Economy
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Hyundai Wia partners with brother company to develop flying taxi landing systems
SEOUL -- Hyundai Wia, a parts-making wing of South Korea's Hyundai auto group, forged a partnership with Supernal, an independent urban air mobility company set up by Hyundai's United States office, in a bid to develop special landing systems for flying taxis. Urban air mobility (UAM) is infrastructure for commercial flying passenger vehicles that includes vertiports and control towers. Aerial vehicles are required to fly through designated aerial corridors to prevent acciden
18 October 2023
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Coupang launches free warranty service for some 400 categories of home appliances
SEOUL -- Coupang, the South Korean counterpart of Amazon, has taken a bold step to solidify its position as the top player in the country's red ocean ecommerce market. The company released a free warranty service for customers who buy home appliances through Coupang's one-day "Rocket Delivery" program. Launched in 2010, Coupang started off as a social media-based online shopping mall that offers cheaper products. The company adopted the Rocket Delivery system that u
18 October 2023
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CJ Cheiljedang releases plant-based dumpling in Britain and Australia
SEOUL -- CJ Cheiljedang, a key subsidiary of South Korea's food and entertainment conglomerate CJ Group, has rolled out plant-based dumpling products in Britain, Australia, and Singapore. The plant-based products can be easily cooked using a microwave as they are provided with dumpling trays. The products are included in Cheiljedang's premium ready-to-cook product brand "Bibigo." The food company has nurtured Bibigo as a global brand. The brand has various food it
18 October 2023
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GI Innovation transfers allergy treatment technology to Japanese pharmaceutical company
SEOUL -- South Korea's bio company GI Innovation has transferred technology for GI-301, an allergy treatment drug, to Maruho, a Japanese pharmaceutical firm specializing in skin diseases. The South Korean company received about 298 billion won ($219.7 million). GI-301 is a fusion protein that can efficiently deal with allergic reactions with its Immunoglobulin E (IgE), a type of antibody that migrates to cells. IgE overreacts to an allergen, triggering the production of antibodies,
16 October 2023
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Korean Air to showcase stealth unmanned aerial vehicle at aerospace and defense exhibition
SEOUL -- Korean Air, South Korea's flag carrier, will showcase its stealth unmanned aerial vehicle at "ADEX," an aerospace and defense exhibition in Seoul's satellite city of Seongnam. The company has carried out a military project to develop a low-observable unmanned aerial vehicle squadron since August 2022. In August 2022, the flag carrier was selected as the preferred bidder for the development of a squadron that involves one manned aircraft and three to four steal
16 October 2023
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SKC to sell polyurethane material division to focus on eco-friendly material businesses
SEOUL -- SKC, one of South Korea's top chemical product makers, will sell its polyurethane raw material business, in a bid to accelerate the company's businesses focused on secondary batteries, semiconductors, and eco-friendly materials. SKC said in a statement that through a board meeting held on October 12, the chemical company's board of executives decided to sell a 100 percent stake in SK pucore, the polymer material-making wing of SKC, for 410.3 billion won ($303.9 mil
13 October 2023
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Fried chicken brand BBQ opens first store in Costa Rica
SEOUL -- BBQ, a popular South Korean fried chicken franchise, has opened its first store in Costa Rica. Along with fried chicken menus, BBQ will provide Korean dishes including Tteokbokki, a menu of finger-sized rice cakes simmered in fiery-red spicy chili sauce, and stir-fried rice with kimchi, a traditional Korean fermented vegetable dish. The fried chicken brand, run by Genesis BBQ, is the iconic franchise in South Korea. Most BBQ menus are less oily compared to chicken made by Nort
12 October 2023
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POSCO International partners with oil refiner GS Caltex to build edible oil refinery plant in Indonesia
SEOUL -- POSCO International, a trading arm of South Korea's steel group POSCO, will work with GS Caltex, a major domestic oil refiner, to build a refinery plant for palm oil in Indonesia by the second quarter of 2025. The facility, with an annual capacity of 500,000 tons of refined oil, will be constructed in Kalimantan, the Indonesian portion of Borneo Island. Palm oil can be used to produce biofuel. GS Caltex has earlier partnered with POSCO and HMM, the world's eighth-l
12 October 2023
