Economy

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  SeAH steps up preparation for full-scale production of offshore wind farm piles SEOUL -- South Korea's SeAH steel group took a step closer to the full-scale production of core parts that would support fixed offshore wind turbines to be built in Britain and elsewhere. The group has honed its skill in welding steel pipes to squeeze into a market dominated by European firms. In a regulatory filing on July 6, Seah Steel Holdings said it has raised its stake in SeAH Wind, a new overseas subsidiary based in Britain, to 100 percent through the purchase of shares 2021-07-07
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  Biotech startup Standigm attracts investment from Singapore's Pavilion Capital SEOUL -- Standigm, a workflow artificial intelligence-based drug discovery company, has secured $10 million investment from Pavilion Capital, a Singapore-based investment institution. The investment to be used for the clinical research of AI-driven drug compounds raised expectations for the startup's successful stock market debut. Pavilion Capital pursues investments across different sectors, particularly in innovative technology and healthcare. "I was impressed by the de 2021-07-06
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  S. Korean defense agency develops palm oil-based bio jet fuel production technique SEOUL -- South Korea's state defense research agency has acquired core technologies for the production of palm oil-based bio jet fuel. Through a series of tests, the agency found that the low-carbon renewable fuel could be an alternate fuel source for military and civil jet turbine engines. Biofuel is a mixture of hydrocarbons derived from biomass which is made up of plant or algae material or animal waste. Biodiesel, one of the most commonly used kinds of biofuels, is normally 2021-07-06
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  Number of 4G smartphone plan subscribers increases first time in 17 months SEOUL -- In a country known for the world's first commercialization of 5G mobile communication, the number of 4G smartphone subscribers has increased for the first time in 17 months, government data showed. Consumers have chosen to use a slower 4G service because 5G plans are too expensive. Since 5G was commercialized in January 2019, the number of 5G plan subscribers has steadily increased, but consumers have complained about the quality of 5G network services compared to high 2021-07-05
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  LIG Nex1 partners with Hancom's safety equipment unit to develop exoskeleton wearable robot SEOUL -- LIG Nex1, a defense contractor involved in the development of radar and missile guidance systems in South Korea, partnered with a domestic safety equipment maker to develop an exoskeleton suit-type wearable robot that can be used for industrial and military purposes. The robot will be first marketed for firefighters and public servicemen. Exoskeleton suits are attached to the limbs of human workers to increase their strength and endurance. Robotic limbs fitted with servo mo 2021-07-05
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  Hanwha Q Cells ties up with Samsung to provide home energy solution SEOUL -- Hanwha Q Cells, the solar cell-making wing of South Korea's Hanwha Group, tied up with Samsung Electronics to provide a household energy solution that reduces carbon emissions by efficiently using energy produced at home through solar power. Their main target is Europe and the United States. Hanwha Q Cells will secure electricity production through household solar modules and an energy storage system (ESS). "We will establish a firm position in global household e 2021-07-05
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  [INTERVIEW] State agency cautions against early optimism in S. Korean shipping industry SEOUL -- Helped by a rise in international freight rates and improved competitiveness, South Korea's shipping industry is forecast to post about 40 trillion won ($25.2 billion) in annual sales in 2021 by achieving a high-efficiency, low-cost structure through three years of painful restructuring coupled with a government relief package that began in early 2017 when Hanjin Shipping, which used to be the country's top container carrier, terminated its 40-year-long business. On 2021-07-02
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  Samsung shipyard's fuel cell-powered LNG carrier wins approval from classification society SEOUL -- A liquefied natural gas carrier with an eco-friendly solid oxide fuel cell propulsion system developed by Samsung Heavy Industries and Bloom Energy, an American public company, has won basic design approval from DNV, a maritime classification society based in Norway, for commercialization. It would be the world's first LNG carrier operating on solid oxide fuel cells (SOFCs). Samsung Heavy Industries (SHI) has partnered with Bloom Energy to develop core technologies fo 2021-07-01
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  Convenience store chain Emart24 to operate more 'hybrid' shops SEOUL -- The convenience store chain of South Korea's retail giant Shinsegae will increase the number of "hybrid" stores that operate digital payment kiosks late at night to help shop owners maximize profit and save labor costs. South Korea with consumers who are familiar with unmanned and digital payment systems has some 600 unmanned stores as of January 2021. The popularity of robot stores skyrocketed in 2020 when the first wave of a coronavirus pandemic swept across 2021-07-01
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  SK Telecom forges partnership with U.S. contact center software company Genesys SEOUL -- Genesys, a leading contact center software provider based in California, teamed up with South Korea's top mobile carrier, SK Telecom, to unleash an artificial intelligence contact center solution. They would support the digital conversion of contact centers by companies based on their business-optimized subscription models. SK Telecom (SKT) said its AI technology and experience in operating a customer center would be combined with Genesys' cloud contact center pla 2021-06-29
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  Hanjin to demonstrate street view database service using cameras installed on delivery trucks SEOUL -- The transportation and logistics service wing of South Korea's Hanjin Group will kick-start a demonstration to build up the database of street images using cameras installed on delivery trucks. Filmed images will be processed for digital map and other information services including virtual reality and augmented reality. A street view service is provided by companies including Google and South Korean web service companies, Naver and Kakao. The convenient virtual street s 2021-06-28
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  SK Chemicals partners with Huvis to produce polyester yarn using chemical recycling technology SEOUL -- Huvis, a manufacturer of chemicals and fiber materials in South Korea, teamed up with SK Chemicals to produce a high-quality polyester yarn using chemical recycling technology. The new product called "Ecoever CR" will be produced within the third quarter of 2021. Unlike physical recycling that uses post-consumer recycled (PCR) materials by grinding collected polyethylene terephthalate (PET) bottles and other materials into little pieces, chemical recycling breaks 2021-06-28
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  KT provides real-time traffic light information thru smartphone navigation app SEOUL -- South Korea's top telecom service operator KT has started providing real-time information on some 910 traffic lights on the southern resort island of Jeju through its smartphone navigation app. The new service will help drivers pick a safe and ideal route to their destinations. Jeju with a population of about 700,000 is a popular tourist spot. Ironically the island has the highest rate of motor accidents caused by tourists. According to government data, tourists were 2021-06-25
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  KT SAT partners with state broadcaster to commercialize real-time marine satellite TV service SEOUL -- The satellite TV and internet service wing of South Korea's top telecom company KT partnered with a state broadcaster to commercialize a marine satellite TV service for customers who use KT's satellite internet service. Vessel operators will be able to watch the real-time broadcasting of a TV channel without having to add an extra satellite dish. South Korea's satellite internet services use Koreasat 5, the country's first combined civil and military communi 2021-06-24
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  Hanwha Defense utilizes know-how in submarine battery to develop ESS technology for civilian ships SEOUL -- Hanwha Defense, a key defense contractor in South Korea, will utilize its know-how in a submarine lithium-ion battery pack to lead a three-year state project aimed at developing technology for a marine energy storage system with a high level of safety that would replace imports and target foreign clients. The project, supervised by the state-run Korea Institue of Energy Technology Evaluation and Planning (KETEP), requires some 15.8 billion won ($13.9 million) to localize 2021-06-24
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  LSK Global develops system capable of converting drug abnormalities into XML files SEOUL -- LSK Global Pharma Services, a leading contract research organization (CRO) in South Korea, has developed a system capable of converting drug abnormalities and abnormal case reports into XML files conveniently, catering to the introduction of international guidelines on the electronic transmission of individual case safety reports. E2B (R3) guidelines have been published by the International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human 2021-06-23
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  Kumho Petrochemical makes preemptive investment to cement leadership in synthetic latex SEOUL -- Kumho Petrochemical, a leading synthetic rubber producer in South Korea, approved a preemptive investment of 256 billion won ($225 million) to cement its leadership in the global market for synthetic latex used mainly for health care and medical purposes. The company said aggressive investments are needed to cope with the rapidly growing demand for nitrile butadiene latex. Nitrile butadiene (NB) latex shows excellent resistance to oil and chemicals, making it useful in ma 2021-06-22
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  S. Korea ranks 3rd in global cosmetics exports in 2020 thanks to Hallyu SEOUL -- Helped by an uncooled craze for Hallyu (Korean cultural wave) and diversified markets worldwide, South Korean cosmetics exports rose 16.1 percent from a year ago to $7.57 billion in 2020, ranking third in the world after France and the United States, government data showed. China was the biggest consumer of South Korean cosmetic products in 2020 with $3.8 billion, followed by Hong Kong with $714 million and the United States with $640 million, according to the Ministry of F 2021-06-21
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  Top economic official unveils goal of developing over 100 ultra-small public satellites by 2031 SEOUL -- South Korea's top economic official unveiled the goal of developing more than 100 ultra-small public satellites by 2031 to secure competitiveness in satellite communication technologies which are essential for the commercialization of 6G, urban air mobility and a space internet service. As a frontrunner in disseminating 5G mobile services, South Korea aims to achieve the world's first commercialization of 6G mobile telecommunication in 2028. A 6G network can be comm 2021-06-18
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  [FOCUS] Environmental activists oppose development of advanced small modular reactors SEOUL -- South Korea's new energy policy to accelerate the development of advanced small modular reactors targeting foreign and domestic markets has become a target of attack from environmental activists who have campaigned for the dismantlement of hazardous nuclear facilities, big or small. Small modular reactors (SMRs) have been studied to address the limitations of traditional light-water reactors using low-enriched uranium that cost a lot to replace nuclear fuel and requir 2021-06-18