Economy

• 
  S. Korea ranks 3rd in global cosmetics exports in 2020 thanks to Hallyu SEOUL -- Helped by an uncooled craze for Hallyu (Korean cultural wave) and diversified markets worldwide, South Korean cosmetics exports rose 16.1 percent from a year ago to $7.57 billion in 2020, ranking third in the world after France and the United States, government data showed. China was the biggest consumer of South Korean cosmetic products in 2020 with $3.8 billion, followed by Hong Kong with $714 million and the United States with $640 million, acc 2021-06-21
• 
  Top economic official unveils goal of developing over 100 ultra-small public satellites by 2031 SEOUL -- South Korea's top economic official unveiled the goal of developing more than 100 ultra-small public satellites by 2031 to secure competitiveness in satellite communication technologies which are essential for the commercialization of 6G, urban air mobility and a space internet service. As a frontrunner in disseminating 5G mobile services, South Korea aims to achieve the world's first commercialization of 6G mobile telecommunication in 20 2021-06-18
• 
  [FOCUS] Environmental activists oppose development of advanced small modular reactors SEOUL -- South Korea's new energy policy to accelerate the development of advanced small modular reactors targeting foreign and domestic markets has become a target of attack from environmental activists who have campaigned for the dismantlement of hazardous nuclear facilities, big or small. Small modular reactors (SMRs) have been studied to address the limitations of traditional light-water reactors using low-enriched uranium that cost a lot to replace nucle 2021-06-18
• 
  Regulations revised to approve domestic operation of ships powered by methanol SEOUL -- South Korea has revised regulations to approve the domestic operation of ships powered by methanol, as the inflammable liquid is emerging as a new clean-burning fuel thanks to lower production costs and significantly reduces greenhouse gas emissions. The Ministry of Oceans and Fisheries said it has worked out revised inspection criteria for eco-friendly methanol fuel propulsion vessels. The revision requires inspectors to 2021-06-17
• 
  State research body partners with SK E&S to commercialize carbon capture technologies SEOUL -- A state research body tied up with SK E&S, an energy company affiliated with South Korea's third-largest conglomerate, SK Group, to develop, demonstrate and commercialize carbon capture technologies that are optimized for hydrogen production and power generation using natural gas. The Korea Institute of Energy Research (KIER) has tried to develop various carbon capture technologies such as KIERSOL which is a combination of a liquid sorbent 2021-06-16
• 
  Daewoo shipyard works on maritime intelligent system to thwart cyberattacks SEOUL -- Daewoo Shipbuilding & Marine Engineering will work with a maritime cybersecurity solution provider in South Korea to develop an intelligent system that would ensure safe sailing and protect ships against ransomware and cyberattacks. Daewoo Shipbuilding & Marine Engineering (DSME) will conduct tests and act as an advisor to install a developed security solution on ships. "Cybersecurity technology will become more important if Level 3 self-dri 2021-06-16
• 
  LG Display showcases transparent OLED window for high-speed trains SEOUL -- LG Display, a major flat-panel maker affiliated with South Korea's LG Group, showcased a transparent OLED (organic light-emitting diode) window for high-speed trains at a railroad technology trade fair in the southern port city of Busan. The window displays operation information, advertisements and entertainment content. LG Display used a 55-inch OLED panel with a transparency of 40 percent to replace train windows, saying the panel is strong a 2021-06-16
• 
  Researchers use 3D printing of Cu2Se thermoelectric materials for power generation SEOUL -- Thermoelectric power generation offers a promising way to recover waste heat as it enables the direct conversion of heat to electricity without any environmental pollution. The thermoelectric effect refers to phenomena by which either a temperature difference creates an electric potential or an electric potential creates a temperature difference. Thermoelectric (TE) materials are used in thermoelectric systems for cooling or heating and are being studie 2021-06-16
• 
  U.S. polymer producer REXtac to set up hot melt glue joint venture in S. Korea SEOUL -- REXtac, a polymer producer based in Texas, has agreed with South Korea's DL Chemical to set up a hot melt glue joint venture at an industrial complex in the southern industrial port city of Yeosu. Production is to begin in the first half of 2023. Hot melt glue is an adhesive that can be melted by heat and is widely used to assemble sanitary products such as diapers and sanitary pads and various industrial products such as automobiles. REXtac a 2021-06-15
• 
  SK Inc. builds second plant of French cell and gene therapy company Yposkesi SEOUL -- Yposkesi, a French cell and gene therapy company acquired by South Korea's third-largest conglomerate SK Group, has embarked on the construction of a second plant to double output with an injection of 58 million Euros ($70 million). When completed in 2023, Yposkesi would be one of the largest producers of gene cell therapy in Europe. SK Inc., an Investment-oriented holding company of SK Group, said that the new plant would be built in Genopole 2021-06-14
• 
  KT forges partnership with U.S. medical device maker for cooperation in electroceutical SEOUL -- NeuroSigma, a medical device maker in California, has forged a partnership with South Korea's top telecom company KT to promote the development and commercialization of a new electroceutical based on eTNS, a cell phone-sized device that delivers low-level electric stimulation to the trigeminal nerve through a patch placed on a patient’s forehead. An electroceutical is an electronic device designed to affect biological systems in such a fashion as 2021-06-14
• 
  Daewoo shipyard partners with Italy's Saipem to win FPSO order from Brazilian client SEOUL -- Saipem, an Italian engineering company, teamed with South Korea's Daewoo shipyard to win an order worth 2.6 trillion won ($2.3 billion) for the construction of a floating production storage and offloading (FPSO) unit that will be delivered to Brazil's energy company Petrobras in the second half of 2024. Daewoo Shipbuilding & Marine Engineering (DSME) said it would build the hull capable of storing crud 2021-06-14
• 
  Taihan Cable wins crucial deal to build power transmission system in Qatar SEOUL -- Taihan Cable & Solution, a power cable and grid infrastructure company in South Korea, has secured a deal worth 146.3 billion won ($131.7 million) to build a power transmission system for Qatar’s Facility E project to build new power generation and desalination facilities. The order came from Qatar General Electricity & Water Corporation (Kahramaa) that regulates and maintains the supply of electricity and water in the Middle East country 2021-06-11
• 
  Hyundai Motor unveils first electric model of Genesis lineup SEOUL -- Hyundai Motor, a top car company in South Korea, has unveiled the first electric version of its luxury brand Genesis. The G80 electric sedan features a maximum driving range of 427 kilometers (265 miles) and can reach 100 kilometers per hour in 4.9 seconds. The G80 electric vehicle will be showcased at an eco-friendly park in western Seoul on June 12. The interior used recycled materials such as polyethylene terephthalate (PET) retrieved from plastic 2021-06-11
• 
  Research body develops seawater cell-based hydrogen production device Engineers test an ionic hydrogen gas compressor. SEOUL -- South Korea's state-run research body has developed a device capable of producing hydrogen by utilizing seawater cells, along with a hydrogen gas compressor based on an ionic liquid piston instead of a metal piston. Ionic compression technology is a high-performance solution that is easy to operate. The Korea Institute of Ocean Science and Technology (KIOST) 2021-06-10
• 
  Hanwha Q Cells embarks on $86mln project to sell renewable energy using idle spaces SEOUL -- Hanwha Q Cells, the solar cell-making wing of South Korea's Hanwha Group, will lead a 96 billion won ($86 million) project to build solar power facilities on factory roofs and idle spaces in an industrial complex. The project in the southern industrial city of Pohang targets companies trying to reduce carbon emissions. Hanwha Q Cells said in a statement on June 10 that the company partnered with Korea East-West Power, a state power generation 2021-06-10
• 
  ​Samsung shipyard works with state researchers to develop small nuke reactor for maritime SEOUL -- South Korea's state nuclear research body joined hands with a major domestic shipbuilder to develop a small carbon-free fission reactor based on molten salt that would be used for ships and floating nuclear power plants. Samsung Heavy Industries (SHI) and the Korea Atomic Energy Research Institute (KAERI) have signed a joint research agreement on June 9 to push for the development of a molten salt reactor (MSR) that could produce 2021-06-10
• 
  ​Shinsegae Department Store forges partnership with online music service Genie SEOUL -- Shinsegae Department Store, affiliated with South Korea's retail group Shinsegae partnered with popular online music service operator Genie Music to collaborate and create synergy in marketing. The two companies will open exclusive stores on each other's smartphone apps. Shinsegae Department Store said in a statement on June 8 that the company has signed a memorandum of understanding with Genie Music to meld music into online 2021-06-08
• 
  Kakao releases S. Korean counterpart of popular audio chat app 'Clubhouse' SEOUL -- South Korea's web service giant Kakao has released an audio chat app to attract smartphone users who feel the need to engage in verbal communication with other users who share similar interests. The app is considered the South Korean counterpart of "Clubhouse," an invitation-only social media voice chat app released in March 2020. South Korean smartphone users' communities were in hype earlier this year thanks to Clubhouse that caught th 2021-06-08
• 
  ​T Map to provide charging station reservation service for EVs SEOUL -- South Korea's favorite smartphone navigation app T Map will offer a reservation service for electric vehicles in the second half of 2021. The navigation app with some 4.5 million daily users will target clean energy vehicle owners with convenient services including an automatic remote payment system. Seoul has about 25,600 electric vehicles (EVs) on the road as of April 2021 but there are only 8,400 chargers. It is common to see an EV or two 2021-06-07