Economy

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  Lotte Department Store to hold weekly live commerce shows to sell official BTS products SEOUL -- In an effort to attract global consumers, the department store wing of South Korea's retail giant Lotte Group will hold live commerce shows every week until the last week of February to sell official products of K-pop BTS. Live commerce, which is the online version of a TV home shopping show, became popular in South Korea last year thanks to a nationwide social distancing campaign that prompted people to stay at home instead of headin 2021-01-06
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  Bang Young-sun appointed new president of Thomson Reuters Tokyo branch SEOUL -- Thomson Reuters K.K., the Tokyo branch of international news agency Thomson Reuters, has appointed Bang Young-sun as president and representative director. The news agency said in a press release that the new president of Thomson Reuters K.K., with abundant experience, expert knowledge and business sense in the legal industry, will focus on the legal business of Reuters' Tokyo branch. He will also lead the company in various business s 2021-01-06
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  Kakao's cloud service wing attracts new investment from state policy bank SEOUL -- The artificial intelligence-based cloud service wing of Kakao, a major web service company involved in a variety of technology-related businesses in South Korea, attracted new investment from a state policy bank to promote various business cooperation for the digital transformation of domestic industries and expand technology investment for new businesses. Korea Develop Bank (KDB) said on January 6 that it would invest 100 billion won ($92 mi 2021-01-06
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  Seoul adopts new electric buses for scenic tour routes SEOUL -- Seoul has adopted 27 electric buses to replace old diesel buses that were used to carry Seoulites and tourists on a scenic tour in the heart of the capital city. Seoul said in a statement on January 5 that it has adopted electric buses to the "Seoul Green Circulation Bus" line for a tour of famous tourist spots such as Namsan (Mount Nam), Myeongdong, Insa-dong and Kyungbok Palace in central Seoul. The capital city said that it would grad 2021-01-05
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  LG Display to showcase speakerless, bendable OLED display optimized for gaming at CES 2021 SEOUL -- At the consumer electronics show (CES) in 2021, LG Display, a major flat panel maker in South Korea, will showcase the world's first 48-inch bendable organic light-emitting diode (OLED) display which is optimized for gaming and produces sound without any speakers The display's paper-thin screen, which is bendable up to a radius of 1,000mm, can be turned into a flat screen while watching TV and used as a curved screen while gaming, LG Displa 2021-01-04
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  KCC unveils functional antiviral paint for use at multi-purpose facilities SEOUL -- KCC, a top provider of construction materials and paints, has unveiled a functional paint that can be used at hospitals, schools, shopping malls and other multi-purpose facilities to prevent the spread of infectious diseases caused by pathogenic viruses and microorganisms. The new paint applied with a special inorganic anti-viral material has the effect of eradicating more than 99 percent of viruses within six hours, KCC said on December 29, adding that a 2020-12-29
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  Hanwha Solutions acquires Cimarron to produce hydrogen transportation tanks SEOUL -- In a bid to create a green hydrogen value chain, Hanwha Solutions, a unit of South Korea's Hanwha Group, took over Cimarron Composites, an American company that produces NASA-derived composite pressure vessels. Some $100 million will be invested in Cimarron by 2025, including the acquisition price. Hanwha Solutions said in a statement on December 28 that it would acquire a 100 percent stake in Cimarron. The South Korean company plans to complete th 2020-12-28
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  KT releases live commerce feature through OTT platform Seezn SEOUL -- South Korea's top telecom company KT has released a live commerce feature for its over-the-top service for mobile device users. Live commerce services, which are virtually online home shopping shows, are normally provided through mobile shopping platforms or social media. The real-time show format video content has settled as a new form of entertainment among young consumers this year when the country rolled out a series of nationwide social distanci 2020-12-28
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  Shinsegae finds robots increase accuracy and speed of product quality management process SEOUL -- South Korea's retail giant Shinsegae found that an automated quality control system using robots has increased the accuracy and speed of the product quality management process for its online shopping mall. A robotic process automation (RPA) solution is an artificial intelligence-based business solution that is ideal for taking care of repetitive and time-consuming chores to increase productivity. RPA solutions can learn new skills without the need to p 2020-12-24
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  Online shopping mall operator Coupang releases OTT service for premium subscribers SEOUL -- Coupang, nicknamed the South Korean version of Amazon, has released an over-the-top video-on-demand service for a very low price of 2,900 won ($2.6) to tap the domestic video content market dominated by Netflix, the world's most popular online video streaming service, with a market share of 40 percent. Coupang is the second-largest online shopping mall operator with a market share of 13 percent in 2019, according to Hana Investment Banking & S 2020-12-24
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  Naver to test AI-based product suggestion service for personalized online shopping experience SEOUL -- Based on customers' basic information such as their age, gender and recent shopping history, South Korean web service giant Naver will test an artificial intelligence-based product suggestion service to offer personalized online shopping experiences. The service will help customers quickly search for items they are looking for. Naver said in a statement that the company will start a 30-day beta-service for AI-based product suggestion service on Decemb 2020-12-23
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  Shinsegae targets young consumers with skincare products made with natural ingredients SEOUL -- The fashion unit of South Korea's retail giant Shinsegae Group has launched a new skincare product brand targeting young consumers. The new brand also rolled out a differentiated marketing promotion, using online stores as its only selling channel. Shinsegae International said in a statement on December 22 that the company launched "LoiViE," a skincare product brand, through the company's online store and its brand stor 2020-12-22
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  Hanwha Solutions increases capital for investment in green energy SEOUL -- In an effort to grasp a clear technological lead over Chinese companies, Hanwha Solutions, a unit of South Korea's Hanwha Group, will increase its capital by 1.2 trillion won ($1.09 billion) for investments in solar energy and green hydrogen businesses which have been actively pushed by big companies in South Korea. Hanwha Solutions said in a regulatory filing that the capital increase was endorsed at a board meeting on December 21. The c 2020-12-21
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  Samsung shipyard wins new LNG carrier order from unspecified Oceania client SEOUL -- Samsung Heavy Industries, a major shipbuilder in South Korea, has received a new order worth 408.2 billion won ($371 million) from an unspecified shipper in Oceania to build two tank ships designed for transporting liquefied natural gas. The vessels will be installed with smart ship technology and a re-liquefaction system. Samsung Heavy Industries (SHI) said in a regulatory filing on December 21 that the two LNG carriers would be deli 2020-12-21
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  LG's battery wing inks broad battery business agreement with Indonesia SEOUL -- The battery-making wing of South Korea's LG Group signed a broad business agreement with Indonesia on cooperation in batteries for electric vehicles. LG Energy Solution cautioned against expanded interpretation, saying it is just a non-binding memorandum of understanding on comprehensive cooperation. The memorandum of understanding (MOU) was signed on December 18 in a ceremony attended by Trade, Industry and Energy Minister Sung Yun-mo, 2020-12-18
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  Aekyung partners with Singapore's Shopee to tap Southeast Asian beauty market SEOUL -- South Korea's hygiene and beauty product maker Aekyung joined hands with Shopee, a major shopping service platform based in Singapore, to market products targeting consumers in Southeast Asia. Thanks to K-pop and K-drama which have expanded their cultural influence abroad, South Korean beauty products are popular in Southeast Asia. Aekyung said in a statement on December 18 that it has signed a memorandum of understanding with Shopee to use its plat 2020-12-18
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  Daewoong shares up in domestic market after 21-month ban by U.S. trade panel SEOUL -- A U.S. trade panel ruled in favor of Medytox, a major botulinum toxin (botox) producer in South Korea, and ordered a 21-month ban on products shipped by its domestic rival, Daewoong Pharmaceutical. The ban will take effect following the completion of a 60-day presidential review period. Medytox welcomed the final ruling by the International Trade Commission (ITC), saying Daewoong was found to have stolen trade secrets. However, South Korean stock mar 2020-12-17
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  LG battery maker seals $1.32 bln deal to purchase materials from domestic partner SEOUL -- The battery-making wing of South Korea's LG Group has signed a two-year contract worth 1.45 trillion won ($1.33 billion) to purchase secondary battery materials from a domestic partner. It marked the first major deal since LG Energy Solution was formally launched as an independent entity. L&F said in a regulatory filing on December 16 that it would supply cathode materials for rechargeable batterie to LG Energy Solution's plants at home and 2020-12-17
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  Researchers localize epoxy sealing materials for semiconductor packaging SEOUL -- Researchers have localized core technology for epoxy sealing materials that are used to protect electronic parts, especially semiconductors, from external environmental factors such as heat, moisture and shock. The technology will help South Korean chipmakers to end their dependency on Japanese products. The state-run Korea Evaluation Institute of Industrial Technology (KITECH) said in a statement on December 16 that its research team led by professor Je 2020-12-16
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  Hyundai Rotem selected to test-operate wireless train signal system SEOUL -- As part of a state project to modernize the operation of railways with wireless communication, Hyundai Rotem, a subsidiary of South Koreas Hyundai auto group, will test-operate an integrated signal system on an uncrowded rural route. The system allows real-time control of trains using a 4G communication network. Hyundai Rotem said it has secured an order from Korea Railroad Corp. (KORAIL) to apply KTCS-2 (Korea Train Control System 2) on a trial 2020-12-16