Economy

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  KT provides cloud computing service for metaverse-based education platform SEOUL -- South Korea's top telecom company KT and its information technology service wing KTDS have provided a cloud computing backup service to a domestic metaverse-based education platform. The telecom company integrated its artificial intelligence chatbot solution capable of answering customers' questions and complaints. A metaverse is an online virtual world where users can access using a computer, smartphone, or a virtual reality (VR) device. The virtual world can cr 2022-02-04
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  78 percent of millennials and Gen Z wish to try alternative meat for first time: survey SEOUL -- About four-fifths of millennials and Generation Z would like to try alternative meat products for the first time, an online survey of 1,000 consumers in their 20s and 30s showed. Alternative meat products, also known as vegan meat products, are normally made using plant ingredients such as beans and mushrooms or by cultivating animal cells. South Korea's vegan meat market has been growing to meet demands from the rapidly increasing vegan population. According to market 2022-02-03
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  Samsung C&T consortium wins $835 mln deal to build two combined cycle power plants in Vietnam SEOUL -- A consortium led by Samsung C&T, a Samsung Group unit involved in trade, investment and construction, has secured an $835 million deal to build two combined cycle power plants with a total generation capacity of 1,600 megawatts at an industrial park in Vietnam. Samsung C&T's share is worth $510 million. The consortium involving Samsung C&T and Lilama, a construction company in Vietnam, has been selected by Petrovietnam Power, the subsidiary of ViePetroviet 2022-02-03
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  Seoul issues guidelines for operation of restaurants digital kiosks to help elderlies SEOUL --Seoul City has issued guides and standards for digital kiosk operators so that elderlies who are not familiar with digital appliances can use the digital ordering machines with ease. The standards will include large fonts and simpler screen layouts to increase the readability of kiosk menus. Franchise restaurants, fast food stores, and coffee shops in South Korea are rapidly adopting digital kiosks equipped with a large-sized touch panel display to receive orders and paymen 2022-01-28
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  LG Energy Solution and GM to build third EV battery factory in US SEOUL -- Through a joint venture with General Motors, LG Energy Solution, the battery-making wing of South Korea's LG Group, will build a third battery plant in Michigan targeting the North American electric vehicle (EV) market. Through the construction of the new factory, the world's top electric vehicle battery maker will seek to solidify its position in the North American EV market that stood at $396.9 billion in 2021. LGES and GM's joint venture called Ultium Cells 2022-01-27
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  Kakao Games makes $20 mln investment into US game developer Frost Giant Studios SEOUL -- The game publishing wing of South Korea's web service giant Kakao has invested 24 billion won ($ 20 million) in Frost Giant Studios, an American game developer, to gain game-developing capabilities as well as expand its business scope to overseas countries. Kakao Games said in a statement on January 26 that the company made a strategic investment in Frost Giant Studios (FSG), which is specialized in producing real-time strategy games. "We anticipate that FG 2022-01-26
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  Hanwha Solutions steps up PVC production in China SEOUL -- Hanwha Solutions, a chemical and energy unit of South Korea's Hanwha Group, will step up the production of polyvinyl chloride (PVC) in China. PVC is a widely produced synthetic polymer of plastic used extensively across a broad range of industrial, technical and everyday applications. Hanwha Solutions said in a regulatory filing on January 25 that its board has approved the sale of a 49 percent stake worth 676.2 billion won ($564 million) in its Chinese subsidiary to a 2022-01-26
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  Hyundai Steel develops premium high-strength Martensite steel plate for EV parts SEOUL -- Targeting the rapidly-growing global electric vehicle market, the steel-making unit of South Korea's Hyundai auto group has localized the production of premium high-strength Martensite steel plates with higher flatness and crack-resistance characteristics than ordinary plates. Martensite is a very hard form of steel crystalline structure formed in carbon steels by the rapid cooling of the austenite form of iron. Steel plates used in the production of electric vehi 2022-01-26
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  ​Hyundai Oilbank works with U.S. biopolymer producer Danimerc to produce bioplastics SEOUL -- Hyundai Oilbank, a refining unit of South Korea's Hyundai shipbuilding group, tied up with Danimer Scientific, a biopolymer manufacturer in the United States, to develop degradable plastic products using polyhydroxyalkanoates. They would cooperate in research, marketing, and manufacturing as well as joint investments. Polyhydroxyalkanoates (PHAs) are produced by bacteria during the fermentation process of sugar or lipids including fats, oils and waxes to store carbo 2022-01-26
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  S. Korean companies go ahead with hydrogen and ammonia project in Malaysia SEOUL -- A consortium of South Korean and Malaysian companies will go ahead with the production of green hydrogen, green methanol and ammonia in Sarawak on the island of Borneo after consortium members confirmed the validity of development. It is linked to South Korea's green energy project aimed at achieving net-zero carbon dioxide emissions by 2050. A memorandum of understanding on the H2biscus green hydrogen project in Bintulu, a coastal town in the Malaysian state of Sar 2022-01-26
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  LG CNS releases subscription-type OT security service for smart factories and power plants SEOUL -- LG CNS, the information technology wing of South Korea's LG Group, released a subscription-based security service for operational technology used for controlling and monitoring facilities such as smart factories and power plants. Previously, customers had to pay at least millions of dollars to build a solution for the development and maintenance of security solutions. Operational technology (OT) is mainly used to operate large-scale facilities such as smart factories a 2022-01-26
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  LG Household & Health Care to release mini tattoo printer in US market SEOUL -- LG Group's cosmetics wing will release a mini tattoo printer in the United States market in the fourth quarter of 2022 targeting millennials and Gen Zs' desire to express their unique style. Unlike regular tattoos drawn using ink, the tattoo created using the printer can be easily removed with soap. According to LG Household & Health Care on January 25, the company will develop a palm-sized tattoo printer targeting the US market. The mini printer can print de 2022-01-25
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  SK Broadband releases small portable all-in-one playbox for OTT and other services SEOUL -- SK Broadband, a broadband internet service operator in South Korea, released a small and convenient portable device with a length of 9.1 centimeters (3.6 inches) that serves as an all-in-one playbox capable of enjoying over-the-top (OTT) services, digital channels, and entertainment services such as games and a karaoke function. Smart TV functions can be used by connecting to a TV or monitor, SK Broadband said, adding the new device called "PlayZ" targets custom 2022-01-25
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  SK Ecoplant to launch rooftop solar power generation project in Vietnam SEOUL -- Through a 239 billion won ($200 million) project, SK Ecoplant, a builder affiliated with South Korea's conglomerate SK Group, will build solar power plants with a total capacity of some 250 megawatts on rooftop idle spaces of four different industrial complexes in Vietnam. The generation capacity is enough to power some 200,000 households. According to SK Ecoplant on January 25, the company will carry out a four-year project through collaboration with Vietnam's roo 2022-01-25
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  LG Electronics presents upgradability option to add new function to home appliance SEOUL -- LG Electronics came up with an upgradability option that adapts to the unique and changing lifestyles of customers. A new function or convenience can be added to an existing home appliance through new software, new hardware, or both. LG said it would incorporate new features based on usage patterns and habits in big data, identify customer needs and pain points, and provide new functions and services that customers need as customized upgrades. Customers can experience home 2022-01-25
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  Multi-purpose studio complex to be built for tentpole content production in S. Korea SEOUL -- In response to a surge in demand for tentpole content production mainly for over-the-top (OTT) service and metaverse platforms, South Korea's leading multi-purpose studio complex will be established in a new town that would house a K-pop cluster, a theme park, shopping malls and residential facilities in Uijeongbu, a satellite city north of Seoul. When completed in 2025, the Immersive Digital Media Center (I-DMC) would become a hub for a content ecosystem encompassi 2022-01-25
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  SK Chemicals ready for mass production of chemically recycled PET for food containers SEOUL -- SK Chemicals, a unit of South Korea's third-largest conglomerate SK Group, is ready for the mass production of its Skypet CR raw material for food containers by using chemically recycled polyethylene terephthalate (PET) bottles. PET is the most common thermoplastic polymer resin used in the creation of fabrics and plastic bottles. Recycled PET bottles have been used to manufacture clothes, bags and shoes. Chemical recycling breaks down and returns plastic to its pur 2022-01-25
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  Hyosung Group unveils scheme to produce green hydrogen using offshore wind energy SEOUL -- South Korea's Hyosung Group will produce 200,000 tons of green hydrogen by using a major offshore wind farm complex that will be built in Sinan, a southwestern county that consists of many inhabited islands and uninhabited islands. The group will build two plants capable of producing 10,000 tons of liquefied hydrogen each per year. The group pledged an injection of one trillion won ($836 million) to produce green hydrogen using renewable energy under a memorandum of und 2022-01-24
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  GS E&C secures order to design modules for hydrogen production plant in Lancaster SEOUL -- GS Engineering and Construction, a major builder in South Korea, has secured an order from a U.S. energy company to provide modules for a hydrogen production facility to be built in the city of Lancaster, California. The plant employs a stacked modular design built for rapid scale and linear distributed expansion at low costs. GS E&C said it has signed a memorandum of understanding with SG H2 Lancaster LLC, a special purpose company established by SG H2 Energy to 2022-01-24
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  Shinsegae's online shopping mall to provide premium luxury goods delivery service SEOUL -- Targeting millennials and Generation Z's desire to boast their unique style wearing luxury brands, the online shopping mall operator run by South Korea's retail giant Shinsegae will provide a premium delivery service for luxury goods using security vehicles and professional agents. Data released by Hana Financial Group's research institute showed that consumers in their 20s and 30s accounted for about 55 percent of the total online sales of luxury goods in 2020 2022-01-24