Economy

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  Hyundai Motor unveils first electric model of Genesis lineup SEOUL -- Hyundai Motor, a top car company in South Korea, has unveiled the first electric version of its luxury brand Genesis. The G80 electric sedan features a maximum driving range of 427 kilometers (265 miles) and can reach 100 kilometers per hour in 4.9 seconds. The G80 electric vehicle will be showcased at an eco-friendly park in western Seoul on June 12. The interior used recycled materials such as polyethylene terephthalate (PET) retrieved from plastic 2021-06-11
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  Research body develops seawater cell-based hydrogen production device Engineers test an ionic hydrogen gas compressor. SEOUL -- South Korea's state-run research body has developed a device capable of producing hydrogen by utilizing seawater cells, along with a hydrogen gas compressor based on an ionic liquid piston instead of a metal piston. Ionic compression technology is a high-performance solution that is easy to operate. The Korea Institute of Ocean Science and Technology (KIOST) 2021-06-10
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  Hanwha Q Cells embarks on $86mln project to sell renewable energy using idle spaces SEOUL -- Hanwha Q Cells, the solar cell-making wing of South Korea's Hanwha Group, will lead a 96 billion won ($86 million) project to build solar power facilities on factory roofs and idle spaces in an industrial complex. The project in the southern industrial city of Pohang targets companies trying to reduce carbon emissions. Hanwha Q Cells said in a statement on June 10 that the company partnered with Korea East-West Power, a state power generation 2021-06-10
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  ​Samsung shipyard works with state researchers to develop small nuke reactor for maritime SEOUL -- South Korea's state nuclear research body joined hands with a major domestic shipbuilder to develop a small carbon-free fission reactor based on molten salt that would be used for ships and floating nuclear power plants. Samsung Heavy Industries (SHI) and the Korea Atomic Energy Research Institute (KAERI) have signed a joint research agreement on June 9 to push for the development of a molten salt reactor (MSR) that could produce 2021-06-10
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  ​Shinsegae Department Store forges partnership with online music service Genie SEOUL -- Shinsegae Department Store, affiliated with South Korea's retail group Shinsegae partnered with popular online music service operator Genie Music to collaborate and create synergy in marketing. The two companies will open exclusive stores on each other's smartphone apps. Shinsegae Department Store said in a statement on June 8 that the company has signed a memorandum of understanding with Genie Music to meld music into online 2021-06-08
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  Kakao releases S. Korean counterpart of popular audio chat app 'Clubhouse' SEOUL -- South Korea's web service giant Kakao has released an audio chat app to attract smartphone users who feel the need to engage in verbal communication with other users who share similar interests. The app is considered the South Korean counterpart of "Clubhouse," an invitation-only social media voice chat app released in March 2020. South Korean smartphone users' communities were in hype earlier this year thanks to Clubhouse that caught th 2021-06-08
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  ​T Map to provide charging station reservation service for EVs SEOUL -- South Korea's favorite smartphone navigation app T Map will offer a reservation service for electric vehicles in the second half of 2021. The navigation app with some 4.5 million daily users will target clean energy vehicle owners with convenient services including an automatic remote payment system. Seoul has about 25,600 electric vehicles (EVs) on the road as of April 2021 but there are only 8,400 chargers. It is common to see an EV or two 2021-06-07
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  Ulsan to establish data platform for distributed energy systems SEOUL --In an effort to go completely carbon-zero by 2050, the southern port city of Ulsan will lead a state project to establish a data platform for distributed energy systems. The platform will collect energy-related data in real-time to help power plant operators efficiently manage and optimize their energy systems, including a virtual power plant. A virtual power plant (VPP) consists of interconnected units of medium-scale power generating units such as solar 2021-06-07
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  Hyundai Rotem partners with state power company to develop wearable robot SEOUL -- Hyundai Rotem, a subsidiary of South Korea's s Hyundai auto group, joined hands with a state power company to develop a wearable robot that can help workers get less tired during their indirect live-line work. Unlike ordinary wearable robots that boost the strength of the lower body, Hyundai Rotem's robot will strengthen the upper body so that workers can lift equipment using a lesser force. A wearable robot uses motors and sensors to dete 2021-06-04
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  Kakao tackles climate change with eco-friendly packaging of consumer goods SEOUL -- The ecommerce wing of South Korea's web service company Kakao will take its first step to go green by using eco-friendly packaging materials. The company aims to reduce about 32 tons of carbon dioxide by starting with character goods that are popular among young female consumers. Kakao Commerce said in a statement on June 5 that the company would replace vinyl and plastics used in the packaging and delivering of character goods with environme 2021-06-04
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  Energy regulations revised to boost stockpile of imported natural gas SEOUL -- As one of the world’s largest buyers of natural gas, South Korea will boost the obligatory stockpile of liquefied natural gas from seven days to nine days. The purpose is to get prepared well for unexpected supply shortages to be caused by a rapid increase in demand and disruptions in imports. The Ministry of Trade, Industry and Energy said that energy-related regulations and law would be revised by October to allow South Korea's state gas compan 2021-06-03
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  ​SK Holdings makes strategic investment in American clean hydrogen company SEOUL -- The holding company of South Korea's third-largest conglomerate, SK Group, has made a strategic investment in an American turquoise hydrogen company to beef up clean energy capabilities. The group has launched a task force involving group units to establish a hydrogen value chain. Through its investment in Monolith Materials, the first U.S. company to produce turquoise hydrogen on a commercial scale, SK Holdings said it can diversify its hydro 2021-06-03
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  Doosan Heavy joins demonstration of mixed hydrogen combustion turbine SEOUL -- Doosan Heavy Industries & Construction, a key player in South Korea's power industry, will join a project to demonstrate mixed hydrogen combustion technologies that burn natural gas together with hydrogen. The project in the southeastern industrial city of Ulsan is part of a government campaign to secure original gas turbine technologies. Ulsan City will provide administrative support. SK Gas is in charge of hydrogen supply. Korea East-West Power, 2021-06-03
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  Seoul builds more rapid EV chargers to meet growing demands SEOUL -- In preparation for the wider introduction of electric vehicles, Seoul will acquire land to accommodate thousands of rapid chargers by the end of 2022. The move is to solve the lack of Seoul's charging infrastructure that has triggered complaints among many electric vehicle drivers. Seoul has about 25,600 electric vehicles on the road as of April 2021 but there are only 8,400 chargers. Due to the lack of public charging stations, drivers often hav 2021-06-03
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  State landfill company demonstrates recycling tech to convert plastic to fuel SEOUL -- A state landfill management company has started the demonstration of a recycling technique that converts plastic waste including vinyl to fuel. The recycled fuel will be used to make electricity or for other public purposes. The company will expand the range of plastic types used in the demonstration When plastics are treated with extreme heat and pressure, they are broken down to be converted into oil. The oil is t 2021-06-02
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  Taekwang Industrial sets up acrylonitrile joint venture with LG Chem SEOUL -- Taekwang Industrial, the manufacture of petrochemical products in South Korea, will set up an acrylonitrile joint venture plant with LG Chem to cope with growing demand in the global market. Commercial production of the plant with an annual production capacity of 260,000 tons is to begin in 2024. Acrylonitrile is an important monomer for the manufacture of useful plastics and important copolymers, such as acrylonitrile butadiene styrene (A 2021-06-02
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  LG Electronics joins government project to reduce use of plastics in home appliances SEOUL -- LG Electronics, a major home appliance maker in South Korea, joined a government project to reduce the use of plastics in the production of home appliances. The electronics giant will promote the use of recycled plastics in TVs and soundbars, an external set of hi-fi speakers. Various types of polymers and plastics are used in the production of home appliances because such materials are cheap and durable. Home appliance makers prefer plastics b 2021-06-01
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  CJ's cosmetics retail wing starts Japanese service through online shopping mall SEOUL -- CJ Olive Young, the drug and beauty store franchise of South Korea's CJ Group, has launched the Japanese version of its global online shopping mall to attract young Japanese female consumers who feel comfortable with using an online store. South Korean cosmetics, also known as K-beauty products, are steadily gaining popularity in Japan, the world’s third-largest beauty market, thanks to K-pop and drama fandoms. According to data re 2021-06-01
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  POSCO forms consortium to develop industrial gases with low global warming potential SEOUL -- POSCO formed a consortium involving research bodies to cooperate in the development of etching gas and refrigerant gas with low global warming potential as part of efforts to reduce South Korea's heavy dependence on imported industrial gases and cope with enhanced environmental regulations worldwide. Global warming potential (GWP) is the heat absorbed by any greenhouse gas in the atmosphere and provides a common scale for measuring the climate effec 2021-06-01
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  STX Engine chosen to localize German diesel engine of K-9 self-propelled howitzer SEOUL -- STX Engine, a diesel engine manufacturer in South Korea, has been chosen to localize the German diesel engine of K-9 self-propelled howitzers produced by Hanwha Defense. The localization scheme has been pushed as part of a broad state project to acquire original technologies for key imported parts. STX Engine said that the localization of K9's engine designed by MTU Friedrichshafen is aimed at meeting harsh operational requirements 2021-05-31