Economy

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  Aramco partners with Hyundai shipbuilder to develop business model using hydrogen and ammonia SEOUL -- The Hyundai shipbuilding group joined hands with Saudi Aramco to develop a business model using hydrogen and ammonia as tightened international regulations require eco-friendly vessels. The partnership came amid South Korea's concerted push for a hydrogen ecosystem and carbon neutrality, which refers to achieving net-zero carbon dioxide emissions. Hyundai Heavy Industries Holdings signed a memorandum of understanding on March 3 with 2021-03-03
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  Hancom acquires drone technology startup Awesome Tech SEOUL -- South Korea's comprehensive information technology group Hancom has acquired Awesome Tech, a domestic developer of special unmanned aerial vehicles such as smart parachutes and paragliders, in a bid to beef up its drone business and create a new value chain using drone technologies. Awesome Tech also develops drone battery management systems and special-purpose drones. "We will lead South Korea's domestic drone market through continu 2021-03-03
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  Hyundai auto group forges hydrogen alliance with SK Group Hyundai auto group chairman Chung Eui-sun (L) and SK Group chairman Chey Tae-won attend a hydrogen conference in the western port city of Incheon on March 2. SEOUL -- South Korea's Hyundai auto group forged a hydrogen alliance with SK Group and agreed to push for a CEO consultative body for cooperation in the establishment of a hydrogen ecosystem together with POSCO. The alliance came on the sidelines of a hydrogen conference chaired by Prime Minister Chung Sye 2021-03-02
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  LG Innotek develops world's first car module using Wi-Fi 6E technology SEOUL -- LG Innotek has developed a new module applied with next-generation Wi-Fi technology that allows passengers to enjoy movies and games on smartphones by connecting them to car displays, or update software such as navigation conveniently. Through commercialization in 2022, the company aims to pursue global joint marketing with Infineon Technologies AG, a German semiconductor manufacturer that supplies Wi-Fi 6E chips for vehicles. Wi-Fi 6E identifies W 2021-03-02
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  LG Electronics' joint venture with Canada's Magna awaits approval by shareholders in March SEOUL -- LG Electronics' proposal to split its electric vehicle powertrain business for the establishment of a joint venture with Canada's mobility technology company Magna International requires endorsement at a meeting of shareholders in March. If approved, LG will launch the joint venture based in the western port city of Incheon in July. The shareholders' meeting is to be held on March 24. In December 2020, LG and Magna agreed to establi 2021-02-26
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  Naver and Korean Air join hands to interlink services SEOUL -- South Korea's top web portal operator Naver and Korean Air joined hands to interlink their services that would provide convenience and entertainment for customers. Naver will utilize artificial intelligence-based technologies and platforms to help customers with ticket reservation, check-in and boarding. Naver said in a statement that the company signed a memorandum of understanding on February 24 with Korean Air to interlink services and platf 2021-02-25
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  Hyosung Heavy localizes medium-voltage direct current transmission system SEOUL -- Hyosung Heavy Industries, an electrical power equipment manufacturer in South Korea, has localized a medium-voltage direct current transmission and distribution system, which is considered as an option for enhancing transfer capacity and providing increased power quality at distribution networks. At lower voltage and power levels, the distribution of medium-voltage direct current (MVDC) has been proposed for offshore wind farms. The ne 2021-02-25
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  S. Korea to share know-how of biodegradable fishing net production with Kuwait SEOUL -- South Korea will share know-how in biodegradable fishing net production with Kuwait to help the Middle Eastern country manufacture nets that can contribute to preventing marine pollution and ghost fishing, an aquatic phenomenon in which animals get caught by nylon nets that were abandoned or lost. Ghost fishing by "ghost nets," abandoned or lost fishnets made of nylon, damage fish stock and vessels. Sometimes divers get caught up in ghost nets an 2021-02-25
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  S. Korea aims to become major player in carbon-based convergence industries SEOUL -- South Korea made a slow start in the international race to develop carbon materials, which are a subject of intense research. However, it came up with a goal to become one of the world's top three players in carbon-based convergence industries by achieving annual exports of 10 trillion won ($8.9 billion) and a market share of 15 percent by 2030. The goal was contained in a government roadmap unveiled by the Ministry of Trade, Industry and Energy at a c 2021-02-25
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  Seoul to promote urban green energy harvesting with subsidies This image shows a building with a building-integrated photovoltaics (BIPV) system installed onto its wall. SEOUL -- Seoul will subsidize the utilization of building-integrated photovoltaics (BIPVs), a solar panel system that is integrated onto walls of a building from its construction stage, in an effort to reduce greenhouse gas emissions and promote urban green energy harvesting. BIPV exists in many forms including semi-transparent window glasses with bui 2021-02-25
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  SK Group and Plug Power aim to produce fuel cells in 2023 thru joint venture SEOUL -- A joint venture to be set up by South Korea's third-largest conglomerate SK Group and Plug Power aims to build a production base by 2023 and supply fuel cells and hydroelectric facilities to South Korea and other Asian countries. Plug Power is an American company that provides comprehensive hydrogen fuel cell turnkey solutions and operates a hydrogen highway across North America. In an online ceremony on February 25, the group's holding compa 2021-02-25
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  Convenience store's lunchbox app service popular among middle-aged consumers SEOUL -- A lunchbox reservation app service provided by 7-Eleven, a convenience store franchise, garnered popularity among consumers in their 40s. The app helps consumers pick and reserve ready-to-eat lunchbox menus before they are sold out. Customers can pick up reserved menus at nearby stores. Convenience store lunchbox menus that range from Bibimbap, a traditional Korean rice dish with pre-cooked herbs and meat, to western menus such as salads and clubhouse 2021-02-25
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  SK hynix buys EUV scanners from Dutch firm to upgrade chip production SEOUL -- ASML Holding N.V., a Dutch manufacturer of chip-making equipment, will provide extreme ultraviolet light scanners under a five-year contract worth 4.75 trillion won ($4.29 billion) with SK hynix, the second-largest memory chip producer in South Korea. Scanners will be delivered by the end of December 2025. Silicon-based round disks called "wafers" are coated with a light-sensitive substance and enter a scanner in which a laser light source 2021-02-25
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  Doosan Robotics works with university hospital to develop surgical robots SEOUL -- Doosan Robotics, a collaborative robot manufacturer in South Korea, partnered with a university hospital to develop medical robots capable of carrying out rehabilitation and surgery. Robotic surgery has been rapidly adopted by hospitals in the United States and Europe, but it has not been used actively by South Korean hospitals. Doosan Robotics said it signed a memorandum of understanding with Severance Hospital in Seoul to select priorities in a robot sol 2021-02-24
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  S. Korea launches integrated health information management app SEOUL -- South Korea has launched an integrated smartphone app that will work as a health information management tool. The app is capable of integrating and managing information issued by different administrative sectors. Users can share their health information with third-parties including hospitals through a simple process. The Ministry of Trade, Industry and Energy said in a statement on February 24 that "My Health Record," the integrated health inform 2021-02-24
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  ​S. Korea's first commercial drone delivery service launched in Busan Port SEOUL -- South Korea's first commercial drone delivery service began in the southern port city of Busan to carry lightweight parcels from docks to ships. For a short-distance service, drones were allowed to carry SIM cards, documents, hygiene products and necessities to a ship anchored about two kilometers (1.24 miles) away. This is the first time that a business license has been issued for commercial drone delivery in South Korea, according to the 2021-02-24
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  LG Electronics diversifies business scope further into smart TV platform market SEOUL -- LG Electronics, known for premium OLED TVs, diversified its business scope further into a platform market by providing its software for smart TVs to rival TV brands in the global market, saying it would disrupt "the status quo" in an industry known for proprietary operating systems across different manufacturers. As an integral component of its home entertainment ecosystem, LG's software platform, webOS, has delivered easy use for 2021-02-24
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  Auros makes successful debut with original technology in semiconductor overlay measurement equipment SEOUL -- Auros Technology, a provider of semiconductor metrology and inspection systems in South Korea, made its successful stock market debut, becoming one of the most popular shares on the first day of its initial public offering in KOSDAQ, the South Korean version of the U.S stock market NASDAQ. Auros, which ​specializes in overlay measurement equipment, showed a steep rise from the public offering price of 21,000 won to trade at the daily limit of 5 2021-02-24
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  Hyundai department store chain ready to open nature-friendly future department store SEOUL -- Hyundai Department Store, a major department store chain, has built South Korea's first nature-friendly future department store that applied the concept of healing through shopping to provide new shopping experiences to customers. It features nature-friendly interior and space as well as a safe shopping environment to prevent COVID-19 infection. The Hyundai Seoul will open on February 26 in Yeouido, an island finance and investme 2021-02-23
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  LG Display unveils oxide thin-film transistor for large digital X-ray detectors SEOUL -- LG Display, a major flat panel maker in South Korea, jumped into a new market for medical imaging with an oxide thin-film transistor for large digital X-ray detectors that can implement high-definition images and high-speed videos for diagnosis and surgery. The company aims to actively tap overseas markets, saying the new product can perform well on low-power mobile and portable X-rays used by COVID-19 screening centers. An oxide thin-film transistor (TFT) 2021-02-23