Economy

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  Samsung's Neo QLED 8K TVs earn world's first Wi-Fi 6E certification SEOUL -- Samsung's Neo QLED 8K TV models have earned the world's first Wi-Fi 6E certification from the Wi-Fi Alliance (WFA), a group of Wi-Fi platform vendors. TV owners can enjoy four times faster connectivity as well as the stable and reliable transfer of data even when multiple devices are connected to one router. The Wi-Fi 6E designation was announced in 2020 for any Wi-Fi 6 products that support a 6GHz wireless spectrum. Wi-Fi 6E enables 2021-03-30
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  EOFlow's wearable and disposable insulin pump makes commercial debut in S. Korea SEOUL -- An innovative wearable and disposable insulin pump developed by EOFlow, a provider of wearable drug delivery solutions, made its debut in South Korea. It is the world’s second commercial product of its kind, the company said, promising to push for early overseas sales. EOPatch, which is used to continuously deliver insulin in blood glucose control, provides an alternative to users in the market monopolized by Insulet Corporation, a medical device 2021-03-29
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  SK Innovation's battery recycling technology certified by U.S. national lab This picture released by SK Innovation shows the company's Institute of Environmental Science & Tec. SEOUL -- A recycling technology developed by SK Innovation, a major electric vehicle battery maker in South Korea, has been verified by a national laboratory for the U.S. Department of Energy. The company said its technology can contribute to the stabilization of material prices as well as the utilization of spent batteries. Electric vehicle batte 2021-03-29
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  Hanwha Systems to test electric propulsion system for air taxi by end-June SEOUL -- The development of an electric propulsion system, which is a core component for the commercial operation of personal air vehicles, is in the final stage, Hanwha Systems said, adding a test would be done in the first half of 2021 with its American partner, Overair. They aim to test an air taxi capable of flying at a maxim speed of 320 kilometers (199 miles) per hour in 2025. Urban Air Mobility (UAM), an ecosystem covering personal air 2021-03-29
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  SK Innovation unveils new investment to boost separator production in Poland SEOUL -- SK Innovation is pushing forward an aggressive strategy to increase the production of core materials for electric vehicle batteries in Poland despite concerns over German auto giant Volkswagen's switch to a new type of battery and a prolonged legal battle with its domestic rival. SK Innovation (SKI) said its board has approved a new investment of 1.13 trillion won ($1.0 billion) to build third and fourth lithium-ion battery separator (LiBS) 2021-03-29
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  Hwaseong City to build 80-megawatt hydrogen power plant by 2024 SEOUL -- An eco-friendly power station based on hydrogen gas will be built by 2024 in a southwestern satellite city of Hwaseong. The 80-megawatt plant can supply electricity to about 185,000 households. Hwaseong City, some 30 kilometers (18.6 miles) southwest of Seoul, said that it signed a related business agreement on March 26 with Korea Western Power, a subsidiary of South Korea's state electric utility KEPCO, and Samchully, a fuel gas manufacturi 2021-03-26
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  Samsung shipyard wins $2.47 bln new order for 20 large container ships SEOUL -- Samsung Heavy Industries has won a whopping new order worth 2.8 trillion won ($2.47 billion) from an unidentified client in the region of Panama to construct 20 15,000-TEU container ships. The shipbuilder hailed it as the largest single order in the world that demonstrated the company's strong market dominance. Samsung Heavy Industries (SHI) said in a regulatory filing on March 26 that the container ships installed with energy-sav 2021-03-26
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  Hyundai shipyard unveils business road map to establish hydrogen value chain SEOUL -- South Korea's Hyundai shipbuilding group unveiled a new business roadmap to focus on eco-friendly ships and green energy. By 2030, the group aims to establish a hydrogen value chain that combines the infrastructure and technology competitiveness of affiliates to produce, transport, store and utilize hydrogen on land and sea. The roadmap came on the heels of efforts by major South Korean groups such as POSCO and SK Group to forge strategic alliances for 2021-03-25
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  Doosan Heavy ships nuclear waste storage casks for U.S. nuclear plant SEOUL -- Doosan Heavy Industries & Construction, a key player in South Korea's nuclear power industry, has shipped five cask sets for a U.S. nuclear power plant under a contract with Nuclear Assurance Corporation (NAC), an American provider of nuclear fuel cycle technology and consulting solutions. Doosan Heavy is the first Korean company to export casks for storing spent fuel. Spent fuel rods from nuclear power plan 2021-03-25
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  Doosan Mobility ties up with POSCO unit to develop ultra-thin separator for fuel cell drones SEOUL -- Doosan Mobility Innovation, a drone solution provider in South Korea, tied up with a unit of South Korea's steel group POSCO to develop an ultra-thin metal separator for fuel cell stacks. They would seek to find a business opportunity for their entry into cargo drone and urban air mobility industries. POSCO SPS, a subsidiary of POSCO International, signed a memorandum of understanding with Doosan Mobility Innovation (DMI) on Mar 2021-03-25
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  Hanwha Systems participates in project to develop small satellites SEOUL -- Buoyed by the successful launch of a midsized observation satellite, Hanwha Systems, a key defense contractor in South Korea, will participate in a project to develop small satellites weighing under 100 kilograms in cooperation with Satrec Initiative, a domestic satellite manufacturing company. A Hanwha Group unit secured a controlling 30-percent stake in Satrec Initiative in January. Hanwha Systems said it would develop a satellite system and a 2021-03-24
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  Winia's low temperature COVID-19 vaccine freezer wins FDA approval SEOUL -- A portable ultra-low temperature freezer capable of keeping COVID-19 vaccines, developed by the leading maker of refrigerators specially designed to store Kimchi, a traditional fermented vegetable dish, has secured approval from the U.S. Food and Drug Administration. Sales will begin in June through U.S. channels such as Amazon. Winia Dimchae said on March 24 that Medibox, has completed brand registration, technology patents and the certificati 2021-03-24
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  LG Electronics to supply ESS for advanced microgrid project in Hawaii SEOUL -- For a microgrid in Hawaii that aims to go carbon-zero by 2045, LG Electronics will supply an energy storage system for a microgrid through a consortium of South Korean and U.S. entities. The system can seamlessly provide electricity in case of blackouts and other disastrous situations. A microgrid is an autonomously-controlled power grid that incorporates artificial intelligence, various power sources, and battery storage. It normally operates 2021-03-24
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  Hyundai shipyard ties up with sovereign wealth fund to acquire companies with high growth potential SEOUL -- South Korea's Hyundai shipbuilding group will actively push for the diversification of its business portfolio into artificial intelligence, robots and other new industries with the help of a domestic sovereign wealth fund to take over global companies with high growth potential. Hyundai Heavy Industries Holdings signed a memorandum of understanding with Korea Investment Corporation (KIC). "We hope this MOU will be the first s 2021-03-24
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  LG Chem partners with domestic startup for complete recycling of plastic cosmetic containers SEOUL -- LG Chem, a major chemical company in South Korea, partnered with Innerbottle, a domestic startup, to create a "plastic eco-platform that will enable the complete recycling of plastic cosmetic containers. They will apply the platform to cosmetic containers in the second half of this year before expanding its application to food and medicine containers. LG Chem aims to create what it called an "unprecedented" ESG business model covering t 2021-03-23
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  Hyundai reveals ultra-fast EV charging service 'E-pit' inspired by F1 pit stop SEOUL -- South Korea's Hyundai auto group will roll out "E-pit," an electric vehicle charging service platform that will become part of the carmaker's future ecosystem of clean energy vehicles. Hyundai's electric cars based on a new modular platform will be able to charge 80 percent of their battery in just 18 minutes. Normal chargers take about 40 minutes. According to a survey of 1,586 adult consumers conducted by Seoul City i 2021-03-23
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  Japan's NTT Docomo selects Samsung's 5G network solution SEOUL -- Samsung Electronics has been selected as a 5G network solution provider for NTT Docomo, a leading mobile operator in Japan, garnering a bigger share in 5G equipment and infrastructure markets in Asia and other regions. Samsung said in a statement on March 23 that it would support Docomo with its innovative 5G technology to bring enriched 5G services to users, advance digital transformation for businesses, and improve society at large. "We are exc 2021-03-23
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  Hyundai shipyard works on vessel capable of transporting liquefied CO2 SEOUL -- South Korea's Hyundai shipbuilding group will develop a vessel that can transport liquefied carbon dioxide from power plants and steel mills to storage facilities. The shipyard saw climate change as a new opportunity for its growth, citing a growing demand for negative emission technology to reduce greenhouse gases by capturing carbon. Hyundai Mipo Dockyard, a subsidiary of the shipbuilding group, said it would develop a cargo containe 2021-03-22
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  Daewoo shipyard's rotor sail technology wins certification from classification society SEOUL -- A rotor sail system developed by Daewoo Shipbuilding & Marine Engineering, a major shipbuilder in South Korea, has won certification from DNV, an international accredited registrar and classification society based in Norway. As the first domestic company to produce a rotor sail system, the shipbuilder vowed to gain an upper hand in global shipbuilding orders. When wind meets the spinning rotor sail, the airflow 2021-03-22
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  KT partners with Hyundai Engineering to establish smart city in Osan SEOUL -- South Korea's leading telecom company KT has partnered with Hyundai Engineering, an engineering and construction company, to create a data network ecosystem ideal for the next-generation city infrastructure utilizing artificial intelligence, big data, and cloud computing. KT said in a statement on March 21 that the company signed a memorandum of understanding with Hyundai Engineering to establish a smart city network infrastructure in Osan some 45 kilome 2021-03-22