Economy

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  Hanwha Solutions increases capital for investment in green energy SEOUL -- In an effort to grasp a clear technological lead over Chinese companies, Hanwha Solutions, a unit of South Korea's Hanwha Group, will increase its capital by 1.2 trillion won ($1.09 billion) for investments in solar energy and green hydrogen businesses which have been actively pushed by big companies in South Korea. Hanwha Solutions said in a regulatory filing that the capital increase was endorsed at a board meeting on December 21. The c 2020-12-21
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  Samsung shipyard wins new LNG carrier order from unspecified Oceania client SEOUL -- Samsung Heavy Industries, a major shipbuilder in South Korea, has received a new order worth 408.2 billion won ($371 million) from an unspecified shipper in Oceania to build two tank ships designed for transporting liquefied natural gas. The vessels will be installed with smart ship technology and a re-liquefaction system. Samsung Heavy Industries (SHI) said in a regulatory filing on December 21 that the two LNG carriers would be deli 2020-12-21
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  LG's battery wing inks broad battery business agreement with Indonesia SEOUL -- The battery-making wing of South Korea's LG Group signed a broad business agreement with Indonesia on cooperation in batteries for electric vehicles. LG Energy Solution cautioned against expanded interpretation, saying it is just a non-binding memorandum of understanding on comprehensive cooperation. The memorandum of understanding (MOU) was signed on December 18 in a ceremony attended by Trade, Industry and Energy Minister Sung Yun-mo, 2020-12-18
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  Aekyung partners with Singapore's Shopee to tap Southeast Asian beauty market SEOUL -- South Korea's hygiene and beauty product maker Aekyung joined hands with Shopee, a major shopping service platform based in Singapore, to market products targeting consumers in Southeast Asia. Thanks to K-pop and K-drama which have expanded their cultural influence abroad, South Korean beauty products are popular in Southeast Asia. Aekyung said in a statement on December 18 that it has signed a memorandum of understanding with Shopee to use its plat 2020-12-18
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  Daewoong shares up in domestic market after 21-month ban by U.S. trade panel SEOUL -- A U.S. trade panel ruled in favor of Medytox, a major botulinum toxin (botox) producer in South Korea, and ordered a 21-month ban on products shipped by its domestic rival, Daewoong Pharmaceutical. The ban will take effect following the completion of a 60-day presidential review period. Medytox welcomed the final ruling by the International Trade Commission (ITC), saying Daewoong was found to have stolen trade secrets. However, South Korean stock mar 2020-12-17
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  LG battery maker seals $1.32 bln deal to purchase materials from domestic partner SEOUL -- The battery-making wing of South Korea's LG Group has signed a two-year contract worth 1.45 trillion won ($1.33 billion) to purchase secondary battery materials from a domestic partner. It marked the first major deal since LG Energy Solution was formally launched as an independent entity. L&F said in a regulatory filing on December 16 that it would supply cathode materials for rechargeable batterie to LG Energy Solution's plants at home and 2020-12-17
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  Researchers localize epoxy sealing materials for semiconductor packaging SEOUL -- Researchers have localized core technology for epoxy sealing materials that are used to protect electronic parts, especially semiconductors, from external environmental factors such as heat, moisture and shock. The technology will help South Korean chipmakers to end their dependency on Japanese products. The state-run Korea Evaluation Institute of Industrial Technology (KITECH) said in a statement on December 16 that its research team led by professor Je 2020-12-16
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  Hyundai Rotem selected to test-operate wireless train signal system SEOUL -- As part of a state project to modernize the operation of railways with wireless communication, Hyundai Rotem, a subsidiary of South Koreas Hyundai auto group, will test-operate an integrated signal system on an uncrowded rural route. The system allows real-time control of trains using a 4G communication network. Hyundai Rotem said it has secured an order from Korea Railroad Corp. (KORAIL) to apply KTCS-2 (Korea Train Control System 2) on a trial 2020-12-16
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  Hanwha Total develops recyclable polypropylene insulator for power cables SEOUL -- Hanwha Total Petrochemical has developed a recyclable polypropylene insulator certified by a government standards organization as suitable for electric wires, breaking the conventional notion that it is difficult to use such a thermoplastic polymer as an insulating material. Various insulating materials have been introduced for electrical wires such as polyvinyl chloride (PVC), polyethylene, rubber-like polymers, oil-impregnated pa 2020-12-16
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  Busan port selected for state project to build smart aquaculture cluster SEOUL -- A major smart aquaculture cluster will be built in South Korea's southern port city of Busan in a state project to test and introduce new technologies such as artificial intelligence, big data and internet-of-things. The cluster will be the central part of a high-tech complex integrating production, distribution, processing and exports. The automated and intelligence cluster will be completed in August 2022 at Pukyong National University Institut 2020-12-16
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  KAI wins $130 mln new order to supply fuselage for Israel's G280 SEOUL -- Korea Aerospace Industries, the sole aircraft maker in South Korea, has secured a new order worth $130 million to supply fuselage structure for G280, a twin-engine business jet built by Israel Aerospace Industries, by 2030. Korea Aerospace Industries (KAI) said in a statement on December 15 that it would supply G280's finished fuselage structures, including seat rail, just before interior work. The aerodynamic design of G280' 2020-12-15
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  POSCO selects Australia's FMG as business partner for green hydrongen projects SEOUL -- POSCO has selected Fortescue Metals Group, an iron ore company in Australia, as a foreign partner for green hydrogen projects. The tie-up came after the steel group presented a business goal to nurture green hydrogen as one of its new growth engines and expand its annual hydrogen production capacity to five million tons by 2050. At talks in Seoul on December 14, POSCO chairman Choi Jeong-woo and Fortescue Metals Group (FMG) chairman Andrew Forrest dis 2020-12-15
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  Hanwha Q Cells consortium selected for state project to commercialize tandem cell technology SEOUL -- A consortium of college research teams and private companies led by Hanwha Q Cells, a major photovoltaic manufacturer in South Korea, was selected for a state project to commercialize perovskite crystalline silicon solar cells by using next-generation tandem cell technology to overcome theoretical limits for single-cell efficiency. In an effort to widen the technology gap with China, South Korean companies and researchers have tried to develop new 2020-12-15
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  SKC looks for foreign partner to build pyrolysis oil plant SEOUL -- SKC, a leading polyester film and chemical material manufacturer in South Korea, is looking for a foreign partner to build a plant that can produce pyrolysis oil through chemical recycling. The new plant will use waste plastics to produce 35,000 tons of eco-friendly oil every year. Chemical recycling is an attractive way to address the explosive growth of plastic waste and disposal problems. Pyrolysis is a chemical recycling process that can convert plastic 2020-12-15
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  Hyundai Rotem's hydrogen extractor factory to start operation this month SEOUL -- Hyundai Rotem, a subsidiary of South Koreas Hyundai auto group, will start the operation of the company's hydrogen extractor factory in a bid to accelerate the development of hydrogen economy infrastructure and the popularization of fuel cells as an alternative to fossil fuels. A hydrogen extractor is a device that extracts hydrogen from natural gas. It is a key part of an energy infrastructure based on hydrogen-powered fuel cells. The hydroge 2020-12-14
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  BGF ecobio develops polylactic acid foam sheets with antiviral activities SEOUL -- BGF ecobio, the producer of biodegradable plastics in South Korea, has developed polylactic acid foam sheets with antiviral activities that can be used for eco-friendly packaging materials such as food containers. Polylactic acid (PLA), which is a biodegradable thermoplastic polyester obtained by the synthesis of lactic acid, which can be produced from renewable resources such as corn and sugar. Its unique physical properties make it useful in divers 2020-12-11
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  Pulmuone adopts AR smart glasses to inspect food factories SEOUL -- As part of its digital transformation, South Korean food company Pulmuone chose to adopt augmented reality smart glasses at food factories for thorough quality checks in real-time. AR smart glasses are a type of head-mounted display (HMD) equipment that uses a camera to analyze the surroundings of the wearer and display information through a small prism located on the eyepiece of the glasses. Images are shown as if they are floating in the air. Wearers 2020-12-11
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  Samsung Electronics unveils 110-inch home microLED TV in S. Korea SEOUL -- The store price of Samsung Electronics's 110-inch home MicroLED TV was set at a whopping 170 million won ($155,993) in South Korea. Preorders begin this month with its official launch slated for the first quarter of 2021. Samsung promised to consider releasing MicroLED TVs with smaller screens. Samsung said its 110-inch Micro LED TV used more than eight million RGB LED chips in a 3.3-square-meter area, securing 4K resolution quality. The company sai 2020-12-10
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  Samsung shipyard's anti-epidemic design certified by U.S. classification society SEOUL -- Samsung Heavy Industries, a major shipbuilder in South Korea, achieved another technical breakthrough with its new ship design that can effectively prevent the spread of infectious diseases like COVID-19 at sea. The design was certified by the American Bureau of Shipping (ABS), a maritime classification society. Samsung Heavy Industries (SHI) said that its new design has won "Approval in Principle," marking the first ABS tec 2020-12-10
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  Sweden's Assa Abloy works with LG to produce transparent OLED automatic doors SEOUL -- Assa Abloy, a Swedish company known for high-performance doors and door security solutions, will work with LG Electronics to produce transparent OLED (organic light-emitting diode) automatic doors that can display advertisements and various content such as welcome messages and building information. LG Electronics said on December 9 that it has signed a business agreement with Assa Abloy for automatic doors using LG's 55-inch transparent OLED 2020-12-09