Economy

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  [GGGF2021] Kakao Webtoon presents goal of establishing a 'K-story global silkroad' led by web cartoons SEOUL -- Buoyed by the successful debut of its webtoon service, a digital content and entertainment subsidiary of South Korea's major web service and IT group Kakao presented the goal of establishing a "K-story Global Silkroad" led by web cartoons to go beyond Asia to Europe and the United States by stepping up efforts to expand its presence in the global content market. "The vision of Kakao Webtoon is to build a global silk road for K-story," Kakao Entertain 2021-09-09
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  Amore Pacific partners with Yogiyo to deliver beauty products using food delivery system SEOUL -- South Korea's major beauty product maker Amore Pacific has partnered with Yogiyo, the country's second-most popular food delivery service app operator, to quickly deliver beauty products from nearby local drug and beauty stores. The on-demand cosmetics delivery service uses Yogiyo's food delivery system. Aritaum, the drug store franchise wing of Amore Pacific, said in a statement on September 9 that Yogiyo operated by Delivery Hero Korea has signed a memorandum 2021-09-09
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  LG Chem to recycle plastic waste from Coupang's logistics centers SEOUL -- Coupang, the South Korean counterpart of Amazon, will collect some 3,000 tons of plastic waste including used stretch film, a highly stretchable plastic film that is wrapped around items, from logistics centers so that LG Chem, a chemical unit of LG Group, can recycle them into source materials for polyethylene, the most common plastic primarily used for packaging. According to LG Chem, some 80,000 tons of polyethylene wastes are produced in South Korea annually. However, t 2021-09-09
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  SK E&S secures KCE's management rights and 90% stake to bolster ESS business SEOUL -- SK E&S, an energy company affiliated with South Korea's SK Group, secured management rights of Key Capture Energy by acquiring a 95 percent stake in the American developer and operator of energy storage projects and vowed to nurture it as a global leader in the energy solution market. Key Capture Energy (KCE) identifies, develops, constructs and operates energy storage solutions to foster greater deployment of renewable energy. The company aims to have more than one 2021-09-09
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  EcoPro BM secures $8.5 bln deal to supply cathode material for SK Innovation's high-nickel batteries SEOUL -- EcoPro BM, a leading producer of core materials for secondary batteries in South Korea, secured a three-year deal worth some 10 trillion won ($8.5 billion) to supply key materials for SK Innovation's high-nickel batteries. The two companies agreed to strengthen their partnership through joint investment in material business and cooperation in recycling waste batteries. EcoPro BM said in a regulatory filing on September 9 that it would provide high-nickel NCM cathode mat 2021-09-09
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  Hanwha Q Cells earmarks $1.28 bln for tandem cell research and production line conversion SEOUL -- Hanwha Q Cells, a manufacturer of photovoltaic solar cells, earmarked 1.5 trillion won ($1.28 billion) for investment in production line conversion and research into new solar energy technologies such as tandem cells that build perovskite on top of silicon solar cells. Tandem solar cells can be individual cells or connected in series, which are simpler to fabricate but the current is the same through each cell. The investment will be used to boost the production capacity 2021-09-09
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  State power company completes construction of inland wind farm in Jordan SEOUL -- Korea Southern Power, a South Korean state power company specialized in power generation, and DL Energy, a domestic energy infrastructure provider, have completed the construction of an inland wind farm in Jordan, setting a successful example of small and mid-sized companies establishing green energy infrastructure abroad. Korea Southern Power said in a statement on September 8 that the power company and DL Energy have jointly invested a total of 120 billion won ($102 milli 2021-09-08
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  Austria's AVL ties up with Hyundai shipyard to develop fuel cell for ships SEOUL -- AVL, an Austrian engineering company that provides solutions and methodologies to shape future mobility trends, tied up with South Korea's Hyundai shipbuilding group to develop hydrogen fuel cells for ships by 2025. The partnership comes amid an active campaign by South Korean shipbuilders to take the upper hand in global markets with eco-friendly vessels and smart ship technologies. AVL and the shipbuilding group agreed to develop fuel cells with an output of 200 kilow 2021-09-08
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  Microsoft teams up with LX Semicon to develop 3D depth-sensing solution in virtual reality SEOUL -- U.S. technology giant Microsoft will collaborate with LX Semicon, a fabless manufacturer in South Korea, to develop a precise three-dimensional sensing solution for virtual reality and augmented reality. The solution will be based on 3D time of flight sensors that measure the distance between sensors and target objects by calculating the time taken for light to bounce back. The sensor can be used to create 3D models. A Time-of-Flight (ToF) module is commonly found in smart 2021-09-08
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  KT partners with Tex-Mex restaurant chain to accelerate digital transformation involving service robots SEOUL -- South Korea's top telecom company KT has partnered with the Korean branch of On the Border, a popular American Tex-Mex casual dining franchise, to accelerate digital transformation through various autonomous solutions including service robots and an artificial intelligence-based reservation management system. Digital transformation refers to a digital changeover process adopted by traditional work-based companies to increase work efficiency and reduce labor costs using 2021-09-08
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  LG Chem develops new cover window technology for foldable IT devices SEOUL -- Using a new coating technology, LG Chem, the chemical unit of South Korea's LG Group, has developed a cover window for foldable IT devices. The flat surface is hard like glass, but folding parts are flexible like plastic. Commercial production is possible in 2023. Cover windows for IT devices are a key material that protects display panels from impact while conveying clear images. Unlike polyimide films and tempered glass, LG Chem said its cover window provides solution 2021-09-07
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  KT Engineering partners with steam turbine maker targeting small-sized power operators SEOUL -- KT Engineering, the renewable energy wing of South Korea's top telecom company KT, has joined hands with World Power Tech, a domestic small and medium-sized steam turbine maker, to seek new business opportunities. Smaller steam turbines are ideal for powering small areas using smart grids. They do not consume as much fuel as their gigantic-sized brothers. A steam turbine is a thermal power plant facility that uses steam to generate electricity. Currently, Doosan Heavy 2021-09-06
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  Hyundai shipyard launches joint project to develop liquefied hydrogen fuel tank for ships SEOUL -- South Korea's Hyundai shipbuilding group launched a joint project to develop a liquefied hydrogen fuel tank for ships. The project aims to test-produce a fuel tank for small ships by the end of this year and before embarking on the development of tanks for large vessels. The advantage of liquefied hydrogen is its high density compared to compressed gas, which means that more energy can be contained in a given volume for easy transportation. The project involves Korea Sh 2021-09-06
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  State researchers work with Doosan Heavy to co-develop 3D-printed materials SEOUL -- A state ceramic technology institute has partnered with Doosan Heavy Industries & Construction, a key player in South Korea's power industry, to jointly develop and verify 3D-printed parts for airplane gas turbines. While many commercial 3D printers are designed to produce products made of polymer, special printers are capable of printing food, metal, ceramic and other composite materials. Metal and ceramic parts created with a 3D printer are very strong and durable 2021-09-06
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  [INTERVIEW] Eco-friendly fashion brand Pleats Mama hopes to win over consumers with 'story and design' SEOUL -- As a pioneer in South Korea's eco-friendly fashion industry, Pleats Mama utilizes eco-friendly materials and modern knitting techniques to make bags and accessories with recycled polyester fabric. A favorable response from consumers concerned about climate change and plastic pollution spurred the company's initial fast growth, but high costs and greenwashing are seen as a potential stumbling block. Pleats Mama founder and CEO Wang Jong-mi gave positive connotation t 2021-09-06
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  Samsung Electronics unveils advanced image sensors using ultra-fine pixel technologies SEOUL -- Samsung Electronics has developed the world's first 200-megapixel image sensor for mobile devices. The new sensor will become the gamechanger in the global market for next-generation smartphones. It can also be used in drones and other smart devices. The global image sensor market is rapidly growing at an average annual growth rate of about 8.9 percent to reach $345.7 billion in 2028, according to global market research firm Allied Market Research. During the last t 2021-09-03
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  Hanwha Defense steps up efforts to apply defense technology to civilian eco-friendly ships SEOUL -- As a key defense contractor in South Korea, Hanwha Defense will step up efforts to apply accumulated technology, especially in the field of submarine lithium-ion batteries, to civilian eco-friendly ships in cooperation with a domestic maritime classification society. Hanwha Defense said that it has signed a memorandum of understanding with the Korean Register (KR) for technical cooperation to expand the supply of technologies related to eco-friendly ships and the safety of 2021-09-03
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  Design of Hyundai shipbuilding group's ammonia fuel supply system wins approval in principle SEOUL -- The conceptual design of a fuel supply system developed by South Korea's Hyundai shipbuilding group for an ammonia propulsion system has won approval in principle from Korean Register (KR), a domestic maritime classification society. The system has a double leakage prevention system that can completely block even a very small amount of leakage to maintain a high level of safety. The system is a highly efficient eco-friendly facility that removes nitrogen oxides from exh 2021-09-03
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  Hancom aims to launch small low earth orbit satellite for integrated image analysis services SEOUL -- South Korea's comprehensive information technology group, Hancom, will launch a small low earth orbit satellite during the first half of 2022 to provide integrated image analysis services at low cost. The satellite weighing 10.8 kilograms would collect video data by circling the Earth 12 to 14 times a day at 500 kilometers (310 miles) above the ground, focusing on the agriculture sector. The satellite, named Sejong 1, is under development with Spire Global, a U.S. space 2021-09-02
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  LG Chem partners with domestic company to establish hydrotreated vegetable oil joint venture SEOUL -- In a deal aimed at securing the stable supply of bio-materials, LG Chem, the chemical unit of LG Group, partnered with Dansuk Industrial, a domestic biodiesel company, to establish a joint venture for South Korea's first production of hydrotreated vegetable oil, a biofuel made by the hydrocracking or hydrogenation of vegetable oil. Hydrotreated vegetable oil (HVO) is a biofuel made by the hydrocracking or hydrogenation of vegetable oil. Hydrocracking, which breaks big 2021-09-02