Economy

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  Cosmax showcases transdermal delivery material at global cosmetic science conference in London SEOUL -- Cosmax, a cosmetics original development manufacturer in South Korea, has showcased a transdermal delivery material, which helps absorb cosmetics into the skin, at a global cosmetic science conference in London. The material was created using lipid components that exist between cells in the stratum corneum. Global demands for transdermal delivery systems have increased. In most cases, effective ingredients for the skin are not sufficiently delivered because of the stratum 2022-09-21
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  Researchers develop technology to reduce volume of uranium waste by up to 90% SEOUL -- South Korea's state nuclear energy research body has developed a technology that can reduce the volume of uranium waste by up to 90 percent and safely dispose of it. For commercialization, researchers have transferred their technology to a private company specializing in radioactive waste treatment and disposal. The Korea Atomic Energy Research Institute (KAERI) said its research team left contaminated nuclides behind to easily separate non-radioactive substances from r 2022-09-21
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  Hyundai shipyard uses Palantir big data platform to implement digital twins in shipbuilding processes SEOUL -- In an effort to speed up the construction of smart shipyards, South Korea's Hyundai shipbuilding group expanded its partnership with Palantir Technologies, a public software company in the United States, to use its big data platform for the implementation of digital twins in all shipbuilding processes from design to production. A digital twin is a virtual clone of an object or an infrastructure. Digital twins are frequently used as testing grounds for new technologies 2022-09-21
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  SK chemicals works on development of high-quality fibers with recycled PET bottles SEOUL -- SK chemicals tied up with a state research body and a social enterprise to develop high-quality recycled fibers, as part of efforts to expand its green chemical business using eco-friendly materials, such as Skypet CR, which is based on chemically recycled polyethylene terephthalate (PET) bottles. Using Skypet CR with excellent physical properties and eco-friendliness, the Korea Textile Development Institute (KTDI) will produce various threads. Art Impact, a social venture 2022-09-21
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  HL Mando partners with Israel's Argus to establish cyber hacking monitoring system SEOUL -- HL Mando, an autonomous driving solution developer in South Korea, partnered with Argus, an Israeli automotive cyber security company, to establish a system that can monitor cyber hacking. Due to the nature of autonomous vehicles that exchange signals over the vehicle network, security threats such as hacking should be blocked in advance. HL Mando produces automotive electrification parts such as steering and brake parts. The autonomous driving function of the steering and 2022-09-20
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  LG Electronics teams up with GS EPS to build solar power plant on rooftop of smart factory SEOUL -- LG Electronics partnered with GS EPS, a private power generation company, to build a 20,000 square meter wide solar power plant, which is the size of three soccer fields, on the rooftop of its factory. The project can reduce greenhouse gas emissions by about 3,000 tons annually. GS EPS will install and run the solar plant on the roof of LG Smart Park, a production based in Changwon some 300 kilometers (186 miles) southeast of Seoul. The power plant can produce about 6,600 2022-09-19
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  [FOCUS] Experts attribute webtoon's dramatic growth to good story tech platforms SEOUL -- Webtoons, also known as webcomics, are digital comic books optimized for smart device ecosystems. South Korea is the birthplace of webtoons in the early 2000s and K-webtoon content has been recreated into various world-popular content formats including films, dramas and novels. Netflix's popular survival drama series "Squid Games" was based on a webtoon. Using good story tech platforms, South Korea's two leading webtoon companies, Kakao Entertainment and N 2022-09-16
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  Researchers discover new enzymes to produce formic acid from carbon dioxide SEOUL -- South Korean researchers have discovered a new enzyme that can produce formic acid, a hydrogen storage substance, from carbon dioxide. They described the new method as the core of high-value-added material production through the recycling of carbon dioxide into resources. Formic acid is an important intermediate in chemical synthesis and occurs naturally, most notably in some ants. Industrially, formic acid is produced from methanol. A major use of formic acid is as a pre 2022-09-15
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  CJ Freshway's plant-based burger to be offered as school meals SEOUL --The food material distribution wing of South Korean conglomerate CJ Group released a plant-based burger that will be offered as a school meal. At schools in Seoul, vegetarian meals have been given twice a month since April 2021 as education offices try to popularize vegetarianism so students can get used to a vegetarian diet from a young age. The number of vegans has steadily increased in South Korea thanks to the increased awareness of health and well-being. Data released 2022-09-15
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  Hanwha Q Cells and Samsung Electronics propose integrated energy solution to reduce heating costs in Europe SEOUL -- Hanwha Q Cells, the solar cell-making wing of South Korea's Hanwha Group, will combine its solar power supply system and an eco-friendly heating system developed by Samsung Electronics to provide an efficient energy solution that can reduce heating costs in Europe, which is suffering from energy shortages due to the suspension of Russian gas supply. Hanwha Q Cells said that the solution supplies solar power to heat pumps using an energy management smartphone app. Thro 2022-09-15
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  Dong-A ST signs license-out and equity investment contract with U.S. biotech company NeuroBo SEOUL -- NeuroBo Pharmaceuticals, a clinical-stage biotech company in the United States, will become an overseas base for the development and sales of new drugs from Dong-A ST, a pharmaceutical company in South Korea, under a global license-out and equity investment contract. The goal is to become NeuroBo's largest shareholder if it succeeds in raising funds. NeuroBo will be given the global exclusive development rights of DA-1241, a new drug candidate for the treatment of typ 2022-09-15
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  ​Hyundai Steel produces low-carbon high-quality auto steel sheets using electric furnace SEOUL -- The steel-making unit of South Korea's Hyundai auto group has succeeded in the pilot production of premium steel sheets that can significantly reduce carbon emissions. Because direct reduced iron and iron scrap are used in an electric furnace, carbon emissions can be reduced by more than 30 percent compared to a conventional method that used iron ore and coal in furnaces. Direct reduced iron (DRI) is produced from the direct reduction of iron ore into metallic iron by a 2022-09-13
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  ​LG releases cone-shaped wireless speaker capable of producing various sounds in all directions SEOUL -- LG Electronics will release a new wireless speaker that lets listeners enjoy high-pitched, midrange and low-pitched sounds from every angle without being distracted. The cone-shaped wireless speaker changes the color of lighting depending on the vibe of music using a mood lighting function. "LG XBOOM Speaker 360" will be released in three colors -- charcoal black, coral haze and beige on September 14. The maximum output is 50 watts. A speaker weighs 3.2 kilogra 2022-09-13
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  BGF Retail seeks 'onlineization' of offline convenience stores to win competition SEOUL -- South Korea's convenience store industry has diversified customer-friendly services to attract customers. They never close and get rooted deeper into everyday lives as a place to buy groceries, snacks, simple meal packages and non-food products. A COVID-19 pandemic has boosted sales at convenience stores as people shun crowded shopping malls. In a market crowded with tens of thousands of corner shops, BGF Retail, the operator of South Korea's major convenience sto 2022-09-13
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  Companies agree to study supplying 900 megawatts of renewable power for Malaysia's H2biscus energy project SEOUL -- South Korean companies, including Samsung Engineering, and their Malaysian partners agreed to study the potential of supplying at least 900 megawatts of hydro-based renewable power for Malaysia's H2biscus energy project in Sarawak, a state located in northwest Borneo Island. Samsung Engineering, a construction and project management company in South Korea, said it has signed a memorandum of understanding with SEDC Energy, a subsidiary of Malaysia's Sarawak Economic 2022-09-08
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  Hanwha Solutions discloses fresh investment to strengthen solar cell material business SEOUL -- Hanwha Solutions, a chemical and energy company affiliated with South Korea's Hanwha Group, disclosed a fresh injection of 760 billion won ($549 million) to strengthen its solar cell material business and secure a base for producing high-power solar core products. The new investment comes on the heels of fierce competition with Chinese companies. Through its new investment, Hanwha Group's total production capacity of ethylene vinyl acetate (EVA) will increase to 920 2022-09-07
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  British electricity utility company National Grid to receive $34.17 mln worth of transformers from Hyundai Electric SEOUL -- Hyundai Electric & Energy Systems, a domestic electrical equipment manufacturer and energy solution provider, has sealed an order worth 47.4 billion won ($34.17 million) to supply transformers to National Grid, a London-based electricity and gas utility company. The transformers will be installed at five substations starting in 2024. Hyundai Electric said Britain's demand for electricity has significantly increased due to an unprecedented heat wave. However, the co 2022-09-07
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  SK Group's lube-making wing to release carbon offset lubricant SEOUL -- SK Lubricants, the lube-making wing of South Korea's SK Group, will release carbon-neutral lubricants that offset carbon emissions generated during production, transportation, consumption and disposal. This product calculates greenhouse gas emissions generated during the entire process and compensates by purchasing carbon emission rights from afforestation and other green projects that aim to reduce environmental pollution. SK Lubricants would purchase carbon emissi 2022-09-07
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  Hyundai shipbuilding group works with Hyundai Glovis to develop world's largest LCO2 carrier SEOUL -- South Korea's Hyundai shipbuilding group partnered with Hyundai Glovis to develop the world's largest liquefied carbon dioxide carrier powered by a liquefied natural gas propulsion system. The ship will be 284 meters long and 42 meters wide. Hyundai Glovis, the logistics wing of Hyundai Motor Group, said that a ship capable of carrying 74,000 cubic meters of liquefied carbon dioxide (LCO2) has obtained Approval in Principle from the American Bureau of Shipping (ABS) 2022-09-06
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  KCC works with state research group to develop mobility coating material technology SEOUL -- Using technology provided by a state-run research body, KCC, a top provider of construction materials and paints, will develop a coating material capable of removing scratches from car surfaces in about 30 minutes just by exposing them to sunlight. Commercialization will help reduce the use of organic solvents for repainting vehicles. "By combining KCC's accumulated paint techniques and component technology from the Korea Research Institute of Chemical Technology, 2022-09-06