Economy

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  State financial watchdog releases mobile banking practice app for elderlies SEOUL -- In an effort to reduce the information gap between young people and elderlies, South Korea's financial watchdog has released a smartphone app that old people can use to familiarize themselves with mobile banking apps. South Korea with some 1.5 billion registered online and mobile banking users recorded a daily online transaction of about 75 trillion won ($5.7 billion) in the first half of 2022, according to the country's central bank. Smartphone users rely on mobil 2023-04-04
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  China's Aliexpress becomes S. Korea's most-downloaded ecommerce app in February SEOUL -- Aliexpress, an online shopping mall app service operated by China's online shopping giant Alibaba, was the most-downloaded ecommerce app in South Korea in February, overtaking Karrot, a South Korean secondhand item trading app with some 18 million monthly active users. Karrot, also known as Danggeun Market, was launched in 2015 as a secondhand item trading platform that matches sellers and buyers who live within a radius of about six kilometers (3.7 miles). The app g 2023-04-04
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  Daebo to host charity concert at golf course in northern city of Paju SEOUL -- Daebo Group, a medium-sized conglomerate in South Korea, will host a free charity concert at a golf course in the northern city of Paju. Various K-pop artists such as BTS and singer-actress IU participated in the annual donation event where fairways were recreated into a concert hall and a playground. Daebo said in a statement that the 19th Seowon Valley Charity Green Concert would begin on June 3. The company said the event, which first started in 2000, is designed to r 2023-04-03
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  S. Korean mega-marts choose to shorten operating hours due to changes in consumer patterns SEOUL -- South Korean major mega-mart brands chose to gradually shorten the operating hours of their stores due to changes in consumer patterns. Through a strict social distancing campaign that was rolled out in early 2020 to prevent the spread of COVID-19, more consumers started to use online shopping malls, including the shops operated by megastores instead of visiting crowded offline stores. The COVID-19 pandemic brought a significant change in South Korean consumers' shoppi 2023-04-03
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  S. Korean battery industry unshaken by US' new Guidelines for Inflation Reduction Act SEOUL -- South Korea's battery and copper foil industries are likely to stay unshaken by detailed guidelines for the Inflation Reduction Act released by the United States government. The act is designed to tackle the climate crisis and secure the U.S.'s position as a world leader in domestic clean energy manufacturing by providing more opportunities to American workers and domestic firms. Through a new guidance released on March 31, the U.S. Department of the Treasury said 2023-04-03
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  Hyundai shipbuilding group's subsidiary wins $183 mln product tanker order from Africa SEOUL -- Hyundai Mipo Dockyard, a shipbuilder affiliated with Hyundai shipbuilding group, has sealed a 240.1 billion won ($183 million) worth shipbuilding order for vessels capable of carrying petrochemical products with an African shipping company. After building vessels in the southern port city of Ulsan, a total of four ships will be delivered to Africa starting in the second half of 2025. Hyundai said in a statement on March 31 that each ordered ship costs about $46.2 million. 2023-03-31
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  Mareum Design to make foray into Chinese pickup market with electric trucks SEOUL -- Mareum Design, a car design company in South Korea, aims to secure its foothold in the Chinese small-sized pickup truck market through its two electric truck models -- a one-ton class model and a 0.5-ton class model. The vehicles set to be commercialized in China in the first half of 2024 would be manufactured by a Chinese company through a consignment production method. IR3 E-Pickup weighing about 0.5 tons and the one-ton truck called IR5 E-Light were showcased at Seoul M 2023-03-31
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  S. Korea to set safety standards on EV batteries recycled for ESS and portable power banks SEOUL -- South Korea will set new safety standards on discarded electric vehicles that are recycled and reused in the construction of energy storage systems or power banks, which are portable battery packs for outdoor use. The number of discarded batteries is expected to skyrocket in the late 2020s and is to cause serious environmental and safety issues if no preemptive actions are taken. According to the Ministry of Environment, about 31,700 units of electric vehicle (EV) batterie 2023-03-31
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  ​LG Chem breaks ground for plastic recycling and aerogel insulation plant in southwestern port city SEOUL -- In an effort to create a sustainable production cycle for recycled plastic products, LG Chem, the chemical unit of South Korea's LG Group, has broken ground for a 310-billion-won ($230 million) plant in the southwestern port city of Dangjin. The plant will have a super-critical pyrolysis facility to break down plastics to create oil and a production facility for the company's aerogel insulation product. Pyrolysis involves extreme heat and pressure to break down pla 2023-03-30
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  First British export finance expert in Seoul appointed to facilitate trade deals with S. Korean companies SEOUL -- To boost trade relations with South Korea, Britain's export credit agency has appointed an export finance expert who will serve as a middleman between British exporters and South Korean companies. The finance executive will also work closely with Britain's industry ministry to facilitate trade activities in South Korea, which is London's 18th largest export market. According to data released by the British Embassy in Seoul, Britain's total exports to South 2023-03-30
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  SK Biopharmaceuticals receive drug ministry's approval for clinical phase 3 trial plan for anti--epileptic drug SEOUL -- SK Biopharmaceuticals said that the company has received approval from the drug ministry for the clinical phase 3 trial plan for its investigational new drug -- the anti-epileptic drug Cenobamate. The drug is specially designed for primary generalized tonic-clonic seizures in adolescents. This clinical trial is part of a multinational clinical trial to evaluate the efficacy and safety of Cenobamate in patients with primary generalized tonic-clonic seizures aged between 11 2023-03-30
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  LG Electronics wins top ESG award at 2023 Energy Star SEOUL -- LG Electronics has received the top sustainability-related awards at an annual event hosted by the United States' environmental protection agency and the Department of Energy, which is in charge of the US energy policy. The ceremony titled "The Energy Star Awards" has been held to reward companies that contributed to the environment and energy sector since 1993. According to data released by LG, the company has sold Energy Star-certified items every six secon 2023-03-29
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  Hanwha Systems to develop low-orbit satellite communication technology for military use SEOUL -- Hanwha Systems, a key defense contractor involved in the development of antennas and other crucial equipment in South Korea, will nurture low-orbit satellite communication technology targeting the overseas military communications market. The core technology of low-orbit satellite communication will be used in the defense sector, as seen in Russia-Ukraine battlefields where troops relied on low-orbit satellite communication after ground networks were destroyed. Low-orbit sa 2023-03-28
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  Busan partners with marine science council to build world's first prototype floating community SEOUL -- A marine science council will join a United Nations project to build the world’s first prototype of a floating community in South Korea's southern port city of Busan. The academic council will offer science and technology-related advice to Busan for the establishment of floating cities which have been presented as a solution to ensure climate resilience. In November 2021, UN-Habitat, a UN agency that oversees sustainable urban development, selected Busan as a par 2023-03-27
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  SK geo centric to build new ethylene acrylic acid polymer factory in China SEOUL -- SK geo centric, a chemical company affiliated with South Korea's SK Group, will build an ethylene acrylic acid copolymer acid factory with an annual production capacity of some 50,000 tons in China by 2028. SK geo centric currently has two factories running in the United States and Spain and recently signed a memorandum of understanding with China's Satellite Chemical for a third plant. Ethylene Acrylic Acid copolymer is the key adhesive material in flexible packag 2023-03-24
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  S. Korean pet supplies companies offer discount events on Puppy Day SEOUL -- South Korean pet supplies companies are hosting various events and offering discounts on Puppy Day to attract dog owners. The domestic pet market, which stood at about $1.4 billion in 2021, is projected to reach $3.5 billion in 2023. Dogs are currently the most owned pet type in South Korea. Puppy Day, which is celebrated on March 23, was created by American pet expert Colin Page to raise awareness about abandoned dogs. On March 23, LabiVet, a nutritional supplement br 2023-03-23
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  SK innovation leads $139 mln funding in US ammonia-based energy solutions developer Amogy SEOUL -- As part of its strategy to establish a green portfolio, SK innovation affiliated with South Korea's SK group invested an additional $50 million in Amogy, an ammonia-based energy storage system developer based in New York. The U.S. startup has secured $139 million through the second round of investment led by SK Innovation. Ammonia, which is produced through a chemical reaction between hydrogen and nitrogen, is considered an important part of a sustainable ecosystem. It 2023-03-23
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  Samsung to collaborate with Naver by interlocking digital payment services SEOUL -- Samsung Electronics has interlocked its Samsung Pay, a smartphone payment system mainly used at the point-of-service at offline stores, with Naver Pay, an online payment service operated by South Korea's web service giant Naver, to help digital payment users make simple and convenient payments at online and offline stores. Samsung Pay introduced in 2015 uses a magnetic secure transmission (MST) technique to have a Samsung smartphone mimic the magnetic strips of differe 2023-03-23
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  LG Chem provides reverse osmosis filters for China's salt lake lithium extraction project SEOUL -- LG Chem has supplied some 10,000 reverse osmosis membrane filters for a lithium extraction project led by CITIC Group, a state investment firm in China. Using LG Chem's filters, the project operator can produce about 20,000 tons of lithium carbonate, which can be used to manufacture batteries for about 500,000 electric vehicles. Reverse osmosis (RO) is a process of removing salt and other substances from water through a semi-permeable membrane. RO membranes are favored 2023-03-23
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  South Korea's online luxury goods market shrinks due to inflation and change in consumer trends SEOUL -- South Korea's online luxury goods market which thrived during the COVID-19 pandemic has shrunk after the country took steps such as lifting regulations on compulsory face masks at public places to normalize people's lives through the so-called "reopening" process. South Korea's online luxury goods market mainly comprised of online commerce platforms and secondhand luxury goods trading services hit its prime in March 2022. The number of monthly active 2023-03-22