Economy

• 
  SK E&C and POSCO work on floating structure for offshore wind power generation SEOUL -- SK Engineering and Construction joined hands with South Korea's leading steel group, POSCO, to develop a competitive floating structure for offshore wind power generation. With POSCO's high-performance steel, the builder will secure core technologies for the development of an independent model optimized for the domestic marine environment. A floating structure for offshore wind power generation must provide enough buoyance to support the w 2021-04-08
• 
  Fire guts batteries at energy storage system in solar power plant SEOUL -- A fire at a private solar power plant gutted an energy storage system (ESS) that used batteries from LG Energy Solution affiliated with South Korea's LG Group, which has tried to find new business opportunities in the ESS market. Financial losses caused by the fire in Hongseong some 120 kilometers (74 miles) southwest of Seoul were estimated at about 440 million won ($393,384). An energy storage system (ESS) is a power storage system that consists of ba 2021-04-07
• 
  Naver makes strategic investment in Indonesia's media group Emtek SEOUL -- In an effort to expand its presence in Southeast Asia, Naver, a top web portal service operator and IT company in South Korea, invested $150 million in Elang Mahkota Teknologi (Emtek), an Indonesian technology, telecom and media conglomerate, to set up a strategic partnership. The investment is aimed at finding new growth opportunities in Southeast Asia, Naver said in a statement on April 7, adding webtoon-based content can create synergy with Emtek' 2021-04-07
• 
  LG Electronics unveils new solar panel with enhanced power output SEOUL -- By upgrading its NeON module line, LG Electronics unveiled a new solar panel with an enhanced power output that offers carbon-free energy and long-lasting reliability for the "most reliable and efficient" renewable energy solution. The new product will go on global sale, starting with South Korea in April. The new panel called "NeON H" features innovative N-type half-cut cells, delivers high power output, and comes with a 2 2021-04-07
• 
  Kolon Industries ties up with SK Global Chemical to produce biodegradable plastic product SEOUL -- Kolon Industries, a chemical and textile manufacturing company in South Korea, forged a strategic partnership with SK Global Chemical to produce an eco-friendly biodegradable plastic product called PBAT and promote a business model for the production of recycled products using waste plastic as raw materials., Polybutylene adipate terephthalate (PBAT) is a biodegradable random copolymer marketed as a fully biodegradable alternative to low- 2021-04-07
• 
  Hanwha Q Cells to produce photovoltaic modules for simultaneous solar power and farming SEOUL -- A consortium involving Hanwha Q Cells, a major photovoltaic manufacturer in South Korea, will participate in a state project to develop a solar power system that would be used to grow crops and generate electricity simultaneously without losses in crop yields and energy production. The project was sponsored by the Korea Institute of Planning and Evaluation for Technology in Food, Agriculture and Forestry (IPET), a state research body, to establ 2021-04-07
• 
  Ecommerce operator Wemakeprice launches flower subscription service SEOUL -- South Korea's major online shopping service operator Wemakeprice has launched a flower subscription service targeting consumers who buy flowers and plants regularly to refresh their living environment and relieve their mood amid a strict social distancing campaign prompted by a COVID-19 pandemic. The hobby of growing a "pet plant" or adorning homes with various plants has become a trend among single households and young couples because 2021-04-07
• 
  U.S. gas company Air Products ties up with Hyundai Oilbank to utilize hydrogen energy SEOUL -- Air Products, an American industrial gas company known for supplying liquid hydrogen for every Space Shuttle launch, tied up with Hyundai Oilbank, a refinery arm of South Korea's top shipbuilding group, to utilize hydrogen energy. The partnership is part of Hyundai Oilbank's strategy to become an eco-friendly energy business platform. Through cooperation with Air Products, which provides essential industrial gases, related equipment an 2021-04-06
• 
  SK Group acquires 16.3% stake in VinCommerce to expand presence in Vietnam SEOUL -- South Korea's third-largest conglomerate SK Group acquired a 16.3 percent stake in VinCommerce, a top retail company in Vietnam, for $410 million, in a deal that underlined a group-wide strategy to expand its presence in the Southeast Asian nation. VinCommerce controls 50 percent of Vietnam's retail market and operates about 2,300 convenience stores and supermarkets. Masan Group, a diversified private-sector group with a focus on food and be 2021-04-06
• 
  Researchers set new record in conversion efficiency of perovskite solar cells SEOUL -- A team of researchers based in South Korea and Switzerland set a new record of 25.6 percent in the power conversion efficiency of perovskite solar cells by introducing an anion engineering concept that uses pseudo-halide anion formate to suppress anion-vacancy defects and augment crystallinity. A perovskite solar cell includes a perovskite structured compound as the light-harvesting active layer. The high absorption coefficient of perovskite solar cells e 2021-04-06
• 
  Olive Young launches personalized health supplements suggestion service for young customers SEOUL -- CJ Olive Young, the drug and beauty store franchise of South Korea's CJ Group, has launched a mobile app to provide recommendations for health supplements. A COVID-19 pandemic has boosted awareness of health supplements, especially among young consumers who regard health management as an investment for their future. According to the Korea Health Supplements Association, an association of dietary product makers, South Korea's health supple 2021-04-05
• 
  Hyosung wins six-year deal to supply high-strength carbon fiber for hydrogen fuel tanks SEOUL -- Hyosung Advanced Materials, affiliated with South Korea's Hyosung Group, has secured a six-year contract worth 157.2 billion won ($139 million) from Hanwha Solutions to supply high-strength carbon fiber used to reinforce hydrogen fuel tanks. In December 2020, Hanwha Solutions, a unit of South Korea's Hanwha Group, took over Cimarron Composites, an American company that has developed Neptune, a carbon fiber reinforced polymer tank capable of transpo 2021-04-05
• 
  Amorepacific ties up with Hansol to develop cellulose-based cosmetics raw materials SEOUL -- Amorepacific, a top beauty and cosmetics group in South Korea, tied up with a domestic paper maker to develop sustainable cosmetics raw materials using cellulose processing technology and push for the production of eco-friendly paper packaging products. If cellulose technology is used, it can replace existing chemical ingredients as well as improve the quality of cosmetics. Cellulose, is an important structural component of the primary cell wall of 2021-04-05
• 
  LG Electronics makes inevitable choice to close troubled smartphone business SEOUL -- LG Electronics closed its troubled smartphone business which has been in the red since the second quarter of 2015, citing a persistent business slump and intensifying competition. The company defended its decision as inevitable to diversify its business portfolio through "choice and focus" and improve its financial structure by bearing a short-term decline in overall sales. In a regulatory filing on April 5, LG Electronics said it would " 2021-04-05
• 
  Aekyung's department store wing opens smart factory shop for tailor-made cosmetics SEOUL -- AK Plaza, the department store wing of South Korea's cosmetics giant Aekyung, has opened a project shop that produces tailor-made cosmetics products to match the skin of customers, using a smart factory-like automated production booth. With some 110,000 sets of skin data, the shop can create personalized beauty products in two minutes. AK Plaza said in a statement on April 5 that a pop-up store using technology developed by LILYCOVER, a domestic 2021-04-05
• 
  CJ Cheil Jedang ties up with SKC to produce new biodegradable material for food packaging SEOUL -- CJ Cheil Jedang, a key subsidiary of South Korea's food and entertainment conglomerate CJ Group, tied up with SKC, a polyester film and chemical material manufacturer, to produce a new biodegradable plastic material that is flexible and durable. The material has been applied to the packaging of some food products. Many degradable plastic products have failed to attract attention because of their weak durability, while some bioplastics ar 2021-04-02
• 
  Naver beefs up ecommerce platform to increase communication between sellers and customers SEOUL -- Naver, a top web portal service operator and IT company in South Korea, has beefed up its mobile live commerce platform by adopting ultra-low latency technology that will help sellers and customers interact better. The technology will reduce latency in the transmission and reception of live content video from about 10 seconds to two seconds. Live commerce which is basically TV home shopping content converted into online and mobile platforms has garnered p 2021-04-02
• 
  SK E&C partners with domestic company to develop competitive solar energy platform SEOUL --SK E&C, a builder affiliated with South Korea's third-largest conglomerate, SK Group, will develop a competitive solar energy platform in cooperation with a domestic energy IT company that provides solar power solutions. SK E&C said it signed a memorandum of understanding with Solar Connect on April 1 for cooperation in renewable energy and RE100, a global initiative that brings together the world's most influential enterprises committed t 2021-04-02
• 
  Shinsegae acquires popular women's online fashion platform W Concept SEOUL -- South Korea's retail conglomerate, Shinsegae Group, has acquired W Concept, a popular online fashion platform that targets young female customers with independent designer brands. W Concept has expanded its product competitiveness through a careful examination of brand awareness and quality. SSG.com, the online shopping mall of Shinsegae, said on April 1 that it signed a contract to acquire 100 percent of W Concept from IMM Private Equity and ISE 2021-04-01
• 
  SK Group completes acquisition of French CDMO Yposkesi SEOUL -- In a bid to enhance the competitive power of its biotech and pharmaceutical business in the global market, South Korea's third-largest conglomerate SK Group has completed the acquisition of a controlling stake in Yposkesi, a French cell and gene therapy company. SK Holdings said it has acquired management rights and a 70-percent stake in Yposkesi, a contract development & manufacturing organization (CDMO) in Europe for gene therapy viral v 2021-03-31