Economy

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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
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  Norway classification society partners with Daewoo shipyard to develop rotor sail system SEOUL -- DNV, an accredited registrar and classification society based in Norway, partnered with Daewoo Shipbuilding & Marine Engineering, a major shipbuilder in South Korea, to develop technologies on fuel saving devices and a rotor sail system, which is seen as an eco-friendly technology for reducing fuel and carbon dioxide emissions. When wind meets the spinning rotor sail, the air flow accelerates on one side and decelerates on the opposite side. The change in the speed of 2022-09-06
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  SK E&S consortium acquires right to operate Australian saltwater layer for carbon storage SEOUL -- SK E&S, an energy company affiliated with South Korea's third-largest conglomerate, SK Group, has acquired the right to operate an Australian sea bed for the storage of carbon dioxide in a saltwater layer filled with high-salt brine that has excellent stability in gas storage. Carbon dioxide resides in its liquid phase at high pressures and low temperatures in deep-sea sediments. Australia has promoted large-scale carbon capture and storage (CCS) projects in deple 2022-09-06
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  Canadian insect protein producer Aspire partners with Lotte Confectionery to expand edible insect market in Asia SEOUL -- Aspire Food Group, a Canada-based insect protein producer that manufactures a variety of food products made from crickets, partnered with the confectionary wing of Lotte Group to expand its market in Asia. Aspire will sell products through Lotte Confectionery's sales infrastructure and carry out joint research on alternative proteins. Edible insect species generate less environmental pollution than breeding cows and pigs. They are processed in food products such as sna 2022-09-06
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  SK chemicals work with domestic company to develop toothbrush using chemically recycled material SEOUL -- In an effort to expand its green chemical business, SK chemicals has partnered with a domestic company to develop a toothbrush brand using raw materials produced through chemical recycling that breaks down and returns plastic to its pure, raw material form. KNK, a toothbrush company, is to release a new eco-friendly brand in January 2023. It would be the first green design project of SK chemicals' business platform for a recycled plastic circulation ecosystem that conn 2022-09-06
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  Hyundai shipbuilding group works with classification society for early commercialization of self-sailing technology SEOUL -- With the purpose of preoccupying the market, South Korea's Hyundai shipbuilding group will work with a domestic maritime classification society to advance the commercialization of an autonomous navigation system developed by the group's in-house venture, Avikus, which has tested its technology using a giant natural gas carrier for a transoceanic voyage. Korean Register (KR) said that it has signed a joint development agreement with Hyundai Heavy Industries, Avikus 2022-09-05
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  Daewoo shipyard applies new technologies to deliver eco-friendly shuttle tankers in time SEOUL -- Daewoo Shipbuilding & Marine Engineering has delivered two eco-friendly shuttle tankers to its Norwegian client by applying new technologies that helped the shipbuilder secure enough time to complete the construction of expensive ships in time. The ships are installed with a dual propulsion system capable of using liquefied natural gas (LNG) and liquefied petroleum gas (LPG) as fuel. In February 2020, Daewoo Shipbuilding & Marine Engineering (DSME) secured an order 2022-09-05
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  POSCO International solves bottleneck in grain shipment from Ukraine SEOUL -- With the departure of a grain ship carrying some 61,000 tons of corn for animal feed, POSCO International, a trading arm of South Korea's steel group, has solved a bottleneck in the shipment of grain from Ukraine, one of the world's key breadbaskets. Grain produced in Ukraine has piled up in silos due to Russia's blockade of Ukraine ports that sent global food prices soaring. Grain ships were able to leave Ukrainian ports under a plan brokered by the UN and Tur 2022-09-05
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  Three SK Group units work with Petronas subsidiary to cooperate in clean energy business SEOUL -- South Korea's SK Group joined hands with Malaysia's state oil and gas company Petronas to cooperate in clean energy businesses through their subsidiaries and discover joint business projects in the fields of hydrogen, fuel cells, and electric vehicle charging. The group hopes to create synergy by combining its technologies and capabilities with Petronas' production and distribution infrastructure. A memorandum of understanding has been signed between Gentari, a 2022-09-05
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  POSCO ties up with Indian firm Greenko for green hydrogen and ammonia production SEOUL -- POSCO partnered with Greenko, a renewable energy company in India, to push for the establishment of a business model for the production of green hydrogen and ammonia. India has abundant solar and wind resources. The steel group has tried to develop technologies for extracting large amounts of hydrogen from ammonia and supplying green hydrogen to power stations and industrial facilities. Green hydrogen does not use any fossil fuel during its manufacturing process. Ammonia is 2022-09-01
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  Amore Pacific agrees to acquire U.S. luxury skincare brand Tata Harper for $125 million SEOUL -- South Korea's top beauty product maker Amore Pacific agreed to acquire Tata Harper, an American luxury skincare brand, for $125 million as part of efforts to accelerate its presence in the U.S. market and elsewhere. Tata Harper creates luxurious and sustainable products that are 100 percent natural. In a regulatory filing on September 1, Amore Pacific said its U.S. subsidiary, Amorepacific US Investment, would acquire 100 percent of Tata's Natural Alchemy, the ope 2022-09-01
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  Fuel cell forklifts introduced to establish S. Korea's first hydrogen logistics center SEOUL -- Hydrogen fuel cell forklifts will be introduced for the establishment of South Korea's first eco-friendly hydrogen logistics center in a pilot project involving an asset management company, a logistics company, and a joint venture between SK E&S and Plug Power, an American provider of hydrogen fuel cell turnkey solutions. SK E&S, an energy company affiliated with South Korea's SK Group, said that SK Plug Hyverse, a joint venture with Plug Power, has signe 2022-09-01
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  Zepeto operator partners with Thai telecom company to nurture Thai creators in metaverse SEOUL -- The operator of Zepeto, a metaverse platform created by South Korea's web service giant Naver, joined hands with True, a top telecom company in Thailand, to nurture Thai creators and upgrade a metaverse ecosystem in the Southeast Asian country. In Thailand, there are more than 500,000 Zepeto creators who often use the metaverse platform to consume K-pop content. Anyone can engage in various social and economic activities using their own avatars on Zepeto. The metaverse 2022-09-01
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  Daewoo shipyard selected for state project to commercialize fuel cell tugboat by 2026 SEOUL -- Daewoo Shipbuilding & Marine Engineering, a major shipbuilder in South Korea, has been selected for a state project to develop and commercialize an eco-friendly tugboat based on a hydrogen fuel cell engine by 2026 In response to tightened international regulations on green gas emissions generated by ships. Daewoo Shipbuilding & Marine Engineering (DSME) said that the fuel cell tugboat project being pushed by the Ministry of Oceans and Fisheries would cost about 23 2022-09-01
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  GS E&C works with Finland's St1 to produce bioethanol using waste cassava pulp in Thailand SEOUL -- GS Engineering & Construction, a major builder in South Korea, has tied up with St1, a Finnish renewable energy company, to develop bioethanol using waste cassava pulp in Thailand. Cassava pulp is proposed as a potentially promising, sustainably renewable and low-cost substrate for ethanol production. GS E&C said that a memorandum of understanding for technology development cooperation has been signed in Bangkok with St1, s a subsidiary of Finnish energy company St1 2022-09-01
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  S. Korea's megastore Emart adopts instant wine pickup service through mobile app SEOUL -- An instant wine pickup system that enables consumers to pick up a wine bottle within a day was released by Emart, the retail conglomerate Shinsagae's megastore wing with some 130 stores in South Korea. Wine lovers can pick up their orders at any Emart store. Through collected purchase data, the smart service also provides recommendations of wines depending on personal tastes. The number of wine lovers who prefer to drink alone at home increased amid a coronavirus pan 2022-08-31
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  KT to accelerate digital transformation of popular fried chicken brand using AI SEOUL -- In an effort to accelerate the digital transformation of BBQ, a popular South Korean fried chicken franchise, the country's top telecom operator KT will use artificial intelligence technologies and link the two companies' services through a smart voice assistant platform. Korean-style fried chicken is the favorite soul food of South Koreans. According to a 2014 survey of 1,000 people, 77.7 percent picked deep-fried chicken pieces smothered in a red, sweet, and hot 2022-08-31
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  LG Uplus partners with popular fast food franchise to provide IT infrastructure SEOUL -- To help store operators monitor their shops in real-time and protect the personal information of customers, LG Uplus, a major mobile carrier in South Korea, has partnered with Mom's Touch, a popular fried chicken burger franchise. The mobile carrier will help the fast food franchise set up information technology infrastructure and upgrade stores' security systems. Mom's Touch was launched in 2004 to tap South Korea's fast food market dominated by foreign br 2022-08-31
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  ​Microsoft introduces special incubation program for S. Korean startups SEOUL -- To incubate South Korean startups with software-based products or services, Microsoft's Seoul office has introduced a support program that would provide various help including technical advisory from Microsoft and partners, benefits and credits worth 500 million won ($370,370), and free access to technology and tools. Earlier this year, Microsoft released "Microsoft for Startups Founders Hub," a virtual online hub designed to help startup entrepreneurs solve 2022-08-29
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  Convenience store franchise GS25 reduces 522 tons of CO2 through on-foot delivery service SEOUL -- GS25, a South Korean convenience store franchise, has reduced carbon dioxide emissions by about 522 tons since the company rolled out an on-foot delivery service two years ago. Anyone aged more than 18 years old can participate as deliverymen to carry small-sized packages including groceries to homes within a radius of 1.5 kilometers (0.9 miles) from a store for a fee of up to 3,200 won ($2.38). According to data released by the national statistical office, online transact 2022-08-29