Economy

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  Convenience store chain CU operates vending machine for alcoholic drinks SEOUL -- Through a regulatory sandbox that exempts regulations on new products or services for the quick development and demonstration of new technologies, South Korea's largest convenience store brand CU has started the operation of a vending machine for alcoholic drinks. Unmanned sales of alcoholic beverages could pave new roads for shop owners to introduce fully unmanned convenience stores. There are some 600 unmanned stores, but alcoholic drink sales are proh 2021-07-12
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  Kakao's mobility service wing collaborates with Hanjin to roll out parcel delivery service SEOUL -- Kakao Mobility, the mobility service wing of South Korea's web service company Kakao, has partnered with Hanjin, a major domestic logistics service operator, to roll out a parcel delivery service through an all-in-one mobility service app. Kakao T, an integrated mobility service app operated by Kakao Mobility, provides services such as taxi-hailing, car parking reservations, airplane ticket reservations, and long-distance bus ticket reservati 2021-07-12
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  SK hynix starts mass production of new mobile microchip using EUV technology SEOUL -- SK hynix, the second-largest memory chip producer in South Korea, has started mass production of a new 8-gigabit microchip for mobile devices, using extreme ultraviolet light technology that would improve productivity and boost cost competitiveness. The new product would be delivered to smartphone manufacturers from the second half of 2021. SK hynix said the low power double data rate 4 (LPDDR4) mobile dynamic random-access memory (DRAM) chip is based 2021-07-12
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  Hyundai shipyard completes construction of world's largest LPG carrier SEOUL -- A subsidiary of South Korea's Hyundai shipbuilding group has completed the construction of the world's largest liquefied petroleum gas carrier installed with a dual-fuel propulsion system. It is equipped with an LPG fuel tank that enables the operation of about 31,700 kilometers (19,700 miles). The vessel, ordered by China's Bank of Communications Finance Leasing, is 229.98 meters long, 36.6 meters wide and 23.6 meters hig 2021-07-09
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  Canada's Next Hydrogen ties up with Hyundai to develop cost-efficient green hydrogen production solution SEOUL -- South Korea's Hyundai auto group tied up with Next Hydrogen, a Canadian company specializing in water electrolysis technology, to develop a cost-efficient solution for the production of green hydrogen by using an alkaline water electrolysis system. After a pilot test in 2022, the two sides agreed to explore potential technological applications and commercial arrangements. Green hydrogen is produced using water electrolysis powered by renewab 2021-07-09
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  Railway research body develops versatile black box for trains SEOUL -- A state-run research body has developed a versatile train black box, also known as a train event recorder, which is compatible with every type of train and train control system in service in South Korea. Conventional event recorders have limited compatibility. A train black box is designed to withstand the shock and heat caused by a train wreck. The box-shaped device records data about the operation of train controls, the performance of train parts, and th 2021-07-08
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  Rio Tinto joins hands with POSCO for transition to low-carbon emission steel value chain SEOUL -- Rio Tinto, the world's second-largest metals and mining corporation, joined hands with South Korea's top steel group, POSCO, to explore, develop and demonstrate technologies for their transition to a low-carbon emission steel value chain. The Anglo-Australian group is a key supplier of iron ore to POSCO. The partnership will explore a range of technologies for decarbonization across the entire steel value chain from iron ore mining to steelmakin 2021-07-08
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  Samsung to chase out diesel vehicles at semiconductor facilities SEOUL -- Samsung Electronics will designate five of its semiconductor facilities as no-entry zones for diesel vehicles. Some 3,000 vehicles that regularly visit Samsung's premises for various purposes including the delivery of materials will be replaced with eco-friendly vehicles. In April 2020, Samsung revealed a plan to replace all of its internal combustion vehicles with eco-friendly vehicles by 2030. Cars for executives, delivery trucks and garbage vehicles 2021-07-07
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  KEPCO launches special vessel for quick installation of offshore wind power platforms SEOUL -- A specially designed vessel developed by South Korea's state power company for the quick installation of offshore wind power platforms was launched at the southwestern port city of Gunsan. It can lift and transport a heavy and high structure weighing up to 1,500 tons. An offshore wind power platform consists of a turbine on the upper deck and an underwater support structure. Korea Electric Power Corporation (KEPCO) said the two parts can be assembled 2021-07-07
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  Fraunhofer-Gesellschaft agrees to set up green hydrogen research center at S. Korean college SEOUL -- The Fraunhofer-Gesellschaft, a major applied research organization​ in Germany, will set up a joint research center with South Korea's new engineering college to carry out a study on green hydrogen energy which can be produced through electrolysis, a process of passing an electrical current through an electrolyzer to split water and release only hydrogen and oxygen. Korea Institute of Energy Technology (KENTECH), based in the southwestern city of Naju, 2021-07-07
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  SeAH steps up preparation for full-scale production of offshore wind farm piles SEOUL -- South Korea's SeAH steel group took a step closer to the full-scale production of core parts that would support fixed offshore wind turbines to be built in Britain and elsewhere. The group has honed its skill in welding steel pipes to squeeze into a market dominated by European firms. In a regulatory filing on July 6, Seah Steel Holdings said it has raised its stake in SeAH Wind, a new overseas subsidiary based in Britain, to 100 percent throug 2021-07-07
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  Biotech startup Standigm attracts investment from Singapore's Pavilion Capital SEOUL -- Standigm, a workflow artificial intelligence-based drug discovery company, has secured $10 million investment from Pavilion Capital, a Singapore-based investment institution. The investment to be used for the clinical research of AI-driven drug compounds raised expectations for the startup's successful stock market debut. Pavilion Capital pursues investments across different sectors, particularly in innovative technology and healthcare. "I w 2021-07-06
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  S. Korean defense agency develops palm oil-based bio jet fuel production technique SEOUL -- South Korea's state defense research agency has acquired core technologies for the production of palm oil-based bio jet fuel. Through a series of tests, the agency found that the low-carbon renewable fuel could be an alternate fuel source for military and civil jet turbine engines. Biofuel is a mixture of hydrocarbons derived from biomass which is made up of plant or algae material or animal waste. Biodiesel, one of the most commonly used kinds of biof 2021-07-06
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  Number of 4G smartphone plan subscribers increases first time in 17 months SEOUL -- In a country known for the world's first commercialization of 5G mobile communication, the number of 4G smartphone subscribers has increased for the first time in 17 months, government data showed. Consumers have chosen to use a slower 4G service because 5G plans are too expensive. Since 5G was commercialized in January 2019, the number of 5G plan subscribers has steadily increased, but consumers have complained about the quality of 5G network service 2021-07-05
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  LIG Nex1 partners with Hancom's safety equipment unit to develop exoskeleton wearable robot SEOUL -- LIG Nex1, a defense contractor involved in the development of radar and missile guidance systems in South Korea, partnered with a domestic safety equipment maker to develop an exoskeleton suit-type wearable robot that can be used for industrial and military purposes. The robot will be first marketed for firefighters and public servicemen. Exoskeleton suits are attached to the limbs of human workers to increase their strength and endurance. Robotic limb 2021-07-05
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  Hanwha Q Cells ties up with Samsung to provide home energy solution SEOUL -- Hanwha Q Cells, the solar cell-making wing of South Korea's Hanwha Group, tied up with Samsung Electronics to provide a household energy solution that reduces carbon emissions by efficiently using energy produced at home through solar power. Their main target is Europe and the United States. Hanwha Q Cells will secure electricity production through household solar modules and an energy storage system (ESS). "We will establish a fi 2021-07-05
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  [INTERVIEW] State agency cautions against early optimism in S. Korean shipping industry SEOUL -- Helped by a rise in international freight rates and improved competitiveness, South Korea's shipping industry is forecast to post about 40 trillion won ($25.2 billion) in annual sales in 2021 by achieving a high-efficiency, low-cost structure through three years of painful restructuring coupled with a government relief package that began in early 2017 when Hanjin Shipping, which used to be the country's top container carrie 2021-07-02
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  Samsung shipyard's fuel cell-powered LNG carrier wins approval from classification society SEOUL -- A liquefied natural gas carrier with an eco-friendly solid oxide fuel cell propulsion system developed by Samsung Heavy Industries and Bloom Energy, an American public company, has won basic design approval from DNV, a maritime classification society based in Norway, for commercialization. It would be the world's first LNG carrier operating on solid oxide fuel cells (SOFCs). Samsung Heavy Industries (SHI) has partnered with Bloom 2021-07-01
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  Convenience store chain Emart24 to operate more 'hybrid' shops SEOUL -- The convenience store chain of South Korea's retail giant Shinsegae will increase the number of "hybrid" stores that operate digital payment kiosks late at night to help shop owners maximize profit and save labor costs. South Korea with consumers who are familiar with unmanned and digital payment systems has some 600 unmanned stores as of January 2021. The popularity of robot stores skyrocketed in 2020 when the first wave of a coronavirus 2021-07-01
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  SK Telecom forges partnership with U.S. contact center software company Genesys SEOUL -- Genesys, a leading contact center software provider based in California, teamed up with South Korea's top mobile carrier, SK Telecom, to unleash an artificial intelligence contact center solution. They would support the digital conversion of contact centers by companies based on their business-optimized subscription models. SK Telecom (SKT) said its AI technology and experience in operating a customer center would be combined with Genesys' 2021-06-29