Economy

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  Toyota's trading arm partners with S. Korean copper foil maker to set up joint venture in North America SEOUL -- Solus Advanced Materials, an electronic component manufacturer in South Korea, joined hands with the trading arm of Japan's Toyota Group to set up a joint venture for the production and marketing of copper foils, a key component for electric vehicle batteries, that target North American markets. Solus said it has signed a memorandum of understanding with Toyota Tsusho to establish a joint venture capable of producing 30,000 tons o 2021-05-31
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  COVID-19 pandemic expands introduction of Woowa's food serving robot SEOUL -- Woowa Brothers, the operator of South Korea's top food delivery service, took a step closer to popularizing serving robots that deliver food to the table of customers at restaurants by securing a new deal with a domestic food chain to provide about 100 robots. Woowa's serving robot called "Dilly Plate" can take evasive action when it approaches a customer or obstacles. Shinhwa Food Group (SFG), which operates 20 Korean food br 2021-05-31
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  Amore Pacific forges partnership with Lotte Shopping to expand online and offline sales channels SEOUL -- Amore Pacific, a top cosmetics maker in South Korea joined hands with the retail service wing of South Korea's Lotte Group to expand online and offline sales channels. They would hold massive promotions and release exclusive products. Lotte Shopping said in a statement on May 28 that its ecommerce and department store divisions forged a partnership with Amore. The three parties would share sales data to develop new marketing strategies and in 2021-05-28
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  Halthcare company EDGC introduces liquid biopsy technique for early diagnosis of cancer SEOUL -- A South Korea-based healthcare company engaged in genetic analysis has introduced a liquid biopsy brand using techniques that can be used for the early detection of cancer and help doctors pick the right target drugs. A liquid biopsy is the sampling and analysis technique for non-solid biological tissue such as blood. The technique is mainly used as a diagnostic and monitoring tool for diseases such as cancer. Because the liquid biopsy is almost non-in 2021-05-28
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  State gas company ties up with GS Caltex to build liquid hydrogen plant SEOUL -- South Korea's state gas company tied up with a refiner to build a liquid hydrogen plant with an annual production capacity of 10,000 tons by using waste cold energy generated from the regasification of liquefied natural gas (LNG). The plant would be completed at the idle site of an LNG base in December 2024. Imported LNG must be regasified at receiving terminals while waste cold energy is released by vaporizers. Waste cold energy from regasification 2021-05-28
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  Scandal-stricken dairy food company Namyang sold to private equity fund SEOUL -- Hahn & Co., a private equity investment firm in South Korea, will acquire a controlling 53 percent stake in Namyang Dairy Products, a troubled dairy food company that has been in crisis due to fatal management blunders and a crippling consumer boycott. A police investigation is under way for deceiving consumers with "hyped" publicity about the anti-virus effect of a fermented milk brand. Hahn & Co. vowed to reshape Namyang through st 2021-05-28
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  Researchers commercialize dissolvable microneedle patch SEOUL -- South Korea's government-funded research institute has succeeded in the commercialization of a dissolvable microneedle patch, three years after the painless drug injection tool received state approval for commercial production. The microneedle patch developed by "ADMBioscience," a company established by the Korea Institute of Machinery and Materials (KIMM), uses double-stranded salmon sperm DNA (SDNA) as a drug delivery vehicle. Nano 2021-05-27
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  Hanwha Solutions partners with Hyundai Glovis to supply hydrogen fuel for vehicles SEOUL -- South Korea's clean energy provider Hanwha Solutions has forged a partnership with the Hyundai auto group's logistics wing to supply hydrogen fuel for charging stations in expressway service areas. The partnership will boost the popularization of hydrogen fuel cell vehicles that are shunned by consumers due to the lack of charging stations. There are more than 11,000 hydrogen fuel cell vehicles (FCEVs) in service and some 60 hydrogen 2021-05-27
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  Hanwha Systems partners with British company to develop technologies for air taxi infrastructure SEOUL -- Skyports, a British company involved in the construction of infrastrucure for urban air mobility, tied up with Hanwha Systems to develop technologies for air taxi infrastructure. They would jointly research "seamless" technology for quick and convenient boarding and getting off at vertiports. Under a memorandum of understanding with Skyports, Hanwha Systems said it would provide control technology necessary for the safe operation of v 2021-05-27
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  Orsted selects POSCO as partner for wind farm and green hydrogen projects SEOUL -- Orsted, a Danish power company involved in major offshore wind power projects in the world, selected POSCO as a crucial business partner for green hydrogen and offshore wind power businesses. The Danish company has promised to shape a competitive supply chain with local companies for a major offshore wind power complex to be built off South Korea's west coast. POSCO, a leading steel group in South Korea said that it signed a memorandum of understand 2021-05-27
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  Maritime classification society launches joint study on eco-friendly rotor sail system SEOUL -- South Korea's maritime classification society launched a joint study on a rotor sail system, which is seen as an eco-friendly technology for reducing fuel and carbon dioxide emissions. The study will focus on verifying the efficiency of auxiliary devices and developing technologies to cope with carbon regulations. Korean Register (KR), which offers verification and certification services for ships and marine structures, partnered with Pan 2021-05-26
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  KNOC kicks off demonstration project to store CO2 into waste gas field SEOUL -- South Korea's national oil and gas company kicked off a demonstration project involving private companies and state research bodies to transport and store captured carbon dioxide into a waste gas field in the sea between Japan and the Korean peninsula. South Korea aims to collect some 10.4 million tons of carbon dioxide by 2030. Carbon capture and storage (CCS) is the process of capturing waste carbon dioxide, transporting it to a storage si 2021-05-26
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  Hanwha Systems makes strategic $30 mln investment in U.S. satellite communications company SEOUL -- Hanwha Systems, a key defense contractor involved in the development of antennas in South Korea, has secured U.S approval to make a strategic $30 million investment in Kymeta, an American satellite communications company. The investment underscores Hanwha's push for the development of low-orbit satellite communication technologies that could be used for air taxis. Hanwha Systems said its investment in Kymeta has been approved by a 2021-05-26
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  EOFlow's innovative insulin pump ready for sales in Europe in second half SEOUL -- EOFlow, a provider of wearable drug delivery solutions in South Korea, will start selling an innovative wearable and disposable insulin pump in Europe in the second half of 2021 following its full launch in the domestic market in March. The pump called "EOPatch" will go with a controller and a smartphone app. The insulin pump will be available in countries such as Canada and Australia that honor CE marking (CE Mark), an administrative marking 2021-05-26
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  S. Korean companies join hands to launch green ammonia consortium SEOUL -- In an effort to secure a competitive edge in the global market, a six-member consortium was launched in South Korea to establish a green ammonia value chain covering production, maritime transportation and storage. Ammonia has been proposed as a potential zero carbon marine fuel due to its stability in supply and relatively easy storage and transportation. Consortium participants signed a memorandum of understanding for transportation and bunkering, whi 2021-05-25
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  Eco-friendly shrimp farm kicks into operation using wastewater from nearby thermal power plant SEOUL -- An eco-friendly aqua shrimp farm that uses wastewater from a nearby thermal power plant for heating was kicked into operation. The 16,270-square meter farm sized about three football fields is South Korea's largest land-based aquafarm. Thermal power plants suck in water from a nearby water source such as a river or a lake for cooling. Coldwater is heated during the process before it is released back to the source. The wastewater 2021-05-24
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  Doosan Heavy recovers lithium carbonate from waste batteries without using chemicals SEOUL -- Doosan Heavy Industries & Construction, a key player in South Korea's nuclear power industry, has developed a new method of recovering lithium carbonate by recycling waste batteries without using chemicals. Lithium carbonate is an important industrial chemical used mainly as a precursor for compounds used in lithium-ion batteries. Doosan Heavy said it would push for a demonstration facility capable of treating 1,500 tons of spent batterie 2021-05-24
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  Kakao's mobility service launches digital gift train ticket service SEOUL -- Kakao Mobility, the mobility service wing of South Korea's web service giant Kakao, has launched a digital gift ticket service for trains. The service targets customers who wish to make train ticket reservations for their family members. Previously, a third-party train ticket reservation app only allowed users to reserve tickets for themselves due to security issues regarding the handling of digital personal information. Old people mainly v 2021-05-21
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  Daewoo shipyard ties up with Hyosung to develop shaft generator motor using permanent magnet SEOUL -- South Korea's Daewoo shipyard teamed up with Hyosung Heavy Industries, an electrical power equipment maker, to develop and localize shaft generator motors using permanent magnets that could be used for large-capacity container ships. The system is an eco-friendly ship component that can increase fuel efficiency and reduce emissions. Daewoo Shipbuilding & Marine Engineering (DSME) said it has signed a memorandum of understanding with Hyosung on join 2021-05-21
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  Convenience store chain GS25 kicks off recycling campaign for ice packs SEOUL -- South Korea's second-largest convenience store franchise GS25 has kicked off a green campaign to recycle palm-sized ice packs filled with water or gel-type super absorbent polymers that are commonly used as a refrigerant for food delivery packages. Many consumers find polymer-based ice packs hard to recycle and just throw them away along with other non-recyclable rubbish. Two kinds of ice packs are available in South Korea. An eco-friendly type uses wa 2021-05-21