Economy

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  LINE's cryptocurrency wing releases NFT marketplace in Japan SEOUL -- LVC Corporation, a cryptocurrency and blockchain wing of Japan-based messenger app operator LINE, launched a non-fungible token marketplace called "LINE NFT" in Japan. Users can trade crypto-tokens through a simple process. A non-fungible token (NFT) is a unit of data stored on a blockchain network of interlinked virtual ledgers. Each NFT is certified by a blockchain as a unique digital asset that is not interchangeable. Using LINE NFT, anyone can trade or give a 2022-04-13
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  ​KT partners with Hanoi Medical University to develop remote medical service platform SEOUL -- South Korea's top telecom company KT has partnered with a medical school in Hanoi to jointly develop a remote medical service platform for patients suffering from chronic diseases such as diabetes and high blood pressure. The partnership will become KT's bridgehead into Vietnam's telemedicine service market which is projected to grow at an annual rate of about 16 percent. Telemedicine services are based on the internet or phone networks. Doctors can remotely di 2022-04-13
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  Southern province to develop renewable energy-based green vessel technology SEOUL -- South Korea's southern province will develop renewable energy-based passenger ship technology. Unlike ordinary vessels, green vessels do not emit greenhouse gases. To reduce greenhouse gases from vessels by 30 percent by 2025, the International Maritime Organization, United Nations' maritime safety agency, has adopted compulsory energy-efficiency measures. South Jeolla Province said in a statement on April 12 that the province was selected by the Ministry of Oceans 2022-04-12
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  State institute works with companies on plasma reactor to break down plastic waste SEOUL -- A state research body will collaborate with private companies to develop a commercial plasma reactor that will use the pyrolysis technique to break down plastic waste and create gasified fuel. The reactor can also generate high-purity hydrogen. The pyrolysis technique uses extreme heat and pressure to break down materials such as plastics to extract oil and other gases. Some pyrolysis equipment can reach temperatures high enough to generate plasma that contains a significan 2022-04-12
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  SK Group interested in SMR business throught investment in others including TerraPower SEOUL -- South Korea's third-largest conglomerate, SK Group, is interested in small modular reactors through equity investment in other companies. The potential target of SK's investment includes TerraPower, an American nuclear reactor design and development engineering company that develops a class of nuclear fast reactors. Small modular reactors (SMRs), which have been studied to address the limitations of traditional light-water reactors, allow for less on-site constructi 2022-04-12
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  Lotte's online shopping mall to discontinue overnight delivery service SEOUL -- Amid an ongoing turf war among South Korean online shopping malls that try to become the top fast delivery service operator, LotteON, the online shopping mall wing of South Korean conglomerate Lotte Group, will take a different and bold approach by discontinuing its overnight delivery service. Instead, the company will focus on instant delivery services that deliver products within two hours of order. South Korea's online shopping market which is projected to stand a 2022-04-12
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  Hyundai Glovis secures long-term LNG transport contract from Australia's Woodside SEOUL -- Hyundai Glovis, the logistics wing of South Korea's Hyundai auto group, has secured a long-term contract from Woodside, an Australian petroleum exploration and production company, to transport liquefied natural gas by expanding its shipping portfolio from automobiles to gas transportation. Hyundai Glovis said it has signed a 10-year LNG transport contract with Woodside, with an option to extend it for five years. LNG produced in Australia will be delivered to demand sou 2022-04-12
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  SK Chemicals teams up with AI-based drug solution provider to develop new drugs SEOUL -- SK Chemicals, a unit of South Korea's third-largest conglomerate SK Group, will develop new drugs through collaboration with inCerebro, a domestic company that applies quantum dynamics technology to provide a solution that increases the drug affinity and hit rate of candidate materials. The two companies will adopt artificial intelligence and molecular modeling technology to develop drugs with fewer side effects. Molecular modeling encompasses all the theoretical and co 2022-04-11
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  ​SK Telecom develops AI post-production technology for media localization SEOUL -- SK Telecom has developed artificial intelligence-based post-production technology to remove Korean subtitles and speech balloons in video content through collaboration with New ID, a domestic digital content distribution company. The technology will help expand the global distribution of South Korean content. Post-production is a process of editing films and video content before their release. AI-based post-production technology (AIPP) can remove subtitles, rating guides an 2022-04-11
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  Samsung Electro-Mechanics develops multilayer ceramic capacitor for powertrain SEOUL -- Samsung Electro-Mechanics, an electric component maker in South Korea, has developed a multilayer ceramic capacitor with high-temperature characteristics applicable to automobile powertrain. It is a product with high entry barriers that can be mass-produced only by a small number of foreign companies due to its high technical difficulty. A multilayer ceramic capacitor (MLCC) controls the flow of electricity on electric circuits to reduce electrical noises on circuits. Su 2022-04-11
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  CJ Cheil Jedang to establish biomass facility for factory operation SEOUL -- In an effort to reduce greenhouse gas emissions, CJ Cheil Jedang, a key subsidiary of South Korea's food and entertainment conglomerate CJ Group, will build an eco-friendly facility that would use biomass to generate steam for the operation of its main food production base instead of natural gas. The biomass facility in Jincheon about 75 kilometers (46 miles) south of Seoul will turn wood fuel into charcoal. The steam energy generated will be utilized to operate the CJ 2022-04-11
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  Siemens works with Hyundai shipyard to develop computer-aided design (CAD) program SEOUL -- Siemens, a German technology company, tied up with South Korea's Hyundai shipbuilding group to develop a new computer-aided design (CAD) program that would help shipyards accelerate digital transformation. They would gradually promote an autonomous smart shipyard by 2030. CAD is used to increase the productivity of designers, improve the quality of design, improve communications through documentation, and create a database for manufacturing. It is an important indus 2022-04-11
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  KT aims to become comprehensive media group with production of original content SEOUL -- KT, a top telecom company in South Korea, will accelerate the production and distribution of original content with the aim of becoming a comprehensive media group by utilizing its vast infrastructure despite concerns over fierce competition in the country's saturated content market. KT Studio Genie, launched in March 2021, will serve as a control tower that oversees media content capabilities of all KT units covering web novels, webtoons, music streaming and over-the- 2022-04-08
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  Shinhan Bank adopts mobile driver's license authentication for banking services SEOUL -- Shinhan Bank, a major commercial leader in South Korea, adopted a mobile driver's license identification system that has the same authenticity as the physical plastic card version when receiving banking services. Customers no longer have to show their plastic licenses to identify themselves. A mobile driver's license is a digital license issued using a smartphone application. In September 2019, South Korea's science ministry lifted regulations on the mobile aut 2022-04-08
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  CJ Logistics transfers smart logistics algorithm technology to Indian subsidiary SEOUL -- CJ Logistics, the logistics wing of South Korea's conglomerate CJ Group, has transferred a special algorithm that is crucial for setting up backhauling operations for transport trucks and other vehicles. The algorithm can help operators reduce costs and time by setting up optimized routes regarding the types of vehicles, destinations and cargo. Backhauling in logistics refers to planned round-trip hauls. Normally, a logistics van or truck returns to its base logistics 2022-04-08
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  [FOCUS] Re-released Pokemon snacks stir up crazed reaction from S. Korean consumers SEOUL -- "I don't know what the craze is all about. People are just mad," Lee Eun-hye, a convenience store owner in her mid-20s living in eastern Seoul, said, sighing heavily with her face full of annoyance. She complained about the onslaught that takes place at her store every day. Lee said that her employees could not work properly because of people frantically asking for the famous Pokemon bread all the time. "I am sick and tired of people asking for Pokemon b 2022-04-08
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  Korea Zinc invests $311 million in subsidiary to acquire Australia's renewable energy company Epuron SEOUL -- Korea Zinc, a non-ferrous metals company in South Korea, has invested $311 million in its subsidiary to acquire Epuron, a renewable energy company in Australia, as part of its strategy to step up the expansion of its business scope into the energy market. The company has presented a roadmap for future growth based on resource recycling, renewable energy, and battery materials. Korea Zin said in a regulatory filing on April 8 that the acquisition of Epuron would be made thr 2022-04-08
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  LG Display works on development of red, green and blue OLED panels SEOUL -- LG Display, a major flat panel maker known for rollable displays, is developing red, green and blue (RGB) light-emitting diode panels following the release of an OLED.EX panel in December 2021 that improved screen brightness by 30 percent by applying heavy hydrogen and personalization algorithms. "We are conducting a study on RGB OLED. We are in the stage of technology development in the 30-inch range," LG Display's life display division head Lee Hyun-woo, to 2022-04-07
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  Daewoo shipyard's super-large LCO2 carrier design wins basic ABS approval SEOUL -- A super-large liquefied carbon dioxide carrier designed by Daewoo Shipbuilding & Marine Engineering has obtained basic approval from an American classification society for use in the food industry. The vessel is powered by liquefied natural gas and can install a device to capture and store carbon dioxide. Daewoo Shipbuilding & Marine Engineering (DSME) said the vessel approved by the American Bureau of Shipping (ABS) can carry 70,000 cubic meters of liquefied car 2022-04-07
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  Danish startup Seaborg works with Samsung shipyard to develop floating power generation facility with compact molten salt reactor SEOUL -- Seaborg Technologies, a private Danish startup, joined hands with Samsung Heavy Industries, a major shipbuilder in South Korea, to develop a floating power generation facility using a compact molten salt reactor which is relatively safe by using fuel mixed in a liquid salt whose boiling point is far above temperatures produced by fission products. Solid fuel rods used in conventional reactors need constant cooling with water under high pressure. The low boiling point of wat 2022-04-07