Economy

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  Hyundai E&C jumps into SMR market in cooperation with U.S. reactor maker Holtec SEOUL -- Hyundai E&C, a major builder in South Korea, jumped into the small modular reactor market in cooperation with Holtec International, a U.S. company specializing in the design and manufacture of parts for nuclear reactors. Under a teaming agreement, Hyundai E&C and Holtec would jointly develop a commercialization model, promote joint projects and participate in marketing and bidding together. Small modular reactors (SMRs) allow for less on-site construction, increa 2021-11-24
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  DL E&C develops twist design for apartments with abundant views and lighting SEOUL -- Twisting or spiraling towers adorn various urban skylines. They progressively rotate floor plates, with each plate similarly shaped and turned on a shared axis. Twisted tall buildings are achievable thanks to advances in materials, engineering and architectural software that enable aerodynamic, energy-efficient and esthetic designs. Twisted skyscrapers are rare in South Korea. There have been no actual cases of construction in domestic residential buildings due to strict 2021-11-24
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  Fresheasy absorbs diet therapy company to grow big in domestic meal kit market SEOUL -- South Korea's top meal kit maker Fresheasy has merged with a diet therapy company to expand its presence in the rapidly-growing ready-to-eat packaged meal market, which is projected to stand at five trillion won ($4.2 billion) in 2022. Home meal replacement (HMR) products, also known as meal kits, are convenient heat-and-eat food packages designed for quick and easy consumption. Meal kits are favored by young working people and single households who do not feel the nee 2021-11-24
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  Taylor selected as site for Samsung's new chip fabrication plant in US SEOUL -- Samsung Electronics selected the city of Taylor, Texas, as the site for its new chip fabrication plant in the United States, with an estimated injection of $17 billion to help boost the production of advanced logic solutions. Construction begins in the first half of 2022 for commercial operation in the second half of 2024. The new facility will manufacture products based on advanced process technologies for application in areas such as mobile, 5G, high-performance comput 2021-11-24
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  SKC sets up joint venture with two domestic firms to produce biodegradable PBAT SEOUL -- SKC, a leading polyester film and chemical material manufacturer in South Korea, will set up a joint venture with two domestic companies to produce polybutylene adipate terephthalate (PBAT), a biodegradable random copolymer marketed as a fully biodegradable alternative to low-density polyethylene. The joint venture tentatively named "Ecovance" will build a plant capable of producing 70,000 tons of high-strength PBAT annually from 2023, using nanocellulose extrac 2021-11-23
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  Samsung Engineering wins deal from Aramco to build Jafura gas treatment facility SEOUL -- Samsung Engineering, a construction and project management company in South Korea, has clinched a deal from Saudi Aramco to build a gas treatment facility in the package one development of the Jafura unconventional gas field in the Middle East country. Financial and other terms were not given. Samsung Engineering said in a regulatory filing on November 23 that the company has signed a contract on Jafura's gas processing package one project. The deal covers engineerin 2021-11-23
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  ​KT partners with state gas company to develop carbon-free cooling system for data centers SEOUL -- South Korea's top telecom company KT has partnered with a state gas company to develop a carbon-free cooling system that uses the cold energy from liquefied natural gas to cool internet data centers. The solution will help reduce operational costs as well as carbon emissions. An internet data center (IDC) filled with server computers needs a huge cooling system, with its room temperature kept at about 19 degrees Celsius (66.2 degrees Fahrenheit) using air conditioners. 2021-11-22
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  Construction of S. Korea's largest cold chain logistics center to begin in Songdo in 2022 SEOUL -- Construction of South Korea's largest cryogenic cold chain logistics center will begin in the first half of 2022 in Songdo, an international business district built on reclaimed land in the western port city of Incheon. Investors aim to nurture the center as an Asian cold chain hub targeting China and Southeast Asia. A consortium led by EMP Belstar, an operator of cold chain logistics based in New York, would invest some 521.8 billion won ($440 million) by 2024 to bu 2021-11-22
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  7-Eleven starts autonomous robot delivery service in Seoul SEOUL -- The South Korean operator of 7-Eleven convenience stores has started the test operation of an autonomous delivery robot in southern Seoul. The robot uses cameras instead of a GPS system to navigate in urban environments even in hard weather conditions such as rain and snow. Various autonomous robots are being tested in South Korea with a food and grocery delivery market estimated to stand at 23 trillion won ($19.3 billion) to reduce labor costs. Some robots are able to com 2021-11-22
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  Dutch firm ASML concludes deal to create lithography cluster in S. Korea SEOUL -- As a supplier of crucial equipment for the production of high-performance microchips, ASML Holding, a Dutch manufacturer of chip-making equipment, signed a deal to create a lithography cluster in South Korea by investing 240 billion won ($202 million) by 2024. ASML has provided extreme ultraviolet and deep ultraviolet lithography systems to South Korean semiconductor companies. Silicon-based round disks called "wafers" are coated with a light-sensitive substance 2021-11-19
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  French startup Ynsect works with Lotte subsidiary to develop alternative protein sources with edible insects SEOUL -- French startup Ynsect partnered with a food research center of South Korea's retail giant Lotte to carry out joint research for the development of alternative protein sources with edible insects which are emerging as sustainable food with abundant nutrients including protein and minerals. Edible insect species generate less environmental pollution than breeding cows and pigs. They are processed in food products such as snacks and bakery products after being raised as li 2021-11-19
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  Hanwha Solutions to acquire 16.7% stake in Norway's REC Silicon SEOUL -- Hanwha Solutions, a renewable energy service provider affiliated with South Korea's Hanwha Group, will secure a stable supply of raw materials for solar panels in the United States by acquiring a 16.7 percent stake worth $160.5 million in REC Silicon ASA, a Norway-based company that produces polysilicon, a high purity, polycrystalline form of silicon used as a raw material by the solar photovoltaic and electronics industry. The date for stock acquisition is January 14 i 2021-11-18
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  Lotte Department Store to create metaverse commerce platform SEOUL -- The department store wing of South Korea's retail giant Lotte Group has partnered with a domestic artificial intelligence and digital twin technology developer to create the metaverse version of the department store's online commerce platform. Using the virtual world platform, customers can shop and try on different products as they would do in the real world. The metaverse allows users to engage in various activities without physical restrictions by offering virtu 2021-11-18
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  Hyundai Oilbank tests eco-friendly naphtha production using waste plastic pyrolysis oil SEOUL -- Hyundai Oilbank, a refining unit of South Korea's Hyundai shipbuilding group, will produce eco-friendly naphtha by injecting waste plastic pyrolysis oil into the process of refining crude oil. Naphtha is a flammable liquid hydrocarbon mixture produced from petroleum distillates, natural gas condensates and the distillation of coal and peat. Naphtha is used to dilute heavy crude oil, reduce its viscosity and facilitate transport. From November 18, Hyundai Oilbank injec 2021-11-18
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  LG Chem teams up with GS Caltex to develop 3HP mass production technologies SEOUL -- LG Chem teamed up with GS Caltex, a major refiner in South Korea, to jointly develop mass-production technologies of 3-hydroxypropionic acid, which is a biodegradable plastic material produced through a microorganism fermenting process of bio-materials such as glucose and unrefined glycerol derived from vegetable oil. 3-hydroxypropionic acid (3HP) is drawing attention as a next-generation platform chemical that can be used as raw materials for a variety of materials inclu 2021-11-18
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  Samsung shipyard demonstrates new LNG liquefaction process with high energy efficiency SEOUL -- In an event watched by foreign guests from international classification societies and developers, Samsung Heavy Industries, a major shipbuilder in South Korea, has successfully demonstrated its liquefaction process called "SENSE Ⅳ" that can produce more than two million tons of liquefied natural gas annually and has high energy efficiency. Samsung Heavy Industries (SHI) said the demonstration was carried out at its shipyard in the southern island of Geoje. SENSE 2021-11-18
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  Norway's Equinor partners with S. Korean company to cooperate for offshore wind power projects SEOUL -- Equinor, a Norwegian state-owned multinational energy company, tied up with Korea East-West Power, a public power generation company, to cooperate for 3.0 gigawatts of offshore wind power projects in South Korea. The partnership underlines Equinor's strategy to take a leading role in developing a pipeline of offshore wind projects in a country that is actively pushing for a green energy campaign to expand the use of renewable energy. Under a memorandum of understand 2021-11-17
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  SK Ecoplant becomes largest shareholder of domestic wind farm subsrtructure maker SEOUL -- SK Ecoplant, formerly known as SK E&C, jumped into the rapidly growing offshore wind power market by becoming the largest shareholder of Samkang M&T, a domestic plant construction company that produces substructures for wind power turbines. The total investment stands at 460 billion won ($388 million). SK Ecoplant said in a regulatory filing on November 17 that it would acquire a 31.83 percent stake in Samkang M&T for 342.6 billion won and invest 116.9 billion 2021-11-17
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  LegoChem secures big licensing agreement with Czech biotech Sotio SEOUL -- LegoChem Biosciences, a clinical-stage biopharmaceutical company in South Korea, has secured a license and option agreement with Sotio Biotech, a Czech biotechnology company that will obtain rights to deploy antibody drug conjugate technology for up to five therapeutic programs targeting distinct tumor-associated antigens. Antibody drug conjugates (ADCs) are an important class of highly potent biopharmaceutical drugs designed as a targeted therapy for the treatment of peo 2021-11-17
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  Kakao to create new open online commerce platform with zero referral fee SEOUL -- South Korea's web service giant Kakao will create a new open online commerce platform that will require zero referral fees from sellers. While most referral fees on Amazon, the world's largest online commerce platform, charge up to 15 percent on selling fees, South Korean online shopping malls demand up to 20 percent. Kakao's online commerce platform is integrated with Kakao Talk, the country's most favorite smartphone messenger app with some 45.6 million mo 2021-11-16