand trade of stolen goods. There are various types of digital warranty systems including the non-fungible token system (NFT) that uses 2021-08-19