Economy

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  Hyundai Rotem secures $186 mln contract to supply trams to Edmonton, Canada SEOUL -- Hyundai Rotem, a train-making subsidiary of South Korea's Hyundai auto group, has secured a contract worth 218.8 billion won ($186 million) to supply trams that would run on Valley Line West, a route connecting the center of Edmonton, a city in the Canadian province of Alberta, and the western region. Hyundai Rotem has secured multiple deals abroad to supply trains with differentiated technology. In Canada, the company optimized the interior layout to enhance space eff 2021-12-02
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  Emart taps South Korea's vegan market with plant-based meat products SEOUL -- Emart, the megastore wing of South Korea's retail conglomerate Shinsegae, will target some 2 million vegans with plant-based vegan meat at meat product sections. Emart said in a statement on December 2 that a vegan meat brand called "Unlimeat" made by Zikooin, a domestic food manufacturing startup, will be sold at meat sections in 20-selected Emart stores. Emart is currently selling plant-based vegan products through special sections for vegan consumers. 2021-12-02
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  POSCO Chemical and GM agree to jointly produce high-nickel cathode active materials SEOUL -- POSCO Chemical agreed with General Motors to set up a joint venture in the United States for the production of high-nickel cathode active materials from 2024 that would be supplied to a battery joint venture between GM and its South Korean partner, LG Energy Solution. Details such as the size of their investment and the location of the plant will be disclosed later. The joint venture named Ultium Cells between GM and LG Energy Solution (LGES) is building a battery cell 2021-12-02
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  Hanwha Impact clinches order to turn gas turbine in Linden into mixed hydrogen combustion SEOUL -- Hanwha Impact, a unit of South Korea's Hanwha Group, has clinched an order to turn a gas turbine at a power plant in Linden, a city in New Jersey, into a mixed hydrogen combustion system that burns natural gas together with hydrogen to generate electricity and reduce carbon dioxide emissions. Hanwha Impact, formerly known as Hanwha General Chemical, said in a statement on December 1 that it would convert a 172-megawatt natural gas turbine into hydrogen mixed hydrogen p 2021-12-01
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  LG Electronics constructs mega-capacity energy storage system at steel mill SEOUL -- LG Electronics has established a mega-capacity energy storage system at a steel mill to reduce operating costs by storing electricity at night and using stored energy at energy peak times. It is South Korea's largest system capable of storing energy that is enough to power some 15,000 households a day. An energy storage system (ESS) is normally a container-sized large-capacity modular battery pack. It is widely used in the renewable energy generation sector to store ene 2021-12-01
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  State research body succeeds in certification test of 100m-class giant wind power blade SEOUL -- A state-run research body in South Korea has achieved an important turning point for the commercial production of a giant wind power blade stretching 100 meters or longer. Large and high-speed blades for huge wind turbines are important for the efficient utilization of wind energy. The Korea Institute of Materials Science (KIMS) said it has succeeded in the certification test of a 100m-class wind power blade for the third time in the world. The institute would seek to acqu 2021-12-01
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  ZEPETO operator raises new fund, launches new metaverse platform SEOUL -- The operator of ZEPETO, a metaverse platform created by South Korea's web service giant Naver, launched a new metaverse platform in collaboration with an Android game developer and raised about 223.5 billion won ($189 million) from foreign and domestic investors including the agencies of BTS, BLACKLPINK and TWICE as well as Softbank, a Tokyo-based holding group that runs the world's largest technology fund. Naver Z said in a regulatory filing on November 30 that it 2021-12-01
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  Hankook Tire acquires controlling stake in Canada's Preciseley Microtechnology SEOUL -- The parent company of South Korea's top tire maker, Hankook Tire & Technology, will diversify its business portfolio into autonomous driving and other new technologies by acquiring a controlling stake in Preciseley Microtechnology Corporation, a Canadian company that develops optic micro-electromechanical system solutions. Micro-electromechanical systems (MEMS) is a process technology used to create tiny integrated devices or systems that combine mechanical and ele 2021-12-01
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  Lotte Super constructs rooftop solar power plants using idle spaces SEOUL -- Lotte Super, a supermarket wing of South Korea's retail giant Lotte Group, has built 11 solar power plants on the rooftop of its stores and logistics center to go green and achieve carbon neutrality. The power plants that generate about 1,360 megawatt-hours per year can power some 1,360,000 households. Lotte Super said in a statement on December 1 that the company has built solar power plants on rooftops of affiliated stores and a logistics center. The total size of 2021-12-01
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  S. Korea finishes construction of mega smart farm complex in rice belt SEOUL -- South Korea has finished the construction of a mega smart farm complex that is about the size of 30 football fields in a rural area. The complex of smart farm facilities is designed to become an incubator for automated agricultural technologies and smart farm-related startups. A smart farm is basically an automated greenhouse that offers the best environment for crops. The temperature and humidity of farms are controlled automatically while operating solutions notify farme 2021-11-29
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  Cleanwrap makes foray into South Korea's rapidly growing pet product market SEOUL -- Cleanwrap, a kitchen wrap maker in South Korea, made a foray into rapidly-growing South Korea's pet industry market by opening a one-stop pet care store. The store has a cafe where customers can use with their pets, a pet beauty salon, a pet academy, and a pet hotel. Cleanwrap teamed up with pet product brand Howlpot to open the "Howlpot Care Club" in Hannam, a district near the center of Seoul on November 26. "This pet care center is the first step for u 2021-11-26
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  ​SK On starts demonstration of easy EV battery diagnosis service SEOUL -- SK On, the battery-making subsidiary of SK Innovation, has partnered with Soft Berry, a domestic eco-friendly vehicle technology company, to demonstrate a battery diagnosis service for electric vehicle charging information app users. The service will use artificial intelligence to check the status of batteries in real-time. The management of electric vehicle batteries has become one of the most important chores which an EV driver has to carry out to keep his or her eco-fri 2021-11-26
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  Kakao partners with domestic digital card service operator to beef up digital wallet service SEOUL -- South Korea's web service Kakao has partnered with Moca System, a domestic digital card service company, to create office environments that do not need employee identification cards or any other kinds of plastic cards for authentication. Kakao will upgrade the areas of service and the capability of its existing digital card wallet service. Kakao released a digital wallet service in December 2020 to help users verify their identity and carry digitally issued national ce 2021-11-25
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  Hanwha Solutions seeks new business model thru investment in U.S. startup Lancium SEOUL -- Hanwha Solutions, a renewable energy service provider affiliated with South Korea's Hanwha Group, will accelerate its transition to an IT-based future energy provider by acquiring a stake in Lancium Technologies, an American startup specializing in power management in data centers. Hanwha Solutions signed a contract to invest $100 million in Lancium. Without disclosing the size of its stake, Hanwha Solutions said it would participate in management in Lancium by securi 2021-11-25
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  U.S classification society ABS to enact regulations on offshore green hydrogen plants SEOUL -- A U.S. classification society joined hands with South Korea's Hyundai shipbuilding group to establish guidelines for the design of offshore green hydrogen plants. Green hydrogen is produced from water using renewable power. Hyundai Heavy Industries will develop an electrolysis plant that produces green hydrogen from seawater using electricity generated by floating wind turbines. The American Bureau of Shipping (ABS) will enact regulations such as risk assessment, mate 2021-11-24
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  Hyundai E&C jumps into SMR market in cooperation with U.S. reactor maker Holtec SEOUL -- Hyundai E&C, a major builder in South Korea, jumped into the small modular reactor market in cooperation with Holtec International, a U.S. company specializing in the design and manufacture of parts for nuclear reactors. Under a teaming agreement, Hyundai E&C and Holtec would jointly develop a commercialization model, promote joint projects and participate in marketing and bidding together. Small modular reactors (SMRs) allow for less on-site construction, increa 2021-11-24
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  DL E&C develops twist design for apartments with abundant views and lighting SEOUL -- Twisting or spiraling towers adorn various urban skylines. They progressively rotate floor plates, with each plate similarly shaped and turned on a shared axis. Twisted tall buildings are achievable thanks to advances in materials, engineering and architectural software that enable aerodynamic, energy-efficient and esthetic designs. Twisted skyscrapers are rare in South Korea. There have been no actual cases of construction in domestic residential buildings due to strict 2021-11-24
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  Fresheasy absorbs diet therapy company to grow big in domestic meal kit market SEOUL -- South Korea's top meal kit maker Fresheasy has merged with a diet therapy company to expand its presence in the rapidly-growing ready-to-eat packaged meal market, which is projected to stand at five trillion won ($4.2 billion) in 2022. Home meal replacement (HMR) products, also known as meal kits, are convenient heat-and-eat food packages designed for quick and easy consumption. Meal kits are favored by young working people and single households who do not feel the nee 2021-11-24
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  Taylor selected as site for Samsung's new chip fabrication plant in US SEOUL -- Samsung Electronics selected the city of Taylor, Texas, as the site for its new chip fabrication plant in the United States, with an estimated injection of $17 billion to help boost the production of advanced logic solutions. Construction begins in the first half of 2022 for commercial operation in the second half of 2024. The new facility will manufacture products based on advanced process technologies for application in areas such as mobile, 5G, high-performance comput 2021-11-24
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  SKC sets up joint venture with two domestic firms to produce biodegradable PBAT SEOUL -- SKC, a leading polyester film and chemical material manufacturer in South Korea, will set up a joint venture with two domestic companies to produce polybutylene adipate terephthalate (PBAT), a biodegradable random copolymer marketed as a fully biodegradable alternative to low-density polyethylene. The joint venture tentatively named "Ecovance" will build a plant capable of producing 70,000 tons of high-strength PBAT annually from 2023, using nanocellulose extrac 2021-11-23