The Korea Times

Hanwha, Babcock pitch Korea-UK-Canada partnership for $43 bil. submarine deal

Hanwha Ocean and British defense firm Babcock have proposed a trilateral cooperative agreement between Korea, the United Kingdom and Canada to supply patrol submarines for the Royal Canadian Navy. The partnership proposal is the latest effort by the Korean shipbuilder in its ongoing competition with Germany’s TKMS to secure Canada’s order for 12 submarines worth 60 billion Canadian dollars ($43 billion). The deal would mark the largest single contract in Korea’s defense export history if successful. Hanwha Ocean and the Korean government have been mobilizing all possible means and seeking support from other major companies, such as Hyundai Motor and Korean Air, to meet Canadian expectations in various sectors. Officials at Hanwha Ocean said it made the proposal together with Babcock following last week’s meeting on the sidelines of annual bilateral talks between senior defense officials from Korea and the U.K. in London. "The Canadian Patrol Submarine Project (CPSP) is not just about delivering a submarine platform. It is about building long-term industrial capability and skilled

Jan 20, 2026By Park Jae-hyuk

Hanwha, Babcock pitch Korea-UK-Canada partnership for $43 bil. submarine deal

Companies

Korean Air open to playing part in Canadian submarine bid

Korean Air said Monday it is open to supporting Hanwha Ocean’s consortium in its bid to beat Germany’s TKMS for Canada’s order of 12 patrol submarines worth 60 billion Canadian dollars ($43 billion). The deal would mark the largest single contract in Korea’s defense export history if successful. Along with Hyundai Motor, which has already received Ottawa’s request to invest in Canada’s car industry in exchange for the massive submarine deal, Korean Air has been mentioned as one of the companies expected to join senior government officials and Hanwha executives on their planned visit to Canada later this month. “We are considering ways our company can contribute to the project,” a Korean Air official said. The airline’s willingness to support the Korean shipbuilder contrasts sharply with Volkswagen’s stance. The German carmaker denied any role in the bid despite Ottawa’s request for additional auto investments, saying last week it has no involvement in the ongoing competition, no cooperation with TKMS and no intention to help the German shipbuilder win the contract.

Jan 19, 2026By Park Jae-hyuk

Korean Air open to playing part in Canadian submarine bid

Companies

HD Hyundai’s Gunsan dockyard drawn into election debate ahead of June 3 polls

HD Hyundai Heavy Industries (HHI) is under growing pressure to resume full-scale operations at its dockyard in Gunsan, North Jeolla Province, as politicians are ramping up efforts to win votes ahead of the June 3 local elections. Since 2017, HD HHI has not built any new ships at the Gunsan dockyard. After reopening in 2023, the facility has only produced shipbuilding blocks shipped to Ulsan. Despite the dockyard’s private ownership, some politicians have urged the shipbuilder to sell the facility if it does not plan to resume full-scale operations. Rep. Lee Won-taeg of the ruling Democratic Party of Korea (DPK), who represents Gunsan, Gimje and Buan County, met with Prime Minister Kim Min-seok on Jan. 8 to ask for the central government’s intervention. According to the lawmaker, the prime minister showed keen interest in the issue and promised to review the proposal. “I told him the government should consider selling the dockyard if necessary, although resuming full-scale operations is the best option,” Lee said. Running for the governorship of North Jeolla Province, Lee has been e

Jan 19, 2026By Park Jae-hyuk

HD Hyundai’s Gunsan dockyard drawn into election debate ahead of June 3 polls

Companies

Balvenie takes hit as 'Culinary Class Wars' chef Im Seong-keun admits to multiple DUIs

Single malt Scotch whisky brand Balvenie has drawn unwanted public attention due to its recent advertisement on the YouTube channel of Im Seong-keun, a chef from Netflix’s “Culinary Class Wars” Season 2, who admitted Sunday to three DUIs over the past decade. Known for his humor, outspoken remarks and quick cooking skills, Im made the admission in a video and a written apology uploaded to his channel. However, a bottle of soju also appeared in the video. Fans were especially angered by the fact that Im had been drinking whisky when filming a Balvenie-sponsored video, which was uploaded just five days before his confession. The chef lost more than 20,000 subscribers within 19 hours after the revelation and subsequently deleted the Balvenie-sponsored video. He had been on the verge of reaching 1 million subscribers thanks to his recent surge in popularity. William Grant & Sons Korea, which sells Balvenie's whiskies in the Korean market, declined to comment. As of Monday morning, a video sponsored by British tableware brand Denby remained on his channel. Denby promoted its products by s

Jan 19, 2026By Park Jae-hyuk

Balvenie takes hit as 'Culinary Class Wars' chef Im Seong-keun admits to multiple DUIs

Companies

Korean energy industry leaders head to Davos as Trump returns to WEF

Trade Minister Yeo Han-koo and the heads of Korea's leading energy companies are attending this year's World Economic Forum (WEF), amid the absence of the chiefs of Korea's four largest conglomerates — Samsung, SK, Hyundai Motor and LG. During the annual gathering of global policymakers, business leaders and experts in the Swiss town of Davos from Monday to Thursday (local time), the minister will deliver a speech on global trade and urge Merck, Amazon Web Services and Maersk to increase investments in Korea. He will also attend a meeting of trade ministers hosted Thursday on the sidelines by the World Trade Organization. “As a middle-power country that the world is watching, the government will show global leadership and help restore the international economic and trade order that is under pressure from multiple challenges,” Yeo said. Korean business leaders at the forum are expected to address the energy transition and the ongoing supply chain crisis. POSCO Group Chairman Chang In-hwa will reportedly meet leaders in the steel and battery industries. HD Hyundai Chairman Chung Ki-su

Jan 19, 2026By Park Jae-hyuk

Korean energy industry leaders head to Davos as Trump returns to WEF

Companies

Korea pins hopes on US pledge of ‘no less favorable’ chip tariffs

The government has been scrambling to calm concerns that Korean chipmakers could face unfavorable treatment under the U.S. semiconductor tariffs, as their Taiwanese rivals have already won exemptions in return for massive investments in the United States. Citing Washington’s pledge of “no less favorable” treatment for Korea’s chip exports, Seoul’s presidential office vowed Sunday to ensure Samsung Electronics and SK hynix are not disadvantaged against Taiwan Semiconductor Manufacturing Co. (TSMC) in the U.S. market. “The government plans to communicate with companies and talk with the U.S., while thoroughly analyzing the agreement between the U.S. and Taiwan,” Cheong Wa Dae told reporters. “The government will talk with the U.S. to minimize impacts on Korean companies, in accordance with the principle of ‘no less favorable’ treatment stated in the Korea-U.S. joint fact sheet.” When Seoul and Washington signed the fact sheet last November to lower U.S. tariffs on Korean goods from 25 percent to 15 percent in exchange for Korea’s $350 billion investment in the U.S.,

Jan 18, 2026By Park Jae-hyuk

Korea pins hopes on US pledge of ‘no less favorable’ chip tariffs

Companies

High-end apartment brand marketing faces consequences

The recent boom in high-end brand marketing in Korea’s apartment construction market has come at a cost as an increasing number of landlords refuse to place orders with companies that reject their requests to use premium brand names such as “Acro,” “Le El,” “The H” and “Summit” for new residential complexes. After several disputes over naming rights led some landlords to switch contractors, construction firms now face a dilemma over whether they should keep their luxury brands exclusive or allow broader use. Earlier this month, landlords of Sangdaewon Redevelopment Zone 2 in Seongnam, Gyeonggi Province, began seeking a new construction firm to replace DL E&C after the company refused to name their new complex “Acro” instead of “e-Pyeonhansesang,” its midrange brand. DL E&C faced a similar issue in the past with landlords of Seoul’s Sindang Redevelopment Zone 8, who canceled their contract in 2023. They turned to POSCO E&C, which proposed using its high-end brand “Hauterre," instead of the mid-tier “The Sharp.” Likewise, landlords of Heukseok Redevelopmen

Jan 16, 2026By Park Jae-hyuk

Companies

LS Cable to invest $156 mil. in production subsidiary in Mexico

LS Cable & System (LS C&S) said Thursday it will invest about 230 billion won ($156 million) in LS Cable & System Mexico (LSCMX), its production subsidiary in the central Mexican state of Queretaro, to produce electric infrastructure and mobility components for the North American market. With the investment, the Korean company aims to transform LSCMX into a strategic outpost for its energy and mobility businesses in the Americas, rather than just a manufacturing hub. To achieve that, LS C&S plans to expand capacity at its existing bus duct facility and build a new plant for automotive cables. “LSCMX will serve as a key base that enhances synergy across our energy and mobility operations,” an LS C&S official said. “By optimizing our North American production network, we will position ourselves as a key partner to global tech companies and carmakers.” LS C&S expects the expanded bus duct production capacity to help meet rising demand for power infrastructure from global technology firms. The new automotive cable plant will support North American automakers’ growing need for loca

Jan 15, 2026By Park Jae-hyuk

LS Cable to invest $156 mil. in production subsidiary in Mexico

Companies

Bargaining with subcontracted workers becomes crucial for shipyards

Potential conflicts with subcontracted workers have emerged as a major risk for Korean shipbuilders, even as the companies are expected to continue posting solid earnings this year. The sense of crisis stems from growing political pressure on shipbuilders to treat subcontracted workers on equal footing with their directly hired employees. The forthcoming enforcement of the revised Trade Union and Labor Relations Adjustment Act, commonly known as the “yellow envelope law,” is also weighing on the industry, as it allows subcontracted workers to negotiate directly with the principal employer. After President Lee Jae Myung commended Hanwha Ocean last month for its decision to eliminate discrimination against subcontracted workers in bonus payments, other shipbuilders have faced increasing calls to follow suit. Hanwha Ocean said the ratio of subcontracted workers’ performance-based bonuses to their base pay will now match that of the company’s regular employees. In 2024, subcontracted workers received bonuses equal to 75 percent of their annual base salary, while directly employed st

Jan 15, 2026By Park Jae-hyuk

Bargaining with subcontracted workers becomes crucial for shipyards

Companies

Newly launched HD Construction Equipment aims for $6 bil. in 2026 revenue

HD Construction Equipment, launched Jan. 1 through the merger of HD Hyundai Infracore and HD Hyundai Construction Equipment, announced Wednesday that it aims to post 8.7 trillion won ($5.9 billion) in revenue and 439.6 billion won in operating profit this year. When HD Hyundai unveiled the merger plan last July, the conglomerate said the new entity would generate more than 14 trillion won in annual revenue by 2030. The combined revenue of HD Hyundai Infracore and HD Hyundai Construction Equipment in 2025 is estimated at around 7.9 trillion won. “With the swift execution of our mid- to long-term strategy and the creation of synergy from the merger, we will outperform the market,” HD Construction Equipment CEO Moon Jae-young told institutional investors during the announcement of the company's plan. “We will actively invest in facilities and technology development to strengthen the core competitiveness of our business.” HD Construction Equipment cited its recent success in securing large-scale orders in emerging markets. The company said it recently signed contracts with gold mine d

Jan 14, 2026By Park Jae-hyuk

Park Jae-hyuk

Read more

Hanwha, Babcock pitch Korea-UK-Canada partnership for $43 bil. submarine deal

Korean Air open to playing part in Canadian submarine bid

HD Hyundai’s Gunsan dockyard drawn into election debate ahead of June 3 polls

Balvenie takes hit as 'Culinary Class Wars' chef Im Seong-keun admits to multiple DUIs

Korean energy industry leaders head to Davos as Trump returns to WEF

Korea pins hopes on US pledge of ‘no less favorable’ chip tariffs

High-end apartment brand marketing faces consequences

LS Cable to invest $156 mil. in production subsidiary in Mexico

Bargaining with subcontracted workers becomes crucial for shipyards

Newly launched HD Construction Equipment aims for $6 bil. in 2026 revenue

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