Economy

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  SGC Energy to convert Vietnam's coal power plants to biomass-based generating facilities SEOUL -- SGC Energy, a green energy solution provider in South Korea, will work with a Vietnamese power engineering consulting firm to carry out projects to convert coal power plants into biomass-based generating facilities. The partnership was made followed by Vietnam’s state project to phase out coal power generation which accounts for 40 percent of the country's total power supply. Biomass is a renewable organic material based on plants and animals. It is used as fuel 2023-03-16
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  ​South Korea to inject $228 bln to create mega-sized semiconductor cluster by 2042 SEOUL -- In a bid to beef up the country's competitiveness in the global semiconductor sector, South Korea will invest 300 trillion won ($228.7 billion) to create the world's largest semiconductor research and development center complex in Yongin City south of Seoul by 2042. The Ministry of Trade, Industry and Energy revealed the "National Advanced Industry Promotion Strategy" at the Emergency Economic and Livelihoods Council, chaired by President Yoon Suk-yeol on 2023-03-16
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  Sales of fashion items at W Concept's offline stores increase 30 percent year-on-year SEOUL -- Sales of 65 brands at offline stores run by W Concept, the online fashion platform wing of South Korea's retail giant Shinsegae, increased 30 percent between January 2022 and January 2023, compared to same period a year ago. The company, which attracted many young female consumers through its online platform, has showcased three offline stores targeting young consumers who like to express themselves with unique apparel items. W Concept said in a statement on March 16 t 2023-03-16
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  ​American battery startup ONE opens South Korean office SEOUL -- American battery startup Our Next Energy, backed by Bill Gates and BMW, has set up an office in South Korea. The CEO of the South Korean office is Shazad Butt, the Chief Operating Officer of the battery startup. Aju Daily found through its news covering process that Our Next Energy (ONE) chose to nest inside an information technology industry center in Hwaseong southwest of Seoul. The American startup is busily moving to start a business in South Korea. The company had rec 2023-03-15
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  KT to work with camping service startups for outdoor autonomous robot delivery business SEOUL -- South Korea's major telecom company KT will work with camping service startups to provide autonomous delivery robot services at various campsites. Camping has been rising in popularity in South Korea, especially among people in their 30s and 40s. According to data released by South Korea's statistics office, the number of campers skyrocketed to 6.8 million in 2020 from 5.3 million in 2019. The national statistics office predicts that the number of campers surpass 2023-03-15
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  Bio-venture firm GI Innovation hopes to be listed in S. Korean version of NASDAQ SEOUL -- As a promising unicorn in South Korea's bio-venture sector, GI Innovation aims to be listed on KOSDAQ, the South Korean version of the U.S stock market NASDAQ. At an initial public offering briefing held on March 13, the bio-venture company unveiled its scheme to transfer five additional technologies by 2028. During the briefing session, the company's CEO Rhee Byung-geon proudly introduced GI-SMART, a smart screening system capable of detecting optimal dual fusion 2023-03-14
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  Nongshim to establish strawberry smart farm infrastructure in Saudi Arabia SEOUL -- A consortium led by Nongshim, a major food company in South Korea, will build strawberry smart farms in Saudi Arabia. The Middle Eastern country has been relying on imported strawberries due to the lack of agricultural land and water. A smart farm is an automated indoor farm capable of automatically analyzing the temperature, humidity, and amount of sunlight using the internet of things (IoT) technology. Farmers can grow plants without having to worry about weather conditi 2023-03-14
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  KT rolls out metaverse platform capable of actualizing housing structure in virtual reality SEOUL -- A new metaverse platform capable of creating a virtual clone of an actual house was released by South Korea's major telecom company KT. The virtual platform requires users to register their phone numbers so they can interact with their actual friends through avatars. KT said in a statement on March 13 that the metaverse platform called "GenieVerse" was rolled out. Anyone can create their own avatars using some 1,000 items in GenieVerse, which incorporates ar 2023-03-13
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  Opposition Democratic Party of Korea to push to expand tax deduction for semiconductor makers SEOUL -- The opposition Democratic Party of Korea will push to expand the tax deduction for semiconductor companies so that small and medium-sized semiconductor makers can receive up to 40 percent tax discount for their investment in chip production facilities. The plan was revealed to reduce the impact of the United States' CHIPS Act. The CHIPS Act restricts funding recipients from increasing semiconductor manufacturing operations in China and other countries that have been de 2023-03-09
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  ​Convenience store chain CU operator opens 300th store in Mongolia SEOUL -- South Korea's top convenience store franchise CU has opened its 300th store in Mongolia. The store located in Ulaanbaatar provides various Mongolian food such as Khuushuur, a dumpling usually made with beef, mutton, or camel. Along with Mongolian food and snacks, visitors can also enjoy South Korean snacks including Tteokbokki, a menu of finger-sized rice cakes simmered in fiery-red spicy chili sauce. BGF Retail said in a statement that the 300th convenience store was 2023-03-09
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  S. Korea's benchmark interest rate likely to reach 4% after Fed hints at continuing rate hikes SEOUL -- South Korea is likely to increase its base interest rate to up to four percent, after the United States Federal Reserve Chairman Jerome Powell stated during his speech on March 7 that "the ultimate level of interest rates is likely to be higher than previously anticipated," on Capitol Hill. According to South Korean monetary authorities on March 8, Chairman Powell strongly suggested the need for additional tightening when he addressed the Senate Banking, Housin 2023-03-09
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  Tuna maker Dongwon F&B releases plant-based dumpling and canned tuna SEOUL -- South Korea's largest canned tuna maker Dongwon F&B rolled out plant-based cholesterol-free canned tuna to meet growing demands from some 2 million vegans in South Korea. South Korea's vegan meat market has been rapidly growing to meet demands from some 2 million vegans. Data released by the Korea Agro-Fisheries & Food Trade Corporation showed that the country's vegan meat market which stood at 22.7 billion won ($17.4 million) in 2020 will reach 29.4 bi 2023-03-07
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  Samsung SDS introduces one-stop smart logistics platform in Viet Nam targeting global market SEOUL -- Samsung SDS, the digital solution wing of Samsung conglomerate, showcased the company's one-stop smart logistics solution called "Cello Square" which small and large-sized traders can use to simplify the import and export process. Cello Square was first introduced in the domestic market in 2021 to simplify the head-aching process of exporting and importing goods. The smart solution helps individual business operators and small and medium-sized enterprises ( 2023-03-07
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  ​SK Chemicals acquires Chinese recycled material maker targeting global eco-friendly material market SEOUL -- SK Chemicals, the chemical unit of South Korea's SK Group, has acquired a Chinese raw materials company specializing in recycled materials in a bid to expand its presence in the global recycled materials market. The global market for recycled plastics is predicted to grow at an average annual growth rate of 9.3 percent to reach $43.5 billion by 2026, according to global market research firm Markets and Markets. Plastics can be recycled in many forms. They can be cleane 2023-03-07
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  Samsung promotes new 8K TV at London's iconic square 'Piccadilly Circus' SEOUL -- Samsung Electronics has promoted its new Neo QLED 8K, a TV model with a powerful picture processor, through an outdoor billboard at Piccadilly Circus, a famous square in London with various cinemas, theaters, restaurants, and pubs. Samsung's existing Neo QLED models can make dark areas darker and bright areas brighter by increasing the luminance scale. The Neo QLED 8K TV models are known for supporting larger bandwidth loads, processing faster multi-gigabit data, enabl 2023-03-06
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  Pulmuone opens second vegan restaurant to expand vegan business SEOUL -- Targeting South Korea's steadily growing vegan population, Pulmuone Food & Culture, the cafeteria service management wing of Seoul-based food company Pulmuone, will beef up its vegan food business through the second vegan restaurant called "Plantude." Customers can enjoy various plant-based food at the restaurant such as salad and a tofu dish that contains black olives and cherry tomatoes. Thanks to increased awareness of health and well-being, the numbe 2023-03-06
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  ​SK Innovation's petrochemical wing makes equity investment into pyrolysis startup SEOUL -- SK Incheon Petrochem, a petrochemical wing of South Korean conglomerate SK Group's intermediate holding company SK Innovation, made an equity investment into LD Carbon, a domestic startup specializing in pyrolysis that uses discarded car tires to extract oil. The pyrolysis technique uses extreme heat and pressure to break down plastics or polymers such as rubber to extract oil, carbon black, and combustible gases. Carbon black is a solid carbon material that can be use 2023-03-06
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  Major S. Korean construction companies focus on overseas projects due to slowed domestic market SEOUL -- Major Korean construction companies are seeking opportunities to expand into overseas markets. With concerns rising about the sluggishness of the domestic housing market due to market deterioration, the impact of high-interest rates, and rising raw material prices, the companies are turning their attention to overseas markets as the domestic market is expected to slow down. According to the International Contractors Association of Korea on March 2, the cumulative amount of 2023-03-03
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  Hyundai auto group's vehicles garner explosive popularity in U.S. SEOUL -- Vehicles made by South Korea's Hyundai auto group are gaining explosive popularity in the United States. Monthly sales of Hyundai vehicles in February 2023 soared 16 percent compared to the same period a year ago in the U.S. market, selling a total of 122,111 units. According to data released by Hyundai Motor America, Hyundai Motors sold 57,044 units only in February, up nine percent from a year ago. Hyundai's American office said most sold vehicles include Elantr 2023-03-02
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  ​South Korea to cut heavy reliance on China for key minerals to secure stable supply SEOUL -- ​South Korea plans to cut its heavy reliance on China for key minerals, including lithium, nickel and graphite, from the current 80 percent to 50 percent by 2030 by creating stable mineral supply chains with 30 major resource-rich countries. On February 27, the Ministry of Trade, Industry and Energy announced the plan after holding a meeting with representatives of automakers and secondary battery producers, including Hyundai Motor Co., Samsung SDI, LG Energy Solution, and 2023-02-28