Economy

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  LG Electronics to supply ESS for advanced microgrid project in Hawaii SEOUL -- For a microgrid in Hawaii that aims to go carbon-zero by 2045, LG Electronics will supply an energy storage system for a microgrid through a consortium of South Korean and U.S. entities. The system can seamlessly provide electricity in case of blackouts and other disastrous situations. A microgrid is an autonomously-controlled power grid that incorporates artificial intelligence, various power sources, and battery storage. It normally operates 2021-03-24
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  Hyundai shipyard ties up with sovereign wealth fund to acquire companies with high growth potential SEOUL -- South Korea's Hyundai shipbuilding group will actively push for the diversification of its business portfolio into artificial intelligence, robots and other new industries with the help of a domestic sovereign wealth fund to take over global companies with high growth potential. Hyundai Heavy Industries Holdings signed a memorandum of understanding with Korea Investment Corporation (KIC). "We hope this MOU will be the first s 2021-03-24
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  LG Chem partners with domestic startup for complete recycling of plastic cosmetic containers SEOUL -- LG Chem, a major chemical company in South Korea, partnered with Innerbottle, a domestic startup, to create a "plastic eco-platform that will enable the complete recycling of plastic cosmetic containers. They will apply the platform to cosmetic containers in the second half of this year before expanding its application to food and medicine containers. LG Chem aims to create what it called an "unprecedented" ESG business model covering t 2021-03-23
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  Hyundai reveals ultra-fast EV charging service 'E-pit' inspired by F1 pit stop SEOUL -- South Korea's Hyundai auto group will roll out "E-pit," an electric vehicle charging service platform that will become part of the carmaker's future ecosystem of clean energy vehicles. Hyundai's electric cars based on a new modular platform will be able to charge 80 percent of their battery in just 18 minutes. Normal chargers take about 40 minutes. According to a survey of 1,586 adult consumers conducted by Seoul City i 2021-03-23
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  Japan's NTT Docomo selects Samsung's 5G network solution SEOUL -- Samsung Electronics has been selected as a 5G network solution provider for NTT Docomo, a leading mobile operator in Japan, garnering a bigger share in 5G equipment and infrastructure markets in Asia and other regions. Samsung said in a statement on March 23 that it would support Docomo with its innovative 5G technology to bring enriched 5G services to users, advance digital transformation for businesses, and improve society at large. "We are exc 2021-03-23
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  Hyundai shipyard works on vessel capable of transporting liquefied CO2 SEOUL -- South Korea's Hyundai shipbuilding group will develop a vessel that can transport liquefied carbon dioxide from power plants and steel mills to storage facilities. The shipyard saw climate change as a new opportunity for its growth, citing a growing demand for negative emission technology to reduce greenhouse gases by capturing carbon. Hyundai Mipo Dockyard, a subsidiary of the shipbuilding group, said it would develop a cargo containe 2021-03-22
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  Daewoo shipyard's rotor sail technology wins certification from classification society SEOUL -- A rotor sail system developed by Daewoo Shipbuilding & Marine Engineering, a major shipbuilder in South Korea, has won certification from DNV, an international accredited registrar and classification society based in Norway. As the first domestic company to produce a rotor sail system, the shipbuilder vowed to gain an upper hand in global shipbuilding orders. When wind meets the spinning rotor sail, the airflow 2021-03-22
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  KT partners with Hyundai Engineering to establish smart city in Osan SEOUL -- South Korea's leading telecom company KT has partnered with Hyundai Engineering, an engineering and construction company, to create a data network ecosystem ideal for the next-generation city infrastructure utilizing artificial intelligence, big data, and cloud computing. KT said in a statement on March 21 that the company signed a memorandum of understanding with Hyundai Engineering to establish a smart city network infrastructure in Osan some 45 kilome 2021-03-22
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  Analyst sees Volkswagen's business switch as positive factor for Samsung SDI SEOUL -- German auto giant Volkswagen's switch to a new type of battery for electric vehicles will act as a positive factor in Samsung SDI's profits, an analyst said, predicting the South Korean battery company's operating profit in 2021 is expected to rise 59.7 percent on-year to 1.07 trillion won ($945 million). "It will be an opportunity for Samsung SDI," said So Hyun-chul, an analyst at Shinhan Investment. "The key to securing profitabil 2021-03-19
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  POSCO joins hands with research institutes for efficient extraction of hydrogen from ammonia SEOUL -- In cooperation with two research institutes, South Korea's steel group POSCO will develop technologies to extract large amounts of hydrogen from ammonia and supply green hydrogen produced overseas to power stations and industrial facilities. Ammonia is a combination of hydrogen and nitrogen and is considered the best material for the efficient and economical transportation of hydrogen. POSCO said in a statement on March 18 that it forged a partnership wi 2021-03-18
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  Doosan fuel cell partners with Hyundai shipbuilding group to co-develop fuel cell for vessels SEOUL -- Doosan Fuel Cell, the clean energy wing of South Korea's Doosan Group, partnered with the world's largest shipbuilder to co-develop a megawatt-class solid oxide fuel cell system for vessels. The new highly-efficient fuel cell system will help vessels greatly reduce greenhouse gas emissions. The solid oxide fuel cell (SOFC) is a device that produces electricity by oxidizing fuel. SOFC is considered to be the most stable and power-effic 2021-03-18
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  Kakao makes foray into car-sharing market through acquisition of No. 3 service operator SEOUL -- The mobility service wing of South Korea's web service giant Kakao made a foray into the rapidly growing car-sharing market by acquiring a car-sharing mobility service company that has delivered rent cars to the doorstep of customers. Cars were retrieved when customers finished using them while other car-sharing services require customers to pick up and return cars to designated places. Kakao Mobility said in a statement on March 18 that the compa 2021-03-18
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  CU becomes S. Korea's top convenience store franchise SEOUL -- CU has dethroned its rival, GS25, to become South Korea's top convenience store chain by increasing the number of outlets with diversified or customer-friendly services. They never close and get rooted deeper into everyday lives as a place to buy groceries, snacks, simple meal packages and non-food products. A COVID-19 pandemic boosted sales of the convenience store industry as people shun crowded shopping malls. South Korea's convenience sto 2021-03-18
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  Daewoong seals deal to sell gastroesophageal reflux disease agent in China SEOUL -- Daewoong Pharmaceutical, a bioengineering company in South Korea, has sealed a deal with a Chinese company to sell Fexuprazan, a novel gastroesophageal reflux disease agent. Daewoong promotes Fexuprazan as a blockbuster drug in the global anti-acid secretion agent market. Daewoong said in a statement on March 18 that Shanghai Haini, a unit of China's Yangtze River Pharmaceutical Group, has signed a contract worth about 380 billion 2021-03-18
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  Chinese scholar cites digital currency as tool to bypass U.S. sanctions in case of escalating conflict SEOUL -- China's national digital currency being developed with blockchain and cryptographic technology will be a sufficient substitute if a Sino-U.S. conflict escalates and the United States excludes the world's second-largest economy from a dollar-based system that runs on a network of financial institutions globally, a Chinese scholar said. China's DCEP (Digital Currency Electronic Payment) could become the world's first central bank digital currency 2021-03-17
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  GS Retail partners with popular fried chicken franchise to offer on-foot delivery SEOUL -- South Korea's convenience store chain operator GS Retail has partnered with a popular fried chicken franchise in an effort to diversify customer groups of its on-foot delivery service within a radius of 700 meters from a chicken outlet. Deliverymen will only carry lightweight menus, while heavy ones will be delivered by motorcycles. GS25 launched an on-foot delivery service in August 2020. The service provides grocery delivery services for custome 2021-03-17
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  S. Korea's total credit card transaction reaches record high during pandemic SEOUL -- Money spent via online credit card transactions in South Korea rose 25 percent from a year ago to hit a record high of 116.3 trillion won ($102.7 billion) in 2020 thanks to a surge in home shoppers who have been grounded by a COVID-19 pandemic. According to the Bank of Korea, a large share of non-face-to-face transactions was made through ecommerce platforms such as online shopping malls. Data released by the Korea Information Society Development Institut 2021-03-17
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  Naver expands clout in online and offline markets thru tie-up with Shinsegae SEOUL -- As a top web portal service operator and IT company, Naver accelerated the expansion of its business scope into online and offline markets through a strategic alliance with South Korea's retail giant Shinsegae Group. The tie-up came after Coupang, an e-commerce giant based in South Korea, made its successful debut on the New York Stock Exchange. In a regulatory filing on March 16, Naver disclosed a stock swap valued at 250 billion won ($221 million) 2021-03-17
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  Hyundai Elevator unleashes new contactless button capable of entering target floor without pressing SEOUL -- Hyundai Elevator, a leading elevator maker in South Korea, unveiled a new contactless button called "Air Touch" that allows users to enter the target floor without pressing the button by using infrared sensor technology. Customers can go to the floor they want just by putting their fingers in front of the button. After completing a reliability test, the company will apply contactless buttons to actual sites from the end of March. Ex 2021-03-16
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  SK Telecom teams up with SingTel to run cloud game on 5G MEC platforms SEOUL -- SK Telecom (SKT), a top mobile carrier in South Korea, has teamed up with Singapore's SingTel to simultaneously run a cloud game on their 5G-based mobile edge computing (MEC) platforms. In an effort to speed up the use of 5G services worldwide, SKT has played a leading role in establishing standards for borderless MEC platforms. This year, SKT said it would implement a function that freely uploads and downloads 5G apps on 5G MEC hubs in partner 2021-03-16