Economy

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  Hanwha Solutions leads national project to develop technology for chemically recycling waste plastic SEOUL -- Hanwha Solutions, a renewable energy service provider in South Korea, has been selected for a national project to develop a green technology capable of chemically recycling waste plastic by 2024 to produce naphtha based on pyrolysis oil, sometimes known as bio-crude, which is a synthetic fuel obtained by heating dried biomass without oxygen. Pyrolysis is a chemical recycling process that can convert plastics into high-quality oil. Chemical 2021-04-27
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  Tera Science becomes largest shareholder of U.S. cancer vaccine developer OncoPep SEOUL -- Tera Science, a technology company based on core parts materials in South Korea, has become the largest shareholder of OncoPep, an American developer of targeted immunotherapeutics against cancer, by acquiring a 26.1 percent stake worth 24 billion won ($21.6 million). Through the acquisition of shares in OncoPep, Tera Science said it is able to secure a new growth engine. "Tera Science has secured a new growth engine in bio businesses by bec 2021-04-27
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  High manganese steel used to develop liquid hydrogen storage tank SEOUL -- A state research body joined hands with private companies in South Korea to develop a liquid hydrogen storage tank using high manganese steel, which is an alternative material for cryogenic services. The Korea Institute of Machinery and Materials (KIMM) said it would use high manganese steel (HMS) for liquid hydrogen storage tanks because it is easier to weld and has lower manufacturing costs than stainless steel. 2021-04-23
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  [FOCUS] SK Chemicals seeks early commercial production of flexible polylactic acid SEOUL -- In a bid to gain the upper hand in competition with domestic and foreign rivals in the eco-friendly plastic material market, SK Chemicals, a unit of South Korea's third-largest conglomerate SK Group, is moving fast to embark on the early commercial production of flexible and biodegradable polylactic acid. SK Chemicals has apparently adopted an aggressive strategy to start the commercial production of flexible and biodegradable polylactic acid 2021-04-23
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  SK Telecom calls for bigger investment in semiconductor foundry SEOUL -- Ahead of the official release of its artificial intelligence chip, SAPEON X220, SK Telecom, a key unit of South Korea's third-largest conglomerate SK Group, called for bigger investment in a semiconductor fab or known as a foundry, which operates for the purpose of fabricating the designs of other companies, such as fabless semiconductor companies. A top player in the global foundry market is Taiwan Semiconductor Manufacturing Company (TSMC), whi 2021-04-22
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  [INTERVIEW] Resumption of short selling brightens prospects for blockchain-based P2P exchange platform SEOUL -- A negative perception is still rampant among retail investors in South Korea's stock market over short selling that refers to the sale of borrowed shares in the hope of making a profit from a price fall by buying the shares back at a lower price. Shorting is much riskier than buying stocks, or what's known as taking a long position. Some individual investors supported the permanent abolition of short selling in South Korea after 2021-04-21
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  POSCO C&C ends joint-venture relations with military-controlled partner in Myanmar This collage shows South Koreans holding up protest placards against military crackdown in Myanmar SEOUL -- Bowing to pressure from investors, civic groups and the international community, POSCO C&C, a unit affiliated with South Korea's steel group POSCO, promised to end business relations with its joint-venture partner, MEHL, which is a major conglomerate run by the Burmese military. POSCO C&C and Myanma Economic Hold 2021-04-16
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  ​LG Energy Solution joins RE100 and EV100 initiatives to go completely zero-carbon by 2030 SEOUL -- The battery-making wing of South Korea's LG Group has joined two global initiatives RE100 and EV100 to go completely zero-carbon by 2030. The company is the 300th member to join the environmental initiative supported by companies such as Google, Apple, and General Motors. The RE100 (Renewable Electricity) initiative is an international campaign that pushes participating companies to replace 100 percent of their electric power sources with 2021-04-16
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  SK Group fosters mobility business with investments in EV technologies SEOUL -- South Korea's third-largest conglomerate, SK Group, revealed a solid strategy to foster an eco-friendly mobility business through preemptive investments in key materials and technologies in the electric vehicle market. The strategy was visible on April 15 when the group's holding company agreed to buy a controlling 55.5 percent stake in Signet EV, a domestic electric vehicle charger manufacturer, for 293 billion won ($262 million) and invest $6 2021-04-16
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  Russian vaccine Sputnik's production set to begin soon in S. Korea under technology transfer deal SEOUL -- The pilot production of Sputnik V, a COVID-19 vaccine developed by Russia's state research center, is to begin soon in South Korea under a technology transfer deal. Financial terms and other details were not disclosed, but Russia's sovereign wealth fund pledged bigger output through South Korean partners. Sputnik V has been developed with money from the Russian Direct Investment Fund (RDIF). Production is expected to begin at the end of April in a plan 2021-04-15
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  SK hynix starts mass production of high-performance solid state drive for data centers SEOUL -- Targeting the global data center market, South Korea's chipmaker SK Hynix has started the mass production of a high-performance solid-state drive (SSD) model which is up to 83 percent faster in writing data than its predecessors. SK hynix said in a statement on April 15 that "PE8110 E1.S" is a 128-layer 4D NAND flash-based high-performance SSD model that consumes less electricity and can write a four-gigabyte high-definition movie file in 2021-04-15
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  LG Electronics works with Dutch firm to develop quantum computing technology for multiphysics simulation SEOUL -- Dutch quantum-computational software developer Qu&Co tied up with LG Electronics to develop quantum computing technology for multiphysics simulation. They will launch a three-year joint study and use research achievements to solve the problem of multiphysics. Multiphysics is the coupled processes or systems involving more than one simultaneously occurring physical field and the studies of and knowledge about these processes and systems. Mu 2021-04-15
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  COVID-19 social distancing campaign boosts wine sales in S. Korea SEOUL -- South Korea's strict COVID-19 social distancing guidelines that regulated the opening hours of bars and restaurants as well as the number of people that can dine at a time has boosted wine sales, attracting wine aficionados who chose to drink at home. According to the Korea Customs Service, $239 million worth of wine was imported between January and November 2020, up 22.7 percent from the same period a year ago. It marked the highest increase since the 2021-04-15
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  Samsung Electro-Mechanics develops ultra-small, high-capacity multilayer ceramic capacitor SEOUL -- Samsung Electro-Mechanics, an electronic component maker in South Korea, has developed an ultra-small, high-capacity multilayer ceramic capacitor that can be applied to various high-performance IT devices. A multilayer ceramic capacitor (MLCC) works as a dam that temporarily charges and discharges electricity. It controls the stable flow of current within electric product circuits and is necessary for related products, including smar 2021-04-15
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  Hanwha Techwin to release camera-based solution with anti-COVID-19 functions SEOUL -- Hanwha Techwin, a surveillance and optoelectronics company in South Korea, will release a camera-based solution with various functions to prevent the spread of COVID-19 by utilizing AI technology. AI cameras can measure the distance between people in real-time and automatically inform them when they get closer than the reference distance, Hanwha Techwin said. If the reference distance is violated, alarm devices will work with speakers and monit 2021-04-14
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  POSCO completes preparation for commercial production of lithium for EV battery SEOUL -- South Korea's steel group POSCO has completed preparations for the commercial production of lithium hydroxide, an inorganic compound used for electric vehicle batteries. A dedicated factory will be built in the southern industrial port city of Gwangyang by 2023. In partnership with the Research Institute of Industrial Science and Technology, POSCO has launched a project to acquire lithium extraction technology. By running a test facility in Gwangyang 2021-04-14
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  Samsung shipyard demonstrates next-generation LNG regasfication system SEOUL -- For the first time in the world, Samsung Heavy Industries, a major shipbuilder in South Korea, has successfully demonstrated a next-generation regasification system that links power generation utilizing liquefied natural gas cold energy. It is a new eco-friendly technology that can dramatically lower the cost of generating electricity. Liquefied natural gas (LNG) needs to be gasified before supplied to users. The process releases a co 2021-04-14
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  ​Online shopping mall 11STREET partners with postal service to launch overnight delivery service SEOUL -- Using an established network run by a state postal service, a major online shopping mall operator has launched an overnight delivery service to catch up with Coupang, the South Korean counterpart of Amazon, which has cemented its leading position in the market. Overnight delivery services became popular in South Korea in 2020 when people shopped online instead of visiting crowded shopping malls to prevent COVID-19 infection. To save time and costs, ove 2021-04-14
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  President Moon welcomes last-minute compromise between S. Korean battery makers SEOUL -- President Moon Jae-in welcomed a last-minute compromise to end a prolonged legal dispute between two major battery makers in South Korea, saying it would serve the national interests and long-term interests of each company at a time when the stability of a supply chain is becoming more important. "It is fortunate that LG and SK, which have grown to be the world's leading players in secondary batteries, have decided to end all legal disputes," Moo 2021-04-12
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  SK E&C ties up with KHNP for overseas expansion of SOFC convergence business SEOUL -- SK Engineering and Construction joined hands with the operator of nuclear power plants in South Korea to push for the overseas expansion of convergence business based on solid oxide fuel cells, which are now emerging as a fast-growing fuel cell segment thanks to energy diversification and the employment of alternative energy sources. SK E&C, a builder affiliated with South Korea's third-largest conglomerate SK Group, signed a memorandum of 2021-04-12