Economy

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  Hanwha Solutions discloses new investment to produce high-performance solar cells SEOUL -- Hanwha Solutions, a chemical and energy company affiliated with South Korea's Hanwha Group, will enhance the competitiveness of solar cells by building new production lines for high-performance photovoltaic cells and modules in South Korea and the United States. The new investment comes on the heels of fierce competition with Chinese companies. At Intersolar, a solar industry exhibition in Munich, Hanwha Solutions disclosed the planned injection of some 380 billion won 2022-05-12
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  State institute commercializes nasal spray-type medical device for disease prevention SEOUL -- A venture company established by South Korea's state research institute has received government approval to sell a newly-developed nasal spray-type medical device for the prevention of infectious diseases. The so-called spray-type mask is activated by light to eliminate viruses and germs that enter the nasal passage. The Korea Institute of Science and Technology (KIST) said that its bio venture company D.R.NANO was approved to sell the nasal spray-type medical device w 2022-05-12
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  KT partners with digital healthcare company to make foray into Vietnam's telemedicine market SEOUL -- South Korea’s top telecom company KT will work with HurayPositive, a domestic digital healthcare company, to make a foray into the Vietnamese telemedicine market. Using HurayPositive’s chronic disease management know-how, KT hopes to popularize its remote medical service in Vietnam where many patients suffer from diabetes. Through telemedicine services, doctors can provide healthcare for patients living in remote areas. Using phone or internet networks, they ca 2022-05-12
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  SK Telecom works with domestic robot company to develop open data platform SEOUL -- SK Telecom, a leading mobile carrier in South Korea, joined hands with Integrit, an artificial intelligence-based robotics platform developer, to develop an open data platform that allows interworking between different robots, and lead the spread of a robot ecosystem. As intelligent robots in service are generally limited to information learning and data processing in the restricted space, there is a growing need for a standardized platform that can mutually share and pro 2022-05-12
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  Hyundai Oilbank promotes white bio business with non-food resources SEOUL -- Along with blue hydrogen as well as eco-friendly chemicals and materials, Hyundai Oilbank, a petroleum and refining company affiliated with South Korea's Hyundai shipbuilding group, will promote "white bio" as a new growth engine by utilizing non-food resources such as oil dregs, waste cooking oil, and fallen palm fruits as raw materials. The bio Industry creates added value based on biotechnology by combining industrial technologies. Red bio refers to the bio 2022-05-11
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  European company Hardt to receive POSCO's steel material for hyperloop tubes SEOUL -- South Korea's steel group POSCO will supply PosLoop 355, a steel material for hyperloop tubes, to Hardt, a European technology company that has led a hyperloop development program in the Netherlands. Hyperloop vacuum tubes are used in a revolutionary bullet train project to transport passengers and cargo in special capsules through tubes with low pressure. Reduced-pressure tubes in which pressurized capsules ride on an air cushion driven by linear induction motors and a 2022-05-11
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  Hanwha Impact's subsidiary secures order to turn Rotterdam gas turbine into mixed combustion SEOUL -- Thomassen Energy, the Dutch gas turbine subsidiary of Hanwha Impact, has secured an order to turn a 123-megawatt-class gas turbine run by Uniper, a German energy company, into a mixed combustion system that burns natural gas together with hydrogen to generate electricity. Uniper's 23-megawatt turbine in Rotterdam will be transformed into a combustion system that burns more than 30 percent of hydrogen, Hanwha Impact said, adding that a nitrogen oxide treatment system w 2022-05-10
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  Samsung C& strengthens partnership with American SMR company NuScale SEOUL -- Samsung C&T, a Samsung Group unit involved in trade, investment and construction, will strengthen its partnership with NuScale Power, a small modular reactor (SMR) company in the United States. They agreed to cooperate as a strategic partner in SMR projects in Romania and other East European countries. SMRs can address the limitations of light-water reactors using low-enriched uranium that cost a lot to replace nuclear fuel and require a vast emergency evacuation zone 2022-05-10
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  SK E&S joins world's largest carbon capture project by acquiring 10% of U.S. project leader Summit SEOUL -- SK E&S, an energy company affiliated with South Korea's SK Group, will join what would be the world's largest carbon capture project by spending $110 million to acquire a 10 percent stake in U.S. project leader Summit Carbon Solutions, a business platform that addresses the global challenge of decarbonization. Summit's project is aimed at capturing up to 12 million tons of carbon dioxide (CO2) a year from 32 corn ethanol plants in five midwest states. CO2 ca 2022-05-10
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  ​Samsung Medical Center develops AI-based bedsore management solution SEOUL -- A major general hospital in Seoul has developed an artificial intelligence-based management solution for bedsores. The solution will analyze photographs of a patient's areas of skin where ulcers were created and predict the development of the disease while suggesting doctors with the right dressings. Bedsores, or pressure sores, are ulcers created on areas of the skin that are constantly under pressure from lying down, sitting in a wheelchair, or wearing a cast for a l 2022-05-09
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  Researchers work on technologies of recover high-purity resources from solar waste panels SEOUL -- South Korean researchers will lead a government-initiated project to develop technologies that recover high-purity resources from solar waste panels. When technology is developed, 97 percent of silver and 95 percent of silicon can be recovered and recycled from solar waste panels. Solar panels are composed of glass, aluminum, plastic, and silver. Currently, the recycling of solar waste panels is complicated and not eco-friendly because raw materials are separated by crush 2022-05-09
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  KT's logistics platform wing releases AI freight brokering service SEOUL -- lolab, the digital logistics platform wing of South Korea's major telecom company KT, launched an artificial intelligence-based freight brokering service targeting the rapidly growing logistics industry. Once users register their cargo information into the system, the platform will find the best-matching driver for a minimum fee. Government data showed that South Korea's logistics industry is projected to reach 116 trillion won ($90.9 billion) in 2025 and 140 trillion 2022-05-09
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  LG Chem works with state institute to commercialize electrochemical reactor for CO2-based plastic production SEOUL -- LG Chem, the chemical unit of South Korea's LG Group, joined hands with a state institute to develop and accelerate the commercialization of an electrochemical reactor to convert carbon dioxide into a core material for plastics. The reactor is also capable of producing various types of syngas. The reactor was developed through a project that began in April 2021 to develop carbon capture and utilization (CCU) technologies and hydrogen energy technologies which are key e 2022-05-09
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  Lotte Insurance releases indemnity insurance plan for service robots SEOUL -- Lotte Insurance, the insurance wing of South Korea's conglomerate Lotte Group, has partnered with a service robot company to release an indemnity liability insurance plan for store owners who operate delivery or service robots. The insurance will plan will cover almost every accident case caused by robots at the store premise. More service robots are adopted at restaurants, coffee shops, and hotels in South Korea webbed with super-fast 4G and 5G networks. The country 2022-05-06
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  Southern port city to demonstrate eco-friendly ammonia hybrid vessel SEOUL -- South Korea's maritime gateway, Busan, has launched a project to develop and demonstrate an eco-friendly 30-ton-class vessel powered by an ammonia hybrid engine. The project also includes the standardization of ammonia fuel tanks and a bunkering technique for fueling ships with ammonia. Global shipbuilders are trying hard to develop efficient eco-friendly fuel-based vessels to reduce their dependency on fossil fuels after the International Maritime Organization (IMO), 2022-05-06
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  SK Geo Centric's pyrolysis technology wins government approval SEOUL -- SK Geo Centric, a chemical company affiliated with South Korea's SK Group, has set the stage for the full utilization of its pyrolysis technology to reduce carbon dioxide emissions by securing government approval. South Korean research institutes, private companies and academics have joined hands to popularize pyrolysis recycling as a method to respond to climate change. SK Geo Centric has launched a joint study with the Korea Research Institute on Climate Change to 2022-05-06
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  CHA Biotech opens cell and gene therapy CDMO facility in Texas SEOUL -- The U.S. subsidiary of CHA Biotech, a biopharmaceutical company with South Korea's largest pipeline of stem cell therapies, has finished the construction of a contract development and manufacturing organization (CDMO) production facility for cell and gene therapy medicines. The manufacturing facility with a 500-liter bioreactor targets the global cell and gene therapy market that is projected to reach $36.92 billion, according to global market research firm ResearchAnd 2022-05-04
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  Samyang Foods builds smart factory to meet rising demands for Korean instant noodles SEOUL -- To meet growing global demands for South Korea's instant noodles known as ramyeon, domestic food company Samyang Foods has built a smart factory with an annual capacity of 600 million instant noodles. Ramyeons made through an automated process will be exported to more than 100 countries. According to data released by state-run tax organization Korea Customs Service, exports of ramyeon achieved the highest record of $71.5 million in March 2022, up 20 percent from a year 2022-05-03
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  Naver's webtoon service attracts 180 million monthly active users worldwide SEOUL -- The webtoon service wing of South Korea's web service giant Naver has seen on a roll by attracting some 180 million monthly active users worldwide in March 2022, up 291 percent from 46 million in May 2017. Webtoon, also known as webcomics, is an online cartoon service that is based on a free-to-read payment system. Customers can read comics freely but they have to pay for the latest issues or special content. According to global market research firm MarketResearch, 2022-05-02
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  SK Chemicals ready for mass production of PO3G polymer derived from biological raw materials SEOUL -- SK Chemicals, a unit of South Korea's SK Group, is ready for the mass production of PO3G (Polyoxytrimethylene Glycol), a polymer derived from biological raw materials, using fermented corn. The new material brand-named "Ecotrion" reduces greenhouse gas emissions and offers long durability. SK Chemicals has completed the establishment of a PO3G production line in the southeastern industrial port city of Ulsan. PO3G products would be mainly used for materials th 2022-05-02