Economy

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  Samsung shipyard's boil-off gas recovery technology verified by classification society SEOUL -- A new boil-off gas recovery system developed by Samsung Heavy Industries, a major shipbuilder in South Korea, for ships powered by liquefied natural gas has secured approval from a U.S.-based international classification society. It adopted a heat exchange technology that can reduce fuel consumption and carbon dioxide emissions. Liquefied natural gas (LNG) is typically stored and transported in tanks as a cryogenic liquid at temperatures of -163 degrees Celsius to increase 2022-12-20
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  LG Chem works with power generation company to establish biomass power plant SEOUL -- LG Chem, a chemical unit of LG Group, teamed up with GS EPS, a private power generation company in South Korea, to build and operate a biomass power plant that produces industrial steam and electricity using wood waste from households and industrial sites as raw materials. Commercial operation is to begin in the first half of 2026. Biomass is a plant-based material used as fuel to produce heat or electricity. Examples are wood and wood residues, agricultural residues, and 2022-12-20
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  KT to develop and demonstrate personal mobility vehicles in Jeju SEOUL -- South Korea's biggest telecom service operator KT will collaborate with an electric scooter-sharing service operator and a semiconductor component maker to develop and demonstrate smart personal mobility vehicles in Jeju. The smart vehicles will decelerate or stop electric scooters if an obstacle or a moving pedestrian is nearby. Personal mobility-sharing services have become popular in Seoul and other South Korean cities during the last five years. For a small fee, us 2022-12-19
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  SK Group unit to upcycle rare gases through joint venture with American partner Arencibia SEOUL -- SK materials airplus, an industrial gas company affiliated with South Korea's SK Group, will create a joint venture with Arencibia, a U.S. industrial gas supplier, to produce rare gases such as argon, helium and neon, which are essential for the production of semiconductors and displays, by recycling industrial exhaust gas. South Korea is heavily dependent on imported rare gases that can be mass-produced only in the United States and several other countries. The product 2022-12-19
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  SKC's polyurethane insulation material passes state flame-retardant standard test for first time SEOUL -- A flame-retardant polyurethane insulation material produced by SK pucore, the polymer material-making wing of SKC, has secured approval from a state validation and verification body. It was the first time that a polyurethane material-based insulation product has passed a state flame-retardant suitability test in the insulation industry. Polyurethane is basically a plastic material that is highly flammable. Many buildings use exterior finishing materials which are flammab 2022-12-19
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  CHA biotech to make foray into S. Korea's pet healthcare industry with new division SEOUL -- CMG Pharmaceutical, the pharmaceutical wing of CHA biotech, which is a biopharmaceutical company with South Korea's largest pipeline of stem cell therapies, will make a foray into the country's rapidly-growing pet healthcare industry by establishing a new division dedicated to pet medicines. South Korea's pet industry valued at 1.9 trillion won ($1.4 billion) in 2015 is rapidly growing to reach six trillion won in 2027, thanks to an increase in the number of 2022-12-19
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  ​KT partners with robot developer Neubility to commercialize outdoor autonomous robots SEOUL -- South Korea's top telecom company KT partnered with Neubility, a domestic autonomous robot startup, to commercialize outdoor autonomous robots capable of providing various services in any outdoor spaces such as parks and resorts. KT's 5G infrastructure will be combined with Neubility's self-driving robot technologies. Neubility's autonomous robot called "Neubie" can carry out delivery missions in complex urban areas by avoiding obstacles. The robo 2022-12-16
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  Incheon International Airport signs agreement with Atlas Air Worldwide Holdings to build maintenance facility SEOUL -- Incheon International Airport, South Korea's main gateway, has signed a formal agreement with American cargo airliner Atlas Air Worldwide Holdings, to build a maintenance, repair, and overhaul facility at the airport. The repair bay will take care of Atlas' planes in the Asia-Pacific region. Atlas Air Worldwide Holdings (AAWW) is one of the largest air cargo companies that owns Atlas Air, Polar Air Cargo and a joint venture Titan Aircraft Investments. Atlas Air and 2022-12-15
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  Online mall Wemakeprice's transaction amount soars 23 percent thanks to live commerce content via YouTube SEOUL -- South Korean online shopping service operator Wemakeprice saw its transaction amount soar 23 percent over the period of 66 days after the company rolled out live commerce shows, the online version of TV home shopping shows, through YouTube. The company's online shopping show involved popular online celebrities in various events such as Meokbang, an online eating performance show format, to interact and encourage viewers to buy promoted products. Wemakeprice said 14 li 2022-12-15
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  LG's information technology wing adopts blockchain-based staff identification cards SEOUL -- LG CNS, the information technology wing of South Korea's LG Group, has adopted blockchain-based staff identification cards that allow employees to enter all rooms in their workplace and use amenities without bringing plastic cards to identify themselves. Users don't need to worry about leaks of their personal information as the solution prevents such risks using decentralized identification (DID) technology. Unlike regular identification methods that store and mana 2022-12-13
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  Shinsegae's convenience store chain partners with meal kit maker targeting busy consumers SEOUL -- Emart24, the convenience store chain operated by South Korea's retail giant Shinsegae, has partnered with Super Kitchen, a ready-to-eat meal kit maker, targeting consumers who cannot spare time to shop and cook meals at home. Following the first wave of a coronavirus pandemic in early 2020, South Korea's food market saw a big change in consumers' shopping habits. According to the agriculture ministry, 2.4 percent of consumers bought processed food through onlin 2022-12-13
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  S. Korea's largest 1.5 gigawatt-class solar power complex to be built in southeastern city SEOUL -- The southern industrial city of Daegu some 240 kilometers (149 miles) southeast of Seoul will transform its outdated factory areas into a renewable energy power plant complex by replacing old slate factory roof materials with solar panels while using idle spaces for solar energy generation facilities. The solar power plant infrastructure, which would be the size of some 120 football fields, will have a 1.5-gigawatt generation capacity that can power some one million households 2022-12-13
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  LS Cable wins $306.2 mln HVDC cable contract for Vanguard Offshore Wind Farm in Britain SEOUL -- LS Cable & System, a major cable maker in South Korea, has won a 400-billion-won ($306.2 million) contract for high-voltage direct transmission (HVDC) cables from Sweden's state power company Vattenfall. The special cable will be used for the delivery of electricity for an offshore wind farm that will be built some 47 kilometers (29 miles) east of Britain's eastern Norfolk coast. HVDC converts alternating current into high-voltage DC and can send large amounts 2022-12-12
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  Hyundai Shipyard wins $69.8mln LPG tanker order from Oceania country SEOUL -- South Korea's Hyundai shipbuilding group grabbed an order worth $69.8 million to build a liquefied petroleum gas tanker ship, a typical type of ship that carries liquefied gas across oceans. The company also revealed during a conference call that the number of contracts won this year has exceeded its initial goal that was set earlier this year. Korea Shipbuilding & Offshore Engineering (KSOE) said during a conference call on December 12 that the company received a 2022-12-12
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  Atomy Chairman Park Han-gill receives consumer-friendly award from fair trade watchdog SEOUL -- The chaiman of South Korea's direct selling company Atomy has received an award from the country's state fair trade watchdog for rolling out consumer-friendly business management plans. The company was certified as a consumer-centered management company by the state consumer agency for the first time as a direct selling company in 2019. Founded in 2009 by chairman Park Han-gill, Atomy is a global direct distributor that recorded more than 2 trillion won in sales in 2022-12-09
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  KT deploys AI concierge system to hotel in central Seoul SEOUL -- In an effort to popularize the company's artificial intelligence-based hotel concierge system, South Korea's largest telecom operator KT has deployed an AI concierge to a hotel in central Seoul. The AI-based system will help hotel operators save manpower costs and effectively manage customer inquiries. After commercializing a 5G-connected autonomous hotel concierge robot called "N bot" at a hotel near central Seoul in December 2019, KT has accelerated the 2022-12-08
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  Hyundai shipyard works on offshore floating facility to store and vaporize liquefied ammonia SEOUL -- South Korea's Hyundai shipbuilding group will develop a ship-type floating facility that can store and vaporize liquefied ammonia offshore for transfer to onshore pipelines. Ammonia is seen as a next-generation fuel that emits no carbon oxide during combustion, but floating storage and regasification facilities for ammonia at sea have not yet been constructed globally. In a joint project with Korea National Oil Corporation (KNOC) and Lloyd's Register, a Lon 2022-12-07
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  State body certifies Ace One's method to increase hydrogen content in synthetic gas SEOUL -- Ace One tech, a material inspection, measurement and analysis equipment manufacturer in South Korea, has worked out an eco-friendly method to increase the content of hydrogen in synthetic gas produced by the high-temperature pyrolysis of plastic waste. Synthetic gas, or syngas, is a mixture of hydrogen and carbon monoxide. Korea Testing Laboratory (KTL), a state-run certification body, certified that syngas produced by Ace One through the high-temperature gasification of pl 2022-12-07
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  KT provides first cloud-based virtual desktop service for central bank SEOUL -- South Korea's central bank became the first public financial body to adopt a cloud-based virtual desktop service provided by KT. The service provides a higher level of security than ordinary operating systems and allows bank officials to access their worksites anywhere, anytime. By law, South Korean financial organizations should use built-in virtual desktop infrastructure (VDI) operated through a centralized network controlled by an on-premise main server. The built-i 2022-12-07
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  S. Korea to invest $140mln to accelerate development for affordable carbon composite materials SEOUL -- In a bid to nurture technological capabilities in manufacturing carbon-based materials and products at affordable prices, South Korea will invest 185 billion won ($140 million) by 2030 to accelerate the technological development of carbon composite materials. A carbon composite is basically carbon and carbon fibers mixed with various polymers to be made into hard blocks and other shapes. The carbon-based material has more than 10 times higher strength compared to steel of 2022-12-06