Economy

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  SK Innovation to develop AI service for safe and long use of EV batteries SEOUL -- SK Innovation teamed up with a rental and leasing wing of South Korea's SK Group to develop an artificial intelligence-based service that evolves data analysis algorithms on its own, using a system that analyzes real-time data on batteries for electric vehicles. SK Innovation (SKI), a major battery producer in South Korea, will work with SK Rent-a-Car to create an automatic management system that can always keep batteries in good conditions 2021-04-30
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  New government guidelines issued for using drones to inspect mega-sized vessels SEOUL -- New government guidelines were issued on the operation of drones and unmanned robots in inspecting a mega-sized vessel. Demands for affordable vessel inspection methods are growing in South Korea's logistics industry, and the new guidelines would help ship operators save time and costs. South Korean docks want different vessel inspections because of a coronavirus pandemic that prompted docks around the world to suspend i 2021-04-30
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  LG Chem partners with state research body to commercialize carbon capture and utilization SEOUL -- LG Chem, a chemical unit of South Korea's LG Group, joined hands with a state research body to develop source technologies and promote the commercialization of carbon capture and utilization as well as hydrogen energy technologies, which are essential for realizing carbon neutrality. Carbon capture and utilization (CCU) is the process of capturing carbon dioxide (CO2) to be recycled for further usage. It may offer a response to the global challen 2021-04-29
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  CJ Group bolsters mobile shopping thru combination of TV and online shopping brands SEOUL -- South Korea's food and entertainment conglomerate CJ Group made a strategic choice to reform its TV and online shopping service brands into a mobile-focused one in a desperate attempt to survive in the so-called "mobile era" where everything is done through smartphones. The mobile shopping market is growing at a breakneck speed thanks to a high smartphone penetration rate of 95 percent. According to data released by a state statistica 2021-04-29
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  EOFlow's subsidiary uses MXene material for development of wearable dialysis system SEOUL -- For improved dialysis therapy, the American subsidiary of EOFlow, a provider of wearable drug delivery solutions in South Korea, will go ahead with the development of an innovative wearable dialysis system, using MXenes, a two-dimensional material that showed a good performance in filtering urea. MXenes, composed of titanium and carbon atoms, have been developed by Yury Gogotsi and Michel Barsoum at Drexel University, a private research university in P 2021-04-29
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  S. Korea eases regulations for early use of autonomous robots capable of boarding elevators SEOUL -- South Korea's top economic official promised to ease robot-related regulations and allow delivery robots to travel between floors using elevators sometime this year. The move underlines government efforts to realize the early commercial use of self-driving robots at apartments and office buildings ahead of other countries. The good news for the developers of intelligent service robots and self-driving algorithms like Woowa Brothers, the opera 2021-04-29
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  S. Korea launches project to develop universal test platform for ship propulsion systems SEOUL -- As part of efforts to reduce greenhouse gas and create an eco-friendly ship industry ecosystem, South Korea will develop a universal platform by 2025 that can test and demonstrate various propulsion systems such as electricity and hydrogen with one ship. A test and research center will be built in the southwestern port of Mokpo. The test platform can dramatically reduce costs because only one demonstration vessel needs to 2021-04-28
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  China's TransThera commercializes LG Chem's drug candidate for autoimmune diseases SEOUL -- TransThera Biosciences, a clinical-stage biotech company in China, will develop and commercialize LG Chem's new drug candidate for autoimmune diseases in the Chinese market. The two companies would strengthen their strategic partnership and accelerate the development of new drugs. LG Chem, a chemical wing of South Korea's LG Group, has developed LC510255, a new orally administered drug that promotes the expression of an S1P1 protein that contr 2021-04-28
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  SK E&C demonstrates solid oxide fuel cell generation with byproduct hydrogen SEOUL -- SK E&C, a builder affiliated with South Korea's third-largest conglomerate SK Group, has embarked on the demonstration of a solid oxide fuel cell (SOFC) power generation facility running on byproduct hydrogen. The demonstration aims to see if the fuel cell generator system is fully self-sustainable and carbon-free. The builder will accelerate its SOFC business through the commercialization of related technologies. Polymer electrolyte membrane 2021-04-28
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  Hanwha Solutions leads national project to develop technology for chemically recycling waste plastic SEOUL -- Hanwha Solutions, a renewable energy service provider in South Korea, has been selected for a national project to develop a green technology capable of chemically recycling waste plastic by 2024 to produce naphtha based on pyrolysis oil, sometimes known as bio-crude, which is a synthetic fuel obtained by heating dried biomass without oxygen. Pyrolysis is a chemical recycling process that can convert plastics into high-quality oil. Chemical 2021-04-27
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  Tera Science becomes largest shareholder of U.S. cancer vaccine developer OncoPep SEOUL -- Tera Science, a technology company based on core parts materials in South Korea, has become the largest shareholder of OncoPep, an American developer of targeted immunotherapeutics against cancer, by acquiring a 26.1 percent stake worth 24 billion won ($21.6 million). Through the acquisition of shares in OncoPep, Tera Science said it is able to secure a new growth engine. "Tera Science has secured a new growth engine in bio businesses by bec 2021-04-27
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  High manganese steel used to develop liquid hydrogen storage tank SEOUL -- A state research body joined hands with private companies in South Korea to develop a liquid hydrogen storage tank using high manganese steel, which is an alternative material for cryogenic services. The Korea Institute of Machinery and Materials (KIMM) said it would use high manganese steel (HMS) for liquid hydrogen storage tanks because it is easier to weld and has lower manufacturing costs than stainless steel. 2021-04-23
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  [FOCUS] SK Chemicals seeks early commercial production of flexible polylactic acid SEOUL -- In a bid to gain the upper hand in competition with domestic and foreign rivals in the eco-friendly plastic material market, SK Chemicals, a unit of South Korea's third-largest conglomerate SK Group, is moving fast to embark on the early commercial production of flexible and biodegradable polylactic acid. SK Chemicals has apparently adopted an aggressive strategy to start the commercial production of flexible and biodegradable polylactic acid 2021-04-23
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  SK Telecom calls for bigger investment in semiconductor foundry SEOUL -- Ahead of the official release of its artificial intelligence chip, SAPEON X220, SK Telecom, a key unit of South Korea's third-largest conglomerate SK Group, called for bigger investment in a semiconductor fab or known as a foundry, which operates for the purpose of fabricating the designs of other companies, such as fabless semiconductor companies. A top player in the global foundry market is Taiwan Semiconductor Manufacturing Company (TSMC), whi 2021-04-22
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  [INTERVIEW] Resumption of short selling brightens prospects for blockchain-based P2P exchange platform SEOUL -- A negative perception is still rampant among retail investors in South Korea's stock market over short selling that refers to the sale of borrowed shares in the hope of making a profit from a price fall by buying the shares back at a lower price. Shorting is much riskier than buying stocks, or what's known as taking a long position. Some individual investors supported the permanent abolition of short selling in South Korea after 2021-04-21
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  POSCO C&C ends joint-venture relations with military-controlled partner in Myanmar This collage shows South Koreans holding up protest placards against military crackdown in Myanmar SEOUL -- Bowing to pressure from investors, civic groups and the international community, POSCO C&C, a unit affiliated with South Korea's steel group POSCO, promised to end business relations with its joint-venture partner, MEHL, which is a major conglomerate run by the Burmese military. POSCO C&C and Myanma Economic Hold 2021-04-16
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  ​LG Energy Solution joins RE100 and EV100 initiatives to go completely zero-carbon by 2030 SEOUL -- The battery-making wing of South Korea's LG Group has joined two global initiatives RE100 and EV100 to go completely zero-carbon by 2030. The company is the 300th member to join the environmental initiative supported by companies such as Google, Apple, and General Motors. The RE100 (Renewable Electricity) initiative is an international campaign that pushes participating companies to replace 100 percent of their electric power sources with 2021-04-16
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  SK Group fosters mobility business with investments in EV technologies SEOUL -- South Korea's third-largest conglomerate, SK Group, revealed a solid strategy to foster an eco-friendly mobility business through preemptive investments in key materials and technologies in the electric vehicle market. The strategy was visible on April 15 when the group's holding company agreed to buy a controlling 55.5 percent stake in Signet EV, a domestic electric vehicle charger manufacturer, for 293 billion won ($262 million) and invest $6 2021-04-16
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  Russian vaccine Sputnik's production set to begin soon in S. Korea under technology transfer deal SEOUL -- The pilot production of Sputnik V, a COVID-19 vaccine developed by Russia's state research center, is to begin soon in South Korea under a technology transfer deal. Financial terms and other details were not disclosed, but Russia's sovereign wealth fund pledged bigger output through South Korean partners. Sputnik V has been developed with money from the Russian Direct Investment Fund (RDIF). Production is expected to begin at the end of April in a plan 2021-04-15
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  SK hynix starts mass production of high-performance solid state drive for data centers SEOUL -- Targeting the global data center market, South Korea's chipmaker SK Hynix has started the mass production of a high-performance solid-state drive (SSD) model which is up to 83 percent faster in writing data than its predecessors. SK hynix said in a statement on April 15 that "PE8110 E1.S" is a 128-layer 4D NAND flash-based high-performance SSD model that consumes less electricity and can write a four-gigabyte high-definition movie file in 2021-04-15