Economy

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  S. Korean herbicide makes foray into Malaysia targeting oil palm farms SEOUL -- Widex, a weed-killer product developed by Farm Hannong, a herbicide and fertilizer company in South Korea, has been registered as a herbicide product in Malaysia. The Southeast Asian country is the world's second-largest palm oil producer Widex will be used to control weeds without causing any damage to humans and animals. Widex contains 70 percent of Terrad'or, herbicide material used to inhibit chlorophyll formation in weeds and generates active oxygen to destroy 2022-08-09
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  POSCO works with Britain's Primetals to design test furnace for eco-friendly steelmaking SEOUL -- South Korea's steel group POSCO tied up with Primetals, a London-based plant construction company, to design and build a test facility for eco-friendly steel production using hydrogen. POSCO's method called "HyREX" uses 100 percent of hydrogen and generates no carbon. HyREX is more cost-efficient than the method adopted by European steelmakers that put iron ore processed in the form of beads and add heated hydrogen from the bottom. As hydrogen and oxygen 2022-08-04
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  Constru's computer vision technology used for DL E&C's AI field management solution SEOUL -- In cooperation with Constru, a computer vision and AI company in Israel, DL E&C, a builder in South Korea, has introduced a field management solution using AI-based computer vision technology and 360-degree cameras to improve the quality of construction sites and maximize the efficiency of process status management. Constru's computer vision technology offers verifiably accurate project status for early defect detection and optimized scheduling. DL E&C would app 2022-08-04
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  GS Caltex partners with Nestle to upcycle plastic coffee capsules into composite resins SEOUL -- GS Caltex, a major refiner in South Korea, partnered with Swiss multinational food and drink giant Nestle to create eco-friendly composite resins by upcycling plastic coffee capsules. Upcycled resins can be used as raw materials for various products such as automotive interior and exterior parts and home appliances. As part of a project to reduce carbon emissions, GS Caltex will process and produce plastic capsules sold by Dolce Gusto, a coffee capsule brand owned by Nestl 2022-08-04
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  Overseas sales of homemade craft beer from S. Korea up due to growing popularity SEOUL -- The operator of South Korea's convenience store franchise GS25 jacked up its sales target abroad with homemade craft beer thanks to their rising popularity. GS25's beer is now available in 13 countries including Germany, France, Switzerland and Australia. According to the Korea Craft Brewers Association, the domestic craft beer market was valued at 118 billion won ($90 million) in 2020, up 47.5 percent from a year earlier. Exports of GS Retail's beer soared fro 2022-08-03
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  Doosan Enerbility clinches $641 million order to build desalination plant in Saudi Arabia SEOUL -- Doosan Enerbility, a key player in South Korea's power industry, has clinched an order worth 840 billion won ($641 million) to build a seawater desalination plant capable of producing 600,000 tons of water a day in Saudi Arabia. Doosan Enerbility said it has won an order from a special purpose company established by ACWA Power, a Riyadh-based developer of power generation and desalinated water production plants, to build a reverse osmosis facility in Shoaiba south of 2022-08-03
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  Petronas joins hands with S. Korean companies to push for cross-border CCS project SEOUL -- Petronas, a Malaysian state oil and gas company, joined hands with six South Korean companies to push for a cross-border project that will store captured carbon dioxide near an oil block off the northwest coast of Borneo. Malaysia was seen as the best location considering its carbon storage capacity and geographical accessibility. The Shepherd CCS project is aimed at securing stable overseas carbon storage space, SK energy, an oil refining company in South Korea, said, addi 2022-08-03
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  ​Hyundai Motor's fuel cell truck secures new clients in Germany SEOUL -- A fuel cell truck developed by South Korea's Hyundai auto group is gaining popularity in overseas markets by securing new customers in Germany following the first shipment of its modified Xcient model to Switzerland two years ago. The group aims to secure more clients in other European countries. Hyundai has modified its Xcient truck to produce a fuel cell model capable of delivering a travel range of about 400 kilometers (248 miles) on a single charge. The group starte 2022-08-02
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  POSCO pushes for low-carbon HBI production with Brazilian partner Vale SEOUL -- South Korea's steel group, POSCO, will push for the production of low-carbon hot briquetted irons in cooperation with its long-term partner, Vale S.A., a major iron ore miner in Brazil. By the end of 2022, they would complete basic reviews such as location, size, production method, and economic viability. The hot briquetted iron (HBI) is a compacted form of direct reduced iron produced from the direct reduction of iron ore into metallic iron by a reducing gas or eleme 2022-08-02
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  POSCO E&C uses waste plastic and steel slag to develop recyclable, efficient mold SEOUL -- POSCO Engineering & Construction, a construction arm of South Korea's top steelmaker POSCO, has developed a recyclable eco-friendly concrete mold using waste plastic and steel slag. It is thinner, lighter and more durable, and more efficient than conventional wood plywood molds. POSCO E&C said it has worked with Iomtek, an in-house venture that manufactures products with better quality and higher environmental value beyond recycling wasted resources. Iomtek cre 2022-08-02
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  CJ Cheil Jedang expands amino acid production facilities in Brazil SEOUL -- CJ Cheil Jedang will expand its amino acid production facility in Brazil. Amino acids are used for a variety of applications mainly as additives to animal feed. The food industry is also a major consumer of amino acids -- glutamic acid used as a flavor enhancer and aspartame as a low-calorie artificial sweetener. CJ Cheil Jedang's plant in Piracicaba in Southeastern Brazil produces lysine, an essential amino acid for animals' rapid growth. The plant also produces tr 2022-08-02
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  Popularity of S. Korean fire noodles never fades with accumulated sales of over 4 billion packs SEOUL -- The popularity of "Hot Chicken Flavor Ramen," one of South Korea's extremely spicy instant noodle brands, also known as fire noodle, is not fading almost ten years after overseas shipments began in 2012. Rather, it is steadily expanding global sales year after year. More than four billion packs of "Hot Chicken Flavor Ramen" created by Samyang Foods, a food company in South Korea, have been sold as of 2022 since the instant noodle known for its unfo 2022-08-01
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  Hyundai Oilbank partners with Lotte Confectionery to use food byproducts for biodiesel production SEOUL -- As part of its campaign to build a white bio ecosystem of one million tons per year by 2030, Hyundai Oilbank, a petroleum and refining company affiliated with South Korea's Hyundai shipbuilding group, will produce biodiesel using by-products generated in the process of manufacturing and distributing food products. Hyundai Oilbank said it has forged a strategic partnership with Lotte Confectionery with plants at home and abroad. The refiner will build a next-generation b 2022-08-01
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  S. Korean mobile secondhand trading platform offers close vicinity part-time job-seeking service SEOUL -- Having a job located right next to the home is any worker's dream. South Korea's popular mobile secondhand platform operator Danggeun Market is fulfilling the dream of every job seeker with a part-time job-seeking service that will provide information about nearby businesses within a radius of about 700 meters (0.4 miles). According to Seoul City, an average Seoulite spends some 110 minutes commuting. About 30 percent of people who moved their homes in 2020 are loc 2022-08-01
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  DL Chemical to build world's biggest polyisoprene latex plant in southwestern Singapore SEOUL -- Cariflex, a synthetic rubber material wing of South Korea's petrochemical company DL Chemical, will build the world's biggest polyisoprene latex plant in Singapore. Polyisoprene latex will be used to produce surgical gloves and condoms. Polyisoprene latex is a synthetic, water-based polymer latex used in various sectors including the medical and contraceptive market. Its demand in the contraceptive market is high to prevent unintended pregnancies and sexually trans 2022-07-28
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  POSCO and Indonesian partner agree to double production capacity of joint venture steel plant SEOUL -- South Korea's steel group POSCO and its Indonesian partner, PT Krakatau Steel, will double the annual production capacity of their joint venture steel plant in the Southeast Asian country to six million tons with a joint injection of $3.5 billion for five years. They will also cooperate and participate in the construction of Indonesia's new capital. A memorandum of understanding was signed by POSCO and the Indonesian state-run company on July 28 in Seoul in a cerem 2022-07-28
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  LG Chem and GS Caltex to develop 1,4-BDO organic compound for white biotechnology partnership SEOUL -- LG Chem will work with GS Caltex, a major refiner in South Korea, to develop technology on 1,4-Butanediol, an organic compound used as a solvent and in the manufacture of some types of plastics, elastic fibers and polyurethanes, as part of their cooperation in the white biotechnology industry that focuses on the creation and distribution of biodegradable bioplastics. 1,4-Butanediol (1,4-BDO) is a highly versatile intermediate capable of undergoing a number of types of ch 2022-07-28
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  Hanwha Impact partners with specialty gas manufacturer to produce clean hydrogen using ammonia SEOUL -- Hanwha Impact, a unit of South Korea's Hanwha Group, will produce hydrogen through ammonia cracking in collaboration with Wonik Materials, a domestic specialty gas manufacturer with technologies for designing an ammonia cracking system. Ammonia is produced through a chemical reaction between hydrogen and nitrogen at high pressure and temperatures. Ammonia cracking is the process of decomposing ammonia into hydrogen and nitrogen over a catalyst to increase the range of 2022-07-27
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  GM to expand EV battery business with LG Chem's battery raw materials SEOUL -- General Motors will expand its electric vehicle battery business through a long-term supply of cathode active materials from the mother company of its South Korean partner, LG Energy Solution, for use at their joint venture plant in the United States. Cathode active materials that consist of components such as nickel and lithium determine the capacity and voltage of batteries. LG Chem signed a long-term supply agreement with GM to supply more than 950,000 tons of cathode 2022-07-27
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  SK ecoplant launches joint study to produce biohydrogen through organic waste fermentation SEOUL -- Biohydrogen is a biologically produced clean fuel and can be readily produced from certain kinds of biomass. Steam reforming of natural gas, referred to as steam methane reforming, is the most common method of producing bulk hydrogen for commercial applications. The traditional method first produces methane gas and then goes through reforming that requires heat energy of more than 1,000 degrees Celsius. SK ecoplant, a major waste management company affiliated with South K 2022-07-27