Economy

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  Incheon International Airport to take stern legal action against drone flyers SEOUL -- South Korea's main gateway in the western port city of Incheon will take stern legal action against those who fly drones around it to prevent disastrous accidents. The area around Incheon International Airport is a no-fly zone for drones, but drone operators have used hidden spots to avoid a crackdown. Some 80 cases of illegal drone flights were spotted near the airport from September 2020 to February 2021. Incheon International Airport is located in Ye 2021-03-16
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  ​S. Korea demonstrates hydrogen fuel cell-powered industrial equipment SEOUL -- South Korea will demonstrate hydrogen fuel cell-powered industrial equipment including forklifts and unmanned loaders at a regulation-free industrial complex in the southern port of Ulsan. New industrial machines have the potential of increasing work efficiency at logistics warehouses and indoor facilities. Ulsan was selected as South Korea's testing ground for hydrogen-powered mobility services in 2019. The port city produ 2021-03-15
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  KT launches bicycle-sharing service in Seoul's satellite city SEOUL -- South Korea's largest telecom company KT has launched a bicycle-sharing service in cooperation with a domestic mobility service company, reflecting the growing popularity of such eco-friendly services in Seoul and other cities. "Ttareungi," a bicycle-sharing public service launched by Seoul City in 2015, is the first and most successful mobility-sharing business model in South Korea. About 37,000 bicycles were used more than 23.7 million time 2021-03-15
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  Daewoo shipyard wins $966 mln orders for ten VLCCs installed with dual-fuel propulsion engines. SEOUL -- Daewoo Shipbuilding & Marine Engineering, a major shipbuilder in South Korea, has secured orders worth 1.09 trillion won ($966 million) from three unidentified clients in North American, Europe and Asia to build ten 300,000-ton crude carriers installed with dual-fuel propulsion engines. Ships will be delivered sequentially by the end of September 2023. Daewoo Shipbuilding & Marine Engineering (DSME) said in a 2021-03-12
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  CJ Cheil Jedang boosts grilled fish HMR production due to growing popularity SEOUL -- CJ Cheil Jedang, a key subsidiary of South Korea's food and entertainment conglomerate CJ Group, will go full throttle with the production of ready-to-eat grilled fish packages to cope with the growing popularity of home meal replacements, which are a convenient meal package requiring no comprehensive cooking processes. Meal kits or heat-and-eat meal packages including ingredients and sauces became popular in South Korea in 2020 when people 2021-03-11
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  Exports of S. Korean dishwashers hit record high of $245.8 mln in 2020 SEOUL -- Exports of South Korean dishwashers for family use hit a record high of $245.8 million in 2020 as a COVID-19 pandemic raised the awareness of hygiene and home cooking to avoid visiting restaurants and other crowded places. The Korea International Trade Association (KITA) said in a report that the shipment of home dishwashers from South Korea rose 41 percent on-year in 2020. COVID-19 was cited as the key reason for boosting dishwasher exports, a 2021-03-11
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  Convenience store chain CU releases meal kits made with Halal-certified ingredients SEOUL -- South Korea's convenience store chain CU has released two meal kits or ready-to-eat meal packages made with Halal-certified ingredients. The special meal packages target ordinary customers who are curious about Halal food as well as Muslim customers. CU said in a statement on March 10 that the store chain released two Halal meal kits, "Makhani Chicken Curry Rice" and "Triple Chicken Platter." The chicken curry rice menu includes a tan 2021-03-10
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  Two SK Group units join EU-funded carbon capture project SEOUL -- Two units affiliated with South Korea's third-largest conglomerate SK Group will join an EU-funded carbon capture project, secure research results and explore opportunities for their entry into overseas carbon capture and storage (CCS) markets. CCS is the process of capturing waste carbon dioxide, transporting it to a storage site and depositing it where it will not enter the atmosphere. Carbon dioxide can be captured directly from an industri 2021-03-10
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  LG Electronics wins patent lawsuit in Germany against China's TCL SEOUL -- LG Electronics has won a patent infringement lawsuit in Germany against China's TCL Communication Technology and two European affiliated entities, which were accused of violating essential technology related to long-term evolution, a standard for wireless broadband communication for mobile devices and data terminals. In its ruling last week, the Mannheim Regional Court in Germany found that TCL had infringed on claims in LG’s standard-e 2021-03-09
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  Samsung shipyard wins new order for five LNG-powered container ships SEOUL -- Samsung Heavy Industries solidified its status as the world's top builder of eco-friendly vessels powered by liquefied natural gas by securing a new order from an unidentified Asian client to construct five more ships. With the new deal, the shipbuilder has won $2.4 in orders for 19 vessels or 31 percent of this year's target of $7.8 billion. Samsung Heavy Industries (SHI) said in a regulatory filing on March 9 that it has wo 2021-03-09
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  POSCO joins hands with SK Global Chemical to develop light steel and plastic composite materials SEOUL -- In an effort to preemptively respond to changes in the vehicle parts market, SK Global Chemical will work with South Korea's steel group POSCO to develop light and hard steel and plastic composite materials for electric vehicles and future mobility. "We will prepare for the future era of eco-friendly vehicles by co-developing not only existing steel-based vehicle materials but also other materials such as plastic." POSCO's steel sector he 2021-03-08
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  Posco SPS boosts production capacity of stainless steel separators for hydrogen fuel cell vehicles SEOUL -- Posco SPS, a unit of South Korea's steel group POSCO, will boost the production of its stainless steel separator from the current capacity of 1,400 tons to 10,000 tons by 2027 that can be supplied to 250,000 hydrogen-powered vehicles. The separator is a key component of fuel cell stacks. An electric vehicle battery is designed in a structure where multiple units of cells are connected in series within a single cell-stack. The separato 2021-03-08
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  Microsoft ties up with LG Innotek to develop 3D sensing component for cloud platform SEOUL -- LG Innotek, a key producer of high-performance cameras, will develop and supply a 3D sensing component for Azure, a cloud computing service created by Microsoft that has strengthened service models through a combination of 3D cameras and cloud platforms. Mass-production is to begin in the second half of this year. Under a memorandum of understanding with Microsoft, LG Innotek said it would develop time of flight (ToF) modules for Azure platforms. A ToF mod 2021-03-08
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  S. Korean companies to build combined cycle power plant in Thailand SEOUL -- Two public companies in South Korea will work with their Thai partner to build a combined cycle power plant and related infrastructure such as liquefied natural gas tanks in Thailand's southern province of Songkhla. Construction is to begin in 2022. Through an online meeting, Korea Western Power, a power supplier in South Korea, signed a memorandum of understanding with Korea Gas Corp. (KOGAS) and TPI Polene Power, a Thai power company, f 2021-03-05
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  Transparent LED film displays videos and images at official venue of Busan film festival SEOUL -- A transparent and thin LED (light-emitting diode) film produced by LG Electronics displays videos and images on the facade of the official venue of an international film festival in the southern port city of Busan. The installation covers an area of 206 square meters to create a colorful dynamic panorama. The film installed at the Busan Cinema Center, which is a landmark in the port city, allows up to 73 percent of light to pass through, LG Ele 2021-03-04
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  Hanwha Techwin releases CCTVs with fog removal and other functions SEOUL --Mist, fine dust and yellow dust shorten the visibility of video surveillance and reduce the recognition rate of cameras used for closed-circuit television by making it difficult to grasp the outline and color of objects. Hanwha Techwin, a surveillance and optoelectronics company in South Korea, has released CCTVs with fog removal technology and other functions. When CCTV video is blurred due to fog and dust, Techwin's camera detects the si 2021-03-04
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  LS Mtron pushes for development of self-driving tractors with new technology SEOUL -- Korea Institute of Machinery and Materials (KIMM), a government-funded research institute in South Korea, used virtual reality technology to develop a technology that can realize an unmanned working environment. The technology can be used for agricultural tractors and industrial work machines. With KIMM's technology, LS Mtron, an electronic component and industrial machinery maker, would push for the development of self-driving tractors and a smart f 2021-03-04
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  Aviation industry wants government push to make early preparations for use of biofuels SEOUL -- South Korea's aviation industry wants a government push to make early preparations for the production and use of aviation biofuels, saying pilot operations in international flights are set to begin this year under an international scheme to lower CO2 emissions. Biofuels are biomass-derived fuels from plants or waste. The International Energy Agency wants biofuels to meet more than a quarter of global demands for transportation fuels by 2050. Howe 2021-03-03
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  Dongkuk Steel develops antiviral metal plates capable of killing COVID-19 virus in 30 minutes SEOUL -- South Korea's metal construction material maker Dongkuk Steel has developed an antiviral pre-coated metal plate that can be used for adorning the interior and exterior of a building. The steelmaker promotes its new metal plate as the first of its kind to have antiviral characteristics. Antimicrobial construction materials that kill microorganisms including bacteria and fungi are commonly available in the market. The most commonly used produc 2021-03-03
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  Hyundai Glovis strengthens logistics partnership with China's Changjiu Group SEOUL -- Hyundai Glovis, the logistics wing of South Korea's Hyundai auto group, strengthened its partnership with China's Changjiu Group and agreed to launch a joint railway transportation brand. Glovis would use its automotive logistics know-how and Changjiu's network to conduct aggressive sales to automakers in Europe and China. Glovis said in a statement on March 3 that it would sell a 30 percent stake in its European subsidiary, Adampo 2021-03-03