Economy

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  Major hydrogen fuel cell power plant to be built in seaside project city in S. Korea SEOUL -- A giant hydrogen fuel cell power plant capable of producing 200 megawatts of electricity that can be used by 330,000 households annually will be built in a tourism and leisure enterprise city under construction in South Korea's southwestern coastal area, along with a smart farm, The smart farm will use carbon dioxide and hot water generated by the hydrogen fuel cell plant to grow crops on about 60,000 square meters of land in Solaseado, a project eco-friendly city in Ha 2022-07-08
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  S. Korean cosmetics exports up 21% on-year to $9.2 billion in 2021 SEOUL -- Exports of South Korean cosmetics products hit a record high of $9.2 billion in 2021, up 21.3 percent from a year ago. This is the third-largest export performance in the world after France and the United States. Cosmetics products contributed a lot to South Korea's total year-end trade surplus. South Korea houses four world-class beauty product makers -- LG Household, Amore Pacific, Able C&C and Clio Cosmetics, along with many cosmetics startups targeting North Am 2022-07-07
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  H2 fund reveals business groups' determination to establish hydrogen ecosystem SEOUL -- Unswayed by uncertainties triggered by South Korea's new energy roadmap that prioritized nuclear power over renewable energy, a private business association involving major business groups revealed their determination to accelerate the establishment of a hydrogen ecosystem with the launch of an H2 fund worth about 500 billion won ($384 million). Mirae Asset, a top asset managing group in South Korea, will recruit investors by the end of 2022. "The proportion of hyd 2022-07-07
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  Construction begins for U.S company onsemi's research center for SiC power semiconductors SEOUL -- U.S semiconductor supplier company onsemi broke ground for a research center in South Korea to develop and produce next-generation silicon and carbide (SiC) power semiconductors, which are emerging as a key component of electric vehicles, with an injection of 1.4 trillion won ($1.08 billion) by 2025. onsemi's research center will be located in Bucheon, a city in Gyeonggi Province, which is about 25 kilometers (16 miles) away from Seoul. Gyeonggi Province Governor 2022-07-07
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  SK ecoplant works with domestic venture firm to develop energy-saving water treatment solution SEOUL -- SK ecoplant, a major waste management company affiliated with South Korea's SK Group, tied up with a domestic environmental venture enterprise to develop a new energy-saving water treatment solution that can compete with proprietary technologies possed by only a few foreign companies. SK ecoplant said it has signed a joint technology development agreement with Pure Envitech, a membrane specialist company that produces equipment for sewage and wastewater treatment. 2022-07-07
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  ​Hyundai Engineering joins state project to develop AI design automation technology SEOUL -- Hyundai Engineering, a unit of South Korea's Hyundai auto group, will develop artificial intelligence-based design automation technology that automatically recognizes and extracts necessary information in engineering design drawings and documents. A consortium involving Hyundai Engineering and research institutes has been selected for a 33-month state project to develop AI-based design automation technology that would increase efficiency by shortening working hours whil 2022-07-06
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  Samsung Biologics signs $213 million consignment production contract with MSD SEOUL -- Samsung Biologics, a leading bio company affiliated with South Korea's largest Samsung Group, has signed a contract worth $213 million for the consignment production of medicines with MSD, a unit of Merck & Co., an American pharmaceutical company, that operates outside the United States and Canada. The contract followed a letter of intent signed by the two sides in September 2021, Samsung Biologics said in a regulatory filing on July 4. Details of the contract 2022-07-04
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  Samsung Engineering acquires stake in Vietnam's water treatment company DNP Water SEOUL -- Samsung Engineering, a construction and project management company in South Korea, has acquired a 24 percent stake in DNP Water, a leading private water treatment company in Vietnam, for $41 million. Vietnam will be used as a regional base for business expansion into neighboring countries. The Vietnamese government has called for bigger private funding to meet growing demands for clean water and piped water. DNP Water has expanded urban water treatment and supply faciliti 2022-06-30
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  LGES signs deal to receive battery materials from U.S-based Compass SEOUL -- In an effort to establish a stable supply network in North America, LG Energy Solution, the battery-making wing of South Korea's LG Group, has secured a seven-year deal from Compass Minerals, a U.S. provider of essential minerals, to receive key raw materials for lithium-ion batteries. Under a memorandum of understanding, LG Energy Solution (LGES) would receive as much as 40 percent of Compass Minerals' planned annual phase-one lithium carbonate and lithium hydro 2022-06-30
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  Lotte Chemical secures stable supply of four raw materials for electrolyte organic solvents SEOUL -- Lotte Chemical, a major chemical company in South Korea, will produce four core materials for electrolyte organic solvents to have a competitive business structure and a stable supply of core raw materials for electric vehicle lithium-ion batteries. Lotte Chemical said it would produce ethyl methyl carbonate (EMC) and diethyl carbonate (DEC) through its own technology development for the first time in South Korea. EMC is a low viscosity solvent, generally prepared by the es 2022-06-29
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  SK materials and Japanese partner consider joint entry into U.S. semiconductor material market SEOUL -- SK materials, a major special gas producer in South Korea, and its Japanese partner, Showa Denko, proposed the idea of making their joint entry into the U.S. semiconductor material market, pointing to growing demands caused by a U.S. government campaign to strengthen domestic capabilities in manufacturing high-tech technologies. The two companies signed a memorandum of understanding at the head office of Showa Denko on June 29 to consider entering North America with semic 2022-06-29
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  [FOCUS] SK siltron leads establishment of domestic ecosystem in SiC power semiconductor production SEOUL -- South Korean companies have pulled together to build a solid domestic ecosystem in the production of silicon and carbide (SiC) power semiconductors, which are emerging as a key component of electric vehicles, led by SK siltron, a wafer company that has pushed for the expansion of its global market share. Because of durability and stability, SiC power semiconductors are rapidly replacing silicon (Si) power semiconductors. SiC power semiconductors are used as a device that co 2022-06-29
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  CJ Cheil Jedang's biodegradable plastic material selected as first case to receive state certification SEOUL -- A biodegradable plastic material produced by CJ Cheil Jedang, a key subsidiary of South Korea's food and entertainment conglomerate CJ Group, was selected as the first case to receive state certification for excellent biodegradation properties. CJ Cheil Jedang has developed polyhydroxyalkanoates (PHAs), which are produced by bacteria during the fermentation process of sugar or lipids including fats, oils and waxes to store carbon and energy, and can be used with other 2022-06-28
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  Siemens Gamesa signs offshore wind partnership with Doosan Enerbility in S. Korea SEOUL -- Doosan Enerbility has selected Siemens Gamesa, a leading offshore wind turbine producer based in Spain, as a strategic partner for the development of wind turbines and the expansion of a wind power generation ecosystem in South Korea. They would investigate strategic cooperation on large-scale offshore wind turbines, Under a memorandum of understanding, Siemens Gamesa (SGRE) and Doosan Enerbility would investigate potential products and services optimized for South 2022-06-27
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  ​Iljin Materials wins $6.56 billion order to supply core battery material to Samsung SDI SEOUL -- Iljin Materials, the producer of core materials for lithium batteries in South Korea, has clinched a long-term order worth 8.52 trillion won ($6.56 billion) from Samsung SDI to provide Elecfoil, a thin copper foil used as a core material for rechargeable batteries, by the end of 2030. In a regulatory filing on June 24, Iljin said it would supply 60 percent of copper foil required by Samsung SDI annually. Iljin said the supply of Elecfoil may change from 55 to 80 percent d 2022-06-24
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  KEPCO tests commercial operation of power transmission with superconducting coaxial cables SEOUL -- South Korea's state utility embarked on the installation of a community-friendly, cost-effective power platform to bring superconducting transmission lines and substations into commercial operation by using superconducting coaxial cables for the first time in the world. A ground-breaking ceremony chaired by Korea Electric Power Corp. (KEPCO) took place on June 24 in the northern border city of Paju to demonstrate the commercial operation of a platform for urban power s 2022-06-24
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  SK ecoplant works with AWS to develop eco-friendly digital solutions for environmental businesses SEOUL -- By utilizing Amazon Web Services' cloud technology and infrastructure, SK ecoplant, a unit of South Korea's SK Group, will develop eco-friendly digital solutions and data platforms to advance environmental businesses. SK ecoplant said it has signed a strategic collaboration agreement with Amazon Web Services (AWS), which provides cloud computing services, to cooperate in solving sustainability challenges such as reducing waste and improving recycling rates. Digital 2022-06-22
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  Samsung shipyard wins $3.0 billion orders to build 14 LNG carriers SEOUL -- Samsung Heavy Industries, a major shipbuilder in South Korea, has secured two separate orders worth 3.9 trillion won ($3.0 billion) to build 14 liquefied natural gas carriers for clients based in Bermuda and Africa. With new orders, the shipbuilder achieved 72 percent of its annual order target estimated at $8.8 billion. In a regulatory filing on June 22, Samsung Heavy Industries (SHI) said it has clinched an order worth 3.33 trillion won from an unidentified client in 2022-06-22
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  POSCO expands ties with Australia's Hancock for battery material development SEOUL -- South Korea's steel group POSCO will expand a strategic alliance with its Australian partner, Hancock, and cooperate in the mine development and processing of materials for electric vehicle batteries, at a time when the global raw material market remains unstable due to price hikes. POSCO has invested more than four trillion won ($3.09) in Australia to acquire raw materials through business ties with Hancock and other local companies such as First Quantum Minerals and 2022-06-22
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  L'Oreal works with Hotel Shilla to release luxury beauty brand SEOUL -- L'Oreal, a major cosmetics and personal care company in France, will launch a luxury beauty brand through cooperation with Hotel Shilla, a luxury hotel brand run by the sister of Samsung Group's de facto leader Jay Y. Lee, and a South Korean private equity firm. L'Oreal hopes to showcase Asian wisdom in a modern way by combining natural ingredients and functional efficacy. L'Oreal, Hotel Shilla and Anchor Equity Partners will own an almost equal share of the 2022-06-22