Economy

• 
  LG Electronics works with University of Toronto to develop AI algorithms for autonomous vehicles SEOUL -- LG Electronics, a major home appliance and smartphone maker in South Korea, will work with the University of Toronto to form a consortium for the development of artificial intelligence algorithms for autonomous vehicles that can recognize objects more accurately. LG Electronics said the project to develop AI algorithms was selected by the Ontario government as Research Excellence to receive three billion won ($2.6 million) for five years. The company opene 2021-07-22
• 
  Researchers develop laser-hybrid welding method for high manganese steel LNG fuel tanks SEOUL -- South Korean researchers have developed a new laser-hybrid welding method that can drastically reduce time to manufacture high manganese steel fuel tanks for liquefied natural gas carriers. The new method combines laser light and an electrical arc into an amalgamated welding process. The state-run Korea Institute of Machinery & Materials (KIMM) said its research team has teamed up with Daewoo Shipbuilding & Marine Engineering (DSME), a major domest 2021-07-22
• 
  State researchers develop eco-friendly automated bearing cleaning system SEOUL -- A state railway research institute has developed an eco-friendly automated cleaning system for bearings used in trains. The new system will reduce the time required for maintenance. Bearings are ring-shaped machine parts that are used to reduce friction and allow smoother rotation in moving parts such as a vehicle's engine and wheels. Used bearings are covered in the gunk of grease and microscopic metal shards that have fallen off from moving parts. Be 2021-07-22
• 
  LG Electronics to replace all fuel-based vehicles with green energy-based cars by 2030 SEOUL -- Through a step-by-step process, business vehicles rented or owned by LG Electronics will be replaced with green energy-based cars that use electricity or hydrogen as their main power source. The plan is part of the South Korean tech giant's big picture to go completely green by 2050. According to LG's sustainability report released on July 21, the company will replace up to 90 percent of its internal combustion vehicles with zero-carbon c 2021-07-21
• 
  Australian mine-to-metal firm partners with S. Korean consortium to create $250mln fund for rare earths project SEOUL -- Australia's critical metal producer Australian Strategic Materials has partnered with a consortium of three South Korean private equity firms to create a $250 million fund for a rare earth and critical metal project. The investment will help South Korean industries gain a stable supply chain for main materials used in the production of electric vehicles and defense instruments. Rare earths are used in the creation of neodymium-iron-boron (NdFeB) perman 2021-07-21
• 
  State approval given to demonstrate urban hydrogen-electric tram in S. Korean city SEOUL -- An urban hydrogen-electric tram developed by Hyundai Rotem, a train-making subsidiary of South Korea's Hyundai auto group, will be tested in the southeastern industrial port city of Ulsan in 2023 as part of a state program to commercialize hydrogen-powered trains. Hydrogen fuel cell modules for automobiles will be modified to suit trams. The Ulsan city government said it has secured final approval from the Ministry of Trade, Industry and Energ 2021-07-21
• 
  Seoul adopts ordinance to allow first commercial operation of autonomous shuttle SEOUL -- Through a newly-adopted ordinance, Seoul has opened new roads for the first commercial operation of autonomous shuttles and taxis in a designated area. Autonomous shuttle services have been demonstrated in various cities in South Korea. Commuters think self-driving mini van-type vehicles are convenient as they can carry passengers from residential areas to nearby subway stations. The ordinance for the commercial operation of autonomous vehic 2021-07-20
• 
  U.S. SMR company NuScale secures additional $60 mln from Doosan and S. Korean investors SEOUL -- Doosan Heavy Industries & Construction, a key contractor in South Korea's nuclear power industry, and partners have invested an additional $60 million in NuScale Power, an American small modular reactor company, and agreed to expand cooperation to the field of hydrogen production and desalination. Doosan Heavy and South Korean investors made a $44 million equity investment in NuScale in 2019. Doosan Heavy wou 2021-07-20
• 
  U.S. company Group14 to set up silicon-carbon anode material joint venture with SK Materials SEOUL -- Group14 Technologies, an American developer of silicon-carbon anode materials for lithium-ion batteries, will set up a joint venture with SK Materials. The partnership is part of an aggressive strategy by South Korea's third-largest conglomerate SK Group to strengthen its competitive edge in global markets for electric vehicle batteries. With an injection of 60.4 billion won ($52.4 million), SK Materials will control 75 percent of the joint ven 2021-07-20
• 
  U.S. bio company Speragen partners with GC Pharma to develop enzyme replacement therapy for rare disease SEOUL -- GC Pharma, a biopharmaceutical company in South Korea, tied up with Speragen, a bio company in the United States, to develop enzyme replacement therapy for a rare disease called "succinic semialdehyde dehydrogenase deficiency (SSADHD). They aim to embark on clinical trials in the second half of 2023. SSADHD is a rare autosomal recessive disorder caused by an enzyme deficiency in GABA degradation. Symptoms include hypotonia and intellectual disab 2021-07-20
• 
  Hyundai auto group demonstrates urban delivery service using electric trucks SEOUL -- Through a three-month demonstration, Hyundai auto group will make a foray into South Korea's urban delivery service industry using one-ton electric trucks. Fresh goods ordered at Hyundai Department Store, a major department store franchise, will be transported by trucks based on a cold chain logistics network. A cold chain is designed for the safe delivery of perishable products including meats, vegetables, and ready-to-eat meal packs. The del 2021-07-19
• 
  Doosan Heavy joins hands with POSCO to develop ammonia gas turbine technology SEOUL -- Doosan Heavy Industries & Construction, a key player in South Korea's power industry, joined hands with POSCO to develop power generation technologies that break ammonia into hydrogen and nitrogen gas through a cracker and burn them to operate a gas turbine. POSCO and the Research Institute of Industrial Science & Technology (RIST) would develop an ammonia cracker. Doosan Heavy will develop a gas turbine and a combustor that burns decomposed hy 2021-07-19
• 
  Samsung shipyard's offshore wind turbine floater wins DNV's basic design certification SEOUL -- The basic design of an offshore wind turbine floater developed by Samsung Heavy Industries, a major shipbuilder in South Korea, has obtained certification from DNV, an international accredited registrar and classification society. The floater is a large structure supporting wind power generation facilities, which are similar in design to semi-submersible crude oil production facilities. Samsung Heavy Industries (SHI) said its model call 2021-07-19
• 
  Researchers discover efficient method to obtain high-quality graphene SEOUL -- Researchers have discovered an efficient method to obtain high-quality graphene sheets from mass-producible graphene oxide at relatively low temperatures. They hope the method will accelerate the commercialization of energy production and storage as well as transparent displays. It can be applied to the graphitization of various polymers. Graphene is a crystalline allotrope of carbon with two-dimensional properties. The single, thin layer of graphite is a 2021-07-16
• 
  Mesh-type open cast receives high patient satisfaction: survey SEOUL -- Patients wearing a new type of cast that is shaped like a fishnet have higher satisfaction than wearing an old-fashioned cast made of plaster or other composite materials including carbon fiber or metal, a survey showed. The new cast is light and waterproof. Casts are used to firmly hold the limbs or other body parts to minimize movements. Traditional casts use plaster or other hard materials to wrap body parts like a bandage. While wounds heal, the skin 2021-07-15
• 
  Travel and leisure platform Yanolja secures $1.7 bln from Softbank Vision Fund SEOUL -- Yanolja, a leading travel and leisure platform in South Korea, has secured a $1.7 billion investment from Softbank, a Tokyo-based holding group that runs Vision Fund, the world's largest technology fund, demonstrating its potential to lead the digital transformation of the global travel and hospitality industry. Yanolja said it has completed a $1.7 billion investment round by SoftBank Vision Fund 2 that would be used to invest in the development o 2021-07-15
• 
  [INTERVIEW] Catack-H shows confidence in technology to recycle carbon fiber reinforced polymer SEOUL -- Catack-H, a carbon fiber composite recycling start-up based in South Korea, showed confidence in its matchless technology, saying it would bulk up its production capacity with plenty of money from investors to become a leading player in global markets through a "quantum jump" in performance and revenue. The company's self-confidence is based on the prediction that strict environmental regulations would spur demands for environmental, 2021-07-15
• 
  S. Korea forms consultative group to promote development of green ammonia technology SEOUL -- South Korea has formed a consultative group to promote the development of green ammonia technologies. The group will research and develop the production, transport, extraction and utilization of green ammonia that does not emit any greenhouse gases during production. Because hydrogen has a very low volumetric energy density, transporting hydrogen in gas or liquid forms is not very efficient. Hydrogen is extremely flammable when it is mixed with very small 2021-07-15
• 
  S. Korea pushes for localization of technology on ultrapure water production SEOUL -- In an effort to reduce its dependence on foreign products especially from Japan, South Korea will push for the localization of technology on the production of ultrapure water, which is commonly used in the semiconductor industry. The Ministry of Environment tied up with K-Water, a state water resource development and management agency, and the state-funded Korea Environmental Industry & Technology Institute (KEITI) to develop tec 2021-07-14
• 
  Retail giant Shinsegae to start overnight beauty product delivery service SEOUL -- The online shopping wing of South Korea's retail giant Shinsegae will start an overnight delivery service for beauty products. The quick-delivery service targets female consumers in their 30s. Customers can have their purchased items delivered to their doorsteps early in the morning if their online order was made before midnight. Various forms of overnight delivery services are popular in South Korea due to a coronavirus pandemic. SSG.com, Shinsegae 2021-07-14