Economy

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  Convenience store chain CU finds customers favor monthly coupon book subscription service SEOUL -- Six months, ago, many customers watched with worried eyes as South Korea's convenience store chain CU ran down a treacherous, undiscovered path by releasing a monthly subscription program for discount coupons. It's because discount coupons were considered as free baits to attract customers. However, customers favored the subscription model, betraying market worries. Weekly and monthly subscription services became popular in South Korea in 2020 when y 2021-05-17
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  ​Renault Samsung launches EV mobility service for Busan travelers SEOUL -- The South Korean unit of French carmaker Renault has launched a car-sharing service in the southern port city of Busan. Travelers can rent ultra-compact electric vehicles to visit tourist hot spots using the non-face-to-face mobility service. Busan City was upbeat, saying the service targeting MZers will help revitalize its tourism market. According to government data, Busan, famous for its food, culture and beaches, had suffered a critical blow 2021-05-14
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  Samsung jacks up investment in semiconductor business to compete with Taiwanese rival SEOUL -- In response to the aggressive expansion of production capacity by its Taiwanese rival, Samsung Electronics will increase investments in System LSI and foundry businesses to 171 trillion won ($151.3 billion), saying the global semiconductor industry faces a "watershed" moment due to competition to secure a competitive edge. The additional investment represents an increase of 38 trillion won from the previous commitment of 133 tril 2021-05-13
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  Samsung shipyard opens test facility to develop and verify technologies for LNG value chain SEOUL -- As the world's top builder of eco-friendly vessels powered by natural gas, Samsung Heavy Industries has opened a test facility to develop and verify key technologies for a liquefied natural gas value chain from production to transportation, storage and supply. Samsung Heavy Industries (SHI) opened the LNG pilot test facility at its shipyard in Geoje on May 12 in a ceremony attended by foreign guests from international classificati 2021-05-13
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  [INTERVIEW] Government agency advocates massive food hub to secure food sovereignty SEOUL -- South Korea is on guard against potential threats to food security amid growing uncertainties caused by climate change and a COVOD-19 pandemic that has raised global awareness of food sovereignty. A government agency responsible for storing and exporting agricultural products advocates the operation of a massive food hub in a vast area of reclaimed land created by the world's longest man-made sea barrier to cope with a food cr 2021-05-13
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  KT partners with taxi companies to offer AI call check-in tracking system SEOUL -- South Korea's largest telecom company KT has partnered with an association of taxi companies in the southern port city of Busan to provide an artificial intelligence-based call check-in service. The service will help a state disease control body to easily track down passengers for COVID-19 epidemiological surveys. After the first outbreak of COVID-19 in February 2020, South Korea has adopted a variety of methods to trace those who have visited vulnerab 2021-05-12
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  Daewoo shipyard wins order to build wind turbine installation vessel for Monaco company SEOUL -- Daewoo Shipbuilding & Marine Engineering has secured an order worth $330 million from Eneti, a Monaco-based company specializing in offshore wind farm construction and services, to build a wind turbine installation vessel that would be delivered in the third quarter of 2024. Wind turbine installation vessels (WTIVs) have specific needs, different from traditional oil and gas-focused offshore operations. Demands f 2021-05-12
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  Samsung Display selected for state project to develop ultra-high-resolution oxide TFT SEOUL -- Samsung Display, a major flat panel maker in South Korea, will lead a state project to develop an oxide thin-film transistor with ultra-high resolution, which is considered a core technology for next-generation mobile displays. The project is aimed at securing oxide thin-film transistor (TFT) technology, which is 10 times faster in the speed of electron transfer, by 2024. An oxide TFT is a particular kind of field-effect transistor made by 2021-05-12
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  SK Holdings makes extra investment in Singapore-based developer of lithium metal batteries SEOUL -- The holding company of South Korea's third-largest conglomerate SK Group made an extra investment in SolidEnergy Systems, a Singapore-based developer of lithium metal batteries that are lighter and have greater energy density than lithium-ion batteries widely used for electric vehicles. The investment reflects SK's strong push for the development of next-generation batteries. With an additional injection of 40 billion won ($35 million), S 2021-05-11
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  Kakao webtoon secures strong foothold in North America thru acquisition of Radish SEOUL -- Kakao Entertainment, a content and entertainment subsidiary of South Korea's web service company, will acquire Radish Media, a U.S.-based web novel platform, for $440 million in a deal aimed at expanding its content competitiveness abroad, especially in North America. The acquisition of Radish will be finalized through open purchase sometime in May. Kakao Entertainment said its board has endorsed the proposed acquisition of Radish and Tapas Media, an 2021-05-11
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  LG Chem invests $134 mln in incubation fund for companies with ESG technologies SEOUL -- LG Chem, a chemical unit of South Korea's LG Group, will invest 150 billion won ($134 million) in a fund that would find and incubate companies with technologies and growth potentials in environmental, social, and corporate governance (ESG), a trendy corporate operation method that focuses on the use of green energy and environmentally-friendly management. LG Chem will become a core investor in the KBE (Korea Battery & ESG) fund managed by IMM 2021-05-11
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  ​Emart opens multi-purpose studio to beef up live commerce capability SEOUL -- In a bid to lead the domestic live commerce market estimated at 2.8 trillion won ($2.5 billion), the megastore wing of Shinsegae, a retail conglomerate in South Korea, has opened a multi-purpose studio with top-notch equipment that will help small and medium-sized business owners to carry out mobile shopping shows like TV home shopping channels. Live commerce platforms, which are basically a mobile adaptation of TV home shopping channels, were popular in 2021-05-11
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  Hyundai Oilbank sets up power production joint venture using hydrogen fuel cells SEOUL -- Hyundai Oilbank agreed to set up a joint venture with a public power company for the production of electricity using hydrogen fuel cells. The deal is part of a broad roadmap unveiled by South Korea's top shipbuilding group to establish a hydrogen value chain by 2030 that combines the infrastructure and technology competitiveness of affiliates to produce and utilize hydrogen on land and sea. Hyundai Oilbank will supply blue hydrogen for the j 2021-05-10
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  S. Korea's railway wireless charging system attracts attention from experts SEOUL -- South Korea's wireless charging system for railways has attracted attention from experts who held an online meeting to establish international standards. Discussions focused on the method of coils, which are vital in a wireless charging system. South Korea has proposed an oval coil method. The meeting on May 7 involved some 30 experts from France, Italia, Germany, China, Japan and South Korea, which are 2021-05-10
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  Busan pushes for recycling of discarded fishing nets into renewable materials SEOUL -- As part of a national campaign to prevent marine pollution and ghost fishing, an aquatic phenomenon in which animals get caught by abandoned nylon nets, South Korea's southern port city of Busan will push for a pilot project to collect and recycle discarded fishing nets into high-quality materials that can be used for the production of sustainable eco-friendly fabrics. Busan, the busiest port in South Korea, said it would support quality ver 2021-05-10
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  POSCO E&C develops biodegradable dust control agent SEOUL -- POSCO E&C, a construction arm of South Korea's top steelmaker, has developed a biodegradable agent that can reduce dust from scattering into the air at construction sites. The new agent takes up to six months to completely decompose in the soil, while it's almost impossible for conventional ones to break down. Scattering dust reducers are mainly made of polymer materials that stick to floating microscopic objects and fall to the ground. Such 2021-05-07
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  Hyundai shipbuilding group leads hydrogen production using floating wind farm SEOUL -- South Korea's Hyundai shipbuilding group will lead a joint project to produce green hydrogen using electricity generated by a major floating wind farm complex that will be built off the southeastern port city of Ulsan with full government support. The shipbuilding group said that its affiliates signed a memorandum of understanding with the Ulsan National Institute of Science and Technology (UNIST), Korea East-West Power, and other partners involved in 2021-05-07
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  Doosan Heavy jumps into race to produce hydrogen with waste plastic SEOUL -- Doosan Heavy Industries & Construction, a key player in South Korea's nuclear power industry, has teamed up with Revo Tech, a company specializing in the continuous pyrolysis of waste plastic, to develop and commercialize a technology that uses waste plastic for the production of hydrogen. Pyrolysis is a chemical recycling process that can convert plastics into high-quality oil. Chemical recycling is an att 2021-05-06
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  SK Telecom partners with gene tech firm to develop AI gene analysis algorithm and new drug targets SEOUL -- South Korea's top mobile carrier SK Telecom has partnered with a domestic gene tech company to develop an artificial intelligence-based human genome analysis algorithm and new drug targets. The algorithm will help the development of new effective medicines for diseases such as cancer and Alzheimer's disease. A drug target is a molecule in the body, usually a protein that is intricately associated with a particular disease. The target is treated wit 2021-05-06
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  KT gets deep into hotel digital transformation with upgraded AI platform SEOUL -- KT, a top telecom company in South Korea, gets deep into the digital transformation of hotels with its upgraded artificial intelligence voice assistant platform. Voice recognition and touchscreen input systems have been installed to enhance user experience and convenience. KT's strategy is to become a digital conversion partner using integrated AI capabilities. "We're going to be a hotel DX (digital transformation) business that revolutionizes t 2021-05-06