Economy

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  Seoul to promote urban green energy harvesting with subsidies This image shows a building with a building-integrated photovoltaics (BIPV) system installed onto its wall. SEOUL -- Seoul will subsidize the utilization of building-integrated photovoltaics (BIPVs), a solar panel system that is integrated onto walls of a building from its construction stage, in an effort to reduce greenhouse gas emissions and promote urban green energy harvesting. BIPV exists in many forms including semi-transparent window glasses with bui 2021-02-25
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  SK Group and Plug Power aim to produce fuel cells in 2023 thru joint venture SEOUL -- A joint venture to be set up by South Korea's third-largest conglomerate SK Group and Plug Power aims to build a production base by 2023 and supply fuel cells and hydroelectric facilities to South Korea and other Asian countries. Plug Power is an American company that provides comprehensive hydrogen fuel cell turnkey solutions and operates a hydrogen highway across North America. In an online ceremony on February 25, the group's holding compa 2021-02-25
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  Convenience store's lunchbox app service popular among middle-aged consumers SEOUL -- A lunchbox reservation app service provided by 7-Eleven, a convenience store franchise, garnered popularity among consumers in their 40s. The app helps consumers pick and reserve ready-to-eat lunchbox menus before they are sold out. Customers can pick up reserved menus at nearby stores. Convenience store lunchbox menus that range from Bibimbap, a traditional Korean rice dish with pre-cooked herbs and meat, to western menus such as salads and clubhouse 2021-02-25
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  SK hynix buys EUV scanners from Dutch firm to upgrade chip production SEOUL -- ASML Holding N.V., a Dutch manufacturer of chip-making equipment, will provide extreme ultraviolet light scanners under a five-year contract worth 4.75 trillion won ($4.29 billion) with SK hynix, the second-largest memory chip producer in South Korea. Scanners will be delivered by the end of December 2025. Silicon-based round disks called "wafers" are coated with a light-sensitive substance and enter a scanner in which a laser light source 2021-02-25
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  Doosan Robotics works with university hospital to develop surgical robots SEOUL -- Doosan Robotics, a collaborative robot manufacturer in South Korea, partnered with a university hospital to develop medical robots capable of carrying out rehabilitation and surgery. Robotic surgery has been rapidly adopted by hospitals in the United States and Europe, but it has not been used actively by South Korean hospitals. Doosan Robotics said it signed a memorandum of understanding with Severance Hospital in Seoul to select priorities in a robot sol 2021-02-24
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  S. Korea launches integrated health information management app SEOUL -- South Korea has launched an integrated smartphone app that will work as a health information management tool. The app is capable of integrating and managing information issued by different administrative sectors. Users can share their health information with third-parties including hospitals through a simple process. The Ministry of Trade, Industry and Energy said in a statement on February 24 that "My Health Record," the integrated health inform 2021-02-24
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  ​S. Korea's first commercial drone delivery service launched in Busan Port SEOUL -- South Korea's first commercial drone delivery service began in the southern port city of Busan to carry lightweight parcels from docks to ships. For a short-distance service, drones were allowed to carry SIM cards, documents, hygiene products and necessities to a ship anchored about two kilometers (1.24 miles) away. This is the first time that a business license has been issued for commercial drone delivery in South Korea, according to the 2021-02-24
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  LG Electronics diversifies business scope further into smart TV platform market SEOUL -- LG Electronics, known for premium OLED TVs, diversified its business scope further into a platform market by providing its software for smart TVs to rival TV brands in the global market, saying it would disrupt "the status quo" in an industry known for proprietary operating systems across different manufacturers. As an integral component of its home entertainment ecosystem, LG's software platform, webOS, has delivered easy use for 2021-02-24
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  Auros makes successful debut with original technology in semiconductor overlay measurement equipment SEOUL -- Auros Technology, a provider of semiconductor metrology and inspection systems in South Korea, made its successful stock market debut, becoming one of the most popular shares on the first day of its initial public offering in KOSDAQ, the South Korean version of the U.S stock market NASDAQ. Auros, which ​specializes in overlay measurement equipment, showed a steep rise from the public offering price of 21,000 won to trade at the daily limit of 5 2021-02-24
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  Hyundai department store chain ready to open nature-friendly future department store SEOUL -- Hyundai Department Store, a major department store chain, has built South Korea's first nature-friendly future department store that applied the concept of healing through shopping to provide new shopping experiences to customers. It features nature-friendly interior and space as well as a safe shopping environment to prevent COVID-19 infection. The Hyundai Seoul will open on February 26 in Yeouido, an island finance and investme 2021-02-23
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  LG Display unveils oxide thin-film transistor for large digital X-ray detectors SEOUL -- LG Display, a major flat panel maker in South Korea, jumped into a new market for medical imaging with an oxide thin-film transistor for large digital X-ray detectors that can implement high-definition images and high-speed videos for diagnosis and surgery. The company aims to actively tap overseas markets, saying the new product can perform well on low-power mobile and portable X-rays used by COVID-19 screening centers. An oxide thin-film transistor (TFT) 2021-02-23
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  U.S. unmanned store solution company to receive investment from SK Networks SEOUL -- Standard Cognition, an American unmanned store solution startup, will receive $25 million from SK Networks, a trading and retail arm of South Korea's third-largest conglomerate SK Group. The unmanned store solution utilizes artificial intelligence to provide quick and convenient transaction service. SK Networks said in a statement on February 23 that the company will invest $25 million in Standard Cognition in Series C funding. The Americ 2021-02-23
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  GS25 partners with outdoor apparel maker to recycle used plastic bottles into clothing SEOUL -- South Korea's major convenience store franchise GS25 has partnered with Black Yak, an outdoor apparel company, to recycle used plastic bottles into clothing. They will co-develop and sell products through offline and online stores. Polyethylene terephthalate (PET) is widely used to create plastic bottles and containers. Bottles can be collected and recycled into various products. GS Retail, the operator of GS25, said in a statement on February 22 2021-02-22
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  SKT partners with state power company to use renewable energy for 5G control towers SEOUL -- SK Telecom, a unit of South Korea's SK Group, has partnered with KEPCO, a state company, to use renewable energy for 5G communication control towers. The partnership is part of the group's campaign to achieve zero emissions by 2050. SK Telecom (SKT) and KEPCO signed an agreement to use 44.6-gigawatt hours of renewable energy annually for two ICT Infracenters in Seoul and Seongnam, a southeastern satellite city. KEPCO will issue a certificate that v 2021-02-22
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  Medytox acquires 16.7% stake in Daewoong's U.S. partner for ending legal battle SEOUL -- Medytox, a major botulinum toxin (botox) producer in South Korea, has acquired a 16.7 percent stake in Evolus, the U.S. partner of Daewoong Pharmaceutical, as part of a deal to end a protracted legal battle and rescind a U.S. trade panel's decision in December 2020 to order a 21-month ban on Daewoong's products in the American market. Medytox said in a regulatory filing on February 22 that the company and its U.S. partner, AbbVie, purchased a 2021-02-22
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  KCC unveils diversified lineup of bio-paint capable of curbing virus spread SEOUL -- KCC, a top provider of construction materials and paints, has unveiled a diversified lineup of its functional bio-paint that can prevent the spread of infectious diseases caused by pathogenic viruses and microorganisms. KCC released the first model of its functional paint with anti-virus, antibacterial, and anti-fungus performance in December 2020, saying it can eradicate more than 99 percent of viruses within six hours. It is an eco-friendly product that 2021-02-19
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  Syringes for COVID-19 vaccines added to list of 'K-quarantine' technologies President Moon Jae-in inspects a special syringe for COVID-19 vaccination during his trip to a Poonglim Pharmatech plant in Gunsan on February 18. SEOUL -- A home-made special syringe for COVID-19 vaccination has been added to a list of innovative "K-quarantine" technologies that have been benchmarked by many countries. K-quarantine refers to various anti-epidemic products developed by South Korea to combat COVID-19, such as diagnostic devices and a drive- 2021-02-19
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  Hanwha Systems releases intelligent module for thermal imaging cameras SEOUL -- Hanwha Systems, a key defense contractor in South Korea, will release an intelligent thermal imaging engine module called "Quantum Red" that strengthened temperature measurement functions. The company thinks the new module will increase the reliability of thermal imaging cameras for detecting human heat and can be applied to night vision sensors for self-driving technologies. Quantum Red consists of an optical meter, a detector and a 2021-02-18
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  LG Innotek's new investment in optical solution business receives positive market response SEOUL -- A new investment disclosed by LG Innotek, the electric component unit of South Korea's LG Group, to strengthen the competitiveness of its optical solution business has received a positive response from market watchers. The company has produced high-end products such as 3-D camera sensors to meet the global demand for special sensors for smartphones and smart devices. LG Innotek said in a regulatory filing on February 17 that it has earmarked 2021-02-18
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  Hansol develops eco-friendly paper packaging material by recycling cacao bean waste SEOUL -- Hansol, a major paper company in South Korea, has developed an eco-friendly paper packaging material by recycling the by-product of cacao beans, which are discarded after being used as chocolate ingredients, in cooperation with Lotte Confectionary. The packaging material will be used for wrapping chocolate products. Hansol said in a statement on February 17 that it has processed cacao bean waste into powder and mixed them with recycled pulp to 2021-02-17