Economy

• 
  LIG Nex1 ties up with Finland's ICEYE to cooperate in satellite business SEOUL -- LIG Nex1, a defense contractor in South Korea, tied up with ICEYE, a Finnish microsatellite manufacturer, to push for cooperation in satellite business in the emerging commercial space industry. Under a memorandum of understanding signed at the Farnborough International Airshow, a trade exhibition in England, LIG Nex1 and ICEYE would cooperate in microsatellites, video utilization and services, and the exchange of technology. Through cooperation with ICEYE, LIG Nex1 aim 2022-07-25
• 
  Lotte Chemical and Japan's Itochu agree to secure stable supply of hydrogen and ammonia SEOUL -- Lotte Chemical, a major chemical company in South Korea, forged a comprehensive business agreement with Itochu Corporation, a trading company in Japan, to secure stability in the supply of hydrogen and ammonia in East Asia. Ammonia is considered an important part of a sustainable hydrogen ecosystem. Under a memorandum of understanding, the two companies agreed to cooperate in ammonia trading, the utilization of ammonia infrastructure, the development of hydrogen and ammonia 2022-07-22
• 
  Researchers propose eco-friendly fusion method to reduce energy in desalination SEOUL -- Desalination removes salts from water, creating a by-product of toxic brine that can degrade coastal and marine ecosystems unless treated. Brine production and high-energy consumption are the downsides of desalination, and certain compounds like copper and chloride used in pre-treatment can be toxic. The United Nations Environment Program (UNEP) has warned that the disposal of toxic brine is costly and associated with negative environmental impacts. South Korean researc 2022-07-22
• 
  Hanwha Q Cells agrees to acquire 66 percent of Lynqtech in Germany SEOUL -- The renewable energy unit of Hanwha Solutions, a chemical and energy company affiliated with South Korea's Hanwha Group, will acquire a 66 percent stake in Lynqtech, a German cloud-based sales platform for energy service providers. Financial terms were not disclosed. A share purchase agreement was signed between the European branch of Hanwha Q Cells and Lynqtech, a subsidiary of German energy service provider Enercity. Lynqtech offers marketing, communication, business 2022-07-21
• 
  LG Chem wins order to export phenol and acetone made with biomaterials SEOUL -- LG Chem, a chemical unit of South Korea's LG Group, will export two eco-friendly compounds -- phenol and acetone -- that applied biomaterials such as used cooking oil. The products that won international certification will be used to produce high-functional plastics such as polycarbonate. Phenol is an aromatic organic compound used as a raw material for polycarbonate, a group of thermoplastic polymers used to produce vehicle parts. Resins produced from phenol are partia 2022-07-21
• 
  DL E&C jumps into SMR market in cooperation with Canada's Terrestrial Energy SEOUL -- DL E&C, a builder in South Korea, jumped into the small modular reactor market through cooperation with Terrestrial Energy, a Canadian nuclear technology company that is developing a "burner" reactor employing a liquid fuel. Terrestrial Energy's integral molten salt reactor (IMSR) can be used to generate either electricity or industrial steam. DL E&C said it has signed a memorandum of understanding with Terrestrial Energy on the development of small m 2022-07-20
• 
  ​Korea Seven releases smart integrated card with shape of traditional horse pass SEOUL -- Korea Seven, the South Korean operator of global convenience store franchise 7-Eleven, released a new smart integrated card that has the shape of "Mapae," a horse pass issued to public officials when going on an official trip to regional areas during the Joseon dynasty that ruled the Korean peninsula from 1392 to 1897. The Mapae-shaped public transport card can be used for riding buses and subway trains. The rounded horse pass was a certificate mainly carried by 2022-07-20
• 
  LG Uplus makes strategic investment in SAMG animation studio SEOUL -- LG Uplus, a mobile carrier in South Korea, will enhance the competitiveness of its intellectual property business through an unspecified amount of strategic investment in SAMG Entertainment, a domestic animation studio that has garnered the popularity of animation series abroad. LG Uplus (LGU+) said it would launch a kids platform based on SAMG's content, introduce services targeting domestic consumers by the end of 2022, and expand them to smart TV services for glo 2022-07-19
• 
  Food delivery service operator Yogiyo partners with POSTECH to develop last-mile technology SEOUL -- Yogiyo, a popular food delivery service operator in South Korea, has partnered with a state research body to develop last-mile technologies required for autonomous robot delivery services and parcel delivery systems that would reduce the time and operating cost of delivery. List-mile delivery refers to the last leg of a delivery process. For automated food deliveries using service robots on wheels, a last-mile delivery process will include a short trip to destinations from 2022-07-18
• 
  SK E&S to invest $25 million in U.S. turquoise hydrogen company Monolith SEOUL -- SK E&S, an energy company affiliated with South Korea's SK Group, will invest $25 million in Monolith Materials, an American turquoise hydrogen company. The investment is aimed at seeking new business opportunities in the domestic market by combining Monolith's technology with SK E&S' hydrogen business capabilities. Turquoise hydrogen sits somewhat between blue and green hydrogen and uses methane as a feedstock, but the process is driven by heat produc 2022-07-18
• 
  KT partners with CJ ENM to merge OTT platforms to become top player SEOUL -- In an effort to capture South Korea's over-the-top online video streaming market estimated to reach two trillion won ($1.5 billion), the country's biggest telecom operator KT and entertainment giant CJ ENM have forged a partnership to merge their video streaming platforms. South Korea's over-the-top video streaming market was spearheaded by Netflix, the world's most popular OTT service in 2016. Other local platforms have been locked in pursuit of the Amer 2022-07-15
• 
  Researchers develop eco-friendly polymer structure for effective radiative cooling SEOUL -- Passive daytime radiative cooling has been developed to enhance solar reflectivity and emissivity in the long-wavelength infrared region, but sustainable materials for radiative cooling have not been sufficiently investigated. A team of researchers from the state-run Korea Research Institute of Chemical Technology (KRICT), Chung-Ang University in Seoul, and the University of California, Irvine, has developed an eco-friendly polymer structure for effective radiative cooli 2022-07-14
• 
  SK ecoplant works with construction material supplier to recycle waste incineration ash SEOUL -- SK ecoplant, a major waste management company affiliated with South Korea's SK Group, tied up with CMD Group, a domestic construction material supplier, to recycle waste incineration ash as construction materials that can replace cement and natural aggregates for the production of retaining wall blocks and sidewalk blocks. Under a technology development agreement, SK ecoplant will provide incineration ash, while CMD will mix it with concrete to manufacture large wall 2022-07-14
• 
  Samsung Engineering wins $680 million contract for Shell's gas project in Malaysia SEOUL -- Samsung Engineering, a construction and project management company in South Korea, has clinched a $680 million contract from a subsidiary of Britain's oil and gas company Shell for its onshore gas plant in Bintulu, a coastal town in the Malaysian state of Sarawak. Shell's subsidiary, Sarawak Shell Berhad (SSB), carries out the exploration and production of oil and gas on land and at sea. Commercial production at the Marjoram-Rosmari gas development project is to b 2022-07-13
• 
  SK Innovation invests in U.S. bioenergy startup Fulcrum to acquire waste gasification technology SEOUL -- SK Innovation, an intermediate holding company of SK Group, will invest $20 million in Fulcrum Bioenergy, a U.S. waste-to-fuel specialist that converts household garbage into low-carbon transportation fuels, to learn about waste gasification, which is seen as a promising technology in the waste-to-energy market. Waste gasification is a chemical process that can help turn biomass into synthetic gas (syngas) for refinery use or power generation. It will become a relatively 2022-07-13
• 
  7-Eleven demonstrates drone delivery service for vacationers near Seoul SEOUL -- Targeting vacationers who do not wish to leave their pension to shop for groceries, the South Korean operator of 7-Eleven, a convenience store franchise, has launched a pilot project to demonstrate a drone delivery service in a rural resort town northeast of Seoul. Delivery services using drones have been demonstrated in South Korea. The first commercial service made its debut in the southern port city of Busan in 2021 when a local service operator used a drone to carry l 2022-07-13
• 
  [FOCUS] POSCO thinks about battery material exchange to reduce dependence on China SEOUL -- As a solution to secure a stable supply chain of raw materials and check China's superior position in pricing, South Korea's leading steel group POSCO thinks about establishing an international commodity exchange specializing in materials for electric vehicle batteries. A specific plan may come after POSCO completes the review of related systems and laws, although it requires consent from South Korean battery makers and raw material companies, which are strugglin 2022-07-13
• 
  Hanwha Solutions' European unit works with German startup Enviria to push for solar energy projects SEOUL -- Enviria, a solar energy startup in Germany, joined hands with the European unity of Hanwha Solutions, a chemical and energy company affiliated with South Korea's Hanwha Group, to push for 500-megawatt solar energy development projects in the European country. Enviria and Q Energy, the wholly-owned subsidiary of Hanwha Solutions, would jointly develop 38 solar power projects with a size of 2 to 70MW across Germany. The South Korean company said it would utilize Enviria 2022-07-12
• 
  Dae Sun shipyard wins first order to build 22,000-ton luxury cruise ship SEOUL -- South Korean shipyards boast the best shipbuilding technology in the world, especially in the segment of liquefied natural gas carriers, but European competitors are still good in world-class luxury cruise ships and yachts that require a high degree of workforce specialization and sophisticated technologies. Dae Sun Shipbuilding & Engineering, a mid-sized South Korean shipyard that has built coastal car ferries, will build a 22,000-ton luxury cruise ferry on an order fr 2022-07-11
• 
  KT to launch joint venture for instant delivery service for online shopping shows SEOUL -- For the first time, KT Alpha, a commerce wing of South Korea's major telecom company KT, will start an "On-Air Delivery" service, an instant delivery service that can receive orders and deliver products while live online shopping shows are broadcast. The service will be launched through a joint venture with Oasis Market, a domestic overnight delivery platform operator specializing in fresh grocery items. Live commerce is an online shopping content format where 2022-07-11