Economy
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State electricity company to work with Australian firms to produce eco-friendly cement
SEOUL -- Korea Hydro & Nuclear Power, the state operator of nuclear power plants, will join South Australia's state project to produce eco-friendly cement using green hydrogen. The South Korean company aims to secure a bridgehead for the green hydrogen business in Australia by participating in the project designed to reduce carbon emissions in the country's southern region. Green hydrogen is a type of hydrogen fuel that does not use any fossil fuel during its manufacturing
11 July 2023
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Yuhan to temporarily provide homemade new drug to lung cancer patients for free
SEOUL -- For the first time in South Korea, Yuhan Corporation, a drug maker, has decided to provide its new drug called "Leclaza" (ingredient: Lazertinib) to lung cancer patients who are receiving their first-line treatment. The drug maker will provide unlimited free access to its cancer drug until South Korea's drug ministry includes Leclaza in health insurance coverage. Leclaza is a domestically developed targeted anti-cancer agent. It was approved by the drug ministr
11 July 2023
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S. Korean web content industry secures $5.2 mln export deal in Europe
SEOUL -- At an event designed to promote South Korean web-based content such as digital comics and novels in Paris, domestic companies, secured an export deal worth about $5.2 million. The Korea Creative Content Agency, a government body charged with governing cultural content, said in a statement that 15 domestic firms recorded export contracts of some $5,276,000 at the "2023 K-Story & Comics in Europe." More than 300 business counseling services were conducted by the So
10 July 2023
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LS Electric to establish power distribution plant in Texas
SEOUL -- LS Electric, a power solution provider affiliated with South Korea's LS Group, will build a power distribution infrastructure in Texas targeting South Korean factories located in North America. The facility, which is set to be located near Samsung's semiconductor foundry, will provide its electricity distribution system for domestic companies specializing in semiconductors, secondary batteries, and home appliances. In November 2022, LS Electric partnered with Samsung
10 July 2023
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LG Chem's virtual marine forest garners explosive popularity on metaverse platform Zepeto
SEOUL -- A virtual marine forest platform where users can grow seagrasses and clean up ocean waste has gained more than one million users on Zepeto, a metaverse platform created by South Korea's web service giant Naver. The virtual marine forest platform, made by the chemical unit of South Korea's LG Group, is designed to raise awareness about blue carbon, an essential part of ocean ecosystems. Blue carbon is organic carbon captured and deposited by organisms such as seagrasses
7 July 2023
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Samsung Electronics records operating profit of $459 mln in 2Q 2023, down 95.74 percent on-year
SEOUL -- Due to global sluggish global smartphone and semiconductor market, Samsung Electronics saw its sales and operating profit decrease in the second quarter of 2023. According to the data released by the Semiconductor Industry Association, global semiconductor sales totaled $40.7 billion in May 2023, up 1.7 percent on-month but 21.1 percent less than the $51.7 billion recorded in May 2022. The company announced its preliminary sales report on July 7 and said that Samsung recorde
7 July 2023
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Hyundai Glovis partners with ocean plastic disposal company to remove global marine wastes
SEOUL -- Hyundai Glovis, the logistics wing of Hyundai auto group, partnered with The Ocean Cleanup, a Netherlands-based non-profit environmental engineering organization, to launch a project designed to collect marine waste-related data and collect waste plastics. According to the United Nations, about 460 million tons of plastic products are produced annually and only about 10 percent is recycled. Many uncollected plastics end up in rivers and oceans where they threaten the lives of
6 July 2023
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LG Energy Solution and Stellantis to resume construction of EV battery factory in Canada after subsidies deal
SEOUL -- A joint venture between South Korean battery maker LG Energy Solution and American carmaker Stellantis will resume the construction of a five-billion Canadian-dollar electric vehicle battery plant in Ontario, Canada after the companies reached a financial deal with the governments of Canada and Ontario. LG Energy Solution (LGES) and Stellantis announced their joint Ontario battery plant investment in March 2022 but things changed when the United States passed the Inflation Red
6 July 2023
