Economy

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  Shinsegae's department store wing to open first hotel in August SEOUL -- The department store division of South Korea's retail conglomerate Shinsegae Group will make a foray into the hospitality industry. Although Shinsegae's megastore wing already operates Westin Josun hotels, this is the first time for the department store division to open a hotel. Shinsegae Central City said in a statement on August 18 that the company partnered with Marriott International, the world's largest hotel chain, to open "Hote 2021-08-18
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  LG Display earmarks 2.8 bln investment to produce OLED panels for smartphones and tables SEOUL -- In an effort to make a strategic response to growing demands and competition in global markets, LG Display, a major flat-panel maker affiliated with South Korea's LG Group, earmarked 3.3 trillion won (2.8 billion) in new investment to expand the production of organic light-emitting diode (OLED) panels for smartphones and tablets. LG Display said in a regulatory filing on August 17 that its board has approved the proposed news investment aimed at 2021-08-17
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  S. Korea localizes 2D LiDAR sensors for semiconductor wafer transfer equipment SEOUL -- Researchers have succeeded in the commercialization of two-dimensional laser Imaging detection and ranging (LiDAR) sensors optimized for autonomous overhead transport systems at semiconductor wafer lines. The localization of super-accurate sensors will reduce South Korea's reliance on expensive foreign products, especially from Germany and Japan. A LiDAR sensor uses laser beams to measure the distance between the sensor and its target object. Such 2021-08-17
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  Samsung Display's new technology allows for brighter screen and less power consumption SEOUL -- An organic light-emitting diode (OLED) technology used for a foldable display in Samsung Electronics’ new smartphone, Galaxy Z Fold 3, improves the panel's transmittance rate by 33 percent and consumes up to 25 percent less power compared to previous versions with a traditional polarizer. The result is a brighter screen that drains less battery. Since a traditional polarizer adds a dark layer of film on top of the panel, devices requi 2021-08-17
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  [FOCUS] Nervous optimism about launch of S. Korea's first home-grown space rocket in October SEOUL -- With nervous optimism, South Korea is making a final inspection of its space rocket installed with home-grown liquid fuel engines that would place satellites into low earth orbit in October. The launch heralds a full-fledged start of South Korea's space program which followed almost 13 years of arduous work to develop original technologies with the initial help of Russian engineers. South Korea's space program has seen slow progress as advanced cou 2021-08-13
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  Busan to demonstrate LPG-powered ships to reduce carbon emissions SEOUL -- The southern port city of Busan will carry out a demonstration to secure technological competitiveness in the global ship market using eco-friendly liquefied petroleum gas. Through the commercialization of gas-powered small and medium-sized ships, carbon emissions can be significantly reduced. Liquefied petroleum gas (LPG) is the liquefied version of petroleum gases made of hydrocarbon compounds that consist of propane and butane. It is convenient for stor 2021-08-12
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  Hanwha Systems acquires 8.81% stake in Britain's OneWeb for $300 mln SEOUL -- Hanwha Systems, a defense contractor involved in the development of high-performance antennas in South Korea, will acquire an 8.81-percent stake in OneWeb, a low-Earth-orbit broadband venture based in London, for $300 million, reflecting efforts to jump into the global "New Space" industry. Hanwha Systems said that the acquisition of shares in OneWeb is designed to quickly dominate the low-orbit satellite market and strengthen its global compet 2021-08-12
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  Consortium launched in S. Korea to develop floating offshore hydrogen production plant SEOUL -- A South Korean consortium involving state research bodies and private companies has been launched to develop a floating offshore plant using wind power to produce hydrogen. The consortium aims to build a 1.0-megawatt pilot plant in 2022 before developing and demonstrating a gigawatt-class plant in 2030. The consortium led by Korea Maritime & Ocean University (KOMU) and Korean Register (KR), a maritime classification 2021-08-12
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  T Map Mobility aims to tap designated driver service market with premium chauffeur service SEOUL -- T Map Mobility, the mobility service wing of South Korea's top mobile carrier SK Telecom, will target the country's designated driver service market dominated by the company's rival Kakao by offering differentiated premium chauffeur services. In South Korea, a designated driver service refers to a commercial driver-hailing service. Drivers are paid to operate vehicles instead of owners. The service is favored by intoxicated car owners who wish 2021-08-11
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  Fishermen endorse Equinor consortium's offshore wind farm project in S. Korea SEOUL -- Fishermen have endorsed a renewable energy project being pushed by Equinor, a Norwegian state-owned multinational energy company, and South Korea partners to build a 200-megawatt floating offshore wind farm that would use a useless gas platform as a substation to generate electricity. Consent from residents in fishing towns is seen as a prerequisite for state permission. Equinor has formed a consortium with two state companies -- Korea National Oil C 2021-08-11
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  LS Cable secures S. Korea's largest submarine cable laying vessel SEOUL -- LS Cable & Systems strengthened capabilities for undersea work by securing South Korea's largest submarine cable-laying vessel equipped with a system that precisely controls the vessel's location. The cable maker said it can respond more effectively to the rapidly growing offshore wind power market with the 8,000-ton vessel named GL2030. Submarine cables are laid down by using specially modified vessels. GL2030 will be used in South Korea 2021-08-11
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  Kolmar Korea to develop anti-aging cosmetics using probiotics collected from young women's skin SEOUL -- Kolmar Korea, a beauty and pharmaceutical company, will develop anti-aging cosmetics using probiotics, which are a microorganism with health benefits, extracted from the skin of women in their 20s. According to data released by the Korea Health Industry Development Institute, South Korea's anti-aging beauty product market stood at about 27 trillion won ($23.4 billion) in 2020, up 126 percent from a year ago. Exosomes are cell-derived substances that co 2021-08-10
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  Naver upgrades digital wallet service targeting offline stores SEOUL -- Naver Financial, Naver's digital wallet wing, will allow customers to make payments with their digital wallets at about 100,000 offline stores. The new service will popularize Naver's online-centered payment service in offline environments. Through Naver Pay, Naver's digital wallet service, users can conveniently make payments at selected online stores. Users only need to register their credit card or account information once. The service prov 2021-08-10
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  POSCO International wins right to explore gas fields off Malaysian Peninsula SEOUL -- POSCO International, a trading arm of South Korea's steel group, will work with Petronas, a Malaysian state oil and gas company, to explore gas fields in waters of the east coast of the Malaysian Peninsula. In an international bid, POSCO International said it has won the right to explore and operate the PM524 minefield where Petronas already operates a gas field. The South Korean company aims to sign a product distribution contract wi 2021-08-10
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  Hanwha Q Cells takes over French pipeline of green energy projects from RES SEOUL -- Hanwha Q Cells, a renewable energy wing of South Korea's Hanwha Group, secured a springboard for its entry into the wind power market by acquiring the French pipeline of energy projects from Britain's renewable energy company, RES, as demand for green energy grows thanks to concern about climate change and tightened regulations on greenhouse gas emissions. Hanwha Solutions said in a regulatory filing on August 9 that its subsidiary, Han 2021-08-09
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  CJ Olive Young partners with Southeast Asian online store SEOUL -- CJ Olive Young, the drug and beauty store franchise of South Korea's CJ Group, has opened a brand store in Lazada, one of the leading e-commerce platforms in Southeast Asia to expand influence among young Southeast Asian consumers in their and 20s and 30s. Lazada is known as the "Amazon of Southeast Asia" with more than 100 million annual users. After it was acquired by China's shopping giant Alibaba Group in 2016, the platform 2021-08-09
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  Equinor's floating offshore wind farm project wins consent from S. Korean fishermen SEOUL -- Equinor, a Norwegian state-owned multinational energy company, has cleared an important obstacle that may hamper the construction of a floating offshore wind farm in South Korea by securing consent from fishermen who have shown a cynical response to the emergence of huge power generation structures in fishing zones. As part of its green energy campaign to expand the use of renewable energy, South Korea is actively pushing for offshore wind farms. Comp 2021-08-06
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  Hyundai shipyard wins $577 mln order from U.S. oil company to build floating production system SEOUL -- South Korea's Hyundai shipbuilding group has secured an order worth 659 billion won ($577 million) from an unnamed U.S. oil company to build a semi-submersible floating production system for oil and gas production. The system will be installed in an oil field 300 kilometers (186 miles) south of Louisiana in the second half of 2024. Korea Shipbuilding & Offshore Engineering (KSOE) affiliated with the shipbu 2021-08-06
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  Kumho Petrochemical uses rice bran extract to make eco-friendly synthetic rubber SEOUL -- In an effort to strengthen its portfolio in the synthetic rubber business, Kumho Petrochemical will produce an eco-friendly synthetic rubber complex by applying bio-materials made from rice bran extract. The complex containing bio-silica will be supplied to domestic and foreign tire companies and shoemakers. Silica is a raw material for synthetic rubber. Kumho Petrochemical would extract the natural silica contained in the ash of carbonize 2021-08-05
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  SK Chemicals partners with mineral water company to recycle PET bottles into plastic raw materials SEOUL -- SK Chemicals, a unit of South Korea's third-largest conglomerate SK Group, tied up with a mineral water company based on the southern resort island of Jeju to recycle used polyethylene terephthalate bottles into plastic raw materials and cooperate in developing an eco-friendly bottle using chemical recycling. Unlike physical recycling that uses post-consumer recycled (PCR) materials by grinding collected polyethylene terephthalate (PET) bottl 2021-08-05