Economy

• 
  S. Korea approves major firms including Hyundai to enter used car market SEOUL -- Through a series of assessments and reviews that took place over a three-year period, the South Korean government finally has approved large-sized companies such as Hyundai Motor to enter the country's used car market. Currently, the market is designated as suitable for only small-sized businesses. The domestic used car market was designated as a market that is only suitable for small-and-medium-sized enterprises (SMEs) in 2013 and large-sized companies were not allowe 2022-03-18
• 
  Shinsegae's online fashion platform opens first offline store to increase customer accessibility SEOUL -- W Concept, a popular online fashion shopping mall wing of South Korea's retail giant Shinsegae Group, has opened its first official offline shop at a Shinsegae Department Store in Yongin south of Seoul. The company had tested its offline sales capability through a temporary pilot project shop in Seoul in late 2021. W Concept was launched in South Korea in 2006 as a curated fashion brand that had collaborated with popular designers at home and abroad. The company walked 2022-03-18
• 
  Online butcher shop acquires popular organic food brand SEOUL --Jeongyookgak, a popular South Korean online butcher shop, has acquired Chorocmaeul, a domestic organic food product brand, in an effort to create synergy by adding organic food product lineups to its quick commerce service. The organic food brand is popular among mothers who wish to feed their young children with healthy and clean food. Quick commerce services include various fast delivery services such as an on-demand instant delivery service that delivers groceries and 2022-03-17
• 
  KT partners with unmanned food ordering service developer to popularize AI service robot SEOUL -- South Korea's largest telecom company KT has partnered with a domestic unmanned food ordering service solution developer to accelerate the popularization of artificial intelligence-based service robots that autonomously carry food from the kitchen to customers' tables. Various service robots were introduced in South Korea during the last few years. Many store owners find them very useful as they can maneuver around a small shop and safely deliver hot food. Servic 2022-03-16
• 
  CJ Olive Young to set up more small-sized logistics centers to beef up quick commerce capability SEOUL -- CJ Olive Young, the beauty product store franchise operated by South Korea's food and entertainment conglomerate CJ Group, will open six small-sized logistics centers to beef up the company's quick commerce capability. A micro-fulfillment center (MFC) is a small-sized logistics center that is optimized for urban environments. While an ordinary package distribution center requires a large land area for storage and a loading bay for trucks, an MFC only requires a sma 2022-03-16
• 
  KT's epidemic research project app collects data from coronavirus patients to prepare for next pandemic SEOUL -- To prepare for the next possible event of another global pandemic, South Korea's largest telecom company KT has started collecting information from those who were infected with a novel coronavirus through SHINE (Study of Health Information for Next Epidemic), a healthcare research smartphone app. SHINE is a research project launched in 2020 by KT, Bill & Melinda Gate Foundation and other organizations including hospitals, research institutes and tech companies. S 2022-03-15
• 
  Samsung SDI breaks ground for test line for solid-state batteries SEOUL -- In a move to release commercially viable products ahead of competitors, Samsung SDI, one of South Korea's major battery makers, will build a test and research line for the mass production of all-solid-state batteries that can have a higher energy density than lithium-ion batteries. Solid-state batteries enable faster charging, higher voltage and longer cycle life. Solid-state electrolytes are non-flammable and ensure the safe operation of lithium metal batteries. Howev 2022-03-14
• 
  Ford and SK On to build nigh nickel battery joint venture in Turkey SEOUL -- SK On, the battery-making unit of South Korea's third-largest conglomerate SK Group, and its American partner, Ford, will build a joint-venture battery plant near Ankara in cooperation with Koc Holding, a top conglomerate in Turkey. The production of nigh nickel batteries mostly for commercial vehicles will begin as early as 2025. Battery makers have tried to produce efficient batteries, such as NCM that contains nickel, cobalt and manganese. The proportion of nickel is 2022-03-14
• 
  LG's health & hygiene wing to provide membership benefits using non-fungible tokens SEOUL -- LG Group's health and hygiene wing will offer membership benefits to consumers using non-fungible tokens. A total of three thousand crypto-tokens will be released through OpenSea, the world's largest non-fungible token marketplace. A non-fungible token (NFT) is a unit of data stored on a blockchain network of interlinked virtual ledgers. Each NFT is certified by a blockchain as a unique digital asset that is not interchangeable. This technology can be used in the c 2022-03-14
• 
  Samsung shipyard develops cost-effective method to effectively manage engines SEOUL -- As a quick and cost-effective method to comply with mandatory new requirements for the reduction of carbon emission intensity, Samsung Heavy Industries, a major shipbuilder in South Korea, has developed an eco-friendly smart system that efficiently controls and manages engine power. The International Maritime Organization (IMO), a U.N. maritime safety agency, has adopted mandatory energy-efficiency measures to reduce emissions of greenhouse gases from ships. South Korean 2022-03-14
• 
  Yoon's election victory sparks hope for change in cryptocurrency policy SEOUL -- An election victory by Yoon Suk-yeol, a prosecutor-turned politician from South Korea's conservative opposition party, sparked hope for policy changes in a country where regulators are still reluctant to officially recognize digital money or virtual currencies as a general means of exchange like stocks. Yoon has expressed his willingness to foster the digital asset market by enacting a new law governing transactions in South Korea's virtual currency market. which h 2022-03-14
• 
  LG Uplus to unveil third episode of live-action space VR content 'Space Explorer' SEOUL -- An international 5G extended reality alliance led by LG Uplus, a mobile carrier in South Korea, will release the third episode of "Space Explorer: The ISS Experience," an epic four-part immersive series showing a spacewalk shot in real space at a space station. Users can see how astronauts carry out missions at a space station. The Space Explorer series portray astronauts living in the International Space Station (ISS). Viewers can see activities in outer space 2022-03-10
• 
  SK E&S to recycle gas field in Timor Sea for carbon capture and storage SEOUL -- SK E&S, an energy company affiliated with South Korea's third-largest conglomerate, SK Group, will turn a gas production facility in Bayu-Undan in the Timor Sea into a carbon capture and storage (CCS) plant capable of storing about 10 million tons of carbon dioxide annually. SK E&S said that it would embark on front-end engineering design (FEED) to recycle production facilities and submarine pipelines in the Bayu-Undan gas field into a carbon-neutral outpost. Pr 2022-03-10
• 
  Lotte Confectionary makes strategic investment in Canada's insect protein producer SEOUL -- The confectionary wing of Lotte Group based in South Korea has invested 10 billion won in Aspire food Group, a Canada-based insect protein producer that manufactures a variety of food products made from crickets. Edible insects are emerging as sustainable food with abundant nutrients including protein and minerals. Lotte Confectionary said its Investment was made in the form of fund investment. In November 2021, Lotte's food research center partnered with Ynsect, an 2022-03-10
• 
  Taihan Cable partners with Saudi company to produce high voltage power cables SEOUL -- Taihan Cable & Solution, a power cable and grid infrastructure company in South Korea, will build a joint venture plant in Saudi Arabia to produce high voltage power cables as part of a strategy to secure competitiveness through the localization of production amid growing protectionism and rising logistics costs. Under a memorandum of understanding with Mohammed Al-Ojaimi Group, an electrical and wiring contractor in Saudi Arabia, Taihan Cable said that the plant would 2022-03-10
• 
  Doosan Group acquires controlling stake in semiconductor test service provider SEOUL -- South Korea's Doosan Group expanded its business scope into semiconductors by acquiring a controlling 38.7 percent stake in Tesna, a domestic semiconductor test service provider, saying that demands for semiconductors will grow in line with the rapid introduction of advanced technologies such as artificial intelligence, big data, electric vehicles and autonomous driving. The acquisition of Tesna for 460 billion won ($372.6 million) is aimed at securing a new growth engi 2022-03-08
• 
  SK Materials invests $100 million in 8 Rivers to promote clean energy businesses SEOUL -- The material investment unit of South Korea's third-largest conglomerate SK Group will invest $100 million to secure a 12 percent stake in 8 Rivers Capital, a U.S. developer and financier of energy technology. A joint venture will be established to promote clean energy businesses in Asian countries such as China, Malaysia, and Indonesia, which are highly dependent on fossil fuels. SK Materials said it would have the exclusive business rights of 8 Rivers' carbon cap 2022-03-08
• 
  POSCO International promises to promote cotton industry ecosystem in Uzbekistan SEOUL -- POSCO International, a trading arm of South Korea's steel group POSCO, disclosed a blueprint to promote a sustainable cotton industry ecosystem in Uzbekistan, a Central Asian nation and former Soviet republic, through vertical integration from cultivation to the manufacturing of finished products. "Central Asia is one of our strategic areas," POSCO International CEO Ju Si-bo said on March 8 after he signed a memorandum of agreement on the establishment of a ra 2022-03-08
• 
  POSCO Chemical to build joint battery material plant with GM in Quebec SEOUL -- POSCO Chemical and General Motors will build their joint venture plant in Quebec, Canada, to produce high-nickel cathode active materials. Construction will begin immediately with an initial investment is $400 million. The two companies would gradually increase the amount of investment. POSCO Chemical said the plant in Becancour would become a stepping stone for its drive to build a supply chain of core battery materials in North America, where the electric vehicle market 2022-03-08
• 
  Dongkuk Steel unveils solvent-free colored steel sheet SEOUL -- Dongkuk Steel Mill, a metal construction material maker in South Korea, has unveiled a new colored steel sheet product by applying biomass paint without any volatile solvent. The company will promote commercialization in the second half of 2022. The paint on color-coated steel sheets consists of resin, solvent and pigment. The solvent used to control the viscosity of the paint generates carbon dioxide while being heated and dried. Dongkuk has developed a solvent-free color 2022-03-08