Economy
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LG Chem to produce car seat material with discarded PET bottles
SEOUL -- South Korea's major chemical company LG Chem will produce a raw material for flooring and car seats using discarded polyethylene terephthalate bottles. The conglomerate developed green material called "plasticizer" to meet the demands of its clients striving to export products to North America. Plasticizers are essential in improving the flexibility and elasticity of polyvinyl chloride (PVC), a synthetic polymer of plastic simply known as vinyl. Compared to conve
26 October 2023
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SK Enmove partners with arms maker Hanwha Aerospace to develop liquid cooling solution for ships
SEOUL -- SK Enmove, the lube-making wing of South Korea's SK Group, will work with Hanwha Aerospace, a global defense solution company, to develop a liquid immersion cooling solution that can cool down energy storage systems for ships. Through the solution, the two groups aim to secure their footholds in the global marine energy storage market. Demands for maritime energy storage systems (ESS) are growing. An ESS is a power storage system that consists of batteries or specially des
25 October 2023
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LG Chem opens research center in Georgia to incubate new researchers
SEOUL -- In a bid to develop new technologies related to next-generation batteries, bioplastics, and recycled materials, South Korea's major chemical company LG Chem has opened a research center in Georgia, the United States. LG Chem said that the company opened the "North American Innovation Center" in Georgia and signed a memorandum of understanding with the Georgia Institute of Technology to cooperate in the development of new technologies. According to the world&#
25 October 2023
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SK Signet supplies $4.2 mln worth of ultra-fast EV chargers for US ridesharing service operator
SEOUL -- SK Signet, an electric vehicle charger manufacturer affiliated with South Korea's conglomerate SK Group, has supplied its 400 kilowatt-class electric vehicle chargers to Revel Transit, a New York-based ridesharing service operator. The South Korean EV charger maker has received $4.2 million through the supply deal. However, details of the deal were not disclosed. Revel will install the chargers in various regions in New York and California. Revel operates EV charging stati
25 October 2023
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French-style bakery brand Tous Les Jours opens first store in Canada
SEOUL -- Tous Les Jours, a French-style bakery brand run by a food service unit of South Korea’s CJ Group, has opened its first store in Canada. The food company plans to operate 1,000 Tous Les Jours stores in North America by 2030. Tous Les Jours is currently operating more than 400 stores in foreign countries including the United States, China, Indonesia, and Mongolia. In August 2023, the bakery brand launched its 100th store in the U.S. The franchise operator aims to run 120 s
24 October 2023
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Samsung SDI to provide EV batteries for Hyundai auto group
Seoul -- South Korea's major battery maker Samsung SDI has partnered with Hyundai auto group to supply electric vehicle batteries for seven years starting in 2026. An EV installed with SDI's P6, a box-shaped battery pack, can charge more than 80 percent of its battery capacity in just ten minutes. The battery maker will provide the prismatic battery packs for Hyundai EVs released in the European market. Samsung SDI is currently developing P6 and plans to start its mass producti
23 October 2023
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CJ Cheiljedang targets global market with ready-to-cook Korean street food packages
SEOUL -- CJ Cheiljedang, South Korea's major food maker, has released new ready-to-cook products of Korean street foods -- Tteokbokki, rice cakes smothered in sweet chili sauce, "Ojingeo Twigim," deep-fried calamari, and "Gimmari," deep fried seaweed-rolled noodles -- targeting the global foodies who wish to try menus frequently introduced through K-dramas and K-films. Ready-to-cook packages, or home meal replacement (HMR) products, are easy-to-cook packs that c
23 October 2023
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40% of S. Korean startups stranded in tougher situation than 2022: survey
SEOUL -- About 40 percent of South Korean startups feel that they are put in a tougher situation than it was a year ago, a survey showed. Startups said the main reasons for the hardships in the operation of companies were reduced investments, increased operation costs due to raw materials price hikes, and lack of manpower. According to data released by the startup ministry, there were some three million startups in operation as of 2020. 22 percent of startups were technology-based, mea
19 October 2023
