Economy

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  Hyper-local secondhand item trading service 'Daangn' garners more monthly active users SEOUL -- South Korea's mobile secondhand item trading service app platform "Daangn Market" has solidified its leading position in the domestic market with 15 million monthly active users in March, up 127 percent from 6.6 million a year ago. The runner-up is Bunjang with about 5.3 million users. Daangn attributed its success to matching local customers who are nearby through a "hyper-local" service that links customers within the limited g 2021-04-12
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  Researchers discover method to mass-produce carminic acid from glucose SEOUL -- Carminic acid is an aromatic polyketide widely used as a natural red colorant. It has long been produced by the cumbersome farming of some scale insects, such as cochineal. The path to carminic acid biosynthesis has not been fully identified, making it difficult to develop a microorganism that produces carminic acid. A research team from the state-run Korea Advanced Institute of Science and Technology (KAIST) has developed Escherichia coli (E. coli) s 2021-04-09
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  Daewoo shipyard gets smarter with advanced digital technologies SEOUL -- Like other South Korean shipbuilders working hard to strengthen their competitiveness with smart ship technologies, Daewoo Shipbuilding & Marine Engineering gets smarter by introducing advanced digital technologies such as Internet of Things (IoT) into shipbuilding, management and test operation. Daewoo Shipbuilding & Marine Engineering (DSME) said on April 8 that it has opened a digital production center at its shipyard in the southern island ci 2021-04-08
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  U.S. ​Bentley Systems partners with Hyundai Engineering to develop AI-based design system SEOUL -- Bentley Systems, a U.S. software developer, partnered with South Korea's Hyundai Engineering to develop an artificial intelligence-based automated design system for steel and concrete structures. The partnership will accelerate Hyundai Engineering's digital transformation. Hyundai Engineering said in a statement that it has signed a memorandum of understanding with Bentley Systems to cooperate in the system development of an AI-based automated cons 2021-04-08
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  Samsung shipyard acquires independent technologies for wind turbine installation vessel SEOUL -- Samsung Heavy Industries, a major shipbuilder in South Korea, has acquired original technologies for the construction of a wind turbine installation vessel (WTIV) featuring eco-friendly technologies. The vessel is designed for the installation of offshore wind turbines. Similar to a jack-up rig, it is self-elevating. Samsung Heavy Industries (SHI) said that the design of its low carbon-emitting WTIV concept has obtained "Approval 2021-04-08
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  Lotte Chemical introduces carbon capture utilization with gas separation membranes SEOUL --Lotte Chemical, a major chemical company based in South Korea, has introduced carbon capture utilization technology by using gas separation membranes to increase the purity of captured carbon dioxide and change it to essential industrial materials. Carbon dioxide can be captured directly from an industrial source by using a variety of technologies. Normally, CO2 is captured from large point sources for storage in an underground geological format 2021-04-08
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  SK E&C and POSCO work on floating structure for offshore wind power generation SEOUL -- SK Engineering and Construction joined hands with South Korea's leading steel group, POSCO, to develop a competitive floating structure for offshore wind power generation. With POSCO's high-performance steel, the builder will secure core technologies for the development of an independent model optimized for the domestic marine environment. A floating structure for offshore wind power generation must provide enough buoyance to support the w 2021-04-08
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  Fire guts batteries at energy storage system in solar power plant SEOUL -- A fire at a private solar power plant gutted an energy storage system (ESS) that used batteries from LG Energy Solution affiliated with South Korea's LG Group, which has tried to find new business opportunities in the ESS market. Financial losses caused by the fire in Hongseong some 120 kilometers (74 miles) southwest of Seoul were estimated at about 440 million won ($393,384). An energy storage system (ESS) is a power storage system that consists of ba 2021-04-07
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  Naver makes strategic investment in Indonesia's media group Emtek SEOUL -- In an effort to expand its presence in Southeast Asia, Naver, a top web portal service operator and IT company in South Korea, invested $150 million in Elang Mahkota Teknologi (Emtek), an Indonesian technology, telecom and media conglomerate, to set up a strategic partnership. The investment is aimed at finding new growth opportunities in Southeast Asia, Naver said in a statement on April 7, adding webtoon-based content can create synergy with Emtek' 2021-04-07
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  LG Electronics unveils new solar panel with enhanced power output SEOUL -- By upgrading its NeON module line, LG Electronics unveiled a new solar panel with an enhanced power output that offers carbon-free energy and long-lasting reliability for the "most reliable and efficient" renewable energy solution. The new product will go on global sale, starting with South Korea in April. The new panel called "NeON H" features innovative N-type half-cut cells, delivers high power output, and comes with a 2 2021-04-07
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  Kolon Industries ties up with SK Global Chemical to produce biodegradable plastic product SEOUL -- Kolon Industries, a chemical and textile manufacturing company in South Korea, forged a strategic partnership with SK Global Chemical to produce an eco-friendly biodegradable plastic product called PBAT and promote a business model for the production of recycled products using waste plastic as raw materials., Polybutylene adipate terephthalate (PBAT) is a biodegradable random copolymer marketed as a fully biodegradable alternative to low- 2021-04-07
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  Hanwha Q Cells to produce photovoltaic modules for simultaneous solar power and farming SEOUL -- A consortium involving Hanwha Q Cells, a major photovoltaic manufacturer in South Korea, will participate in a state project to develop a solar power system that would be used to grow crops and generate electricity simultaneously without losses in crop yields and energy production. The project was sponsored by the Korea Institute of Planning and Evaluation for Technology in Food, Agriculture and Forestry (IPET), a state research body, to establ 2021-04-07
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  Ecommerce operator Wemakeprice launches flower subscription service SEOUL -- South Korea's major online shopping service operator Wemakeprice has launched a flower subscription service targeting consumers who buy flowers and plants regularly to refresh their living environment and relieve their mood amid a strict social distancing campaign prompted by a COVID-19 pandemic. The hobby of growing a "pet plant" or adorning homes with various plants has become a trend among single households and young couples because 2021-04-07
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  U.S. gas company Air Products ties up with Hyundai Oilbank to utilize hydrogen energy SEOUL -- Air Products, an American industrial gas company known for supplying liquid hydrogen for every Space Shuttle launch, tied up with Hyundai Oilbank, a refinery arm of South Korea's top shipbuilding group, to utilize hydrogen energy. The partnership is part of Hyundai Oilbank's strategy to become an eco-friendly energy business platform. Through cooperation with Air Products, which provides essential industrial gases, related equipment an 2021-04-06
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  SK Group acquires 16.3% stake in VinCommerce to expand presence in Vietnam SEOUL -- South Korea's third-largest conglomerate SK Group acquired a 16.3 percent stake in VinCommerce, a top retail company in Vietnam, for $410 million, in a deal that underlined a group-wide strategy to expand its presence in the Southeast Asian nation. VinCommerce controls 50 percent of Vietnam's retail market and operates about 2,300 convenience stores and supermarkets. Masan Group, a diversified private-sector group with a focus on food and be 2021-04-06
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  Researchers set new record in conversion efficiency of perovskite solar cells SEOUL -- A team of researchers based in South Korea and Switzerland set a new record of 25.6 percent in the power conversion efficiency of perovskite solar cells by introducing an anion engineering concept that uses pseudo-halide anion formate to suppress anion-vacancy defects and augment crystallinity. A perovskite solar cell includes a perovskite structured compound as the light-harvesting active layer. The high absorption coefficient of perovskite solar cells e 2021-04-06
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  Olive Young launches personalized health supplements suggestion service for young customers SEOUL -- CJ Olive Young, the drug and beauty store franchise of South Korea's CJ Group, has launched a mobile app to provide recommendations for health supplements. A COVID-19 pandemic has boosted awareness of health supplements, especially among young consumers who regard health management as an investment for their future. According to the Korea Health Supplements Association, an association of dietary product makers, South Korea's health supple 2021-04-05
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  Hyosung wins six-year deal to supply high-strength carbon fiber for hydrogen fuel tanks SEOUL -- Hyosung Advanced Materials, affiliated with South Korea's Hyosung Group, has secured a six-year contract worth 157.2 billion won ($139 million) from Hanwha Solutions to supply high-strength carbon fiber used to reinforce hydrogen fuel tanks. In December 2020, Hanwha Solutions, a unit of South Korea's Hanwha Group, took over Cimarron Composites, an American company that has developed Neptune, a carbon fiber reinforced polymer tank capable of transpo 2021-04-05
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  Amorepacific ties up with Hansol to develop cellulose-based cosmetics raw materials SEOUL -- Amorepacific, a top beauty and cosmetics group in South Korea, tied up with a domestic paper maker to develop sustainable cosmetics raw materials using cellulose processing technology and push for the production of eco-friendly paper packaging products. If cellulose technology is used, it can replace existing chemical ingredients as well as improve the quality of cosmetics. Cellulose, is an important structural component of the primary cell wall of 2021-04-05
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  LG Electronics makes inevitable choice to close troubled smartphone business SEOUL -- LG Electronics closed its troubled smartphone business which has been in the red since the second quarter of 2015, citing a persistent business slump and intensifying competition. The company defended its decision as inevitable to diversify its business portfolio through "choice and focus" and improve its financial structure by bearing a short-term decline in overall sales. In a regulatory filing on April 5, LG Electronics said it would " 2021-04-05