Economy

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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
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  Samsung Engineering wins deal from Aramco to build Jafura gas treatment facility SEOUL -- Samsung Engineering, a construction and project management company in South Korea, has clinched a deal from Saudi Aramco to build a gas treatment facility in the package one development of the Jafura unconventional gas field in the Middle East country. Financial and other terms were not given. Samsung Engineering said in a regulatory filing on November 23 that the company has signed a contract on Jafura's gas processing package one project. The deal covers engineerin 2021-11-23
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  ​KT partners with state gas company to develop carbon-free cooling system for data centers SEOUL -- South Korea's top telecom company KT has partnered with a state gas company to develop a carbon-free cooling system that uses the cold energy from liquefied natural gas to cool internet data centers. The solution will help reduce operational costs as well as carbon emissions. An internet data center (IDC) filled with server computers needs a huge cooling system, with its room temperature kept at about 19 degrees Celsius (66.2 degrees Fahrenheit) using air conditioners. 2021-11-22
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  Construction of S. Korea's largest cold chain logistics center to begin in Songdo in 2022 SEOUL -- Construction of South Korea's largest cryogenic cold chain logistics center will begin in the first half of 2022 in Songdo, an international business district built on reclaimed land in the western port city of Incheon. Investors aim to nurture the center as an Asian cold chain hub targeting China and Southeast Asia. A consortium led by EMP Belstar, an operator of cold chain logistics based in New York, would invest some 521.8 billion won ($440 million) by 2024 to bu 2021-11-22
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  7-Eleven starts autonomous robot delivery service in Seoul SEOUL -- The South Korean operator of 7-Eleven convenience stores has started the test operation of an autonomous delivery robot in southern Seoul. The robot uses cameras instead of a GPS system to navigate in urban environments even in hard weather conditions such as rain and snow. Various autonomous robots are being tested in South Korea with a food and grocery delivery market estimated to stand at 23 trillion won ($19.3 billion) to reduce labor costs. Some robots are able to com 2021-11-22
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  Dutch firm ASML concludes deal to create lithography cluster in S. Korea SEOUL -- As a supplier of crucial equipment for the production of high-performance microchips, ASML Holding, a Dutch manufacturer of chip-making equipment, signed a deal to create a lithography cluster in South Korea by investing 240 billion won ($202 million) by 2024. ASML has provided extreme ultraviolet and deep ultraviolet lithography systems to South Korean semiconductor companies. Silicon-based round disks called "wafers" are coated with a light-sensitive substance 2021-11-19
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  French startup Ynsect works with Lotte subsidiary to develop alternative protein sources with edible insects SEOUL -- French startup Ynsect partnered with a food research center of South Korea's retail giant Lotte to carry out joint research for the development of alternative protein sources with edible insects which are emerging as sustainable food with abundant nutrients including protein and minerals. Edible insect species generate less environmental pollution than breeding cows and pigs. They are processed in food products such as snacks and bakery products after being raised as li 2021-11-19