Economy

• 
  SK innovation leads $139 mln funding in US ammonia-based energy solutions developer Amogy SEOUL -- As part of its strategy to establish a green portfolio, SK innovation affiliated with South Korea's SK group invested an additional $50 million in Amogy, an ammonia-based energy storage system developer based in New York. The U.S. startup has secured $139 million through the second round of investment led by SK Innovation. Ammonia, which is produced through a chemical reaction between hydrogen and nitrogen, is considered an important part of a sustainable ecosystem. It 2023-03-23
• 
  Samsung to collaborate with Naver by interlocking digital payment services SEOUL -- Samsung Electronics has interlocked its Samsung Pay, a smartphone payment system mainly used at the point-of-service at offline stores, with Naver Pay, an online payment service operated by South Korea's web service giant Naver, to help digital payment users make simple and convenient payments at online and offline stores. Samsung Pay introduced in 2015 uses a magnetic secure transmission (MST) technique to have a Samsung smartphone mimic the magnetic strips of differe 2023-03-23
• 
  LG Chem provides reverse osmosis filters for China's salt lake lithium extraction project SEOUL -- LG Chem has supplied some 10,000 reverse osmosis membrane filters for a lithium extraction project led by CITIC Group, a state investment firm in China. Using LG Chem's filters, the project operator can produce about 20,000 tons of lithium carbonate, which can be used to manufacture batteries for about 500,000 electric vehicles. Reverse osmosis (RO) is a process of removing salt and other substances from water through a semi-permeable membrane. RO membranes are favored 2023-03-23
• 
  South Korea's online luxury goods market shrinks due to inflation and change in consumer trends SEOUL -- South Korea's online luxury goods market which thrived during the COVID-19 pandemic has shrunk after the country took steps such as lifting regulations on compulsory face masks at public places to normalize people's lives through the so-called "reopening" process. South Korea's online luxury goods market mainly comprised of online commerce platforms and secondhand luxury goods trading services hit its prime in March 2022. The number of monthly active 2023-03-22
• 
  KT partners with parking control system provider to make foray into smart parking business SEOUL -- South Korea's major telecom company KT has partnered with Amano Korea, a parking control system provider, to make its first step into the smart parking service market. Although the adoption of autonomous vehicles has gained momentum in South Korea, human drivers are mainly still in charge of parking to prevent unexpected situations. Smart parking incorporates artificial intelligence (AI), big data, and cloud computing to improve parking efficiency. The solution connect 2023-03-22
• 
  ​Ecommerce giant Coupang to adopt more tailor-made electric delivery trucks SEOUL -- In a bid to reduce operating costs and carbon emissions, Coupang, the South Korean counterpart of Amazon, will adopt more electric delivery trucks that are tailor-made to meet the ecommerce giant's special requirements. Coupang, popular among busy working people and housewives for its overnight fresh grocery deliveries, rolled out electric delivery trucks in the southeastern parts of South Korea for the first time as an ecommerce delivery service operator in 2019. The 2023-03-22
• 
  Hyundai shipbuilding group's holding company to receive $207 mln gas tanker order from Middle East SEOUL -- Korea Shipbuilding & Offshore Engineering, the holding company of Hyundai shipbuilding group, has sealed an order worth 270.1 billion won ($207 million) to supply gas tanker ships to a Middle Eastern transportation company. Two large carriers will be delivered by August 2026 to Arab Maritime Petroleum Transport Co. KSOE's spokesperson told Aju Daily on March 20 that the company has grabbed a total of 49 orders worth $6.51 billion in 2023, which includes the agreeme 2023-03-20
• 
  S. Korean 'beautytech' company APR receives $6.1 mln investment through pre-IPO SEOUL -- South Korean beauty product and service company APR Corp. has received an 80-billion-won ($6.1 million) investment through a pre-initial public offering investment process after investors evaluated the company to have a company value of about 700 billion won. APR, founded in 2014, is a "beautytech" company with various brands in the cosmetics sector -- Medicube, Aprilskin, AGE-R, and Forment -- and fashion and entertainment sectors -- Nerdy (APR Fashion) and Phot 2023-03-20
• 
  ​Top S. Korean conglomerate heads visit Tokyo to discuss cooperation with Japanese counterparts SEOUL -- Samsung Electronics Chairman Jay Y. Lee, SK Group Chairman Choi Tae-won, Hyundai Motor Group Chairman Chung Eui-sun, LG Group Chairman Koo Kwang-mo, and Lotte Group Chairman Shin Dong-bin have joined the ranks of other major South Korean conglomerate leaders on a trip to Tokyo in a bid to engage in discussions with their Japanese counterparts on the cooperation in various sectors including semiconductors, batteries, and electric components. According to industry sources 2023-03-17
• 
  SGC Energy to convert Vietnam's coal power plants to biomass-based generating facilities SEOUL -- SGC Energy, a green energy solution provider in South Korea, will work with a Vietnamese power engineering consulting firm to carry out projects to convert coal power plants into biomass-based generating facilities. The partnership was made followed by Vietnam’s state project to phase out coal power generation which accounts for 40 percent of the country's total power supply. Biomass is a renewable organic material based on plants and animals. It is used as fuel 2023-03-16
• 
  ​South Korea to inject $228 bln to create mega-sized semiconductor cluster by 2042 SEOUL -- In a bid to beef up the country's competitiveness in the global semiconductor sector, South Korea will invest 300 trillion won ($228.7 billion) to create the world's largest semiconductor research and development center complex in Yongin City south of Seoul by 2042. The Ministry of Trade, Industry and Energy revealed the "National Advanced Industry Promotion Strategy" at the Emergency Economic and Livelihoods Council, chaired by President Yoon Suk-yeol on 2023-03-16
• 
  Sales of fashion items at W Concept's offline stores increase 30 percent year-on-year SEOUL -- Sales of 65 brands at offline stores run by W Concept, the online fashion platform wing of South Korea's retail giant Shinsegae, increased 30 percent between January 2022 and January 2023, compared to same period a year ago. The company, which attracted many young female consumers through its online platform, has showcased three offline stores targeting young consumers who like to express themselves with unique apparel items. W Concept said in a statement on March 16 t 2023-03-16
• 
  ​American battery startup ONE opens South Korean office SEOUL -- American battery startup Our Next Energy, backed by Bill Gates and BMW, has set up an office in South Korea. The CEO of the South Korean office is Shazad Butt, the Chief Operating Officer of the battery startup. Aju Daily found through its news covering process that Our Next Energy (ONE) chose to nest inside an information technology industry center in Hwaseong southwest of Seoul. The American startup is busily moving to start a business in South Korea. The company had rec 2023-03-15
• 
  KT to work with camping service startups for outdoor autonomous robot delivery business SEOUL -- South Korea's major telecom company KT will work with camping service startups to provide autonomous delivery robot services at various campsites. Camping has been rising in popularity in South Korea, especially among people in their 30s and 40s. According to data released by South Korea's statistics office, the number of campers skyrocketed to 6.8 million in 2020 from 5.3 million in 2019. The national statistics office predicts that the number of campers surpass 2023-03-15
• 
  Bio-venture firm GI Innovation hopes to be listed in S. Korean version of NASDAQ SEOUL -- As a promising unicorn in South Korea's bio-venture sector, GI Innovation aims to be listed on KOSDAQ, the South Korean version of the U.S stock market NASDAQ. At an initial public offering briefing held on March 13, the bio-venture company unveiled its scheme to transfer five additional technologies by 2028. During the briefing session, the company's CEO Rhee Byung-geon proudly introduced GI-SMART, a smart screening system capable of detecting optimal dual fusion 2023-03-14
• 
  Nongshim to establish strawberry smart farm infrastructure in Saudi Arabia SEOUL -- A consortium led by Nongshim, a major food company in South Korea, will build strawberry smart farms in Saudi Arabia. The Middle Eastern country has been relying on imported strawberries due to the lack of agricultural land and water. A smart farm is an automated indoor farm capable of automatically analyzing the temperature, humidity, and amount of sunlight using the internet of things (IoT) technology. Farmers can grow plants without having to worry about weather conditi 2023-03-14
• 
  KT rolls out metaverse platform capable of actualizing housing structure in virtual reality SEOUL -- A new metaverse platform capable of creating a virtual clone of an actual house was released by South Korea's major telecom company KT. The virtual platform requires users to register their phone numbers so they can interact with their actual friends through avatars. KT said in a statement on March 13 that the metaverse platform called "GenieVerse" was rolled out. Anyone can create their own avatars using some 1,000 items in GenieVerse, which incorporates ar 2023-03-13
• 
  Opposition Democratic Party of Korea to push to expand tax deduction for semiconductor makers SEOUL -- The opposition Democratic Party of Korea will push to expand the tax deduction for semiconductor companies so that small and medium-sized semiconductor makers can receive up to 40 percent tax discount for their investment in chip production facilities. The plan was revealed to reduce the impact of the United States' CHIPS Act. The CHIPS Act restricts funding recipients from increasing semiconductor manufacturing operations in China and other countries that have been de 2023-03-09
• 
  ​Convenience store chain CU operator opens 300th store in Mongolia SEOUL -- South Korea's top convenience store franchise CU has opened its 300th store in Mongolia. The store located in Ulaanbaatar provides various Mongolian food such as Khuushuur, a dumpling usually made with beef, mutton, or camel. Along with Mongolian food and snacks, visitors can also enjoy South Korean snacks including Tteokbokki, a menu of finger-sized rice cakes simmered in fiery-red spicy chili sauce. BGF Retail said in a statement that the 300th convenience store was 2023-03-09
• 
  S. Korea's benchmark interest rate likely to reach 4% after Fed hints at continuing rate hikes SEOUL -- South Korea is likely to increase its base interest rate to up to four percent, after the United States Federal Reserve Chairman Jerome Powell stated during his speech on March 7 that "the ultimate level of interest rates is likely to be higher than previously anticipated," on Capitol Hill. According to South Korean monetary authorities on March 8, Chairman Powell strongly suggested the need for additional tightening when he addressed the Senate Banking, Housin 2023-03-09