Economy

• 
  US partner Nuscale allows Doosan Enerbility to produce forging materials for small modular reactors SEOUL -- Under an agreement with its American partner, Nuscale Power, Doosan Enerbility, a key player in South Korea's nuclear industry, will produce forging materials for small modular reactors as early as 2022, with expectations for full-scale equipment manufacturing by the latter half of 2023. The materials to be produced will support NuScale's first commercial deployment of its power plant for Utah Associated Municipal Power Systems (UAMPS). Commercial operation of the 2022-04-25
• 
  CJ OliveNetworks develops AR-based industrial safety solutions for easy facility management SEOUL -- CJ OliveNetworks, the information technology service operating wing of South Korea's CJ Group, has developed three augmented reality-based safety solutions that would help business operators safely and conveniently manage facilities. Augmented reality (AR) uses environments filmed with various types of cameras as a median tool for creating three-dimensional virtual objects that are displayed through a screen or a pair of smart glasses. Some AR solutions offer remote fe 2022-04-25
• 
  Exports of S. Korean instant noodles surpass $70 mln up 20% on-year SEOUL -- Exports of South Korean instant noodles known as ramyeon soared 20 percent on-year to a record high of $71.5 million in March 2022, state data showed. The instant noodles that appeared in various Korean films including the Oscar-winning film "Parasite" have created a global online phenomenon, with consumers uploading themselves eating hot noodles onto YouTube. Data released by state-run tax organization Korea Customs Service showed that exports of ramyeon stood 2022-04-25
• 
  SD Biosensor acqures Italia's medical device distributor Relab SRL to boost sales in Europe SEOUL -- SD Biosensor, an in-vitro diagnostics company that produces antigen self-testing kits, will acquire Italia's medical device distributor Relab SRL for about 61.9 billion won ($49.9 million) to strengthen its distribution network in Europe. The company has expanded its portfolio with abundant cash reserves and brisk exports. In a regulatory filing on April 22, SD Biosensor said that the acquisition of a 100 percent stake in Relab on June 30 is aimed at participating in ma 2022-04-22
• 
  LG's lighting system wing ZKW provides smart digital lighting to Range Rover SEOUL -- Jaguar Land Rover's new "Range Rover" sports utility vehicle will be installed with smart headlights from ZKW Group, an Austrian automotive lighting system producer affiliated with South Korea's LG Electronics. ZKW's light-emitting diode (LED) headlights produce glare-free high beams that automatically block out oncoming or other road users. The smart digital lighting automatically produces glare-free high beams, detects the width of the road, and illu 2022-04-21
• 
  CHA biotech to develop digital healthcare platform for foreign patients SEOUL -- CHA Biotech, a biopharmaceutical company with South Korea's largest pipeline of stem cell therapies, was selected by a state healthcare institute to develop a digital healthcare platform for foreign patients visiting Seoul and other major cities for medical treatment purposes. The platform will help medical staff manage the conditions of patients who cannot visit South Korea because of a coronavirus pandemic. Through a revised medical law in 2009, South Korean medical 2022-04-21
• 
  GI Innovation confident over stock market debut as promising bio-venture unicorn SEOUL -- As a promising unicorn in South Korea's bio-venture industry, GI Innovation aims to become a global player based on proven technologies through its successful stock market debut in the second half of 2022. The company showed confidence, citing its successful record of attracting investments from major domestic and foreign investors. GI Innovation has submitted a preliminary application for its initial public offering (IPO) on South Korea's second stock market, KOSDA 2022-04-21
• 
  LG Household & Health Care acquires 65% stake in LA-based brand Creme Shop SEOUL -- LG Household & Health Care, a major consumer goods company in South Korea, has acquired a controlling 65 percent stake worth $120 million in the Creme Shop, a Los Angeles-based brand that manufactures cosmetics and beauty products. LG Household said the deal is aimed at strengthening competitiveness in its cosmetics business in North America. The South Korean company signed a call option to purchase the remaining 35 percent stake five years later. Creme Shop is seen 2022-04-20
• 
  LG-Magna joint venture breaks ground for first factory in Mexico SEOUL -- A joint venture between Canada's mobility technology company Magna International and its South Korean partner, LG Electronics, will build a plant in Mexico to produce parts such as inverters, motors, and on-board chargers for General Motors' electric vehicles. Construction of the plant to be run by LG Magna e-Powertrain began in a ceremony in Ramos Arizpe, Mexico, for completion in 2023. The plant will be the joint venture's first production base in North Americ 2022-04-20
• 
  SK ecoplant works with domestic firms to produce GFRP rebars using recycled PET bottles SEOUL -- SK ecoplant, affiliated with South Korea's conglomerate SK Group, joined hands with two domestic companies to produce glass fiber reinforced plastics (GFRP) rebars using recycled polyethylene terephthalate (PET) bottles. Their joint plant will secure price competitiveness through the automation of all processes. GFRP was used as an alternative material to the reinforcement bar (rebar), a steel bar or mesh of steel wires used as a tension device in reinforced concrete an 2022-04-20
• 
  CJ OnStyle to resume selling overseas travel products in two years through live commerce SEOUL -- CJ OnStyle, the online commerce wing of South Korea's entertainment and media giant CJ ENM, will resume sales of overseas travel package products through a live commerce service. South Korean travel companies have stopped selling travel packages to overseas locations since 2020 when the government strictly regulated travelers due to a coronavirus pandemic. Live commerce is a home shopping-like online service that uses mobile shopping platforms or social media for live 2022-04-19
• 
  Dongwon Systems starts mass production of metal cans for 21700-type cylindrical batteries SEOUL -- Dongwon Systems, the packaging solution developer wing of South Korea's Dongwon Group, has started the mass production of metal can-shaped casings for 21700-type batteries that have about 30 percent more capacity than 18650-type high-performance batteries. While ordinary prismatic lithium-ion batteries are packaged inside flexible and soft polymer casings, cylindrical batteries are encased inside metal cans. The tube-shaped batteries have a smaller energy capacity than 2022-04-19
• 
  KT finds automated work assistant robot solution effective at reducing operational costs and time SEOUL -- KT, the biggest telecom company in South Korea, has found that automated work process automation solutions helped the company reduce operational costs and time. The telecom company also used the robot solution to create a "paperless" work environment where many company letters and notifications were replaced with emails and messenger app messages. A robot process automation (RPA) solution is an automated work assistant solution that can effectively help human wo 2022-04-18
• 
  Chunbo breaks ground for next-generation electrolyte plant on reclaimed land SEOUL -- Chunbo BLS, a subsidiary of South Korea's chemical company Chunbo, has broken ground for a new plant for the production of a next-generation electrolyte for lithium-ion electric vehicle batteries in an industrial zone set up on reclaimed land near the southwestern port city of Gunsan. Chunbo thinks the new plant will help the company solidify its status as a key electrolyte producer at home and abroad. A ground-breaking ceremony took place on April 15 at the Saemangeum 2022-04-15
• 
  Demonstration project launched to convert carbon dioxide into carbonate for industrial use SEOUL -- A state demonstration project was launched to upcycle and convert carbon dioxide into carbonate by using exhaust gas from steel slag at a regulation-free special zone in the southeastern industrial port city of Ulsan. The project is part of efforts to introduce carbon capture, utilization and storage technologies more widely for industrial use. The Ministry of SMEs and Startups said the Ulsan city government has won approval through a regulatory sandbox policy that exempts 2022-04-15
• 
  S. Korean state company to create smart city infrastructure in Philippines SEOUL -- South Korea's state land development agency will create a smart city infrastructure in a special economic zone near Manila. The smart city linked to an international airport would become a logistics hub city with infrastructure for tourism, recreation aviation maintenance. Under an agreement with Clark Development Corporation (CDC), Korea Land and Housing Corporation (LH) will build the smart city in the Clark Freeport Zone in Mabalacat some 82 kilometers (51 miles) nor 2022-04-15
• 
  KT provides AI care speakers to look after vulnerable elderlies in southern city SEOUL -- KT, the biggest telecom company in South Korea, will provide artificial intelligence-based care services for vulnerable elderlies suffering from dementia or depression in the southern city of Naju. The care robots can communicate with lonely residents and notify rescuers in case of an emergency. Smart AI speakers are devices hooked onto wireless internet networks. They can interact with users through verbal conversations. Users can request the speaker to "turn on musi 2022-04-14
• 
  HJSC's LNG dual-fuel container carrier wins basic approval from Lloyd's Register SEOUL -- A liquefied natural gas (LNG) dual-fuel container carrier designed by HJ Shipbuilding & Construction, a shipbuilder in South Korea, has secured basic approval from a London-based maritime classification society. It is designed to meet strengthened international regulations. HJ Shipbuilding & Construction (HJSC) said that its 7,700 TEU LNG dual-fuel container ship has received approval in principal from Lloyd's Register (LR). HJSC was responsible for designing t 2022-04-14
• 
  LG's autonomous quarantine robot makes commercial debut to sterilize public places and hospitals SEOUL -- An autonomous quarantine robot developed by LG Electronics made its commercial debut to sterilize public places and hospitals. It can carry out non-face-to-face quarantine without time restrictions, using ultraviolet-C lamps mounted on the left and right sides of the body. The robot with the brand name of "CLOi UV-C" is optimized for non-face-to-face quarantine work in buildings with many separate spaces such as hotels and hospitals, LG said, adding CLOi UV-C r 2022-04-14
• 
  CGBIO jumps into microneedle market with equity investment in Daewoong Therapeutics SEOUL -- CGBIO, a total healthcare provider in South Korea, has secured a 12.3 percent stake in Daewoong Therapeutics, a bio-venture company that has developed a transdermal drug delivery system using micrometer-sized needles that increase the diffusivity of drugs to the stratum corneum by creating micron-size pores in the skin. With an unspecified amount of its equity investment, CGBIO CEO Yu Hyun-seung will be able to participate in management as the in-house director of Daewoo 2022-04-13