Economy

• 
  LIG Nex1 leads state project to commercialize heavy duty fuel cell cargo drone SEOUL -- LIG Nex1, a defense contractor involved in the development of radar and missile guidance systems, has been selected for South Korea's state project to develop a heavy-duty cargo drone powered by hydrogen fuel cells for civilian and military use. LIG Nex1 said it would lead the development of a fuel cell cargo drone that can be controlled remotely or fly automatically with a payload of 200 kilograms. Some 44.3 billion won ($39.3 million) would be in 2021-05-21
• 
  Lotte Chemical jumps into production of materials for electric vehicle batteries SEOUL -- Lotte Chemical, a major chemical company based in South Korea, jumped into the production of materials for electric vehicle batteries through the production of electrolyte organic solvents, based on high-purity ethylene oxide facilities. Organic solvents account for about 30 percent of electrolytes, but South Korea is heavily dependent on imports. Lotte Chemical said that its board endorsed the proposed spending of 210 billion won ($185 million) 2021-05-20
• 
  POSCO signs $240 mln deal to acquire 30% stake in Australian nickel mining company SEOUL -- South Korea's steel group POSCO has strengthened its status as the supplier of key materials for electric vehicle batteries by acquiring a 30 percent stake in a nickel mining and smelting company in Australia for $240 million. POSCO said in a statement on May 20 that under a deal with Canada's First Quantum Minerals, the steel group would receive 7,500 tons of nickel in mixed hydroxide precipitate (MHP) per year, beginning in 2024. MHP consists 2021-05-20
• 
  Hoban completes acquisition of Taihan known for extra-high voltage cables SEOUL -- Hoban, a mid-sized conglomerate in South Korea, completed the acquisition of Taihan Electric Wire, a domestic power cable and grid infrastructure company capable of producing an ultra-high-voltage power cable system that has been coveted by Chinese companies. Demands for extra-high voltage cables are growing thanks to a global clean energy campaign to reduce greenhouse emissions. Taihan said in a regulatory filing on May 18 that Hoban became the largest s 2021-05-18
• 
  Mobile fashion retail platform Musinsa acquires Styleshare to attract global consumers SEOUL -- South Korea's popular mobile fashion retail platform Musinsa agreed to acquire Styleshare, a domestic online fashion portal, in a bid to attract young female consumers and strengthen its presence abroad. Styleshare is a female-centered social media where users can share fashion content and information. Musinsa, launched as a mobile-based fashion retail platform in 2009, has quickly garnered the attention of young consumers with trendy and affordable 2021-05-18
• 
  AWS works with Hyundai Construction Equipment to develop fault diagnosis module SEOUL -- Hyundai Construction Equipment, a construction equipment maker affiliated with South Korea's leading Hyundai shipbuilding group, has joined hands with Amazon Web Services to develop a fault diagnosis module that combined artificial intelligence and internet of things technology to collect and analyze real-time data of excavators and accurately detect abnormalities with machine learning technology. Hyundai Construction Equipm 2021-05-17
• 
  ​Kakao to launch new tailor-made charging service for electric vehicles SEOUL -- The urban mobility service wing of South Korea's web service giant Kakao has partnered with a state power company to launch an electric vehicle charging service that would guide drivers to the nearest and cheapest EV charging station and help them pay with a digital payment system. South Korea with some 820,000 clean energy vehicles including full-electric, hybrid, and hydrogen fuel-cell vehicles, has a relatively small charging infrastructur 2021-05-17
• 
  Hanwha teams up with KAIST to establish joint space research center SEOUL -- South Korea's Hanwha Group joined hands with a leading state research body to establish a joint space research center that would develop space technologies, starting with low-orbit satellite communication technology that uses lasers to exchange data between satellites. The group said it would inject some 10 billion won (8.8 million) into the center set up by the Korea Advanced Institute of Science & Technology (KAIST) and Space Hub, a group-wid 2021-05-17
• 
  SK Chemicals secures 10% stake in China's Shuye for stable copolyster production. SEOUL -- SK Chemicals, a unit of South Korea's third-largest conglomerate SK Group, has secured a 10 percent stake in Shuye, a Chinese company with technology that can chemically break down polyethylene terephthalate (PET), to establish a stable base for the production of copolyesters using chemical recycling technology. Unlike physical recycling that uses post-consumer recycled (PCR) materials by grinding collected PET bottles and other materials int 2021-05-17
• 
  Convenience store chain CU finds customers favor monthly coupon book subscription service SEOUL -- Six months, ago, many customers watched with worried eyes as South Korea's convenience store chain CU ran down a treacherous, undiscovered path by releasing a monthly subscription program for discount coupons. It's because discount coupons were considered as free baits to attract customers. However, customers favored the subscription model, betraying market worries. Weekly and monthly subscription services became popular in South Korea in 2020 when y 2021-05-17
• 
  ​Renault Samsung launches EV mobility service for Busan travelers SEOUL -- The South Korean unit of French carmaker Renault has launched a car-sharing service in the southern port city of Busan. Travelers can rent ultra-compact electric vehicles to visit tourist hot spots using the non-face-to-face mobility service. Busan City was upbeat, saying the service targeting MZers will help revitalize its tourism market. According to government data, Busan, famous for its food, culture and beaches, had suffered a critical blow 2021-05-14
• 
  Samsung jacks up investment in semiconductor business to compete with Taiwanese rival SEOUL -- In response to the aggressive expansion of production capacity by its Taiwanese rival, Samsung Electronics will increase investments in System LSI and foundry businesses to 171 trillion won ($151.3 billion), saying the global semiconductor industry faces a "watershed" moment due to competition to secure a competitive edge. The additional investment represents an increase of 38 trillion won from the previous commitment of 133 tril 2021-05-13
• 
  Samsung shipyard opens test facility to develop and verify technologies for LNG value chain SEOUL -- As the world's top builder of eco-friendly vessels powered by natural gas, Samsung Heavy Industries has opened a test facility to develop and verify key technologies for a liquefied natural gas value chain from production to transportation, storage and supply. Samsung Heavy Industries (SHI) opened the LNG pilot test facility at its shipyard in Geoje on May 12 in a ceremony attended by foreign guests from international classificati 2021-05-13
• 
  [INTERVIEW] Government agency advocates massive food hub to secure food sovereignty SEOUL -- South Korea is on guard against potential threats to food security amid growing uncertainties caused by climate change and a COVOD-19 pandemic that has raised global awareness of food sovereignty. A government agency responsible for storing and exporting agricultural products advocates the operation of a massive food hub in a vast area of reclaimed land created by the world's longest man-made sea barrier to cope with a food cr 2021-05-13
• 
  KT partners with taxi companies to offer AI call check-in tracking system SEOUL -- South Korea's largest telecom company KT has partnered with an association of taxi companies in the southern port city of Busan to provide an artificial intelligence-based call check-in service. The service will help a state disease control body to easily track down passengers for COVID-19 epidemiological surveys. After the first outbreak of COVID-19 in February 2020, South Korea has adopted a variety of methods to trace those who have visited vulnerab 2021-05-12
• 
  Daewoo shipyard wins order to build wind turbine installation vessel for Monaco company SEOUL -- Daewoo Shipbuilding & Marine Engineering has secured an order worth $330 million from Eneti, a Monaco-based company specializing in offshore wind farm construction and services, to build a wind turbine installation vessel that would be delivered in the third quarter of 2024. Wind turbine installation vessels (WTIVs) have specific needs, different from traditional oil and gas-focused offshore operations. Demands f 2021-05-12
• 
  Samsung Display selected for state project to develop ultra-high-resolution oxide TFT SEOUL -- Samsung Display, a major flat panel maker in South Korea, will lead a state project to develop an oxide thin-film transistor with ultra-high resolution, which is considered a core technology for next-generation mobile displays. The project is aimed at securing oxide thin-film transistor (TFT) technology, which is 10 times faster in the speed of electron transfer, by 2024. An oxide TFT is a particular kind of field-effect transistor made by 2021-05-12
• 
  SK Holdings makes extra investment in Singapore-based developer of lithium metal batteries SEOUL -- The holding company of South Korea's third-largest conglomerate SK Group made an extra investment in SolidEnergy Systems, a Singapore-based developer of lithium metal batteries that are lighter and have greater energy density than lithium-ion batteries widely used for electric vehicles. The investment reflects SK's strong push for the development of next-generation batteries. With an additional injection of 40 billion won ($35 million), S 2021-05-11
• 
  Kakao webtoon secures strong foothold in North America thru acquisition of Radish SEOUL -- Kakao Entertainment, a content and entertainment subsidiary of South Korea's web service company, will acquire Radish Media, a U.S.-based web novel platform, for $440 million in a deal aimed at expanding its content competitiveness abroad, especially in North America. The acquisition of Radish will be finalized through open purchase sometime in May. Kakao Entertainment said its board has endorsed the proposed acquisition of Radish and Tapas Media, an 2021-05-11
• 
  LG Chem invests $134 mln in incubation fund for companies with ESG technologies SEOUL -- LG Chem, a chemical unit of South Korea's LG Group, will invest 150 billion won ($134 million) in a fund that would find and incubate companies with technologies and growth potentials in environmental, social, and corporate governance (ESG), a trendy corporate operation method that focuses on the use of green energy and environmentally-friendly management. LG Chem will become a core investor in the KBE (Korea Battery & ESG) fund managed by IMM 2021-05-11