Economy

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  Hyosung Heavy ties up with power company to develop distributed carbon-free generation system SEOUL -- Hyosung Heavy Industries, an electrical power equipment manufacturer in South Korea, tied up with a public power generation company to demonstrate and develop a distributed carbon-free generation system that combines the advantages of solar power, hydrogen power generation, energy storage systems, and water electrolysis facilities. Korea East-West Power Company (EWP) and Hyosung Heavy Industries would explore new markets with a development model by combining renewable en 2022-10-21
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  Daewoo shipyard applies smart ship platform to wind turbine installation vessels SEOUL -- Daewoo Shipbuilding & Marine Engineering, a major shipbuilder in South Korea, will apply its smart ship platform to two wind turbine installation vessels, which are under construction on order from Eneti, a Monaco-based company specializing in offshore wind farm construction and services. This is the first case of incorporating state-of-the-art eco-friendly and smart ship technologies into the marine plant field. A wind turbine installation vessel (WTIV) has specific 2022-10-21
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  LS Cable secure $167 million deal to supply cables for offshore windfarm near Norfolk SEOUL -- LS Cable & System, a major cable maker in South Korea, has secured a contract worth about 240 billion won ($167 million) to supply high-voltage direct current transmission cables for an offshore windfarm complex to be built by Vattenfall, a Swedish power company, near Norfolk in England. LS Cable said it would supply 320-kilovolt (kV) high-voltage direct current transmission (HVDC) submarine and underground cables to Vattenfall’s Norfolk zone, which is one of the 2022-10-20
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  GI Innovation's GI-101 designated by FDA as special drug for rare skin cancer SEOUL -- GI-101, an immunotherapy agent against a rare skin cancer called "merkel cell carcinoma (MCC)" was designated by the U.S. Food and Drug Administration (FDA) as an orphan drug, which is allowed to be used for extremely rare and incurable diseases with an annual prevalence of less than 100,000. The agent created by South Korea's bio-venture company GI Innovation will receive tax benefits and monopoly rights. MCC is an incurable disease that appears in Merkel ce 2022-10-20
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  SK innovation uses Spot and Guardian S intelligent robots for factory safety check SEOUL -- SK innovation, an intermediate holding company of SK Group, introduced two intelligent robots, Spot and Guardian S, which move like dogs and snakes, to check the safety of facilities at its main production complex that requires close safety management because of a complicated web of pipelines on 8.26 million square meters of land in the southeastern industrial port city of Ulsan. Spot is a four-legged robot developed by Boston Dynamics acquired by South Korea's Hyundai 2022-10-20
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  SK ecoplant jumps into ultrapure water business to reduce reliance on foreign companies SEOUL -- SK ecoplant, a major waste management company affiliated with South Korea's SK Group, jumped into the production of ultrapure water, which is in high demand in the semiconductor industry, through cooperation with a domestic company. The partnership will help reduce South Korea's reliance on Japanese and other foreign companies. SK ecoplant said it has signed a memorandum of understanding with HTS in the operation of ultrapure water facilities and business developme 2022-10-19
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  Hyundai E&C embarks on detailed design of standard SMR model for commercialization SEOUL -- In cooperation with its American partner, Holtec International, Hyundai Engineering & Construction, a major builder affiliated with South Korea's Hyundai auto group, has embarked on the detailed design of a standard model for the commercialization of a small modular reactor that allows for less on-site construction, increased containment efficiency, and enhanced safety. In November 2021, Hyundai E&C partnered with Holtec International, which specializes in the 2022-10-19
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  LG Chem invests $566 million to acquire U.S. biopharmaceutical company AVEO SEOUL -- LG Chem, a chemical unit of South Korea's LG Group, will acquire AVEO Pharmaceuticals, an American oncology-focused biopharmaceutical company, for $566 million. The deal is aimed at securing LG Chem's quick capabilities of commercializing anti-cancer drugs in the U.S. as well as a bridgehead to launch various self-developed new drugs in the world's largest pharmaceutical market. LG Chem said it would invest through a Boston-based life science subsidiary to est 2022-10-18
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  SK geo centric ties up with Hanjin to expand use of unidirectional sheet composite materials SEOUL -- SK geo centric, a chemical company affiliated with South Korea's SK Group, tied up with Hanjin, a domestic logistics company, to cooperate in expanding the use of lightweight composite materials made of unidirectional sheet, based on their three-month durability test with commercial vehicle top loading boxes. Unidirectional tapes are composite materials impregnated with a polymer matrix with all fibers running in the same direction. Unidirectional tapes are utilized mo 2022-10-18
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  Hyundai E&C uses hollow glass powder to develop high-strength concrete SEOUL -- Hyundai Engineering & Construction, a major builder affiliated with South Korea's Hyundai auto group, has developed high-strength concrete using hollow glass powder, which is a new spherical material in the form of fine powder. The company has verified the excellence and quality stability of high-strength concrete performance through field demonstration. High-strength concrete has a compressive strength of 40 megapascals (MPa) or more and usually increases viscosi 2022-10-18
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  CB&I joins Daewoo shipyard project to apply liquid hydrogen storage tanks to ships SEOUL -- CB&I, a U.S. designer and builder of storage facilities, tanks and terminals, joined hands with a major South Korean shipyard to apply liquid hydrogen storage tanks to large carriers. Liquid hydrogen, created by pressurizing hydrogen vapor, is stable for storage and transportation, has high density, and requires cooling equipment and cryogenic containers. Daewoo Shipbuilding & Marine Engineering (DSME) said that the partnership with CB&I would contribute to real 2022-10-17
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  LG Household & Health Care uses pyrolysis oil to produce eco-friendly cosmetics containers SEOUL -- LG Household & Health Care, a consumer goods company in South Korea, will use eco-friendly cosmetics containers made of 100 percent waste plastic pyrolysis oil. Mass production will begin in January 2023 after safety evaluation and the strength of pyrolytic oil containers. The goal is to increase the number of eco-friendly container products using plastic made from pyrolysis oil. Pyrolysis is a chemical recycling process that can convert plastics into high-quality oil u 2022-10-17
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  Samsung launches metaverse-based home decorating service SEOUL -- Samsung Electronics has opened a metaverse-based home decorating service for customers who wish to experience home appliances in a virtual house similar to their actual home. After trying out products in the virtual world, consumers can immediately buy them from a shopping mall. Bespoke Home Meta is a 3D retail experience service that actualized various types of houses and kitchens. The platform provides five houses, three kitchens and four interior styles. Users can exp 2022-10-17
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  LS Cable completes reliability test of 525kV high-voltage direct current transmission cables for commercial use SEOUL -- LS Cable & System, a major cable maker in South Korea, has completed a reliability test of its 525-kilovolt high-voltage direct current transmission (HVDC) cables for commercial use. Competition for technology development is fierce as HVDC cables are more advantageous for long-distance transmission and have less loss than conventional AC transmission. HVDC converts alternating current into high-voltage DC and can send large amounts of current far away. 525 kilovolts (kV 2022-10-17
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  Naver Webtoon launches serialized fiction app 'Yonder' targeting North American market SEOUL -- The web cartoon wing of Naver, a top web portal service operator and IT company in South Korea, launched a serialized fiction app called "Yonder" to secure its foothold in North America. The platform aims to collaborate with various North American publishers including Blackstone Publishing. Web cartoons, also known as webtoons or webcomics, are digital comic books created to fit into web or mobile platforms. South Korea is the birthplace of webtoons. Popular webt 2022-10-14
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  [FOCUS] Starlink raises awareness in S. Korea's low-orbit satellite industry SEOUL -- Starlink, a satellite internet constellation operated by SpaceX, aroused awareness about active government action to improve systems and foster talent in South Korea's low-orbit satellite industry, which is in its infancy due to the slow accumulation of independent core technologies, unprepared for competition with a giant foreign company. South Korea was seized with confidence when its homegrown space rocket put satellites into target orbit in June 2022 as the seventh 2022-10-14
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  Hyundai E&C's technology to remove radioactive materials wins state certification SEOUL -- A method developed by Hyundai Engineering & Construction, a major builder affiliated with South Korea's Hyundai auto group, to remove radioactive materials at the site of dismantled nuclear facilities has won state approval for commercialization. Potassium chloride was used as cleaning water to remove cesium, which is one of the most reactive elements. The accumulation of cesium-137 in lakes has been a great concern after the 1986 Chernobyl nuclear disaster in Ukrain 2022-10-13
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  SK Telecom partners with UAE's e& to push for metaverse business in Middle East SEOUL -- SK Telecom, a leading mobile carrier in South Korea, partnered with e&, a telecom operator based in the United Arab Emirates, to push for a metaverse business in the Middle East. Using e&'s customer analysis and service provision know-how, SKT said it would create metaverse services tailored to customer demands. Famous buildings and digital costumes reflecting Middle Eastern culture can be actualized in the virtual world where users can interact with others usi 2022-10-12
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  ​LG Electronics partners with research body to prevent home appliance arc flashes SEOUL -- LG Electronics tied up with a state-sponsored research body to verify and standardize its technology that prevents fire accidents caused by home appliance electrical arcs that take place because of different reasons such as the loose connection of power supply and damaged cables. According to data released by the Korea Electrical Safety Corporation (KESCO), more than 80 percent of electrical fires were generated by electric arc flashes in 2021. LG Electronics' technolo 2022-10-12
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  Taihan Cable to upgrade cable production facilities in South Africa SEOUL -- Taihan Cable & Solution, a power cable and grid infrastructure company in South Korea, has approved new investments to upgrade a joint-venture medium and low voltage cable plant in South Africa and nurture it as a forward base for expanding exports to neighboring countries. The investment will be completed by 2023. Taihan Cable said that the plant named "M-TEC" in South Africa would upgrade medium and low voltage cable production facilities by setting up a new 2022-10-12