Economy

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  SK Innovation becomes S. Korea's first petrochemical company to use plastic pyrolysis oil SEOUL -- SK Innovation became South Korea's first petrochemical company to use waste plastic pyrolysis oil for the production of petrochemical products. Pyrolysis is a chemical recycling process that can convert plastics into high-quality oil using extreme heat and pressure. Recycled oil is processed into medium crude and light oil to be used in the production of lubricants and fuels. Previously, pyrolysis oil has not been used as a raw material for the production of petrochem 2021-09-30
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  Samsung develops comprehensive solution for 5G voice call services SEOUL -- Samsung Electronics has developed a comprehensive solution for 5G voice call services that allows users to enjoy true 5G speeds when playing high-performance games or streaming high-quality videos even while staying on a call. The comprehensive solution for voice over new radio (VoNR) will be provided to global mobile device manufacturers and network providers. Samsung said that VoNR technology supports both voice call and data services using 5G networks without switching 2021-09-30
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  Online apparel store Musinsa starts on-the-go pickup service SEOUL -- South Korea's popular online apparel store Musinsa has started an on-the-go pickup service for consumers who cannot wait for the delivery of purchased items. Customers can pick up clothes at Musinsa's offline flagship store near central Seoul. Musinsa, launched as a mobile-based fashion retail platform in 2009, has quickly garnered the attention of young consumers with trendy and affordable items. In November 2019, the platform received a $2 billion investment from 2021-09-30
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  LG CNS to launch personalized life management service based on user financial and health data SEOUL -- LG CNS, the information technology wing of South Korea's LG Group, partnered with a domestic healthcare company and a mobile carrier to develop personalized life management service using user information including financial, health and communication data. The tailor-made health management service is based on artificial intelligence that collects and analyzes various user data to offer the best plans. Life management service refers to providing optimized healthcare servi 2021-09-30
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  POSCO aims to operate eco-friendly steel production system using hydrogen in 2027 SEOUL -- South Korea's steel group POSCO aims to put an eco-friendly steel production system using hydrogen as a reducing agent into actual operation in 2027 as part of efforts to decarbonize and reach net-zero carbon emissions by 2050. Normally, furnaces use coal as a reducing agent to separate oxygen from iron ore. "We are considering a million-ton demo plant from 2023 as a national task and aim to actually operate it in 2027," POSCO's steel sector head Kim Hak 2021-09-29
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  KEPCO subsidiary introduces robots to clean high radiation area of nuclear power plants SEOUL -- KEPCO KPS, a South Korean public corporation providing plant solutions, has introduced a robot-based maintenance system to automatically clean the high radiation area of nuclear power plants. The new system increased safety and efficiency by using robots to reduce working hours and manpower. KEPCO KPS said its automatic cleaning system has been certified by the government as new excellent technology (NET) that would be protected to enhance national competitiveness. The c 2021-09-29
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  Solus launches project to develop key biomaterial for mRNA vaccines SEOUL -- Solus Advanced Materials, a South Korean provider of electronic components and biomaterials, has launched a project to develop a key biomaterial for the delivery of messenger RNA (mRNA) vaccines. The project comes on the heels of active efforts by South Korean companies to acquire core technologies for COVID-19 vaccines. The novel coronavirus is studded with proteins that it uses to enter human cells. Spike proteins make a tempting target for potential vaccines and treatm 2021-09-29
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  KCC develops high-strength substrate based on AIN ceramic for power electronics SEOUL -- The role of substrates in power electronics is to provide interconnections to form an electric circuit, and to cool components. Such substrates must carry higher currents and provide higher voltage isolation. Direct bonded copper (DBC) substrates are commonly used in power modules, because of their very good thermal conductivity. DBC substrates are composed of a ceramic tile with a sheet of copper bonded to one or both sides by a high-temperature oxidation process. Cerami 2021-09-28
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  S. Korea pushes to develop cultivation method for truffle mushrooms using gene technology SEOUL -- South Korea's forest resources research institute has launched a project to develop a truffle mushroom cultivation method using gene technology. If the project yields goods results for commercialization, researchers think that cultivated truffles will help farmers make a huge profit. A truffle is a type of fungi that grows on the roots of trees. The rare, valuable food ingredient is mostly found in China and Europe. Tuber Uncinatum, a kind of mushroom known by the name 2021-09-28
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  S. Korea releases blueprint for operation of urban flying taxis SEOUL -- To prepare for the era of urban air mobility that incorporates autonomous drone taxis and personal flying vehicles, South Korea has released a concept paper for the operation of flying vehicles in populated areas. The virtual guidebook for the operation of flying vehicles will help government officials and private companies work out specific plans. Urban air mobility (UAM) is a future ecosystem involving flying passenger vehicles in city areas. A public-private consultative 2021-09-28
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  DL Chemical aims to become bio-chemical leader by acquiring U.S. company Kraton SEOUL -- DL Chemical presented a goal to establish itself as a global player in the bio-chemical industry by acquiring 100 percent of U.S. chemical company Kraton for 1.89 trillion won ($1.6 billion). The South Korean company vowed to actively localize core materials by utilizing patents held by the U.S. company. DL Chemical, which was spun off from what used to be Daelim Industrial, said that its board has approved the proposed acquisition of Kraton to lay the foundation for beco 2021-09-28
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  SK Innovation raises investment in battery joint venture with Ford to $4.45 bln SEOUL -- SK Innovation, a battery-making wing of South Korea's third-largest conglomerate SK Group, will raise its investment in a battery joint venture with U.S. carmaker Ford to 5.1 trillion won ($4.45 billion) from an earlier projection of three trillion won, in an effort to cope with different market conditions. SK Innovation (SKI) said in a brief statement on September 28 that its board has approved the additional injection of capital into BlueOval SK, a joint venture bet 2021-09-28
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  Seegene unveils new molecular diagnostic system for easy use at small hospitals SEOUL -- Seegene, a leading producer of reliable in vitro diagnostic devices in South Korea, has unveiled a new molecular diagnostic system that is smaller and lighter than an "all-in-one" device and can be used at medium-sized hospitals and clinics to make the detection of COVID-19 and other viruses into a routine. Seegene said its new assay called "STARlet-AIOS" was shown at the annual meeting of the American Association for Clinical Chemistry in Atlanta on 2021-09-27
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  Samsung and Hyundai Steel develop recycling technology using wastewater sludge SEOUL -- Samsung Electronics and Hyundai Steel have jointly developed an eco-friendly technology that can reuse wastewater sludge generated in semiconductor manufacturing as raw materials for steelmaking. The new technology will reduce South Korea's dependency on imported raw materials. Fluorite is used in the steelmaking process to remove impurities such as sulfur and phosphorus from iron. Calcium fluoride (CaF2), the main ingredient in fluorite, has similar characteristics to 2021-09-27
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  Doosan Fuel Cell wins first contract to export power generation fuel cells to China SEOUL -- Doosan Fuel Cell, the clean energy wing of South Korea's Doosan Group, has secured a contract worth $13 million to export hydrogen fuel cells to a Chinese city. This marked South Korea's first export of fuel cells for power generation. Doosan Fuel Cell said it would install four 440-kilowatt fuel cells as a distributed power source to supply electricity as well as heat for cooling and heating to apartments and buildings in the Nanhai District of Foshan, Guangdong. D 2021-09-27
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  LGU+ to provide 5G connectivity service for car-sharing mobility service platform SEOUL -- LG Uplus, a mobile carrier in South Korea, will provide 5G connectivity services for a domestic car-sharing mobility service platform. The ultra-fast mobile data communication technology will be used to connect cars, services, facilities such as smart parking lots and a control tower. The car-sharing service is a next-generation rent-a-car service that targets consumers who wish to borrow vehicles for a short period of time and travel short distances. Using a service ap 2021-09-27
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  Daewoong wins Australian approval to conduct clinical trial of hair-loss treatment SEOUL -- Daewoong Pharmaceutical, a bioengineering company in South Korea, has secured approval from Australia's medicine and therapeutic regulatory agency to go ahead with the first-stage clinical trial of a long-acting male baldness therapy codenamed "IVL3001" that can be administered once every month or three months by subcutaneous injection. The green light from the Therapeutic Goods Administration (TGA) will help Daewoong prove the efficacy of long-acting inject 2021-09-27
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  ​KT Engineering makes foray into small and medium-sized steam turbine market SEOUL -- KT Engineering, the renewable energy wing of South Korea's top telecom company KT, made a foray into the domestic small and medium steam turbine market dominated by foreign makers from countries such as Germany and Japan. The company will offer a one-stop service including localized parts, construction, management and maintenance. A steam turbine generates electricity at a thermal power plant using steam. Doosan Heavy Industries & Construction is South Korea's l 2021-09-23
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  Celltrion's COVID-19 rapid antigen test kit selected by U.S. combat support agency SEOUL -- Celltrion's COVID-19 rapid antigen test kit capable of yielding results in 15 minutes without additional equipment has been selected by a U.S. combat support agency under the Department of Defense for deliveries to about 25,000 locations such as military bases, long-term care facilities, community testing sites, critical infrastructure, and other designated places. The U.S. subsidiary of Celltrion, a leading biotech company in South Korea, has secured a procurement co 2021-09-23
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  S. Korea's proposal for revision of international convention on POSCO's novel high manganese steel SEOUL -- The South Korean government has proposed the revision of an international convention to allow the use of a novel high manganese austenitic steel developed by South Korea's steel giant POSCO for use in liquefied natural gas (LNG) carriers. If approved, the new steel product for cryogenic applications can be used in various industrial fields such as terminal storage tanks and vehicle tanks. The revision was proposed at a meeting of the International Maritime Organisatio 2021-09-17