Economy

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  German company Wacker acquires Helixmith subsidiary in $120 mln partnership deal SEOUL -- Wacker Chemie AG, a chemical company based in Germany, established a strategic partnership with Helixmith, a biotechnology company in South Korea, and acquired its DNA manufacturing subsidiary in San Diego in a deal worth up to $120 million. Helixmith, which works on DNA and protein-based therapeutics, has launched its U.S. subsidiary, Genopis, for the full good manufacturing practice (GMP) production of Engensis, a plasmid DNA gene therapy codenamed 2021-02-03
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  Thru cooperation with Intel, Hanwha Techwin develops new AI surveillance system. SEOUL -- In cooperation with Intel, a U.S. technology giant, Hanwha Techwin, a surveillance and optoelectronics company in South Korea, has developed a new network video recorder equipped with artificial intelligence function, along with a security solution that can analyze human faces. Usually, AI security solutions analyze videos based on clothes, glasses and bags. Hanwha Techwin said its face recognition solution can recognize and distinguish human f 2021-02-02
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  Hyundai Elevator unveils new N:EX lineup with non-face-to-face technology SEOUL -- Hyundai Elevator, a leading elevator maker in South Korea, released a new elevator with the brand name of N:EX applied with non-face-to-face technology such as smartphone or motion call button calls. The brand used an ionizer air purifier installed with high-efficiency filters capable of preventing the spread of airborne bacterial and viral organisms. For residential applications, Hyundai Elevator said that the N:EX brand enables elevator cal 2021-02-02
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  SK hynix opens new microchip plant using new processing technology SK Group chairman Chey Tae-won speaks at a ceremony to open a new microchip plant in Icheon. SEOUL -- SK hynix, a chip-making unit of South Korea's SK Group, opened a new plant using new technology to produce high-performance microchips. This is the company's largest plant dedicated to the production of dynamic random-access memory (DRAM) chips. The plant called "M16" was built at Icheon about 40 kilometers (25 miles) southeast of Seoul with 2021-02-01
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  CJ Logistics develops AI-based cargo tracking system for shipping SEOUL -- South Korea's major logistics service operator CJ Logistics has developed an artificial intelligence-based tracking system that can accurately track cargo and calculate the estimated time of arrival. The system will allow the logistics service company to seamlessly plan and link delivery schedules in different countries to save time and costs. CJ Logistics said in a statement on February 1 that it has commercialized the "CJ Logistics C 2021-02-01
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  LG Electronics shows good performance in 2020 earnings despite poor smartphone sales SEOUL -- LG Electronics made a good record in earnings in 2010 partly thanks to a trend of social distancing triggered by a COVID-19 pandemic that boosted sales of home appliances, premium TVs and IT devices worldwide. However, its smartphone business was still mired in the quicksand of perennial slump with no other exits but to think about a new way. In 2020, LG Electronics posted a tenfold increase in its net profit to two trillion won ($1.78 billion). 2021-01-29
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  SK Innovation earmarks new money for third battery plant in Europe SEOUL -- SK Innovation, a unit of South Korea's third-largest conglomerate SK Group, will build a third battery plant in Europe by injecting some 1.26 trillion won ($1.13) through its subsidiary in the European country. The company has expanded the production of batteries for electric vehicles in an effort to secure a solid position in the global market. SK Innovation (SKI) said in a regulatory filing on January 29 that it would invest 1.26 trillion won in its 2021-01-29
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  Hyundai Construction Equipment ties up with Chinese forklift company SEOUL -- Hyundai Construction Equipment, a construction equipment maker in South Korea, established a strategic tie-up with UN Forklift based in Zhejiang, a province in eastern China, to produce forklifts targeting emerging markets such as Southeast Asia, the Middle East, Russia and Australia. Hyundai Construction Equipment (HCE), affiliated with South Korea's leading Hyundai shipbuilding group, said that it would produce 10 forklift 2021-01-28
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  SK Global Chemical partners with Brightmark to introduce pyrolysis oil technology SEOUL -- SK Global Chemical will introduce pyrolysis oil technology from Brightmark LLC, a San Francisco-based company that provides clean energy generation solutions. Pyrolysis oil, sometimes known as bio-crude, is a synthetic fuel obtained by heating dried biomass without oxygen. SK Global Chemical said in a statement on January 28 that it has signed a memorandum of understanding with Brightmark, on the commercialization of pyrolysis oil and facility 2021-01-28
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  SK group invests in domestic producer of silicon carbide power semiconductors SEOUL -- South Korea's third-largest conglomerate SK Group made a strategic investment in Yes Powertechnix, the only domestic producer of silicon carbide (SiC) power semiconductors, which are seen as essential parts of electric vehicles and hydrogen cars, saying it would form an ecosystem to reduce reliance on foreign products. SiC is a compound semiconductor containing silicon and carbon. It provides a number of advantages over silicon, making it the 2021-01-28
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  S. Korea unveils new strategy to cultivate cosmetics industry as global brand SEOUL -- South Korea unveiled a new national strategy to cultivate its cosmetics industry through customized government support so that it can become a global brand, buoyed by brisk sales in 2020 that owed much to the growing popularity of Korean pop music and dramas among global fans. Despite a global lockdown caused by a COVID-19 pandemic, exports of South Korean cosmetics products, dubbed K-beauty, hit a record high of $7.5 billion in 2020. No far from conten 2021-01-27
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  KEPCO KDN signs deal to build solar-based energy system at three Indonesian airports SEOUL -- KEPCO KDN, an electric power grid IT service provider in South Korea, signed a business agreement to build a solar-based energy system at three airports run by PT Angkasa Pura I, a state company that provides air traffic services and business airports in Indonesia. Under a deal with Angkasa Pura Properti that develops and maintains airport facilities in Indonesia, KEPCO KDN will establish 60 mega-watts of solar-based energy facilities at Ngurah Rai, El Tar 2021-01-27
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  Researchers imitate structural coloration of bird feathers to develop reflective display SEOUL -- South Korea's state research body has developed reflective display technology that imitates the structural coloration of bird feathers. Unlike conventional displays that use color filters or backlights, reflective displays reproduce colors by reflecting natural light. They can be used for developing low-power and high-color displays. The National Institute of Ecology (NIE) has teamed up with a Yonsei University research team to utilize biomimetics for 2021-01-26
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  Cosmetics maker Aekyung partners with Chinese counterpart Proya cosmetics SEOUL -- South Korea's hygiene and cosmetics product maker Aekyung has forged a partnership with China's Proya Cosmetics targeting offline customers. The two companies will jointly roll out marketing promotions to raise the brand value and consumer recognition in China. Aekyung said in a statement on January 26 that under a memorandum of understanding, Proya, a major cosmetics maker headquartered in Hangzhou, would provide a network of offline stores a 2021-01-26
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  Hyundai shipyard's virtual commission solution wins Lloyd's basic approval SEOUL -- A virtual commission solution developed by South Korea's Hyundai shipbuilding group has received basic approval from Lloyd's Register, a London-based technical and business services organization that provides maritime classification. Using digital twin technology, the solution verifies dual-fuel engines, fuel supply systems, and power control systems of natural gas carriers. Korea Shipbuilding & Offshore Engineering (KSOE), 2021-01-25
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  KHNP localizes new CIGS solar cells for building integrated photovoltaic system SEOUL -- Korea Hydro & Nuclear Power, the operator of nuclear power plants, has localized technology for copper indium gallium selenide solar cells that can be used to convert sunlight into electric power, as part of efforts to develop a building integrated photovoltaic system. A copper indium gallium selenide (CIGS) solar cell is manufactured by depositing a thin layer of copper, indium, gallium and selenium on glass or plastic backing, along with electrodes 2021-01-25
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  Exports of Korean chili paste up sharply thanks to growing popularity of K-drama SEOUL -- The growing popularity of K-dramas has boosted exports of Korean chili pepper paste called "Gochujang" in 2020. The red hot paste has been described as a key ingredient for tasty menus that appear in dramas and films. Gochujang is made of fermented blocks of beans, red chili pepper, salt, and sugar. The paste with distinctive spicy, salty, and sweet flavors is commonly used for making various types of sauces for soup and meat dishes. Tteokbokki, 2021-01-25
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  LA-bound Maersk containership loses some 750 containers overboard in Pacific SEOUL -- A containership operated by Maersk, a Danish integrated shipping company, has lost up to 750 containers overboard in the Pacific Ocean en route to the port of Los Angeles, according to WK Webster, a cargo casualty management firm. En route from Xiamen, China to Los Angeles, Maersk Essen, a Danish-flagged 13,100 twenty-foot equivalent unit (TEU) ship, spilled up to 750 container boxes into the Pacific Ocean during severe weather on January 16, WK Webster 2021-01-22
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  S. Korea finalizes official process of imposing 513% tariff on imported rice SEOUL -- South Korea finalized the official process of imposing a 513 percent tariff on imported rice. The rate has been verified by the United States and four other rice-exporting countries that allowed South Korea to maintain a five percent tariff rate on rice to be imported under obligatory quotas. A schedule of concessions and commitments was posted in the official gazette on January 22, completing procedures for tariffs on rice, the Ministry of Agriculture, Food a 2021-01-22
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  Verizon becomes first to deploy Samsung's fully virtualized 5G solutions SEOUL -- Verizon, an American telecom conglomerate, has become the first company to deploy Samsung Electronics' fully virtualized 5G solutions that would enable simpler, more flexible and more scalable network deployments and power the next generation of 5G networking capabilities. A radio access network (RAN) resides between a device such as a mobile phone, a computer, or any remotely controlled machine and provides connection with its core n 2021-01-22